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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of the income tax expense from continuing operations | The components of the income tax expense from continuing operations are as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Dollars in millions)
Income tax expense: |  |  |  |  |
Federal and foreign |  |  |  |  |
Current | $ | 432 |  |  | 514 |  |  | 553 |
Deferred | 19 |  |  | 6 |  |  | 17 |
State and local |  |  |  |  |
Current | 107 |  |  | 137 |  |  | 129 |
Deferred | 3 |  |  | 14 |  |  | 10 |
Income tax expense | $ | 561 |  |  | 671 |  |  | 709 |
Schedule of effective income tax rate for continuing operations that differs from the statutory tax rate | The effective income tax rate for continuing operations differs from the statutory tax rate as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in percent)
Effective income tax rate: |  |  |  |  |
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes-net of federal effect | (31.3) | % |  | 4.3 | % |  | 3.7 | %
Goodwill impairment | (187.2) | % |  | — | % |  | — | %
Change in liability for unrecognized tax position | (8.9) | % |  | 0.6 | % |  | 0.4 | %
Other | (1.4) | % |  | — | % |  | 0.1 | %
Effective income tax rate | (207.8) | % |  | 25.9 | % |  | 25.2 | %
For the years ended December 31, 2023 and 2022, our effective income tax rate was (207.8)% and 25.9%, respectively. The effective tax rate for the year ended December 31, 2023 includes a $505 million unfavorable aggregate impact of non-deductible goodwill impairment.
Schedule of components of the deferred tax assets and liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
| As of December 31,
| 2023 |  | 2022
| (Dollars in millions)
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | (1,464) |  |  | (1,414) |
Intangible assets | (95) |  |  | (114) |
Other | (50) |  |  | (54) |
Total deferred tax liabilities | (1,609) |  |  | (1,582) |
Deferred tax assets: |  |  |
Payable to affiliate due to post-retirement benefit plan participation | 292 |  |  | 302 |
Gross deferred tax assets | 292 |  |  | 302 |
Less valuation allowance on deferred tax assets | — |  |  | — |
Net deferred tax assets | 292 |  |  | 302 |
Net deferred tax liabilities | $ | (1,317) |  |  | (1,280) |
Reconciliation of unrecognized tax benefits | A reconciliation of the change in our gross unrecognized tax benefits (excluding both interest and any related federal benefit) from January 1 to December 31 for 2023 and 2022 are as follows:
| Years ended December 31,
| 2023 |  | 2022
| (Dollars in millions)
Unrecognized tax benefits at beginning of period | $ | 332 |  |  | 360 |
Decrease due to tax positions taken in a prior year | (1) |  |  | (28) |
Decrease due to tax positions taken in a current year | (14) |  |  | — |
Unrecognized tax benefits at end of period | $ | 317 |  |  | 332 |

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