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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
			(Dollars in millions)
Income tax expense:
Federal and foreign
Current			$	396					432						514
Deferred			34						19						6
State and local
Current			94						107						137
Deferred			3						3						14
Income tax expense			$	527					561						671

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,
			2024						2023						2022
			(Percentage of pre-tax income (loss))
Effective income tax rate:
Federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State income taxes-net of federal effect			3.7		%				(31.3)		%				4.3		%
Goodwill impairment			—		%				(187.2)		%				—		%
Change in liability for unrecognized tax position			1.5		%				(8.9)		%				0.6		%
Other			—		%				(1.4)		%				—		%
Effective income tax rate			26.2		%				(207.8)		%				25.9		%

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,
			2024						2023
			(Dollars in millions)
Deferred tax liabilities:
Property, plant and equipment			$	(1,524)					(1,464)
Intangible assets			(83)						(95)
Other			(40)						(50)
Total deferred tax liabilities			(1,647)						(1,609)
Deferred tax assets:
Payable to affiliate due to post-retirement benefit plan participation			312						292
Other			1						—
Gross deferred tax assets			313						292
Net deferred tax assets			313						292
Net deferred tax liabilities			$	(1,334)					(1,317)

Reconciliation of unrecognized tax benefits

A reconciliation of the change in our gross unrecognized tax benefits (excluding both interest and any related federal benefit) for the years ended December 31, 2024 and 2023 are as follows:

			Years ended December 31,
			2024						2023
			(Dollars in millions)
Unrecognized tax benefits at beginning of period			$	317					332
Decrease due to tax positions taken in a prior year			(11)						(1)
Decrease due to tax positions taken in a current year			(13)						(14)
Unrecognized tax benefits at end of period			$	293					317

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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