Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2022 and December 31, 2021 is as follows:

(Dollars in millions)	March 31, 2022		December 31, 2021
Valuation allowance	10		10
Deferred tax assets	99		110
Deferred tax liabilities	51		54
Net deferred tax asset	$	48	$	56

Our deferred tax balance associated with our retirement benefit plans includes a deferred tax asset of $10 million and $11 million as March 31, 2022 and December 31, 2021 respectively, that are recorded in accumulated other comprehensive earnings to recognize the funded status of our retirement plans. See Note 11: Pension and Other Postretirement Benefits for additional details.