XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate was 13.8% and 21.6% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the effective tax rate was lower than the statutory rate primarily due to the recognition of discrete tax benefits associated with vesting of share-based compensation.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at March 31, 2025 and December 31, 2024 are as follows:
(Dollars in millions)March 31, 2025December 31, 2024
Gross deferred tax assets$296 $297 
Less valuation allowance25 25 
Deferred tax assets271 272 
Deferred tax liabilities159 159 
Net deferred tax asset $112 $113