Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Breakdown of Income Tax Expense Between Current and Deferred

The breakdown of income tax expense between current and deferred is as follows:

	Years Ended
(Dollars in Millions)	2024		2023 (a)		2022 (a)
Current:
Federal	$	873	$	851	$	928
State	200		184		203
Subtotal Current	$	1,073	$	1,035	$	1,131
Deferred:
Federal	26		110		151
State	(14)		16		(51)
Subtotal Deferred	$	12	$	126	$	100
Total Income Tax Expense	$	1,085	$	1,161	$	1,231

(a) See Note 20, Revision of Prior Period Financial Statements.

Schedule of Income Tax Expense Reconciled to Tax Computed at Statutory Rates

Income tax expense reconciled to the tax computed at statutory rates is presented in the following table. 

	Years Ended
(Dollars in Millions)	2024				2023 (a)				2022 (a)
Federal Income Taxes	$	957	21.0	%	$	1,014	21.0	%	$	1,122	21.0	%
State Income Taxes	147		3.2	%	158		3.3	%	120		2.2	%
Other	(19)		(0.4)	%	(11)		(0.2)	%	(11)		(0.2)	%
Income Tax Expense/ Rate	$	1,085	23.8	%	$	1,161	24.1	%	$	1,231	23.0	%

(a) See Note 20, Revision of Prior Period Financial Statements.

Schedule of Significant Components of Deferred Income Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities include:

	2024				2023 (a)
(Dollars in Millions)	Assets		Liabilities		Assets		Liabilities
Other Employee Benefit Plans	$	104	$	—	$	103	$	—
Accelerated Depreciation	—		7,651		—		7,621
Other	464		642		459		640
Total	$	568	$	8,293	$	562	$	8,261
Net Deferred Income Tax Liabilities			$	7,725			$	7,699

(a) See Note 20, Revision of Prior Period Financial Statements.