Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

The components of the income tax expense from continuing operations are as follows:



	Successor						Predecessor
	Year Ended December 31, 2013			Year Ended December 31, 2012		Nine Months Ended December 31, 2011	Three Months Ended March 31, 2011
	(Dollars in millions)
Income tax expense:
Current tax provision:
Federal and foreign	$	653		638		173	104
State and local	101			105		26	11
Total current tax provision	754			743		199	115
Deferred tax expense (benefit):
Federal and foreign	(125		)	(175	)	128	61
State and local	(27		)	(26	)	22	15
Total deferred tax expense (benefit)	(152		)	(201	)	150	76
Income tax expense	$	602		542		349	191

The effective income tax rate for continuing operations differs from the statutory tax rate as follows:



	Successor						Predecessor
	Year Ended December 31, 2013		Year Ended December 31, 2012		Nine Months Ended December 31, 2011		Three Months Ended March 31, 2011
	(in percent)
Effective income tax rate:
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes-net of federal effect	3.1		3.7		3.5		3.4
Other	0.3		0.3		0.6		0.6
Effective income tax rate	38.4	%	39.0	%	39.1	%	39.0	%

The components of the deferred tax assets and liabilities are as follows:



	Successor
	December 31, 2013			December 31, 2012
	(Dollars in millions)
Deferred tax assets and liabilities:
Deferred tax liabilities:
Property, plant and equipment	$	(1,281	)	(1,179	)
Intangibles assets	(1,772		)	(2,118	)
Receivable from an affiliate due to pension plan participation	(462		)	(397	)
Other	(52		)	(61	)
Total deferred tax liabilities	(3,567		)	(3,755	)
Deferred tax assets:
Payable to affiliate due to post-retirement benefit plan participation	983			982
Debt premiums	55			67
Other	229			253
Total deferred tax assets	1,267			1,302
Valuation allowance on deferred tax assets	(12		)	(12	)
Net deferred tax assets	1,255			1,290
Net deferred tax liabilities	$	(2,312	)	(2,465	)