v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision
The income tax provision consisted of the following for the years ended December 31, 2024, 2023 and 2022:
In millions202420232022
Current:
Federal$1,658 $2,819 $2,803 
State476 662 735 
2,134 3,481 3,538 
Deferred:
Federal(453)(537)(1,526)
State(119)(139)(503)
(572)(676)(2,029)
Total$1,562 $2,805 $1,509 
Schedule of Effective Income Tax Rate Reconciliation
The following table is a reconciliation of the statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024, 2023 and 2022:
202420232022
Statutory income tax rate21.0 %21.0 %21.0 %
State income taxes, net of federal tax benefit4.6 3.7 3.2 
Legal charges0.5 — 3.4 
Basis difference upon disposition of subsidiary— — 1.6 
Prior year refunds and unrecognized tax benefits— — (2.6)
Tax credits
(1.2)(0.3)(0.6)
Other0.5 0.7 (0.1)
Effective income tax rate25.4 %25.1 %25.9 %
Schedule of Deferred Tax Assets and Liabilities
The following table is a summary of the components of the Company’s deferred income tax assets and liabilities as of December 31, 2024 and 2023:
In millions20242023
Deferred income tax assets:
Lease and rents$4,763 $5,059 
Legal charges1,109 1,205 
Inventory68 94 
Employee benefits168 168 
Bad debts and other allowances593 606 
Net operating loss and capital loss carryforwards272 409 
Deferred income47 62 
Insurance reserves381 356 
Investments21 56 
Other486 372 
Valuation allowance(301)(385)
Total deferred income tax assets
7,607 8,002 
Deferred income tax liabilities:
Retirement benefits172 112 
Lease and rents4,125 4,469 
Depreciation and amortization7,116 7,732 
Total deferred income tax liabilities11,413 12,313 
Net deferred income tax liabilities$3,806 $4,311 
Schedule of Unrecognized Tax Benefits Rollforward
A reconciliation of the beginning and ending balance of unrecognized tax benefits in 2024, 2023 and 2022 is as follows:
In millions202420232022
Beginning balance$436 $446 $782 
Additions based on tax positions related to the current year— 2 5 
Additions based on tax positions related to prior years67 46 42 
Reductions for tax positions of prior years(49)(24)(166)
Expiration of statutes of limitation(29)(34)(4)
Settlements(1)— (213)
Ending balance$424 $436 $446