v3.25.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of Income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

​

​

2025

​

2024

​

​

​

amounts in millions

Current:

​

​

  ​

​

  ​

​

Federal

​

$

219

​

12

​

State and local

​

 

95

​

5

​

​

​

 

314

​

17

​

Deferred:

​

 

​

​

  ​

​

Federal

​

 

(269)

​

6

​

State and local

​

 

(122)

​

4

​

​

​

​

(391)

​

10

​

Total:

​

 

​

​

​

​

Federal

​

​

(50)

​

18

​

State and local

​

​

(27)

​

9

​

Income tax expense (benefit)

​

$

(77)

​

27

​

Reconciliation of income tax (benefit) expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

​

  ​ ​ ​

2025

​

​

2024

​

​

​

​

(millions)

​

(percent )

​

​

(millions)

​

(percent )

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Federal statutory tax rate

​

$

(81)

​

(21)

%

​

20

​

21

%

Domestic federal reconciling items

​

​

​

​

​

​

​

​

​

​

​

Tax credits

​

 

(2)

​

(1)

%

​

(2)

​

(2)

%

Non-taxable and nondeductible items, net

​

 

​

​

​

​

​

​

​

​

​

Executive Compensation

​

​

3

​

1

%

​

1

​

1

%

Non-deductible goodwill impairment

​

​

23

​

6

%

​

—

​

—

​

Other

​

​

1

​

—

​

​

1

​

1

%

Domestic state and local income taxes, net of federal effect

​

​

(21)

​

(5)

%

​

7

​

7

%

Total income tax expense (benefit)

​

$

(77)

​

(20)

%

​

27

​

28

%

Schedule of deferred income tax assets and deferred income tax liabilities

​

​

​

​

​

​

​

​

​

​

December 31, 

​

​

  ​ ​ ​

2025

  ​ ​ ​

2024

​

​

​

amounts in millions

​

Deferred tax assets:

 

​

  ​

 

  ​

​

Tax loss and credit carryforwards

​

$

117

 

2

​

Deferred revenue

​

 

23

 

44

​

Operating lease liability

​

 

19

 

30

​

Other accrued liabilities

​

 

6

 

8

​

Asset retirement obligations

​

​

31

​

25

​

Other future deductible amounts

​

 

14

 

23

​

Deferred tax assets

​

 

210

 

132

​

Valuation allowance

​

 

(1)

 

(1)

​

Net deferred tax assets

​

 

209

 

131

​

Deferred tax liabilities

​

 

  ​

 

  ​

​

Property and equipment

​

 

(44)

 

(207)

​

Intangible assets

​

 

(114)

 

(252)

​

Operating lease ROU assets

​

 

(20)

 

(31)

​

Deferred tax liabilities

​

 

(178)

 

(490)

​

Net deferred tax assets (liabilities)

​

$

31

 

(359)

​