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)