v3.24.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (loss) before Income Tax
Our sources of Income before income taxes were as follows:
Year Ended December 31,
(in millions)202420232022
U.S. income$14,607 $10,943 $3,116 
Foreign income105 56 30 
Income before income taxes$14,712 $10,999 $3,146 
Schedule of Components of Income Tax Expense (Benefit)
Income tax expense is summarized as follows:
Year Ended December 31,
(in millions)202420232022
Current tax (expense) benefit
Federal$(57)$(42)$22 
State(179)(28)(64)
Foreign(17)(12)(22)
Total current tax expense(253)(82)(64)
Deferred tax (expense) benefit
Federal(2,743)(2,150)(628)
State(348)(417)77 
Foreign(29)(33)59 
Total deferred tax expense(3,120)(2,600)(492)
Total income tax expense$(3,373)$(2,682)$(556)
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation between the U.S. federal statutory income tax rate and our effective income tax rate is as follows:
Year Ended December 31,
202420232022
Federal statutory income tax rate21.0 %21.0 %21.0 %
State taxes, net of federal benefit3.3 4.2 4.5 
Effect of law and rate changes0.1 (0.1)(5.3)
Change in valuation allowance(0.2)(0.2)(0.8)
Foreign taxes0.3 0.4 0.7 
Permanent differences0.3 (0.1)(0.2)
Federal tax credits(1.1)(0.8)(2.4)
Equity-based compensation(0.3)(0.4)(1.2)
Non-deductible compensation(0.1)0.5 1.2 
Other, net(0.4)(0.1)0.2 
Effective income tax rate22.9 %24.4 %17.7 %
Schedule of Deferred Tax Assets and Liabilities
Significant components of deferred income tax assets and liabilities, tax effected, are as follows:
(in millions)December 31,
2024		December 31,
2023
Deferred tax assets
Loss carryforwards$3,844 $6,227 
Lease liabilities7,781 8,355 
Reserves and accruals958 1,177 
Other3,959 4,459 
Deferred tax assets, gross16,542 20,218 
Valuation allowance(259)(306)
Deferred tax assets, net16,283 19,912 
Deferred tax liabilities
Spectrum licenses19,527 19,006 
Property and equipment5,874 6,142 
Lease right-of-use assets6,508 7,043 
Other1,074 1,179 
Total deferred tax liabilities32,983 33,370 
Net deferred tax liabilities$16,700 $13,458 
Classified on the consolidated balance sheets as:
Deferred tax liabilities$16,700 $13,458 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows:
Year Ended December 31,
(in millions)202420232022
Unrecognized tax benefits, beginning of year$1,477 $1,254 $1,217 
Gross increases to tax positions in prior periods140 19 31 
Gross decreases to tax positions in prior periods(201)(39)(65)
Gross increases to current period tax positions132 256 77 
Gross decreases due to settlements with taxing authorities(11)— (3)
Gross decreases due to statute of limitations lapse(67)(13)(3)
Unrecognized tax benefits, end of year$1,470 $1,477 $1,254