Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of components of the income tax expense from continuing operations

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

	Years Ended December 31,
	2014			2013		2012
	(Dollars in millions)
Income tax expense:
Current tax provision:
Federal and foreign	$	738		653		638
State and local	129			101		105
Total current tax provision	867			754		743
Deferred tax expense:
Federal and foreign	(209		)	(125	)	(175	)
State and local	(19		)	(27	)	(26	)
Total deferred tax expense	(228		)	(152	)	(201	)
Income tax expense	$	639		602		542

Schedule of effective income tax rate for continuing operations that differs from the statutory tax rate

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

	Years Ended December 31,
	2014		2013		2012
	(in percent)
Effective income tax rate:
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State income taxes-net of federal effect	4.0	%	3.1	%	3.7	%
Other	0.7	%	0.3	%	0.3	%
Effective income tax rate	39.7	%	38.4	%	39.0	%

Schedule of components of the deferred tax assets and liabilities

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

	As of December 31,
	2014			2013
	(Dollars in millions)
Deferred tax assets and liabilities:
Deferred tax liabilities:
Property, plant and equipment	$	(1,380	)	(1,281	)
Intangibles assets	(1,449		)	(1,772	)
Receivable from an affiliate due to pension plan participation	(500		)	(462	)
Other	(52		)	(52	)
Total deferred tax liabilities	(3,381		)	(3,567	)
Deferred tax assets:
Payable to affiliate due to post-retirement benefit plan participation	998			983
Debt premiums	36			55
Other	275			229
Total deferred tax assets	1,309			1,267
Valuation allowance on deferred tax assets	(12		)	(12	)
Net deferred tax assets	1,297			1,255
Net deferred tax liabilities	$	(2,084	)	(2,312	)