Income Taxes

12 Months Ended

Dec. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

The Company's provision for income taxes has been computed on a stand-alone basis. Berkshire Hathaway includes the Company in its consolidated U.S. federal and Iowa state income tax returns and the majority of the Company's U.S. federal income tax is remitted to or received from Berkshire Hathaway. The Company had a current income tax payable to Berkshire Hathaway of $138 million and a current income tax receivable from Berkshire Hathaway of $96 million for federal income tax as of December 31, 2024 and 2023, respectively. In July 2022, the Company amended its tax allocation agreement with Berkshire Hathaway, which changed how state tax attributes will be settled with respect to state income tax returns that Berkshire Hathaway includes the Company. As a result, the Company no longer expects to receive the cash benefits from the state of Iowa net operating loss carryforward previously recorded as a long-term income tax receivable from Berkshire Hathaway as a component of BHE's shareholders' equity, and recognized a noncash distribution of $744 million to retained earnings.

Income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	(1,333)	$	(1,650)	$	(1,463)
State	(16)		118		(65)
Foreign	34		90		79
	(1,315)		(1,442)		(1,449)
Deferred:
Federal	(371)		(114)		(408)
State	(29)		(275)		(49)
Foreign	94		33		(5)
	(306)		(356)		(462)
Investment tax credits	39		99		(5)
Total	$	(1,582)	$	(1,699)	$	(1,916)

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
Income tax credits	(59)		(85)		(124)
Effects of ratemaking	(6)		(11)		(16)
State income tax, net of federal income tax benefit	(1)		(6)		(6)
Non-controlling interest	(1)		(4)		(6)
Income tax effect of foreign income	(2)		(1)		(4)
Tax rate change - deferred (foreign)	—		2		—
Equity earnings	(2)		(3)		(3)
Other, net	—		—		2
Effective income tax rate	(50)	%	(87)	%	(136)	%

Income tax credits relate primarily to production tax credits ("PTC") from wind- and solar-powered generating facilities owned by MidAmerican Energy, PacifiCorp, NV Energy and BHE Renewables. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the years ended December 31, 2024, 2023 and 2022 totaled $1.9 billion, $1.7 billion, and $1.7 billion, respectively.

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	1,290	$	1,248
Federal, state and foreign carryforwards	686		774
AROs	347		318
Loss contingency	434		431
Other	649		629
Total deferred income tax assets	3,406		3,400
Valuation allowances	(78)		(142)
Total deferred income tax assets, net	3,328		3,258
Deferred income tax liabilities:
Property-related items	(12,949)		(12,596)
Investments	(1,505)		(1,574)
Regulatory assets	(1,124)		(1,034)
Other	(378)		(491)
Total deferred income tax liabilities	(15,956)		(15,695)
Net deferred income tax liability	$	(12,628)	$	(12,437)

The following table provides, without regard to valuation allowances, the Company's net operating loss and tax credit carryforwards and expiration dates as of December 31, 2024 (in millions):

	Federal		State		Foreign		Total
Net operating loss carryforwards(1)	$	58	$	13,441	$	334	$	13,833
Deferred income taxes on net operating loss carryforwards	12		561		77		650
Expiration dates	2025 - indefinite		2025 - indefinite		2028 - 2044
Tax credits	$	14	$	22	$	—	$	36
Expiration dates	2025 - 2034		2025 - indefinite

(1)The federal net operating loss carryforwards relate principally to net operating loss carryforwards of subsidiaries that are tax residents in both the U.S. and the United Kingdom. The federal net operating loss carryforwards were generated prior to Berkshire Hathaway's ownership and began to expire in 2022.

The U.S. Internal Revenue Service has closed or effectively settled its examination of the Company's income tax returns through December 31, 2013. The statute of limitations for the Company's income tax returns have expired for certain states through December 31, 2011, and for other states through December 31, 2020, except for the impact of any federal audit adjustments. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

A reconciliation of the beginning and ending balances of the Company's net unrecognized tax benefits is as follows for the years ended December 31 (in millions):

	2024		2023
Beginning balance	$	73	$	68
Additions based on tax positions related to the current year	6		10
Additions for tax positions of prior years	4		1
Reductions based on tax positions related to the current year	(7)		(6)
Statute of limitations	—		(1)
Settlements	(2)		—
Interest and penalties	2		1
Ending balance	$	76	$	73

As of December 31, 2024 and 2023, the Company had unrecognized tax benefits totaling $95 million and $88 million, respectively, that if recognized, would have an impact on the effective tax rate. The remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, other than applicable interest and penalties, would not affect the Company's effective income tax rate.

PAC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

Income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	(234)	$	(324)	$	(216)
State	7		(5)		(3)
Total	(227)		(329)		(219)
Deferred:
Federal	(9)		(172)		90
State	1		(51)		71
Total	(8)		(223)		161
Investment tax credits	(1)		(1)		(4)
Total income tax expense (benefit)	$	(236)	$	(553)	$	(62)

The effective tax rate for the year ended December 31, 2023, was 54% and results from a $553 million income tax benefit associated with a $1,021 million pre-tax loss primarily related to a $1,677 million increase in wildfire loss accruals, net of expected insurance recoveries as described in Note 14. The $553 million income tax benefit was primarily comprised of a $214 million benefit, or 21%, from the application of the federal statutory income tax rate to the pre-tax loss, a $180 million benefit, or 18%, from federal income tax credits, a $111 million benefit, or 11%, from effects of ratemaking and a $41 million benefit, or 4%, from state income tax.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
State income taxes, net of federal income tax benefit	6		4		3
Effects of ratemaking(1)	(34)		11		(12)
Federal income tax credits	(66)		18		(22)
Valuation allowance	(5)		1		2
Other	—		(1)		1
Effective income tax rate	(78)	%	54	%	(7)	%

(1)     Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

Income tax credits relate primarily to production tax credits ("PTC") earned by PacifiCorp's wind-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs for the years ended December 31, 2024, 2023 and 2022 totaled $200 million, $180 million and $185 million, respectively.

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	651	$	643
Employee benefits	49		51
State carryforwards	88		84
Loss contingencies	380		429
AROs	102		85
Other	125		117
Total deferred income tax assets	1,395		1,409
Valuation allowances	(11)		(24)
Total deferred income tax assets, net	1,384		1,385
Deferred income tax liabilities:
Property-related items	(3,813)		(3,704)
Regulatory assets	(717)		(632)
Other	(76)		(134)
Total deferred income tax liabilities	(4,606)		(4,470)
Net deferred income tax liability	$	(3,222)	$	(3,085)

The following table provides, without regard to valuation allowances, PacifiCorp's net operating loss and tax credit carryforwards and expiration dates as of December 31, 2024 (in millions):

	State
Net operating loss carryforwards	$	1,656
Deferred income taxes on net operating loss carryforwards	$	73
Expiration dates	2026 - indefinite
Tax credit carryforwards	$	15
Expiration dates	2025 - indefinite

The U.S. Internal Revenue Service has closed or effectively settled its examination of PacifiCorp's income tax returns through December 31, 2013. The statute of limitations for PacifiCorp's income tax returns have expired for certain states through December 31, 2011, and for Idaho through December 31, 2020, except for the impact of any federal audit adjustments. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

MEC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

MidAmerican Energy's income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	(885)	$	(755)	$	(769)
State	(35)		(28)		(34)
	(920)		(783)		(803)
Deferred:
Federal	80		109		77
State	2		(18)		(43)
	82		91		34
Investment tax credits	(1)		(1)		(1)
Total	$	(839)	$	(693)	$	(770)

A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
Income tax credits	(495)		(236)		(372)
State income tax, net of federal income tax impacts	(16)		(12)		(32)
Effects of ratemaking	(20)		(12)		(23)
Other, net	(2)		(1)		3
Effective income tax rate	(512)	%	(240)	%	(403)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the years ended December 31, 2024, 2023 and 2022 totaled $810 million, $681 million and $710 million, respectively.

MidAmerican Energy's net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	249	$	218
Asset retirement obligations	216		204
State carryforwards	66		68
Revenue sharing	47		34
Employee benefits	10		25
Other	80		68
Total deferred income tax assets	668		617
Valuation allowances	(2)		(2)
Total deferred income tax assets, net	666		615
Deferred income tax liabilities:
Property-related items	(4,154)		(3,972)
Regulatory assets	(134)		(134)
Other	(4)		(3)
Total deferred income tax liabilities	(4,292)		(4,109)
Net deferred income tax liability	$	(3,626)	$	(3,494)

As of December 31, 2024, MidAmerican Energy's state tax carryforwards, principally related to $981 million of net operating losses, expire at various intervals between 2025 and 2046.

The U.S. Internal Revenue Service has closed or effectively settled its examination of MidAmerican Energy's income tax returns through December 31, 2013. The statute of limitations for MidAmerican Energy's income tax returns have expired for certain states through December 31, 2011, and for other states through December 31, 2020, except for the impact of any federal audit adjustments. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

A reconciliation of the beginning and ending balances of MidAmerican Energy's net unrecognized tax benefits is as follows for the years ended December 31 (in millions):

	2024		2023
Beginning balance	$	22	$	16
Additions based on tax positions related to the current year	5		10
Interest	2		1
Reductions based on tax positions related to the current year	(7)		(5)
Ending balance	$	22	$	22

As of December 31, 2024, MidAmerican Energy had unrecognized tax benefits totaling $52 million that, if recognized, would have an impact on the effective tax rate. The remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, other than applicable interest and penalties, would not affect MidAmerican Energy's effective income tax rate.

MidAmerican Funding, LLC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

MidAmerican Funding's income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	(888)	$	(756)	$	(773)
State	(36)		(29)		(36)
	(924)		(785)		(809)
Deferred:
Federal	80		109		77
State	2		(18)		(43)
	82		91		34
Investment tax credits	(1)		(1)		(1)
Total	$	(843)	$	(695)	$	(776)

A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
Income tax credits	(548)		(239)		(416)
State income tax, net of federal income tax impacts	(18)		(13)		(36)
Effects of ratemaking	(22)		(12)		(26)
Other, net	(3)		(1)		3
Effective income tax rate	(570)	%	(244)	%	(454)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the years ended December 31, 2024, 2023 and 2022 totaled $810 million, $681 million and $710 million, respectively.

MidAmerican Funding's net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	249	$	218
Asset retirement obligations	216		204
State carryforwards	66		68
Revenue sharing	47		34
Employee benefits	10		25
Other	81		69
Total deferred income tax assets	669		618
Valuation allowances	(2)		(2)
Total deferred income tax assets, net	667		616
Deferred income tax liabilities:
Property-related items	(4,154)		(3,972)
Regulatory assets	(134)		(134)
Other	(3)		(2)
Total deferred income tax liabilities	(4,291)		(4,108)
Net deferred income tax liability	$	(3,624)	$	(3,492)

As of December 31, 2024, MidAmerican Funding's state tax carryforwards, principally related to $981 million of net operating losses, expire at various intervals between 2025 and 2046.

The U.S. Internal Revenue Service has closed or effectively settled its examination of MidAmerican Funding's income tax returns through December 31, 2013. The statute of limitations for MidAmerican Funding's income tax returns have expired for certain states through December 31, 2011, and for other states through December 31, 2020, except for the impact of any federal audit adjustments. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

A reconciliation of the beginning and ending balances of MidAmerican Funding's net unrecognized tax benefits is as follows for the years ended December 31 (in millions):

	2024		2023
Beginning balance	$	22	$	16
Additions based on tax positions related to the current year	5		10
Interest	2		1
Reductions based on tax positions related to the current year	(7)		(5)
Ending balance	$	22	$	22

As of December 31, 2024, MidAmerican Funding had unrecognized tax benefits totaling $52 million that, if recognized, would have an impact on the effective tax rate. The remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, other than applicable interest and penalties, would not affect MidAmerican Funding's effective income tax rate.

NPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

Income tax expense consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current – Federal	$	65	$	(4)	$	(13)
Deferred – Federal	(49)		(74)		49
Investment tax credits	41		100		—
Total income tax expense	$	57	$	22	$	36

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
Effects of ratemaking	(4)		(13)		(11)
Income tax credits	(3)		—		—
Other	—		—		1
Effective income tax rate	14	%	8	%	11	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to the federal tax rate change from 35% to 21% pursuant to an order issued by the PUCN effective January 1, 2021.

Income tax credits relate to production tax credits ("PTCs") and investment tax credits ("ITCs") from Nevada Power's solar-powered generating facilities and energy storage properties. Federal renewable electricity PTCs are earned as energy from qualifying solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. Federal renewable electricity ITCs are tax credits that reduce the income tax liability by a percentage of the cost from certain qualifying solar-powered generating facilities or energy storage properties over their useful lives. The percentage of the credit varies depending on attributes of the project up to a maximum of 50 percent. PTCs recognized for the for the years ended December 31, 2024, 2023 and 2022 totaled $8 million, $— million and $— million, respectively. ITCs recognized for the years ended December 31, 2024, 2023 and 2022 totaled $7 million, $— million and $— million, respectively.

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	201	$	195
Operating and finance leases	62		66
Customer advances	44		38
Unamortized contract value	12		14
Other	8		9
Total deferred income tax assets	327		322
Deferred income tax liabilities:
Property-related items	(884)		(828)
Regulatory assets	(163)		(245)
Operating and finance leases	(59)		(62)
Other	(23)		(23)
Total deferred income tax liabilities	(1,129)		(1,158)
Net deferred income tax liability	$	(802)	$	(836)

The U.S. Internal Revenue Service has closed or effectively settled its examination of Nevada Power's income tax return through the short year ended December 31, 2013. The closure of examinations, or the expiration of the statute of limitations, may not preclude the U.S. Internal Revenue Service from adjusting the federal net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

SPPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

Income tax expense consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current – Federal	$	59	$	72	$	(12)
Deferred – Federal	(49)		(57)		31
Investment tax credits	—		1		—
Total income tax expense	$	10	$	16	$	19

A reconciliation of the federal statutory income rate to the effective income tax rate applicable to income before income tax expense is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
Effects of ratemaking	(11)		(9)		(7)
Other	1		—		—
Effective income tax rate	11	%	12	%	14	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to the federal tax rate change from 35% to 21% pursuant to an order issued by the PUCN effective January 1, 2020.

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Regulatory liabilities	$	60	$	62
Operating and finance leases	24		25
Customer advances	24		16
Unamortized contract value	3		3
Other	7		5
Total deferred income tax assets	118		111
Deferred income tax liabilities:
Property-related items	(379)		(376)
Regulatory assets	(68)		(100)
Operating and finance leases	(24)		(24)
Other	(16)		(15)
Total deferred income tax liabilities	(487)		(515)
Net deferred income tax liability	$	(369)	$	(404)

The U.S. Internal Revenue Service has closed or effectively settled its examination of Sierra Pacific's income tax return through the short year ended December 31, 2013. The closure of examinations, or the expiration of the statute of limitations, may not preclude the U.S. Internal Revenue Service from adjusting the federal net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

EEGH

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

Income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	44	$	(236)	$	12
State	29		(7)		29
	73		(243)		41
Deferred:
Federal	112		357		88
State	15		(4)		38
	127		353		126
Total	$	200	$	110	$	167

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
State income tax, net of federal income tax benefit	4		(1)		6
Equity interest	2		2		2
Effects of ratemaking	—		—		(1)
Noncontrolling interest	(3)		(9)		(10)
Effective income tax rate	24	%	13	%	18	%

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Federal and state carryforwards	$	27	$	22
Employee benefits	25		29
Intangibles	84		98
Derivatives and hedges	11		13
Deferred state income taxes	22		24
Regulatory liabilities	10		1
Other	2		3
Total deferred income tax assets	181		190
Deferred income tax liabilities:
Property-related items	(410)		(343)
Partnership investments	(211)		(158)
Debt exchange	(47)		(50)
Regulatory assets	(6)		(1)
Other	(4)		(4)
Total deferred income tax liabilities	(678)		(556)
Net deferred income tax liability(1)	$	(497)	$	(366)

(1)As of December 31, 2024 and 2023, net federal deferred income tax liability is presented in noncurrent liabilities and net state deferred income tax asset is presented in other assets in the Consolidated Balance Sheets.

As of December 31, 2024, Eastern Energy Gas' state tax carryforwards, entirely related to $27 million of net operating losses, expire at various intervals between 2036 and indefinite.

The U.S. Internal Revenue Service has not closed or effectively settled an examination of Eastern Energy Gas' income tax returns for any tax years beginning on or after November 1, 2020. The statute of limitations for Eastern Energy Gas' states remains open for periods beginning on or after November 1, 2020. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.

EGTS

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

Income tax expense (benefit) consists of the following for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	8	$	(28)	$	5
State	12		(12)		12
	20		(40)		17
Deferred:
Federal	58		91		64
State	9		28		28
	67		119		92
Total	$	87	$	79	$	109

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows for the years ended December 31:

	2024		2023		2022
Federal statutory income tax rate	21	%	21	%	21	%
State income tax, net of federal income tax benefit	5		4		9
Other, net	(1)		—		(1)
Effective income tax rate	25	%	25	%	29	%

The net deferred income tax liability consists of the following as of December 31 (in millions):

	2024		2023
Deferred income tax assets:
Federal and state carryforwards	$	10	$	5
Employee benefits	23		26
Intangibles and goodwill	240		252
Derivatives and hedges	9		10
Other	5		5
Total deferred income tax assets	287		298
Deferred income tax liabilities:
Property-related items	(325)		(264)
Debt exchange	(47)		(50)
Total deferred income tax liabilities	(372)		(314)
Net deferred income tax liability(1)	$	(85)	$	(16)

(1)As of December 31, 2024, net deferred income tax liability is presented in other long-term liabilities in the Consolidated Balance Sheets. As of December 31, 2023, net federal deferred income tax liability is presented in other long-term liabilities and net state deferred income tax asset is presented in other assets in the Consolidated Balance Sheets.

As of December 31, 2024, EGTS' state tax carryforwards, entirely related to $10 million of net operating losses, expire at various intervals between 2036 and indefinite.

The U.S. Internal Revenue Service has not closed or effectively settled an examination of EGTS' income tax returns for any tax years beginning on or after November 1, 2020. The statute of limitations for EGTS' states remains open for periods beginning on or after November 1, 2020. The closure of examinations, or the expiration of the statute of limitations, for state filings may not preclude the state from adjusting the state net operating loss carryforward utilized in a year for which the statute of limitations is not closed.