INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of geographic allocation of income

Geographic Allocation of Income and Provision for Income Taxes
In millions	2023		2022		2021
Income (loss) before income taxes
Domestic	$	455	$	767	$	531
Foreign	(1)		(1)		(2)
Income before income taxes	$	454	$	766	$	529
Current tax expense (benefit)
Federal	$	96	$	157	$	(11)
State and local	(6)		9		5
Foreign	1		1		20
Total current tax expense	$	91	$	167	$	14
Deferred tax expense (benefit)
Federal	$	(19)	$	(2)	$	122
State and local	1		3		23
Foreign	—		4		(5)
Total deferred tax expense	$	(18)	$	5	$	140
Provision for income taxes	$	73	$	172	$	154
Net income	$	381	$	594	$	375

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation to U.S. Statutory Rate	2023		2022		2021
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Unrecognized tax benefits and related interest	(2.7)		(0.7)		3.0
State and local tax impact	(1.2)		1.7		5.3
Other - net	(1.0)		0.5		(0.2)
Effective Tax Rate	16.1	%	22.5	%	29.1	%

Schedule of Deferred Tax Assets and Liabilities

Deferred Tax Balances at Dec 31	2023				2022
In millions	Assets		Liabilities		Assets		Liabilities
Property	$	—	$	123	$	—	$	154
Tax loss and credit carryforwards	11		—		26		—
Postretirement benefit obligations	92		—		72		—
Other accruals and reserves	270		—		293		3
Inventory	2		—		2		—
Other - net	16		—		18		—
Subtotal	$	391	$	123	$	411	$	157
Valuation allowances 1	(11)		—		(15)		—
Total	$	380	$	123	$	396	$	157

1.Primarily related to the realization of recorded tax benefits on state tax loss carryforwards from operations in the United States.

Summary of Operating Loss Carryforwards

Operating Loss and Tax Credit Carryforwards at Dec 31	2023		2022
In millions	Assets		Assets
Operating loss carryforwards
Expire within 5 years	$	5	$	8
Expire after 5 years or indefinite expiration	3		12
Total operating loss carryforwards	$	8	$	20
Tax credit carryforwards
Expire within 5 years	$	2	$	5
Expire after 5 years or indefinite expiration	1		1
Total tax credit carryforwards	$	3	$	6
Total tax loss and tax credit carryforwards	$	11	$	26

Schedule of Total Gross Unrecognized Tax Benefits

The following table provides a reconciliation of the Corporation's unrecognized tax benefits:

Total Gross Unrecognized Tax Benefits
In millions	2023		2022		2021
Total unrecognized tax benefits at Jan 1	$	8	$	8	$	1
Decreases related to positions taken on items from prior years	—		—		(1)
Increases related to positions taken on items from prior years	—		—		8
Total unrecognized tax benefits at Dec 31	$	8	$	8	$	8
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate	$	8	$	8	$	8
Total amount of interest and penalties (benefit) recognized in "Provision for income taxes"	$	(12)	$	(10)	$	11
Total accrual for interest and penalties recognized in the consolidated balance sheets	$	11	$	10	$	12