INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Domestic and Foreign Earnings (Loss) Before Income Taxes

Domestic and Foreign Earnings Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2022		2021		2020
Domestic earnings	$	1,982	$	2,499	$	723
Foreign earnings		323		817		259
Total earnings before income taxes	$	2,305	$	3,316	$	982

Provision (Benefit) for Income Taxes

PROVISION FOR INCOME TAXES

DOLLAR AMOUNTS IN MILLIONS
	2022			2021			2020
Current:
Federal	$	252		$	378		$	147
State		45			74			30
Foreign		158			243			64
Total current		455			695			241
Deferred:
Federal		28			27			(66	)
State		6			(2	)		(1	)
Foreign		(64	)		(11	)		11
Total deferred		(30	)		14			(56	)
Total income tax provision	$	425		$	709		$	185

Effective Income Tax Rate Applicable

EFFECTIVE INCOME TAX RATE

DOLLAR AMOUNTS IN MILLIONS
	2022			2021			2020
U.S. federal statutory income tax	$	484		$	696		$	207
State income taxes, net of federal tax benefit		41			57			23
REIT income not subject to federal income tax		(125	)		(102	)		(51	)
Return to provision adjustment		—			—			(3	)
Foreign taxes		27			62			19
Other, net		(2	)		(4	)		(10	)
Total income tax provision	$	425		$	709		$	185
Effective income tax rate		18.4	%		21.4	%		18.8	%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2022			DECEMBER 31,  2021
Net noncurrent deferred tax asset	$	8		$	17
Net noncurrent deferred tax liability		(96	)		(46	)
Net deferred tax liability	$	(88	)	$	(29	)

Items Included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2022			DECEMBER 31,  2021
Deferred tax assets:
Pension and post-employment benefits	$	75		$	96
State tax credits		42			42
Depletion		14			13
Environmental reserves		13			14
Incentive compensation		17			19
Intercompany land sales		16			15
Workers compensation		14			17
Minerals		11			10
Other reserves		10			14
Other		57			60
Gross deferred tax assets		269			300
Valuation allowance		(54	)		(50	)
Net deferred tax assets		215			250
Deferred tax liabilities:
Property, plant and equipment		(284	)		(258	)
Other		(19	)		(21	)
Net deferred tax liabilities		(303	)		(279	)
Net deferred tax liability	$	(88	)	$	(29	)