INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic and Foreign Earnings (Loss) Before Income Taxes

Domestic and Foreign Earnings (Loss) Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2021		2020		2019
Domestic earnings (loss)	$	2,499	$	723	$	(268	)
Foreign earnings		817		259		55
Total earnings (loss) before income taxes	$	3,316	$	982	$	(213	)

Provision (Benefit) for Income Taxes

PROVISION (BENEFIT) FOR INCOME TAXES

DOLLAR AMOUNTS IN MILLIONS
	2021			2020			2019
Current:
Federal	$	378		$	147		$	21
State		74			30			1
Foreign		243			64			10
Total current		695			241			32
Deferred:
Federal		27			(66	)		(137	)
State		(2	)		(1	)		(31	)
Foreign		(11	)		11			(1	)
Total deferred		14			(56	)		(169	)
Total income tax provision (benefit)	$	709		$	185		$	(137	)

Effective Income Tax Rate Applicable

EFFECTIVE INCOME TAX RATE

DOLLAR AMOUNTS IN MILLIONS
	2021			2020			2019
U.S. federal statutory income tax	$	696		$	207		$	(45	)
State income taxes, net of federal tax benefit		57			23			(31	)
REIT income not subject to federal income tax		(102	)		(51	)		(68	)
Return to provision adjustment		—			(3	)		4
Foreign taxes		62			19			(1	)
Other, net		(4	)		(10	)		4
Total income tax provision (benefit)	$	709		$	185		$	(137	)
Effective income tax rate	21.4%			18.8%			64.1%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2021			DECEMBER 31, 2020
Net noncurrent deferred tax asset	$	17		$	120
Net noncurrent deferred tax liability		(46	)		(24	)
Net deferred tax asset (liability)	$	(29	)	$	96

Items Included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2021			DECEMBER 31, 2020
Deferred tax assets:
Pension and post-employment benefits		96		$	207
State tax credits		42			48
Depletion		13			14
Environmental Reserves		14			13
Incentive compensation		19			19
Intercompany land sales		15			15
Workers compensation		17			18
Other reserves		14			17
Other		70			78
Gross deferred tax assets		300			429
Valuation allowance		(50	)		(66	)
Net deferred tax assets		250			363
Deferred tax liabilities:
Property, plant and equipment		(258	)		(239	)
Other		(21	)		(28	)
Net deferred tax liabilities		(279	)		(267	)
Net deferred tax asset (liability)	$	(29	)	$	96