Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of earnings before income taxes and equity in earnings of non-operating affiliates

The components of earnings before income taxes and the components of our income tax provision are as follows:

	Year ended December 31,
	2022		2021		2020
	(in millions)
Domestic	$	4,699	$	1,979	$	421
Non-U.S.	396		(436)		42
Earnings before income taxes	$	5,095	$	1,543	$	463

Schedule of components of Income tax provision

Current
Federal	$	702	$	394	$	106
Foreign	395		30		6
State	168		55		(7)
	1,265		479		105
Deferred
Federal	(102)		(137)		(76)
Foreign	(18)		(50)		4
State	13		(9)		(2)
	(107)		(196)		(74)
Income tax provision	$	1,158	$	283	$	31

Summary of differences in expected income tax provision based on statutory rates applied to earnings before income taxes and income tax provision reflected in the consolidated statements of operations

Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provision reflected in the consolidated statements of operations are summarized below.

	Year ended December 31,
	2022			2021			2020
	(in millions, except percentages)
Earnings before income taxes	$	5,095		$	1,543		$	463
Expected tax provision at U.S. statutory rate of 21%	$	1,070		$	324		$	97
State income taxes, net of federal	143			34			(1)
Net earnings attributable to noncontrolling interest	(124)			(72)			(24)
Foreign tax rate differential	(9)			(1)			1
U.S. tax on foreign earnings	3			—			(6)
Foreign partnership basis difference	—			—			(7)
Non-deductible goodwill impairment	—			60			—
Transfer pricing arbitration	69			—			—
Federal income tax return audits	—			(38)			—
Terra amended tax returns	—			—			(24)
Other	6			(24)			(5)
Income tax provision	$	1,158		$	283		$	31
Effective tax rate	22.7		%	18.3		%	6.7		%

Schedule of deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities are as follows:

	December 31,
	2022		2021
	(in millions)
Deferred tax assets:
Net operating loss and capital loss carryforwards, state	$	34	$	38
Net operating loss and capital loss carryforwards, foreign	114		122
Retirement and other employee benefits	25		51
Foreign tax credits	44		18
State tax credits	7		29
Operating lease liabilities	64		62
Other	35		25
	323		345
Valuation allowance	(190)		(150)
	133		195
Deferred tax liabilities:
Depreciation and amortization	(139)		(157)
Investments in partnerships	(858)		(998)
Operating lease right-of-use assets	(63)		(60)
Foreign earnings	(12)		—
Other	(19)		(9)
	(1,091)		(1,224)
Net deferred tax liability	$	(958)	$	(1,029)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31,
	2022		2021
	(in millions)
Unrecognized tax benefits:
Balance as of January 1	$	27	$	81
Additions for tax positions taken during the current year	—		—
Additions for tax positions taken during prior years	154		5
Reductions related to lapsed statutes of limitations	—		—
Reductions related to settlements with tax jurisdictions	—		(59)
Balance as of December 31	$	181	$	27