Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components Of Income Tax Provisions (Benefits)

The provision (benefit) for income taxes from continuing operations consisted of:

(In millions)	2020		2019		2018
Current:
Federal	$	(2,267)	$	(52)	$	674
State and local	69		28		54
Foreign	9		1		22
Total current	(2,189)		(23)		750
Deferred:
Federal	90		742		(119)
State and local	(347)		56		149
Foreign	16		9		(16)
Total deferred	(241)		807		14
Income tax provision (benefit)	$	(2,430)	$	784	$	764

Reconciliation Of Federal Statutory Income Tax Rate

A reconciliation of the federal statutory income tax rate to the effective tax rate applied to income (loss) from continuing operations before income taxes follows:

	2020		2019		2018
Federal statutory rate	21	%	21	%	21	%
State and local income taxes, net of federal income tax effects	2		2		5
Goodwill impairment	(8)		5		—
Noncontrolling interests	—		(4)		(5)
Legislation	4		—		—
Other	(1)		—		—
Effective tax rate applied to income (loss) from continuing operations before income taxes	18	%	24	%	21	%

Components Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities resulted from the following:

	December 31,
(In millions)	2020		2019
Deferred tax assets:
Employee benefits	$	647	$	693
Environmental remediation	95		99
Finance lease obligations	103		105
Debt financing	6		17
Operating lease liabilities	453		498
Net operating loss carryforwards	232		18
Foreign currency	—		15
Tax credit carryforwards	19		14
Other	74		57
Total deferred tax assets	1,629		1,516
Deferred tax liabilities:
Property, plant and equipment	3,195		3,301
Inventories	800		652
Investments in subsidiaries and affiliates	3,331		3,114
Goodwill and other intangibles	34		304
Right of use assets	451		498
Other	18		19
Total deferred tax liabilities	7,829		7,888
Net deferred tax liabilities	$	6,200	$	6,372

Components Of Net Deferred Tax Liabilities Classified In Consolidated Balance Sheets

Net deferred tax liabilities were classified in the consolidated balance sheets as follows:

	December 31,
(In millions)	2020		2019
Assets:
Other noncurrent assets	$	3	$	20
Liabilities:
Deferred income taxes(a)	6,203		6,392
Net deferred tax liabilities	$	6,200	$	6,372

(a)The deferred income tax assets and liabilities associated with discontinued operations remain in our balance sheet rather than being included in the carrying amount of assets and liabilities that are held for sale, as the sale is structured as a sale of assets. These discontinued operations deferred income tax assets and liabilities will be realized upon the sale of Speedway.

Summary Of Activity In Unrecognized Tax Benefits

The following table summarizes the activity in unrecognized tax benefits:

(In millions)	2020		2019		2018
January 1 balance	$	32	$	211	$	19
Additions for tax positions of prior years	12		2		—
Reductions for tax positions of prior years	(18)		(2)		(5)
Settlements	(3)		(19)		—
Statute of limitations	—		(160)		(12)
Acquired from Andeavor	—		—		209
December 31 balance	$	23	$	32	$	211