Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components Of Income Tax Provisions (Benefits)

The provision for income taxes from continuing operations consisted of:

(Millions of dollars)	2023		2022		2021
Current:
Federal	$	2,359	$	3,565	$	380
State and local	475		629		48
Foreign	11		7		5
Total current	2,845		4,201		433
Deferred:
Federal	18		191		(164)
State and local	(46)		98		(6)
Foreign	—		1		1
Total deferred	(28)		290		(169)
Income tax provision	$	2,817	$	4,491	$	264

Reconciliation Of Federal Statutory Income Tax Rate

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

	2023		2022		2021
Federal statutory rate	21	%	21	%	21	%
State and local income taxes, net of federal income tax effects	2		3		2
Noncontrolling interests	(2)		(2)		(9)
Legislation	—		—		(3)
Other	(1)		—		(2)
Effective tax rate applied to income from continuing operations before income taxes	20	%	22	%	9	%

Components Of Deferred Tax Assets And Liabilities

Deferred tax assets and liabilities resulted from the following:

	December 31,
(Millions of dollars)	2023		2022
Deferred tax assets:
Employee benefits	$	549	$	481
Environmental remediation	89		84
Finance lease obligations	365		371
Operating lease liabilities	229		224
Net operating loss carryforwards	44		44
Tax credit carryforwards	10		20
Goodwill and other intangibles	71		56
Other	68		44
Total deferred tax assets	1,425		1,324
Deferred tax liabilities:
Property, plant and equipment	2,684		2,656
Inventories	627		686
Investments in subsidiaries and affiliates	3,706		3,660
Right of use assets	230		223
Other	11		2
Total deferred tax liabilities	7,258		7,227
Net deferred tax liabilities	$	5,833	$	5,903

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

	December 31,
(Millions of dollars)	2023		2022
Assets:
Other noncurrent assets	$	1	$	1
Liabilities:
Deferred income taxes	5,834		5,904
Net deferred tax liabilities	$	5,833	$	5,903

Summary Of Activity In Unrecognized Tax Benefits

The following table summarizes the activity in unrecognized tax benefits:

(Millions of dollars)	2023		2022		2021
January 1 balance	$	57	$	37	$	23
Additions for tax positions of current year	—		—		6
Additions for tax positions of prior years	8		38		19
Reductions for tax positions of prior years	(6)		(2)		(4)
Settlements	(20)		(15)		(6)
Statute of limitations	(1)		(1)		(1)
December 31 balance	$	38	$	57	$	37