INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax benefit (provision)

Components of income tax (provision) benefit
	Year Ended December 31,
(in millions)	2022		2021		2020
Current tax (provision) benefit:
Federal	$	—	$	—	$	94
State and local	(1)		(1)		3
International	(4)		(3)		(5)
Deferred tax (provision) benefit:
Federal	(525)		(130)		2,766
State and local	(66)		16		344
Income tax (provision) benefit	$	(596)	$	(118)	$	3,202

Schedule of effective income tax rate reconciliation

The following table presents the principal reasons for the difference between the effective tax rate and the U.S. federal statutory income tax rate:

Reconciliation of statutory federal income tax rate to the effective income tax rate
	Year Ended December 31,
	2022		2021		2020
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	3.0		(4.4)		1.9
Permanent differences	1.0		4.9		(0.6)
Valuation allowance	7.3		9.1		(2.6)
Other	(1.1)		(0.8)		0.8
Effective income tax rate	31.2	%	29.8	%	20.5	%

Schedule of significant components of deferred income tax assets and liabilities

Significant components of deferred income tax assets and liabilities
	December 31,
(in millions)	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	1,395	$	1,301
Capital loss carryforward	50		480
Pension, postretirement and other benefits	1,467		2,089
Investments	1,106		314
Deferred revenue	2,334		2,288
Lease liabilities	2,376		2,452
Other	682		494
Valuation allowance	(1,176)		(833)
Total deferred tax assets	$	8,234	$	8,585
Deferred tax liabilities:
Depreciation	$	5,110	$	4,463
Operating lease assets	1,624		1,676
Intangible assets	1,121		1,097
Other	78		55
Total deferred tax liabilities	$	7,933	$	7,291
Net deferred tax assets(1)	$	301	$	1,294

Schedule of valuation allowance on deferred income tax assets

The following table presents the balance of our valuation allowance on our deferred income tax assets and the associated activity:

Valuation allowance activity
(in millions)	2022		2021
Balance at January 1	$	833	$	460
Tax provision	155		26
Equity investment activity	188		347
Balance at December 31	$	1,176	$	833