INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) From Continuing Operations Before Income Taxes, Domestic and Foreign

Income (loss) from continuing operations before income taxes includes the following components:

	Year Ended December 31,
(In millions)	2022		2021		2020
United States	$	1,803	$	3,827	$	(201)
Foreign	(7)		(24)		8
Total	$	1,796	$	3,803	$	(193)

Components of the Income Tax Provision (Benefit) on Continuing Operations

The components of the income tax provision (benefit) on continuing operations consist of the following:

	Year Ended December 31,
(In millions)	2022		2021		2020
Current provision (benefit):
United States federal	$	201	$	14	$	(2)
United States state & local	131		55		—
Foreign	1		—		(1)
	333		69		(3)
Deferred provision (benefit):
United States federal	117		683		(95)
United States state & local	(22)		31		(11)
Foreign	(5)		(10)		(2)
Total income tax provision (benefit) from continuing operations	$	423	$	773	$	(111)

The components of income taxes for other than continuing operations consisted of the following:

(In millions)	2022		2021		2020
Other comprehensive income (loss):
Pension and OPEB	$	(425)	$	(206)	$	(52)
Derivative financial instruments	26		(21)		(1)
Total	$	(399)	$	(227)	$	(53)

Reconciliation of Income Tax Attributable to Continuing Operations Computed at Statutory Rate

Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:

(In millions)	2022				2021				2020
Tax at U.S. statutory rate	$	377	21	%	$	799	21	%	$	(41)	21	%
Increase (decrease) due to:
Percentage depletion in excess of cost depletion	(49)		(3)		(99)		(3)		(42)		22
State taxes, net	71		4		86		2		(11)		6
Federal & state provision to return	27		1		(2)		—		—		—
Other items, net	(3)		—		(11)		—		(17)		8
Provision for income tax expense (benefit) and effective income tax rate including discrete items	$	423	23	%	$	773	20	%	$	(111)	57	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

(In millions)	2022		2021
Deferred tax assets:
Operating loss and other carryforwards	$	389	$	379
Pension and OPEB liabilities	244		584
Environmental	96		58
Product inventories	54		28
State and local	14		109
Lease liabilities	62		65
Other liabilities	135		136
Total deferred tax assets before valuation allowance	994		1,359
Deferred tax asset valuation allowance	(390)		(409)
Net deferred tax assets	604		950
Deferred tax liabilities:
Investment in ventures	(195)		(191)
Lease assets	(38)		(93)
Property, plant and equipment and mineral rights	(827)		(641)
Other assets	(122)		(123)
Total deferred tax liabilities	(1,182)		(1,048)
Net deferred tax assets (liabilities)	$	(578)	$	(98)

Summary of Changes in the Valuation Allowance

The changes in the valuation allowance are presented below:

(In millions)	2022		2021		2020
Balance at beginning of year	$	409	$	836	$	441
Change in valuation allowance:
Included in income tax benefit	(19)		(82)		(3)
Increase (decrease) from acquisitions	—		(345)		398
Balance at end of year	$	390	$	409	$	836

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

(In millions)	2022		2021		2020
Unrecognized tax benefits balance as of January 1	$	35	$	107	$	29
Increases for tax positions in current year	24		4		7
Decrease due to tax positions in prior year	(1)		(66)		(4)
Lapses in statutes of limitations	—		(10)		—
Increases from acquisitions	—		—		75
Unrecognized tax benefits balance as of December 31	$	58	$	35	$	107

The following table presents the classification of unrecognized tax benefits on the Statements of Consolidated Financial Position:

	December 31,
Balance Sheet Location (In millions)	2022	2021
Other current liabilities	—	$	1
Other non-current liabilities	58	34