INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

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

	Year Ended December 31,
(In millions)	2023		2022		2021
United States	$	600	$	1,803	$	3,827
Foreign	(3)		(7)		(24)
Total	$	597	$	1,796	$	3,803

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

The components of the income tax expense from continuing operations consist of the following:

	Year Ended December 31,
(In millions)	2023		2022		2021
Current provision:
United States federal	$	4	$	201	$	14
United States state & local	26		131		55
Foreign	4		1		—
	34		333		69
Deferred provision (benefit):
United States federal	97		117		683
United States state & local	7		(22)		31
Foreign	10		(5)		(10)
Total income tax expense from continuing operations	$	148	$	423	$	773

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

(In millions)	2023		2022		2021
Other comprehensive income (loss):
Pension and OPEB	$	10	$	(425)	$	(206)
Derivative financial instruments	47		26		(21)
Total	$	57	$	(399)	$	(227)

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)	2023				2022				2021
Tax at U.S. statutory rate	$	125	21	%	$	377	21	%	$	799	21	%
Increase (decrease) due to:
Percentage depletion in excess of cost depletion	(32)		(5)		(49)		(3)		(99)		(3)
Valuation allowance	14		2		—		—		—		—
Unrecognized tax benefits	7		1		2		—		9		—
State taxes, net	28		5		71		4		86		2
Federal & state provision to return	(20)		(3)		27		1		(2)		—
Income not subject to tax	(11)		(2)		(9)		—		(9)		—
Goodwill impairment	26		4		—		—		—		—
Other items, net	11		2		4		—		(11)		—
Provision for income tax expense and effective income tax rate including discrete items	$	148	25	%	$	423	23	%	$	773	20	%

Significant Components of Deferred Tax Assets and Liabilities

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

(In millions)	2023		2022
Deferred tax assets:
Operating loss and other carryforwards	$	390	$	389
Pension and OPEB liabilities	155		244
Environmental	67		96
Product inventories	92		54
State and local	9		14
Lease liabilities	79		62
Other liabilities	180		135
Total deferred tax assets before valuation allowance	972		994
Deferred tax asset valuation allowance	(396)		(390)
Net deferred tax assets	576		604
Deferred tax liabilities:
Investment in ventures	(192)		(195)
Lease assets	(79)		(38)
Property, plant and equipment and mineral rights	(837)		(827)
Other assets	(103)		(122)
Total deferred tax liabilities	(1,211)		(1,182)
Net deferred tax assets (liabilities)	$	(635)	$	(578)

Summary of Changes in the Valuation Allowance

The changes in the valuation allowance are presented below:

(In millions)	2023		2022		2021
Balance at beginning of year	$	390	$	409	$	836
Change in valuation allowance:
Included in income tax expense	6		(19)		(82)
Decrease from acquisitions	—		—		(345)
Balance at end of year	$	396	$	390	$	409

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)	2023		2022		2021
Unrecognized tax benefits balance as of January 1	$	58	$	35	$	107
Increases for tax positions in current year	18		24		4
Decrease due to tax positions in prior year	—		(1)		(66)
Lapses in statutes of limitations	—		—		(10)
Unrecognized tax benefits balance as of December 31	$	76	$	58	$	35