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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)202320222021
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)202320222021
Current provision:
United States federal$4 $201 $14 
United States state & local26 131 55 
Foreign4 — 
34 333 69 
Deferred provision (benefit):
United States federal97 117 683 
United States state & local7 (22)31 
  Foreign10 (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)202320222021
Other comprehensive income (loss):
Pension and OPEB$10 $(425)$(206)
Derivative financial instruments47 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)202320222021
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 allowance14 2 — — — — 
Unrecognized tax benefits7 1 — — 
State taxes, net28 5 71 86 
Federal & state provision to return(20)(3)27 (2)— 
Income not subject to tax(11)(2)(9)— (9)— 
Goodwill impairment26 4 — — — — 
Other items, net11 2 — (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)20232022
Deferred tax assets:
Operating loss and other carryforwards$390 $389 
Pension and OPEB liabilities155 244 
Environmental67 96 
Product inventories92 54 
State and local9 14 
Lease liabilities79 62 
Other liabilities180 135 
Total deferred tax assets before valuation allowance972 994 
Deferred tax asset valuation allowance(396)(390)
Net deferred tax assets576 604 
Deferred tax liabilities:
Investment in ventures(192)(195)
Lease assets(79)(38)
Property, plant and equipment and mineral rights(837)(827)
Other assets(103)(122)
Total deferred tax liabilities(1,211)(1,182)
Net deferred tax assets (liabilities)$(635)$(578)
Summary of Changes in the Valuation Allowance
The changes in the valuation allowance are presented below:
(In millions)202320222021
Balance at beginning of year$390 $409 $836 
Change in valuation allowance:
Included in income tax expense6 (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)202320222021
Unrecognized tax benefits balance as of January 1$58 $35 $107 
Increases for tax positions in current year18 24 
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