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INCOME TAXES - COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019
--- | --- | ---
Deferred tax liabilities |  |
Property, plant and equipment differences | $ (10,744) | $ (12,375)
Equity investments, partnerships and foreign subsidiaries | (658) | (989)
Gross long-term deferred tax liabilities | (11,402) | (13,364)
Deferred tax assets |  |
Environmental reserves | 257 | 261
Postretirement benefit accruals | 398 | 441
Deferred compensation and benefits | 186 | 266
Asset retirement obligations | 942 | 906
Foreign tax credit carryforwards | 4,465 | 4,379
General business credit carryforwards | 607 | 443
Net operating loss carryforward | 1,797 | 692
Interest expense carryforward | 668 | 492
All other | 720 | 782
Gross long-term deferred tax assets | 10,040 | 8,662
Valuation allowance | (5,695) | (4,959)
Net long-term deferred tax assets | 4,345 | 3,703
Total deferred income taxes, net | (7,057) | (9,661)
Net long-term deferred tax assets | (56) | (56)
Total deferred income taxes | $ (7,113) | $ (9,717)

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- Definition The tax effect as of the balance sheet date of the amount of the estimated future tax deductions arising from currently non-deductible expenses in environmental reserves, which can only be deducted for tax purposes when such liabilities are actually incurred, and which can only be realized if sufficient tax-basis income is generated in future periods to enable the deduction to be taken. + References No definition available. + Details
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