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INCOME TAXES - COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Deferred tax liabilities |  |
Property, plant and equipment differences | $ (7,100) | $ (6,994)
Equity investments, partnerships and international subsidiaries | (633) | (709)
Gross long-term deferred tax liabilities | (7,733) | (7,703)
Deferred tax assets |  |
Environmental reserves | 416 | 223
Postretirement benefit accruals | 249 | 229
Deferred compensation and benefits | 258 | 237
Asset retirement obligations | 788 | 722
Foreign tax credit carryforwards | 1,975 | 2,759
Business credit carryforwards | 54 | 43
Net operating loss carryforward | 1,031 | 1,056
Interest expense carryforward | 11 | 11
All other | 539 | 586
Gross long-term deferred tax assets | 5,321 | 5,866
Valuation allowance | (2,962) | (3,901)
Net long-term deferred tax assets | 2,359 | 1,965
Total deferred income tax liability, net | (5,374) | (5,738)
Less: foreign deferred tax asset in long-term receivables and other assets, net | (20) | (26)
Total deferred income tax liability | $ (5,394) | $ (5,764)

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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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