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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of income tax benefit (provision) |
Components of income tax provision |  |  |
| Year Ended December 31,
(in millions) | 2023 | 2022 | 2021
Current tax provision: |  |  |
Federal | $ | — |  | $ | — |  | $ | — |
State and local | (8) |  | (1) |  | (1) |
International | (11) |  | (4) |  | (3) |
Deferred tax (provision) benefit: |  |  |
Federal | (896) |  | (525) |  | (130) |
State and local | (84) |  | (66) |  | 16 |
Income tax provision | $ | (999) |  | $ | (596) |  | $ | (118) |
Schedule of effective income tax rate reconciliation | The following table presents the principal reasons for the difference between the effective tax rate and the U.S. federal statutory income tax rate:
Reconciliation of statutory federal income tax rate to the effective income tax rate |  |  |
| Year Ended December 31,
| 2023 | 2022 | 2021
U.S. federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal benefit | 2.0 |  | 3.0 |  | (4.4) |
Permanent differences | 0.7 |  | 1.0 |  | 4.9 |
Valuation allowance | (5.0) |  | 7.3 |  | 9.1 |
Other | (0.9) |  | (1.1) |  | (0.8) |
Effective income tax rate | 17.8 | % | 31.2 | % | 29.8 | %
Schedule of significant components of deferred income tax assets and liabilities |
Significant components of deferred income tax assets and liabilities |  |
| December 31,
(in millions) | 2023 | 2022
Deferred tax assets: |  |
Net operating loss carryforwards | $ | 1,217 |  | $ | 1,395 |
Capital loss carryforward | 8 |  | 50 |
Pension, postretirement and other benefits | 1,488 |  | 1,467 |
Investments | 806 |  | 1,106 |
Deferred revenue | 2,110 |  | 2,334 |
Lease liabilities | 2,193 |  | 2,376 |
Other | 709 |  | 682 |
Valuation allowance | (877) |  | (1,176) |
Total deferred tax assets | $ | 7,654 |  | $ | 8,234 |
Deferred tax liabilities: |  |
Depreciation | $ | 5,570 |  | $ | 5,110 |
Operating lease assets | 1,533 |  | 1,624 |
Intangible assets | 1,143 |  | 1,121 |
Other | 73 |  | 78 |
Total deferred tax liabilities | $ | 8,319 |  | $ | 7,933 |
Balance Sheet Position: |  |
Other noncurrent assets | $ | 243 |  | $ | 325 |
Deferred income taxes, net | (908) |  | (24) |
Net deferred tax (liabilities) assets | $ | (665) |  | $ | 301 |
Schedule of valuation allowance on deferred income tax assets | The following table presents the balance of our valuation allowance on our deferred income tax assets and the associated activity:
Valuation allowance activity
(in millions) | 2023 | 2022
Balance at January 1 | $ | 1,176 |  | $ | 833 |
Tax provision | (299) |  | 155 |
Equity investment activity | — |  | 188 |
Balance at December 31 | $ | 877 |  | $ | 1,176 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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