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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of earnings before income taxes and equity in earnings of non-operating affiliates

The components of earnings before income taxes and the components of our income tax provision are as follows:

			Year ended December 31,
			2021						2020						2019
			(in millions)
Domestic			$	1,979					$	421					$	679
Non-U.S.			(436)						42						93
Earnings before income taxes			$	1,543					$	463					$	772

Schedule of components of Income tax provision

Current
Federal			$	394					$	106					$	4
Foreign			30						6						21
State			55						(7)						(48)
			479						105						(23)
Deferred
Federal			(137)						(76)						112
Foreign			(50)						4						—
State			(9)						(2)						37
			(196)						(74)						149
Income tax provision			$	283					$	31					$	126

Summary of differences in expected income tax provision based on statutory rates applied to earnings before income taxes and income tax provision reflected in the consolidated statements of operations

Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provision reflected in the consolidated statements of operations are summarized below.

			Year ended December 31,
			2021												2020												2019
			(in millions, except percentages)
Earnings before income taxes			$	1,543											$	463											$	772
Expected tax provision at U.S. statutory rate of 21%			$	324											$	97											$	162
State income taxes, net of federal			34												(1)												2
Net earnings attributable to noncontrolling interest			(72)												(24)												(32)
Foreign tax rate differential			(1)												1												2
U.S. tax on foreign earnings			—												(6)												3
Foreign partnership basis difference			—												(7)												—
Non-deductible goodwill impairment			60												—												—
Federal income tax return audits			(38)												—												—
Terra amended tax returns			—												(24)												(10)
Other			(24)												(5)												(1)
Income tax provision			$	283											$	31											$	126
Effective tax rate			18.3		%										6.7		%										16.3		%

Schedule of deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities are as follows:

			December 31,
			2021						2020
			(in millions)
Deferred tax assets:
Net operating loss and capital loss carryforwards, state			$	38					$	72
Net operating loss and capital loss carryforwards, foreign			122						122
Retirement and other employee benefits			51						69
State tax credits			29						69
Operating lease liabilities			62						61
Other			43						23
			345						416
Valuation allowance			(150)						(157)
			195						259
Deferred tax liabilities:
Depreciation and amortization			(157)						(204)
Investments in partnerships			(998)						(1,173)
Operating lease right-of-use assets			(60)						(60)
Other			(9)						(6)
			(1,224)						(1,443)
Net deferred tax liability			$	(1,029)					$	(1,184)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			December 31,
			2021						2020
			(in millions)
Unrecognized tax benefits:
Balance as of January 1			$	81					$	104
Additions for tax positions taken during the current year			—						—
Additions for tax positions taken during prior years			5						—
Reductions related to lapsed statutes of limitations			—						—
Reductions related to settlements with tax jurisdictions			(59)						(23)
Balance as of December 31			$	27					$	81

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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