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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
| (in millions)
Domestic | $ | 4,699 |  |  | $ | 1,979 |  |  | $ | 421 |
Non-U.S. | 396 |  |  | (436) |  |  | 42 |
Earnings before income taxes | $ | 5,095 |  |  | $ | 1,543 |  |  | $ | 463 |
Schedule of components of Income tax provision |
Current |  |  |  |  |
Federal | $ | 702 |  |  | $ | 394 |  |  | $ | 106 |
Foreign | 395 |  |  | 30 |  |  | 6 |
State | 168 |  |  | 55 |  |  | (7) |
| 1,265 |  |  | 479 |  |  | 105 |
Deferred |  |  |  |  |
Federal | (102) |  |  | (137) |  |  | (76) |
Foreign | (18) |  |  | (50) |  |  | 4 |
State | 13 |  |  | (9) |  |  | (2) |
| (107) |  |  | (196) |  |  | (74) |
Income tax provision | $ | 1,158 |  |  | $ | 283 |  |  | $ | 31 |
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, |  |
| 2022 |  |  |  | 2021 |  |  |  | 2020 |  |
| (in millions, except percentages)
Earnings before income taxes | $ | 5,095 |  |  |  |  | $ | 1,543 |  |  |  |  | $ | 463 |  |  |
Expected tax provision at U.S. statutory rate of 21% | $ | 1,070 |  |  |  |  | $ | 324 |  |  |  |  | $ | 97 |  |  |
State income taxes, net of federal | 143 |  |  |  |  | 34 |  |  |  |  | (1) |  |  |
Net earnings attributable to noncontrolling interest | (124) |  |  |  |  | (72) |  |  |  |  | (24) |  |  |
Foreign tax rate differential | (9) |  |  |  |  | (1) |  |  |  |  | 1 |  |  |
U.S. tax on foreign earnings | 3 |  |  |  |  | — |  |  |  |  | (6) |  |  |
Foreign partnership basis difference | — |  |  |  |  | — |  |  |  |  | (7) |  |  |
Non-deductible goodwill impairment | — |  |  |  |  | 60 |  |  |  |  | — |  |  |
Transfer pricing arbitration | 69 |  |  |  |  | — |  |  |  |  | — |  |  |
Federal income tax return audits | — |  |  |  |  | (38) |  |  |  |  | — |  |  |
Terra amended tax returns | — |  |  |  |  | — |  |  |  |  | (24) |  |  |
Other | 6 |  |  |  |  | (24) |  |  |  |  | (5) |  |  |
Income tax provision | $ | 1,158 |  |  |  |  | $ | 283 |  |  |  |  | $ | 31 |  |  |
Effective tax rate | 22.7 | % |  |  |  | 18.3 | % |  |  |  | 6.7 | % |  |
Schedule of deferred tax assets and deferred tax liabilities | Deferred tax assets and deferred tax liabilities are as follows:
| December 31,
| 2022 |  | 2021
| (in millions)
Deferred tax assets: |  |  |
Net operating loss and capital loss carryforwards, state | $ | 34 |  |  | $ | 38 |
Net operating loss and capital loss carryforwards, foreign | 114 |  |  | 122 |
Retirement and other employee benefits | 25 |  |  | 51 |
Foreign tax credits | 44 |  |  | 18 |
State tax credits | 7 |  |  | 29 |
Operating lease liabilities | 64 |  |  | 62 |
Other | 35 |  |  | 25 |
| 323 |  |  | 345 |
Valuation allowance | (190) |  |  | (150) |
| 133 |  |  | 195 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (139) |  |  | (157) |
Investments in partnerships | (858) |  |  | (998) |
Operating lease right-of-use assets | (63) |  |  | (60) |
Foreign earnings | (12) |  |  | — |
Other | (19) |  |  | (9) |
| (1,091) |  |  | (1,224) |
Net deferred tax liability | $ | (958) |  |  | $ | (1,029) |
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,
| 2022 |  | 2021
| (in millions)
Unrecognized tax benefits: |  |  |
Balance as of January 1 | $ | 27 |  |  | $ | 81 |
Additions for tax positions taken during the current year | — |  |  | — |
Additions for tax positions taken during prior years | 154 |  |  | 5 |
Reductions related to lapsed statutes of limitations | — |  |  | — |
Reductions related to settlements with tax jurisdictions | — |  |  | (59) |
Balance as of December 31 | $ | 181 |  |  | $ | 27 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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