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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) From Continuing Operations Before Income Taxes, Domestic and Foreign | Income from continuing operations before income taxes includes the following components:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
United States |  | $ | 600 |  |  | $ | 1,803 |  |  | $ | 3,827 |
Foreign |  | (3) |  |  | (7) |  |  | (24) |
Total |  | $ | 597 |  |  | $ | 1,796 |  |  | $ | 3,803 |
Components of the Income Tax Provision (Benefit) on Continuing Operations | The components of the income tax expense from continuing operations consist of the following:
|  | Year Ended December 31,
(In millions) |  | 2023 |  | 2022 |  | 2021
Current provision: |  |  |  |  |  |
United States federal |  | $ | 4 |  |  | $ | 201 |  |  | $ | 14 |
United States state & local |  | 26 |  |  | 131 |  |  | 55 |
Foreign |  | 4 |  |  | 1 |  |  | — |
|  | 34 |  |  | 333 |  |  | 69 |
Deferred provision (benefit): |  |  |  |  |  |
United States federal |  | 97 |  |  | 117 |  |  | 683 |
United States state & local |  | 7 |  |  | (22) |  |  | 31 |
Foreign |  | 10 |  |  | (5) |  |  | (10) |
Total income tax expense from continuing operations |  | $ | 148 |  |  | $ | 423 |  |  | $ | 773 |
The components of income taxes for other than continuing operations consisted of the following:
(In millions) |  | 2023 |  | 2022 |  | 2021
Other comprehensive income (loss): |  |  |  |  |  |
Pension and OPEB |  | $ | 10 |  |  | $ | (425) |  |  | $ | (206) |
Derivative financial instruments |  | 47 |  |  | 26 |  |  | (21) |
Total |  | $ | 57 |  |  | $ | (399) |  |  | $ | (227) |
Reconciliation of Income Tax Attributable to Continuing Operations Computed at Statutory Rate | Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:
(In millions) |  | 2023 |  | 2022 |  | 2021
Tax at U.S. statutory rate |  | $ | 125 |  |  | 21 | % |  | $ | 377 |  |  | 21 | % |  | $ | 799 |  |  | 21 | %
Increase (decrease) due to: |  |  |  |  |  |  |  |  |  |  |  |
Percentage depletion in excess of cost depletion |  | (32) |  |  | (5) |  |  | (49) |  |  | (3) |  |  | (99) |  |  | (3) |
Valuation allowance |  | 14 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Unrecognized tax benefits |  | 7 |  |  | 1 |  |  | 2 |  |  | — |  |  | 9 |  |  | — |
State taxes, net |  | 28 |  |  | 5 |  |  | 71 |  |  | 4 |  |  | 86 |  |  | 2 |
Federal & state provision to return |  | (20) |  |  | (3) |  |  | 27 |  |  | 1 |  |  | (2) |  |  | — |
Income not subject to tax |  | (11) |  |  | (2) |  |  | (9) |  |  | — |  |  | (9) |  |  | — |
Goodwill impairment |  | 26 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Other items, net |  | 11 |  |  | 2 |  |  | 4 |  |  | — |  |  | (11) |  |  | — |
Provision for income tax expense and effective income tax rate including discrete items |  | $ | 148 |  |  | 25 | % |  | $ | 423 |  |  | 23 | % |  | $ | 773 |  |  | 20 | %
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
(In millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
Operating loss and other carryforwards | $ | 390 |  |  | $ | 389 |
Pension and OPEB liabilities | 155 |  |  | 244 |
Environmental | 67 |  |  | 96 |
Product inventories | 92 |  |  | 54 |
State and local | 9 |  |  | 14 |
Lease liabilities | 79 |  |  | 62 |
Other liabilities | 180 |  |  | 135 |
Total deferred tax assets before valuation allowance | 972 |  |  | 994 |
Deferred tax asset valuation allowance | (396) |  |  | (390) |
Net deferred tax assets | 576 |  |  | 604 |
Deferred tax liabilities: |  |  |
Investment in ventures | (192) |  |  | (195) |
Lease assets | (79) |  |  | (38) |
Property, plant and equipment and mineral rights | (837) |  |  | (827) |
Other assets | (103) |  |  | (122) |
Total deferred tax liabilities | (1,211) |  |  | (1,182) |
Net deferred tax assets (liabilities) | $ | (635) |  |  | $ | (578) |
Summary of Changes in the Valuation Allowance | The changes in the valuation allowance are presented below:
(In millions) | 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 390 |  |  | $ | 409 |  |  | $ | 836 |
Change in valuation allowance: |  |  |  |  |
Included in income tax expense | 6 |  |  | (19) |  |  | (82) |
Decrease from acquisitions | — |  |  | — |  |  | (345) |
Balance at end of year | $ | 396 |  |  | $ | 390 |  |  | $ | 409 |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Unrecognized tax benefits balance as of January 1 | $ | 58 |  |  | $ | 35 |  |  | $ | 107 |
Increases for tax positions in current year | 18 |  |  | 24 |  |  | 4 |
Decrease due to tax positions in prior year | — |  |  | (1) |  |  | (66) |
Lapses in statutes of limitations | — |  |  | — |  |  | (10) |
Unrecognized tax benefits balance as of December 31 | $ | 76 |  |  | $ | 58 |  |  | $ | 35 |

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