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INCOME TAXES (Tables) | 3 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Differences Between the U.S. Federal Income Tax Rate and the Company's Effective Tax Rate | The following table presents the components of our total income tax provision:
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (in millions) |  |
(Loss) income before income taxes | $ | (19) |  |  | $ | 376 |  |  |  |  |
Current income tax provision | — |  |  | 28 |  |  |  |  |
Deferred income tax (benefit) provision | (9) |  |  | 47 |  |  |  |  |
Total income tax (benefit) provision | $ | (9) |  |  | $ | 75 |  |  |  |  |
Our income tax provision or benefit for interim periods is determined by applying an estimated annual effective tax rate to (loss) income before income taxes with the result adjusted for discrete items, if any, in the relevant period. A reconciliation of the U.S. federal statutory tax rate to effective tax rate, including discrete items, for the three months ended March 31, 2024 and 2023 is shown below:
| Three months ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
U.S federal statutory tax rate | 21 | % |  | 21 | % |  |  |  |
State income taxes, net | 7 |  |  | 7 |  |  |  |  |
Other | 3 |  |  | — |  |  |  |  |
Annual effective tax rate | 31 | % |  | 28 | % |  |  |  |
Discrete items: |  |  |  |  |  |  |
Stock compensation and other | 16 |  |  | — |  |  |  |  |
Change in the valuation allowance | — |  |  | (8) |  |  |  |  |
Effective tax rate | 47 | % |  | 20 | % |  |  |  |

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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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