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INCOME TAXES (Tables)
 3 Months Ended
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,
 20242023
(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,
 20242023
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 %