INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Domestic and Foreign Earnings (Loss) Before Income Taxes

Domestic and Foreign Earnings Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2023		2022		2021
Domestic earnings	$	737	$	1,982	$	2,499
Foreign earnings		200		323		817
Total earnings before income taxes	$	937	$	2,305	$	3,316

Provision (Benefit) for Income Taxes

PROVISION FOR INCOME TAXES

DOLLAR AMOUNTS IN MILLIONS
	2023			2022			2021
Current:
Federal	$	37		$	252		$	378
State		8			45			74
Foreign		57			158			243
Total current		102			455			695
Deferred:
Federal		1			28			27
State		(3	)		6			(2	)
Foreign		(2	)		(64	)		(11	)
Total deferred		(4	)		(30	)		14
Total income tax provision	$	98		$	425		$	709

Effective Income Tax Rate Applicable

EFFECTIVE INCOME TAX RATE

DOLLAR AMOUNTS IN MILLIONS
	2023			2022			2021
U.S. federal statutory income tax	$	197		$	484		$	696
State income taxes, net of federal tax benefit		3			41			57
REIT income not subject to federal income tax		(114	)		(125	)		(102	)
Foreign taxes		14			27			62
Other, net		(2	)		(2	)		(4	)
Total income tax provision	$	98		$	425		$	709
Effective income tax rate		10.5	%		18.4	%		21.4	%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2023			DECEMBER 31,  2022
Net noncurrent deferred tax asset	$	15		$	8
Net noncurrent deferred tax liability		(81	)		(96	)
Net deferred tax liability	$	(66	)	$	(88	)

Items Included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2023			DECEMBER 31,  2022
Deferred tax assets:
Pension and post-employment benefits	$	102		$	75
State tax credits		43			42
Depletion		13			14
Environmental reserves		16			13
Incentive compensation		12			17
Intercompany land sales		18			16
Workers compensation		13			14
Minerals		10			11
Other		77			67
Gross deferred tax assets		304			269
Valuation allowance		(57	)		(54	)
Net deferred tax assets		247			215
Deferred tax liabilities:
Property, plant and equipment		(294	)		(284	)
Other		(19	)		(19	)
Net deferred tax liabilities		(313	)		(303	)
Net deferred tax liability	$	(66	)	$	(88	)