INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Domestic and Foreign Earnings (Loss) Before Income Taxes

Domestic and Foreign Earnings Before Income Taxes

DOLLAR AMOUNTS IN MILLIONS
	2024		2023		2022
Domestic earnings	$	192	$	737	$	1,982
Foreign earnings		235		200		323
Total earnings before income taxes	$	427	$	937	$	2,305

Provision (Benefit) for Income Taxes

PROVISION FOR INCOME TAXES

DOLLAR AMOUNTS IN MILLIONS
	2024			2023			2022
Current:
Federal	$	1		$	37		$	252
State		2			8			45
Foreign		68			57			158
Total current		71			102			455
Deferred:
Federal		(32	)		1			28
State		(5	)		(3	)		6
Foreign		(3	)		(2	)		(64	)
Total deferred		(40	)		(4	)		(30	)
Total income tax provision	$	31		$	98		$	425

Effective Income Tax Rate Applicable

EFFECTIVE INCOME TAX RATE

DOLLAR AMOUNTS IN MILLIONS
	2024			2023			2022
U.S. federal statutory income tax	$	90		$	197		$	484
State income taxes, net of federal tax benefit		(1	)		3			41
REIT income not subject to federal income tax		(60	)		(114	)		(125	)
Foreign taxes		16			14			27
Intra-entity transfers		(15	)		(2	)		(1	)
Other, net		1			—			(1	)
Total income tax provision	$	31		$	98		$	425
Effective income tax rate		7.4	%		10.5	%		18.4	%

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

Balance Sheet Classification of Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2024			DECEMBER 31, 2023
Net noncurrent deferred tax asset	$	24		$	15
Net noncurrent deferred tax liability		(26	)		(81	)
Net deferred tax liability	$	(2	)	$	(66	)

Items Included in Our Deferred Income Tax Assets (Liabilities)

Items Included in Our Deferred Income Tax Assets (Liabilities)

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31,  2024			DECEMBER 31, 2023
Deferred tax assets:
Pension and post-employment benefits	$	134		$	102
State tax credits		45			43
Depletion		13			13
Environmental reserves		17			16
Intra-entity transfers		32			18
Workers compensation		12			13
Net operating loss carryforwards		38			—
Other		83			99
Gross deferred tax assets		374			304
Valuation allowance		(68	)		(57	)
Net deferred tax assets		306			247
Deferred tax liabilities:
Property, plant and equipment		(290	)		(294	)
Other		(18	)		(19	)
Net deferred tax liabilities		(308	)		(313	)
Net deferred tax liability	$	(2	)	$	(66	)