Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings (Loss)

Components of earnings (loss) before income taxes:

(In millions)	2021		2020		2019
United States	$	3,400	$	(1,303)	$	(381)
Foreign	944		(4)		(71)
Earnings (loss) before income taxes	$	4,344	$	(1,307)	$	(452)

(Benefit) Provision for Income Taxes

Income tax provision (benefit):

	2021						2020						2019
(In millions)	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
Federal	$	(7)	$	8	$	1	$	(10)	$	(95)	$	(105)	$	(18)	$	196	$	178
State and local	50		(71)		(21)		(3)		(24)		(27)		—		23		23
Foreign	179		11		190		1		(11)		(10)		(6)		(17)		(23)
Total	$	222	$	(52)	$	170	$	(12)	$	(130)	$	(142)	$	(24)	$	202	$	178

Reconciliation of Federal Statutory Tax to Total Provisions

A reconciliation of the federal statutory tax rate of 21 percent to total provision (benefit) follows:

(In millions)	2021		2020		2019
Statutory rate applied to earnings (loss) before income taxes	$	912	$	(275)	$	(95)
Valuation allowance	(633)		367		334
Tax accounting benefit related to increase in OCI	—		(138)		—
Excess percentage depletion	(66)		(31)		(46)
Capital loss generated	(139)		—		—
State and local income taxes after federal income tax effects	83		(47)		(36)
Effects of foreign operations	191		(10)		(23)
U.S. impact of foreign operations	4		1		25
Impact of tax credits	(173)		(18)		5
Adjustment of prior years' federal income taxes	(5)		12		7
Other	(4)		(3)		7
Total provision (benefit)	$	170	$	(142)	$	178

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities resulted from the following:

	December 31,
(In millions)	2021		2020
Deferred tax assets:
Federal tax loss carryforwards (no expiration)	$	20	$	269
Federal tax loss carryforwards (expiring in 2035 through 2037)	—		174
Federal capital loss carryforwards (expiring 2026)	66		—
State tax credit carryforwards (expiring in 2022 through 2030)	11		16
State tax loss carryforwards (expiring in 2022 through 2040)	150		182
State capital loss carryforwards (expiring in 2026 through 2036)	16		—
General business credit carryforwards (expiring in 2027 through 2041)	94		103
Foreign tax loss and credit carryforwards (expiring in 2022 through 2031)	244		171
Employee benefits	—		71
Contingencies and accrued liabilities	78		52
Operating lease liabilities	47		51
Section 59(e) amortization	15		27
Receivables, payables and debt	33		—
Inventory	—		21
Other temporary differences	34		46
Valuation allowance	(162)		(796)
Total deferred tax assets	646		387
Deferred tax liabilities:
Property, plant and equipment	379		244
Operating right-of-use assets	45		49
Investments in subsidiaries and equity investees	121		23
Inventory	112		—
Employee benefits	70		—
Receivables, payables and debt	6		22
Indefinite-lived intangible assets	—		19
Other temporary differences	3		19
Total deferred tax liabilities	736		376
Net deferred tax (liability) asset	$	(90)	$	11

Reconciliation of Unrecognized Tax Benefits

A tabular reconciliation of unrecognized tax benefits follows:

(In millions)	2021		2020		2019
Unrecognized tax benefits, beginning of year	$	16	$	3	$	35
Increases – tax positions taken in prior years	—		13		—
Decreases – tax positions taken in prior years	(13)		—		—
Settlements	—		—		(32)
Lapse of statute of limitations	—		—		—
Unrecognized tax benefits, end of year	$	3	$	16	$	3