INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following:

TABLE 14.1

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2020			2019			2020			2019
Current income taxes:
Federal taxes	$	16		$	(3)		$	62		$	24
State taxes	1			—			6			3
Total current income taxes	17			(3)			68			27
Deferred income taxes:
Federal taxes	—			19			(24)			34
State taxes	—			1			—			2
Total deferred income taxes	—			20			(24)			36
Total income taxes	$	17		$	17		$	44		$	63
Statutory tax rate	21.0		%	21.0		%	21.0		%	21.0		%
Effective tax rate	17.0		%	14.5		%	17.0		%	17.8		%