INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) From Continuing Operations Before Income Taxes, Domestic and Foreign

Income (loss) from continuing operations before income taxes includes the following components:

	Year Ended December 31,
(In millions)	2024		2023		2022
United States	$	(894)	$	600	$	1,803
Foreign	(49)		(3)		(7)
Total	$	(943)	$	597	$	1,796

Components of the Income Tax Provision (Benefit) on Continuing Operations

The components of the income tax expense (benefit) from continuing operations consist of the following:

	Year Ended December 31,
(In millions)	2024		2023		2022
Current provision:
United States federal	$	(38)	$	4	$	201
United States state & local	(6)		26		131
Foreign	3		4		1
	(41)		34		333
Deferred provision (benefit):
United States federal	(152)		97		117
United States state & local	(33)		7		(22)
Foreign	(9)		10		(5)
Total income tax expense (benefit) from continuing operations	$	(235)	$	148	$	423

The components of income taxes for other than continuing operations consisted of the following:

(In millions)	2024		2023		2022
Other comprehensive income (loss):
Pension and OPEB	$	55	$	10	$	(425)
Derivative instruments	(37)		47		26
Total	$	18	$	57	$	(399)

Reconciliation of Income Tax Attributable to Continuing Operations Computed at Statutory Rate

Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:

(In millions)	2024				2023				2022
Tax at U.S. statutory rate	$	(198)	21	%	$	125	21	%	$	377	21	%
Increase (decrease) due to:
Percentage depletion in excess of cost depletion	(20)		2		(32)		(5)		(49)		(3)
Valuation allowance	—		—		14		2		—		—
Unrecognized tax benefits	7		—		7		1		2		—
State taxes, net	(30)		3		28		5		71		4
Federal & state provision to return	(4)		—		(20)		(3)		27		1
Income not subject to tax	(10)		1		(11)		(2)		(9)		—
Goodwill impairment	—		—		26		4		—		—
Other items, net	20		(2)		11		2		4		—
Provision for income tax expense (benefit) and effective income tax rate including discrete items	$	(235)	25	%	$	148	25	%	$	423	23	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

(In millions)	2024		2023
Deferred tax assets:
Operating loss and other carryforwards	$	589	$	390
Pension and OPEB liabilities	129		155
Environmental	69		67
Product inventories	53		92
State and local	36		9
Lease liabilities	87		79
Other liabilities	151		180
Total deferred tax assets before valuation allowance	1,114		972
Deferred tax asset valuation allowance	(388)		(396)
Net deferred tax assets	726		576
Deferred tax liabilities:
Investment in ventures	(181)		(192)
Lease assets	(88)		(79)
Property, plant and equipment and mineral rights	(811)		(837)
Intangible assets	(441)		(27)
Other assets	(59)		(76)
Total deferred tax liabilities	(1,580)		(1,211)
Net deferred tax liabilities	$	(854)	$	(635)

Summary of Changes in the Valuation Allowance

The changes in the valuation allowance are presented below:

(In millions)	2024		2023		2022
Balance at beginning of year	$	396	$	390	$	409
Change in valuation allowance:
Income tax (benefit) expense	(8)		6		(19)
Balance at end of year	$	388	$	396	$	390

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In millions)	2024		2023		2022
Unrecognized tax benefits balance as of January 1	$	76	$	58	$	35
Increases for tax positions in current year	46		18		24
Decrease due to tax positions in prior year	(1)		—		(1)
Unrecognized tax benefits balance as of December 31	$	121	$	76	$	58