Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Expense From Continuing Operations

The components of the Company’s income tax expense from continuing operations are as follows:

years ended December 31 (in millions)	2024			2023			2022
Federal income taxes:
Current	$	565		$	264		$	175
Deferred		(41	)		(11	)		18
Total federal income taxes		524			253			193
State income taxes:
Current		80			43			35
Deferred		(4	)		(3	)		6
Total state income taxes		76			40			41
Total current foreign income taxes		—			—			1
Income tax expense	$	600		$	293		$	235

Summary of Effective Income Tax Rate On Continuing Operations

The Company’s effective income tax rate on continuing operations varied from the statutory United States income tax rate due to the following tax differences:

years ended December 31	2024			2023			2022
Statutory income tax rate		21.0	%		21.0	%		21.0	%
(Reduction) increase resulting from:
Effect of statutory depletion		(1.4	)		(2.3	)		(2.4	)
State income taxes, net of federal tax benefit		2.3			2.1			2.9
Goodwill write-off for divestiture		1.8			—			0.5
Federal tax credits		(0.5	)		(0.8	)		(0.9	)
Equity investments in renewable energy tax credits, net		(0.3	)		(0.2	)		—
Other items		0.2			(0.2	)		0.4
Effective income tax rate		23.1	%		19.6	%		21.5	%

Components of Deferred Tax Assets and Liabilities

The principal components of the Company’s deferred tax assets and liabilities are as follows:

December 31	Deferred Assets (Liabilities)
(in millions)	2024			2023
Deferred tax assets related to:
Inventories	$	147		$	121
Valuation and other reserves		65			34
Net operating loss carryforwards		2			3
Accumulated other comprehensive loss		41			54
Lease liabilities		147			142
Other items, net		13			4
Gross deferred tax assets		415			358
Valuation allowance on deferred tax assets		(2	)		(3	)
Total net deferred tax assets		413			355
Deferred tax liabilities related to:
Property, plant and equipment		(1,158	)		(828	)
Goodwill and other intangibles		(171	)		(168	)
Right-of-use assets		(144	)		(142	)
Partnerships and joint ventures		(47	)		(34	)
Employee benefits		(62	)		(57	)
Total deferred tax liabilities		(1,582	)		(1,229	)
Deferred income taxes, net	$	(1,169	)	$	(874	)