v3.3.1.900

INCOME TAXES (TABLES)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Components of income from continuing operations before income tax

		Year Ended December 31,
(US$ in millions)		2015			2014			2013
United States		$	207		$	315		$	179
Non-United States			844			419			835
​	​	​	​	​	​	​	​	​	​	​
Total		$	1,051		$	734		$	1,014
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Components of income tax (expense) benefit

		Year Ended December 31,
(US$ in millions)		2015			2014			2013
Current:(1)
United States		$	(35	)	$	(93	)	$	(33	)
Non-United States			(245	)		(246	)		(411	)
​	​	​	​	​	​	​	​	​	​	​
			(280	)		(339	)		(444	)
​	​	​	​	​	​	​	​	​	​	​
Deferred:
United States			(36	)		(20	)		(18	)
Non-United States			20			110			(442	)
​	​	​	​	​	​	​	​	​	​	​
			(16	)		90			(460	)
​	​	​	​	​	​	​	​	​	​	​
Total		$	(296	)	$	(249	)	$	(904	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

(1) Included in current income tax expense are $14 million, $(6) million, and $32 million related to uncertain tax benefits for the years ended December 31, 2015, 2014 and 2013, respectively.

Reconciliation of income tax (expense) benefit

		Year Ended December 31,
(US$ in millions)		2015			2014			2013
Income from operations before income tax		$	1,051		$	734		$	1,014
Income tax rate			35	%		35	%		35	%
​	​	​	​	​	​	​	​	​	​	​
Income tax expense at the U.S. Federal tax rate			(368	)		(257	)		(355	)
Adjustments to derive effective tax rate:
Foreign earnings taxed at different statutory rates			16			37			30
Valuation allowances			(44	)		(112	)		(642	)
Fiscal incentives(1)			41			41			48
Foreign exchange on monetary items			5			24			(13	)
Tax rate changes			(1	)		(4	)		(5	)
Non-deductible expenses			(16	)		(38	)		(44	)
Uncertain tax positions			14			(6	)		(32	)
Deferred balance adjustments			8			(25	)		(52	)
Equity distributions			64			32			60
Foreign income taxed in Brazil			—			93			136
Other			(15	)		(34	)		(35	)
​	​	​	​	​	​	​	​	​	​	​
Income tax benefit (expense)		$	(296	)	$	(249	)	$	(904	)
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

(1) Fiscal incentives predominantly relate to investment incentives in Brazil that are exempt from Brazilian income tax.

Components of deferred tax assets and liabilities and related valuation allowances

		December 31,
(US$ in millions)		2015			2014
Deferred income tax assets:
Net operating loss carryforwards		$	923		$	1,125
Property, plant and equipment			181			250
Employee benefits			89			100
Tax credit carryforwards			8			9
Inventories			23			34
Intangibles			106			153
Accrued expenses and other			595			629
​	​	​	​	​	​	​	​
Total deferred income tax assets			1,925			2,300
Less valuation allowances			(798	)		(1,078	)
​	​	​	​	​	​	​	​
Deferred income tax assets, net of valuation allowance			1,127			1,222
​	​	​	​	​	​	​	​
Deferred income tax liabilities:
Property, plant and equipment			392			409
Undistributed earnings of affiliates not considered permanently reinvested			11			10
Intangibles			86			112
Investments			38			40
Inventories			27			27
Accrued expenses and other			217			101
​	​	​	​	​	​	​	​
Total deferred income tax liabilities			771			699
​	​	​	​	​	​	​	​
Net deferred income tax assets		$	356		$	523
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Reconciliation of unrecognized tax benefits

(US$ in millions)		2015			2014			2013
Balance at January 1,		$	72		$	151		$	104
Additions based on tax positions related to the current year			6			9			5
Additions based on acquisitions			10			—			17
Additions based on tax positions related to prior years			1			16			48
Reductions for tax positions of prior years			(14	)		(12	)		(1	)
Settlement or clarification from tax authorities			(6	)		(79	)		—
Expiration of statute of limitations			(5	)		(1	)		(21	)
Foreign currency translation			(13	)		(12	)		(1	)
​	​	​	​	​	​	​	​	​	​	​
Balance at December 31,		$	51		$	72		$	151
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Tax years subject to income tax examination by tax authorities

		Open Tax Years
North America		2009 - 2015
South America		2009 - 2015
Europe		2006 - 2015
Asia-Pacific		2003 - 2015

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