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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | The components of “Income Before Income Taxes” are as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions)
U.S. | $ | 663 |  |  | $ | 2,482 |  |  | $ | 1,739 |
Foreign | (2) |  |  | 683 |  |  | 767 |
Total Income Before Income Taxes | $ | 661 |  |  | $ | 3,165 |  |  | $ | 2,506 |
Schedule of Components of Income Tax Provision | Components of the income tax provision applicable for federal, foreign and state taxes are as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions)
Current tax expense (benefit) |  |  |  |  |
Federal | $ | (20) |  |  | $ | (2) |  |  | $ | (22) |
State | 9 |  |  | 10 |  |  | (45) |
Foreign(a) | 147 |  |  | 201 |  |  | 249 |
Total | 136 |  |  | 209 |  |  | 182 |
Deferred tax expense (benefit) |  |  |  |  |
Federal | 440 |  |  | 682 |  |  | 425 |
State | 49 |  |  | 66 |  |  | 55 |
Foreign(a) | (144) |  |  | (31) |  |  | (75) |
Total | 345 |  |  | 717 |  |  | 405 |
Total tax provision | $ | 481 |  |  | $ | 926 |  |  | $ | 587 |
(a)Our Canadian income tax (benefit) expense was $(4) million, $165 million and $168 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Schedule of Effective Income Tax Rate Reconciliation | The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In millions, except percentages)
Federal income tax | $ | 139 |  |  | 21.0 | % |  | $ | 665 |  |  | 21.0 | % |  | $ | 526 |  |  | 21.0 | %
Increase (decrease) as a result of: |  |  |  |  |  |  |  |  |  |  |
Taxes on foreign earnings, net of federal benefit | 2 |  |  | 0.3 | % |  | 139 |  |  | 4.4 | % |  | 131 |  |  | 5.2 | %
Net effects of noncontrolling interests | (13) |  |  | (2.0) | % |  | (10) |  |  | (0.3) | % |  | (65) |  |  | (2.6) | %
State income tax, net of federal benefit | 52 |  |  | 7.9 | % |  | 68 |  |  | 2.1 | % |  | 46 |  |  | 1.8 | %
Dividend received deduction | (27) |  |  | (4.1) | % |  | (39) |  |  | (1.1) | % |  | (31) |  |  | (1.2) | %
Adjustments to uncertain tax positions | 3 |  |  | 0.5 | % |  | (5) |  |  | (0.2) | % |  | (47) |  |  | (1.9) | %
Nondeductible goodwill | 336 |  |  | 50.8 | % |  | 108 |  |  | 3.4 | % |  | 58 |  |  | 2.3 | %
General business credit | — |  |  | — | % |  | — |  |  | — | % |  | (64) |  |  | (2.6) | %
Federal refunds | (20) |  |  | (3.0) | % |  | — |  |  | — | % |  | — |  |  | — | %
Other | 9 |  |  | 1.4 | % |  | — |  |  | — | % |  | 33 |  |  | 1.4 | %
Total | $ | 481 |  |  | 72.8 | % |  | $ | 926 |  |  | 29.3 | % |  | $ | 587 |  |  | 23.4 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from the following:
| December 31,
| 2020 |  | 2019
| (In millions)
Deferred tax assets |  |  |
Employee benefits | $ | 224 |  |  | $ | 208 |
Net operating loss carryforwards | 1,484 |  |  | 1,261 |
Tax credit carryforwards | 257 |  |  | 258 |
Other | 242 |  |  | 241 |
Valuation allowances | (138) |  |  | (155) |
Total deferred tax assets | 2,069 |  |  | 1,813 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 414 |  |  | 385 |
Investments | 1,084 |  |  | 529 |
Other | 35 |  |  | 42 |
Total deferred tax liabilities | 1,533 |  |  | 956 |
Net deferred tax assets | $ | 536 |  |  | $ | 857 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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