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Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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