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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of income tax expense with federal income taxes at the statutory rate are as follows (in millions of dollars):

	Three Months Ended March 31,
	2020				2019
Federal income tax	$	30			$	74
States income taxes, net of federal benefit	(2		)		10
Foreign rate difference	2				5
Goodwill impairment	2				—
Tax benefit related to the Fabory business	(82		)		—
Change in tax contingencies	3				—
Change in valuation allowance	3				1
Investment in foreign subsidiary	3				—
Other, net	(2		)		(1		)
Income tax (benefit) expense	$	(43	)		$	89
Effective tax rate	(30.4		)%		25.4		%

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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