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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Taxes by Geographical Area

Earnings (losses) before income taxes by geographical area consisted of the following (in millions of dollars):

			For the Years Ended December 31,
			2021						2020						2019
U.S.			$	1,267					$	1,015					$	1,226
Foreign			218						(68)						(17)
Total			$	1,485					$	947					$	1,209

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consisted of the following (in millions of dollars):

			For the Years Ended December 31,
			2021						2020						2019
Current income tax expense:
U.S. Federal			$	221					$	119					$	199
U.S. State			46						28						44
Foreign			81						65						58
Total current			348						212						301
Deferred income tax expense (benefit)			23						(20)						13
Total income tax expense			$	371					$	192					$	314

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that gave rise to the net deferred tax asset (liability) as of December 31, 2021 and 2020 were as follows (in millions of dollars):

			As of December 31,
			2021						2020
Deferred tax assets:
Inventory			$	—					$	14
Accrued expenses			152						93
Foreign loss carryforwards			59						45
Accrued employment-related benefits			50						37
Tax credit carryforward			27						25
Other			17						8
Deferred tax assets			305						222
Less valuation allowance			(70)						(53)
Deferred tax assets – net of valuation allowance			$	235					$	169
Deferred tax liabilities:
Property, buildings, equipment and other capital assets			(217)						(145)
Intangibles			(67)						(68)
Inventory			(9)						—
Other			(8)						(10)
Deferred tax liabilities			(301)						(223)
Net deferred tax liability			$	(66)					$	(54)
The net deferred tax asset (liability) is classified as follows:
Noncurrent assets			$	14					$	14
Noncurrent liabilities (foreign)			(80)						(68)
Net deferred tax liability			$	(66)					$	(54)

Summary of Valuation Allowance Changes

The Company's valuation allowance changed as follows (in millions of dollars):

			For the Years Ended December 31,
			2021						2020
Balance at beginning of period			$	(53)					$	(72)
Increases primarily related to foreign NOLs			(8)						(16)
Releases primarily related to foreign NOLs			2						—
Foreign subsidiaries tax impacts due to divestiture			2						39
Tax rate changes			(7)						(1)
Increase related to U.S. foreign tax credits			(3)						(2)
Other changes – net			(3)						(1)
Balance at end of period			$	(70)					$	(53)

Reconciliation of Income Tax Statutory Rate

A reconciliation of income tax expense with federal income taxes at the statutory rate follows (in millions of dollars):

			For the Years Ended December 31,
			2021						2020						2019
Federal income tax			$	312					$	199					$	254
State income taxes – net of federal income tax benefit			41						33						36
Foreign rate difference			26						23						25
Foreign subsidiaries tax impacts due to divestiture			—						(61)						—
Change in valuation allowance			7						16						11
Other – net			(15)						(18)						(12)
Income tax expense			$	371					$	192					$	314
Effective tax rate			25.0		%				20.3		%				26.0		%

Reconciliation of Income Tax Contingencies

The changes in the liability for tax uncertainties, excluding interest, are as follows (in millions of dollars):

			For the Years Ended December 31,
			2021						2020						2019
Balance at beginning of year			$	39					$	28					$	37
Additions for tax positions related to the current year			3						23						3
Additions for tax positions of prior years			—						—						1
Reductions for tax positions of prior years			(1)						(2)						(1)
Reductions due to statute lapse			(3)						(10)						(10)
Settlements, audit payments, refunds – net			—						—						(2)
Balance at end of year			$	38					$	39					$	28

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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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