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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components Of Earnings Before Income Taxes by Geographic Region

The following table sets forth the geographic split of earnings before income taxes:

	Year Ended
(In millions)	December 31
	2017				2016				2015
United States	$	1,104			$	1,215			$	1,155
Foreign	505				607				1,129
	$	1,609			$	1,822			$	2,284

Significant Components Of Income Taxes

Significant components of income taxes are as follows:

	Year Ended
(In millions)	December 31
	2017					2016				2015
Current
Federal	$	541		1		$	327			$	270
State	53					5				17
Foreign	127					146				158
Deferred
Federal	(645		)	2		18				17
State	(6		)			28				9
Foreign	(63		)			10				(33		)
	$	7				$	534			$	438

¹ Includes the impact of the Tax Cuts and Jobs Act as discussed on page 84.

² Includes the impact of the Tax Cuts and Jobs Act as discussed on page 83.

Significant Components Of Deferred Tax Liabilities And Assets

Significant components of deferred tax liabilities and assets are as follows:

	December 31, 2017				December 31, 2016
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	1,079			$	1,612
Equity in earnings of affiliates	91				361
Debt exchange	83				132
Inventories	4				41
Other	79				105
	$	1,336			$	2,251
Deferred tax assets
Pension and postretirement benefits	$	126			$	307
Stock compensation	52				81
Foreign tax credit carryforwards	—				95
Foreign tax loss carryforwards	254				278
Capital loss carryforwards	64				57
State tax attributes	78				62
Unrealized foreign currency losses	103				58
Reserves and other accruals	17				—
Other	40				18
Gross deferred tax assets	734				956
Valuation allowances	(264		)		(216		)
Net deferred tax assets	$	470			$	740
Net deferred tax liabilities	$	866			$	1,511
The net deferred tax liabilities are classified as follows:
Noncurrent assets (foreign)	$	187			$	158
Noncurrent liabilities	(934		)		(1,472		)
Noncurrent liabilities (foreign)	(119		)		(197		)
	$	(866	)		$	(1,511	)

Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings

Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows:

	Year Ended
	December 31
	2017			2016			2015
Statutory rate	35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit	1.7			1.4			0.8
Foreign earnings taxed at rates other than the U.S. statutory rate	(4.7	)		(4.4	)		(9.9	)
Foreign currency effects/remeasurement	(0.7	)		2.2			(1.8	)
Income tax adjustment to filed returns	(3.0	)		0.8			1.9
Tax benefit on U.S. biodiesel credits	—			(3.3	)		(1.6	)
Tax benefit on U.S. qualified production activity deduction	(2.2	)		(1.4	)		(1.8	)
U.S. tax reform	(23.9	)		—			—
Valuation allowances	0.3			0.6			(3.1	)
Other	(2.1	)		(1.6	)		(0.3	)
Effective income tax rate	0.4	%		29.3	%		19.2	%

Unrecognized Tax Benefits

The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2017 and 2016 as follows:

	Unrecognized Tax Benefits
	December 31, 2017				December 31, 2016
	(In millions)
Beginning balance	$	55			$	49
Additions related to current year’s tax positions	—				1
Additions related to prior years’ tax positions	26				16
Reductions related to lapse of statute of limitations	(1		)		(1		)
Settlements with tax authorities	(24		)		(10		)
Ending balance	$	56			$	55

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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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