INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of components of income taxes expense (benefit) from continuing operations


					(In Millions)
	2020		2019		2018
Income from continuing operations before income taxes:
U.S.	$	892	$	684	$	670
Foreign	239		230		237
	$	1,131	$	914	$	907
Income tax expense:
Currently payable:
U.S. Federal	$	170	$	155	$	115
State and local	33		46		29
Foreign	69		70		74
Deferred:
U.S. Federal	(9)		(23)		12
State and local	11		(15)		—
Foreign	(5)		(3)		(9)
	$	269	$	230	$	221
Deferred tax assets at December 31:
Receivables	$	9	$	7
Inventories	17		15
Other assets, including stock-based compensation	17		15
Accrued liabilities	82		48
Noncurrent operating lease liabilities	35		39
Other long-term liabilities	96		137
Net operating loss carryforward	56		63
Tax credit carryforward	9		9
	321		333
Valuation allowance	(35)		(38)
	286		295
Deferred tax liabilities at December 31:
Property and equipment	67		73
Operating lease right-of-use assets	39		42
Intangibles	74		71
Investment in foreign subsidiaries	10		10
Other investments	3		—
Other	4		22
	197		218
Net deferred tax asset at December 31	$	89	$	77

Schedule of reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit) on income (loss) from continuing operations

A reconciliation of the U.S. Federal statutory tax rate to the income tax expense on income from continuing operations before income taxes was as follows:


	2020		2019		2018
U.S. Federal statutory tax rate	21	%	21	%	21	%
State and local taxes, net of U.S. Federal tax benefit	3		3		3
Higher taxes on foreign earnings	1		2		2
U.S. and foreign taxes on distributed and undistributed foreign earnings	—		1		1
Stock-based compensation	(1)		(1)		(2)


Other, net	—		(1)		(1)
Effective tax rate	24	%	25	%	24	%

Schedule of reconciliation of the beginning and ending liability for uncertain tax positions, including related interest and penalties

A reconciliation of the beginning and ending liability for uncertain tax positions, including related interest and penalties, is as follows, in millions:


	Uncertain Tax Positions		Interest and Penalties		Total
Balance at January 1, 2019	$	58	$	9	$	67
Current year tax positions:
Additions	14		—		14
Reductions	(1)		—		(1)
Prior year tax positions:
Additions	1		—		1

Lapse of applicable statute of limitations	(9)		—		(9)
Interest and penalties recognized in income tax expense	—		1		1
Balance at December 31, 2019	$	63	$	10	$	73
Current year tax positions:
Additions	22		—		22
Reductions	(2)		—		(2)
Prior year tax positions:
Additions	2		—		2
Reductions	(2)		—		(2)
Lapse of applicable statute of limitations	(9)		—		(9)

Balance at December 31, 2020	$	74	$	10	$	84