INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

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


					(In Millions)
	2021		2020		2019
Income from continuing operations before income taxes:
U.S.	$	374	$	892	$	684
Foreign	314		239		230
	$	688	$	1,131	$	914
Income tax expense:
Currently payable:
U.S. Federal	$	145	$	170	$	155
State and local	40		33		46
Foreign	93		69		70
Deferred:
U.S. Federal	(57)		(9)		(23)
State and local	(10)		11		(15)
Foreign	(1)		(5)		(3)
	$	210	$	269	$	230
Deferred tax assets at December 31:
Receivables	$	14	$	9
Inventories	17		17
Other assets, including stock-based compensation	18		17
Accrued liabilities	58		82
Noncurrent operating lease liabilities	40		35
Other long-term liabilities	79		96
Net operating loss carryforward	26		56
Tax credit carryforward	11		9
	263		321
Valuation allowance	(17)		(35)
	246		286
Deferred tax liabilities at December 31:
Property and equipment	62		67
Operating lease right-of-use assets	43		39
Intangibles	75		74
Investment in foreign subsidiaries	10		10
Other investments	3		3
Other	16		4
	209		197
Net deferred tax asset at December 31	$	37	$	89

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:


	Year Ended December 31,
	2021		2020		2019
U.S. Federal statutory tax rate	21	%	21	%	21	%
State and local taxes, net of U.S. Federal tax benefit	4		3		3
Higher taxes on foreign earnings	3		1		2
U.S. and foreign taxes on distributed and undistributed foreign earnings	—		—		1
Stock-based compensation	(1)		(1)		(1)
Business divestiture with no tax impact	1		—		—
Disproportionate tax effects	2		—		—
Other, net	1		—		(1)
Effective tax rate	31	%	24	%	25	%

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, 2020	$	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
Current year tax positions:
Additions	19		—		19
Reductions	(2)		—		(2)
Prior year tax positions:
Additions	1		—		1
Reductions	(1)		—		(1)
Lapse of applicable statute of limitations	(10)		—		(10)
Interest and penalties recognized in income tax expense	—		1		1
Balance at December 31, 2021	$	81	$	11	$	92