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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income before income taxes are as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Domestic |  | $ | 233 |  |  | $ | 460 |  |  | $ | 1,087 |
Foreign |  | 98 |  |  | 110 |  |  | 247 |
|  | $ | 331 |  |  | $ | 570 |  |  | $ | 1,334 |
The Company's provision for (benefit from) income taxes consists of the following:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |  |
Federal |  | $ | (208) |  |  | $ | 20 |  |  | $ | 158 |
State |  | 6 |  |  | 9 |  |  | 28 |
Foreign |  | 14 |  |  | 25 |  |  | 52 |
Total current |  | (188) |  |  | 54 |  |  | 238 |
Deferred |  |  |  |  |  |
Federal |  | 154 |  |  | 69 |  |  | 59 |
State |  | (13) |  |  | 11 |  |  | (2) |
Foreign |  | 5 |  |  | (26) |  |  | 5 |
Total deferred |  | 146 |  |  | 54 |  |  | 62 |
Total provision for (benefit from) income taxes |  | $ | (42) |  |  | $ | 108 |  |  | $ | 300 |
A reconciliation of taxes computed at the statutory rate to the Company's income tax expense is as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Provision for federal income tax, at statutory rate |  | $ | 70 |  |  | $ | 120 |  |  | $ | 280 |
State income tax provision, net of federal income tax effect |  | 2 |  |  | 10 |  |  | 28 |
Foreign income tax rate differential |  | 2 |  |  | (6) |  |  | 14 |
CARES Act net operating loss carryback tax benefit |  | (95) |  |  | — |  |  | — |
Depletion |  | (5) |  |  | (5) |  |  | (4) |
Noncontrolling interests |  | (9) |  |  | (8) |  |  | (6) |
Change in valuation allowance |  | 3 |  |  | (17) |  |  | (9) |
Changes in state apportionment and other state adjustments |  | (7) |  |  | 11 |  |  | (6) |
Other, net |  | (3) |  |  | 3 |  |  | 3 |
Total income tax expense (benefit) |  | $ | (42) |  |  | $ | 108 |  |  | $ | 300 |
The tax effects of the principal temporary differences between financial reporting and income tax reporting at December 31 are as follows:
|  | 2020 |  | 2019
Net operating loss carryforward |  | $ | 105 |  |  | $ | 209 |
Credit carryforward |  | 25 |  |  | 25 |
Operating lease liabilities |  | 113 |  |  | 96 |
Accruals |  | 63 |  |  | 65 |
Pension |  | 90 |  |  | 83 |
Inventories |  | 13 |  |  | 20 |
Other |  | 43 |  |  | 26 |
Deferred taxes assets—total |  | 452 |  |  | 524 |
Property, plant and equipment |  | (1,080) |  |  | (1,017) |
Intangibles |  | (137) |  |  | (156) |
Operating lease right-of-use asset |  | (112) |  |  | (95) |
Turnaround costs |  | (17) |  |  | (21) |
Consolidated partnerships |  | (181) |  |  | (194) |
Equity method investments |  | (227) |  |  | (220) |
Other |  | (18) |  |  | (18) |
Deferred tax liabilities—total |  | (1,772) |  |  | (1,721) |
Valuation allowance |  | (33) |  |  | (30) |
Total net deferred tax liabilities |  | $ | (1,353) |  |  | $ | (1,227) |
Balance sheet classifications |  |  |  |
Noncurrent deferred tax asset |  | $ | 15 |  |  | $ | 28 |
Noncurrent deferred tax liability |  | (1,368) |  |  | (1,255) |
Total net deferred tax liabilities |  | $ | (1,353) |  |  | $ | (1,227) |
At December 31, 2020, the Company had foreign and state net operating loss carryforwards ("NOLs") of approximately $209 and $807, respectively. The decrease in the NOLs is primarily due to the carryback of federal net operating loss as permitted under the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). Certain foreign and state NOLs do not expire, while certain other foreign and state NOLs expire in varying amounts between 2021 and 2040. Certain NOLs are subject to limitations on an annual basis. At December 31, 2020, the Company had various foreign and state credits carryforwards of $3 and $22, respectively, which either do not expire or expire in varying amounts between 2021 and 2034. Management believes the Company will realize the benefit of a portion of the net operating loss carryforwards before they expire, but to the extent that the full benefit may not be realized, a valuation allowance has been recorded. The valuation allowance increased by $3 in 2020, primarily due to additional foreign current year losses not expected to be realized, partially offset by utilization of certain foreign net operating loss carryforwards and a release in valuation allowance resulting from a change in management judgment regarding the realizability of certain foreign deferred tax assets, including net operating loss, as a result of the change in expectations of income in future years. As a result of the carryback of federal net operating loss to taxable years that were taxed at the U.S. corporate tax rate of 35% as permitted under the CARES Act, the Company recognized a net tax benefit of $95, primarily from the tax rate difference, partially offset by the reduction in the Section 199 domestic manufacturing deduction. The Company files income tax returns in the U.S. federal jurisdiction, various states and foreign jurisdictions. The Company is no longer subject to examinations by tax authorities before the year 2014.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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