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Income Taxes
 12 Months Ended
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,
202020192018
Domestic$233 $460 $1,087 
Foreign98 110 247 
$331 $570 $1,334 
The Company's provision for (benefit from) income taxes consists of the following:
Year Ended December 31,
202020192018
Current
Federal$(208)$20 $158 
State6 9 28 
Foreign14 25 52 
Total current
(188)54 238 
Deferred
Federal154 69 59 
State(13)11 (2)
Foreign5 (26)5 
Total deferred
146 54 62 
Total provision for (benefit from) income taxes$(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,
202020192018
Provision for federal income tax, at statutory rate$70 $120 $280 
State income tax provision, net of federal income tax effect2 10 28 
Foreign income tax rate differential2 (6)14 
CARES Act net operating loss carryback tax benefit(95)— — 
Depletion(5)(5)(4)
Noncontrolling interests(9)(8)(6)
Change in valuation allowance3 (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:
20202019
Net operating loss carryforward$105 $209 
Credit carryforward25 25 
Operating lease liabilities113 96 
Accruals63 65 
Pension90 83 
Inventories13 20 
Other43 26 
Deferred taxes assets—total452 524 
Property, plant and equipment(1,080)(1,017)
Intangibles(137)(156)
Operating lease right-of-use asset(112)(95)
Turnaround costs(17)(21)
Consolidated partnerships(181)(194)
Equity method investments(227)(220)
Other(18)(18)
Deferred tax liabilities—total(1,772)(1,721)
Valuation allowance(33)(30)
Total net deferred tax liabilities$(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.