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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of income before income taxes and provision for income taxes

(in millions)		2018			2017			2016
Income before income taxes:
U.S.		$	121		$	226		$	176
Foreign			500			543			566
Total income before income taxes			621			769			742
Provision for income taxes:
Current tax (benefit) expense:
U.S. federal			17			(13)			95
State and local			1			4			8
Foreign			172			179			148
Total current tax expense			190			170			251
Deferred tax expense (benefit):
U.S. federal			(14)			77			13
State and local			(2)			4			1
Foreign			(7)			(14)			(19)
Total deferred tax expense (benefit)			(23)			67			(5)
Total provision for income taxes		$	167		$	237		$	246

Schedule of tax effects of temporary differences between financial reporting basis and tax basis of assets and liabilities

(in millions)		2018			2017
Deferred tax assets attributable to:
Employee benefit accruals		$	20		$	20
Pensions and postretirement plans			23			20
Derivative contracts			1			5
Net operating loss carryforwards			26			32
Foreign tax credit carryforwards			1			—
Other			—			—
Gross deferred tax assets			71			77
Valuation allowances			(31)			(34)
Net deferred tax assets			40			43
Deferred tax liabilities attributable to:
Property, plant and equipment			177			185
Identified intangibles			39			37
Other			3			11
Gross deferred tax liabilities			219			233
Net deferred tax liabilities		$	179		$	190

Schedule of reconciliation of US federal statutory tax rate to effective tax rate

		2018		2017		2016
Provision for tax at U.S. statutory rate		21.0	%	35.0	%	35.0	%
Tax rate difference on foreign income		5.3		(5.6)		(5.5)
State and local taxes, net		—		0.7		0.3
Tax impact of fluctuations in Mexican peso to U.S. dollar		—		(0.5)		2.4
Net impact of U.S. foreign tax credits		0.5		0.3		(2.3)
Net impact of U.S.-Canada tax settlement		0.3		(1.3)		3.2
Net impact of valuation allowance in Argentina		1.0		2.0		1.0
Net impact of transition tax		0.6		2.7		—
Net impact of U.S. deferred tax remeasurement		—		(4.9)		—
Net impact of provision for taxes on unremitted earnings		0.3		4.3		0.5
Other items, net		(2.1)		(1.9)		(1.5)
Provision at effective tax rate		26.9	%	30.8	%	33.1	%

Schedule of impact of the TCJA on 2017 income tax expense

		Provisional 2017			Final 2017
(in millions)		TCJA Impact			TCJA Impact
One-time transition tax		$	21		$	25
Remeasurement of deferred tax assets and liabilities			(38)			(38)
Net impact of provision for taxes on unremitted earnings			33			35
Other items, net			7			4
Net impact of the TCJA		$	23		$	26

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits, excluding interest and penalties

(in millions)		2018			2017
Balance at January 1		$	39		$	86
Additions for tax positions related to prior years			—			—
Reductions for tax positions related to prior years			(2)			—
Additions based on tax positions related to the current year			—			12
Settlements			—			(58)
Reductions related to a lapse in the statute of limitations			(7)			(1)
Balance at December 31		$	30		$	39

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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions and 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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The tabular disclosure of the amount of reasonable estimate for income tax expense (benefit) from effect of Tax Cuts and Jobs Act of 2017 for which accounting for tax effect is incomplete.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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