XML 22 R53.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
INCOME TAXES Part 1 (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Earnings from continuing operations before income taxes [Abstract]      
United States $ 454 $ 718 $ 654
Outside the United States 448 592 635
Total 902 1,310 1,289
United States [Abstract]      
Current 55 161 220 [1]
Deferred 19 (11) (383) [2]
Outside United States [Abstract]      
Current 62 86 62
Deferred (32) (22) 2
State and other [Abstract]      
Current 0 30 13
Deferred 36 (18) (13)
Provision for (benefit from) income taxes 140 226 (99)
Deferred tax charge (benefit) recorded in stockholders' equity [Abstract]      
Defined benefit pension and other postretirement benefit plans (10) (10) (16)
Derivatives and hedging (2) 3 8
Other comprehensive income (12) (7) (8)
Income tax expense (benefit) included in consolidated financial statement [Abstract]      
Provision for (benefit from) income taxes 140 226 (99)
Other comprehensive income (12) (7) (8)
Total 128 219 (107)
Reconciliation income tax rate [Abstract]      
Amount computed using the statutory rate 189 274 450
State income taxes, net 36 6 (4)
Foreign rate variance (68) (52) (150)
Domestic manufacturing deduction 0 0 (18)
Change in reserves for tax contingencies 36 21 20
General business credits (52) (60) (65)
U.S. tax on foreign earnings (17) 10 29
Foreign tax credits 0 (12) (26)
Tax law changes and tax loss from outside-U.S. entity reorganizations [3] 7 20 (339)
Other 9 19 4
Provision for (benefit from) income taxes $ 140 $ 226 $ (99)
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective tax rate for the period (in hundredths) 16.00% 17.00% (8.00%)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]      
Tax law changes and tax loss from outside-U.S. entity reorganizations [3] $ 7 $ 20 $ (339)
Tax benefit from finalization of prior year return     30
Tax benefit from restoration of tax basis     20
Tax benefit from settlement on tax ruling     8
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability 6 56  
Deferred tax assets [Abstract]      
Post-employment obligations 247 230  
Net operating loss carryforwards 606 634 [4]  
Tax credit carryforwards 239 239  
Environmental reserves 68 70  
Unrealized derivative loss 18 18  
Other 173 94  
Total deferred tax assets 1,351 1,285  
Less: Valuation allowance 453 487 [4]  
Deferred tax assets less valuation allowance 898 798  
Deferred tax liabilities [Abstract]      
Property, plant, and equipment (895) (856)  
Intangible assets (439) (473)  
Investments (235) (179) [4]  
Other (178) (131)  
Total deferred tax liabilities (1,747) (1,639)  
Net deferred tax liabilities (849) (841)  
As recorded in the Consolidated Statements of Financial Position [Abstract]      
Other noncurrent assets 66 43  
Deferred income tax liabilities (915) (884)  
Net deferred tax liabilities $ (849) (841)  
Operating Loss Carryforwards [Line Items]      
Document Period End Date Dec. 31, 2019    
Undistributed Earnings of Foreign Subsidiaries $ 2,500    
Accounting Changes and Error Corrections [Abstract]      
Net operating loss carryforwards 606 634 [4]  
Deferred Tax Assets, Valuation Allowance 453 487 [4]  
Deferred Tax Liabilities, Investments 235 179 [4]  
2017 Tax Reform [Abstract]      
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount     71
Due to and from tax authorities [Abstract]      
Miscellaneous receivables 211 135  
Payables and other current liabilities 36 43  
Other long-term liabilities 139 162  
Total income taxes payable 175 205  
Foreign Country [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards, Valuation Allowance 262    
Operating Loss Carryforwards 2,100    
Net operating loss carryforwards with expiration date $ 23    
Expiring period of net operating loss carryforwards, minimum (in years) 1 year    
Expiring period of net operating loss carryforwards, maximum (in years) 20 years    
Net operating loss carryforwards without expiration date $ 2,100    
Foreign tax credit carryforwards available to reduce possible future domestic income taxes 75    
Foreign Country [Member] | Solutia [Member]      
Operating Loss Carryforwards [Line Items]      
Tax Credit Carryforward, Valuation Allowance 45    
United States [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards, Valuation Allowance 24    
Operating Loss Carryforwards 8    
Tax Credit Carryforward, Valuation Allowance 72    
2017 Tax Reform [Abstract]      
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount     517
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount     $ 72
State and Local Jurisdiction [Member] | Solutia [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards, Valuation Allowance $ 47    
Previously Reported [Member]      
Deferred tax assets [Abstract]      
Net operating loss carryforwards   708  
Less: Valuation allowance   466  
Deferred tax liabilities [Abstract]      
Investments   (274)  
Accounting Changes and Error Corrections [Abstract]      
Net operating loss carryforwards   708  
Deferred Tax Assets, Valuation Allowance   466  
Deferred Tax Liabilities, Investments   $ 274  
[1]
A one-time transition tax of $71 million on deferred foreign income tax is included for 2017.
[2]
Includes a one-time benefit of $517 million primarily due to the remeasurement of certain net deferred tax liabilities using the lower U.S. corporate income tax rate and a one-time $72 million valuation allowance on deferred tax assets for foreign tax credit carryforwards for 2017.
[3]
Includes a one-time net benefit primarily due to the remeasurement of certain net deferred tax liabilities using the lower U.S. corporate income tax rate partially offset by the transition tax on deferred foreign income and changes in the valuation of deferred tax assets associated with tax law changes and the tax impact from intercompany reorganization activities in 2017 and a net incremental adjustment to those amounts under the Tax Reform Act in 2018 and 2019.
[4]
Revised from Note 7, "Income Taxes", to the Company's 2018 Annual Report on Form 10-K, which reported net operating loss carryforwards as $708 million, valuation allowance as $466 million, and investments as $(274) million.