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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were as follows (in millions):

		Years Ended December 31,
		2016				2015				2014
Domestic		$	(2,095	)		$	(1,577	)		$	1,415
Foreign			(528	)			988				2,079
		$	(2,623	)		$	(589	)		$	3,494

Components of Provision for Income Taxes

The components of the provision for income taxes consisted of (in millions):

		Years Ended December 31,
		2016				2015				2014
Current:
Federal		$	(79	)		$	30			$	681
State			(4	)			(58	)			43
Foreign			74				464				615
Total current income tax provision			(9	)			436				1,339
Deferred:
Federal			(132	)			(41	)			(309	)
State			(7	)			(38	)			(5	)
Foreign			(59	)			(179	)			14
Total deferred income tax benefit			(198	)			(258	)			(300	)
Total income tax provision		$	(207	)		$	178			$	1,039

Difference Between Effective Tax Rate

The difference between the effective tax rate reflected in the provision for income taxes and the U.S. federal statutory rate was as follows (in millions):

		Years Ended December 31,
		2016				2015				2014
Federal income tax at U.S. statutory rate		$	(918	)		$	(206	)		$	1,223
Foreign income tax rate differential			32				(110	)			(261	)
Goodwill impairment			271				462				—
Nondeductible expenses			30				66				24
Foreign dividends, net of foreign tax credits			(25	)			28				132
Tax rate change on timing differences			(8	)			(45	)			(2	)
Change in tax reserve			11				69				(11	)
Prior years taxes			(29	)			(47	)			(11	)
Tax impact on foreign exchange			(4	)			(46	)			28
Change in deferred tax valuation allowance			476				15				(83	)
Other			(43	)			(8	)			—
Total income tax provision		$	(207	)		$	178			$	1,039

Significant Components of Deferred Tax Assets and Liability

Significant components of our deferred tax assets and liabilities were as follows (in millions):

		December 31,
		2016				2015
Deferred tax assets:
Allowances and operating liabilities		$	534			$	491
Net operating loss carryforwards			153				170
Postretirement benefits			60				79
Tax credit carryforwards			405				166
Other			164				21
Valuation allowance			(544	)			(63	)
Total deferred tax assets			772				864
Deferred tax liabilities:
Tax over book depreciation			267				277
Intangible assets			1,148				1,323
Deferred income			185				232
Accrued U.S. tax on unremitted earnings			53				55
Other			97				209
Total deferred tax liabilities			1,750				2,096
Net deferred tax liability		$	978			$	1,232

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

		2016				2015				2014
Unrecognized tax benefit at beginning of year		$	46			$	115			$	127
Gross increase for current period tax positions			3				8				3
Gross increase for tax positions in prior years			65				75				—
Gross decrease for tax positions in prior years			(21	)			(75	)			—
Settlements			(3	)			(69	)			—
Lapse of statute of limitations			(12	)			(8	)			(15	)
Unrecognized tax benefit at end of year		$	78			$	46			$	115

Summary of Net Operating Loss Carryforwards

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2016 were as follows (in millions):

		Federal				State				Foreign				Total
2017 - 2021 Expiration		$	8			$	1			$	78			$	87
2022 - 2033 Expiration			16				14				102				132
2034 - 2036 Expiration			—				154				65				219
Unlimited Expiration			—				—				261				261
Total Net Operating Loss (NOL)		$	24			$	169			$	506			$	699
Tax Effected NOL		$	8			$	9			$	136			$	153
Valuation Allowance (VA)			(7	)			(1	)			(112	)			(120	)
NOL Net of VA		$	1			$	8			$	24			$	33

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