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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of components of earnings before income taxes | ​
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2019 |  | 2018 |  | 2017
United States | ​ | $ | 174 | ​ | $ | (109) | ​ | $ | 273
Foreign | ​ |  | 110 | ​ |  | 93 | ​ |  | 155
Total earnings (loss) excluding noncontrolling interests | ​ |  | 284 | ​ |  | (16) | ​ |  | 428
Net loss attributable to noncontrolling interests | ​ |  | — | ​ |  | — | ​ |  | 1
Total earnings (loss) before income taxes | ​ | $ | 284 | ​ | $ | (16) | ​ | $ | 427
Schedule of components of total income taxes | ​
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2019 |  | 2018 |  | 2017
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 12 | ​ | $ | (20) | ​ | $ | 118
Foreign | ​ |  | 39 | ​ |  | 32 | ​ |  | 19
State and local | ​ |  | (1) | ​ |  | — | ​ |  | 2
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (41) | ​ |  | 5 | ​ |  | 20
Foreign | ​ |  | (1) | ​ |  | (5) | ​ |  | 10
State and local | ​ |  | (7) | ​ |  | (11) | ​ |  | 12
Income tax expense | ​ |  | 1 | ​ |  | 1 | ​ |  | 181
Unrealized changes in other comprehensive income (loss) | ​ |  | (4) | ​ |  | 2 | ​ |  | (3)
Total income taxes | ​ | $ | (3) | ​ | $ | 3 | ​ | $ | 178
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) attributable to continuing operations | ​
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​ | ​ | Years ended December 31, |
(Millions of dollars) |  | 2019 |  | 2018 |  | 2017 |
Computed “expected” tax expense (benefit) excluding noncontrolling interests | ​ | $ | 60 | ​ | $ | (3) | ​ | $ | 150 | ​
Adjustments to tax expense (benefit) attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign tax differences | ​ |  | 14 | ​ |  | 12 | ​ |  | (22) | ​
Tax-exempt income | ​ |  | (29) | ​ |  | (13) | ​ |  | — | ​
State income taxes, net of federal benefit | ​ |  | (4) | ​ |  | (8) | ​ |  | 9 | ​
Repatriation tax | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | 112 | ​
Effect on deferreds of federal rate reduction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (47) | ​
Foreign entity tax status change | ​ | ​ | — | ​ | ​ | 22 | ​ | ​ | — | ​
Federal tax credits | ​ |  | (47) | ​ |  | (23) | ​ |  | (18) | ​
Federal rate reduction effect on capital loss carryback | ​ |  | — | ​ |  | (3) | ​ |  | — | ​
Domestic manufacturing deduction | ​ |  | — | ​ |  | — | ​ |  | (2) | ​
Other | ​ |  | 7 | ​ |  | 3 | ​ |  | (1) | ​
Total income tax expense | ​ | $ | 1 | ​ | $ | 1 | ​ | $ | 181 | ​
Schedule of components of the net deferred income tax liability | ​
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​ | ​ | December 31,
(Millions of dollars) | ​ | 2019 | ​ | 2018
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation |  | $ | 119 |  | $ | 140
Domestic partnerships | ​ | ​ | 65 | ​ | ​ | 78
Unrealized gain on investments | ​ | ​ | 36 | ​ | ​ | —
Other | ​ | ​ | 4 | ​ | ​ | 8
​ | ​ | $ | 224 | ​ | $ | 226
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Reserves/accruals | ​ | $ | 73 | ​ | $ | 70
Net operating and capital loss carry-forwards | ​ | ​ | 63 | ​ | ​ | 56
LIFO | ​ | ​ | 2 | ​ | ​ | 7
Tax credit carry-forwards | ​ | ​ | 75 | ​ | ​ | 21
Other | ​ | ​ | 4 | ​ | ​ | 4
​ | ​ | ​ | 217 | ​ | ​ | 158
Valuation allowance | ​ | ​ | 68 | ​ | ​ | 59
Net deferred income tax liability | ​ | $ | 75 | ​ | $ | 127
Schedule of activity within the valuation allowance account | ​
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​ |  | Balance at |  | Charge (credit) |  | Balance at |
(Millions of dollars) | ​ | beginning of year | ​ | to expense | ​ | end of year |
Allowance for Deferred Tax Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2019 | ​ | $ | 59 |  | 9 | ​ | $ | 68 | ​
Year Ended December 31, 2018 | ​ | $ | 59 |  | — | ​ | $ | 59 | ​
Year Ended December 31, 2017 | ​ | $ | 58 |  | 1 | ​ | $ | 59 | ​
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ​
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(Millions of dollars) |  | 2019 |  | 2018
Beginning balance at January 1 | ​ | $ | 25 | ​ | $ | 18
Additions for uncertain tax positions of prior years | ​ |  | 4 | ​ |  | 2
Decreases for uncertain tax positions of prior years | ​ |  | (3) | ​ |  | —
Additions for uncertain tax positions of current year | ​ |  | 6 | ​ |  | 6
Lapse of statute of limitations | ​ |  | (1) | ​ |  | (1)
Ending balance as of December 31 | ​ | $ | 31 | ​ | $ | 25

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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