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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Taxes |
Schedule of earnings before income taxes |
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019
United States | ​ | $ | 337 | ​ | $ | 138 | ​ | $ | 180
Foreign | ​ |  | 298 | ​ |  | 148 | ​ |  | 110
Total earnings before income taxes excluding noncontrolling interests | ​ |  | 635 | ​ |  | 286 | ​ |  | 290
Net income attributable to noncontrolling interests | ​ |  | 1 | ​ |  | — | ​ |  | —
Total earnings before income taxes | ​ | $ | 636 | ​ | $ | 286 | ​ | $ | 290
Schedule of components of total income taxes |
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​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 35 | ​ | $ | (50) | ​ | $ | 12
Foreign | ​ |  | 33 | ​ |  | 35 | ​ |  | 39
State and local | ​ |  | 10 | ​ |  | 2 | ​ |  | (1)
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 3 | ​ |  | 26 | ​ |  | (39)
Foreign | ​ |  | (7) | ​ |  | (3) | ​ |  | (1)
State and local | ​ |  | (9) | ​ |  | (7) | ​ |  | (7)
Income tax expense | ​ |  | 65 | ​ |  | 3 | ​ |  | 3
Unrealized changes in other comprehensive income (loss) | ​ |  | 8 | ​ |  | (3) | ​ |  | (4)
Total income taxes | ​ | $ | 73 | ​ | $ | — | ​ | $ | (1)
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense |
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​ | ​ | Years ended December 31, |
(Millions of dollars) |  | 2021 |  | 2020 |  | 2019 |
Computed “expected” tax expense excluding noncontrolling interests | ​ | $ | 133 | ​ | $ | 60 | ​ | $ | 61 | ​
Adjustments to tax expense attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign tax differences | ​ |  | (30) | ​ |  | (4) | ​ |  | 14 | ​
Tax-exempt income | ​ |  | (15) | ​ |  | (17) | ​ |  | (29) | ​
Federal tax credits | ​ |  | (39) | ​ |  | (34) | ​ |  | (47) | ​
Unrecognized tax benefits | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | — | ​
Other | ​ |  | 2 | ​ |  | (2) | ​ |  | 4 | ​
Total income tax expense | ​ | $ | 65 | ​ | $ | 3 | ​ | $ | 3 | ​
Schedule of components of the net deferred income tax liability |
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​ | ​ | December 31,
(Millions of dollars) | ​ | 2021 | ​ | 2020
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Depreciation |  | $ | 121 |  | $ | 100
Domestic partnerships | ​ | ​ | 62 | ​ | ​ | 59
Unrealized gain on investments | ​ | ​ | 13 | ​ | ​ | 52
Inventory | ​ | ​ | 7 | ​ | ​ | 10
Other | ​ | ​ | 4 | ​ | ​ | 3
Gross deferred income tax liabilities | ​ | $ | 207 | ​ | $ | 224
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Reserves/accruals | ​ | $ | 66 | ​ | $ | 74
Net operating and capital loss carry-forwards | ​ | ​ | 67 | ​ | ​ | 52
Tax credit carry-forwards | ​ | ​ | 32 | ​ | ​ | 49
Other | ​ | ​ | 5 | ​ | ​ | 5
Gross deferred income tax assets before valuation allowance | ​ | ​ | 170 | ​ | ​ | 180
Less: Valuation allowance | ​ | ​ | 60 | ​ | ​ | 55
Net deferred income tax liability | ​ | $ | 97 | ​ | $ | 99
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, 2021 | ​ | $ | 55 |  | 5 | ​ | $ | 60 | ​
Year Ended December 31, 2020 | ​ | $ | 68 |  | (13) | ​ | $ | 55 | ​
Year Ended December 31, 2019 | ​ | $ | 59 |  | 9 | ​ | $ | 68 | ​
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits |
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(Millions of dollars) |  | 2021 |  | 2020
Beginning balance at January 1 | ​ | $ | 30 | ​ | $ | 31
Additions for uncertain tax positions of prior years | ​ |  | 7 | ​ |  | 2
Decreases for uncertain tax positions of prior years | ​ |  | (1) | ​ |  | (7)
Additions for uncertain tax positions of current year | ​ |  | 6 | ​ |  | 5
Lapse of statute of limitations | ​ |  | (1) | ​ |  | (1)
Ending balance as of December 31 | ​ | $ | 41 | ​ | $ | 30

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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=121826272&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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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