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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Before Income Taxes

For the years ended December 31, income (loss) before income taxes consisted of the following:

In millions	2016				2015				2014
Income (loss) before income taxes
United States	$	93			$	(88	)		$	301
Foreign	128				(56		)		193
Total income (loss) before income taxes	$	221			$	(144	)		$	494

Income Tax Expense

For the years ended December 31, income tax expense consisted of the following:

In millions	2016				2015				2014
Income tax expense
Current
Federal	$	67			$	74			$	94
State and local	7				9				8
Foreign	25				26				27
Deferred
Federal	7				(19		)		1
State and local	1				(3		)		—
Foreign	(11		)		(17		)		(3		)
Total income tax expense	$	96			$	70			$	127
Effective income tax rate	43.4		%		(48.6		)%		25.7		%

The Difference Between the Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate

The following table presents the principal components of the difference between the effective tax rate and the U.S. federal statutory income tax rate for the years ended December 31:

In millions	2016			2015			2014
Income tax expense at the U.S. federal tax rate	35.0	%		35.0	%		35.0	%
Foreign income tax differential	(13.2	)%		14.0	%		(9.0	)%
State and local income taxes	0.2	%		0.5	%		0.5	%
U.S. permanent book/tax differences	(0.1	)%		3.1	%		0.4	%
U.S. manufacturing deduction permanent difference	(3.5	)%		5.5	%		(2.1	)%
Goodwill impairment	8.9	%		(100.1	)%		—	%
Tax impact of sale of marketing applications business	9.9	%		—	%		—	%
Impact of excess tax benefits and tax deficiencies	2.2	%		—	%		—	%
Tax impact of U.S. tax law change - IRC Section 987	3.5	%		—	%		—	%
Other, net	0.5	%		(6.6	)%		0.9	%
Effective income tax rate	43.4	%		(48.6	)%		25.7	%

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities included in the balance sheets at December 31 were as follows:

In millions	2016				2015
Deferred income tax assets
Employee pensions and other liabilities	$	59			$	62
Other balance sheet reserves and allowances	18				23
Tax loss and credit carryforwards	53				62
Deferred revenue	3				3
Total deferred income tax assets	133				150
Valuation allowance	(26		)		(25		)
Net deferred income tax assets	107				125
Deferred income tax liabilities
Intangibles and capitalized software	63				81
Property and equipment	22				30
Other	6				1
Total deferred income tax liabilities	91				112
Total net deferred income tax assets	$	16			$	13

Liability Related to Uncertain Tax Positions

Below is a rollforward of the Company’s liability related to uncertain tax positions at December 31:

In millions	2016				2015
Balance at January 1	$	38			$	36
Gross decreases for prior period tax positions	(7		)		—
Gross increases for current period tax positions	3				6
Decreases due to the lapse of applicable statute of limitations	(4		)		(1		)
Decreases relating to settlements with taxing authorities	—				(3		)
Balance at December 31	$	30			$	38

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Tabular disclosure of 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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 of income before income tax between domestic and foreign jurisdictions.

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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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