Income Tax Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Income Tax Disclosure [Abstract] | |
Components Of Earnings Before Income Taxes by Geographic Region | The following table sets forth the geographic split of earnings before income taxes:
| | | | | | | | | | | | | | Year Ended | (In millions) | December 31 | | 2016 | | 2015 | | 2014 | | | | | | | United States | $ | 1,215 |
| | $ | 1,155 |
| | $ | 2,224 |
| Foreign | 607 |
| | 1,129 |
| | 906 |
| | $ | 1,822 |
| | $ | 2,284 |
| | $ | 3,130 |
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Significant Components Of Income Taxes | Significant components of income taxes are as follows:
| | | | | | | | | | | | | | Year Ended | (In millions) | December 31 | | 2016 | | 2015 | | 2014 | | | | | | | Current | | | | | | Federal | $ | 327 |
| | $ | 270 |
| | $ | 641 |
| State | 5 |
| | 17 |
| | 57 |
| Foreign | 146 |
| | 158 |
| | 235 |
| Deferred | | | | | |
| Federal | 18 |
| | 17 |
| | (29 | ) | State | 28 |
| | 9 |
| | 28 |
| Foreign | 10 |
| | (33 | ) | | (55 | ) | | $ | 534 |
| | $ | 438 |
| | $ | 877 |
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Significant Components Of Deferred Tax Liabilities And Assets | Significant components of deferred tax liabilities and assets are as follows:
| | | | | | | | | | December 31, 2016 | | December 31, 2015 | | (In millions) | Deferred tax liabilities | | | | Property, plant, and equipment | $ | 1,612 |
| | $ | 1,651 |
| Equity in earnings of affiliates | 361 |
| | 306 |
| Debt exchange | 132 |
| | 133 |
| Inventories | 41 |
| | 18 |
| Other | 105 |
| | 109 |
| | $ | 2,251 |
| | $ | 2,217 |
| Deferred tax assets | | | |
| Pension and postretirement benefits | $ | 307 |
| | $ | 374 |
| Stock compensation | 81 |
| | 70 |
| Foreign tax credit carryforwards | 95 |
| | 90 |
| Foreign tax loss carryforwards | 278 |
| | 301 |
| Capital loss carryforwards | 57 |
| | 22 |
| State tax attributes | 62 |
| | 62 |
| Unrealized foreign currency losses | 58 |
| | 71 |
| Reserves and other accruals | — |
| | 26 |
| Other | 18 |
| | 125 |
| Gross deferred tax assets | 956 |
| | 1,141 |
| Valuation allowances | (216 | ) | | (302 | ) | Net deferred tax assets | $ | 740 |
| | $ | 839 |
| | | | | Net deferred tax liabilities | $ | 1,511 |
| | $ | 1,378 |
| | | | | The net deferred tax liabilities are classified as follows: | | | |
| Noncurrent assets (foreign) | $ | 158 |
| | $ | 185 |
| Noncurrent liabilities | (1,472 | ) | | (1,394 | ) | Noncurrent liabilities (foreign) | (197 | ) | | (169 | ) | | $ | (1,511 | ) | | $ | (1,378 | ) |
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Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings | Reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate on earnings is as follows: | | | | | | | | | | | Year Ended | | December 31 | | 2016 | | 2015 | | 2014 | | | | | | | Statutory rate | 35.0 | % | | 35.0 | % | | 35.0 | % | State income taxes, net of federal tax benefit | 1.4 |
| | 0.8 |
| | 2.1 |
| Foreign earnings taxed at rates other than the U.S. statutory rate | (4.4 | ) | | (9.9 | ) | | (4.8 | ) | Foreign currency effects/remeasurement | 2.2 |
| | (1.8 | ) | | 0.1 |
| Income tax adjustment to filed returns | 0.8 |
| | 1.9 |
| | (2.5 | ) | Tax benefit on U.S. biodiesel credits | (3.3 | ) | | (1.6 | ) | | (1.1 | ) | Tax benefit on U.S. qualified production activity deduction | (1.4 | ) | | (1.8 | ) | | (1.8 | ) | Valuation allowances | 0.6 |
| | (3.1 | ) | | — |
| Other | (1.6 | ) | | (0.3 | ) | | 1.0 |
| Effective income tax rate | 29.3 | % | | 19.2 | % | | 28.0 | % |
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Unrecognized Tax Benefits | The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2016 and 2015 as follows: | | | | | | | | | | Unrecognized Tax Benefits | | December 31, 2016 | | December 31, 2015 | | (In millions) | Beginning balance | $ | 49 |
| | $ | 72 |
| Additions related to current year’s tax positions | 1 |
| | 1 |
| Additions related to prior years’ tax positions | 16 |
| | 17 |
| Additions related to acquisitions | — |
| | 7 |
| Reductions related to prior years’ tax positions | — |
| | (19 | ) | Reductions related to lapse of statute of limitations | (1 | ) | | (6 | ) | Settlements with tax authorities | (10 | ) | | (23 | ) | Ending balance | $ | 55 |
| | $ | 49 |
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