INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of income tax expense with federal income taxes at the statutory rate are as follows (in millions of dollars):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Federal income tax	$	76		$	67		$	145		$	218
States income taxes, net of federal benefit	12			9			23			28
Foreign rate difference	12			4			18			14
Foreign subsidiaries tax impacts, non operating	5			—			(71)			—
Change in valuation allowance	4			2			8			5
Other, net	(3)			(4)			(5)			(4)
Income tax expense	$	106		$	78		$	118		$	261
Effective tax rate	29.3		%	24.2		%	17.3		%	25.1		%