INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of components of income taxes expense (benefit) from continuing operations

				(In Millions)
	2015			2014			2013
Income from continuing operations before income taxes:
U.S.	$	496		$	270		$	231
Foreign		193			237			155
	$	689		$	507		$	386
Income tax expense (benefit) on income from continuing operations:
Currently payable:
U.S. Federal	$	10		$	3		$	3
State and local		27			1			2
Foreign		56			67			58
Deferred:
U.S. Federal		192			(401	)		22
State and local		3			(21	)		3
Foreign		5			(10	)		(2	)
	$	293		$	(361	)	$	86
Deferred tax assets at December 31 (1):
Receivables	$	9		$	9
Inventories		17			25
Other assets, principally stock-based Compensation		78			77
Accrued liabilities		118			102
Long-term liabilities		225			284
Net operating loss carryforward		39			194
Tax credit carryforward		55			44
		541			735
Valuation allowance		(49	)		(66	)
		492			669
Deferred tax liabilities at December 31 (1):
Property and equipment		104			118
Intangibles		212			387
Investment in foreign subsidiaries		8			4
Other		1			13
		325			522
Net deferred tax asset at December 31	$	167		$	147

(1)           2014 amounts have not been recasted to exclude discontinued operations.

Schedule of reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit) on income (loss) from continuing operations

	2015			2014			2013
U.S. Federal statutory tax rate – expense		35	%		35	%		35	%
State and local taxes, net of U.S. Federal tax benefit		3			(2	)		1
Lower taxes on foreign earnings		(1	)		(5	)		—
U.S. and foreign taxes on distributed and undistributed foreign earnings		3			—			—
U.S. Federal valuation allowance		3			(98	)		(13	)
Other, net		—			(1	)		(1	)
Effective tax rate – expense (benefit)		43	%		(71	)%		22	%

Schedule of reconciliation of the beginning and ending liability for uncertain tax positions, including related interest and penalties

        A reconciliation of the beginning and ending liability for uncertain tax positions, including related interest and penalties, is as follows, in millions:

	Uncertain Tax Positions			Interest and Penalties			Total
Balance at January 1, 2014	$	46		$	13		$	59
Current year tax positions:
Additions		9			—			9
Reductions		(1	)		—			(1	)
Prior year tax positions:
Additions		1			—			1
Reductions		(5	)		—			(5	)
Settlements with tax authorities		(1	)		—			(1	)
Lapse of applicable statute of limitations		(10	)		—			(10	)
Interest and penalties recognized in income tax expense		—			(4	)		(4	)
Balance at December 31, 2014	$	39		$	9		$	48
Current year tax positions:
Additions		10			—			10
Prior year tax positions:
Additions		1			—			1
Reductions		(1	)		—			(1	)
Lapse of applicable statute of limitations		(6	)		—			(6	)
Interest and penalties recognized in income tax expense		—			1			1
Balance at December 31, 2015	$	43		$	10		$	53