Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components Of Earnings Before Income Taxes by Geographic Region

	Year Ended				Six Months Ended				Year Ended
(In millions)	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
United States	$	2,224	$	1,509	$	611	$	592	$	1,035
Foreign	906		515		386		189		730
	$	3,130	$	2,024	$	997	$	781	$	1,765

Significant Components Of Income Taxes

	Year Ended						Six Months Ended				Year Ended
(In millions)	December 31						December 31				June 30
	2014			2013			2012		2011		2012
									(Unaudited)
Current
Federal	$	641		$	348		$	92	$	179	$	300
State	57			14			9		19		21
Foreign	235			146			83		7		118
Deferred
Federal	(29		)	112			92		14		66
State	28			(5		)	20		3		9
Foreign	(55		)	55			7		15		9
	$	877		$	670		$	303	$	237	$	523

Significant Components Of Deferred Tax Liabilities And Assets

	December 31, 2014			December 31, 2013
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	1,631		$	1,286
Equity in earnings of affiliates	394			323
Debt exchange	135			123
Inventories	57			132
Other	192			119
	$	2,409		$	1,983
Deferred tax assets
Pension and postretirement benefits	$	460		$	267
Stock compensation	55			60
Foreign tax credit carryforwards	76			26
Foreign tax loss carryforwards	305			329
Capital loss carryforwards	21			24
State tax attributes	70			74
Reserves and other accruals	43			—
Other	271			205
Gross deferred tax assets	1,301			985
Valuation allowances	(347		)	(329		)
Net deferred tax assets	$	954		$	656
Net deferred tax liabilities	$	1,455		$	1,327
The net deferred tax liabilities are classified as follows:
Current assets	$	17		$	—
Current assets (foreign)	137			17
Current liabilities	—			(8		)
Current liabilities (foreign)	(33		)	(22		)
Noncurrent assets (foreign)	86			134
Noncurrent liabilities	(1,316		)	(1,404		)
Noncurrent liabilities (foreign)	(346		)	(44		)
	$	(1,455	)	$	(1,327	)

Reconciliation Of The Statutory Federal Income Tax Rate To The Company's Effective Tax Rate On Earnings

	Year Ended				Six Months Ended				Year Ended
	December 31				December 31				June 30
	2014		2013		2012		2011		2012
							(Unaudited)
Statutory rate	35.0	%	35.0	%	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.1		0.2		2.4		2.4		1.4
Foreign earnings taxed at rates other than the U.S. statutory rate	(4.8	)	(3.7	)	(7.6	)	(7.2	)	(4.8	)
Foreign currency remeasurement	0.1		(0.9	)	2.6		(0.3	)	(3.3	)
Income tax adjustment to filed returns	(2.5	)	0.5		(1.5	)	(0.7	)	0.9
Tax benefit on U.S. biodiesel credits	(1.1	)	(5.1	)	—		—		—
Tax benefit on U.S. qualified production activity deduction	(1.8	)	(1.4	)	—		—		—
Valuation allowances	—		8.0		—		—		—
Other	1.0		0.5		(0.5	)	1.1		0.4
Effective income tax rate	28.0	%	33.1	%	30.4	%	30.3	%	29.6	%

Unrecognized Tax Benefits

	Unrecognized Tax Benefits
	December 31, 2014			December 31, 2013
	(In millions)
Beginning balance	$	66		$	77
Additions related to current year’s tax positions	5			—
Additions related to prior years’ tax positions	7			7
Reductions related to prior years’ tax positions	(3		)	—
Reductions related to lapse of statute of limitations	—			(6		)
Settlements with tax authorities	(3		)	(12		)
Ending balance	$	72		$	66