Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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
	2021		2020		2019
United States	$	2,140	$	442	$	756
Foreign	1,173		1,441		832
	$	3,313	$	1,883	$	1,588

Significant Components Of Income Taxes

Significant components of income taxes are as follows:

(In millions)	Year Ended December 31
	2021		2020		2019
Current
Federal	$	404	$	(164)	$	37
State	79		4		11
Foreign	224		186		181
Deferred
Federal	(59)		41		47
State	(12)		(10)		1
Foreign	(58)		44		(68)
	$	578	$	101	$	209

Significant Components Of Deferred Tax Liabilities And Assets

Significant components of deferred tax liabilities and assets are as follows:

	December 31, 2021		December 31, 2020
	(In millions)
Deferred tax liabilities
Property, plant, and equipment	$	875	$	903
Intangibles	403		334
Right of use assets	214		223
Equity in earnings of affiliates	153		64
Inventory reserves	29		25
Debt exchange	53		53
Reserves and other accruals	65		195
Other	185		173
	$	1,977	$	1,970
Deferred tax assets
Pension and postretirement benefits	$	137	$	163
Lease liabilities	220		227
Stock compensation	53		80
Foreign tax loss carryforwards	465		470
Capital loss carryforwards	74		70
State tax attributes	21		79
Reserves and other accruals	158		42
Other	44		136
Gross deferred tax assets	1,172		1,267
Valuation allowances	(281)		(339)
Net deferred tax assets	$	891	$	928
Net deferred tax liabilities	$	1,086	$	1,042
The net deferred tax liabilities are classified as follows:
Noncurrent assets	$	27	$	—
Noncurrent assets (foreign)	299		260
Noncurrent liabilities	(1,079)		(957)
Noncurrent liabilities (foreign)	(333)		(345)
	$	(1,086)	$	(1,042)

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
	2021		2020		2019
Statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.5		(0.3)		0.6
Foreign earnings taxed at rates other than the U.S. statutory rate	(3.9)		(4.5)		(0.9)
Foreign currency effects/remeasurement	—		(1.1)		0.7
Income tax adjustment to filed returns	0.7		(0.4)		0.2
Tax benefit on U.S. biodiesel credits	(1.9)		(3.3)		(7.5)
Tax benefit on U.S. railroad credits	(2.0)		(8.0)		(3.6)
Tax on Global Intangible Low Taxed Income (GILTI)	1.1		2.9		1.4
Tax benefit on Foreign Derived Intangible Income Deduction (FDII)	(0.5)		(0.1)		—
Valuation allowances	0.7		—		—
Other	0.7		(0.8)		1.3
Effective income tax rate	17.4	%	5.4	%	13.2	%

Unrecognized Tax Benefits

The following table sets forth a rollforward of activity of unrecognized tax benefits for the year ended December 31, 2021 and 2020 as follows:

	Unrecognized Tax Benefits
	December 31, 2021		December 31, 2020
	(In millions)
Beginning balance	$	151	$	130
Additions related to current year’s tax positions	7		2
Additions related to prior years’ tax positions	15		37
Additions (adjustments) related to acquisitions	—		(1)
Reductions related to prior years’ tax positions	—		(3)
Reductions related to lapse of statute of limitations	(9)		(9)
Settlements with tax authorities	(7)		(5)
Ending balance	$	157	$	151