Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

​	Year Ended December 31,
	2015			2014			2013
Current tax expense:	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	37(1)	​	$	85	​	$	67
U.S. state and local	​	​	1(1)	​	​	13	​	​	11
International	​	​	62	​	​	73	​	​	88
Total current tax expense	​	​	100	​	​	171	​	​	166
Deferred tax (benefit) expense:	​			​			​
U.S. federal	​	​	(187)	​	​	(20)	​	​	(4)
U.S. state and local	​	​	(14)	​	​	(3)	​	​	(2)
International	​	​	3	​	​	1	​	​	(8)
Total deferred tax benefit	​	​	(198)	​	​	(22)	​	​	(14)
Total (benefit from) provision for income taxes	​	$	(98)	​	$	149	​	$	152

(1) Recorded pursuant to the tax matters agreement.

Schedule of Deferred Tax Assets and Liabilities Components

The significant components of deferred tax assets and liabilities are as follows:

	December 31,  2015			December 31,  2014
Deferred tax assets – noncurrent:	​	​	​	​	​	​
Other assets and other accrued liabilities	​	$	257	​	$	188
Tax loss carryforwards	​	​	124	​	​	36
Total deferred tax assets – noncurrent	​	​	381	​	​	224
Valuation allowance	​	​	—	​	​	(36)
Total deferred tax assets, net	​	​	381	​	​	188
Deferred tax liabilities – noncurrent:	​			​
Goodwill and other intangibles	​	​	—	​	​	(2)
Accrued expenses and other liabilities	​	​	(7)	​	​	(34)
Property, plant and equipment	​	​	(530)	​	​	(533)
Inventories and other assets	​	​	(31)	​	​	(33)
Total deferred tax liabilities – noncurrent	​	​	(568)	​	​	(602)
Net deferred tax liability	​	$	(187)	​	$	(414)

Schedule of Effective Income Tax Rate

An analysis of the Company’s effective tax rate is as follows:

​	Year Ended December 31,
	2015		2014		2013
Statutory U.S. federal income tax rate	​	35.0%	​	35.0%	​	35.0%
State income taxes, net of federal benefit	​	5.1%	​	1.0%	​	1.0%
Benefit from (lower effective tax rate) on international operations – net	​	12.0%	​	(9.6)%	​	(10.2)%
Valuation allowance	​	—%	​	2.0%	​	1.2%
Exchange (gains) losses	​	0.5%	​	2.7%	​	2.3%
Depletion	​	3.4%	​	(3.9)%	​	(4.1)%
Goodwill	​	(3.2)%	​	—%	​	—%
Section 199 deduction	​	—%	​	(0.7)%	​	(0.8)%
Other, net	​	(0.5)%	​	0.6%	​	2.0%
Total effective tax rate	​	52.3%	​	27.1%	​	26.4%

Schedule of Income before Income Taxes

(Loss) income before income taxes for U.S. and international operations was:

	Year Ended December 31,
(Dollars in millions)	2015			2014		2013
U.S. (including exports)	$	(492	)	$	244	$	224
International	304			306		352
Total pre-tax (loss) income	$	(188	)	$	550	$	576

Schedule of Unrecognized Tax Benefits

The following table shows the change in our unrecognized tax benefit.

​	Year Ended December 31,
	2015			2014			2013
Total unrecognized tax benefits as of January 1	​	$	39	​	$	26	​	$	24
Gross amounts of decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period	​	​	—	​	​	(1)	​	​	(1)
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period	​	​	—	​	​	15	​	​	5
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	​	​	(32)(1)	​	​	(1)	​	​	(2)
Total unrecognized tax benefits as of December 31	​	$	7	​	$	39	​	$	26
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate	​	$	—	​	$	39	​	$	26
Total amount of interest and penalties recognized in the Consolidated Statements of Operations	​	​	1(1)	​	​	2	​	​	2
Total amount of interest and penalties recognized in the Consolidated Balance Sheets	​	​	—	​	​	8	​	​	6

(1) Recorded pursuant to the tax matters agreement.

Summary of Deferred Tax Asset Valuation Allowance

The following is a rollforward of the deferred tax asset valuation allowance for the years ended December 31, 2015, 2014 and 2013.

​	Year Ended December 31,
	2015			2014			2013
Balance at beginning of period	​	$	36	​	$	26	​	$	19
Net charges to income tax expense	​	​	—	​	​	10	​	​	7
Release of valuation allowance(1)	​	​	(36)	​	​	—	​	​	—
Balance at end of period	​	$	—	​	$	36	​	$	26

(1)

Release of valuation allowance during 2015 was primarily related to the tax attributes retained by DuPont pursuant to the tax matters agreement.