Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Analysis of the Provision for Income Taxes

An analysis of the provision for income taxes follows:

	Year Ended December 31
	2014			2013		2012
Current income taxes
United States	$	350		$	292	$	112
State	48			99		15
Other countries	387			286		289
Total	785			677		416
Deferred income taxes
United States	67			85		218
State	(16		)	14		36
Other countries	20			52		(10		)
Total	71			151		244
Total provision for income taxes	$	856		$	828	$	660

Income before Income Taxes

Income from continuing operations before income taxes is earned in the following tax jurisdictions:

	Year Ended December 31
	2014		2013		2012
United States	$	1,571	$	1,557	$	1,223
Other countries	684		1,084		887
Total income before income taxes	$	2,255	$	2,641	$	2,110

Deferred Income Tax assets (Liabilities)

Deferred income tax assets and liabilities are composed of the following:

	December 31
	2014			2013
Deferred tax assets
Pension and other postretirement benefits	$	883		$	728
Tax credits and loss carryforwards	538			604
Property, plant and equipment, net	77			104
Other	590			516
	2,088			1,952
Valuation allowance	(215		)	(197		)
Total deferred assets	1,873			1,755
Deferred tax liabilities
Pension and other postretirement benefits	260			259
Property, plant and equipment, net	1,162			1,244
Investments in subsidiaries	223			205
Other	339			396
Total deferred tax liabilities	1,984			2,104
Net deferred tax assets (liabilities)	$	(111	)	$	(349	)

Reconciliation of Income Tax Provision

Presented below is a reconciliation of the income tax provision computed at the U.S. federal statutory tax rate to the actual effective tax rate:

	Year Ended December 31
	2014		2013		2012
U.S. statutory rate applied to income before income taxes	35.0	%	35.0	%	35.0	%
Rate of state income taxes, net of federal tax benefit	0.7		2.7		1.6
Statutory rates other than U.S. statutory rate	(3.0	)	(3.0	)	(2.8	)
Venezuela balance sheet remeasurement and inflationary impacts	4.9		(0.8	)	(0.4	)
Other - net(a)	0.4		(2.5	)	(2.1	)
Effective income tax rate	38.0	%	31.4	%	31.3	%

Unrecognized Income Tax Benefits

Presented below is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits:

	2014			2013			2012
Balance at January 1	$	473		$	435		$	558
Gross increases for tax positions of prior years	36			73			30
Gross decreases for tax positions of prior years	(91		)	(31		)	(104		)
Gross increases for tax positions of the current year	87			37			52
Settlements	(77		)	(35		)	(100		)
Other	(12		)	(6		)	(1		)
Balance at December 31	$	416		$	473		$	435

Summary of Income Tax Examinations

As of December 31, 2014, the following tax years remain subject to examination for the major jurisdictions where we conduct business:

Jurisdiction	Years
United States	2012 to 2014
United Kingdom	2012 to 2014
Brazil	2009 to 2014
Korea	2014
China	2003 to 2014