Millions of dollars	December 31
	2016	2015
Gross deferred tax assets:
Net operating loss carryforwards	$      1,647	$      540
Foreign tax credit carryforwards	648	365
Employee compensation and benefits	352	403
Accrued liabilities	325	392
Other	536	359
Total gross deferred tax assets	3,508	2,059
Gross deferred tax liabilities:
Depreciation and amortization	585	1,334
Undistributed foreign earnings	406	5
Other	145	109
Total gross deferred tax liabilities	1,136	1,448
Valuation allowances	453	213
Net deferred income tax asset	$      1,919	$      398