Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes for the years ended December 31, (in millions):

	2023		2022		2021
Domestic	$	(995)	$	(698)	$	(353)
Foreign	452		855		1,113
Total	$	(543)	$	157	$	760

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the years ended December 31, (in millions):

	2023		2022		2021
Current:
Federal	$	56	$	(245)	$	48
State	1		6		17
Foreign	71		102		97
Total current	128		(137)		162
Deferred:
Federal	(232)		163		(26)
State	(40)		(34)		(20)
Foreign	(11)		(32)		22
Total deferred	(283)		97		(24)
Total income tax provision (benefit)	$	(155)	$	(40)	$	138

Schedule of Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis

A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31:

	2023		2022		2021
Statutory rate	21.0	%	21.0	%	21.0	%
Add (deduct) effect of:
State income taxes, net of federal income tax effect	5.7		(14.8)		(0.5)
U.S. foreign inclusions and foreign tax credit (1)	(2.4)		(43.5)		3.6
Foreign rate differential	12.3		(47.2)		(11.6)
Change in uncertain tax positions	—		16.7		0.1
Change in valuation allowance reserve	(9.2)		(13.8)		(3.8)
Impairments	1.0		20.7		—
Sale of businesses	(0.9)		(21.2)		—
Capital loss	1.4		—		(2.1)
Reversal of outside basis difference	11.2		1.6		0.4
Non-deductible compensation	(1.1)		1.9		0.4
Other taxes	(1.8)		4.5		1.3
U.S. income inclusions on asset transfers	(10.1)		50.3		11.1
Foreign exchange	—		2.0		—
Other tax credits	1.8		1.0		(0.4)
Return to provision	1.5		(11.3)		(1.7)
Other	(1.9)		6.6		0.4
Effective rate	28.5	%	(25.5)	%	18.2	%

(1)The Company accounts for tax on global intangible low-taxed income (“GILTI”) as a period cost and the effects are included herein.

Schedule of Components of Net Deferred Tax Assets

Deferred tax assets (liabilities) consist of the following at December 31, (in millions):

	2023		2022
Deferred tax assets:
Accruals	$	190	$	153
Inventory	74		84
Pension and postretirement benefits	38		49
Net operating losses	322		295
Foreign tax credits	16		27
Capital loss carryforward	43		41
Operating lease liabilities	153		169
Capitalized research and development expenses	68		36
Interest expense carryforward	91		28
Other	122		116
Total gross deferred tax assets	1,117		998
Less valuation allowance	(184)		(148)
Net deferred tax assets after valuation allowance	933		850
Deferred tax liabilities:
Accelerated depreciation	(112)		(119)
Amortizable intangibles	(69)		(114)
Outside basis differences	(12)		(96)
Operating lease assets	(140)		(154)
Other	(35)		(77)
Total gross deferred tax liabilities	(368)		(560)
Net deferred tax assets	$	565	$	290

The net deferred tax amounts have been classified in the balance sheet at December 31, (in millions):

	2023		2022
Noncurrent deferred tax assets	$	806	$	810
Noncurrent deferred tax liabilities	(241)		(520)
Net deferred tax assets	$	565	$	290

Schedule of Changes in Gross Unrecognized Tax Benefits

The following table summarizes the changes in gross unrecognized tax benefits periods indicated are as follows (in millions):

	2023		2022		2021
Unrecognized tax benefits, January 1,	$	476	$	457	$	452
Increases (decreases):
Increases in tax positions for prior years	—		1		1
Decreases in tax positions for prior years	(19)		(3)		(4)
Increase in tax positions for the current period	12		44		23
Settlements with taxing authorities	—		(13)		(2)
Lapse of statute of limitations	(6)		(10)		(12)
Cumulative translation adjustments	—		—		(1)
Unrecognized tax benefits, December 31,	$	463	$	476	$	457