XML 54 R36.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | An analysis of the Provision for income taxes follows:
| Year Ended December 31
| 2023 |  | 2022 |  | 2021
Current income taxes |  |  |  |  |
United States | $ | 370 |  |  | $ | 248 |  |  | $ | 179 |
State | 54 |  |  | 16 |  |  | 35 |
Other countries | 351 |  |  | 288 |  |  | 335 |
Total | 775 |  |  | 552 |  |  | 549 |
Deferred income taxes |  |  |  |  |
United States | (133) |  |  | (27) |  |  | (18) |
State | (28) |  |  | (1) |  |  | (1) |
Other countries | (161) |  |  | (29) |  |  | (51) |
Total | (322) |  |  | (57) |  |  | (70) |
Total provision for income taxes | $ | 453 |  |  | $ | 495 |  |  | $ | 479 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of Income Before Income Taxes and Equity Interests follow:
| Year Ended December 31
| 2023 |  | 2022 |  | 2021
United States | $ | 2,004 |  |  | $ | 1,802 |  |  | $ | 1,580 |
Other countries | 17 |  |  | 538 |  |  | 645 |
Total income before income taxes and equity interests | $ | 2,021 |  |  | $ | 2,340 |  |  | $ | 2,225 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are comprised of the following:
| December 31
| 2023 |  | 2022
Deferred tax assets |  |  |
Pension and other postretirement benefits | $ | 182 |  |  | $ | 179 |
Tax credits and loss carryforwards | 668 |  |  | 534 |
Capitalized research costs | 224 |  |  | 118 |
Lease liability | 137 |  |  | 116 |
Derivatives | 80 |  |  | 74 |
Other | 357 |  |  | 409 |
| 1,648 |  |  | 1,430 |
Valuation allowances | (302) |  |  | (299) |
Total deferred tax assets | 1,346 |  |  | 1,131 |
Deferred tax liabilities |  |  |
Property, plant and equipment, net | 943 |  |  | 940 |
Investments in subsidiaries | 110 |  |  | 101 |
Goodwill | 80 |  |  | 76 |
Intangible assets | 12 |  |  | 153 |
Lease asset | 128 |  |  | 111 |
Other | 177 |  |  | 153 |
Total deferred tax liabilities | 1,450 |  |  | 1,534 |
Net deferred tax assets (liabilities) | $ | (104) |  |  | $ | (403) |
Schedule of Effective Income Tax Rate Reconciliation | Presented below is a reconciliation of the Provision for income taxes computed at the U.S. federal statutory tax rate to the actual effective tax rate:
| Year Ended December 31
| 2023 |  | 2022 |  | 2021
U.S. statutory rate applied to income before income taxes and equity interests | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 1.0 |  |  | 0.5 |  |  | 1.2 |
Routine tax incentives | (3.9) |  |  | (3.5) |  |  | (5.8) |
Net nondeductible expenses | 2.4 |  |  | 1.4 |  |  | 1.5 |
Net tax (benefit) cost on foreign income | 1.1 |  |  | 2.4 |  |  | 2.4 |
Valuation allowance | 2.8 |  |  | 1.3 |  |  | 2.4 |
Tax effects of the impairment of intangible assets | (1.4) |  |  | — |  |  | — |
Other - net(a) | (0.6) |  |  | (1.9) |  |  | (1.2) |
Effective income tax rate | 22.4 | % |  | 21.2 | % |  | 21.5 | %
(a) Other - net is composed of numerous items, none of which is greater than 1.05 percent of income before income taxes and equity interests.
Unrecognized Income Tax Benefits | Presented below is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits:
| 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 488 |  |  | $ | 506 |  |  | $ | 497 |
Gross increases for tax positions of prior years | 38 |  |  | 22 |  |  | 62 |
Gross decreases for tax positions of prior years | (13) |  |  | (38) |  |  | (37) |
Gross increases for tax positions of the current year | 109 |  |  | 36 |  |  | 42 |
Settlements | (26) |  |  | (21) |  |  | (39) |
Other | (8) |  |  | (17) |  |  | (19) |
Balance at December 31 | $ | 588 |  |  | $ | 488 |  |  | $ | 506 |
Summary of Income Tax Examinations | As of December 31, 2023, the following tax years remain subject to examination for the major jurisdictions where we conduct business:
Jurisdiction | Years
United States | 2016 | to | 2023
United Kingdom | 2021 | to | 2023
Brazil | 2019 | to | 2023
China | 2014 | to | 2023
South Korea | 2020 | to | 2023

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration