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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Provision for income taxes consists of the following:
|  | Year Ended December 31
|  | 2024 |  | 2023 |  | 2022
Current income taxes |  |  |  |  |  |
United States |  | $ | 243 |  |  | $ | 370 |  |  | $ | 248 |
State |  | 59 |  |  | 54 |  |  | 16 |
Other countries |  | 301 |  |  | 351 |  |  | 288 |
Total |  | 603 |  |  | 775 |  |  | 552 |
Deferred income taxes |  |  |  |  |  |
United States |  | (11) |  |  | (133) |  |  | (27) |
State |  | (18) |  |  | (28) |  |  | (1) |
Other countries |  | (9) |  |  | (161) |  |  | (29) |
Total |  | (38) |  |  | (322) |  |  | (57) |
Total Provision for income taxes |  | $ | 565 |  |  | $ | 453 |  |  | $ | 495 |
Schedule of Income before Income Tax, Domestic and Foreign | The components of Income Before Income Taxes and Equity Interests are as follows:
|  | Year Ended December 31
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 2,361 |  |  | $ | 2,004 |  |  | $ | 1,802 |
Other countries |  | 566 |  |  | 17 |  |  | 538 |
Total Income Before Income Taxes and Equity Interests |  | $ | 2,927 |  |  | $ | 2,021 |  |  | $ | 2,340 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are comprised of the following:
|  | December 31
|  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Pension and other postretirement benefits |  | $ | 173 |  |  | $ | 182 |
Tax credits and loss carryforwards |  | 656 |  |  | 668 |
Capitalized research costs |  | 272 |  |  | 224 |
Lease liabilities |  | 120 |  |  | 137 |
Other |  | 400 |  |  | 437 |
|  | 1,621 |  |  | 1,648 |
Valuation allowances |  | (301) |  |  | (302) |
Total deferred tax assets |  | 1,320 |  |  | 1,346 |
Deferred tax liabilities |  |  |  |
Property, plant and equipment |  | 882 |  |  | 943 |
Investments in subsidiaries |  | 113 |  |  | 110 |
Goodwill |  | 70 |  |  | 80 |
Lease assets |  | 113 |  |  | 128 |
Other |  | 228 |  |  | 189 |
Total deferred tax liabilities |  | 1,406 |  |  | 1,450 |
Net deferred tax assets (liabilities) |  | $ | (86) |  |  | $ | (104) |
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
|  | 2024 |  | 2023 |  | 2022
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 |  | 1.1 |  |  | 1.0 |  |  | 0.5 |
Routine tax incentives |  | (2.2) |  |  | (3.9) |  |  | (3.5) |
Net nondeductible expenses |  | 0.9 |  |  | 2.4 |  |  | 1.4 |
Net tax (benefit) cost on foreign income |  | 1.5 |  |  | 1.1 |  |  | 2.4 |
Valuation allowance |  | 1.7 |  |  | 2.8 |  |  | 1.3 |
Tax effects of the impairment of intangible assets |  | (0.5) |  |  | (1.4) |  |  | — |
Softex tax reserve release |  | (2.3) |  |  | — |  |  | — |
Nigeria worthless stock deduction |  | (1.4) |  |  | — |  |  | — |
Other - net(a) |  | (0.5) |  |  | (0.6) |  |  | (1.9) |
Effective income tax rate |  | 19.3 | % |  | 22.4 | % |  | 21.2 | %
(a) Other - net is composed of numerous items, none of which are greater than 1.05% 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:
|  | 2024 |  | 2023 |  | 2022
Balance as of January 1 |  | $ | 588 |  |  | $ | 488 |  |  | $ | 506 |
Gross increases for tax positions of prior years |  | 61 |  |  | 38 |  |  | 22 |
Gross decreases for tax positions of prior years |  | (114) |  |  | (13) |  |  | (38) |
Gross increases for tax positions of the current year |  | 50 |  |  | 109 |  |  | 36 |
Settlements |  | (32) |  |  | (26) |  |  | (21) |
Other |  | (20) |  |  | (8) |  |  | (17) |
Balance as of December 31 |  | $ | 533 |  |  | $ | 588 |  |  | $ | 488 |
Summary of Income Tax Examinations | As of December 31, 2024, the following tax years remain subject to examination for the major jurisdictions where we conduct business:
Jurisdiction | Years
United States | 2017 | to | 2024
United Kingdom | 2021 | to | 2024
Brazil | 2019 | to | 2024
China | 2014 | to | 2024
South Korea | 2020 | to | 2024

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15 + Details
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