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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income by region |
| Years Ended December 31,
2021 | 2020 | 2019
U.S. |  | $ | 3,955 |  |  | $ | 3,318 |  |  | $ | 4,178 |
Non-U.S. |  | 3,280 |  |  | 2,694 |  |  | 3,381 |
|  | $ | 7,235 |  |  | $ | 6,012 |  |  | $ | 7,559 |
Tax Expense Current and Deferred |
| Years Ended December 31,
2021 | 2020 | 2019
Tax expense (benefit) consists of |  |  |  |  |  |
Current: |  |  |  |  |  |
U.S. Federal |  | $ | 415 |  |  | $ | 475 |  |  | $ | 8 |
U.S. State |  | 146 |  |  | 79 |  |  | 43 |
Non-U.S. |  | 886 |  |  | 768 |  |  | 1,099 |
|  | $ | 1,447 |  |  | $ | 1,322 |  |  | $ | 1,150 |
Deferred: |  |  |  |  |  |
U.S. Federal |  | $ | 173 |  |  | $ | 234 |  |  | $ | 332 |
U.S. State |  | 37 |  |  | 39 |  |  | 63 |
Non-U.S. |  | (32) |  |  | (448) |  |  | (216) |
|  | 178 |  |  | (175) |  |  | 179 |
|  | $ | 1,625 |  |  | $ | 1,147 |  |  | $ | 1,329 |
| Years Ended December 31,
2021 | 2020 | 2019
The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows: |  |  |  |  |  |
U.S. federal statutory income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Taxes on non-U.S. earnings(1)(2) |  | (1.4) |  |  | (0.8) |  |  | (0.5) |
U.S. state income taxes(1) |  | 1.5 |  |  | 1.3 |  |  | 1.1 |
Reserves for tax contingencies |  | 2.2 |  |  | (2.6) |  |  | 2.0 |
Employee share-based payments |  | (0.7) |  |  | (1.2) |  |  | (1.2) |
Reduction of certain receivables |  | — |  |  | 2.0 |  |  | — |
U.S. Tax Cuts and Jobs Act |  | — |  |  | — |  |  | (3.6) |
Restructuring |  | (1.4) |  |  | — |  |  | — |
U.S. Valuation Allowance |  | 2.0 |  |  | 0.1 |  |  | — |
All other items—net |  | (0.7) |  |  | (0.7) |  |  | (1.2) |
|  | 22.5 | % |  | 19.1 | % |  | 17.6 | %
Effective income tax rate reconciliation | (1)Net of changes in valuation allowance (2)Includes U.S. taxes on non-U.S. earnings
Deferred Tax Assets, Liabilities | The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:
Deferred tax assets: | December 31,
2021 | 2020
Postretirement benefits other than pensions |  | $ | 77 |  |  | $ | 85 |
Asbestos and environmental |  | 468 |  |  | 508 |
Employee compensation and benefits |  | 174 |  |  | 180 |
Lease liabilities |  | 242 |  |  | 197 |
Other accruals and reserves |  | 260 |  |  | 110 |
Net operating and capital losses |  | 734 |  |  | 779 |
Capital loss limitation and carryover |  | 151 |  |  | — |
Tax credit carryforwards |  | 164 |  |  | 219 |
Gross deferred tax assets |  | 2,270 |  |  | 2,078 |
Valuation allowance |  | (857) |  |  | (766) |
Total deferred tax assets |  | $ | 1,413 |  |  | $ | 1,312 |
Deferred tax liabilities: |  |  |  |
Pension |  | $ | (948) |  |  | $ | (548) |
Property, plant and equipment |  | (464) |  |  | (437) |
Right-of-use asset |  | (230) |  |  | (184) |
Intangibles |  | (883) |  |  | (898) |
Unremitted earnings of foreign subsidiaries |  | (426) |  |  | (398) |
Other asset basis differences |  | (334) |  |  | (169) |
Other |  | (2) |  |  | (31) |
Total deferred tax liabilities |  | (3,287) |  |  | (2,665) |
Net deferred tax liability |  | $ | (1,874) |  |  | $ | (1,353) |
Summary of Operating Loss Carryforwards |
Jurisdiction | Expiration Period | Net Operating and Capital Loss Carryforwards | Tax Credit Carryforwards
U.S. Federal | 2040 |  | $ | 684 |  |  | $ | 97 |
U.S. State | 2040 |  | 390 |  |  | 21 |
Non-U.S. | 2041 |  | 466 |  |  | 50 |
Non-U.S. | Indefinite |  | 2,185 |  |  | — |
|  |  | $ | 3,725 |  |  | $ | 168 |
Many jurisdictions impose limitations on the timing and utilization of net operating loss and tax credit carryforwards. In those instances, whereby there is an expected permanent limitation on the utilization of the net operating loss or tax credit carryforward, the deferred tax asset and amount of the carryforward have been reduced.
Change in unrecognized tax benefits |
| Years Ended December 31,
| 2021 | 2020 | 2019
Change in unrecognized tax benefits: |  |  |  |  |  |
Balance at beginning of year |  | $ | 991 |  |  | $ | 1,164 |  |  | $ | 1,089 |
Gross increases related to current period tax positions |  | 93 |  |  | 94 |  |  | 51 |
Gross increases related to prior periods tax positions |  | 39 |  |  | 68 |  |  | 83 |
Gross decreases related to prior periods tax positions |  | (27) |  |  | (256) |  |  | (34) |
Decrease related to resolutions of audits with tax authorities |  | (1) |  |  | (35) |  |  | (3) |
Expiration of the statute of limitations for the assessment of taxes |  | (12) |  |  | (76) |  |  | (13) |
Foreign currency translation |  | (22) |  |  | 32 |  |  | (9) |
Balance at end of year |  | $ | 1,061 |  |  | $ | 991 |  |  | $ | 1,164 |
Summary of Income Tax Examinations |
Jurisdiction | Open Tax Years Based on Originally Filed Returns
Examination in progress | Examination not yet initiated
U.S. Federal | 2017-2018 | 2019-2021
U.S. State | 2013-2019 | 2017-2021
Australia | n/a | 2018-2021
Canada(1) | 2015-2018 | 2019-2021
China | 2011-2020 | 2021
France | 2018-2020 | 2021
Germany(1) | 2009-2018 | 2019-2021
India | 1999-2020 | 2021
Italy | 2012-2018 | 2019-2021
Netherlands | n/a | 2018-2021
Switzerland(1) | 2016-2018 | 2019-2021
United Kingdom | 2013-2019 | 2020-2021

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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