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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Before Taxes |
| Years Ended December 31,
2022 | 2021 | 2020
U.S. |  | $ | 3,305 |  |  | $ | 3,955 |  |  | $ | 3,318 |
Non-U.S. |  | 3,074 |  |  | 3,280 |  |  | 2,694 |
|  | $ | 6,379 |  |  | $ | 7,235 |  |  | $ | 6,012 |
Tax Expense (Benefit) |
| Years Ended December 31,
2022 | 2021 | 2020
Tax expense (benefit) consists of |  |  |  |  |  |
Current: |  |  |  |  |  |
U.S. Federal |  | $ | 653 |  |  | $ | 415 |  |  | $ | 475 |
U.S. State |  | 124 |  |  | 146 |  |  | 79 |
Non-U.S. |  | 815 |  |  | 886 |  |  | 768 |
|  | $ | 1,592 |  |  | $ | 1,447 |  |  | $ | 1,322 |
Deferred: |  |  |  |  |  |
U.S. Federal |  | $ | (175) |  |  | $ | 173 |  |  | $ | 234 |
U.S. State |  | (36) |  |  | 37 |  |  | 39 |
Non-U.S. |  | 32 |  |  | (32) |  |  | (448) |
|  | (180) |  |  | 178 |  |  | (175) |
|  | $ | 1,412 |  |  | $ | 1,625 |  |  | $ | 1,147 |
| Years Ended December 31,
2022 | 2021 | 2020
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) |  | (0.4) |  |  | (1.4) |  |  | (0.8) |
U.S. state income taxes(1) |  | 1.4 |  |  | 1.5 |  |  | 1.3 |
Reserves for tax contingencies |  | 1.1 |  |  | 2.2 |  |  | (2.6) |
Employee share-based payments |  | (0.9) |  |  | (0.7) |  |  | (1.2) |
Reduction of certain receivables |  | — |  |  | — |  |  | 2.0 |
Restructuring |  | 0.7 |  |  | (1.4) |  |  | — |
U.S. Valuation Allowance |  | (0.2) |  |  | 2.0 |  |  | 0.1 |
All other items—net |  | (0.6) |  |  | (0.7) |  |  | (0.7) |
|  | 22.1 | % |  | 22.5 | % |  | 19.1 | %
(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,
2022 | 2021
Postretirement benefits other than pensions |  | $ | 59 |  |  | $ | 77 |
Asbestos and environmental |  | 545 |  |  | 468 |
Employee compensation and benefits |  | 142 |  |  | 174 |
Lease liabilities |  | 233 |  |  | 242 |
Other accruals and reserves |  | 363 |  |  | 260 |
Net operating losses |  | 695 |  |  | 734 |
Capital loss limitation and carryover |  | 126 |  |  | 151 |
Tax credit carryforwards |  | 163 |  |  | 164 |
Gross deferred tax assets |  | 2,326 |  |  | 2,270 |
Valuation allowance |  | (812) |  |  | (857) |
Total deferred tax assets |  | $ | 1,514 |  |  | $ | 1,413 |
Deferred tax liabilities: |  |  |  |
Pension |  | $ | (1,088) |  |  | $ | (948) |
Property, plant and equipment |  | (233) |  |  | (464) |
Right-of-use asset |  | (212) |  |  | (230) |
Intangibles |  | (818) |  |  | (883) |
Unremitted earnings of foreign subsidiaries |  | (517) |  |  | (426) |
Other asset basis differences |  | (317) |  |  | (334) |
Other |  | (1) |  |  | (2) |
Total deferred tax liabilities |  | (3,186) |  |  | (3,287) |
Net deferred tax liability |  | $ | (1,672) |  |  | $ | (1,874) |
Summary of Operating Loss Carryforwards | As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:
Jurisdiction | Expiration Period | Net Operating and Capital Loss Carryforwards | Tax Credit Carryforwards
U.S. Federal | 2042 |  | $ | 584 |  |  | $ | 94 |
U.S. State | 2042 |  | 449 |  |  | 21 |
Non-U.S. | 2042 |  | 450 |  |  | 53 |
Non-U.S. | Indefinite |  | 2,062 |  |  | — |
|  |  | $ | 3,545 |  |  | $ | 168 |
Change in Unrecognized Tax Benefits |
| Years Ended December 31,
| 2022 | 2021 | 2020
Change in unrecognized tax benefits: |  |  |  |  |  |
Balance at beginning of year |  | $ | 1,061 |  |  | $ | 991 |  |  | $ | 1,164 |
Gross increases related to current period tax positions |  | 64 |  |  | 93 |  |  | 94 |
Gross increases related to prior periods tax positions |  | 31 |  |  | 39 |  |  | 68 |
Gross decreases related to prior periods tax positions |  | (19) |  |  | (27) |  |  | (256) |
Decrease related to resolutions of audits with tax authorities |  | (3) |  |  | (1) |  |  | (35) |
Expiration of the statute of limitations for the assessment of taxes |  | (8) |  |  | (12) |  |  | (76) |
Foreign currency translation |  | (40) |  |  | (22) |  |  | 32 |
Balance at end of year |  | $ | 1,086 |  |  | $ | 1,061 |  |  | $ | 991 |
Summary of Income Tax Examinations | The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2022:
Jurisdiction | Open Tax Years
Examination in progress | Examination not yet initiated
U.S. Federal | 2017-2018 | 2019-2022
U.S. State | 2013-2020 | 2017-2022
Australia | n/a | 2019-2022
Belgium | 2019-2020 | 2021-2022
Canada(1) | 2017-2019 | 2020-2022
China | 2012-2021 | 2022
France | 2019-2021 | 2022
Germany(1) | 2009-2020 | 2021-2022
India | 1999-2021 | 2022
Italy | 2015-2020 | 2021-2022
Netherlands | 2018-2020 | 2021-2022
Switzerland(1) | 2017-2020 | 2021-2022
United Kingdom | 2013-2020 | 2021-2022
(1)Includes provincial or similar local jurisdictions, as applicable.

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