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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Before Taxes |
| Years Ended December 31,
2024 |  | 2023 |  | 2022
U.S. | $ | 2,143 |  |  | $ | 2,368 |  |  | $ | 3,305 |
Non-U.S. | 5,070 |  |  | 4,791 |  |  | 3,074 |
Total Income before taxes | $ | 7,213 |  |  | $ | 7,159 |  |  | $ | 6,379 |
Tax Expense (Benefit) | Tax expense consists of:
| Years Ended December 31,
2024 |  | 2023 |  | 2022
Current |  |  |  |  |
U.S. Federal | $ | 606 |  |  | $ | 176 |  |  | $ | 653 |
U.S. State | 88 |  |  | 60 |  |  | 124 |
Non-U.S. | 1,012 |  |  | 1,098 |  |  | 815 |
Total current tax expense | 1,706 |  |  | 1,334 |  |  | 1,592 |
Deferred |  |  |  |  |
U.S. Federal | (210) |  |  | 27 |  |  | (175) |
U.S. State | (25) |  |  | 11 |  |  | (36) |
Non-U.S. | 2 |  |  | 115 |  |  | 32 |
Total deferred tax (benefit) expense | (233) |  |  | 153 |  |  | (180) |
Total Tax expense | $ | 1,473 |  |  | $ | 1,487 |  |  | $ | 1,412 |
Effective income tax rate reconciliation | The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows:
| Years Ended December 31,
2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Taxes on non-U.S. earnings 1,2,3 | (0.5) |  |  | (2.0) |  |  | (0.4) |
U.S. state income taxes 1 | 0.9 |  |  | 0.5 |  |  | 1.4 |
Reserves for tax contingencies | 1.4 |  |  | 3.4 |  |  | 1.1 |
Employee stock compensation | (0.7) |  |  | (0.3) |  |  | (0.9) |
Restructuring 4 | (0.3) |  |  | — |  |  | 0.7 |
U.S. federal tax credits | (2.0) |  |  | (1.6) |  |  | (0.9) |
U.S. valuation allowance 4 | 0.9 |  |  | (0.1) |  |  | (0.2) |
All other items—net | (0.3) |  |  | (0.1) |  |  | 0.3 |
Effective income tax rate | 20.4 | % |  | 20.8 | % |  | 22.1 | %
1 |  | Net of changes in valuation allowance.
2 |  | Includes U.S. taxes on non-U.S. earnings, net of foreign tax credits.
3 |  | 2023 includes (3.6)% deferred tax benefit resulting from a non-U.S. legislative change, offset by 3.6% deferred tax expense resulting from a full valuation allowance.
4 |  | 2024 includes (0.9)% deferred tax benefit resulting from an outside basis difference in assets held for sale, offset by 0.9% deferred tax expense resulting from a full valuation allowance.
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,
2024 |  | 2023
Postretirement benefits other than pensions | $ | 50 |  |  | $ | 55 |
Asbestos and environmental | 373 |  |  | 405 |
Capitalized research and development | 947 |  |  | 582 |
Employee compensation and benefits | 143 |  |  | 148 |
Lease liabilities | 263 |  |  | 258 |
Other accruals and reserves | 396 |  |  | 196 |
Net operating losses | 618 |  |  | 687 |
Capital loss carryover and outside basis differences | 467 |  |  | 385 |
Tax credit carryforwards and other attributes | 269 |  |  | 420 |
Gross deferred tax assets | 3,526 |  |  | 3,136 |
Valuation allowance | (1,253) |  |  | (1,292) |
Total deferred tax assets | 2,273 |  |  | 1,844 |
Deferred tax liabilities |  |  |
Deferred revenue | (244) |  |  | — |
Pension | (1,485) |  |  | (1,132) |
Property, plant and equipment | (371) |  |  | (441) |
Right-of-use asset | (242) |  |  | (240) |
Intangibles | (679) |  |  | (817) |
Unremitted earnings of foreign subsidiaries | (516) |  |  | (542) |
Other asset basis differences | (285) |  |  | (369) |
Other | — |  |  | (5) |
Total deferred tax liabilities | (3,822) |  |  | (3,546) |
Net deferred tax liability 1 | $ | (1,549) |  |  | $ | (1,702) |
1 |  | As of December 31, 2024, Net deferred tax liability excludes $124 million that are included in Liabilities held for sale in the Consolidated Balance Sheet. Refer to Note 2 Acquisitions, Divestitures, and Assets and Liabilities Held for Sale.
Summary of Operating Loss Carryforwards | As of December 31, 2024, the Company's net operating loss, capital loss, tax credit carryforwards, and other attributes were as follows:
Jurisdiction |  | Net Operating and Capital Loss Carryforwards |  | Tax Credit Carryforwards and Other Attributes
U.S. Federal |  | $ | 530 |  |  | $ | 31 |
U.S. State |  | 725 |  |  | 6 |
Non-U.S. |  | 3,465 |  |  | 232 |
Total |  | $ | 4,720 |  |  | $ | 269 |
Summary of Tax Credit Carryforwards | As of December 31, 2024, the Company's net operating loss, capital loss, tax credit carryforwards, and other attributes were as follows:
Jurisdiction |  | Net Operating and Capital Loss Carryforwards |  | Tax Credit Carryforwards and Other Attributes
U.S. Federal |  | $ | 530 |  |  | $ | 31 |
U.S. State |  | 725 |  |  | 6 |
Non-U.S. |  | 3,465 |  |  | 232 |
Total |  | $ | 4,720 |  |  | $ | 269 |
Summary of Capital Loss Carryforwards | As of December 31, 2024, the Company's net operating loss, capital loss, tax credit carryforwards, and other attributes were as follows:
Jurisdiction |  | Net Operating and Capital Loss Carryforwards |  | Tax Credit Carryforwards and Other Attributes
U.S. Federal |  | $ | 530 |  |  | $ | 31 |
U.S. State |  | 725 |  |  | 6 |
Non-U.S. |  | 3,465 |  |  | 232 |
Total |  | $ | 4,720 |  |  | $ | 269 |
Schedule of Unrecognized Tax Benefits Roll Forward | The table below summarizes the Company's change in unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Change in unrecognized tax benefits |  |  |  |  |
Balance at beginning of year | $ | 1,225 |  |  | $ | 1,086 |  |  | $ | 1,061 |
Gross increases related to current period tax positions | 64 |  |  | 89 |  |  | 64 |
Gross increases related to prior periods tax positions | 12 |  |  | 181 |  |  | 31 |
Gross decreases related to prior periods tax positions | (17) |  |  | — |  |  | (19) |
Decrease related to resolutions of audits with tax authorities | (31) |  |  | (132) |  |  | (3) |
Expiration of the statute of limitations for the assessment of taxes | (9) |  |  | (3) |  |  | (8) |
Foreign currency translation | (33) |  |  | 4 |  |  | (40) |
Balance at end of year | $ | 1,211 |  |  | $ | 1,225 |  |  | $ | 1,086 |
Summary of Income Tax Examinations | The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2024:
Jurisdiction | Open Tax Years
Examination in progress | Examination not yet initiated
U.S. Federal | 2017-2021 | 2022-2024
U.S. State | 2013-2022 | 2023-2024
Canada | 2019-2021 | 2022-2024
China | 2013-2024 | N/A
Germany | 2013-2020 | 2021-2024
India | 2014-2021 | 2022-2024
Malaysia | 2018-2021 | 2022-2024
Puerto Rico | N/A | 2020-2024
Switzerland | 2019-2022 | 2023-2024
United Kingdom | 2014-2022 | 2023-2024

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