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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components Of Pretax Income

The components of net income before income tax expense in consolidated entities for the years ended December 31, 2022, 2021 and 2020 are as follows:

			Year Ended December 31,
			2022						2021						2020
			(In millions)
United States			$	(207)					$	(214)					$	(54)
Brazil			259						189						79
Argentina			699						389						185
Mexico			74						(130)						(134)
Other Countries			(45)						7						5
			$	780					$	241					$	81

Summary Of Income / Asset Tax Expense

Income tax is composed of the following:

			Year Ended December 31,
			2022						2021						2020
			(In millions)
Income Tax:
Current:
U.S.			$	12					$	—					$	—
Non-U.S.			383						178						152
			395						178						152
Deferred:
U.S.			55						(3)						(5)
Non-U.S.			(152)						(26)						(65)
			(97)						(29)						(70)
Income tax expense			$	298					$	149					$	82

Reconciliation Of Difference Between Actual Provision For Income Taxes And Provision Computed By Applying Income Tax Rate

The following is a reconciliation of the difference between the actual charge for income taxes and the expected income tax expense computed by applying the statutory income tax rate for the years ended December 31, 2022, 2021 and 2020 to income before taxes:

			Year Ended December 31,
			2022						2021						2020
			(In millions)
Net income before income tax			$	780					$	241					$	81
Income tax rate			21		%				21		%				21		%
Expected income tax expense			$	164					$	51					$	17
Permanent differences:
Transfer pricing adjustments			3						2						1
Non-deductible tax			1						4						3
Non-deductible expenses			54						29						18
Dividend distributions			12						36						9
Non-taxable income			(62)						(32)						(4)
Effect of rates different than statutory			37						8						(4)
Currency translation			48						16						12
Change in valuation allowance			92						56						41
Tax Inflation Adjustments			(35)						(19)						(7)
Inventory Adjustments			—						(1)						—
True up			(16)						(1)						(4)
Income tax expense			$	298					$	149					$	82

Composition Of Deferred Tax Assets And Liabilities

The following table summarizes the composition of deferred tax assets and liabilities for the years ended December 31, 2022 and 2021:

			December 31,
			2022						2021
			(In millions)
Deferred tax assets
Allowance for doubtful accounts			$	110					$	65
Unrealized net gains			8						2
Property and equipment, net			43						27
Accounts payable and accrued expenses			17						11
Payroll and social security payable			32						28
Foreign exchange effect			—						7
Provisions			131						89
U.S. foreign tax credit			156						50
Tax loss carryforwards			255						194
Inventories			3						2
Tax inflation adjustments			3						7
Total deferred tax assets			758						482
Valuation allowance			(360)						(262)
Total deferred tax assets, net			398						220
Deferred tax liabilities
Property and equipment, net			(29)						(18)
Customer lists			(1)						(1)
Unrealized net losses			(3)						(2)
Goodwill			(4)						(3)
Convertible notes and Capped Call			—						(26)
Accounts payable and accrued expenses			(3)						(3)
Payroll and social security payable			(7)						(7)
Outside Basis Dividends			(103)						(36)
Provisions			(8)						(5)
Total deferred tax liabilities			$	(158)					$	(101)
			$	240					$	119

Summary of Valuation Allowance

The following table summarizes the tax valuation allowance activity during the years ended December 31, 2022, 2021 and 2020:

Tax valuation allowance			Balance at beginning of year						Charged/(credited) to Net income						Charges Utilized/ Currency translation adjustments and other adjustments						Balance at end of year
			(In millions)
Year ended December 31, 2020			$	139					$	41					$	(1)					$	179
Year ended December 31, 2021			179						56						27						262
Year ended December 31, 2022			262						92						6						360

Tax Loss Carryforwards

As of December 31, 2022, consolidated deferred tax asset on tax loss carryforwards for income tax purposes were $255 million. If not utilized, tax loss carryforwards will begin to expire as follows:

2026			$	2
2027			13
2028			29
Thereafter			131
Without due dates			80
Total			$	255

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