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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Components of Income Tax | The components of income tax for the years ended December 31, 2023, 2022 and 2021 are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Income Tax: |  |  |  |  |
Current: |  |  |  |  |
U.S. | $ | 41 |  |  | $ | 12 |  |  | $ | — |
Non-U.S. | 812 |  |  | 383 |  |  | 178 |
| 853 |  |  | 395 |  |  | 178 |
Deferred: |  |  |  |  |
U.S. | 36 |  |  | 55 |  |  | (3) |
Non-U.S. | (320) |  |  | (152) |  |  | (26) |
| (284) |  |  | (97) |  |  | (29) |
Income tax expense | $ | 569 |  |  | $ | 298 |  |  | $ | 149 |
Summary of Income Tax Reconciliation | The following is a reconciliation of the difference between the actual charge for income tax and the expected income tax expense computed by applying the statutory income tax rate for the years ended December 31, 2023, 2022 and 2021 to net income before income tax:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Net income before income tax | $ | 1,553 |  |  | $ | 780 |  |  | $ | 241 |
Income tax rate | 21 | % |  | 21 | % |  | 21 | %
Expected income tax expense | $ | 326 |  |  | $ | 164 |  |  | $ | 51 |
Permanent differences: |  |  |  |  |
Transfer pricing adjustments | 11 |  |  | 3 |  |  | 2 |
Non-deductible tax | 7 |  |  | 1 |  |  | 4 |
Non-deductible expenses | 107 |  |  | 54 |  |  | 29 |
Dividend distributions | (32) |  |  | 12 |  |  | 36 |
Non-taxable income | (167) |  |  | (62) |  |  | (32) |
Effect of rates different than statutory | 117 |  |  | 37 |  |  | 8 |
Currency translation | 335 |  |  | 48 |  |  | 16 |
Change in valuation allowance | 4 |  |  | 92 |  |  | 56 |
Tax Inflation Adjustments | (136) |  |  | (35) |  |  | (19) |
Inventory Adjustments | — |  |  | — |  |  | (1) |
True up | (3) |  |  | (16) |  |  | (1) |
Income tax expense | $ | 569 |  |  | $ | 298 |  |  | $ | 149 |
Summary of 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, 2023 and 2022:
| December 31,
| 2023 |  | 2022
| (In millions)
Deferred tax assets |  |  |
Allowance for doubtful accounts | $ | 234 |  |  | $ | 110 |
Unrealized net gains | 3 |  |  | 8 |
Property and equipment, net | 58 |  |  | 43 |
Accounts payable and accrued expenses | 8 |  |  | 17 |
Payroll and social security payable | 42 |  |  | 32 |
Provisions | 275 |  |  | 131 |
U.S. foreign tax credit | 304 |  |  | 156 |
Tax loss carryforwards | 177 |  |  | 255 |
Inventories | 14 |  |  | 3 |
Tax inflation adjustments | — |  |  | 3 |
Total deferred tax assets | 1,115 |  |  | 758 |
Valuation allowance | (374) |  |  | (360) |
Total deferred tax assets, net | 741 |  |  | 398 |
Deferred tax liabilities |  |  |
Property and equipment, net | (21) |  |  | (29) |
Customer lists | — |  |  | (1) |
Unrealized net losses | (4) |  |  | (3) |
Goodwill | (4) |  |  | (4) |
Accounts payable and accrued expenses | (2) |  |  | (3) |
Payroll and social security payable | — |  |  | (7) |
Outside Basis Dividends | (182) |  |  | (103) |
Provisions | (1) |  |  | (8) |
Total deferred tax liabilities | $ | (214) |  |  | $ | (158) |
| $ | 527 |  |  | $ | 240 |
Summary of Tax Valuation Allowance | The following table summarizes the tax valuation allowance activity during the years ended December 31, 2023, 2022 and 2021:
| Year Ended December, 31
| 2023 |  | 2022 |  | 2021
Tax valuation allowance | (In millions)
Balance at beginning of year | $ | 360 |  |  | $ | 262 |  |  | $ | 179 |
Charged to Net income | 4 |  |  | 92 |  |  | 56 |
Charges Utilized/Currency translation adjustments and other adjustments | 10 |  |  | 6 |  |  | 27 |
Balance at end of year | $ | 374 |  |  | $ | 360 |  |  | $ | 262 |
Summary of Tax Loss Carryforwards | As of December 31, 2023, consolidated deferred tax asset on tax loss carryforwards for income tax purposes wer e $177 million. If not utilized, tax loss carryforwards will begin to expire as follows:
2026 | $ | 1 |
2027 | 2 |
2028 | 7 |
2029 | 31 |
2030 | 38 |
Thereafter | 56 |
Without due dates | 42 |
Total | $ | 177 |
Schedule of Components Of Pretax Income | The components of net income before tax expense and equity in earnings of unconsolidated entity for the years ended December 31, 2023, 2022 and 2021 are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
U.S. | $ | (362) |  |  | $ | (207) |  |  | $ | (214) |
Non-U.S. | 1,915 |  |  | 987 |  |  | 455 |
| $ | 1,553 |  |  | $ | 780 |  |  | $ | 241 |

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