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INCOME TAXES (Tables)

12 Months Ended

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 were $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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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