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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax

The components of income tax for the years ended December 31, 2024, 2023 and 2022 are as follows:

			Year Ended December 31,
			2024						2023						2022
			(In millions)
Income Tax:
Current:
U.S.			$	64					$	41					$	12
Non-U.S.			700						812						383
			764						853						395
Deferred:
U.S.			17						36						55
Non-U.S.			(260)						(320)						(152)
			(243)						(284)						(97)
Income tax expense			$	521					$	569					$	298

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, 2024, 2023 and 2022 are as follows:

			Year Ended December 31,
			2024						2023						2022
			(In millions)
U.S.			$	94					$	(362)					$	(207)
Non-U.S.			2,338						1,915						987
			$	2,432					$	1,553					$	780

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, 2024, 2023 and 2022 to net income before income tax:

			Year Ended December 31,
			2024						2023						2022
			(In millions)
Net income before income tax expense and equity in earnings of unconsolidated entity			$	2,432					$	1,553					$	780
Income tax rate			21		%				21		%				21		%
Expected income tax expense			$	511					$	326					$	164
Permanent differences:
Transfer pricing adjustments			5						11						3
Non-deductible tax			—						7						1
Non-deductible expenses			27						107						54
Tax on retained earnings			147						105						55
Foreign Tax effects			(206)						(137)						(43)
Non-taxable income			(134)						(167)						(62)
Effect of rates different than statutory			34						117						37
Currency translation			56						335						48
Change in valuation allowance			220						4						92
Tax Inflation Adjustments			(130)						(136)						(35)
True up			(9)						(3)						(16)
Income tax expense			$	521					$	569					$	298

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, 2024 and 2023:

			December 31,
			2024						2023
			(In millions)
Deferred tax assets
Allowance for doubtful accounts			$	371					$	234
Unrealized net losses			4						3
Property and equipment, net			79						58
Accounts payable and accrued expenses			22						8
Payroll and social security payable			48						42
Provisions			309						275
U.S. foreign tax credit			528						304
Tax loss carryforwards			64						177
Inventories			18						14
Total deferred tax assets			1,443						1,115
Valuation allowance			(584)						(374)
Total deferred tax assets, net			859						741
Deferred tax liabilities
Property and equipment, net			(33)						(21)
Unrealized net gains			(7)						(4)
Goodwill			(3)						(4)
Accounts payable and accrued expenses			—						(2)
Payroll and social security payable			(1)						—
Outside Basis Dividends			(200)						(182)
Others			(17)						(1)
Total deferred tax liabilities			$	(261)					$	(214)
			$	598					$	527

Summary of Tax Valuation Allowance

The following table summarizes the tax valuation allowance activity during the years ended December 31, 2024, 2023 and 2022:

			Year Ended December, 31
			2024						2023						2022
Tax valuation allowance			(In millions)
Balance at beginning of year			$	374					$	360					$	262
Charged to Net income			220						4						92
Charges Utilized/Currency translation adjustments and other adjustments			(10)						10						6
Balance at end of year			$	584					$	374					$	360

Summary of Tax Loss Carryforwards

As of December 31, 2024, consolidated deferred tax asset on tax loss carryforwards for income tax purposes were $64 million. If not utilized, tax loss carryforwards will begin to expire as follows:

2027			$	1
2029			4
2030			3
2031			25
2032			7
Thereafter			2
Without due dates			22
Total			$	64

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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