XML 57 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Taxes by Geographical Area

Earnings before income taxes by geographical area consisted of the following (in millions of dollars):

			For the Years Ended December 31,
			2024						2023						2022
U.S.			$	2,265					$	2,211					$	1,903
Foreign			319						289						243
Total			$	2,584					$	2,500					$	2,146

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consisted of the following (in millions of dollars):

			For the Years Ended December 31,
			2024						2023						2022
Current income tax expense:
U.S. Federal			$	404					$	431					$	374
U.S. State			84						100						77
Foreign			89						81						78
Total current			577						612						529
Deferred income tax (benefit) expense			18						(15)						4
Total income tax expense			$	595					$	597					$	533

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that gave rise to the net deferred tax asset (liability) as of December 31, 2024 and 2023 were as follows (in millions of dollars):

			As of December 31,
			2024						2023
Deferred tax assets:
Accrued expenses			172						177
U.S. and foreign loss carryforwards			82						84
Accrued employment-related benefits			42						51
Tax credit carryforward			20						22
Other			23						30
Deferred tax assets			339						364
Less valuation allowance			(100)						(93)
Deferred tax assets – net of valuation allowance			$	239					$	271
Deferred tax liabilities:
Property, buildings, equipment and other capital assets			(216)						(238)
Intangibles			(55)						(58)
Inventory			(16)						(11)
Other			(14)						(11)
Deferred tax liabilities			(301)						(318)
Net deferred tax liability			$	(62)					$	(47)
The net deferred tax asset (liability) is classified as follows:
Noncurrent assets			$	15					$	10
Noncurrent liabilities (foreign)			(77)						(57)
Net deferred tax liability			$	(62)					$	(47)

Summary of Valuation Allowance Changes

The Company's valuation allowance changed as follows (in millions of dollars):

			For the Years Ended December 31,
			2024						2023
Balance at beginning of period			$	(93)					$	(71)
Increases primarily related to foreign NOLs			(8)						(5)
Releases primarily related to foreign NOLs			—						1
Foreign exchange rate changes			1						(2)
Decrease related to U.S. foreign tax credits			2						3
Increase related to capital loss carryforwards			(1)						(19)
Other changes – net			(1)						—
Balance at end of period			$	(100)					$	(93)

Reconciliation of Income Tax Statutory Rate

A reconciliation of income tax expense with federal income taxes at the statutory rate follows (in millions of dollars):

			For the Years Ended December 31,
			2024						2023						2022
Federal income tax			$	543					$	525					$	451
State income taxes – net of federal income tax benefit			68						74						64
Stock compensation			(16)						(16)						(5)
Foreign rate difference			33						31						26
Change in valuation allowance(1)			2						6						7
Other – net			(35)						(23)						(10)
Income tax expense			$	595					$	597					$	533
Effective tax rate			23.0		%				23.9		%				24.8		%
(1) Net of changes in related tax attributes.

Schedule of Unrecognized Tax Benefits Roll Forward

The changes in the liability for tax uncertainties, excluding interest, are as follows (in millions of dollars):

			For the Years Ended December 31,
			2024						2023						2022
Balance at beginning of year			$	42					$	41					$	38
Additions for tax positions related to the current year			3						6						4
Additions for tax positions of prior years			—						1						2
Reductions for tax positions of prior years			(1)						(1)						—
Reductions due to statute lapse			(22)						(3)						(2)
Settlements, audit payments, refunds – net			(1)						(2)						(1)
Balance at end of year			$	21					$	42					$	41

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration