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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income before income taxes

U.S. and foreign income before taxes are set forth below:

						2023						2022						2021
U.S.						$	1,246					$	1,124					$	1,062
Foreign						572						538						612
						$	1,818					$	1,662					$	1,674

Details of income tax provision (benefit)

The details of our income tax provision (benefit) are set forth below:

												2023						2022						2021
Current:						Federal						$	221					$	139					$	45
						Foreign						222						200						214
						State						68						53						40
												$	511					$	392					$	299
Deferred:						Federal						$	(121)					$	(31)					$	21
						Foreign						(153)						(10)						(227)
						State						(16)						(14)						6
												$	(290)					$	(55)					$	(200)
												$	221					$	337					$	99

Effective income tax and tax rate reconciliation

The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:

						2023						2022						2021
U.S. federal statutory rate						21.0		%				21.0		%				21.0		%
State income tax, net of federal tax						2.3						1.9						1.8
Statutory rate differential attributable to foreign operations						(1.7)						(2.0)						(1.0)
Adjustments to reserves and prior years						1.3						1.6						1.1
Excess tax benefits from stock-based awards						(1.1)						(1.4)						(2.7)
Change in valuation allowances						—						(0.5)						(0.8)
Impact of Russia Exit						(0.5)						4.3						—
Intercompany restructuring and Valuations of Intellectual Property						(9.1)						(4.9)						(11.3)
Nondeductible interest						—						—						1.4
Impact of tax law changes						—						—						(3.8)
Other, net						(0.1)						0.3						0.2
Effective income tax rate						12.1		%				20.3		%				5.9		%

Details of deferred tax assets (liabilities)

						2023						2022
Operating losses and interest deduction carryforwards						$	230					$	183
Capital losses						71						70
Tax credit carryforwards						188						206
Employee benefits						75						74
Share-based compensation						58						55
Lease-related liabilities						242						240
Accrued liabilities and other						59						40
Intangible assets						610						520
Property, plant and equipment						30						32
Deferred income						103						103
Capitalized Research & Development Costs						92						35
Gross deferred tax assets						1,758						1,558
Deferred tax asset valuation allowances						(386)						(458)
Net deferred tax assets						$	1,372					$	1,100
Property, plant and equipment						$	(51)					$	(79)
Operating lease right-of-use assets						(210)						(203)
Employee benefits						(8)						(7)
Derivative Instruments						(17)						(27)
Other						(42)						(35)
Gross deferred tax liabilities						$	(328)					$	(351)
Net deferred tax assets (liabilities)						$	1,044					$	749

The details of the 2023 and 2022 valuation allowance activity are set forth below:

						2023						2022
Beginning of Year						$	(458)					$	(462)
Increases						(19)						(22)
Decreases						91						21
Other Adjustments						—						5
End of Year						$	(386)					$	(458)

Reported in Consolidated Balance Sheets as:

						2023						2022
Deferred income taxes						$	1,045					$	750
Other liabilities and deferred credits						(1)						(1)
						$	1,044					$	749

Loss carryforwards, by year of expiration

						Gross Amount						Deferred Tax Asset						Valuation Allowance						Expiration
Federal net operating losses - Indefinite						$	60					$	13					$	—					None
Foreign net operating losses						211						34						(14)						2024-2043
Foreign net operating losses - Indefinite						414						98						(20)						None
State net operating losses						1,208						52						(36)						2024-2043
Foreign capital loss carryforward - Indefinite						281						71						(71)						None
Foreign tax credits (US Tax Return)						150						150						(117)						2026-2032
Foreign country tax credits						38						38						(9)						2031
State interest deduction carryforward - Indefinite						681						33						(32)						None
						$	3,043					$	489					$	(299)

Unrecognized tax benefits reconciliation

						2023						2022
Beginning of Year						$	128					$	116
Additions on tax positions - current year						9						4
Additions for tax positions - prior years						42						8
Reductions for tax positions - prior years						(28)						—
Reductions for settlements						—						—
End of Year						$	151					$	128

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