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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income before income taxes

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

						2024						2023						2022
U.S.						$	1,131					$	1,246					$	1,124
Foreign						769						572						538
						$	1,900					$	1,818					$	1,662

Details of income tax provision (benefit)

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

												2024						2023						2022
Current:						Federal						$	170					$	221					$	139
						Foreign						226						222						200
						State						48						68						53
												$	444					$	511					$	392
Deferred:						Federal						$	(40)					$	(121)					$	(31)
						Foreign						15						(153)						(10)
						State						(5)						(16)						(14)
												$	(30)					$	(290)					$	(55)
												$	414					$	221					$	337

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:

						2024						2023						2022
U.S. federal statutory rate						21.0		%				21.0		%				21.0		%
State income tax, net of federal tax						1.8						2.3						1.9
Statutory rate differential attributable to foreign operations						1.3						(1.7)						(2.0)
Adjustments to reserves and prior years						0.5						1.3						1.6
Excess tax benefits from stock-based awards						(1.6)						(1.1)						(1.4)
Change in valuation allowances						0.3						—						(0.5)
Impact of Russia Exit						—						(0.5)						4.3
Intercompany restructuring and Valuations of Intellectual Property						(1.5)						(9.1)						(4.9)
Other, net						—						(0.1)						0.3
Effective income tax rate						21.8		%				12.1		%				20.3		%

Details of deferred tax assets (liabilities)

						2024						2023
Operating losses and interest deduction carryforwards						$	213					$	230
Capital losses						70						71
Tax credit carryforwards						200						188
Employee benefits						83						75
Share-based compensation						44						58
Lease-related liabilities						267						242
Accrued liabilities and other						66						59
Intangible assets						575						610
Property, plant and equipment						25						30
Deferred income						105						103
Capitalized Research & Development Costs						120						92
Gross deferred tax assets						1,768						1,758
Deferred tax asset valuation allowances						(369)						(386)
Net deferred tax assets						$	1,399					$	1,372
Property, plant and equipment						$	(47)					$	(51)
Operating lease right-of-use assets						(235)						(210)
Employee benefits						(6)						(8)
Derivative Instruments						(5)						(17)
Other						(36)						(42)
Gross deferred tax liabilities						$	(329)					$	(328)
Net deferred tax assets (liabilities)						$	1,070					$	1,044

The details of the 2024 and 2023 valuation allowance activity are set forth below:

						2024						2023
Beginning of Year						$	(386)					$	(458)
Increases						(5)						(19)
Decreases						16						91
Other Adjustments						6						—
End of Year						$	(369)					$	(386)

Reported in Consolidated Balance Sheets as:

						2024						2023
Deferred income taxes						$	1,071					$	1,045
Other liabilities and deferred credits						(1)						(1)
						$	1,070					$	1,044

Loss carryforwards, by year of expiration

						Gross Amount						Deferred Tax Asset						Valuation Allowance						Expiration
Federal net operating losses - Indefinite						$	51					$	11					$	—					None
Foreign net operating losses						296						45						(17)						2025-2044
Foreign net operating losses - Indefinite						333						76						(11)						None
State net operating losses						1,176						49						(35)						2025-2044
Foreign capital loss carryforward - Indefinite						281						70						(70)						None
Foreign tax credits (US Tax Return)						164						164						(117)						2025-2034
Foreign country tax credits						36						36						(13)						2031
State interest deduction carryforward - Indefinite						758						32						(30)						None
						$	3,095					$	483					$	(293)

Schedule of Unrecognized Tax Benefits Roll Forward

						2024						2023
Beginning of Year						$	151					$	128
Additions on tax positions - current year						6						9
Additions for tax positions - prior years						1						42
Reductions for tax positions - prior years						(10)						(28)
Reductions for settlements						(22)						—
End of Year						$	126					$	151

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