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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Components of Income from Operations before Provision for Income Taxes

The components of the income before income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:

						For the year ended December 31,
In millions						2024						2023						2022
Domestic						$	782					$	506					$	372
Foreign						628						586						482
Income before income taxes						$	1,410					$	1,092					$	854

Summary of Consolidated Provision for Income Taxes

The consolidated provision for income taxes included in the Consolidated Statements of Income consisted of the following:

						For the year ended December 31,
In millions						2024						2023						2022
Current tax expense
Federal						$	106					$	148					$	37
State						26						29						3
Foreign						160						148						137
						292						325						177
Deferred tax expense (benefit)
Federal						26						(50)						29
State						9						1						—
Foreign						16						(9)						7
						51						(58)						36
Total provision						$	343					$	267					$	213

Summary of Reconciliation of Income Tax Rate

A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:

						For the year ended December 31,
In millions						2024						2023						2022
U.S. federal statutory rate						21.0		%				21.0		%				21.0		%
State taxes						1.8						1.5						2.0
Foreign						3.1						2.0						3.8
Research and development credit						(0.7)						(0.6)						(0.8)
Non-taxable gain on acquisition						—						(0.8)						—
U.S. net operating loss carryback						(1.0)						—						—
Changes in valuation allowances						(0.4)						1.0						(2.0)
U.S. tax reform provision						0.5						0.6						0.1
Other, net						—						(0.2)						0.9
Effective rate						24.3		%				24.5		%				25.0		%

Summary of Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities were as follows:

						December 31,
In millions						2024						2023
Deferred income tax assets:
Accrued expenses and reserves						$	38					$	50
Warranty reserve						53						49
Deferred compensation/employee benefits						92						77
Right-of-use assets						74						78
Pension and postretirement obligations						13						16
Inventory						39						49
Deferred revenue						93						84
Net operating loss carry forwards						106						124
Other						50						51
Gross deferred income tax assets						558						578
Less: Valuation allowance						(52)						(58)
Total deferred income tax assets						506						520
Deferred income tax liabilities:
Property, plant & equipment						64						64
Right-of-use liabilities						71						75
Intangible assets						663						610
Total deferred income tax liabilities						798						749
Net deferred income tax liability						$	292					$	229

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of the gross liability for income taxes associated with unrecognized tax benefits follows:

In millions						2024						2023						2022
Balance at beginning of year						$	40					$	33					$	32
Unrecognized tax benefits in prior periods						3						13						1
Audit settlement during year						(22)						(5)						—
Expiration of audit statute of limitations						(2)						(1)						—
Balance at end of year						$	19					$	40					$	33

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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 the change in unrecognized tax benefits.

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