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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of the (provision)/benefit for income taxes on continuing operations | The components of the (provision) benefit for income taxes on continuing operations were as follows:
| Year Ended December 31
Millions of dollars | 2023 | 2022 | 2021
Current income taxes: |  |  |
Federal | $ | (21) |  | $ | (17) |  | $ | 6 |
Foreign | (472) |  | (417) |  | (270) |
State | (12) |  | (11) |  | (6) |
Total current income taxes | (505) |  | (445) |  | (270) |
Deferred income taxes: |  |  |
Federal | (123) |  | (159) |  | 533 |
Foreign | (59) |  | 103 |  | (47) |
State | (14) |  | (14) |  | — |
Total deferred income taxes | (196) |  | (70) |  | 486 |
Income tax (provision) benefit | $ | (701) |  | $ | (515) |  | $ | 216 |
United States and foreign components of income from continuing operations before income taxes | The United States and foreign components of income from continuing operations before income taxes were as follows:
| Year Ended December 31
Millions of dollars | 2023 | 2022 | 2021
United States | $ | 1,666 |  | $ | 992 |  | $ | 283 |
Foreign | 1,697 |  | 1,118 |  | 969 |
Total income from continuing operations before income taxes | $ | 3,363 |  | $ | 2,110 |  | $ | 1,252 |
Reconciliations between the actual provision for income taxes on continuing operations and that computed by applying the US statutory rate to income from continuing operations before income taxes | Reconciliations between the actual (provision) benefit for income taxes on continuing operations and that computed by applying the United States statutory rate to income from continuing operations before income taxes were as follows:
| Year Ended December 31
| 2023 | 2022 | 2021
United States statutory rate | 21.0 | % | 21.0 | % | 21.0 | %
Valuation allowance against tax assets | 0.8 |  | (2.9) |  | (44.5) |
Impact of foreign income taxed at different rates | 0.2 |  | 3.0 |  | 2.5 |
State income taxes | 0.7 |  | 0.8 |  | 0.1 |
Impact of impairments and other charges | 0.6 |  | 0.7 |  | — |
Adjustments of prior year taxes | (1.3) |  | 0.2 |  | 1.3 |
Other items, net | (1.2) |  | 1.6 |  | 2.4 |
Total effective tax rate on continuing operations | 20.8 | % | 24.4 | % | (17.2) | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The primary components of our deferred tax assets and liabilities were as follows:
| December 31
Millions of dollars | 2023 | 2022
Gross deferred tax assets: |  |
Foreign tax credit carryforwards | $ | 902 |  | $ | 961 |
Intangible assets | 789 |  | 856 |
Net operating loss carryforwards | 663 |  | 694 |
Accrued liabilities | 293 |  | 259 |
Research and development tax credit carryforwards | 173 |  | 219 |
Employee compensation and benefits | 193 |  | 170 |
Other | 579 |  | 515 |
Total gross deferred tax assets | 3,592 |  | 3,674 |
Gross deferred tax liabilities: |  |
Operating lease right-of-use assets | 189 |  | 153 |
Depreciation and amortization | 115 |  | 61 |
Other | 51 |  | 39 |
Total gross deferred tax liabilities | 355 |  | 253 |
Valuation allowances | 761 |  | 821 |
Net deferred income tax asset | $ | 2,476 |  | $ | 2,600 |
Rollforward of unrecognized tax benefits and associated interest and penalties | The following table presents a rollforward of our unrecognized tax benefits and associated interest and penalties.
Millions of dollars | Unrecognized Tax Benefits |  | Interest and Penalties
Balance at January 1, 2021 | $ | 355 |  |  | $ | 71 |
Change in prior year tax positions | 14 |  |  | 4 |
Change in current year tax positions | 14 |  |  | 2 |
Cash settlements with taxing authorities | (10) |  |  | — |
Lapse of statute of limitations | (21) |  |  | (5) |
Balance at December 31, 2021 | $ | 352 |  | (a) | $ | 72 |
Change in prior year tax positions | (36) |  |  | (5) |
Change in current year tax positions | 13 |  |  | 2 |
Cash settlements with taxing authorities | (6) |  |  | (2) |
Lapse of statute of limitations | (12) |  |  | (3) |
Balance at December 31, 2022 | $ | 311 |  | (a) | $ | 64 |
Change in prior year tax positions | (38) |  |  | (10) |
Change in current year tax positions | 8 |  |  | 1 |
Cash settlements with taxing authorities | (4) |  |  | (3) |
Lapse of statute of limitations | (9) |  |  | (3) |
Balance at December 31, 2023 | $ | 268 |  | (a)(b) | $ | 49 |
(a) | Includes $43 million as of December 31, 2023, $51 million as of December 31, 2022, and $20 million as of December 31, 2021 in foreign unrecognized tax benefits that would give rise to a United States tax credit. As of December 31, 2023, December 31, 2022, and December 31, 2021 a net $192 million, $208 million and $272 million after a net operating loss carryforward offset, respectively, of unrecognized tax benefits would positively impact the effective tax rate and be recognized as additional tax benefits in our statement of operations if resolved in our favor.
(b) | Includes $85 million as of December 31, 2023 that we believe could be resolved within the next 12 months.
Summary of Tax Credit Carryforwards | Our deferred tax assets from net operating losses, foreign tax credits, and research and development credits will expire as follows:
Millions of dollars | U.S. Net Operating Loss | Foreign Net Operating Loss | Foreign Tax Credits | Research and Development Credit | Total Deferred Tax Assets
2024-2028 | $ | 3 |  | $ | 129 |  | $ | 450 |  | $ | — |  | $ | 582 |
2029-2033 | 8 |  | 13 |  | 474 |  | — |  | 495 |
2034-2043 | 25 |  | 88 |  | — |  | 173 |  | 286 |
Non-Expiring | 17 |  | 403 |  | — |  | — |  | 420 |
| $ | 53 |  | $ | 633 |  | $ | 924 |  | $ | 173 |  | $ | 1,783 |

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