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Income Taxes | 3 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Uncertain Tax Positions As of March 31, 2021, the Company had $131 million of unrecognized tax benefits recorded in Other liabilities and an amount less than $1 million recorded to Other current liabilities. The balance includes $37 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. If these unrecognized tax benefits were recognized, the effective tax rate would be affected. As of March 31, 2021, the Company had accrued interest and penalties of $32 million classified in Other liabilities and an amount less than $1 million classified in Other current liabilities. The balance includes $17 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. As of March 31, 2021, the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was $164 million associated with tax positions asserted in various jurisdictions. The balance includes $54 million associated with N&B uncertain tax positions recorded in the purchase accounting measurement period. The Company regularly repatriates earnings from non-U.S. subsidiaries. As the Company repatriates these funds to the U.S., they will be required to pay income taxes in certain U.S. states and applicable foreign withholding taxes during the period when such repatriation occurs. Accordingly, as of March 31, 2021, the Company had a deferred tax liability of $57 million for the effect of repatriating the funds to the U.S., attributable to various non-U.S. subsidiaries. There is no deferred tax liability associated with non-U.S. subsidiaries where we intend to indefinitely reinvest the earnings to fund local operations and/or capital projects. The Company has ongoing income tax audits and legal proceedings which are at various stages of administrative or judicial review. In addition, the Company has open tax years with various taxing jurisdictions that range primarily from 2011 to 2020. Based on currently available information, the Company does not believe the outcome of any of these tax audits and other tax positions related to open tax years, when finalized, will have a material impact on its results of operations. The Company also has other ongoing tax audits and legal proceedings that relate to indirect taxes, such as value-added taxes, sales and use taxes and property taxes, which are discussed in Note 15. Effective Tax Rate The effective tax rate for the three months ended March 31, 2021 was 25.9% compared to 17.0% for the three months ended March 31, 2020. The quarter-over-quarter increase was primarily due to higher repatriation costs and an unfavorable mix of earnings.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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