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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Earnings before Income Taxes | Earnings before income taxes consisted of the following:
| December 31,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2022
U.S. income (loss) before taxes | $ | (810) |  |  | $ | (1,777) |  |  | $ | (1,918) |
Foreign income (loss) before taxes | 1,088 |  |  | (741) |  |  | 293 |
Total income (loss) before taxes | $ | 278 |  |  | $ | (2,518) |  |  | $ | (1,625) |
Schedule of Income Tax Provision | The income tax provision consisted of the following:
| December 31,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2022
Current tax provision |  |  |  |  |
Federal | $ | (57) |  |  | $ | 55 |  |  | $ | 102 |
State and local | 8 |  |  | — |  |  | 49 |
Foreign | 384 |  |  | 359 |  |  | 325 |
Total current tax provision | 335 |  |  | 414 |  |  | 476 |
Deferred tax provision |  |  |  |  |
Federal | (203) |  |  | (113) |  |  | (77) |
State and local | (24) |  |  | 32 |  |  | (111) |
Foreign | (77) |  |  | (288) |  |  | (49) |
Total deferred tax benefit | (304) |  |  | (369) |  |  | (237) |
Total provision for income taxes | $ | 31 |  |  | $ | 45 |  |  | $ | 239 |
Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate | Reconciliation between the U.S. federal statutory income tax rate to the actual effective tax rate was as follows:
| December 31,
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax effect of non-deductible goodwill impairment | — |  |  | (20.4) |  |  | (29.1) |
Difference in effective tax rate on foreign earnings and remittances | 26.6 |  |  | (0.2) |  |  | — |
Tax benefit from supply chain optimization | (4.0) |  |  | 0.5 |  |  | 0.8 |
Unrecognized tax benefit, net of reversals | 5.3 |  |  | (0.8) |  |  | 0.9 |
Tax impact on business divestitures | (19.1) |  |  | (3.7) |  |  | (5.9) |
Deferred taxes on deemed repatriation(1) | 0.2 |  |  | 0.5 |  |  | (5.6) |
Global intangible low-taxed income | 9.8 |  |  | (0.4) |  |  | (0.8) |
Foreign-derived intangible income | — |  |  | — |  |  | 1.1 |
U.S. foreign tax credit - general limitation | (7.9) |  |  | 0.2 |  |  | 0.1 |
Research and development credit | (6.6) |  |  | 0.5 |  |  | 0.8 |
State and local taxes including rate changes(2) | (4.8) |  |  | (1.7) |  |  | 4.3 |
Tax impact on internal asset transfer | (8.6) |  |  | 5.3 |  |  | — |
Other, net | (0.7) |  |  | (2.6) |  |  | (2.3) |
Effective tax rate | 11.2 | % |  | (1.8) | % |  | (14.7) | %
_______________________ (1)For 2022, 2023 and 2024, the rate includes the establishment of the held for sale deferred tax liabilities due to a change in assertion. (2)For 2022, 2023 and 2024, the rate includes rate change impacts related to the remeasurement of the state tax rate on deferred taxes.
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities, shown before jurisdictional netting, consisted of the following amounts:
| December 31,
(DOLLARS IN MILLIONS) | 2024 |  | 2023
Employee and retiree benefits | $ | 90 |  |  | $ | 118 |
Credit and net operating loss carryforwards | 288 |  |  | 332 |
Amortizable research and development expenses | 154 |  |  | 125 |
Interest limitation | 226 |  |  | 127 |
Inventory | 29 |  |  | 35 |
Lease obligations | 146 |  |  | 170 |
Other, net | 99 |  |  | 114 |
Gross deferred tax assets | 1,032 |  |  | 1,021 |
Property, plant and equipment, net | (203) |  |  | (239) |
Intangible assets(1) | (1,516) |  |  | (1,792) |
Right-of-use assets | (135) |  |  | (170) |
Deferred taxes on deemed repatriation | (154) |  |  | (155) |
Gross deferred tax liabilities | (2,008) |  |  | (2,356) |
Valuation allowance | (376) |  |  | (324) |
Total net deferred tax liabilities | $ | (1,352) |  |  | $ | (1,659) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
(DOLLARS IN MILLIONS) | 2024 |  | 2023 |  | 2022
Balance of unrecognized tax benefits at beginning of year | $ | 123 |  |  | $ | 112 |  |  | $ | 130 |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year | 44 |  |  | 1 |  |  | 1 |
Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year | (11) |  |  | — |  |  | (18) |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year | 15 |  |  | 19 |  |  | 31 |
The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities | (5) |  |  | (3) |  |  | (27) |
Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation | (8) |  |  | (6) |  |  | (5) |
Balance of unrecognized tax benefits at end of year | $ | 158 |  |  | $ | 123 |  |  | $ | 112 |
_______________________

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