XML 60 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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

_______________________

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration