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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table summarizes our Earnings (loss) before taxes and Income tax expense (in millions):

			Twelve Months Ended December 31,
			2022						2021						2020
Earnings (loss) before taxes:
United States			$	1,286					$	868					$	8
Foreign			328						445						(264)
Total			$	1,614					$	1,313					$	(256)

Schedule of Components of Income Tax Expense (Benefit), By Jurisdiction

Income tax expense:
Current
United States			$	180					$	139					$	4
State and local			38						27						16
Foreign			125						90						30
Total current			343						256						50
Deferred
United States			50						53						64
State and local			(6)						(3)						(1)
Foreign			(14)						13						16
Total deferred			30						63						79
Total income tax expense			$	373					$	319					$	129

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the United States federal statutory rate and the Company’s effective income tax rate from continuing operations is:    

			Twelve Months Ended December 31,
			2022						2021						2020
United States federal statutory rate			21		%				21		%				21		%
State and local income taxes, net of federal tax benefit			2						3						(9)
U.S. tax expense on foreign earnings			—						—						(5)
Legislative tax rate changes			—						—						7
Foreign tax credits			—						(1)						2
Valuation allowance			—						—						(15)
R&D Credits			(1)						—						—
Intercompany restructuring - intellectual property transfer			—						—						14
Goodwill impairment charge			—						—						(75)
Uncertain tax positions and settlements			—						—						2
Excess tax benefits related to stock compensation			—						—						2
Other, net			1						1						6
Effective tax rate			23		%				24		%				(50)		%

Schedule of Deferred Tax Assets and Liabilities

The cumulative temporary differences giving rise to the deferred tax assets and liabilities are as follows (in millions):

			December 31, 2022												December 31, 2021
			Deferred Tax Assets						Deferred Tax Liabilities						Deferred Tax Assets						Deferred Tax Liabilities
Other employee benefits			$	59					$	—					$	66					$	—
Pension plans			16						—						16						—
Operating loss and tax credit carryforwards			108						—						132						—
Depreciation			—						334						—						300
Leases - right of use assets			—						70						—						34
Leases - liabilities			56						—						36						—
Amortization			—						298						—						322
Foreign tax credit carryforwards			52						—						54						—
Other			168						—						139						—
Subtotal			459						702						443						656
Valuation allowances			(129)						—						(132)						—
Total deferred taxes			$	330					$	702					$	311					$	656

Summary of Operating Loss and Tax Credit Carryforwards

The following table summarizes the amount and expiration dates of our deferred tax assets related to operating loss and tax credit carryforwards and foreign tax credit carryforwards at December 31, 2022 (in millions) (a):                

			Expiration Dates						Amounts
Domestic loss and tax credit carryforwards			2023-2036						$	91
Foreign loss and tax credit carryforwards (b)			2023 - Indefinite						69
Total operating loss and tax credit carryforwards									$	160

(a)The use of certain of the Company's losses and credits is limited pursuant to sections 382 and 383 of the Internal Revenue Code which are triggered when a change in control occurs and are computed based upon several variable

factors including the share price of the Company's common stock on the date of the change in control. A change in control is generally defined as a cumulative change of more than 50% in the ownership positions of certain stockholders during a rolling three-year period. The Company believes that these limitations will not result in a forfeiture of the carryforwards.(b)The foreign net operating losses are related to various jurisdictions that provide for both indefinite carryforward periods and others with carryforward periods that range from the tax years 2023 to 2036.

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in millions):

			Twelve Months Ended December 31,
			2022						2021						2020
Balance at beginning of period			$	74					$	76					$	79
Tax positions related to the current year
Gross additions			—						—						—
Tax positions related to prior years
Gross additions			2						1						2
Gross reductions			—						(1)						(1)
Settlements			(1)						(1)						(1)
Expiration of statute of limitations			(3)						(1)						(3)
Impact of currency changes			(1)						—						—
Balance at end of period			$	71					$	74					$	76

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Tabular disclosure of income tax expense attributable to continuing operations for each year presented including current tax expense (benefit) and deferred tax expense (benefit). The expense (benefit) amounts are disclosed by tax jurisdiction, including United States, Foreign, and State and Local.

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