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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Tax Expense (Benefit) by Category | Income (Loss) Before Income Tax Expense (Benefit) by Category
years ended December 31 (in millions) | 2022 | 2021 | 2020
United States | $ | (3,759) |  | $ | (424) |  | $ | (329) |
International | 1,406 |  | 1,901 |  | 1,621 |
Income (loss) before income taxes | $ | (2,353) |  | $ | 1,477 |  | $ | 1,292 |
Income Tax Expense (Benefit) | Income Tax Expense (Benefit)
years ended December 31 (in millions) | 2022 | 2021 | 2020
Current |  |  |
United States |  |  |
Federal | $ | 3 |  | $ | (11) |  | $ | 7 |
State and local | 4 |  | 10 |  | (7) |
International | 286 |  | 329 |  | 270 |
Current income tax expense (benefit) | 293 |  | 328 |  | 270 |
Deferred |  |  |
United States |  |  |
Federal | (253) |  | (103) |  | (99) |
State and local | (52) |  | (8) |  | 5 |
International | 80 |  | (35) |  | 6 |
Deferred income tax expense (benefit) | (225) |  | (146) |  | (88) |
Income tax expense (benefit) | $ | 68 |  | $ | 182 |  | $ | 182 |
Deferred Tax Assets and Liabilities | Deferred Tax Assets and Liabilities
as of December 31 (in millions) | 2022 | 2021
Deferred tax assets |  |
Accrued liabilities and other | $ | 399 |  | $ | 434 |
Pension and other postretirement benefits | 147 |  | 174 |
Tax credit and net operating loss carryforwards | 1,143 |  | 939 |
Swiss tax reform net asset basis step-up | 151 |  | 161 |
Operating lease liabilities | 144 |  | 155 |
Valuation allowances | (704) |  | (401) |
Total deferred tax assets | 1,280 |  | 1,462 |
Deferred tax liabilities |  |
Subsidiaries’ unremitted earnings | 55 |  | 66 |
Long-lived assets and other | 1,506 |  | 1,831 |
Operating lease right-of-use assets | 137 |  | 151 |
Total deferred tax liabilities | 1,698 |  | 2,048 |
Net deferred tax asset (liability) | $ | (418) |  | $ | (586) |
Income Tax Expense (Benefit) Reconciliation | Income Tax Expense (Benefit) Reconciliation
years ended December 31 (in millions) | 2022 | 2021 | 2020
Income tax expense (benefit) at U.S. statutory rate | $ | (494) |  | $ | 310 |  | $ | 271 |
Tax incentives | (157) |  | (193) |  | (169) |
State and local taxes, net of federal benefit | (23) |  | 10 |  | (2) |
Impact of foreign taxes | 107 |  | 200 |  | 142 |
Tax-deductible foreign statutory loss on an investment in a foreign subsidiary | — |  | (58) |  | — |
Unfavorable court decision in a foreign jurisdiction related to an uncertain tax position | — |  | 22 |  | — |
Non-deductible goodwill impairments | 591 |  | — |  | — |
Notional interest deduction benefit | (306) |  | (97) |  | (54) |
Valuation allowances | 314 |  | (61) |  | 8 |
Stock compensation windfall tax benefits | (5) |  | (13) |  | (27) |
Research and development tax credits | (11) |  | (5) |  | (7) |
Unutilized foreign tax credits | 23 |  | 14 |  | 15 |
Other, net | 29 |  | 53 |  | 5 |
Income tax expense (benefit) | $ | 68 |  | $ | 182 |  | $ | 182 |
Reconciliation of Unrecognized Tax Benefits | The following table is a reconciliation of our unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020.
as of and for the years ended (in millions) | 2022 | 2021 | 2020
Balance at beginning of the year | $ | 111 |  | $ | 90 |  | $ | 111 |
Increase due to acquisition | — |  | 11 |  | — |
Increase associated with tax positions taken during the current year | 11 |  | 31 |  | 8 |
Increase (decrease) associated with tax positions taken during a prior year | 11 |  | (3) |  | (1) |
Settlements | (7) |  | (2) |  | (18) |
Decrease associated with lapses in statutes of limitations | (37) |  | (16) |  | (10) |
Balance at end of the year | $ | 89 |  | $ | 111 |  | $ | 90 |

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