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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 | 2022 | 2021
United States | $ | (1,666) |  | $ | (3,831) |  | $ | (505) |
International | 1,563 |  | 1,181 |  | 1,621 |
Income (loss) from continuing operations before income taxes | $ | (103) |  | $ | (2,650) |  | $ | 1,116 |
Income Tax Expense (Benefit) | Income Tax Expense (Benefit)
years ended December 31 (in millions) | 2023 | 2022 | 2021
Current |  |  |
United States |  |  |
Federal | $ | 9 |  | $ | 3 |  | $ | (11) |
State and local | (3) |  | — |  | 6 |
International | 459 |  | 231 |  | 249 |
Current income tax expense (benefit) | 465 |  | 234 |  | 244 |
Deferred |  |  |
United States |  |  |
Federal | (346) |  | (248) |  | (120) |
State and local | (41) |  | (52) |  | (7) |
International | (112) |  | 70 |  | (34) |
Deferred income tax expense (benefit) | (499) |  | (230) |  | (161) |
Income tax expense (benefit) | $ | (34) |  | $ | 4 |  | $ | 83 |
Deferred Tax Assets and Liabilities | Deferred Tax Assets and Liabilities
as of December 31 (in millions) | 2023 | 2022
Deferred tax assets |  |
Accrued liabilities and other | $ | 326 |  | $ | 404 |
Pension and other postretirement benefits | 152 |  | 143 |
Tax credit and net operating loss carryforwards | 800 |  | 1,143 |
Swiss tax reform net asset basis step-up | 157 |  | 151 |
Operating lease liabilities | 141 |  | 144 |
Valuation allowances | (658) |  | (704) |
Total deferred tax assets | 918 |  | 1,281 |
Deferred tax liabilities |  |
Subsidiaries’ unremitted earnings | 81 |  | 55 |
Long-lived assets and other | 769 |  | 1,470 |
Operating lease right-of-use assets | 131 |  | 137 |
Total deferred tax liabilities | 981 |  | 1,662 |
Net deferred tax asset (liability) | $ | (63) |  | $ | (381) |
Summary of Valuation Allowance | The following table is a summary of changes in our deferred tax valuation allowance for the years ended December 31, 2023, 2022 and 2021.
years ended December 31 (in millions) | 2023 | 2022 | 2021
Balance at beginning of period | $ | 704 |  | $ | 401 |  | $ | 454 |
Acquisition | — |  | — |  | 38 |
Divestiture | (5) |  | — |  | — |
Charged to income tax expense | 90 |  | 315 |  | 37 |
Deductions | (135) |  | (1) |  | (98) |
Currency translation adjustments | 4 |  | (11) |  | (30) |
Balance at end of period | $ | 658 |  | $ | 704 |  | $ | 401 |
Income Tax Expense (Benefit) Reconciliation | Income Tax Expense (Benefit) Reconciliation
years ended December 31 (in millions) | 2023 | 2022 | 2021
Income tax expense (benefit) at U.S. statutory rate | $ | (22) |  | $ | (557) |  | $ | 234 |
Tax incentives | (209) |  | (157) |  | (193) |
State and local taxes, net of federal benefit | (36) |  | (26) |  | 8 |
Impact of foreign taxes | 189 |  | 89 |  | 180 |
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 |  | — |
Non-deductible separation-related costs | 26 |  | — |  | — |
Notional interest deduction expense (benefit) | 31 |  | (306) |  | (97) |
Valuation allowances | (45) |  | 314 |  | (61) |
Stock compensation (windfall) shortfall tax expense (benefit) | 11 |  | (5) |  | (13) |
Research and development tax credits | (21) |  | (10) |  | (4) |
Uncertain tax positions | 5 |  | (13) |  | 14 |
Unutilized foreign tax credits | 20 |  | 43 |  | 13 |
Subpart F income | 26 |  | 11 |  | 10 |
Foreign tax credits | (9) |  | 6 |  | (2) |
Other, net | — |  | 24 |  | 30 |
Income tax expense (benefit) | $ | (34) |  | $ | 4 |  | $ | 83 |
Reconciliation of Unrecognized Tax Benefits | The following table is a reconciliation of our unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021.
as of and for the years ended (in millions) | 2023 | 2022 | 2021
Balance at beginning of the year | $ | 89 |  | $ | 111 |  | $ | 90 |
Increase due to acquisition | — |  | — |  | 11 |
Increase associated with tax positions taken during the current year | 77 |  | 11 |  | 31 |
Increase (decrease) associated with tax positions taken during a prior year | 12 |  | 11 |  | (3) |
Settlements | (3) |  | (7) |  | (2) |
Decrease associated with lapses in statutes of limitations | (8) |  | (37) |  | (16) |
Balance at end of the year | $ | 167 |  | $ | 89 |  | $ | 111 |

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