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INCOME TAXES (Tables)

12 Months Ended

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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