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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 | 2023 | 2022
United States | $ | (1,499) |  | $ | (1,057) |  | $ | (3,858) |
International | 1,210 |  | 1,299 |  | 610 |
Income (loss) from continuing operations before income taxes | $ | (289) |  | $ | 242 |  | $ | (3,248) |
Income Tax Expense (Benefit) | Income Tax Expense (Benefit)
years ended December 31 (in millions) | 2024 | 2023 | 2022
Current |  |  |
United States |  |  |
Federal | $ | 19 |  | $ | 1 |  | $ | 9 |
State and local | 21 |  | 9 |  | — |
International | 259 |  | 307 |  | 116 |
Current income tax expense (benefit) | 299 |  | 317 |  | 125 |
Deferred |  |  |
United States |  |  |
Federal | (197) |  | (123) |  | (264) |
State and local | (21) |  | (25) |  | (49) |
International | (44) |  | (108) |  | 53 |
Deferred income tax expense (benefit) | (262) |  | (256) |  | (260) |
Income tax expense (benefit) | $ | 37 |  | $ | 61 |  | $ | (135) |
Deferred Tax Assets and Liabilities | Deferred Tax Assets and Liabilities
as of December 31 (in millions) | 2024 | 2023
Deferred tax assets |  |
Accrued liabilities and other | $ | 310 |  | $ | 282 |
Pension and other postretirement benefits | 131 |  | 135 |
Tax credit and net operating loss carryforwards | 750 |  | 723 |
Swiss tax reform net asset basis step-up | 92 |  | 157 |
Operating lease liabilities | 139 |  | 140 |
Valuation allowances | (536) |  | (584) |
Total deferred tax assets | 886 |  | 853 |
Deferred tax liabilities |  |
Subsidiaries’ unremitted earnings | 21 |  | 81 |
Long-lived assets and other | 632 |  | 783 |
Operating lease right-of-use assets | 132 |  | 131 |
Total deferred tax liabilities | 785 |  | 995 |
Net deferred tax asset (liability) | $ | 101 |  | $ | (142) |
Summary of Valuation Allowance | The following table is a summary of changes in our deferred tax valuation allowance for the years ended December 31, 2024, 2023 and 2022.
years ended December 31 (in millions) | 2024 | 2023 | 2022
Balance at beginning of period | $ | 584 |  | $ | 631 |  | $ | 326 |
Charged to income tax expense | 48 |  | 87 |  | 313 |
Deductions | (73) |  | (139) |  | (1) |
Currency translation adjustments | (23) |  | 5 |  | (7) |
Balance at end of period | $ | 536 |  | $ | 584 |  | $ | 631 |
Income Tax Expense (Benefit) Reconciliation | Income Tax Expense (Benefit) Reconciliation
years ended December 31 (in millions) | 2024 | 2023 | 2022
Income tax expense (benefit) at U.S. statutory rate | $ | (61) |  | $ | 51 |  | $ | (682) |
Tax incentives | (176) |  | (200) |  | (156) |
State and local taxes, net of federal benefit | (9) |  | (2) |  | (27) |
Impact of foreign taxes | 137 |  | 190 |  | 78 |
Non-deductible goodwill impairments | 86 |  | — |  | 591 |
Notional interest deduction expense (benefit) | (37) |  | 31 |  | (306) |
Valuation allowances | (25) |  | (51) |  | 312 |
Stock compensation (windfall) shortfall tax expense (benefit) | 9 |  | 10 |  | (4) |
Research and development tax credits | (19) |  | (17) |  | (8) |
Uncertain tax positions | 9 |  | 6 |  | (7) |
Unutilized foreign tax credits | 15 |  | 32 |  | 32 |
Subpart F income | 18 |  | 26 |  | 11 |
Foreign tax credits | (5) |  | (7) |  | 4 |
Pillar Two taxes | 11 |  | — |  | — |
Revaluation of Swiss basis step-up deferred tax asset | 58 |  | — |  | — |
Tax law changes on Section 987 | 17 |  | — |  | — |
Other, net | 9 |  | (8) |  | 27 |
Income tax expense (benefit) | $ | 37 |  | $ | 61 |  | $ | (135) |
Reconciliation of Unrecognized Tax Benefits | The following table is a reconciliation of our unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022.
as of and for the years ended (in millions) | 2024 | 2023 | 2022
Balance at beginning of the year | $ | 89 |  | $ | 87 |  | $ | 106 |
Increase associated with tax positions taken during the current year | 10 |  | 9 |  | 11 |
Increase (decrease) associated with tax positions taken during a prior year | 5 |  | 3 |  | 14 |
Settlements | (1) |  | (2) |  | (7) |
Decrease associated with lapses in statutes of limitations | (7) |  | (8) |  | (37) |
Balance at end of the year | $ | 96 |  | $ | 89 |  | $ | 87 |

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