XML 34 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Income Tax
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
As of September 30, 2022, the Company recorded a deferred tax asset of $18 for goodwill amortization and net operating loss carryforwards in Switzerland. The Company believes that it is more likely than not that these deferred tax assets will not be utilized prior to their expiration and has recorded a full valuation allowance.

For the three and nine months ended September 30, 2021, the Company recorded income tax charges of $11 and $42 in continuing operations for reorganizations and other transactions required to prepare the European Tinplate business for sale. Additionally, for the nine months ended September 30, 2021, the Company also recorded income tax benefits of $8 related to tax law changes in India and the U.K. and an income tax charge of $40 to establish a valuation allowance for deferred tax assets related to tax loss carryforwards in France. The Company believes that it is more
likely than not that these tax loss carryforwards will not be utilized after the sale of the European Tinplate business. See Note C for more information regarding the sale of the European Tinplate business.

In August 2022, the Inflation Reduction Act of 2022 (the "IRA") was signed into law in the U.S.. The Company does not expect the IRA to have a material impact on the Company's consolidated financial statements, including its annual estimated effective tax rate.