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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes |
INCOME BEFORE INCOME TAXES (Dollars in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. |  | $ | 29 |  |  | $ | (3 | ) |  | $ | (38 | )
Non-U.S. |  |  | 583 |  |  |  | 606 |  |  |  | 652 |
Total |  | $ | 612 |  |  | $ | 603 |  |  | $ | 614 |
Schedule of Provision for Income Taxes |
PROVISION FOR INCOME TAXES (Dollars in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | 19 |  |  | $ | 32 |  |  | $ | 8 |
Non-U.S. |  |  | 210 |  |  |  | 181 |  |  |  | 191 |
U.S. state and local |  |  | 3 |  |  |  | 5 |  |  |  | (2 | )
Deferred |  |  |  |  |  |  |  |  |
U.S. federal |  |  | (7 | ) |  |  | (20 | ) |  |  | (8 | )
Non-U.S. |  |  | (101 | ) |  |  | (17 | ) |  |  | (10 | )
U.S. state and local |  |  | (1 | ) |  |  | (3 | ) |  |  | (2 | )
Total income tax expense |  | $ | 123 |  |  | $ | 178 |  |  | $ | 177 |
Schedule of Effective Income Tax Rate |
EFFECTIVE INCOME TAX RATE (%) |  | 2023 |  |  | 2022 |  |  | 2021 |  |
U.S. federal income tax rate |  |  | 21.0 |  | % |  | 21.0 |  | % |  | 21.0 |  | %
Non-Deductible Expenses |  |  | 1.8 |  |  |  | 0.5 |  |  |  | (0.1 | ) |
Foreign tax rate variances |  |  | 4.6 |  |  |  | 3.6 |  |  |  | 3.1 |  |
Tax credits |  |  | (3.9 | ) |  |  | (3.5 | ) |  |  | (2.2 | ) |
Change in Valuation Allowances |  |  | 11.6 |  |  |  | (1.7 | ) |  |  | (0.1 | ) |
Changes in tax reserves |  |  | 2.7 |  |  |  | (0.2 | ) |  |  | 0.6 |  |
Provision to Return |  |  | (0.2 | ) |  |  | 0.6 |  |  |  | (0.2 | ) |
Earnings of equity investments |  |  | (0.2 | ) |  |  | (0.1 | ) |  |  | (0.1 | ) |
Withholding taxes |  |  | 5.2 |  |  |  | 4.0 |  |  |  | 4.5 |  |
State taxes, net of federal benefit |  |  | 0.3 |  |  |  | 0.4 |  |  |  | (0.5 | ) |
Tax Audits |  |  | 0.0 |  |  |  | 1.0 |  |  |  | 0.6 |  |
Other Deferred Tax Asset Recognized 1) |  |  | (26.7 | ) |  |  | 0.0 |  |  |  | 0.0 |  |
U.S. FDII Deduction |  |  | (0.4 | ) |  |  | 0.0 |  |  |  | 0.0 |  |
U.S. GILTI Tax |  |  | 3.4 |  |  |  | 3.4 |  |  |  | 1.1 |  |
Impact of Translation Rates |  |  | 1.1 |  |  |  | 0.2 |  |  |  | — |  |
Other, net |  |  | (0.2 | ) |  |  | 0.3 |  |  |  | 1.2 |  |
Effective income tax rate |  |  | 20.1 |  | % |  | 29.5 |  | % |  | 28.9 |  | %
1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company's restructuring activities.
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (dollars in millions):
UNRECOGNIZED TAX BENEFITS |  | 2023 |  |  | 2022 |  |  | 2021 |
Unrecognized tax benefits at beginning of year |  | $ | 67 |  |  | $ | 65 |  |  | $ | 63 |
Increases as a result of tax positions taken during a prior period |  |  | 8 |  |  |  | 0 |  |  |  | 3 |
Increases as a result of tax positions taken during the current period |  |  | 7 |  |  |  | 7 |  |  |  | 5 |
Decreases as a result of tax positions taken during a prior period |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Decreases relating to settlements with taxing authorities |  |  | 0 |  |  |  | (4 | ) |  |  | (4 | )
Decreases resulting from the lapse of the applicable statute of limitations |  |  | 0 |  |  |  | 0 |  |  |  | (1 | )
Translation Difference |  |  | 1 |  |  |  | (1 | ) |  |  | (1 | )
Total unrecognized tax benefits at end of year |  | $ | 83 |  |  | $ | 67 |  |  | $ | 65 |
Schedule of Deferred Taxes | The tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities were as follows (dollars in millions).
DEFERRED TAXES |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |  |
Provisions |  | $ | 126 |  |  | $ | 99 |  |  | $ | 136 |
Costs capitalized for tax |  |  | 57 |  |  |  | 43 |  |  |  | 29 |
Other Deferred Tax Asset 1) |  |  | 160 |  |  |  | 0 |  |  |  | 0 |
Property, plant and equipment |  |  | 11 |  |  |  | 12 |  |  |  | 0 |
Retirement Plans |  |  | 40 |  |  |  | 42 |  |  |  | 46 |
Tax receivables, principally NOL’s |  |  | 133 |  |  |  | 123 |  |  |  | 109 |
Deferred tax assets before allowances |  |  | 527 |  |  |  | 319 |  |  |  | 320 |
Valuation allowances |  |  | (129 | ) |  |  | (46 | ) |  |  | (59 | )
Total |  |  | 398 |  |  |  | 273 |  |  |  | 261 |
Liabilities |  |  |  |  |  |  |  |  |
Statutory tax allowances |  |  | 0 |  |  |  | 0 |  |  |  | (6 | )
Distribution taxes |  |  | (3 | ) |  |  | (3 | ) |  |  | (6 | )
Other |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | )
Total |  |  | (4 | ) |  |  | (5 | ) |  |  | (15 | )
Net deferred tax asset |  | $ | 394 |  |  | $ | 268 |  |  | $ | 246 |
1)
Schedule of Valuation Allowances Against Deferred Tax Assets | The following table summarizes the activity related to the Company’s valuation allowances (dollars in millions):
VALUATION ALLOWANCES AGAINST DEFERRED TAX ASSETS |  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Allowances at beginning of year |  | $ | 46 |  |  | $ | 59 |  |  | $ | 68 |
Benefits reserved current year |  |  | 81 |  |  |  | 14 |  |  |  | 5 |
Benefits recognized current year 1) |  |  | (2 | ) |  |  | (27 | ) |  |  | (9 | )
Translation difference |  |  | 4 |  |  |  | 0 |  |  |  | (5 | )
Allowances at end of year |  | $ | 129 |  |  | $ | 46 |  |  | $ | 59 |
1) Benefits reserved in the current year include the partial reserve against deferred tax assets recognized in 2023 due to the transfer of certain assets and operations as part of the Company's restructuring activities.

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