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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

INCOME BEFORE INCOME TAXES (Dollars in millions)		2024				2023				2022
U.S.		$	(51	)		$	29			$	(3	)
Non-U.S.			926				583				606
Total		$	875			$	612			$	603

Schedule of Provision for Income Taxes

PROVISION FOR INCOME TAXES (Dollars in millions)		2024				2023				2022
Current
U.S. federal		$	(6	)		$	19			$	32
Non-U.S.			260				210				181
U.S. state and local			3				3				5
Deferred
U.S. federal			(11	)			(7	)			(20	)
Non-U.S.			(16	)			(101	)			(17	)
U.S. state and local			(3	)			(1	)			(3	)
Total income tax expense		$	227			$	123			$	178

Schedule of Effective Income Tax Rate

EFFECTIVE INCOME TAX RATE (%)		2024				2023				2022
U.S. federal income tax rate			21.0		%		21.0		%		21.0		%
Non-Deductible Expenses			0.9				1.8				0.5
Foreign tax rate variances			2.2				4.6				3.6
Tax credits			(2.1	)			(3.9	)			(3.5	)
Change in Valuation Allowances			0.5				11.6				(1.7	)
Changes in tax reserves			(2.1	)			2.7				(0.2	)
Provision to Return			(1.5	)			(0.2	)			0.6
Earnings of equity investments			(0.2	)			(0.2	)			(0.1	)
Withholding taxes			5.6				5.2				4.0
State taxes, net of federal benefit			0.0				0.3				0.4
Tax Audits			(0.5	)			0.0				1.0
Other Deferred Tax Adjustments1)			0.0				(26.7	)			0.0
U.S. FDII Deduction			0.0				(0.4	)			0.0
U.S. GILTI Tax			1.9				3.4				3.4
Impact of Translation Rates			0.6				1.1				0.2
Other, net			(0.3	)			(0.2	)			0.3
Effective income tax rate			26.0		%		20.1		%		29.5		%

1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company's restructuring activities.

Summary of Company's Activity related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits.

UNRECOGNIZED TAX BENEFITS (Dollars in millions)		2024				2023				2022
Unrecognized tax benefits at beginning of year		$	83			$	67			$	65
Increases as a result of tax positions taken during a prior period			0				8				0
Increases as a result of tax positions taken during the current period			4				7				7
Decreases as a result of tax positions taken during a prior period			(6	)			0				0
Decreases relating to settlements with taxing authorities			(6	)			0				(4	)
Decreases resulting from the lapse of the applicable statute of limitations			(39	)			0				0
Translation Difference			(1	)			1				(1	)
Total unrecognized tax benefits at end of year		$	35			$	83			$	67

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.

DEFERRED TAXES(Dollars in millions)		December 31,
		2024				2023				2022
Assets
Provisions		$	112			$	126			$	99
Costs capitalized for tax			85				57				43
Other Deferred Tax Asset1)			158				160				—
Property, plant and equipment			30				11				12
Retirement Plans			39				40				42
Tax receivables, principally NOL’s			99				133				123
Deferred tax assets before allowances			523				527				319
Valuation allowances			(126	)			(129	)			(46	)
Total			397				398				273
Liabilities
Distribution taxes			(3	)			(3	)			(3	)
Other			0				(1	)			(2	)
Total			(3	)			(4	)			(5	)
Net deferred tax asset		$	394			$	394			$	268

1) Deferred tax asset recognized in 2023 due to the transfer of certain assets and operations as part of the Company’s restructuring activities,

and is partially offset by the increased valuation allowances.

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 (Dollars in millions)		December 31,
		2024				2023				2022
Allowances at beginning of year		$	129			$	46			$	59
Benefits reserved current year			11				81				14
Benefits recognized current year1)			(6	)			(2	)			(27	)
Translation difference			(8	)			4				0
Allowances at end of year		$	126			$	129			$	46

1) Benefits reserved in 2023 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. In January 2025 the OECD released Administrative Guidance on Article 9.1 of the Global Anti-Base Erosion Model Rules which amends the Pillar Two Framework. Jurisdictions that have adopted the Framework may implement and administer their domestic laws consistent with the Model Rules and guidance. The Guidance eliminates the tax basis in certain deferred tax assets and tax credit carryforwards for purposes of global minimum tax established under the Framework. The Company is analyzing the latest Guidance and will recognize any impact in the first quarter of 2025.

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