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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings (Loss) from Continuing Operations and Provisions for Income Taxes

Components of earnings before income taxes and the provision for U.S. and other income taxes from operations follow:

			For years ended December 31,
(Dollars in millions)			2023						2022						2021
Earnings before income taxes
United States			$	357					$	205					$	645
Outside the United States			730						772						437
Total			$	1,087					$	977					$	1,082
Provision for income taxes
United States Federal
Current			$	133					$	179					$	114
Deferred			(39)						(76)						18
Outside the United States
Current			153						105						115
Deferred			(35)						(10)						(42)
State and other
Current			7						33						24
Deferred			(28)						(50)						(14)
Total			$	191					$	181					$	215

Schedule of Deferred Tax Charge (Benefit) Recorded as a Component of Accumulated Other Comprehensive Loss

The following represents the deferred tax (benefit) charge recorded as a component of "Accumulated other comprehensive income (loss)" ("AOCI") in the Consolidated Statements of Financial Position:

			For years ended December 31,
(Dollars in millions)			2023						2022						2021
Cumulative translation adjustment			$	11					$	—					$	—
Defined benefit pension and other postretirement benefit plans			(6)						(7)						(10)
Derivatives and hedging			(9)						(1)						21
Total			$	(4)					$	(8)					$	11

Schedule of Income Tax Expense (Benefit) Included in Consolidated Financial Statement

Total income tax expense (benefit) included in the consolidated financial statements was composed of the following:

			For years ended December 31,
(Dollars in millions)			2023						2022						2021
Earnings before income taxes			$	191					$	181					$	215
Other comprehensive income			(4)						(8)						11
Total			$	187					$	173					$	226

Schedule of Reconciliation of Income Taxes on Earnings from Continuing Operations at Federal Statutory Income Tax Rate

Differences between the provision for income taxes and income taxes computed using the U.S. Federal statutory income tax rate follow:

			For years ended December 31,
(Dollars in millions)			2023						2022						2021
Amount computed using the statutory rate			$	228					$	205					$	225
State income taxes, net			(26)						(27)						(4)
Foreign rate variance			(78)						(16)						(28)
Change in reserves for tax contingencies			105						27						(39)
General business credits			(81)						(44)						(21)
U.S. tax on foreign earnings, net of credits			22						(17)						2
Divestitures			14						37						89
Tax law changes and tax loss from outside-U.S. entity reorganizations			—						—						(15)
Other			7						16						6
Provision for income taxes			$	191					$	181					$	215
Effective income tax rate			18		%				19		%				20		%

The 2023 provision for income taxes includes an increase related to uncertain tax positions, a decrease related to general business credits, and a decrease related to the foreign rate variance due to the Company's mix of earnings.

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities follow:

			December 31,
(Dollars in millions)			2023						2022
Deferred tax assets
Post-employment obligations			$	158					$	150
Net operating loss carryforwards			690						645
Tax credit carryforwards			268						236
Environmental contingencies			68						64
Capitalized research and development expenses			322						139
Other			264						239
Total deferred tax assets			1,770						1,473
Less: Valuation allowance			183						258
Deferred tax assets less valuation allowance			$	1,587					$	1,215
Deferred tax liabilities
Property, plant, and equipment			$	(952)					$	(849)
Intangible assets			(270)						(272)
Investments			(516)						(441)
Deferred gain			(160)						(58)
Other			(134)						(143)
Total deferred tax liabilities			$	(2,032)					$	(1,763)
Net deferred tax liabilities			$	(445)					$	(548)
As recorded in the Consolidated Statements of Financial Position:
Other noncurrent assets			$	156					$	123
Deferred income tax liabilities			(601)						(671)
Net deferred tax liabilities			$	(445)					$	(548)

Schedule of Tax Receivables and Payables

Amounts due to and from tax authorities as recorded in the Consolidated Statements of Financial Position:

			December 31,
(Dollars in millions)			2023						2022
Miscellaneous receivables			$	62					$	35
Payables and other current liabilities			$	133					$	95
Other long-term liabilities			287						174
Total income taxes payable			$	420					$	269

Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(Dollars in millions)			2023						2022						2021
Balance at January 1			$	235					$	200					$	257
Adjustments based on tax positions related to current year			33						11						6
Adjustments based on tax positions related to prior years			68						24						2
Lapse of statute of limitations			(9)						—						(45)
Settlements			(7)						—						(20)
Balance at December 31 (1)			$	320					$	235					$	200

(1)Approximately $313 million of the unrecognized tax benefits as of December 31, 2023, would, if recognized, impact the Company's effective tax rate.

A reconciliation of the beginning and ending amounts of accrued interest related to unrecognized tax positions is as follows:

(Dollars in millions)			2023						2022						2021
Balance at January 1			$	22					$	13					$	13
Expense for interest, net of tax			17						9						9
Income for interest, net of tax			—						—						(9)
Balance at December 31			$	39					$	22					$	13

Accrued penalties related to unrecognized tax positions were immaterial as of December 31, 2023, 2022, and 2021.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions, and components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit).

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