XML 82 R54.htm IDEA: XBRL DOCUMENT v3.24.0.1
INCOME TAXES Part 1 (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings from continuing operations before income taxes [Abstract]      
United States $ 357 $ 205 $ 645
Outside the United States 730 772 437
Total 1,087 977 1,082
United States [Abstract]      
Current 133 179 114
Deferred (39) (76) 18
Outside United States [Abstract]      
Current 153 105 115
Deferred (35) (10) (42)
State and other [Abstract]      
Current 7 33 24
Deferred (28) (50) (14)
Provision for income taxes 191 181 215
Deferred tax charge (benefit) recorded in stockholders' equity [Abstract]      
Defined benefit pension and other postretirement benefit plans (6) (7) (10)
Derivatives and hedging (9) (1) 21
Other comprehensive income (4) (8) 11
Income tax expense (benefit) included in consolidated financial statement [Abstract]      
Provision for income taxes 191 181 215
Other comprehensive income (4) (8) 11
Total 187 173 226
Reconciliation income tax rate [Abstract]      
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 0 0 (15)
Other 7 16 6
Provision for income taxes $ 191 $ 181 $ 215
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Effective tax rate for the period (in hundredths) 18.00% 19.00% 20.00%
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract]      
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount $ 14 $ 37 $ 89
Deferred tax assets [Abstract]      
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 [Abstract]      
Property, plant, and equipment (952) (849)  
Intangible assets (270) (272)  
Investments (516) (441)  
Deferred Tax Liabilities, Tax Deferred Income (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 [Abstract]      
Net deferred tax liabilities (445) (548)  
Operating Loss Carryforwards [Line Items]      
Undistributed Earnings of Foreign Subsidiaries 3,500    
Deferred Tax Liabilities, Net 445 548  
U.S. tax on foreign earnings, net of credits 22 (17) 2
Deferred Tax Assets, Net of Valuation Allowance 1,587 1,215  
Due to and from tax authorities [Abstract]      
Miscellaneous receivables 62 35  
Payables and other current liabilities 133 95  
Other long-term liabilities 287 174  
Total income taxes payable 420 269  
Operating Loss Carryforwards [Table]      
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax (11) 0 $ 0
Foreign Country [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards 2,500    
Net operating loss carryforwards with expiration date $ 900    
Expiring period of net operating loss carryforwards, minimum (in years) 1 year    
Expiring period of net operating loss carryforwards, maximum (in years) 20 years    
Net operating loss carryforwards without expiration date $ 1,600    
Operating Loss Carryforwards, Valuation Allowance 59    
Foreign tax credit carryforwards available to reduce possible future domestic income taxes 89    
Foreign Country [Member] | Solutia [Member]      
Operating Loss Carryforwards [Line Items]      
Tax Credit Carryforward, Valuation Allowance 79    
United States [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards 0    
State and Local Jurisdiction [Member] | Solutia [Member]      
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards, Valuation Allowance 42    
Other Noncurrent Assets [Member]      
Deferred tax assets [Abstract]      
Deferred tax assets less valuation allowance 156 123  
Operating Loss Carryforwards [Line Items]      
Deferred Tax Assets, Net of Valuation Allowance 156 123  
Other Noncurrent Liabilities [Member]      
Deferred tax liabilities [Abstract]      
Net deferred tax liabilities (601) (671)  
As recorded in the Consolidated Statements of Financial Position [Abstract]      
Net deferred tax liabilities (601) (671)  
Operating Loss Carryforwards [Line Items]      
Deferred Tax Liabilities, Net $ 601 $ 671