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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Earnings before income taxes |  |  |  |  |
United States | $ | 147 |  |  | $ | 357 |  |  | $ | 205 |
Outside the United States | 931 |  |  | 730 |  |  | 772 |
Total | $ | 1,078 |  |  | $ | 1,087 |  |  | $ | 977 |
Provision for income taxes |  |  |  |  |
United States Federal |  |  |  |  |
Current | $ | 36 |  |  | $ | 133 |  |  | $ | 179 |
Deferred | (80) |  |  | (39) |  |  | (76) |
Outside the United States |  |  |  |  |
Current | 176 |  |  | 153 |  |  | 105 |
Deferred | 41 |  |  | (35) |  |  | (10) |
State and other |  |  |  |  |
Current | 10 |  |  | 7 |  |  | 33 |
Deferred | (13) |  |  | (28) |  |  | (50) |
Total | $ | 170 |  |  | $ | 191 |  |  | $ | 181 |
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) | 2024 |  | 2023 |  | 2022
Cumulative translation adjustment | $ | 19 |  |  | $ | 11 |  |  | $ | — |
Defined benefit pension and other postretirement benefit plans | (3) |  |  | (6) |  |  | (7) |
Derivatives and hedging | 11 |  |  | (9) |  |  | (1) |
Total | $ | 27 |  |  | $ | (4) |  |  | $ | (8) |
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) | 2024 |  | 2023 |  | 2022
Earnings before income taxes | $ | 170 |  |  | $ | 191 |  |  | $ | 181 |
Other comprehensive income | 27 |  |  | (4) |  |  | (8) |
Total | $ | 197 |  |  | $ | 187 |  |  | $ | 173 |
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) | 2024 |  | 2023 |  | 2022
Amount computed using the statutory rate | $ | 226 |  | $ | 228 |  | $ | 205
State income taxes, net | (21) |  | (26) |  | (27)
Foreign rate variance | (31) |  | (78) |  | (16)
Change in reserves for tax contingencies | 40 |  | 105 |  | 27
General business credits | (64) |  | (81) |  | (44)
U.S. tax on foreign earnings, net of credits | (5) |  | 22 |  | (17)
Divestitures | 7 |  | 14 |  | 37
Other | 18 |  | 7 |  | 16
Provision for income taxes | $ | 170 |  | $ | 191 |  | $ | 181
Effective income tax rate | 16 | % |  | 18 | % |  | 19 | %
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) | 2024 |  | 2023
Deferred tax assets |  |  |
Post-employment obligations | $ | 132 |  |  | $ | 158 |
Net operating loss carryforwards | 657 |  |  | 690 |
Tax credit carryforwards | 313 |  |  | 268 |
Environmental contingencies | 68 |  |  | 68 |
Capitalized research and development expenses | 421 |  |  | 322 |
Other | 198 |  |  | 264 |
Total deferred tax assets | 1,789 |  |  | 1,770 |
Less: Valuation allowance | 686 |  |  | 183 |
Deferred tax assets less valuation allowance | $ | 1,103 |  |  | $ | 1,587 |
Deferred tax liabilities |  |  |
Property, plant, and equipment | $ | (961) |  |  | $ | (952) |
Intangible assets | (251) |  |  | (270) |
Investments | — |  |  | (516) |
Deferred gain | (166) |  |  | (160) |
Other | (149) |  |  | (134) |
Total deferred tax liabilities | $ | (1,527) |  |  | $ | (2,032) |
Net deferred tax liabilities | $ | (424) |  |  | $ | (445) |
As recorded in the Consolidated Statements of Financial Position: |  |  |
Other noncurrent assets | $ | 109 |  |  | $ | 156 |
Deferred income tax liabilities | (533) |  |  | (601) |
Net deferred tax liabilities | $ | (424) |  |  | $ | (445) |
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) | 2024 |  | 2023
Miscellaneous receivables | $ | 73 |  |  | $ | 62 |
Payables and other current liabilities | $ | 229 |  |  | $ | 133 |
Other long-term liabilities | 302 |  |  | 287 |
Total income taxes payable | $ | 531 |  |  | $ | 420 |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of accrued interest related to unrecognized tax positions is as follows:
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 39 |  |  | $ | 22 |  |  | $ | 13 |
Expense for interest, net of tax | 18 |  |  | 17 |  |  | 9 |
Income for interest, net of tax | (2) |  |  | — |  |  | — |
Balance at December 31 | $ | 55 |  |  | $ | 39 |  |  | $ | 22 |
Accrued penalties related to unrecognized tax positions were immaterial as of December 31, 2024, 2023, and 2022.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 320 |  |  | $ | 235 |  |  | $ | 200 |
Adjustments based on tax positions related to current year | 27 |  |  | 33 |  |  | 11 |
Adjustments based on tax positions related to prior years | 3 |  |  | 68 |  |  | 24 |
Lapse of statute of limitations | (6) |  |  | (9) |  |  | — |
Settlements | (23) |  |  | (7) |  |  | — |
Balance at December 31 (1) | $ | 321 |  |  | $ | 320 |  |  | $ | 235 |
(1)All of the unrecognized tax benefits as of December 31, 2024, would, if recognized, impact the Company's effective tax rate

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