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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 net loss from continuing operations before income taxes | The components of net income (loss) from continuing operations before income taxes are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 191 |  |  | $ | 92 |  |  | $ | (191) |
Foreign |  | 230 |  |  | 113 |  |  | 28 |
Net income (loss) from continuing operations before income tax expense |  | $ | 421 |  |  | $ | 205 |  |  | $ | (163) |
Schedule of components of the expense (benefit) for income taxes | The components of income tax expense (benefit) are as follows:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |  |
U.S. Federal |  | $ | 61 |  |  | $ | 53 |  |  | $ | 3 |
U.S. State |  | 22 |  |  | 6 |  |  | 1 |
Foreign |  | 84 |  |  | 50 |  |  | 38 |
Total |  | 167 |  |  | 109 |  |  | 42 |
Deferred |  |  |  |  |  |
U.S. Federal |  | (61) |  |  | (61) |  |  | 3 |
U.S. State |  | (4) |  |  | (15) |  |  | 1 |
Foreign |  | (17) |  |  | (8) |  |  | (33) |
Total |  | (82) |  |  | (84) |  |  | (29) |
Total income tax expense |  | $ | 85 |  |  | $ | 25 |  |  | $ | 13 |
Schedule of reconciliation of the U.S. federal statutory tax rate to the actual tax rate | The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax expense | 2.2 | % |  | 1.8 | % |  | (0.9) | %
Foreign earnings at rates different than U.S. federal rate | 1.6 | % |  | 3.4 | % |  | 0.8 | %
Foreign withholding taxes | 0.9 | % |  | 3.1 | % |  | (1.7) | %
Valuation allowance adjustments | 1.5 | % |  | 3.4 | % |  | 6.3 | %
Permanent items | (4.0) | % |  | (1.7) | % |  | 0.7 | %
Earnings from consolidated subsidiaries | — | % |  | — | % |  | (4.3) | %
Tax benefits from intraperiod tax allocation to discontinued operations | — | % |  | — | % |  | (29.8) | %
Tax credits | (2.5) | % |  | (4.7) | % |  | 1.6 | %
Impact of internal planning and restructuring | (3.0) | % |  | (6.4) | % |  | — | %
Impact of Divestitures | — | % |  | (6.9) | % |  | — | %
Other | 2.6 | % |  | (0.9) | % |  | (1.7) | %
Effective income tax rate | 20.3 | % |  | 12.1 | % |  | (8.0) | %
Schedule of deferred income taxes |
| As of December 31, |
| 2024 |  | 2023 |
Deferred tax assets: |  |  |  |
Reserves and other accrued expenses | $ | 90 |  |  | $ | 65 |  |
Net operating loss carry forwards | 82 |  |  | 82 |  |
Capitalized research and development expenditures | 85 |  |  | 61 |  |
Interest limitation carry forwards | 60 |  |  | 32 |  |
Stock compensation | 33 |  |  | 33 |  |
Property and equipment | 8 |  |  | 14 |  |
Differences in financial reporting and tax basis for: |  |  |  |
Other | 41 |  |  | 32 |  |
Less: Valuation allowance | (67) |  |  | (65) |  |
Realizable deferred tax assets | 332 |  |  | 254 |  |
Deferred tax liabilities: |  |  |  |
Differences in financial reporting and tax basis for: |  |  |  |
Identifiable intangible assets | (57) |  |  | (87) |  |
Property and equipment | (35) |  |  | (25) |  |
Other | (23) |  |  | (20) |  |
Total deferred tax liabilities | (115) |  |  | (132) |  |
Net deferred tax asset on balance sheet | $ | 217 |  |  | $ | 122 |  |
Summary of net operating loss carryforward | At December 31, 2024, we had the following NOL, interest limitation, R&D credit, and state tax credit carry forwards:
| December 31, 2024
| Federal |  | State |  | Foreign
NOL carry forwards | $ | — |  |  | $ | 521 |  |  | $ | 238 |
Interest limitation carry forwards | 159 |  |  | 105 |  |  | 80 |
R&D and state credit carry forwards | — |  |  | 2 |  |  | — |
Summary of valuation allowance | At December 31, 2024 and 2023, we had the following valuation allowances:
|  | December 31,
|  | 2024 |  | 2023
Federal |  | 6 |  |  | 5 |
State |  | 13 |  |  | 14 |
Foreign |  | 48 |  |  | 46 |
Schedule of Unrecognized Tax Benefits Roll Forward | The Company had the following activity for unrecognized tax benefits:
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Balance at beginning of period |  | $ | 72 |  |  | $ | 73 |  |  | $ | 29 |
Tax positions related to current year additions |  | 1 |  |  | 2 |  |  | 43 |
Additions for tax positions of prior years |  | 4 |  |  | 1 |  |  | 1 |
Tax positions related to prior year reductions |  | — |  |  | (4) |  |  | — |
Reductions due to lapse of statute of limitations on tax positions |  | (10) |  |  | — |  |  | — |
Balance at end of period |  | $ | 67 |  |  | $ | 72 |  |  | $ | 73 |

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