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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the difference between an income tax benefit and tax expense at the United States statutory rate of 21% in 2024, 2023, and 2022, respectively, and the income tax expense at effective worldwide tax rates for the respective periods:

Millions of dollars						2024						2023						2022
Earnings (loss) before income taxes
United States						$	(294)					$	9					$	(158)
Foreign						107						584						(1,069)
Earnings (loss) before income taxes						$	(188)					$	593					$	(1,227)
Income tax (benefit) expense computed at United States statutory rate						$	(39)					$	125					$	(258)
U.S. government tax incentives						(19)						(20)						(19)
Foreign government tax incentives, including BEFIEX						(31)						(30)						(23)
Foreign tax rate differential						26						41						(3)
U.S. foreign tax credits						(65)						(43)						11
Valuation allowances						395						78						222
State and local taxes, net of federal tax benefit						(56)						(43)						(21)
Foreign withholding taxes						16						13						52
U.S. tax on foreign dividends and subpart F income						(57)						36						22
Settlement of global tax audits						32						43						3
Changes in enacted tax rates						10						1						(2)
Nondeductible loss on sale						56						5						421
Nondeductible fines and penalties						—						18						59
Legal entity debt restructuring						(3)						—						(159)
Divestiture tax impact						239						—						—
Legal entity restructuring tax impact						(721)						(170)						—
Expiration/Forfeiture of net operating losses						143						5						—
Foreign currency impacts						33						(23)						(23)
Non-deductible expenses						46						31						22
Other items, net						5						10						(39)
Income tax computed at effective worldwide tax rates						$	10					$	77					$	265

Schedule of Components of Income Tax (Benefit) Provision

The following table summarizes our income tax (benefit) provision for 2024, 2023 and 2022:

			2024												2023												2022
Millions of dollars			Current						Deferred						Current						Deferred						Current						Deferred
United States			$	(6)					$	(437)					$	(27)					$	(212)					$	(40)					$	65
Foreign			184						393						197						155						180						85
State and local			9						(133)						(3)						(33)						(9)						(16)
			$	187					$	(177)					$	167					$	(90)					$	131					$	134
Total income tax expense									$	10											$	77											$	265

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes the significant components of our deferred tax liabilities and assets at December 31, 2024 and 2023:

Millions of dollars						2024						2023
Deferred tax liabilities
Intangibles						$	249					$	429
Property, net						126						224
Right of use assets						171						190
Inventory Reserves						—						(3)
Other						59						238
Total deferred tax liabilities						$	605					$	1,078
Deferred tax assets
U.S. general business credit carryforwards, including Energy Tax Credits						$	363					$	365
Corporate Alternative Minimum Tax credits						—						28
Lease liabilities						179						200
Pensions						33						64
Loss carryforwards						911						1,388
Postretirement obligations						28						29
Foreign tax credit carryforwards						151						94
Research and development capitalization						367						315
Employee payroll and benefits						53						48
Accrued expenses						82						52
Product warranty accrual						41						49
Receivable and inventory allowances						41						67
Other						656						676
Total deferred tax assets						2,905						3,375
Valuation allowances for deferred tax assets						(885)						(490)
Deferred tax assets, net of valuation allowances						2,020						2,885
Reclassification of net deferred tax assets to held for sale						—						(515)
Net deferred tax assets						$	1,415					$	1,292

Schedule of Unrecognized Tax Benefits

The following table represents a reconciliation of the beginning and ending amount of unrecognized tax benefits that if recognized would impact the effective tax rate, excluding federal benefits of state and local tax positions, and interest and penalties:

Millions of dollars						2024						2023						2022
Balance, January 1						$	380					$	589					$	580
Additions for tax positions of the current year						10						13						24
Additions for tax positions of prior years						14						22						32
Reductions for tax positions of prior years						(52)						(56)						(45)
Settlements during the period (1)						(3)						(188)						(1)
Lapses of applicable statute of limitation						—						—						(1)
Balance, December 31						$	349					$	380					$	589

(1) During the fourth quarter of 2023, the Company resolved a number of disputed tax positions with the U.S. and other tax authorities. The Company had previously recorded reserves for the risk associated with these tax positions, and the settlement of these matters resulted in a reduction in the Company's unrecognized tax benefits, which is shown in the table above.

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Tabular disclosure of the 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), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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