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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of earnings before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2023 |  | 2022 |  | 2021
United States | ​ | $ | (403) | ​ | $ | (205) | ​ | $ | 337
Foreign | ​ |  | 509 | ​ |  | 782 | ​ |  | 298
Total earnings before income taxes excluding noncontrolling interests | ​ |  | 106 | ​ |  | 577 | ​ |  | 635
Net earnings attributable to noncontrolling interests | ​ |  | 1 | ​ |  | 2 | ​ |  | 1
Total earnings before income taxes | ​ | $ | 107 | ​ | $ | 579 | ​ | $ | 636
Schedule of components of total income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
(Millions of dollars) |  | 2023 |  | 2022 |  | 2021
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (36) | ​ | $ | 54 | ​ | $ | 35
Foreign | ​ |  | 65 | ​ |  | 42 | ​ |  | 33
State and local | ​ |  | 5 | ​ |  | 12 | ​ |  | 10
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (118) | ​ |  | (94) | ​ |  | 3
Foreign | ​ |  | (1) | ​ |  | 5 | ​ |  | (7)
State and local | ​ |  | (35) | ​ |  | (22) | ​ |  | (9)
Income tax expense (benefit) | ​ |  | (120) | ​ |  | (3) | ​ |  | 65
Unrealized changes in other comprehensive income | ​ |  | 4 | ​ |  | 8 | ​ |  | 8
Total income taxes | ​ | $ | (116) | ​ | $ | 5 | ​ | $ | 73
Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit) | ​
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​ | ​ | Years ended December 31, |
(Millions of dollars) |  | 2023 |  | 2022 |  | 2021 |
Computed “expected” tax expense excluding noncontrolling interests | ​ | $ | 22 | ​ | $ | 121 | ​ | $ | 133 | ​
Adjustments to tax expense attributable to: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign tax differences | ​ |  | (26) | ​ |  | (60) | ​ |  | (35) | ​
Tax-exempt income | ​ |  | (22) | ​ |  | (17) | ​ |  | (15) | ​
State income taxes, net of federal benefit | ​ |  | (28) | ​ |  | — | ​ |  | — | ​
Foreign entity repatriation | ​ | ​ | — | ​ | ​ | 10 | ​ | ​ | — | ​
Federal tax credits | ​ |  | (67) | ​ |  | (57) | ​ |  | (39) | ​
Unrecognized tax benefits | ​ | ​ | (1) | ​ | ​ | 7 | ​ | ​ | 14 | ​
Valuation allowance | ​ | ​ | (3) | ​ | ​ | (7) | ​ | ​ | 6 | ​
IRS audit settlement | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | — | ​
Other | ​ |  | (1) | ​ |  | — | ​ |  | 1 | ​
Total income tax expense (benefit) | ​ | $ | (120) | ​ | $ | (3) | ​ | $ | 65 | ​
Schedule of components of the net deferred income tax liability | ​
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​ | ​ | December 31,
(Millions of dollars) | ​ | 2023 | ​ | 2022
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Reserves/accruals | ​ | $ | 80 | ​ | $ | 68
Research and development capitalization | ​ | ​ | 172 | ​ | ​ | 75
Unrealized loss on investments | ​ | ​ | 21 | ​ | ​ | 40
Deferred earnings of foreign subsidiaries | ​ | ​ | 3 | ​ | ​ | 3
Net operating and capital loss carry-forwards | ​ | ​ | 18 | ​ | ​ | 28
Tax credit carry-forwards | ​ | ​ | 95 | ​ | ​ | 22
Other | ​ | ​ | 10 | ​ | ​ | 8
Gross deferred income tax assets before valuation allowance | ​ | ​ | 399 | ​ | ​ | 244
Less: Valuation allowance | ​ | ​ | 30 | ​ | ​ | 33
Total deferred income tax assets, net of valuation allowance | ​ | $ | 369 | ​ | $ | 211
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment |  | $ | 139 |  | $ | 106
Domestic partnerships | ​ | ​ | 62 | ​ | ​ | 59
Inventory | ​ | ​ | — | ​ | ​ | 14
Foreign basis difference | ​ | ​ | — | ​ | ​ | 13
Other | ​ | ​ | 1 | ​ | ​ | 2
Gross deferred income tax liabilities | ​ | ​ | 202 | ​ | ​ | 194
Net deferred income tax asset | ​ | $ | 167 | ​ | $ | 17
Schedule of activity within the valuation allowance account | ​
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​ |  | Balance at |  | Charge (credit) |  | Balance at |
(Millions of dollars) | ​ | beginning of year | ​ | to expense | ​ | end of year |
Allowance for Deferred Tax Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ended December 31, 2023 | ​ | $ | 33 |  | (3) | ​ | $ | 30 | ​
Year Ended December 31, 2022 | ​ | $ | 60 |  | (27) | ​ | $ | 33 | ​
Year Ended December 31, 2021 | ​ | $ | 55 |  | 5 | ​ | $ | 60 | ​
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Millions of dollars) |  | 2023 |  | 2022
Beginning balance at January 1 | ​ | $ | 51 | ​ | $ | 41
Additions for uncertain tax positions of prior years | ​ |  | 2 | ​ |  | 1
Decreases for uncertain tax positions of prior years | ​ |  | (14) | ​ |  | (4)
Additions for uncertain tax positions of current year | ​ |  | 18 | ​ |  | 23
Decreases related to audit settlements with taxing authorities | ​ | ​ | (6) | ​ | ​ | —
Lapse of statute of limitations | ​ |  | (2) | ​ |  | (10)
Ending balance as of December 31 | ​ | $ | 49 | ​ | $ | 51

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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