XML 55 R39.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of earnings before income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
(Millions of dollars)		2024			2023			2022
United States	​	$	(41)	​	$	(403)	​	$	(205)
Foreign	​		285	​		509	​		782
Total earnings before income taxes excluding noncontrolling interests	​		244	​		106	​		577
Net earnings attributable to noncontrolling interests	​		2	​		1	​		2
Total earnings before income taxes	​	$	246	​	$	107	​	$	579

Schedule of components of total income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
(Millions of dollars)		2024			2023			2022
Current:	​	​	​	​	​	​	​	​	​
Federal	​	$	(38)	​	$	(36)	​	$	54
Foreign	​		64	​		65	​		42
State and local	​		—	​		5	​		12
Deferred:	​	​	​	​	​	​	​	​	​
Federal	​		63	​		(118)	​		(94)
Foreign	​		—	​		(1)	​		5
State and local	​		67	​		(35)	​		(22)
Income tax expense (benefit)	​		156	​		(120)	​		(3)
Unrealized changes in other comprehensive income	​		—	​		4	​		8
Total income taxes	​	$	156	​	$	(116)	​	$	5

Schedule of reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
(Millions of dollars)		2024			2023			2022
Computed “expected” tax expense excluding noncontrolling interests	​	$	51	​	$	22	​	$	121	​
Adjustments to tax expense attributable to:	​	​	​	​	​	​	​	​	​	​
Foreign tax differences	​		48	​		(26)	​		(60)	​
Tax-exempt income	​		(26)	​		(22)	​		(17)	​
State income taxes, net of federal benefit	​		(46)	​		(28)	​		—	​
Foreign entity repatriation	​	​	—	​	​	—	​	​	10	​
Federal tax credits	​		(86)	​		(67)	​		(57)	​
Unrecognized tax benefits	​	​	4	​	​	(1)	​	​	7	​
Valuation allowance	​	​	212	​	​	(3)	​	​	(7)	​
IRS audit settlement	​	​	—	​	​	6	​	​	—	​
Other	​		(1)	​		(1)	​		—	​
Total income tax expense (benefit)	​	$	156	​	$	(120)	​	$	(3)	​

Schedule of components of the net deferred income tax liability

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	December 31,
(Millions of dollars)	​	2024		​	2023
Deferred income tax assets:	​	​	​	​	​	​
Reserves/accruals	​	$	54	​	$	80
Research and development capitalization	​	​	168	​	​	172
Unrealized loss on investments	​	​	18	​	​	21
Deferred earnings of foreign subsidiaries	​	​	6	​	​	3
Net operating and capital loss carry-forwards	​	​	29	​	​	18
Tax credit carry-forwards	​	​	198	​	​	95
Other	​	​	13	​	​	10
Gross deferred income tax assets before valuation allowance	​	​	486	​	​	399
Less: Valuation allowance	​	​	242	​	​	30
Total deferred income tax assets, net of valuation allowance	​	$	244	​	$	369
Deferred income tax liabilities:	​	​	​	​	​	​
Property, plant and equipment		$	146		$	139
Domestic partnerships	​	​	59	​	​	62
Other	​	​	2	​	​	1
Gross deferred income tax liabilities	​	​	207	​	​	202
Net deferred income tax asset	​	$	37	​	$	167

Schedule of activity within the valuation allowance account

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		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, 2024	​	$	30		212	​	$	242	​
Year ended December 31, 2023	​	$	33		(3)	​	$	30	​
Year ended December 31, 2022	​	$	60		(27)	​	$	33	​

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
(Millions of dollars)		2024			2023
Beginning balance at January 1	​	$	49	​	$	51
Additions for uncertain tax positions of prior years	​		5	​		2
Decreases for uncertain tax positions of prior years	​		(1)	​		(14)
Additions for uncertain tax positions of current year	​		5	​		18
Decreases related to audit settlements with taxing authorities	​	​	—	​	​	(6)
Lapse of statute of limitations	​		(6)	​		(2)
Ending balance as of December 31	​	$	52	​	$	49

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration