XML 79 R63.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of earnings before income taxes      
United States $ (41) $ (403) $ (205)
Foreign 285 509 782
Total earnings before income taxes excluding non-controlling interests 244 106 577
Net income attributable to noncontrolling interests 2 1 2
Earnings before income taxes 246 107 579
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 0 4 8
Total income taxes 156 (116) $ 5
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  
Accrued interest and penalties on uncertain tax positions 10 10  
Unrecognized tax benefits, if recognized, would affect the effective tax rate 20 49  
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  
Income taxes      
Federal income tax rate (as a percent) 21.00% 21.00% 21.00%
Reconciliation of computed expected tax expense excluding non-controlling interest to income tax expense attributable to continuing operations      
Computed "expected" tax expense excluding non-controlling interest $ 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)  
Income tax expense (benefit) 156 (120) (3)
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Balance at the beginning of the year 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)  
Balance at the end of the year 52 49 51
Other commitments      
Funding of long-term investment $ 13 16 117
Minimum      
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Number of tax years typically subject to examination for major non-US jurisdictions 3 years    
Maximum      
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Number of tax years typically subject to examination for major non-US jurisdictions 6 years    
Allowance for Deferred Tax Assets      
Movement in valuation and qualifying accounts      
Balance at beginning of year $ 30 33 60
Charge (credit) to expense 212 (3) (27)
Balance at end of year 242 30 33
Renewable biogas recovery and solar facilities      
Other commitments      
Investment tax credits 83 31  
Solar renewable energy project      
Other commitments      
Funding of long-term investment     52
Investment tax credits     46
Marine      
Deferred income tax liabilities:      
Foreign basis difference     13
Liquid Fuels      
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Gross non-taxable revenue related to federal blender's credit 125 103 $ 79
Receivable from the U.S. government related to federal blender's credits included in other receivables 25 42  
Foreign      
Adjustments to tax expense attributable to:      
Income taxes payable 34 41  
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Net operating loss carry-forwards (NOLs) 49    
Federal      
Adjustments to tax expense attributable to:      
Income taxes receivable 71 $ 67  
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Tax credit carry-forwards 151    
State      
Reconciliation of the beginning and ending amount of unrecognized tax benefits      
Net operating loss carry-forwards (NOLs) 527    
Tax credit carry-forwards $ 93