v3.25.4

INCOME TAXES INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of income (loss) from continuing operations before income taxes are as follows (in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
U.S. |  | $ | 30 |  |  | $ | 72 |  |  | $ | 89 |
Foreign |  | 262 |  |  | 336 |  |  | 491 |
Income (loss) from continuing operations before income taxes |  | $ | 292 |  |  | $ | 408 |  |  | $ | 580 |
Schedule of Components of Income Tax Expense (Benefit) | The major components of the Company’s provision for (benefit from) income taxes on continuing operations before income taxes are summarized below (in millions):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |
Federal |  | $ | 16 |  |  | $ | 31 |  |  | $ | 31 |
State |  | 6 |  |  | 5 |  |  | 4 |
Foreign |  | 52 |  |  | 47 |  |  | 66 |
Current income tax provision (benefit) |  | 74 |  |  | 83 |  |  | 101 |
Deferred: |  |  |  |  |  |
Federal |  | (1) |  |  | (4) |  |  | (4) |
State |  | (1) |  |  | — |  |  | (3) |
Foreign |  | (1) |  |  | (6) |  |  | (31) |
Deferred income tax (benefit) provision |  | (3) |  |  | (10) |  |  | (38) |
Provision for (benefit from) income taxes |  | $ | 71 |  |  | $ | 73 |  |  | $ | 63 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of the basis differences between tax and financial reporting purposes for assets, liabilities and loss carry forwards as of December 31, 2025 and 2024 for continuing operations are summarized below for major balance sheet captions (in millions):
|  | 2025 |  | 2024
Property, plant and equipment |  | $ | (34) |  |  | $ | (34) |
Intangibles |  | 3 |  |  | (5) |
Inventories |  | 12 |  |  | 9 |
Accrued warranties and product liability |  | 11 |  |  | 9 |
Loss carry forwards |  | 162 |  |  | 171 |
Retirement plans |  | 8 |  |  | 9 |
Accrued compensation and benefits |  | 23 |  |  | 18 |
Research and development |  | 15 |  |  | 18 |
Derivatives |  | 13 |  |  | (3) |
Operating lease right-of-use asset |  | (33) |  |  | (32) |
Operating lease liability |  | 36 |  |  | 35 |
Other |  | 23 |  |  | 16 |
Deferred tax assets valuation allowance |  | (40) |  |  | (44) |
Net deferred tax assets (liabilities) |  | $ | 199 |  |  | $ | 167 |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s Provision for (benefit from) income taxes is different from the amount that would be provided by applying the statutory federal income tax rate to the Company’s Income (loss) from continuing operations before income taxes. The following table is a reconciliation of the statutory federal income tax rate to the Company’s Provision for (benefit from) income taxes for the year ended December 31, 2025 (in millions):
|  |  |  | Year Ended December 31, 2025 |
|  |  |  | Amount |  | Percent |
U.S. federal statutory tax rate |  |  |  | $ | 61 |  |  | 21.0 | % |
State and local income taxes, net of federal income tax effect(1) |  |  |  | 4 |  |  | 1.5 | % |
Foreign tax effects |  |  |  |  |  |  |
Germany |  |  |  |  |  |  |
Tax rate change on beginning deferred balances |  |  |  | 9 |  |  | 3.1 | % |
India |  |  |  |  |  |  |
Withholding tax |  |  |  | 3 |  |  | 1.1 | % |
Other |  |  |  | 1 |  |  | 0.3 | % |
Italy |  |  |  |  |  |  |
Participation exemption |  |  |  | (11) |  |  | (3.8) | % |
Other |  |  |  | 4 |  |  | 1.5 | % |
Switzerland |  |  |  |  |  |  |
Statutory tax rate difference |  |  |  | (21) |  |  | (7.2) | % |
State and local income taxes, net of federal (national) income tax effect |  |  |  | 17 |  |  | 5.7 | % |
Other |  |  |  | (2) |  |  | (0.7) | % |
United Kingdom |  |  |  |  |  |  |
Patent box |  |  |  | (7) |  |  | (2.5) | % |
Other |  |  |  | 2 |  |  | 0.6 | % |
Other foreign jurisdictions |  |  |  | 1 |  |  | 0.3 | % |
Effect of cross-border tax laws |  |  |  |  |  |  |
Global intangible low-taxed income |  |  |  | 5 |  |  | 1.8 | % |
Subpart F income |  |  |  | 3 |  |  | 1.2 | % |
Foreign-derived intangible income |  |  |  | (3) |  |  | (1.2) | % |
Tax credits |  |  |  |  |  |  |
Other |  |  |  | (4) |  |  | (1.5) | % |
Changes in valuation allowances |  |  |  | (1) |  |  | (0.2) | % |
Nontaxable or nondeductible items |  |  |  |  |  |  |
Other |  |  |  | 4 |  |  | 1.2 | % |
Changes in unrecognized tax benefits |  |  |  | 3 |  |  | 1.1 | % |
Other adjustments |  |  |  |  |  |  |
Other |  |  |  | 3 |  |  | 1.0 | % |
Effective tax rate |  |  |  | $ | 71 |  |  | 24.3 | % |
(1) State and local taxes in Texas, California, Oklahoma, New York, New Hampshire, New York City, and Illinois made up the majority (greater than 50 percent) of the tax effect in this category. The following table is a reconciliation of the statutory federal income tax rate to the Company’s Provision for (benefit from) income taxes for the years ended December 31, 2024 and 2023 (in millions):
|  |  |  | Year Ended December 31, |
|  |  |  | 2024 |  | 2023 |
Tax at statutory U.S. federal income tax rate |  |  |  | $ | 86 |  |  | $ | 122 |  |
State taxes |  |  |  | 4 |  |  | 1 |  |
Change in valuation allowance |  |  |  | (7) |  |  | (3) |  |
Foreign tax differential on income/losses of foreign subsidiaries |  |  |  | (18) |  |  | (25) |  |
U.S. tax on multi-national operations |  |  |  | 8 |  |  | 13 |  |
Swiss cantonal tax attribute |  |  |  | — |  |  | (42) |  |
Research and development |  |  |  | (2) |  |  | (2) |  |
Provision to return adjustments |  |  |  | (5) |  |  | (3) |  |
Compensation |  |  |  | — |  |  | 3 |  |
Other |  |  |  | 7 |  |  | (1) |  |
Provision for (benefit from) income taxes |  |  |  | $ | 73 |  |  | $ | 63 |  |
Schedule of Tax Years Subject to Examination by Major Tax Jurisdiction |
Major Tax Jurisdiction | Open Tax Years
Australia | 2017 - present
China | 2014 - present
Germany | 2017 - present
India | 2005-2010, 2012, 2016, 2019 - present
Italy | 2004-2005, 2009-2011, 2014, 2020 - present
Switzerland | 2021 - present
United Kingdom | 2019 - present
United States - federal | 2017 - present
United States - states | 2017 - present
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions).
Balance as of January 1, 2023 | $ | 3 |
Additions for current year tax positions | — |
Additions for prior year tax positions | 5 |
Reductions for prior year tax positions | (2) |
Reductions for current year tax positions | — |
Reductions for expiration of statute of limitations | — |
Settlements | — |
Balance as of December 31, 2023 | 6 |
Additions for current year tax positions | — |
Additions for prior year tax positions | 7 |
Reductions for prior year tax positions | — |
Reductions for current year tax positions | — |
Reductions for expiration of statute of limitations | — |
Settlements | — |
Acquired balances | 5 |
Balance as of December 31, 2024 | 18 |
Additions for current year tax positions | — |
Additions for prior year tax positions | 3 |
Reductions for prior year tax positions | — |
Reductions for current year tax positions | — |
Reductions for expiration of statute of limitations | (1) |
Settlements | — |
Balance as of December 31, 2025 | $ | 20 |
Schedule of Cash Flow, Supplemental Disclosures | The following table is a summary of net income tax payments by jurisdiction for the year ended December 31, 2025 (in millions):
|  | Year Ended December 31, |
|  | 2025 |  |
Federal |  | $ | 5 |  |  |
State |  | 5 |  |  |
Foreign |  |  |  |
Australia |  | 7 |  |  |
China |  | 2 |  |  |
India |  | 5 |  |  |
Italy |  | 5 |  |  |
Mexico |  | 6 |  |  |
Switzerland |  | 9 |  |  |
United Kingdom |  | (6) |  |  |
Other |  | 5 |  |  |
Total net income tax payments |  | $ | 43 |  |  |

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- 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
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