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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income (Loss) before Income Taxes | The components of Income (Loss) before Income Taxes follow:
(In millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. |  | $ | (286 | ) |  | $ | (325 | ) |  | $ | 41 |
Foreign |  |  | 441 |  |  |  | (352 | ) |  |  | 358 |
|  | $ | 155 |  |  | $ | (677 | ) |  | $ | 399 |
Reconciliation of Income Taxes at the U.S. Statutory Rate to United States and Foreign Tax Expense | A reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense follows:
(In millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal income tax expense (benefit) at the statutory rate of 21% |  | $ | 33 |  |  | $ | (142 | ) |  | $ | 84 |
Net foreign losses (income) with no tax due to valuation allowances |  |  | 48 |  |  |  | 122 |  |  |  | 45 |
Adjustment for foreign income taxed at different rates and nontaxable foreign items |  |  | 38 |  |  |  | 5 |  |  |  | 33 |
U.S. charges (benefits) related to foreign tax credits, R&D and foreign derived intangible deduction |  |  | (30 | ) |  |  | 4 |  |  |  | (7 | )
Net establishment (release) of uncertain tax positions |  |  | 6 |  |  |  | (3 | ) |  |  | (4 | )
Net establishment (release) of foreign valuation allowances and write off of deferred taxes |  |  | 4 |  |  |  | — |  |  |  | 24 |
State income taxes, net of U.S. federal benefit |  |  | (8 | ) |  |  | (12 | ) |  |  | 6 |
Net establishment (release) of U.S. valuation allowances |  |  | 4 |  |  |  | — |  |  |  | — |
Goodwill impairment |  |  | — |  |  |  | 34 |  |  |  | — |
Deferred tax impact of enacted rate and law changes |  |  | — |  |  |  | — |  |  |  | (6 | )
Other |  |  | — |  |  |  | 2 |  |  |  | 15 |
United States and Foreign Tax Expense |  | $ | 95 |  |  | $ | 10 |  |  | $ | 190 |
Components of United States and Foreign Tax Expense | The components of United States and Foreign Tax Expense by taxing jurisdiction, follow:
(In millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (29 | ) |  | $ | 37 |  |  | $ | — |
Foreign |  |  | 189 |  |  |  | 177 |  |  |  | 150 |
State |  |  | — |  |  |  | 26 |  |  |  | 12 |
|  |  | 160 |  |  |  | 240 |  |  |  | 162 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (78 | ) |  |  | (123 | ) |  |  | (28 | )
Foreign |  |  | 31 |  |  |  | (62 | ) |  |  | 46 |
State |  |  | (18 | ) |  |  | (45 | ) |  |  | 10 |
|  |  | (65 | ) |  |  | (230 | ) |  |  | 28 |
United States and Foreign Tax Expense |  | $ | 95 |  |  | $ | 10 |  |  | $ | 190 |
Deferred Tax Assets and Liabilities | Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31 follow:
(In millions) |  | 2024 |  |  | 2023 |
Tax loss carryforwards and credits |  | $ | 1,233 |  |  | $ | 1,155 |
Capitalized research and development expenditures |  |  | 486 |  |  |  | 490 |
Prepaid royalty income |  |  | 344 |  |  |  | 427 |
Accrued expenses deductible as paid |  |  | 316 |  |  |  | 343 |
Partnership basis differences |  |  | 299 |  |  |  | 317 |
Lease liabilities |  |  | 83 |  |  |  | 82 |
Postretirement benefits and pensions |  |  | 67 |  |  |  | 87 |
Other prepayments income |  |  | 32 |  |  |  | 153 |
Property basis differences |  |  | 29 |  |  |  | — |
Rationalizations and other provisions |  |  | 25 |  |  |  | 58 |
Vacation and sick pay |  |  | 24 |  |  |  | 25 |
Other |  |  | 139 |  |  |  | 137 |
|  |  | 3,077 |  |  |  | 3,274 |
Valuation allowance |  |  | (1,252 | ) |  |  | (1,275 | )
Total deferred tax assets |  |  | 1,825 |  |  |  | 1,999 |
Intangible property basis differences related to Cooper Tire acquisition |  |  | (167 | ) |  |  | (205 | )
Property basis differences |  |  | — |  |  |  | (166 | )
Right-of-use assets |  |  | (80 | ) |  |  | (81 | )
Total net deferred tax assets |  | $ | 1,578 |  |  | $ | 1,547 |
Reconciliation of Unrecognized Tax Benefits | A summary of our unrecognized tax benefits and changes during the year follows:
(In millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at January 1 |  | $ | 92 |  |  | $ | 87 |  |  | $ | 90 |
Increases related to prior year tax positions |  |  | 20 |  |  |  | 5 |  |  |  | 10 |
Decreases related to prior year tax positions |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | — |  |  |  | (1 | ) |  |  | (12 | )
Foreign currency impact |  |  | (14 | ) |  |  | 4 |  |  |  | (1 | )
Increases related to current year tax positions |  |  | — |  |  |  | — |  |  |  | 2 |
Lapse of statute of limitations |  |  | — |  |  |  | (3 | ) |  |  | (2 | )
Balance at December 31 |  | $ | 98 |  |  | $ | 92 |  |  | $ | 87 |

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