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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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

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Tabular disclosure of the change in unrecognized tax benefits.

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