v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income (Loss) before Income Taxes

The components of Income (Loss) before Income Taxes follow:

(In millions)			2025						2024						2023
U.S.			$	(1,047)					$	(286)					$	(325)
Foreign			914						416						(396)
			$	(133)					$	130					$	(721)

Schedule of Reconciliation of Income Taxes at the U.S. Statutory Rate to United States and Foreign Tax Expense

In accordance with the adoption of ASU 2023-09, a reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense for the year ended December 31, 2025 is as follows:

(In millions)			2025						%
U.S. federal income tax expense (benefit) at the statutory rate of 21%			$	(28)					21.0		%
State income taxes, net of U.S. federal benefit(1)			183						(137.4)		%
Foreign tax effects
Luxembourg
Changes in valuation allowances			(53)						39.6		%
Rate differential			11						(8.0)		%
Other			(1)						1.1		%
Other foreign jurisdictions			57						(42.7)		%
Effect of cross-border tax laws			(13)						9.8		%
Tax credits
Research and development credits			(6)						4.5		%
Changes in valuation allowances			1,267						(949.1)		%
Nontaxable or nondeductible items
Goodwill impairment			140						(104.8)		%
Changes in unrecognized tax benefits			9						(6.7)		%
Other Adjustments			1						(1.0)		%
United States and Foreign Tax Expense			$	1,567					(1,173.7)		%

(1) State taxes in Pennsylvania, Illinois, Michigan, Kansas, California, Louisiana and Georgia made up the majority (greater than 50 percent) of the tax effect in this category.

For the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, a reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense for the years then ended is as follows:

(In millions)			2024						2023
U.S. federal income tax expense (benefit) at the statutory rate of 21%			$	27					$	(151)
Net foreign losses with no tax due to valuation allowances			48						122
Adjustment for foreign income taxed at different rates and nontaxable foreign items			44						14
U.S. charges (benefits) related to foreign tax credits, R&D and foreign derived intangible deduction			(30)						4
Net establishment (release) of uncertain tax positions			6						(3)
Net establishment of foreign valuation allowances and write-off of deferred taxes			4						—
State income taxes, net of U.S. federal benefit			(8)						(12)
Net establishment of U.S. valuation allowances			4						—
Goodwill impairment			—						34
Other			—						2
United States and Foreign Tax Expense			$	95					$	10

Schedule of Components of United States and Foreign Tax Expense

The components of United States and Foreign Tax Expense by taxing jurisdiction, follow:

(In millions)			2025						2024						2023
Current:
Federal			$	(8)					$	(29)					$	37
Foreign			212						189						177
State			6						—						26
			210						160						240
Deferred:
Federal			1,126						(78)						(123)
Foreign			5						31						(62)
State			226						(18)						(45)
			1,357						(65)						(230)
United States and Foreign Tax Expense			$	1,567					$	95					$	10

Schedule of Deferred Tax Assets and Liabilities

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31 follow:

(In millions)			2025						2024
Tax loss carryforwards and credits			$	1,321					$	1,233
Capitalized research and development expenditures			466						486
Accrued expenses deductible as paid			353						316
Prepaid royalty income			337						344
Partnership basis differences			279						299
Property basis differences			79						29
Other prepayments income			119						32
Lease liabilities			76						83
Postretirement benefits and pensions			57						67
Rationalizations and other provisions			27						25
Vacation and sick pay			22						24
Other			73						139
			3,209						3,077
Valuation allowance			(2,734)						(1,252)
Total deferred tax assets			475						1,825
Intangible property basis differences related to Cooper Tire acquisition			(160)						(167)
Right-of-use assets			(72)						(80)
Total net deferred tax assets			$	243					$	1,578

Schedule of Reconciliation of Unrecognized Tax Benefits

A summary of our unrecognized tax benefits and changes during the year follows:

(In millions)			2025						2024						2023
Balance at January 1			$	98					$	92					$	87
Increases related to prior year tax positions			10						20						5
Decreases related to prior year tax positions			(2)						—						—
Settlements			(5)						—						(1)
Foreign currency impact			9						(14)						4
Increases related to current year tax positions			—						—						—
Lapse of statute of limitations			(3)						—						(3)
Balance at December 31			$	107					$	98					$	92

Schedule of Income Taxes Paid, Net

In accordance with the adoption of ASU 2023-09, below is a summary of income taxes paid, net of refunds received, by jurisdiction for the year ended December 31, 2025:

(In millions)			2025
U.S. Federal			$	9
U.S. state and local			8
Total U.S.			$	17
Foreign
Brazil			32
China			28
Germany			15
Canada			14
Other			54
Total Foreign			$	143
Total			$	160

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