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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes for the years ended December 31, (in millions):
|  | 2024 |  | 2023 |  | 2022
Domestic |  | $ | (708) |  |  | $ | (995) |  |  | $ | (698) |
Foreign |  | 448 |  |  | 452 |  |  | 855 |
Total |  | $ | (260) |  |  | $ | (543) |  |  | $ | 157 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following for the years ended December 31, (in millions):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (52) |  |  | $ | 56 |  |  | $ | (245) |
State | 10 |  |  | 1 |  |  | 6 |
Foreign | 112 |  |  | 71 |  |  | 102 |
Total current | 70 |  |  | 128 |  |  | (137) |
Deferred: |  |  |  |  |
Federal | (101) |  |  | (232) |  |  | 163 |
State | (15) |  |  | (40) |  |  | (34) |
Foreign | 2 |  |  | (11) |  |  | (32) |
Total deferred | (114) |  |  | (283) |  |  | 97 |
Total income tax provision (benefit) | $ | (44) |  |  | $ | (155) |  |  | $ | (40) |
Schedule of Reconciliation of U.S. Statutory Rate to Effective Income Tax Rate on Continuing Basis | A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31:
| 2024 |  | 2023 |  | 2022
Statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Add (deduct) effect of: |  |  |  |  |
State income taxes, net of federal income tax effect | 1.4 |  |  | 5.7 |  |  | (14.8) |
U.S. foreign inclusions and foreign tax credit (1) | (6.3) |  |  | (2.4) |  |  | (43.5) |
Foreign rate differential | 9.5 |  |  | 12.3 |  |  | (47.2) |
Change in uncertain tax positions (2) | 34.6 |  |  | — |  |  | 16.7 |
Change in valuation allowance reserve | (1.5) |  |  | (9.2) |  |  | (13.8) |
Impairments | — |  |  | 1.0 |  |  | 20.7 |
Sale of businesses | — |  |  | (0.9) |  |  | (21.2) |
Capital loss | 1.0 |  |  | 1.4 |  |  | — |
Reversal of outside basis difference | (0.3) |  |  | 11.2 |  |  | 1.6 |
Non-deductible compensation | (5.4) |  |  | (1.1) |  |  | 1.9 |
Return to provision | 0.6 |  |  | 1.5 |  |  | (11.3) |
Other taxes | (7.4) |  |  | (1.8) |  |  | 4.5 |
U.S. income inclusions on asset transfers | (28.4) |  |  | (10.1) |  |  | 50.3 |
Foreign exchange | 0.2 |  |  | — |  |  | 2.0 |
Other tax credits | 2.9 |  |  | 1.8 |  |  | 1.0 |
Other | (5.0) |  |  | (1.9) |  |  | 6.6 |
Effective rate | 16.9 | % |  | 28.5 | % |  | (25.5) | %
(1)The Company accounts for tax on global intangible low-taxed income (“GILTI”) as a period cost and the effects are included herein. (2)Includes $64 million, or 24.6%, income tax benefit as a result of the completion of tax authorities’ examination in the U.S. for the years 2011 to 2015 and Brazil for years 2015 to 2017.
Schedule of Components of Net Deferred Tax Assets | Deferred tax assets (liabilities) consist of the following at December 31, (in millions):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Accruals | $ | 180 |  |  | $ | 190 |
Inventory | 73 |  |  | 74 |
Pension and postretirement benefits | 34 |  |  | 38 |
Net operating losses | 302 |  |  | 322 |
Foreign tax credits | 16 |  |  | 16 |
Capital loss carryforward | 36 |  |  | 43 |
Operating lease liabilities | 139 |  |  | 153 |
Capitalized research and development expenses | 79 |  |  | 68 |
Interest expense carryforward | 134 |  |  | 91 |
Amortizable intangibles | 16 |  |  | — |
Financial instruments | — |  |  | 35 |
Other | 82 |  |  | 87 |
Total gross deferred tax assets | 1,091 |  |  | 1,117 |
Less valuation allowance | (171) |  |  | (184) |
Net deferred tax assets after valuation allowance | 920 |  |  | 933 |
Deferred tax liabilities: |  |  |
Accelerated depreciation | (110) |  |  | (112) |
Amortizable intangibles | — |  |  | (69) |
Operating lease assets | (122) |  |  | (140) |
Financial instruments | (10) |  |  | — |
Other | (50) |  |  | (47) |
Total gross deferred tax liabilities | (292) |  |  | (368) |
Net deferred tax assets | $ | 628 |  |  | $ | 565 |
The net deferred tax amounts have been classified in the balance sheet at December 31, (in millions):
|  | 2024 |  | 2023
Noncurrent deferred tax assets |  | $ | 806 |  |  | $ | 806 |
Noncurrent deferred tax liabilities |  | (178) |  |  | (241) |
Net deferred tax assets |  | $ | 628 |  |  | $ | 565 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the changes in gross unrecognized tax benefits periods indicated are as follows (in millions):
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits, January 1, | $ | 463 |  |  | $ | 476 |  |  | $ | 457 |
Increases (decreases): |  |  |  |  |
Increases in tax positions for prior years | 5 |  |  | — |  |  | 1 |
Decreases in tax positions for prior years | (90) |  |  | (19) |  |  | (3) |
Increase in tax positions for the current period | 5 |  |  | 12 |  |  | 44 |
Settlements with taxing authorities | (24) |  |  | — |  |  | (13) |
Lapse of statute of limitations | (4) |  |  | (6) |  |  | (10) |
Unrecognized tax benefits, December 31, | $ | 355 |  |  | $ | 463 |  |  | $ | 476 |

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