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Income Taxes (Tables)
 12 Months Ended
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):
202420232022
Domestic$(708)$(995)$(698)
Foreign448 452 855 
Total$(260)$(543)$157 
Schedule of Provision for Income Taxes
The provision for income taxes consists of the following for the years ended December 31, (in millions):
202420232022
Current:
Federal$(52)$56 $(245)
State10 1 6 
Foreign112 71 102 
Total current70 128 (137)
Deferred:
Federal(101)(232)163 
State(15)(40)(34)
Foreign2 (11)(32)
Total deferred(114)(283)97 
Total income tax provision (benefit)$(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:
202420232022
Statutory rate21.0 %21.0 %21.0 %
Add (deduct) effect of:
State income taxes, net of federal income tax effect1.4 5.7 (14.8)
U.S. foreign inclusions and foreign tax credit (1)
(6.3)(2.4)(43.5)
Foreign rate differential9.5 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 loss1.0 1.4 — 
Reversal of outside basis difference(0.3)11.2 1.6 
Non-deductible compensation(5.4)(1.1)1.9 
Return to provision0.6 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 exchange0.2 — 2.0 
Other tax credits2.9 1.8 1.0 
Other(5.0)(1.9)6.6 
Effective rate16.9 %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):
20242023
Deferred tax assets:
Accruals$180 $190 
Inventory73 74 
Pension and postretirement benefits34 38 
Net operating losses302 322 
Foreign tax credits16 16 
Capital loss carryforward36 43 
Operating lease liabilities139 153 
Capitalized research and development expenses79 68 
Interest expense carryforward134 91 
Amortizable intangibles16 — 
Financial instruments— 35 
Other82 87 
Total gross deferred tax assets1,091 1,117 
Less valuation allowance(171)(184)
Net deferred tax assets after valuation allowance920 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):
20242023
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):
202420232022
Unrecognized tax benefits, January 1,$463 $476 $457 
Increases (decreases):
Increases in tax positions for prior years5 — 1 
Decreases in tax positions for prior years(90)(19)(3)
Increase in tax positions for the current period5 12 44 
Settlements with taxing authorities(24)— (13)
Lapse of statute of limitations(4)(6)(10)
Unrecognized tax benefits, December 31,$355 $463 $476