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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes.

Provision (benefit) for income taxes calculated based on components of earnings (loss) before income taxes

​

​	​	​	​	​	​	​	​	​	​	​
Continuing operations		2021			2020			2019
U.S.	​	$	(295)	​	$	(85)	​	$	(535)	​
Non-U.S.	​		627	​		438	​		274	​
​	​	$	332	​	$	353	​	$	(261)	​

​

​	​	​	​	​	​	​	​	​	​	​
Discontinued operations		2021			2020			2019
U.S.	​	$	—	​	$	—	​	$	—	​
Non-U.S.	​		7	​		—	​		(3)	​
​	​	$	7	​	$	—	​	$	(3)	​

Provision (benefit) for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Current:	​	​	​	​	​	​	​	​	​	​
U.S.	​	$	12	​	$	8	​	$	12	​
Non-U.S.	​		150	​		86	​		99	​
​	​		162	​		94	​		111	​
Deferred:	​	​	​	​	​	​	​	​	​	​
U.S.	​	​	(1)	​		1	​		—	​
Non-U.S.	​		6	​		(6)	​		7	​
​	​		5	​		(5)	​		7	​
Total:	​	​	​	​	​	​	​	​	​	​
U.S.	​		11	​		9	​		12	​
Non-U.S.	​		156	​		80	​		106	​
Total for continuing operations	​		167	​		89	​		118	​
Total for discontinued operations	​	​	—	​		—	​		—	​
​	​	$	167	​	$	89	​	$	118	​

Reconciliation of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Tax provision on pretax earnings from continuing operations at statutory U.S. Federal tax rate	​	$	70	​	$	74	​	$	(55)	​
Increase (decrease) in provision for income taxes due to:	​	​	​	​	​	​	​	​	​	​
Non-U.S. tax rates	​	​	31	​	​	34	​	​	14	​
Global intangible low taxed income and Foreign-derived intangible income, net of applicable GILTI credits	​	​	6	​	​	7	​	​	28	​
Goodwill and equity investment impairments	​	​	​	​	​	6	​	​	125	​
Tax impact of sale of ANZ business	​	​	​	​	​	(87)	​	​	​	​
Tax law changes	​		(6)	​	​	(10)	​	​	​	​
Tax impact of Brazil indirect tax ruling	​	​	(7)	​	​	​	​	​	​	​
Change in valuation allowance	​	​	93	​	​	59	​	​	(31)	​
Tax attribute expiration	​	​	8	​	​	6	​	​	11	​
Withholding tax	​	​	12	​	​	12	​	​	16	​
Non-deductible expenses and taxable gains	​	​	24	​	​	14	​	​	8	​
Tax credits and incentives	​	​	(67)	​	​	(11)	​	​	(18)	​
Changes in tax reserves and audit settlements	​	​	10	​	​	2	​	​	20	​
Mexico inflationary adjustments	​	​	(6)	​	​	​	​	​	4	​
Equity earnings	​	​	(16)	​	​	(14)	​	​	(14)	​
Intercompany financing	​	​	10	​	​	12	​	​	(4)	​
Other taxes based on income	​	​	5	​	​	2	​	​	3	​
Other items	​		​	​	​	(17)	​	​	11	​
Provision for income taxes	​	$	167	​	$	89	​	$	118	​

Significant components of deferred tax assets and liabilities and deferred taxes included in the Consolidated Balance Sheets

​

​	​	​	​	​	​	​	​
​		2021			2020
Deferred tax assets:	​	​	​	​	​	​	​
Accrued postretirement benefits	​	$	34	​	$	35	​
Paddock-related liabilities	​	​	137	​	​	107	​
Foreign tax credit carryovers	​		161	​	​	130	​
Operating, capital loss and interest carryovers	​		255	​	​	276	​
Other credit carryovers	​		20	​	​	19	​
Accrued liabilities	​		54	​	​	55	​
Pension liabilities	​		19	​	​	85	​
Operating lease liabilities	​	​	28	​	​	33	​
Other	​		68	​	​	46	​
Total deferred tax assets	​		776	​		786	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Property, plant and equipment	​		114	​	​	112	​
Intangibles and deferred software	​		72	​	​	79	​
Operating lease right-of-use assets	​	​	28	​	​	33	​
Total deferred tax liabilities	​		214	​		224	​
Valuation allowance	​		(512)	​	​	(493)	​
Net deferred taxes	​	$	50	​	$	69	​

​

Deferred taxes are included in the Consolidated Balance Sheets at December 31, 2021 and 2020 as follows:

​

​	​	​	​	​	​	​	​
​		2021			2020
Other assets	​	$	152	​	$	178	​
Deferred taxes	​		(102)	​		(109)	​
Net deferred taxes	​	$	50	​	$	69	​

Reconciliation of the gross unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Balance at January 1	​	$	93	​	$	99	​	$	87	​
Additions and reductions for tax positions of prior years	​		3	​	​	(20)	​	​	16	​
Additions based on tax positions related to the current year	​		3	​	​	11	​	​	12	​
Reductions due to the lapse of the applicable statute of limitations	​	​	​	​	​	​	​	​	​	​
Reductions due to settlements	​	​	​	​	​	​	​	​	(16)	​
Foreign currency translation	​		(4)	​	​	3	​	​	​	​
Balance at December 31	​	$	95	​	$	93	​	$	99	​
Unrecognized tax benefits, which if recognized, would impact the Company’s effective income tax rate	​	$	75	​	$	80	​	$	86	​
Accrued interest and penalties at December 31	​	$	16	​	$	14	​	$	11	​
Interest and penalties included in tax expense for the years ended December 31	​	$	2	​	$	3	​	$	1	​

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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