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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | For the years ended December 31, income before income taxes consisted of the following:
In millions | 2024 |  | 2023 |  | 2022
Income before income taxes |  |  |  |  |
United States | $ | 58 |  |  | $ | 35 |  |  | $ | 17 |
Foreign | 106 |  |  | 82 |  |  | 50 |
Total income before income taxes | $ | 164 |  |  | $ | 117 |  |  | $ | 67 |
Schedule of Income Tax Expense (Benefit) | For the years ended December 31, income tax expense consisted of the following:
In millions | 2024 |  | 2023 |  | 2022
Income tax expense |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 32 |  |  | $ | 25 |  |  | $ | 29 |
State and local | 5 |  |  | 5 |  |  | 6 |
Foreign | 24 |  |  | 36 |  |  | 25 |
Deferred |  |  |  |  |
Federal | (9) |  |  | (12) |  |  | (21) |
State and local | (2) |  |  | (2) |  |  | (3) |
Foreign | — |  |  | 3 |  |  | (2) |
Total income tax expense | $ | 50 |  |  | $ | 55 |  |  | $ | 34 |
Effective income tax rate | 30.5 | % |  | 47.0 | % |  | 50.7 | %
Schedule of Difference Between the Effective Tax Rate and the U.S. Federal Statutory Income Tax Rate | The following table presents the principal components of the difference between the effective tax rate and the United States federal statutory income tax rate for the years ended December 31:
| 2024 |  | 2023 |  | 2022
Income tax expense at the U.S. federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign income tax differential | (3.2) | % |  | 1.5 | % |  | 13.0 | %
U.S. tax on foreign earnings | (0.7) | % |  | (1.7) | % |  | 2.8 | %
State and local income taxes | (1.3) | % |  | (3.2) | % |  | (4.2) | %
U.S. permanent book/tax differences | 1.8 | % |  | 3.7 | % |  | 4.8 | %
U.S. research and development tax credits | (4.2) | % |  | (6.1) | % |  | (10.4) | %
Change in valuation allowance | 10.7 | % |  | 18.6 | % |  | 18.7 | %
Argentina hyperinflationary adjustment | — | % |  | 13.1 | % |  | — | %
Tax impact of stock compensation | 4.3 | % |  | 1.7 | % |  | 3.6 | %
Tax impact of uncertain tax positions | 2.1 | % |  | (0.8) | % |  | 1.5 | %
Other, net | — | % |  | (0.8) | % |  | (0.1) | %
Effective income tax rate | 30.5 | % |  | 47.0 | % |  | 50.7 | %
Schedule of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities included in the balance sheets at December 31 were as follows:
In millions | 2024 |  | 2023
Deferred income tax assets |  |  |
Employee pensions and other liabilities | $ | 41 |  |  | $ | 59 |
Other balance sheet reserves and allowances | 29 |  |  | 15 |
Operating lease liabilities | 2 |  |  | 3 |
Tax loss and credit carryforwards | 115 |  |  | 109 |
Deferred revenue | 3 |  |  | 4 |
Intangibles and capitalized software | 184 |  |  | 178 |
Total deferred income tax assets | 374 |  |  | 368 |
Valuation allowance | (101) |  |  | (90) |
Net deferred income tax assets | 273 |  |  | 278 |
Deferred income tax liabilities |  |  |
Right of use assets - operating lease | 2 |  |  | 2 |
Property and equipment | 24 |  |  | 32 |
Other | 31 |  |  | 31 |
Total deferred income tax liabilities | 57 |  |  | 65 |
Total net deferred income tax assets | $ | 216 |  |  | $ | 213 |
Schedule of Unrecognized Tax Benefits Roll Forward | Below is a roll-forward of the Company’s liability related to uncertain tax positions at December 31:
In millions | 2024 |  | 2023
Balance at January 1 | $ | 40 |  |  | $ | 41 |
Gross increases for prior period tax positions | 1 |  |  | 1 |
Gross increases for current period tax positions | 3 |  |  | 3 |
Decreases due to the lapse of applicable statute of limitations | — |  |  | (5) |
Balance at December 31 | $ | 44 |  |  | $ | 40 |

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