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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income (Loss) Before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

	Year Ended December 31,
	2023				2022				2021
United States	$	106			$	108			$	(9	)
Foreign		32				31				21
Income (loss) before income taxes	$	138			$	139			$	12

Components of the Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for 2023, 2022 and 2021 consisted of the following (in millions):

	Year Ended December 31,
	2023				2022				2021
U.S. Federal:
Current	$	—			$	—			$	—
Deferred		(99	)			—				(1	)
		(99	)			—				(1	)
U.S. State:
Current		1				—				—
Deferred		(15	)			—				—
		(14	)			—				—
Foreign:
Current		8				9				7
Deferred		(5	)			1				1
		3				10				8
Income tax provision (benefit)	$	(110	)		$	10			$	7

Reconciliation Between Effective Tax Rate

The reconciliation between the Company’s effective tax rate on income (loss) from continuing operations and the statutory tax rate is as follows (in millions):

	Year Ended December 31,
	2023				2022				2021
Income tax provision at federal statutory rate	$	29			$	29			$	3
Foreign tax rate differential		1				1				2
State income tax provision (benefit), net of federal benefit		4				4				(1	)
Nondeductible expenses		2				2				—
Currency translation losses		—				2				—
Capital loss carryforward		—				(2	)			—
Change in valuation allowance		(148	)			(28	)			2
Other		2				2				1
Income tax provision (benefit)	$	(110	)		$	10			$	7
Effective tax rate		(79.7	%)			7.2	%			54.8	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows (in millions):

	December 31,
	2023				2022				2021
Deferred tax assets:
Allowances and operating liabilities	$	6			$	6			$	6
Net operating loss carryforwards		58				76				92
Foreign tax credit carryforwards		7				7				7
Allowance for doubtful accounts		5				5				4
Inventory reserve		8				9				10
Stock-based compensation		4				5				5
Intangible assets		36				45				57
Capital loss carryforward		12				12				10
Tax over book basis in depreciable assets		4				4				5
Lease liabilities		15				11				9
Other		2				3				3
Total deferred tax assets	$	157			$	183			$	208
Deferred tax liabilities:
ROU assets		(14	)			(10	)			(7	)
Other		—				(1	)			—
Total deferred tax liabilities	$	(14	)		$	(11	)		$	(7	)
Net deferred tax assets before valuation allowance		143				172				201
Valuation allowance		(25	)			(173	)			(201	)
Net deferred tax assets (liabilities)	$	118			$	(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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