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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Before Income Taxes

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

	Year Ended December 31,
	2024				2023				2022
United States	$	97			$	106			$	108
Foreign		17				32				31
Income before income taxes	$	114			$	138			$	139

Components of the Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for 2024, 2023 and 2022 consisted of the following (in millions):

	Year Ended December 31,
	2024				2023				2022
U.S. Federal:
Current	$	—			$	—			$	—
Deferred		22				(99	)			—
		22				(99	)			—
U.S. State:
Current		1				1				—
Deferred		2				(15	)			—
		3				(14	)			—
Foreign:
Current		6				8				9
Deferred		1				(5	)			1
		7				3				10
Income tax provision (benefit)	$	32			$	(110	)		$	10

Reconciliation Between Effective Tax Rate

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

	Year Ended December 31,
	2024				2023				2022
Income tax provision at federal statutory rate	$	24			$	29			$	29
Foreign tax rate differential		1				1				1
State income tax provision, net of federal benefit		3				4				4
Nondeductible expenses		4				2				2
Currency translation losses		1				—				2
Capital loss carryforward		—				—				(2	)
Foreign tax credits		2				—				—
Change in valuation allowance		(4	)			(148	)			(28	)
Other		1				2				2
Income tax provision (benefit)	$	32			$	(110	)		$	10
Effective tax rate		28.1	%			(79.7	)%			7.2	%

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,
	2024				2023				2022
Deferred tax assets:
Allowances and operating liabilities	$	6			$	6			$	6
Net operating loss carryforwards		43				58				76
Foreign tax credit carryforwards		6				7				7
Allowance for credit losses		3				5				5
Inventory reserve		8				8				9
Stock-based compensation		3				4				5
Intangible assets		27				36				45
Capital loss carryforward		11				12				12
Tax over book basis in depreciable assets		3				4				4
Lease liabilities		15				15				11
Other		3				2				3
Total deferred tax assets		128				157				183
Deferred tax liabilities:
ROU assets		(14	)			(14	)			(10	)
Other		—				—				(1	)
Total deferred tax liabilities		(14	)			(14	)			(11	)
Net deferred tax assets before valuation allowance		114				143				172
Valuation allowance		(21	)			(25	)			(173	)
Net deferred tax assets (liabilities)	$	93			$	118			$	(1	)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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 of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
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