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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income (Loss) From Continuing Operations Before Income Taxes | Income (loss) before income taxes is comprised of the following:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
United Kingdom | $ | (130) |  |  | $ | (16) |  |  | $ | (12) |
International | 438 |  |  | 390 |  |  | 126 |
Income before income taxes | $ | 308 |  |  | $ | 374 |  |  | $ | 114 |
Income Tax (Provision) Benefit | The income tax (provision) benefit is summarized below:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
United Kingdom: |  |  |  |  |
Current | $ | — |  |  | $ | (1) |  |  | $ | (1) |
Deferred | — |  |  | — |  |  | (10) |
International: |  |  |  |  |
Current | (69) |  |  | (55) |  |  | (17) |
Deferred | 261 |  |  | (15) |  |  | 909 |
Income tax benefit (provision) | $ | 192 |  |  | $ | (71) |  |  | $ | 881 |
Effective Income Tax Rate Reconciliation | The following table reconciles the applicable statutory income tax rates to our effective income tax rates for “Income tax (provision) benefit” as reflected in the Consolidated Statements of Income.
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 19 | % |  | 19 | % |  | 19 | %
Increases (decreases) resulting from: |  |  |  |  |
Tax rate differences | 9 |  |  | 7 |  |  | 10 |
Disallowable expenditures | 8 |  |  | 2 |  |  | 17 |
Valuation allowances | (100) |  |  | (27) |  |  | (849) |
Corporate reorganization | — |  |  | 17 |  |  | (96) |
Tax rate changes | (3) |  |  | 2 |  |  | (8) |
State and local taxes | 1 |  |  | 1 |  |  | 5 |
Prior year accruals | — |  |  | (2) |  |  | 131 |
Branch taxation | — |  |  | — |  |  | — |
Withholding taxes | 2 |  |  | 2 |  |  | — |
Tax credits | — |  |  | (2) |  |  | (2) |
Expiration of net operating loss | 2 |  |  | — |  |  | — |
Other, net | — |  |  | — |  |  | — |
Effective tax rate | (62) | % |  | 19 | % |  | (773) | %
Net Deferred Tax Assets (Liabilities) | Net deferred tax assets (liabilities) at December 31, 2022 and 2021 were comprised of the following:
| December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Net operating loss and other carryforwards | $ | 1,739 |  |  | $ | 1,720 |
Property, plant and equipment, net | 200 |  |  | 220 |
Reserves for environmental remediation and restoration | 47 |  |  | 43 |
Obligations for pension and other employee benefits | 46 |  |  | 58 |
Investments | 4 |  |  | 4 |
Grantor trusts | 621 |  |  | 636 |
Inventories, net | 6 |  |  | 8 |
Interest | 190 |  |  | 214 |
Lease liabilities | 48 |  |  | 23 |
Other accrued liabilities | 2 |  |  | 3 |
Foreign exchange | 1 |  |  | 9 |
Other | 5 |  |  | 7 |
Total deferred tax assets | 2,909 |  |  | 2,945 |
Valuation allowance associated with deferred tax assets | (1,527) |  |  | (1,841) |
Net deferred tax assets | 1,382 |  |  | 1,104 |
Deferred tax liabilities: |  |  |
Inventories, net | (3) |  |  | (5) |
Property, plant and equipment, net | (228) |  |  | (216) |
Intangible assets, net | (15) |  |  | (22) |
Lease assets | (38) |  |  | (24) |
Foreign exchange | (4) |  |  | (1) |
Other | (14) |  |  | (8) |
Total deferred tax liabilities | (302) |  |  | (276) |
Net deferred tax asset | $ | 1,080 |  |  | $ | 828 |
Balance sheet classifications: |  |  |
Deferred tax assets — long-term | $ | 1,233 |  |  | $ | 985 |
Deferred tax liabilities — long-term | $ | (153) |  |  | $ | (157) |
Net deferred tax asset | $ | 1,080 |  |  | $ | 828 |
Changes in Valuation Allowance by Jurisdiction | The table below sets forth the changes, by jurisdiction:
| December 31,
| 2022 |  | 2021
United Kingdom | $ | 13 |  |  | $ | (1) |
United States | (5) |  |  | (19) |
Australia | (314) |  |  | (43) |
The Netherlands | — |  |  | (24) |
Saudi Arabia | — |  |  | (11) |
Brazil | — |  |  | — |
Switzerland | (8) |  |  | — |
Belgium | — |  |  | — |
Total (decrease) increase in valuation allowances | $ | (314) |  |  | $ | (98) |
Expiration of Tax Loss Carryforwards | In the United States, the deferred tax assets generated by tax loss carryforwards are partially offset by a valuation allowance to the extent they are subject to expiration. The expiration of these carryforwards at December 31, 2022 is shown below. The Australian, Saudi Arabian, French, Brazilian and United Kingdom tax loss carryforwards do not expire.
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 - 2040 |  | Unlimited |  | Total Tax Loss Carryforwards
United Kingdom | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (97) |  |  | $ | (97) |
Australia | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (436) |  |  | (436) |
The Netherlands | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (83) |  |  | (83) |
France | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (180) |  |  | (180) |
Saudi Arabia | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (6) |
Switzerland | (80) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (80) |
China | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | (5) |
Brazil | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | (10) |
U.S. Federal | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,959) |  |  | (334) |  |  | (4,293) |
U.S. State | (14) |  |  | (12) |  |  | (40) |  |  | (75) |  |  | (27) |  |  | (4,060) |  |  | (19) |  |  | (4,247) |
Total tax loss carryforwards | $ | (94) |  |  | $ | (12) |  |  | $ | (40) |  |  | $ | (75) |  |  | $ | (32) |  |  | $ | (8,019) |  |  | $ | (1,165) |  |  | $ | (9,437) |

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