INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Tax Expense (Benefit) by Category

Income (Loss) Before Income Tax Expense (Benefit) by Category

years ended December 31 (in millions)	2024		2023		2022
United States	$	(1,499)	$	(1,057)	$	(3,858)
International	1,210		1,299		610
Income (loss) from continuing operations before income taxes	$	(289)	$	242	$	(3,248)

Income Tax Expense (Benefit)

Income Tax Expense (Benefit)

years ended December 31 (in millions)	2024		2023		2022
Current
United States
Federal	$	19	$	1	$	9
State and local	21		9		—
International	259		307		116
Current income tax expense (benefit)	299		317		125
Deferred
United States
Federal	(197)		(123)		(264)
State and local	(21)		(25)		(49)
International	(44)		(108)		53
Deferred income tax expense (benefit)	(262)		(256)		(260)
Income tax expense (benefit)	$	37	$	61	$	(135)

Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities

as of December 31 (in millions)	2024		2023
Deferred tax assets
Accrued liabilities and other	$	310	$	282
Pension and other postretirement benefits	131		135
Tax credit and net operating loss carryforwards	750		723
Swiss tax reform net asset basis step-up	92		157
Operating lease liabilities	139		140
Valuation allowances	(536)		(584)
Total deferred tax assets	886		853
Deferred tax liabilities
Subsidiaries’ unremitted earnings	21		81
Long-lived assets and other	632		783
Operating lease right-of-use assets	132		131
Total deferred tax liabilities	785		995
Net deferred tax asset (liability)	$	101	$	(142)

Summary of Valuation Allowance

The following table is a summary of changes in our deferred tax valuation allowance for the years ended December 31, 2024, 2023 and 2022.

years ended December 31 (in millions)	2024		2023		2022
Balance at beginning of period	$	584	$	631	$	326
Charged to income tax expense	48		87		313
Deductions	(73)		(139)		(1)
Currency translation adjustments	(23)		5		(7)
Balance at end of period	$	536	$	584	$	631

Income Tax Expense (Benefit) Reconciliation

Income Tax Expense (Benefit) Reconciliation

years ended December 31 (in millions)	2024		2023		2022
Income tax expense (benefit) at U.S. statutory rate	$	(61)	$	51	$	(682)
Tax incentives	(176)		(200)		(156)
State and local taxes, net of federal benefit	(9)		(2)		(27)
Impact of foreign taxes	137		190		78
Non-deductible goodwill impairments	86		—		591
Notional interest deduction expense (benefit)	(37)		31		(306)
Valuation allowances	(25)		(51)		312
Stock compensation (windfall) shortfall tax expense (benefit)	9		10		(4)
Research and development tax credits	(19)		(17)		(8)
Uncertain tax positions	9		6		(7)
Unutilized foreign tax credits	15		32		32
Subpart F income	18		26		11
Foreign tax credits	(5)		(7)		4
Pillar Two taxes	11		—		—
Revaluation of Swiss basis step-up deferred tax asset	58		—		—
Tax law changes on Section 987	17		—		—
Other, net	9		(8)		27
Income tax expense (benefit)	$	37	$	61	$	(135)

Reconciliation of Unrecognized Tax Benefits

The following table is a reconciliation of our unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022. 

as of and for the years ended (in millions)	2024		2023		2022
Balance at beginning of the year	$	89	$	87	$	106
Increase associated with tax positions taken during the current year	10		9		11
Increase (decrease) associated with tax positions taken during a prior year	5		3		14
Settlements	(1)		(2)		(7)
Decrease associated with lapses in statutes of limitations	(7)		(8)		(37)
Balance at end of the year	$	96	$	89	$	87