Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings (Loss) from Continuing Operations Before Tax by Jurisdiction

Earnings (loss) from continuing operations before tax by jurisdiction are as follows:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
U.S.	(163)	(292)	202
International	1,346	1,713	2,046
Total	1,183	1,421	2,248

Schedule of Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
Current
U.S.	8	54	—
International	162	306	323
Total	170	360	323
Deferred
U.S.	(178)	(261)	(16)
International	(782)	(588)	23
Total	(960)	(849)	7
Total	(790)	(489)	330

Schedule of Effective Tax Rate Reconciliation

A reconciliation of the significant differences between the U.S. federal statutory tax rate of 21% and the effective income tax rate on income from continuing operations is as follows:

	Year Ended December 31,
	2023		2022		2021
	(In $ millions, except percentages)
Income tax provision computed at U.S. federal statutory tax rate	248		298		472
Change in valuation allowance	(150)		(15)		(50)
Equity income and dividends	(27)		(47)		(29)
(Income) expense not resulting in tax impact, net	(9)		2		(53)
U.S. tax effect of foreign earnings and dividends	384		162		332
Foreign tax credits	(73)		(120)		(328)
Other foreign tax rate differentials	(108)		(43)		(66)
Legislative changes	(44)		—		(8)
State income taxes, net of federal benefit	(8)		(2)		6
Recognition of basis differences in investments in affiliates	—		6		—
Asset transfers between wholly owned foreign affiliates	(839)		(816)		—
Other, net	(164)		86		54
Income tax provision (benefit)	(790)		(489)		330
Effective income tax rate	(67)	%	(34)	%	15	%

Schedule of Consolidated Deferred Tax Assets and Liabilities

Significant components of the consolidated deferred tax assets and liabilities are as follows:

	As of December 31,
	2023	2022
	(In $ millions)
Deferred Tax Assets
Pension and postretirement obligations	61	61
Accrued expenses	56	80
Inventory	(13)	(11)
Net operating loss carryforwards	783	528
Tax credit carryforwards	135	359
Intangibles and other	737	400
Subtotal	1,759	1,417
Valuation allowance(1)	(656)	(781)
Total	1,103	636
Deferred Tax Liabilities
Depreciation and amortization	152	743
Investments in affiliates	188	171
Other	85	156
Total	425	1,070
Net deferred tax assets (liabilities)	678	(434)

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(1)Includes deferred tax asset valuation allowances for the Company's deferred tax assets in Luxembourg, the U.S., Spain, China, the United Kingdom, France, Mexico, Singapore, Canada and Germany. These valuation allowances relate primarily to net operating loss carryforward benefits, foreign tax credit carryforwards and other net deferred tax assets, all of which may not be realizable.

Schedule of Activity Related to Uncertain Tax Positions

Activity related to uncertain tax positions is as follows:

	Year Ended December 31,
	2023	2022	2021
	(In $ millions)
As of the beginning of the year	275	218	165
Increases in tax positions for the current year	10	8	33
Increases in tax positions for prior years	9	102	28
Decreases in tax positions for prior years	(35)	(45)	(11)
Increases (decreases) due to settlements	(35)	(8)	3
As of the end of the year	224	275	218
Total uncertain tax positions that if recognized would impact the effective tax rate	244	274	224
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations(1)	22	10	2
Total amount of interest expense and penalties recognized in the consolidated balance sheets	71	59	52

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(1)This amount reflects interest on uncertain tax positions and release of tax positions due to changes in assessment, statute lapses or audit closures that were reflected in the consolidated statements of operations.