Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024	2023	2022
	(In $ millions)
U.S.	(2,269)	(163)	(292)
International	1,273	1,346	1,713
Total	(996)	1,183	1,421

Schedule of Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2024	2023	2022
	(In $ millions)
Current
U.S.	79	8	54
International	239	162	306
Total	318	170	360
Deferred
U.S.	(87)	(178)	(261)
International	279	(782)	(588)
Total	192	(960)	(849)
Total	510	(790)	(489)

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,
	2024		2023		2022
	(In $ millions, except percentages)
Income tax provision computed at U.S. federal statutory tax rate	(209)		248		298
Change in valuation allowance	370		(150)		(15)
Equity income and dividends	(41)		(27)		(47)
(Income) expense not resulting in tax impact, net	327		(9)		2
U.S. tax effect of foreign earnings and dividends	184		384		162
Foreign tax credits	(137)		(73)		(120)
Other foreign tax rate differentials	(66)		(108)		(43)
Legislative changes	(6)		(44)		—
State income taxes, net of federal benefit	12		(8)		(2)
Recognition of basis differences in investments in affiliates	—		—		6
Asset transfers between wholly owned foreign affiliates	87		(839)		(816)
Other, net	(11)		(164)		86
Income tax provision (benefit)	510		(790)		(489)
Effective income tax rate	(51)	%	(67)	%	(34)	%

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,
	2024	2023
	(In $ millions)
Deferred Tax Assets
Pension and postretirement obligations	58	61
Accrued expenses	59	56
Inventory	18	(13)
Net operating loss carryforwards	752	783
Tax credit carryforwards	222	135
Intangibles and other	757	737
Subtotal	1,866	1,759
Valuation allowance(1)	(1,106)	(656)
Total	760	1,103
Deferred Tax Liabilities
Depreciation and amortization	152	152
Investments in affiliates	163	188
Other	127	85
Total	442	425
Net deferred tax assets (liabilities)	318	678

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(1)Includes deferred tax asset valuation allowances for the Company's deferred tax assets in Switzerland, Luxembourg, the U.S., Spain, the Netherlands, the United Kingdom, Malta, Mexico, Germany, China, Singapore and France. 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 Unrecognized Tax Benefits Roll Forward

Activity related to uncertain tax positions is as follows:

	Year Ended December 31,
	2024	2023	2022
	(In $ millions)
As of the beginning of the year	224	275	218
Increases (decreases) in tax positions for the current year	(3)	10	8
Increases in tax positions for prior years	6	9	102
Decreases in tax positions for prior years	(6)	(35)	(45)
Increases (decreases) due to settlements	(8)	(35)	(8)
As of the end of the year	213	224	275
Total uncertain tax positions that if recognized would impact the effective tax rate	236	244	274
Total amount of interest expense (benefit) and penalties recognized in the consolidated statements of operations(1)	7	22	10
Total amount of interest expense and penalties recognized in the consolidated balance sheets	77	71	59

______________________________

(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.