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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Income (Loss) before Income Taxes

Income (loss) before income taxes and income tax (benefit) expense are summarized below based on the geographic location of the operation to which such earnings and income taxes are attributable.


	Income (loss) before income taxes
(In millions)	2021		2020		2019
Ireland	$	153	$	(132)	$	(201)

Foreign	2,743		1,878		2,792
Total income before income taxes	$	2,896	$	1,746	$	2,591

Schedule of Income Tax Expense (Benefit)


	Income tax expense (benefit)
(In millions)	2021		2020		2019
Current
Ireland	$	50	$	15	$	26
Foreign	730		441		410


Total current income tax expense	780		456		436

Deferred
Ireland	(2)		—		3
Foreign	(28)		(125)		(61)


Total deferred income tax expense (benefit)	(30)		(125)		(58)
Total income tax expense	$	750	$	331	$	378

Schedule of Reconciliation of Effective Income Tax Rate

Reconciliations of income taxes from the Ireland national statutory rate of 25% to the consolidated effective income tax rate are as follows:


	2021		2020		2019
Income taxes at the applicable statutory rate	25.0	%	25.0	%	25.0	%

Ireland operations
Ireland tax on trading income	(0.7)	%	(0.2)	%	(1.0)	%
Nondeductible interest expense	0.6	%	2.7	%	3.9	%
Ireland Other - net	(0.2)	%	0.4	%	0.1	%

Foreign operations

Tax impact on sale of businesses	9.1	%	3.9	%	—	%







Earnings taxed at other than the applicable statutory tax rate	(8.0)	%	(14.0)	%	(14.8)	%
Other items	(0.1)	%	1.6	%	3.3	%





Worldwide operations
Adjustments to tax liabilities	0.2	%	(0.6)	%	(0.5)	%
Adjustments to valuation allowances	—	%	0.2	%	(1.4)	%
Effective income tax expense rate	25.9	%	19.0	%	14.6	%

Schedule of Worldwide Income Tax Payments

Worldwide income tax payments, net of tax refunds, are as follows:


(In millions)
2021	$	753
2020	391
2019	425

Schedule of Components of Deferred Income Taxes

Components of noncurrent deferred income taxes are as follows:


	December 31
	2021		2020
(In millions)	Noncurrent assets and liabilities		Noncurrent assets and liabilities
Accruals and other adjustments
Employee benefits	$	348	$	553
Depreciation and amortization	(1,087)		(1,101)
Other accruals and adjustments	385		505

Ireland income tax loss carryforwards	1		1
Foreign income tax loss carryforwards	3,127		1,815
Foreign income tax credit carryforwards	263		309


Valuation allowance for income tax loss and income tax credit carryforwards	(3,139)		(1,863)
Other valuation allowances	(65)		(67)
Total deferred income taxes	(167)		152
Deferred income taxes reported as held for sale	—		3
Deferred income taxes	$	(167)	$	149

Schedule of Foreign Tax Loss Carryforwards and Income Tax Credit Carryforwards

These carryforwards and their respective expiration dates are summarized below:


(In millions)	2022 through 2026		2027 through 2031		2032 through 2036		2037 through 2046		Not subject to expiration		Valuation allowance
Ireland income tax loss carryforwards	$	—	$	—	$	—	$	—	$	8	$	—
Ireland deferred income tax assets for income tax loss carryforwards	—		—		—		—		1		(1)
Foreign income tax loss carryforwards	363		7,335		7,061		299		2,301		—
Foreign deferred income tax assets for income tax loss carryforwards	60		670		1,768		84		560		(2,982)
Foreign deferred income tax assets for income tax loss carryforwards after ASU 2013-11	47		668		1,768		84		560		(2,982)
Foreign income tax credit carryforwards	50		183		55		4		30		(156)
Foreign income tax credit carryforwards after ASU 2013-11	28		146		55		4		30		(156)

Schedule of Gross Unrecognized Income Tax Benefits

A summary of gross unrecognized income tax benefits is as follows:


(In millions)	2021		2020		2019
Balance at January 1	$	1,036	$	1,001	$	913
Increases and decreases as a result of positions taken during prior years
Transfers from valuation allowances	6		—		15
Other increases, including currency translation	22		10		22
Other decreases, including currency translation	(10)		(10)		(10)
Increases related to acquired businesses	12		7		—
Increases as a result of positions taken during the current year	75		58		80
Decreases relating to settlements with tax authorities	(11)		(26)		(16)
Decreases as a result of a lapse of the applicable statute of limitations	(10)		(4)		(3)
Balance at December 31	$	1,120	$	1,036	$	1,001