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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax
Income Before Income Taxes
For the years ended December 31
202320222021
U.S. income
$816 $1,090 $1,587 
Non-U.S. income
1,545 1,422 1,288 
Total
$2,361 $2,512 $2,875 
Schedule of Provision for Income Taxes
Provision for Income Taxes
For the years ended December 31
202320222021
Current
U.S. Federal$171 $396 $141 
Non – U.S.345 324 422 
U.S. State
42 97 55 
Deferred
U.S. Federal— (213)82 
Non – U.S.103 7 (101)
U.S. State82 (48)1 
Total$743 $563 $600 
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
For the years ended December 31
202320222021
Income before taxes
$2,361 $2,512 $2,875 
Tax expected at 21%
496 528 604 
Foreign operations
63 43 (54)
Withholding taxes
28 4 11 
U.S. tax on foreign operations
(35)(36)(23)
Uncertain tax positions
11 6 11 
R&D benefits
(33)(33)(32)
State taxes, net of federal benefit
24 39 45 
Valuation allowance
19 8 33 
Spin-Off and separation costs
184 — — 
Other
(14)4 5 
Provision for income taxes
$743 $563 $600 
Actual income tax rate
31.5%22.4%20.9%
Schedule of Unrecognized Tax Benefits Roll Forward
The balance of unrecognized tax benefits, the amount of related interest and penalties, and what we believe to be the range of reasonably possible changes in the next 12 months are as follows.

202320222021
Balance at beginning of period
$465 $365 $684 
Additions for tax positions of the current year
— 9 9 
Additions for tax positions of prior years
156 137 14 
Reductions for tax positions of prior years
(203)(41)(78)
Settlements with tax authorities
(6)(1)(262)
Expiration of the statute of limitations
(3)(4)(2)
Balance at end of period
$409 $465 $365 
Schedule of Unrecognized Tax Benefits
Unrecognized Tax Benefits
For the years ended December 31
202320222021
Unrecognized tax benefits
$409 $465 $365 
Accrued interest on unrecognized tax benefits
72 56 53 
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months
29 45 36 
Portion that, if recognized, would reduce tax expense and effective tax rate
157 153 111 
Schedule of Deferred Tax Assets and Liabilities
Deferred Income Taxes
As of
December 31, 2023December 31, 2022
Total assets
$4,474 $1,550 
Total liabilities
(68)(370)
Net deferred income tax asset (liability)
$4,406 $1,180 
Components of the Net Deferred Income Tax Asset (Liability)
As of
December 31, 2023December 31, 2022
Deferred tax assets:
Employee benefits
$1,418 $222 
Contract liabilities
171 193 
Inventories
95 84 
Operating loss carryforwards
648 176 
Other accrued expenses
68 70 
Receivables
45 42 
Lease liabilities
75 57 
Tax credit carryforwards
59 128 
Contract assets
79 99 
U.S. interest restriction carryforwards
61 — 
Goodwill and other intangible assets
1,461 — 
Property, plant, and equipment
261 338 
Capitalized R&D
547 554 
Other
8 — 
Total deferred income tax asset
4,996 1,963 
Valuation allowances
(540)(272)
Total deferred income tax asset after valuation allowance
4,456 1,691 
Deferred tax liabilities:
Goodwill and other intangible assets
— (458)
ROU assets
(50)(47)
Other
— (6)
Total deferred income tax liability
(50)(511)
Net deferred income tax asset (liability)
$4,406 $1,180 
Summary of Valuation Allowance
Valuation allowances primarily relate to non-U.S. deferred taxes where there were historical losses and U.S. federal and state credit carryforwards. Activity in the valuation allowance for the years ended December 31, 2023, 2022, and 2021 consists of the following:

Valuation Allowances
Balance at December 31, 2020
$250 
Provision for income taxes39 
Foreign currency exchange and other(10)
Balance at December 31, 2021
$279 
Provision for income taxes(5)
Foreign currency exchange and other(2)
Balance at December 31, 2022
$272 
Provision for income taxes(12)
Foreign currency exchange and other280 
Balance at December 31, 2023
$540