Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) before Income Taxes

The components of Income (Loss) before Income Taxes follow:

(In millions)	2023			2022		2021
U.S.	$	(325	)	$	41	$	(102	)
Foreign		(352	)		358		615
	$	(677	)	$	399	$	513

Reconciliation of Income Taxes at the U.S. Statutory Rate to United States and Foreign Tax Expense (Benefit)

A reconciliation of income taxes at the U.S. statutory rate to United States and Foreign Tax Expense (Benefit) follows:

(In millions)	2023			2022			2021
U.S. federal income tax expense (benefit) at the statutory rate of 21%	$	(142	)	$	84		$	108
Net foreign losses (income) with no tax due to valuation allowances		122			45			3
Goodwill impairment		34			—			—
State income taxes, net of U.S. federal benefit		(12	)		6			1
Adjustment for foreign income taxed at different rates and nontaxable foreign items		5			33			24
U.S. charges (benefits) related to foreign tax credits, R&D and foreign derived intangible deduction		4			(7	)		(4	)
Net establishment (release) of uncertain tax positions		(3	)		(4	)		(6	)
Deferred tax impact of enacted rate and law changes		—			(6	)		(61	)
Net establishment (release) of foreign valuation allowances and write off of deferred taxes		—			24			(1	)
Net establishment (release) of U.S. valuation allowances		—			—			(340	)
Other		2			15			9
United States and Foreign Tax Expense (Benefit)	$	10		$	190		$	(267	)

Components of United States and Foreign Tax Expense (Benefit)

The components of United States and Foreign Tax Expense (Benefit) by taxing jurisdiction, follow:

(In millions)	2023			2022			2021
Current:
Federal	$	37		$	—		$	1
Foreign		177			150			166
State		26			12			37
		240			162			204
Deferred:
Federal		(123	)		(28	)		(362	)
Foreign		(62	)		46			(23	)
State		(45	)		10			(86	)
		(230	)		28			(471	)
United States and Foreign Tax Expense (Benefit)	$	10		$	190		$	(267	)

Deferred Tax Assets and Liabilities

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities at December 31 follow:

(In millions)	2023			2022
Tax loss carryforwards and credits	$	1,155		$	1,160
Capitalized research and development expenditures		490			481
Prepaid royalty income		427			457
Accrued expenses deductible as paid		343			320
Partnership basis differences		317			341
Other prepayments income		153			—
Postretirement benefits and pensions		87			63
Lease liabilities		82			70
Rationalizations and other provisions		58			52
Vacation and sick pay		25			26
Other		137			100
		3,274			3,070
Valuation allowance		(1,275	)		(1,072	)
Total deferred tax assets		1,999			1,998
Intangible property basis differences related to Cooper Tire acquisition		(205	)		(214	)
Property basis differences		(166	)		(407	)
Right-of-use assets		(81	)		(68	)
Total net deferred tax assets	$	1,547		$	1,309

Reconciliation of Unrecognized Tax Benefits

A summary of our unrecognized tax benefits and changes during the year follows:

(In millions)	2023			2022			2021
Balance at January 1	$	87		$	90		$	85
Increases related to prior year tax positions		5			10			28
Decreases related to prior year tax positions		—			—			(12	)
Settlements		(1	)		(12	)		(5	)
Foreign currency impact		4			(1	)		(7	)
Increases related to current year tax positions		—			2			3
Lapse of statute of limitations		(3	)		(2	)		(2	)
Balance at December 31	$	92		$	87		$	90