INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Before Taxes

	Years Ended December 31,
	2022			2021			2020
U.S.		$	3,305		$	3,955		$	3,318
Non-U.S.		3,074			3,280			2,694
		$	6,379		$	7,235		$	6,012

Tax Expense (Benefit)

	Years Ended December 31,
	2022			2021			2020
Tax expense (benefit) consists of
Current:
U.S. Federal		$	653		$	415		$	475
U.S. State		124			146			79
Non-U.S.		815			886			768
		$	1,592		$	1,447		$	1,322
Deferred:
U.S. Federal		$	(175)		$	173		$	234
U.S. State		(36)			37			39
Non-U.S.		32			(32)			(448)
		(180)			178			(175)
		$	1,412		$	1,625		$	1,147

	Years Ended December 31,
	2022			2021			2020
The U.S. federal statutory income tax rate is reconciled to the effective income tax rate as follows:
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%
Taxes on non-U.S. earnings(1)(2)		(0.4)			(1.4)			(0.8)
U.S. state income taxes(1)		1.4			1.5			1.3
Reserves for tax contingencies		1.1			2.2			(2.6)
Employee share-based payments		(0.9)			(0.7)			(1.2)
Reduction of certain receivables		—			—			2.0
Restructuring		0.7			(1.4)			—
U.S. Valuation Allowance		(0.2)			2.0			0.1
All other items—net		(0.6)			(0.7)			(0.7)
		22.1	%		22.5	%		19.1	%

(1)Net of changes in valuation allowance.

(2)Includes U.S. taxes on non-U.S. earnings.

Deferred Tax Assets (Liabilities)

The tax effects of temporary differences and tax carryforwards which give rise to future income tax benefits and payables are as follows:

Deferred tax assets:	December 31,
	2022			2021
Postretirement benefits other than pensions		$	59		$	77
Asbestos and environmental		545			468
Employee compensation and benefits		142			174
Lease liabilities		233			242
Other accruals and reserves		363			260
Net operating losses		695			734
Capital loss limitation and carryover		126			151
Tax credit carryforwards		163			164
Gross deferred tax assets		2,326			2,270
Valuation allowance		(812)			(857)
Total deferred tax assets		$	1,514		$	1,413
Deferred tax liabilities:
Pension		$	(1,088)		$	(948)
Property, plant and equipment		(233)			(464)
Right-of-use asset		(212)			(230)
Intangibles		(818)			(883)
Unremitted earnings of foreign subsidiaries		(517)			(426)
Other asset basis differences		(317)			(334)
Other		(1)			(2)
Total deferred tax liabilities		(3,186)			(3,287)
Net deferred tax liability		$	(1,672)		$	(1,874)

Summary of Operating Loss Carryforwards

As of December 31, 2022, the Company's net operating loss, capital loss and tax credit carryforwards were as follows:

Jurisdiction	Expiration Period	Net Operating and Capital Loss Carryforwards			Tax Credit Carryforwards
U.S. Federal	2042		$	584		$	94
U.S. State	2042		449			21
Non-U.S.	2042		450			53
Non-U.S.	Indefinite		2,062			—
			$	3,545		$	168

Change in Unrecognized Tax Benefits

	Years Ended December 31,
	2022			2021			2020
Change in unrecognized tax benefits:
Balance at beginning of year		$	1,061		$	991		$	1,164
Gross increases related to current period tax positions		64			93			94
Gross increases related to prior periods tax positions		31			39			68
Gross decreases related to prior periods tax positions		(19)			(27)			(256)
Decrease related to resolutions of audits with tax authorities		(3)			(1)			(35)
Expiration of the statute of limitations for the assessment of taxes		(8)			(12)			(76)
Foreign currency translation		(40)			(22)			32
Balance at end of year		$	1,086		$	1,061		$	991

Summary of Income Tax Examinations

The following table summarizes tax years that remain subject to examination by major tax jurisdictions as of December 31, 2022:

Jurisdiction	Open Tax Years
	Examination in progress	Examination not yet initiated
U.S. Federal	2017-2018	2019-2022
U.S. State	2013-2020	2017-2022
Australia	n/a	2019-2022
Belgium	2019-2020	2021-2022
Canada(1)	2017-2019	2020-2022
China	2012-2021	2022
France	2019-2021	2022
Germany(1)	2009-2020	2021-2022
India	1999-2021	2022
Italy	2015-2020	2021-2022
Netherlands	2018-2020	2021-2022
Switzerland(1)	2017-2020	2021-2022
United Kingdom	2013-2020	2021-2022

(1)Includes provincial or similar local jurisdictions, as applicable.