INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of (Loss) Income Before Income Taxes from Operations

The components of (loss) income before income taxes were as follows:

	Year Ended December 31,
(in millions)	2023		2022		2021
United States	$	(6)	$	(531)	$	51
Foreign	(169)		(524)		494
Total (loss) income before income taxes	$	(175)	$	(1,055)	$	545

Schedule of Components of the (Benefit) Provision for Income Taxes from Operations

The components of the (benefit) provision for income taxes from operations were as follows:

	Year Ended December 31,
(in millions)	2023		2022		2021
Current:
U.S. federal	$	1	$	1	$	1
U.S. state	—		4		4
Foreign	86		118		154
Total	$	87	$	123	$	159
Deferred:
U.S. federal	$	4	$	(145)	$	10
U.S. state	(3)		(17)		2
Foreign	(131)		(66)		(37)
Total	$	(130)	$	(228)	$	(25)
Total (benefit) provision for income taxes	$	(43)	$	(105)	$	134

Schedule of Reconciliation of the U.S. Federal Statutory Tax Rate to the Effective Rate

The reconciliation of the U.S. federal statutory tax rate to the effective rate were as follows:

	Year Ended December 31,
(in millions, except percentages)	2023				2022				2021
Statutory U.S. federal income tax rate	$	(37)	21.0	%	$	(222)	21.0	%	$	114	21.0	%
Effect of:
State income taxes, net of federal benefit	(2)		1.4		(11)		1.0		4		0.8
Federal benefit of R&D and foreign tax credits	(17)		10.0		(8)		0.8		(5)		(0.9)
US other permanent differences	5		(2.7)		9		(0.9)		2		0.4
Tax effect of international operations	(65)		37.2		(5)		0.5		2		0.3
Global Intangible Low Taxed Income (GILTI)	12		(7.0)		20		(1.9)		13		2.4
Foreign Derived Intangible Income (FDII)	(9)		5.2		(8)		0.8		(7)		(1.3)
Net effect of tax audit activity	(6)		3.2		15		(1.4)		9		1.6
Tax effect of enacted statutory rate changes on Non-U.S. jurisdictions	1		(0.4)		(3)		0.3		10		1.9
Federal tax on unremitted earnings of certain foreign subsidiaries	2		(0.9)		1		(0.1)		(1)		(0.2)
Valuation allowance adjustments	5		(3.2)		(9)		0.8		(9)		(1.7)
Tax effect of impairment of goodwill and intangibles	60		(34.6)		114		(10.8)		—		—
Other	8		(4.4)		2		(0.2)		2		0.3
Effective income tax rate on operations	$	(43)	24.8	%	$	(105)	9.9	%	$	134	24.6	%

Schedule of Tax Effect of Significant Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities

The tax effect of significant temporary differences giving rise to deferred tax assets and liabilities were as follows:

	Year Ended December 31,
(in millions)	2023		2022
Deferred tax assets
Employee benefit accruals	$	55	$	55
Inventory	15		9
Miscellaneous accruals	51		37
Other	44		48
Lease right-of-use liability	46		48
Net unrealized gains/losses included in AOCI	36		—
Foreign tax credit and R&D carryforward	43		40
Tax loss carryforwards and other tax attributes	948		654
Total deferred tax assets	$	1,238	$	891
Less: Valuation allowances	(863)		(645)
Total deferred tax assets, net	$	375	$	246
Deferred tax liabilities
Identifiable intangible assets	$	(298)	$	(325)
Property, plant and equipment	(38)		(41)
Lease right-of-use asset	(46)		(47)
Net unrealized gains/losses included in AOCI	—		(13)
Taxes on unremitted earnings of foreign subsidiaries	(8)		(6)
Total deferred tax liabilities	(390)		(432)
Net deferred tax liabilities	$	(15)	$	(186)

Schedule of Deferred Tax Assets and Liabilities Included in the Consolidated Balance Sheet

Deferred tax assets and liabilities are included in the following Consolidated Balance Sheets line items at December 31 were as follows:

	Year Ended December 31,
(in millions)	2023		2022
Assets
Other noncurrent assets	$	213	$	101
Liabilities
Deferred income taxes	$	228	$	287

Schedule of Unrecognized Tax Benefits

The activity recorded for unrecognized tax benefits were as follows:

	Year Ended December 31,
(in millions)	2023		2022		2021
Unrecognized tax benefits at beginning of period	$	49	$	34	$	27
Gross change for prior-period positions	1		12		6
Gross change for current year positions	95		4		2
Decrease due to settlements and payments	(9)		—		—
Decrease due to statute expirations	(4)		—		—
Decrease due to effect from foreign currency translation	—		(1)		(1)
Unrecognized tax benefits at end of period	$	132	$	49	$	34