v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of the provision from continuing operations
Details of the Company's income tax provision for (benefit from) continuing operations are provided in the table below:
Year Ended December 31,
(In millions)202420232022
Income (Loss) Before Income Taxes: (a)
U.S.$32 $8 $50 
Non-U.S.269 259 126 
Total income (loss) before income taxes$301 $267 $176 
Current Tax Provision (Benefit):
Non-U.S.
$77 $73 $45 
U.S. state and local
1 — 1 
Total current tax provision (benefit)
78 73 46 
Deferred Tax Provision (Benefit):
U.S. federal
$(40)$(300)$— 
Non-U.S
(15)(8)(1)
U.S. state and local
(9)(13)— 
Total deferred tax provision (benefit)
(64)(321)(1)
Provision for (benefit from) income taxes
$14 $(248)$45 
(a) Income (loss) before income taxes excludes equity in net income from non-consolidated affiliates.
Schedule of effective income tax rate reconciliation
Year Ended December 31,
(In millions)2024Effective rate 2023 (a)Effective rate2022 (a)Effective rate
Tax provision (benefit) at U.S. statutory rate of 21%
$63 21 %$56 21 %$37 21 %
Foreign rate differential18 6 %20 8 %7 4 %
U.S. tax on foreign operations(24)(8)%24 9 %15 9 %
Non-U.S withholding taxes15 5 %17 6 %9 5 %
Tax holidays and incentives in foreign operations(15)(5)%(22)(8)%(14)(8)%
Foreign derived intangible income deduction(14)(5)%(4)(2)%— — %
State and local income taxes(4)(1)%(3)(1)%(2)(1)%
Tax reserve adjustments1 — %3 1 %3 2 %
Change in valuation allowance(25)(8)%(377)(141)%(61)(35)%
Impact of U.S. tax amendments— — %39 15 %44 25 %
Research credits(3)(1)%(3)(1)%(1)(1)%
Other
2 1 %2 — %8 5 %
Provision for (benefit from) income taxes
$14 5 %$(248)(93)%$45 26 %
(a) 2022 and 2023 amounts updated for consistency with current year presentation.
Schedule of deferred tax assets and liabilities
December 31,
(In millions)20242023
Deferred Tax Assets:
Net operating losses and credit carryforwards
$884 $944 
Employee benefit plans
26 39 
 Lease liability36 38 
    Fixed assets and intangibles
15 16 
Warranty
16 15 
Inventory
12 12 
Restructuring
5 2 
Capitalized expenditures
152 107 
Deferred income
8 6 
Other
84 73 
Gross deferred tax assets 1,238 1,252 
Valuation allowance
(702)(754)
Total deferred tax assets
$536 $498 
Deferred Tax Liabilities:
    Outside basis investment differences, including withholding tax
$62 $66 
    Right-of-use assets
34 37 
    Fixed assets and intangibles
23 14 
    All other
19 28 
Total deferred tax liabilities
138 145 
Net deferred tax assets
$398 $353 
Consolidated Balance Sheet Classification:
    Other non-current assets
$441 $384 
    Deferred tax liabilities non-current
43 31 
Net deferred tax assets
$398 $353 
Schedule of unrecognized tax benefits roll forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Year Ended December 31,
(In millions)20242023
Beginning balance$25 $18 
Tax positions related to current period
Additions
2 8 
Tax positions related to prior periods
Reductions
(7)(1)
Ending balance$20 $25