Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Provision for (Benefit from) Income Taxes |
The following table sets forth the components of the Company’s provision for (benefit from) income taxes for the years ended December 31, 2024, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Current tax expense (benefit): |
|
|
|
|
|
|
|
|
|
U.S. federal |
|
$ |
6 |
|
|
$ |
25 |
|
|
$ |
83 |
|
U.S. state and local |
|
|
— |
|
|
|
(5 |
) |
|
|
13 |
|
International |
|
|
62 |
|
|
|
57 |
|
|
|
47 |
|
Total current tax expense |
|
|
68 |
|
|
|
77 |
|
|
|
143 |
|
Deferred tax (benefit) expense: |
|
|
|
|
|
|
|
|
|
U.S. federal |
|
|
(11 |
) |
|
|
(112 |
) |
|
|
8 |
|
U.S. state and local |
|
|
(10 |
) |
|
|
(24 |
) |
|
|
(2 |
) |
International |
|
|
(6 |
) |
|
|
(22 |
) |
|
|
14 |
|
Total deferred tax (benefit) expense |
|
|
(27 |
) |
|
|
(158 |
) |
|
|
20 |
|
Total provision for (benefit from) income taxes |
|
$ |
41 |
|
|
$ |
(81 |
) |
|
$ |
163 |
|
|
| Schedule of Deferred Tax Assets and Liabilities Components |
The following table sets forth the components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023.
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
Deferred tax assets: |
|
|
|
|
|
|
Environmental and other liabilities |
|
$ |
188 |
|
|
$ |
196 |
|
Employee related and benefit items |
|
|
48 |
|
|
|
41 |
|
Other assets and accrual liabilities |
|
|
140 |
|
|
|
133 |
|
Intangible Assets |
|
|
124 |
|
|
|
155 |
|
Tax attribute carryforwards |
|
|
234 |
|
|
|
200 |
|
Operating lease liability |
|
|
60 |
|
|
|
63 |
|
Total deferred tax assets |
|
|
794 |
|
|
|
788 |
|
Less: Valuation allowance |
|
|
(134 |
) |
|
|
(165 |
) |
Total deferred tax assets, net |
|
|
660 |
|
|
|
623 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property, plant, and equipment and intangible assets |
|
|
(279 |
) |
|
|
(240 |
) |
LIFO inventories |
|
|
(14 |
) |
|
|
(8 |
) |
Operating lease asset |
|
|
(63 |
) |
|
|
(63 |
) |
Other liabilities |
|
|
(48 |
) |
|
|
(53 |
) |
Total deferred tax liabilities |
|
|
(404 |
) |
|
|
(364 |
) |
Deferred tax assets, net |
|
$ |
256 |
|
|
$ |
259 |
|
|
| Schedule of Effective Income Tax Rate |
The following table sets forth an analysis of the Company’s effective tax rates for the years ended December 31, 2024, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
|
$ |
|
|
% |
|
Statutory U.S. federal income tax rate |
|
$ |
27 |
|
|
|
21.0 |
% |
|
$ |
(67 |
) |
|
|
21.0 |
% |
|
$ |
156 |
|
|
|
21.0 |
% |
State income taxes, net of federal benefit |
|
|
(10 |
) |
|
|
(7.9 |
)% |
|
|
(28 |
) |
|
|
8.8 |
% |
|
|
7 |
|
|
|
1.0 |
% |
Lower effective tax rate on international operations, net |
|
|
(6 |
) |
|
|
(4.7 |
)% |
|
|
55 |
|
|
|
(17.3 |
)% |
|
|
(16 |
) |
|
|
(2.2 |
)% |
Basis difference in intangible assets, net |
|
|
(1 |
) |
|
|
(0.8 |
)% |
|
|
(12 |
) |
|
|
3.8 |
% |
|
|
— |
|
|
|
— |
% |
Tax exempt income |
|
|
— |
|
|
|
— |
% |
|
|
(24 |
) |
|
|
7.5 |
% |
|
|
— |
|
|
|
— |
% |
Non - deductible expenses |
|
|
13 |
|
|
|
10.3 |
% |
|
|
11 |
|
|
|
(3.4 |
)% |
|
|
1 |
|
|
|
0.1 |
% |
Goodwill |
|
|
12 |
|
|
|
9.5 |
% |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
Depletion |
|
|
(4 |
) |
|
|
(3.1 |
)% |
|
|
(4 |
) |
|
|
1.3 |
% |
|
|
(6 |
) |
|
|
(0.8 |
)% |
Exchange gains |
|
|
(6 |
) |
|
|
(4.7 |
)% |
|
|
(16 |
) |
|
|
5.0 |
% |
|
|
(8 |
) |
|
|
(1.1 |
)% |
Provision to return and other adjustments |
|
|
16 |
|
|
|
12.7 |
% |
|
|
(6 |
) |
|
|
1.9 |
% |
|
|
(2 |
) |
|
|
(0.3 |
)% |
Valuation allowance |
|
|
— |
|
|
|
— |
% |
|
|
15 |
|
|
|
(4.7 |
)% |
|
|
4 |
|
|
|
0.5 |
% |
Executive compensation limitation |
|
|
1 |
|
|
|
0.8 |
% |
|
|
9 |
|
|
|
(2.8 |
)% |
|
|
3 |
|
|
|
0.5 |
% |
Stock-based compensation |
|
|
(1 |
) |
|
|
(0.8 |
)% |
|
|
(13 |
) |
|
|
4.1 |
% |
|
|
(9 |
) |
|
|
(1.2 |
)% |
R&D credit |
|
|
(7 |
) |
|
|
(5.5 |
)% |
|
|
(8 |
) |
|
|
2.5 |
% |
|
|
(7 |
) |
|
|
(0.9 |
)% |
Uncertain tax positions |
|
|
5 |
|
|
|
3.9 |
% |
|
|
7 |
|
|
|
(2.2 |
)% |
|
|
36 |
|
|
|
4.9 |
% |
Other, net |
|
|
2 |
|
|
|
1.6 |
% |
|
|
— |
|
|
|
— |
% |
|
|
4 |
|
|
|
0.5 |
% |
Total effective tax rate |
|
$ |
41 |
|
|
|
32.3 |
% |
|
$ |
(81 |
) |
|
|
25.5 |
% |
|
$ |
163 |
|
|
|
22.0 |
% |
|
| Schedule of (Loss) Income before Income Taxes |
The following table sets forth the Company’s income (loss) before income taxes for its U.S. and international operations for the years ended December 31, 2024, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
U.S. operations (including exports) |
|
$ |
(199 |
) |
|
$ |
(638 |
) |
|
$ |
217 |
|
International operations |
|
|
326 |
|
|
|
320 |
|
|
|
524 |
|
Income (loss) before income taxes |
|
$ |
127 |
|
|
$ |
(318 |
) |
|
$ |
741 |
|
|
| Schedule of open tax years by significant jurisdiction |
The following table sets forth the Company’s significant jurisdictions’ tax returns that are subject to examination by their respective taxing authorities for the open years listed.
|
|
|
Jurisdiction |
|
Open Years |
China |
|
2019 through 2024 |
India |
|
2016 through 2024 |
Mexico |
|
2019 through 2024 |
Netherlands |
|
2023 through 2024 |
Singapore |
|
2019 through 2024 |
Switzerland |
|
2019 through 2024 |
Taiwan |
|
2023 through 2024 |
U.S. |
|
2017 through 2024 |
|
| Schedule of Unrecognized Tax Benefits |
The following table sets forth the change in the Company’s unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Balance at January 1, |
|
$ |
73 |
|
|
$ |
65 |
|
|
$ |
5 |
|
Gross amounts of increases and decreases in unrecognized tax benefits as a result of adjustments to tax provisions taken during the prior period |
|
|
— |
|
|
|
2 |
|
|
|
54 |
|
Gross amounts of increases and decreases in unrecognized tax benefits as a result of tax positions taken during the current period |
|
|
9 |
|
|
|
6 |
|
|
|
6 |
|
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at December 31, |
|
$ |
82 |
|
|
$ |
73 |
|
|
$ |
65 |
|
|
|
|
|
|
|
|
|
|
|
Total unrecognized tax benefits, if recognized, that would impact the effective tax rate |
|
$ |
54 |
|
|
$ |
48 |
|
|
$ |
42 |
|
Total amount of interest and penalties recognized in the consolidated statements of operations |
|
|
5 |
|
|
|
4 |
|
|
|
4 |
|
Total amount of interest and penalties recognized in the consolidated balance sheets |
|
|
13 |
|
|
|
8 |
|
|
|
4 |
|
|
| Summary of Deferred Tax Asset Valuation Allowance |
The following table sets forth a rollforward of the Company’s deferred tax asset valuation allowance for the years ended December 31, 2024, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
Balance at January 1, |
|
$ |
165 |
|
|
$ |
12 |
|
|
$ |
8 |
|
Charges to income tax expense |
|
|
1 |
|
|
|
153 |
|
|
|
4 |
|
Reduction of valuation allowance |
|
|
(32 |
) |
|
|
— |
|
|
|
— |
|
Balance at December 31, |
|
$ |
134 |
|
|
$ |
165 |
|
|
$ |
12 |
|
|