v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income (Loss) Before Income Tax Expense (Benefit) by Category Income (Loss) Before Income Tax Expense (Benefit) by Category
years ended December 31 (in millions)202220212020
United States$(3,759)$(424)$(329)
International1,406 1,901 1,621 
Income (loss) before income taxes$(2,353)$1,477 $1,292 
Income Tax Expense (Benefit) Income Tax Expense (Benefit)
years ended December 31 (in millions)202220212020
Current
United States
Federal$$(11)$
State and local10 (7)
International286 329 270 
Current income tax expense (benefit)293 328 270 
Deferred
United States
Federal(253)(103)(99)
State and local(52)(8)
International80 (35)
Deferred income tax expense (benefit)(225)(146)(88)
Income tax expense (benefit)$68 $182 $182 
Deferred Tax Assets and Liabilities Deferred Tax Assets and Liabilities
as of December 31 (in millions)20222021
Deferred tax assets
Accrued liabilities and other$399 $434 
Pension and other postretirement benefits147 174 
Tax credit and net operating loss carryforwards1,143 939 
Swiss tax reform net asset basis step-up151 161 
Operating lease liabilities144 155 
Valuation allowances(704)(401)
Total deferred tax assets1,280 1,462 
Deferred tax liabilities
Subsidiaries’ unremitted earnings55 66 
Long-lived assets and other1,506 1,831 
Operating lease right-of-use assets137 151 
Total deferred tax liabilities1,698 2,048 
Net deferred tax asset (liability)$(418)$(586)
Income Tax Expense (Benefit) Reconciliation Income Tax Expense (Benefit) Reconciliation
years ended December 31 (in millions)202220212020
Income tax expense (benefit) at U.S. statutory rate$(494)$310 $271 
Tax incentives(157)(193)(169)
State and local taxes, net of federal benefit(23)10 (2)
Impact of foreign taxes107 200 142 
Tax-deductible foreign statutory loss on an investment in a foreign subsidiary— (58)— 
Unfavorable court decision in a foreign jurisdiction related to an uncertain tax position
— 22 — 
Non-deductible goodwill impairments591 — — 
Notional interest deduction benefit(306)(97)(54)
Valuation allowances314 (61)
Stock compensation windfall tax benefits(5)(13)(27)
Research and development tax credits(11)(5)(7)
Unutilized foreign tax credits23 14 15 
Other, net29 53 
Income tax expense (benefit)$68 $182 $182 
Reconciliation of Unrecognized Tax Benefits
The following table is a reconciliation of our unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020. 
as of and for the years ended (in millions)202220212020
Balance at beginning of the year$111 $90 $111 
Increase due to acquisition— 11 — 
Increase associated with tax positions taken during the current year11 31 
Increase (decrease) associated with tax positions taken during a prior year11 (3)(1)
Settlements(7)(2)(18)
Decrease associated with lapses in statutes of limitations(37)(16)(10)
Balance at end of the year$89 $111 $90