Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 2)

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INCOME TAXES (Details 2) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Property, plant and equipment $ 44 $ 53
Trademarks and other intangible assets, deferred tax asset 2,214 2,267
Equity method investments (including foreign currency translation adjustment), deferred tax asset 580 372
Derivative financial instrument, deferred tax asset 523 389
Other liabilities, deferred tax asset 1,401 1,066
Benefit plans, deferred tax asset 893 880
Net operating/capital loss carryforwards, deferred tax asset 320 259
Other, deferred tax asset 391 311
Gross deferred tax assets 6,366 5,597
Valuation allowances (406) (303)
Total deferred tax assets 5,960 5,294
Deferred tax liabilities:    
Property, plant and equipment 837 877
Trademarks and other intangible assets, deferred tax liabilities 1,661 1,533
Equity method investments (including foreign currency translation adjustment), deferred tax liability 1,533 1,667
Derivative financial instruments, deferred tax liabilities 435 348
Other liabilities, deferred tax liability 402 351
Benefit Plans, deferred tax liabilities 321 286
Other, deferred tax liability 144 104
Total deferred tax liabilities 5,333 5,166
Deferred Tax Assets, Net 627 128
Net deferred tax assets or (liabilities) located in countries outside the United States 1,400 $ 1,300
Loss carryforwards 2,669  
Loss carryforwards expiring within next five years $ 687