Less than 1 Year

  
The 2022 Notes, 2025 Notes, 2027 Notes, 2030 Notes, 2040 Notes, and 2050 Notes (collectively, the "N&B Senior Notes"), assumed as a result of the Merger, may be redeemed by the issuer at any time at the greater of 100% or the discounted present value of the remaining scheduled payments of principal and interest from the redemption date to the maturity date at Treasury Rate (as defined in the applicable indenture) plus (i) 10 basis points in the case of the 2022 Notes, (ii) 15 basis points in the case of the 2025 Notes, (iii) 25 basis points in the case of the 2027 Notes, (iv) 25 basis points in the case of the 2030 Notes, (v) 30 basis points in the case of the 2040 Notes and (vi) 30 basis points in the case of the 2050 Notes. The redemption dates of each of the N&B Senior Notes are provided in the table below:

|  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
| Notes | Redemption Date |
| 2022 Notes | September 15, 2022 |
| 2025 Notes | September 1, 2025 |
| 2027 Notes | August 15, 2027 |
| 2030 Notes | August 1, 2030 |
| 2040 Notes | May 15, 2040 |
| 2050 Notes | June 1, 2050 |

On or after the applicable redemption dates, each series of the N&B Senior Notes may be redeemed by the issuer at a redemption price equal to 100% of the principal amount of the N&B Senior Notes to be redeemed, plus accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date.Outstanding BorrowingsThe following table shows the contractual maturities of the Company's long-term debt as of December 31, 2021.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Payments Due by Period |
| (DOLLARS IN MILLIONS) | Total |  | Less than 1 Year |  | 1-3 Years |  | 3-5 Years |  | More than5 Years |
| Total Outstanding Borrowings | $ | 10,971  |  |  | $ | 300  |  |  | $ | 1,491  |  |  | $ | 2,530  |  |  | $ | 6,650  |  |

  
NOTE 10.    INCOME TAXESEarnings before income taxes consisted of the following:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | December 31, |
| (DOLLARS IN MILLIONS) | 2021 |  | 2020 |  | 2019 |
| U.S. loss before taxes | $ | (493) |  |  | $ | (142) |  |  | $ | (110) |  |
| Foreign income before taxes | 847  |  |  | 583  |  |  | 667  |  |
| Total income before taxes | $ | 354  |  |  | $ | 441  |  |  | $ | 557  |  |

The income tax provision consisted of the following:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | December 31, |
| (DOLLARS IN MILLIONS) | 2021 |  | 2020 |  | 2019 |
| Current tax provision |  |  |  |  |  |
| Federal | $ | (5) |  |  | $ | (9) |  |  | $ | 10  |  |
| State and local | 13  |  |  | 1  |  |  | —  |  |
| Foreign | 303  |  |  | 150  |  |  | 146  |  |
| Total current tax provision | 311  |  |  | 142  |  |  | 156  |  |
| Deferred tax provision |  |  |  |  |  |
| Federal | (121) |  |  | (8) |  |  | (41) |  |
| State and local | (34) |  |  | (2) |  |  | 8  |  |
| Foreign | (81) |  |  | (58) |  |  | (26) |  |
| Total deferred tax benefit | (236) |  |  | (68) |  |  | (59) |  |
| Total provision for income taxes | $ | 75  |  |  | $ | 74  |  |  | $ | 97  |  |

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