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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Income (Loss) Before Income Taxes | The following table summarizes our U.S. and foreign income (loss) before income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
U.S. | $ | 1,280 |  |  | $ | 935 |  |  | $ | 67 |
Foreign | 262 |  |  | 83 |  |  | 471 |
Total | $ | 1,542 |  |  | $ | 1,018 |  |  | $ | 538 |
Schedule of Income Tax Expense | The following table summarizes our provision for income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
|  |  | (In millions) |  |
Current income tax expense: |  |  |  |  |
U.S. federal | $ | 123 |  |  | $ | 128 |  |  | $ | 17 |
State | 30 |  |  | 36 |  |  | 6 |
Foreign | 91 |  |  | 104 |  |  | 102 |
Current income tax expense | 244 |  |  | 268 |  |  | 125 |
Deferred income tax (benefit) expense: |  |  |  |  |
U.S. federal | 77 |  |  | 75 |  |  | (4) |
State | 18 |  |  | (4) |  |  | (2) |
Foreign | (21) |  |  | (9) |  |  | 76 |
Deferred income tax (benefit) expense | 74 |  |  | 62 |  |  | 70 |
Income tax expense | $ | 318 |  |  | $ | 330 |  |  | $ | 195 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | As of December 31, 2024 and 2023, the significant components of our deferred tax assets and deferred tax liabilities were as follows:
| December 31,
| 2024 |  | 2023
| (In millions)
Deferred tax assets: |  |  |
Provision for accrued expenses | $ | 47 |  |  | $ | 42 |
Deferred loyalty rewards | 217 |  |  | 204 |
Net operating loss and tax credit carryforwards | 130 |  |  | 314 |
Property and equipment | 25 |  |  | 23 |
Capitalized research and development | 391 |  |  | 325 |
Operating lease liabilities | 118 |  |  | 130 |
Long-term investments | 108 |  |  | 168 |
Other | 59 |  |  | 79 |
Total deferred tax assets | 1,095 |  |  | 1,285 |
Less valuation allowance | (176) |  |  | (244) |
Net deferred tax assets | $ | 919 |  |  | $ | 1,041 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets | (308) |  |  | (345) |
Anticipatory foreign tax credits | (17) |  |  | (16) |
Operating lease ROU assets | (115) |  |  | (127) |
Other | (2) |  |  | — |
Total deferred tax liabilities | $ | (442) |  |  | $ | (488) |
Net deferred tax assets | $ | 477 |  |  | $ | 553 |
Schedule of Statutory Federal Income Tax Rate to Income from Continuing Operations before Income Taxes | A reconciliation of amounts computed by applying the U.S. federal statutory income tax rate to income before income taxes to total income tax expense is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
|  |  | (In millions) |  |
Income tax expense at the U.S. federal statutory rate of 21% | $ | 324 |  |  | $ | 214 |  |  | $ | 113 |
Foreign tax rate differential | — |  |  | (27) |  |  | (75) |
U.S. federal research and development credit | (48) |  |  | (52) |  |  | (40) |
Excess tax benefits related to stock-based compensation | (7) |  |  | 9 |  |  | (17) |
Nondeductible compensation | 34 |  |  | 28 |  |  | 37 |
Unrecognized tax benefits and related interest | 37 |  |  | 39 |  |  | 27 |
Change in valuation allowances | (67) |  |  | — |  |  | 77 |
Return to provision true-ups | 2 |  |  | (44) |  |  | (11) |
State taxes | 32 |  |  | 22 |  |  | 3 |
Non-creditable foreign withholding tax | 2 |  |  | 3 |  |  | 21 |
Non-deductible goodwill impairment | — |  |  | 92 |  |  | — |
Divestitures and entity restructuring | — |  |  | 67 |  |  | 65 |
Foreign-derived intangible income | (28) |  |  | (25) |  |  | (15) |
Other, net | 37 |  |  | 4 |  |  | 10 |
Income tax expense | $ | 318 |  |  | $ | 330 |  |  | $ | 195 |
Schedule of Income Tax Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits and interest is as follows:
| 2024 |  | 2023 |  | 2022
|  |  | (In millions) |  |
Balance, beginning of year | $ | 425 |  |  | $ | 379 |  |  | $ | 349 |
Increases to tax positions related to the current year | 18 |  |  | 19 |  |  | 23 |
Increases to tax positions related to prior years | 4 |  |  | 4 |  |  | 5 |
Decreases to tax positions related to prior years | (3) |  |  | — |  |  | — |
Settlements during current year | (3) |  |  | (1) |  |  | (8) |
Interest and penalties | 27 |  |  | 24 |  |  | 10 |
Balance, end of year | $ | 468 |  |  | $ | 425 |  |  | $ | 379 |

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