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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | Components of the Company’s income tax provision are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 280 |  |  | $ | 76 |  |  | $ | 106 |
State and Local | 106 |  |  | 67 |  |  | 17 |
Non-U.S. | 316 |  |  | 222 |  |  | 215 |
Total current | 702 |  |  | 365 |  |  | 338 |
Deferred: |  |  |  |  |
Federal | (21) |  |  | (14) |  |  | 57 |
State and Local | (6) |  |  | (4) |  |  | 10 |
Non-U.S. | (35) |  |  | (20) |  |  | (19) |
Total deferred | (62) |  |  | (38) |  |  | 48 |
Total provision for income taxes | $ | 640 |  |  | $ | 327 |  |  | $ | 386 |
Reconciliation of United States Federal Statutory Tax Rate to Effective Tax Rate on Income before Provision for Income Taxes | A reconciliation of the U.S. federal statutory tax rate to the Company’s ETR on income before provision for income taxes is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local taxes, net of federal tax benefit | 3.7 | % |  | 2.5 | % |  | 0.8 | %
Foreign operations | (0.3) | % |  | 0.4 | % |  | (0.2) | %
Release of UTP reserves | (0.4) | % |  | (5.7) | % |  | — | %
Other | (0.3) | % |  | (1.3) | % |  | 0.3 | %
ETR | 23.7 | % |  | 16.9 | % |  | 21.9 | %
Income tax paid | $ | 613 |  |  | $ | 344 |  |  | $ | 488 |
The decrease in the ETR in 2023 resulted primarily from the favorable resolution of uncertain tax positions in various U.S. and non-U.S. jurisdictions.
Source of Income before Provision for Income Taxes | The source of income before provision for income taxes is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 1,446 |  |  | $ | 892 |  |  | $ | 804 |
Non-U.S. | 1,253 |  |  | 1,043 |  |  | 956 |
Income before provision for income taxes | $ | 2,699 |  |  | $ | 1,935 |  |  | $ | 1,760 |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Account receivable allowances | $ | 10 |  |  | $ | 9 |
Accumulated depreciation and amortization | 9 |  |  | 19 |
Stock-based compensation | 60 |  |  | 60 |
Accrued compensation and benefits | 50 |  |  | 53 |
Capitalized costs | 20 |  |  | 25 |
Operating lease liabilities | 84 |  |  | 103 |
Deferred revenue | 211 |  |  | 200 |
Net operating loss | 58 |  |  | 38 |
Restructuring | 6 |  |  | 7 |
Uncertain tax positions | 33 |  |  | 29 |
Self-insured related reserves | 7 |  |  | 6 |
Interest expense carryforward | 20 |  |  | 8 |
Other | 12 |  |  | 5 |
Total deferred tax assets | 580 |  |  | 562 |
Deferred tax liabilities: |  |  |
Accumulated depreciation and amortization of intangible assets and capitalized software | (522) |  |  | (551) |
ROU Assets | (56) |  |  | (67) |
Capital gains | (13) |  |  | (20) |
Self-insured related income | (7) |  |  | (6) |
Deferred tax on unremitted foreign earnings | (20) |  |  | (14) |
Gain on net investment hedges - OCI | (82) |  |  | (5) |
Other | (11) |  |  | (19) |
Total deferred tax liabilities | (711) |  |  | (682) |
Net deferred tax liabilities | (131) |  |  | (120) |
Valuation allowance | (25) |  |  | (24) |
Total net deferred tax liabilities | $ | (156) |  |  | $ | (144) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of UTPs is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance as of January 1 | $ | 196 |  |  | $ | 322 |  |  | $ | 388 |
Additions for tax positions related to the current year | 33 |  |  | 21 |  |  | 12 |
Additions for tax positions of prior years | 11 |  |  | 3 |  |  | 12 |
Reductions for tax positions of prior years | (11) |  |  | (17) |  |  | (27) |
Settlements with taxing authorities | (3) |  |  | (108) |  |  | (30) |
Lapse of statute of limitations | (15) |  |  | (25) |  |  | (33) |
Balance as of December 31 | $ | 211 |  |  | $ | 196 |  |  | $ | 322 |

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