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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes Attributable to Geographic Locations | Income before income taxes is attributable to the following geographic locations for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Domestic | $ | 147 |  |  | $ | 278 |  |  | $ | 334 |
Foreign | 828 |  |  | 846 |  |  | 495 |
Income before income taxes | $ | 975 |  |  | $ | 1,124 |  |  | $ | 829 |
Schedule of Components of Tax Benefit (Expenses) for Income Taxes | The tax expenses for income taxes consisted of the following components for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 1 |  |  | $ | — |  |  | $ | 2 |
State and local | (3) |  |  | — |  |  | (1) |
Foreign | (189) |  |  | (150) |  |  | (83) |
Subtotal | (191) |  |  | (150) |  |  | (82) |
Deferred: |  |  |  |  |
Federal | — |  |  | — |  |  | (16) |
State and local | 2 |  |  | — |  |  | (5) |
Foreign | 28 |  |  | (5) |  |  | (21) |
Subtotal | 30 |  |  | (5) |  |  | (42) |
Income tax expense | $ | (161) |  |  | $ | (155) |  |  | $ | (124) |
Schedule of Income Tax Reconciliation | Income tax benefit (expenses) for the years ended December 31, 2024, 2023 and 2022 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following for the years ended December 31 (in millions):
| 2024 |  | 2023 (1) |  | 2022 (1)
Federal tax at statutory rate | $ | (205) |  |  | $ | (236) |  |  | $ | (174) |
State and local tax expense | (1) |  |  | — |  |  | (6) |
Foreign income tax rate differential | (12) |  |  | (14) |  |  | (12) |
Non-deductible expenses | (10) |  |  | (6) |  |  | (6) |
Stock-based compensation expense | (8) |  |  | (9) |  |  | (8) |
Change in valuation allowance | (72) |  |  | (32) |  |  | (59) |
Foreign financing activities | (2) |  |  | (4) |  |  | (6) |
Uncertain tax positions reserve | 11 |  |  | 21 |  |  | 45 |
Tax adjustments related to REIT | 130 |  |  | 132 |  |  | 107 |
Change in deferred tax adjustments | 1 |  |  | (3) |  |  | — |
Effect of tax rate change on deferred tax assets | — |  |  | (2) |  |  | (3) |
Other, net | 7 |  |  | (2) |  |  | (2) |
Total income tax expense | $ | (161) |  |  | $ | (155) |  |  | $ | (124) |
(1)The prior year amounts presented in the table above have been reclassified to conform with the current year presentation, The rate reconciliation item 'Deferred tax assets generated in current year not benefited' has been grouped with 'Change in valuation allowance'.
Schedule of Deferred Tax Assets and Liabilities | The types of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are set out below as of December 31 (in millions):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Stock-based compensation expense | $ | 10 |  |  | $ | 9 |
Net unrealized losses | 12 |  |  | 11 |
Operating lease liabilities | 217 |  |  | 221 |
Finance lease liabilities | — |  |  | 14 |
Deferred revenue | 11 |  |  | 17 |
Loss carryforwards and tax credits | 253 |  |  | 232 |
Others, net | 25 |  |  | 7 |
Gross deferred tax assets | 528 |  |  | 511 |
Valuation allowance | (277) |  |  | (221) |
Total deferred tax assets, net | 251 |  |  | 290 |
Deferred tax liabilities: |  |  |
Finance lease liabilities | (13) |  |  | — |
Property, plant and equipment | (200) |  |  | (253) |
Right-of-use assets | (220) |  |  | (224) |
Deferred income | (5) |  |  | (26) |
Goodwill | (17) |  |  | (3) |
Intangible assets | (87) |  |  | (116) |
Total deferred tax liabilities | (542) |  |  | (622) |
Net deferred tax liabilities | $ | (291) |  |  | $ | (332) |
Schedule of Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets for the years ended December 31 are as follows (in millions):
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 221 |  |  | $ | 167 |  |  | $ | 101 |
Amounts from acquisitions | — |  |  | 10 |  |  | 13 |
Amounts recognized into income | 6 |  |  | (2) |  |  | 23 |
Current increase | 57 |  |  | 44 |  |  | 37 |
Impact of foreign currency exchange | (7) |  |  | 2 |  |  | (7) |
Ending balance | $ | 277 |  |  | $ | 221 |  |  | $ | 167 |
Schedule of Net operating Loss Carryforwards | Our net operating loss carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2025, are outlined below (in millions):
Expiration Date |  | Federal |  | State |  | Foreign (1) (2) |  | Total
2025 |  | $ | 1 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 9 |
2026 to 2028 |  | 2 |  |  | — |  |  | 50 |  |  | 52 |
2029 to 2031 |  | — |  |  | — |  |  | 26 |  |  | 26 |
2032 to 2034 |  | — |  |  | — |  |  | 49 |  |  | 49 |
2035 to 2037 |  | 3 |  |  | — |  |  | 20 |  |  | 23 |
2038 to 2040 |  | — |  |  | 4 |  |  | 55 |  |  | 59 |
Thereafter |  | 239 |  |  | 92 |  |  | 570 |  |  | 901 |
|  | $ | 245 |  |  | $ | 96 |  |  | $ | 778 |  |  | $ | 1,119 |
(1)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year. (2)If certain substantial changes in the entity's ownership occur, there may be a limitation on the amount of the carryforwards that can be utilized.
Schedule of Reconciliation of Unrecognized Tax Benefits | The beginning and ending balances of our unrecognized tax benefits are reconciled below for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Beginning balance | $ | 70 |  |  | $ | 89 |  |  | $ | 148 |
Gross increases related to prior year tax positions | — |  |  | 3 |  |  | 1 |
Gross decreases related to prior year tax positions | (12) |  |  | (17) |  |  | (43) |
Gross increases related to current year tax positions | 7 |  |  | 5 |  |  | 7 |
Decreases resulting from expiration of statute of limitation | (7) |  |  | (10) |  |  | (12) |
Decreases resulting from settlements | (1) |  |  | — |  |  | (12) |
Ending balance | $ | 57 |  |  | $ | 70 |  |  | $ | 89 |

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