v3.25.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of (Losses) Earnings Before Income Taxes

The components of our earnings before income taxes for the last three fiscal years consisted of:

(in millions)			2025						2024						2023
U.S.			$	2,021					$	1,717					$	2,113
Non-U.S.			1,373						1,434						1,265
			$	3,394					$	3,151					$	3,378

Schedule of Provision (Benefit) for Income Taxes

Our (provision) benefit for income taxes for the last three fiscal years consisted of:

(in millions)						2025						2024						2023
Current			-U.S. Federal			$	(409)					$	(447)					$	(431)
			-U.S. State			(70)						(124)						(158)
			-Non-U.S.			(252)						(282)						(249)
						(731)						(853)						(838)
Deferred			-U.S. Federal			8						125						94
			-U.S. State			4						19						16
			-Non-U.S.			(74)						(67)						433
						(62)						77						543
						$	(793)					$	(776)					$	(295)

Schedule of Unrecognized Tax Benefits Reconciliation

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2023 to the end of 2025:

(in millions)			Amount
Unrecognized tax benefit at beginning of 2023			$	255
Change attributable to tax positions taken in prior years			(90)
Change attributable to tax positions taken during the current period			16
Decrease attributable to settlements with taxing authorities			(9)
Unrecognized tax benefit at year-end 2023			172
Change attributable to tax positions taken in prior years			(4)
Change attributable to tax positions taken during the current period			17
Decrease attributable to settlements with taxing authorities			(2)
Unrecognized tax benefit at year-end 2024			183
Change attributable to tax positions taken in prior years			1
Change attributable to tax positions taken during the current period			16
Decrease attributable to lapse of statute of limitations			(106)
Unrecognized tax benefit at year-end 2025			$	94

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effect of each type of temporary difference and carry-forward that gave rise to significant portions of our deferred tax assets and liabilities as of year-end 2025 and year-end 2024:

(in millions)			At Year-End 2025						At Year-End 2024
Deferred Tax Assets
Employee benefits			$	289					$	302
Net operating loss carry-forwards			982						1,046
Accrued expenses and other reserves			134						153
Tax credits			64						62
Loyalty Program			343						313
Deferred income			114						114
Lease liabilities			255						239
Interest limitation			106						123
Property and equipment			29						15
Other			47						36
Deferred tax assets			2,363						2,403
Valuation allowance			(1,011)						(1,070)
Deferred tax assets after valuation allowance			1,352						1,333
Deferred Tax Liabilities
Intangibles			(584)						(477)
Right-of-use assets			(245)						(223)
Other			(32)						(64)
Deferred tax liabilities			(861)						(764)
Net deferred taxes			$	491					$	569

Schedule of Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the year ended December 31, 2025, as required by ASU 2023-09 (see “New Accounting Standards Adopted” caption in Note 2 for more information):

			2025
($ in millions)			Amount						Percent
U.S. statutory tax rate			$	713					21.0		%
Federal
Effect of cross-border tax laws
Foreign Tax Credits			(41)						(1.2)
Other			17						0.5
Other			(24)						(0.7)
State and local income tax, net of federal tax benefit (1)			95						2.8
Non-U.S. tax effects
Canada
Effect of cross-border tax laws			37						1.1
Luxembourg
Changes in valuation allowance			(56)						(1.6)
Nontaxable or nondeductible items			76						2.2
Other Non-U.S. jurisdictions			105						3.1
Changes in unrecognized tax benefits			(129)						(3.8)
Effective rate			$	793					23.4		%

(1) State and local taxes in California, Maryland, and New York make up the majority (greater than 50%) of the tax in this category.

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09:

			2024						2023
U.S. statutory tax rate			21.0		%				21.0		%
U.S. state income taxes, net of U.S. federal tax benefit			2.4						2.8
Non-U.S. income			1.6						0.3
Change in valuation allowance			(0.9)						(5.8)
Change in uncertain tax positions			0.4						(2.3)
Excess tax benefits related to equity awards			(1.0)						(0.8)
U.S. tax on foreign earnings			1.0						1.1
Intellectual property restructuring			0.0						(7.9)
Other, net			0.1						0.3
Effective rate			24.6		%				8.7		%

Schedule of Income Taxes Paid (Net of Refunds Received)

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2025, as required by ASU 2023-09:

(in millions)			2025
U.S. Federal			$	496
U.S. State			156
Non-U.S.
Switzerland			126
Other jurisdictions			292
Total cash paid			$	1,070

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