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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Before Provision for Income Taxes

The components of income before provision for income taxes consisted of the following (dollars in millions):

			Year Ended December 31,
			2023						2022						2021
Domestic			$	665					$	1,275					$	1,684
Foreign			612						383						726
Total			$	1,277					$	1,658					$	2,410

Tax Provision (Benefit)

Our tax provision (benefit) consisted of the following (dollars in millions):

			Year Ended December 31,
			2023						2022						2021
Current provision:
Federal			$	98					$	338					$	275
State			31						99						115
Foreign			242						208						239
Total current provision			371						645						629
Deferred provision:
Federal			(4)						(249)						35
State			4						(56)						(5)
Foreign			(121)						(106)						(91)
Total deferred provision			(121)						(411)						(61)
Total provision for income taxes			$	250					$	234					$	568

Reconciliation of Pre-Tax Income

The following is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory federal income tax rate to our effective tax rate:

			Year Ended December 31,
			2023						2022						2021
Federal statutory tax rate			21		%				21		%				21		%
Foreign rate differential			(1)						—						—
State taxes, net of federal benefit			2						3						4
Nontaxable or nondeductible items			3						2						—
Reserves for uncertain tax positions			—						1						1
Tax credits			(5)						(2)						(1)
Outside basis differences recognized as a result of a legal entity restructuring			—						(10)						—
Other			(1)						(1)						(1)
Effective tax rate			19		%				14		%				24		%

Temporary Tax Effects

Cumulative tax effects of temporary differences are shown below (dollars in millions):

			December 31,
			2023						2022
Assets:
Tax losses and tax credits			$	506					$	369
Operating lease liabilities			343						317
Bonus and deferred compensation			334						372
Bad debt and other reserves			117						103
Pension obligation			—						1
All other			188						64
Deferred tax assets, before valuation allowance			$	1,488					$	1,226
Less: Valuation allowance			(357)						(255)
Deferred tax assets			$	1,131					$	971
Liabilities:
Property and equipment			(55)						(21)
Unconsolidated affiliates and partnerships			(115)						(93)
Capitalized costs and intangibles			(531)						(562)
Operating lease assets			(286)						(273)
All other			(38)						(38)
Deferred tax liabilities			$	(1,025)					$	(987)
Net deferred tax assets/(liabilities)			$	106					$	(16)

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in millions):

			Year Ended December 31,
			2023						2022
Beginning balance, unrecognized tax benefits			$	(391)					$	(192)
Gross increases - tax positions in prior period			(12)						(42)
Gross decreases - tax positions in prior period			1						1
Gross increases - current-period tax positions			(18)						(167)
Decreases relating to settlements			—						1
Reductions as a result of lapse of statute of limitations			7						2
Foreign exchange movement			—						6
Ending balance, unrecognized tax benefits			$	(413)					$	(391)

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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