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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
Domestic			$	326					$	665					$	1,275
Foreign			892						612						383
Total			$	1,218					$	1,277					$	1,658

Tax Provision (Benefit)

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

			Year Ended December 31,
			2024						2023						2022
Current provision:
Federal			$	48					$	98					$	338
State			60						31						99
Foreign			268						242						208
Total current provision			376						371						645
Deferred provision:
Federal			(57)						(4)						(249)
State			(33)						4						(56)
Foreign			(104)						(121)						(106)
Total deferred provision			(194)						(121)						(411)
Total provision for income taxes			$	182					$	250					$	234

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,
			2024						2023						2022
Federal statutory tax rate			21		%				21		%				21		%
Foreign rate differential			(1)						(1)						—
State taxes, net of federal benefit			2						2						3
Nontaxable or nondeductible items			1						3						2
Reserves for uncertain tax positions			(4)						—						1
Tax credits			(5)						(5)						(2)
Outside basis differences recognized as a result of a legal entity restructuring			—						—						(10)
Other			1						(1)						(1)
Effective tax rate			15		%				19		%				14		%

Temporary Tax Effects

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

			December 31,
			2024						2023
Assets:
Tax losses and tax credits			$	591					$	506
Operating lease liabilities			407						343
Bonus and deferred compensation			372						334
Bad debt and other reserves			130						117
All other			295						188
Deferred tax assets, before valuation allowance			$	1,795					$	1,488
Less: Valuation allowance			(396)						(357)
Deferred tax assets			$	1,399					$	1,131
Liabilities:
Property and equipment			(34)						(55)
Unconsolidated affiliates and partnerships			(104)						(115)
Capitalized costs and intangibles			(555)						(531)
Operating lease assets			(351)						(286)
All other			(64)						(38)
Deferred tax liabilities			$	(1,108)					$	(1,025)
Net deferred tax assets			$	291					$	106

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,
			2024						2023
Beginning balance, unrecognized tax benefits			$	(413)					$	(391)
Gross increases - tax positions in prior period			(9)						(12)
Gross decreases - tax positions in prior period			3						1
Gross increases - current-period tax positions			(21)						(18)
Decreases relating to settlements			80						—
Reductions as a result of lapse of statute of limitations			11						7
Foreign exchange movement			2						—
Ending balance, unrecognized tax benefits			$	(347)					$	(413)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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