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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income before income taxes

U.S. and foreign income before taxes are set forth below:

						2021						2020						2019
U.S.						$	1,062					$	684					$	466
Foreign						612						336						907
						$	1,674					$	1,020					$	1,373

Details of income tax provision (benefit)

The details of our income tax provision (benefit) are set forth below:

												2021						2020						2019
Current:						Federal						$	45					$	37					$	129
						Foreign						214						121						166
						State						40						23						16
												$	299					$	181					$	311
Deferred:						Federal						$	21					$	(21)					$	(16)
						Foreign						(227)						(29)						(213)
						State						6						(15)						(3)
												$	(200)					$	(65)					$	(232)
												$	99					$	116					$	79

Effective income tax and tax rate reconciliation

The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:

						2021						2020						2019
U.S. federal statutory rate						21.0		%				21.0		%				21.0		%
State income tax, net of federal tax						1.8						1.0						0.9
Statutory rate differential attributable to foreign operations						(1.0)						(0.9)						0.9
Adjustments to reserves and prior years						1.1						(1.7)						2.3
Excess tax benefits from stock-based awards						(2.7)						(3.4)						(3.6)
Change in valuation allowances						(0.8)						(2.5)						(0.6)
Intercompany restructuring						(11.3)						(0.3)						(16.6)
Nondeductible interest						1.4						—						—
Impact of tax law changes						(3.8)						(2.5)						—
Other, net						0.2						0.7						1.4
Effective income tax rate						5.9		%				11.4		%				5.7		%

Details of deferred tax assets (liabilities)

The details of 2021 and 2020 deferred tax assets (liabilities) are set forth below:

						2021						2020
Operating losses and interest deduction carryforwards						$	186					$	181
Capital losses						72						3
Tax credit carryforwards						194						226
Employee benefits						68						82
Share-based compensation						51						58
Lease-related liabilities						236						199
Accrued liabilities and other						52						47
Derivative instruments						—						50
Intangible assets						560						678
Property, plant and equipment						35						31
Deferred income						87						81
Gross deferred tax assets						1,541						1,636
Deferred tax asset valuation allowances						(462)						(789)
Net deferred tax assets						$	1,079					$	847
Intangible assets, including goodwill						$	(3)					$	(1)
Property, plant and equipment						(85)						(75)
Operating lease right-of-use assets						(200)						(161)
Employee benefits						(24)						(15)
Other						(51)						(42)
Gross deferred tax liabilities						$	(363)					$	(294)
Net deferred tax assets (liabilities)						$	716					$	553

The details of the 2021 valuation allowance activity are set forth below:

						2021						2020
Beginning of Year						$	(789)					$	(787)
Increases						(31)						(64)
Decreases						355						45
Other Adjustments						3						17
End of Year						$	(462)					$	(789)

Reported in Consolidated Balance Sheets as:

						2021						2020
Deferred income taxes						$	724					$	553
Other liabilities and deferred credits						(8)						—
						$	716					$	553

Loss carryforwards, by year of expiration

Details of tax loss, credit carryforwards, and expiration dates along with valuation allowances as of December 31, 2021, are as follows:

						Gross Amount						Deferred Tax Asset						Valuation Allowance						Expiration
Federal net operating losses						$	18					$	4					$	—					2036-2037
Federal net operating losses - Indefinite						61						13						—						None
Foreign net operating losses						59						12						(11)						2022-2037
Foreign net operating losses - Indefinite						229						59						(35)						None
State net operating losses						1,408						59						(43)						2022-2040
Foreign capital loss carryforward - Indefinite						289						72						(72)						None
Foreign tax credits						187						187						(172)						2026-2030
State tax credits						7						7						(5)						2023
Federal interest deduction carryforward - Indefinite						81						17						(8)						None
State interest deduction carryforward - Indefinite						487						22						(21)						None
						$	2,826					$	452					$	(367)

Unrecognized tax benefits reconciliation

A reconciliation of the beginning and ending unrecognized tax benefits follows:

						2021						2020
Beginning of Year						$	175					$	188
Additions on tax positions - current year						13						5
Additions for tax positions - prior years						41						34
Reductions for tax positions - prior years						(110)						(22)
Reductions for settlements						(3)						(30)
Reductions due to statute expiration						—						—
Foreign currency translation adjustment						—						—
End of Year						$	116					$	175

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