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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Domestic and Foreign Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were as follows (in millions):

		Year Ended December 31,
		2024				2023				2022
Domestic		$	413			$	249			$	113
Foreign			418				363				125
		$	831			$	612			$	238

Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes consisted of (in millions):

		Year Ended December 31,
		2024				2023				2022
Current:
Federal		$	9			$	(4	)		$	(1	)
State			5				2				—
Foreign			133				118				86
Total current income tax provision			147				116				85
Deferred:
Federal			41				(252	)			3
State			4				(47	)			—
Foreign			4				(190	)			(5	)
Total deferred income tax provision (benefit)			49				(489	)			(2	)
Total income tax provision (benefit)		$	196			$	(373	)		$	83

Difference Between Effective Tax Rate

The difference between the effective tax rate reflected in the provision (benefit) for income taxes and the U.S. federal statutory rate was as follows (in millions):

		Year Ended December 31,
		2024				2023				2022
Federal income tax at U.S. statutory rate		$	175			$	129			$	50
Foreign income tax rate differential			—				3				1
Change in deferred tax valuation allowance			(64	)			(564	)			24
Nondeductible expenses			47				18				18
Foreign inclusions and FDII, net of foreign tax credits			(36	)			5				(4	)
Change in uncertain tax positions			3				12				4
Withholding taxes			47				30				31
Income tax credits			(6	)			(8	)			(5	)
Other			30				2				(36	)
Total income tax provision (benefit)		$	196			$	(373	)		$	83

Significant Components of Deferred Tax Assets and Liability

Significant components of our deferred tax assets and liabilities were as follows (in millions):

		December 31,
		2024				2023
Deferred tax assets:
Allowances and operating liabilities		$	235			$	264
Net operating loss carryforwards			186				249
Stock Compensation			38				48
Tax credit carryforwards			257				301
Other			113				121
Valuation allowance			(266	)			(346	)
Total deferred tax assets			563				637
Deferred tax liabilities:
Tax over book depreciation			31				43
Capital leases			68				67
Intangible assets			44				39
Deferred income			22				24
Accrued tax on unremitted earnings			41				38
Other			—				8
Total deferred tax liabilities			206				219
Net deferred tax asset		$	357			$	418

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

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

		2024				2023				2022
Unrecognized tax benefit at beginning of year		$	67			$	62			$	60
Gross increase for tax position in current year			—				18				—
Gross increase for tax positions in prior years			4				1				9
Gross decrease for tax positions in prior years			—				(3	)			(1	)
Cash Settlements			—				(4	)			(1	)
Lapse of statute of limitations			(3	)			(7	)			(5	)
Unrecognized tax benefit at end of year		$	68			$	67			$	62

Summary of Net Operating Loss Carryforwards

Net operating loss carryforwards by jurisdiction and expiration as of December 31, 2024 were as follows (in millions):

		Federal				State				Foreign				Total
2025 - 2029 Expiration		$	—			$	101			$	44			$	145
2030 - 2040 Expiration			13				191				92				296
Unlimited Expiration			54				—				443				497
Total Net Operating Loss (NOL)		$	67			$	292			$	579			$	938
Tax Effected NOL		$	14			$	20			$	152			$	186

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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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