Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of the components of the provision (benefit) for income taxes

The components of the provision (benefit) for income taxes for each of the three years in the period ended December 31, 2024 are as follows:

	Year ended December 31,
	2024		2023		2022
Current
Federal	$	628	$	561	$	(34)
Foreign	64		66		100
State and local	140		125		94
	832		752		160
Deferred
Federal	(8)		5		525
Foreign	(1)		13		(16)
State and local	(10)		17		28
	(19)		35		537
Total	$	813	$	787	$	697

Schedule of effective income tax rate reconciliation

A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate of 21 percent to the income before provision (benefit) for income taxes for each of the three years in the period ended December 31, 2024 is as follows:

	Year ended December 31,
	2024		2023		2022
Computed tax at statutory tax rate	$	712	$	674	$	588
State income taxes, net of federal tax benefit	100		116		102
Other permanent items	(11)		(3)		18
Change in federal valuation allowance	—		(15)		15
Foreign restructuring (1)	—		—		(37)
Foreign tax rate differential	12		15		11
Total	$	813	$	787	$	697

 

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(1)    Reflects the impact of aligning the legal entity structure in Australia and New Zealand with our other foreign operations, which resulted in a tax depreciation benefit.

Schedule of deferred tax assets and liabilities

The components of deferred income tax assets (liabilities) are as follows:

	December 31, 2024		December 31, 2023
Reserves and allowances	$	209	$	193
Debt cancellation and other	16		17
Net operating loss and credit carryforwards	71		97
Operating lease assets	343		287
Total deferred tax assets	639		594
Less: valuation allowance	(5)		(4)
Total net deferred tax assets	634		590
Property and equipment, including rental equipment	(2,893)		(2,921)
Operating lease liabilities	(343)		(285)
Intangibles	(81)		(85)
Interest carryforward	(2)		—
Total deferred tax liability	(3,319)		(3,291)
Total net deferred tax liability	$	(2,685)	$	(2,701)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to unrecognized tax benefits, some of which would impact our effective tax rate if recognized:

	2024		2023		2022
Balance at January 1	$	26	$	16	$	13
Additions for tax positions related to the current year	2		3		1
Additions for tax positions of prior years	9		8		7
Lapse of statute of limitations	(1)		—		—
Settlements	(1)		(1)		(5)
Balance at December 31	$	35	$	26	$	16