INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of (Losses) Earnings Before Income Taxes

The components of our earnings before income taxes for the last three fiscal years consisted of:

(in millions)	2024		2023		2022
U.S.	$	1,717	$	2,113	$	2,268
Non-U.S.	1,434		1,265		846
	$	3,151	$	3,378	$	3,114

Provision (Benefit) for Income Taxes

Our (provision) benefit for income taxes for the last three fiscal years consisted of:

(in millions)		2024		2023		2022
Current	-U.S. Federal	$	(447)	$	(431)	$	(364)
	-U.S. State	(124)		(158)		(82)
	-Non-U.S.	(282)		(249)		(155)
		(853)		(838)		(601)
Deferred	-U.S. Federal	125		94		(129)
	-U.S. State	19		16		(25)
	-Non-U.S.	(67)		433		(1)
		77		543		(155)
		$	(776)	$	(295)	$	(756)

Unrecognized Tax Benefits Reconciliation

The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2022 to the end of 2024:

(in millions)	Amount
Unrecognized tax benefit at beginning of 2022	$	282
Change attributable to tax positions taken in prior years	(15)
Change attributable to tax positions taken during the current period	3
Decrease attributable to settlements with taxing authorities	(15)
Unrecognized tax benefit at year-end 2022	255
Change attributable to tax positions taken in prior years	(90)
Change attributable to tax positions taken during the current period	16
Decrease attributable to settlements with taxing authorities	(9)
Unrecognized tax benefit at year-end 2023	172
Change attributable to tax positions taken in prior years	(4)
Change attributable to tax positions taken during the current period	17
Decrease attributable to settlements with taxing authorities	(2)
Unrecognized tax benefit at year-end 2024	$	183

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effect of each type of temporary difference and carry-forward that gave rise to significant portions of our deferred tax assets and liabilities as of year-end 2024 and year-end 2023:

(in millions)	At Year-End 2024		At Year-End 2023
Deferred Tax Assets
Employee benefits	$	302	$	265
Net operating loss carry-forwards	1,046		1,132
Accrued expenses and other reserves	153		219
Tax credits	62		64
Loyalty Program	313		277
Deferred income	114		102
Lease liabilities	239		266
Interest limitation	123		67
Property and equipment	15		—
Other	36		40
Deferred tax assets	2,403		2,432
Valuation allowance	(1,070)		(1,149)
Deferred tax assets after valuation allowance	1,333		1,283
Deferred Tax Liabilities
Property and equipment	—		(62)
Intangibles	(477)		(471)
Right-of-use assets	(223)		(248)
Self-insurance	(6)		(22)
Other	(58)		(16)
Deferred tax liabilities	(764)		(819)
Net deferred taxes	$	569	$	464

Reconciliation of the U.S. Statutory Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. statutory tax rate to our effective income tax rate for the last three fiscal years:

	2024		2023		2022
U.S. statutory tax rate	21.0	%	21.0	%	21.0	%
U.S. state income taxes, net of U.S. federal tax benefit	2.4		2.8		2.8
Non-U.S. income	1.6		0.3		(0.5)
Change in valuation allowance	(0.9)		(5.8)		0.4
Change in uncertain tax positions	0.4		(2.3)		0.3
Excess tax benefits related to equity awards	(1.0)		(0.8)		(0.7)
U.S. tax on foreign earnings	1.0		1.1		0.2
Intellectual property restructuring	0.0		(7.9)		0.0
Other, net	0.1		0.3		0.8
Effective rate	24.6	%	8.7	%	24.3	%