Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes Attributable to Geographic Locations

Income before income taxes is attributable to the following geographic locations for the years ended December 31 (in millions):

	2024		2023		2022
Domestic	$	147	$	278	$	334
Foreign	828		846		495
Income before income taxes	$	975	$	1,124	$	829

Schedule of Components of Tax Benefit (Expenses) for Income Taxes

The tax expenses for income taxes consisted of the following components for the years ended December 31 (in millions):

	2024		2023		2022
Current:
Federal	$	1	$	—	$	2
State and local	(3)		—		(1)
Foreign	(189)		(150)		(83)
Subtotal	(191)		(150)		(82)
Deferred:
Federal	—		—		(16)
State and local	2		—		(5)
Foreign	28		(5)		(21)
Subtotal	30		(5)		(42)
Income tax expense	$	(161)	$	(155)	$	(124)

Schedule of Income Tax Reconciliation

Income tax benefit (expenses) for the years ended December 31, 2024, 2023 and 2022 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following for the years ended December 31 (in millions):

	2024		2023 (1)		2022 (1)
Federal tax at statutory rate	$	(205)	$	(236)	$	(174)
State and local tax expense	(1)		—		(6)
Foreign income tax rate differential	(12)		(14)		(12)
Non-deductible expenses	(10)		(6)		(6)
Stock-based compensation expense	(8)		(9)		(8)
Change in valuation allowance	(72)		(32)		(59)
Foreign financing activities	(2)		(4)		(6)
Uncertain tax positions reserve	11		21		45
Tax adjustments related to REIT	130		132		107
Change in deferred tax adjustments	1		(3)		—
Effect of tax rate change on deferred tax assets	—		(2)		(3)
Other, net	7		(2)		(2)
Total income tax expense	$	(161)	$	(155)	$	(124)

(1)The prior year amounts presented in the table above have been reclassified to conform with the current year presentation, The rate reconciliation item 'Deferred tax assets generated in current year not benefited' has been grouped with 'Change in valuation allowance'.

Schedule of Deferred Tax Assets and Liabilities

The types of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are set out below as of December 31 (in millions):

	2024		2023
Deferred tax assets:
Stock-based compensation expense	$	10	$	9
Net unrealized losses	12		11
Operating lease liabilities	217		221
Finance lease liabilities	—		14
Deferred revenue	11		17
Loss carryforwards and tax credits	253		232
Others, net	25		7
Gross deferred tax assets	528		511
Valuation allowance	(277)		(221)
Total deferred tax assets, net	251		290
Deferred tax liabilities:
Finance lease liabilities	(13)		—
Property, plant and equipment	(200)		(253)
Right-of-use assets	(220)		(224)
Deferred income	(5)		(26)
Goodwill	(17)		(3)
Intangible assets	(87)		(116)
Total deferred tax liabilities	(542)		(622)
Net deferred tax liabilities	$	(291)	$	(332)

Schedule of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets for the years ended December 31 are as follows (in millions):

	2024		2023		2022
Beginning balance	$	221	$	167	$	101
Amounts from acquisitions	—		10		13
Amounts recognized into income	6		(2)		23
Current increase	57		44		37
Impact of foreign currency exchange	(7)		2		(7)
Ending balance	$	277	$	221	$	167

Schedule of Net operating Loss Carryforwards

Our net operating loss carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2025, are outlined below (in millions):

Expiration Date	Federal		State		Foreign (1) (2)		Total
2025	$	1	$	—	$	8	$	9
2026 to 2028	2		—		50		52
2029 to 2031	—		—		26		26
2032 to 2034	—		—		49		49
2035 to 2037	3		—		20		23
2038 to 2040	—		4		55		59
Thereafter	239		92		570		901
	$	245	$	96	$	778	$	1,119

(1)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year.

(2)If certain substantial changes in the entity's ownership occur, there may be a limitation on the amount of the carryforwards that can be utilized.

Schedule of Reconciliation of Unrecognized Tax Benefits

The beginning and ending balances of our unrecognized tax benefits are reconciled below for the years ended December 31 (in millions):

	2024		2023		2022
Beginning balance	$	70	$	89	$	148
Gross increases related to prior year tax positions	—		3		1
Gross decreases related to prior year tax positions	(12)		(17)		(43)
Gross increases related to current year tax positions	7		5		7
Decreases resulting from expiration of statute of limitation	(7)		(10)		(12)
Decreases resulting from settlements	(1)		—		(12)
Ending balance	$	57	$	70	$	89