Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Components of Income Taxes

	2018		2019		2020
Income before income taxes (in millions)
United States	$	1,717	$	2,160	$	2,085
Non-United States	910		838		523
Total	$	2,627	$	2,998	$	2,608

Provision for / (Benefit from) income taxes for the years ended December 31 was estimated as follows (in millions):

	2018		2019		2020
Current
Federal	$	72	$	396	$	53
Non-United States	153		168		98
State and local	(81)		169		154
Total current	144		733		305
Deferred
Federal	283		(12)		372
Non-United States	(125)		104		61
State and local	101		(55)		(54)
Total deferred	259		37		379
Provision for / (Benefit from) income taxes	$	403	$	770	$	684

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the Provision for / (Benefit from) income taxes with the United States statutory tax rate as a percentage of Income before income taxes for the years ended December 31 is as follows:

	2018		2019		2020
United States statutory tax rate	21.0	%	21.0	%	21.0	%
Effect of (in percentage points):
Non-United States tax rates under United States rate	1.7		1.3		1.1
State and local income taxes	0.6		2.7		3.0
Dispositions and restructurings	(8.9)		—		—
United States tax on non-United States earnings	0.4		(0.1)		0.7
Other	0.5		0.8		0.4
Effective tax rate	15.3	%	25.7	%	26.2	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

omponents of deferred tax assets and liabilities at December 31 were as follows (in millions):

	2019		2020
Deferred tax assets
Net operating loss carryforwards	$	378	$	281
Provision for credit losses	141		318
Other foreign	190		217
Employee benefit plans	24		25
Foreign tax credits	669		682
Other	46		57
Total gross deferred tax assets	1,448		1,580
Less: Valuation allowance	(43)		(65)
Total net deferred tax assets	1,405		1,515
Deferred tax liabilities
Leasing transactions	2,674		3,265
Finance receivables	584		574
Other foreign	568		418
Other	1		—
Total deferred tax liabilities	3,827		4,257
Net deferred tax liability	$	2,422	$	2,742

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	2019		2020
Beginning balance	$	115	$	109
Increase - tax positions in prior periods	40		5
Increase - tax positions in current period	—		2
Decrease - tax positions in prior periods	(8)		(8)
Settlements	(36)		—
Lapse of statute of limitations	—		—
Foreign currency translation adjustments	(2)		1
Ending balance	$	109	$	109