Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

The following table summarizes income before income taxes and equity income:

	Years Ended December 31,
	2024		2023		2022
U.S. income (loss)	$	2,407	$	2,417	$	3,499
Non-U.S. income (loss)	494		430		404
Income (loss) before income taxes and equity income (loss)	$	2,901	$	2,847	$	3,903

Schedule of Income Tax Expense

	Years Ended December 31,
Income Tax Expense	2024		2023		2022
Current income tax expense (benefit)
U.S. federal	$	(525)	$	341	$	342
U.S. state and local	102		144		85
Non-U.S.	146		91		80
Total current income tax expense (benefit)	(277)		576		507
Deferred income tax expense (benefit)
U.S. federal	994		112		322
U.S. state and local	45		24		85
Non-U.S.	22		28		77
Total deferred income tax expense (benefit)	1,061		165		484
Total income tax provision (benefit)	$	784	$	741	$	992

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows:

	Years Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Non-U.S. income taxed at other than the U.S. federal statutory rate	1.8		1.1		0.9
State and local income taxes	3.5		3.6		3.2
U.S. tax on non-U.S. earnings	0.9		3.8		0.3
Valuation allowance	—		(2.9)		0.3
Other	(0.1)		(0.6)		(0.3)
Effective tax rate	27.0	%	26.0	%	25.4	%

Schedule of Deferred Tax Assets and Liabilities

The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities:

	December 31, 2024		December 31, 2023
Deferred tax assets
Net operating loss carryforward - U.S.(a)	$	331	$	2
Net operating loss carryforward - non-U.S.(b)	84		115
Market value difference of loan portfolio	426		322
Accruals	135		186
Tax credits(c)	649		352
Other	210		164
Total deferred tax assets before valuation allowance	1,835		1,141
Less: valuation allowance	(235)		(236)
Total deferred tax assets	1,600		905
Deferred tax liabilities
Depreciable assets	3,637		2,354
Deferred acquisition costs	232		159
Other	153		125
Total deferred tax liabilities	4,022		2,638
Net deferred tax liability	$	(2,422)	$	(1,733)

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(a)At December 31, 2024, U.S. operating loss deferred tax assets were $331 million, of which $315 million can be carried forward indefinitely and $16 million, will expire by 2038, if not utilized.

(b)At December 31, 2024, non-U.S. operating loss deferred tax assets were $84 million, of which $17 million can be carried forward indefinitely and $67 million will expire by 2044, if not utilized.

(c)At December 31, 2024, U.S. tax credit carryforwards were $649 million, expiring through 2044, if not utilized.

Schedule of Unrecognized Tax Benefits Activity

The following table summarizes activity of the total amounts of unrecognized tax benefits:

	Years Ended December 31,
	2024		2023		2022
Beginning balance	$	86	$	63	$	70
Additions to prior years' tax positions	—		22		—
Reductions to prior years' tax positions	(8)		—		(6)
Additions to current year tax positions	6		9		—
Changes in tax positions due to lapse of statutory limitations	(4)		(8)		(2)
Foreign currency translation	(2)		—		1
Ending balance	$	78	$	86	$	63