Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

The following table summarizes income before income taxes:

	Years Ended December 31,
	2025		2024		2023
U.S. income (loss)	$	2,272	$	2,407	$	2,417
Non-U.S. income (loss)	530		238		568
Income (loss) before income taxes	$	2,802	$	2,645	$	2,985

Schedule of Income Tax Expense

	Years Ended December 31,
Income Tax Expense	2025		2024		2023
Current income tax expense (benefit)
U.S. federal	$	112	$	(525)	$	341
U.S. state and local	103		102		144
Non-U.S.	118		146		91
Total current income tax expense (benefit)	333		(277)		576
Deferred income tax expense (benefit)
U.S. federal	362		994		112
U.S. state and local	28		45		24
Non-U.S.	21		22		28
Total deferred income tax expense (benefit)	411		1,061		165
Total income tax provision (benefit)	$	744	$	784	$	741

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:

	Year Ended December 31, 2025
	Amount		Percent of Pre-tax Income
Income tax expense at U.S. federal statutory tax rate	$	589	21.0	%
State and local income taxes(a)	103		3.7
Foreign tax effects	57		2.0
Effect of changes in tax laws or rates enacted in the current period	—		—
Effects of cross-border tax laws	—		—
Tax credits and incentives	(5)		(0.2)
Valuation allowance	4		0.1
Nontaxable or nondeductible items	5		0.2
Changes in unrecognized tax benefits	—		—
Equity income	(8)		(0.3)
Other adjustments	—		—
Total income tax expense and rate	$	744	26.5	%

________________

(a)    State taxes in New York, Michigan, Pennsylvania, California and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category.

	Years Ended December 31,
	2024		2023
U.S. federal statutory tax rate	21.0	%	21.0	%
Non-U.S. income taxed at other than the U.S. federal statutory rate	2.0		1.1
State and local income taxes	3.8		3.5
U.S. tax on non-U.S. earnings	1.0		3.6
Valuation allowance	—		(2.8)
Equity income	2.0		(1.0)
Other	(0.1)		(0.6)
Effective tax rate	29.7	%	24.8	%

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, 2025		December 31, 2024
Deferred tax assets
Net operating loss carryforward - U.S.(a)	$	1	$	331
Net operating loss carryforward - non-U.S.(b)	78		84
Market value difference of loan portfolio	619		426
Accruals	143		135
Tax credits(c)	815		649
Other	254		210
Total deferred tax assets before valuation allowance	1,910		1,835
Less: valuation allowance	(166)		(235)
Total deferred tax assets	1,744		1,600
Deferred tax liabilities
Depreciable assets	3,426		3,637
Deferred acquisition costs	295		232
Other	153		153
Total deferred tax liabilities	3,874		4,022
Net deferred tax asset (liability)	$	(2,130)	$	(2,422)

_________________

(a)At December 31, 2025, U.S. operating loss deferred tax assets were insignificant.

(b)At December 31, 2025, non-U.S. operating loss deferred tax assets were $78 million, of which $19 million can be carried forward indefinitely and $59 million will expire by 2045, if not utilized.

(c)At December 31, 2025, U.S. tax credit carryforwards were $815 million, of which $543 million are investment tax credits and $272 million are other tax credits, all expiring by 2045, 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,
	2025		2024		2023
Beginning balance	$	78	$	86	$	63
Additions to prior years' tax positions	1		—		22
Reductions to prior years' tax positions	—		(8)		—
Additions to current year tax positions	7		6		9
Changes in tax positions due to lapse of statutory limitations	(7)		(4)		(8)
Foreign currency translation	1		(2)		—
Ending balance	$	80	$	78	$	86

Schedule of Cash Payments for Interest Costs and Income Taxes

Income Taxes Paid

	Year Ended December 31, 2025
U.S. federal	$	5
U.S. state	98
Non U.S.	170
Total income taxes	$	273

Income taxes paid, net, for the periods ended December 31, 2024 and 2023 were $170 million and $182 million. Income taxes paid exceeds 5% of total income taxes paid, net of refunds, in the following jurisdictions.

	Year Ended December 31, 2025
U.S. state
California	$	17
Foreign
Mexico	$	93
Brazil	$	36
China	$	18
Canada	$	16

Cash payments for interest costs consist of the following:

	Years Ended December 31,
	2025		2024		2023
Interest costs (none capitalized)	$	6,092	$	5,406	$	4,652