v3.25.0.1
TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Our tax provision includes federal, state, local, and foreign income taxes.
Year Ended December 31,
202420232022
U.S. income before income taxes$742 $188 $349 
Foreign income before income taxes821 122 14 
Income before income taxes$1,563 $310 $363 
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes was comprised of the following:
Year Ended December 31,
202420232022
Current:
Federal$202 $106 $100 
State47 21 10 
Foreign141 88 57 
Total current$390 $215 $167 
Deferred:
Federal$(41)$(62)$(184)
State(9)(4)(77)
Foreign(73)(59)2 
Total deferred$(123)$(125)$(259)
Provision (benefit) for income taxes
$267 $90 $(92)
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
Year Ended December 31,
202420232022
Statutory U.S. federal income tax rate21.0 %21.0 %21.0 %
State income taxes—net of federal tax benefit2.1 4.2 5.2 
Impact of foreign operations (1)2.0 15.3 6.6 
Impact of foreign transactions(7.0)— — 
Foreign asset restructuring— (15.3)— 
Change in valuation allowances(3.1)(7.7)(58.6)
Tax contingencies2.0 9.4 6.2 
U.S. foreign tax credits valuation allowance— — (4.7)
Other0.1 2.0 (0.9)
Effective income tax rate17.1 %28.9 %(25.2)%
(1) Excludes unconsolidated hospitality ventures losses.
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax assets and deferred tax liabilities were comprised of the following:
December 31, 2024December 31, 2023
Deferred tax assets related to:
Loyalty program$288 $238 
Employee benefits155 146 
Foreign net operating losses and credit carryforwards120 144 
Long-term operating lease liabilities89 88 
Interest deduction limitations65 66 
Deferred revenues31 115 
Federal and state net operating losses and credit carryforwards28 34 
Allowance for uncollectible assets23 24 
Investments16 10 
Unrealized losses10 11 
Other76 72 
Valuation allowance(90)(253)
Total deferred tax assets$811 $695 
Deferred tax liabilities related to:
Intangibles$(277)$(169)
Operating lease ROU assets(95)(95)
Investments(69)(18)
Property and equipment(43)(74)
Prepaid expenses(8)(24)
Unrealized gains(5)(5)
Other(19)(18)
Total deferred tax liabilities$(516)$(403)
Net deferred tax assets$295 $292 
Recorded on our consolidated balance sheets as:
Deferred tax assets—noncurrent$466 $358 
Deferred tax liabilities—noncurrent(171)(66)
Total$295 $292 
Schedule of Unrecognized Tax Benefits Reconciliation
A reconciliation of unrecognized tax benefits is as follows:
202420232022
Unrecognized tax benefits—January 1$301 $253 $205 
Total increases—current-period tax positions67 54 38 
Total increases (decreases)—prior-period tax positions11 (3)22 
Lapse of statute of limitations(8)(9)(5)
Foreign currency translation adjustments(5)6 (7)
Unrecognized tax benefits—December 31$366 $301 $253