Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of the components of the provision (benefit) for income taxes

The components of the provision (benefit) for income taxes for each of the three years in the period ended December 31, 2021 are as follows:


	Year ended December 31,
	2021		2020		2019
Current
Federal	$	78	$	290	$	97
Foreign	26		15		(6)
State and local	88		65		45
	192		370		136
Deferred
Federal	260		(107)		185
Foreign	14		6		14
State and local	(6)		(20)		5
	268		(121)		204
Total	$	460	$	249	$	340

Schedule of effective income tax rate reconciliation

A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate of 21 percent to the income before provision (benefit) for income taxes for each of the three years in the period ended December 31, 2021 is as follows:


	Year ended December 31,
	2021		2020		2019
Computed tax at statutory tax rate	$	388	$	239	$	318
State income taxes, net of federal tax benefit	64		31		43
Other permanent items	1		(3)		(17)
Change in federal valuation allowance	—		(22)		(3)

Foreign tax rate differential	7		4		(1)
Total	$	460	$	249	$	340

Schedule of deferred tax assets and liabilities

The components of deferred income tax assets (liabilities) are as follows:


	December 31, 2021		December 31, 2020
Reserves and allowances	$	165	$	129

Debt cancellation and other	16		10
Net operating loss and credit carryforwards	175		242
Operating lease assets	210		183
Total deferred tax assets	566		564
Less: valuation allowance (1)	(9)		(21)
Total net deferred tax assets	557		543
Property and equipment, including rental equipment	(2,349)		(1,962)
Operating lease liabilities	(210)		(183)
Intangibles	(152)		(166)


Total deferred tax liability	(2,711)		(2,311)
Total net deferred tax liability	$	(2,154)	$	(1,768)

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(1) Relates to state net operating loss carryforwards and state tax credits that may not be realized.