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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Income Before Income Taxes | The domestic and foreign components of income before income taxes for the years ended December 31 were as follows:
|  | 2024 |  | 2023 |  | 2022
|  | (in millions)
United States |  | $ | 6,168 |  |  | $ | 4,506 |  |  | $ | 4,228 |
Foreign |  | 9,086 |  |  | 9,133 |  |  | 7,504 |
Income before income taxes |  | $ | 15,254 |  |  | $ | 13,639 |  |  | $ | 11,732 |
Components of Income Tax Provision | The total income tax provision for the years ended December 31 was comprised of the following components:
|  | 2024 |  | 2023 |  | 2022
|  | (in millions)
Current |  |  |  |  |  |
Federal |  | $ | 1,093 |  |  | $ | 991 |  |  | $ | 1,024 |
State and local |  | 144 |  |  | 127 |  |  | 133 |
Foreign |  | 1,670 |  |  | 1,563 |  |  | 1,296 |
Total current |  | 2,907 |  |  | 2,681 |  |  | 2,453 |
Deferred |  |  |  |  |  |
Federal |  | (197) |  |  | (180) |  |  | (661) |
State and local |  | (14) |  |  | (18) |  |  | (40) |
Foreign |  | (316) |  |  | (39) |  |  | 50 |
Total deferred |  | (527) |  |  | (237) |  |  | (651) |
Income tax expense |  | $ | 2,380 |  |  | $ | 2,444 |  |  | $ | 1,802 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate for the years ended December 31, was as follows:
|  | 2024 |  | 2023 |  | 2022
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | ($ in millions)
Income before income taxes |  | $ | 15,254 |  |  |  |  | $ | 13,639 |  |  |  |  | $ | 11,732 |  |  |
Federal statutory tax |  | 3,203 |  |  | 21.0 | % |  | 2,864 |  |  | 21.0 | % |  | 2,464 |  |  | 21.0 | %
State tax effect, net of federal benefit |  | 90 |  |  | 0.6 | % |  | 82 |  |  | 0.6 | % |  | 72 |  |  | 0.6 | %
Foreign tax effect |  | (649) |  |  | (4.3) | % |  | (393) |  |  | (2.9) | % |  | (347) |  |  | (3.0) | %
Valuation allowance - U.S. foreign tax credit |  | — |  |  | — | % |  | 327 |  |  | 2.4 | % |  | (333) |  |  | (2.8) | %
U.S. tax expense on foreign operations |  | 82 |  |  | 0.5 | % |  | 39 |  |  | 0.3 | % |  | 111 |  |  | 0.9 | %
Foreign-derived intangible income deduction |  | (195) |  |  | (1.3) | % |  | (144) |  |  | (1.1) | % |  | (129) |  |  | (1.1) | %
Windfall benefit |  | (93) |  |  | (0.6) | % |  | (88) |  |  | (0.6) | % |  | (68) |  |  | (0.6) | %
Other, net |  | (58) |  |  | (0.4) | % |  | (243) |  |  | (1.8) | % |  | 32 |  |  | 0.3 | %
Income tax expense |  | $ | 2,380 |  |  | 15.6 | % |  | $ | 2,444 |  |  | 17.9 | % |  | $ | 1,802 |  |  | 15.4 | %
Note: Table may not sum due to rounding.
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities at December 31 were as follows:
|  | 2024 |  | 2023
|  | (in millions)
Deferred tax assets |  |  |  |
Accrued liabilities |  | $ | 939 |  |  | $ | 863 |
Compensation and benefits |  | 371 |  |  | 335 |
Net operating losses |  | 468 |  |  | 149 |
U.S. foreign tax credits |  | 736 |  |  | 635 |
Property and equipment |  | 432 |  |  | 277 |
Intangible assets |  | 160 |  |  | 182 |
Lease liabilities |  | 134 |  |  | 158 |
Other items |  | 236 |  |  | 203 |
Less: Valuation allowance |  | (871) |  |  | (758) |
Total deferred tax assets |  | 2,605 |  |  | 2,044 |
Deferred tax liabilities |  |  |  |
Prepaid expenses and other accruals |  | 195 |  |  | 211 |
Gains on equity investments |  | 112 |  |  | 112 |
Goodwill and intangible assets |  | 760 |  |  | 518 |
Right-of-use lease assets |  | 116 |  |  | 138 |
Other items |  | 125 |  |  | 79 |
Total deferred tax liabilities |  | 1,308 |  |  | 1,058 |
Net deferred tax assets |  | $ | 1,297 |  |  | $ | 986 |
Summary of Changes to Valuation Allowance on Deferred Tax Assets | The changes in the Company’s valuation allowance on deferred tax assets were as follows:
|  | Balance at December 31, 2021 |  | Changes to Related Gross Deferred Tax Assets |  | Change/(Release) |  | Balance at December 31, 2022 |  | Changes to Related Gross Deferred Tax Assets |  | Change/(Release) |  | Balance at December 31, 2023 |  | Changes to Related Gross Deferred Tax Assets |  | Change/(Release) |  | Balance at December 31, 2024
|  | (in millions)
U.S. foreign tax credit carryforward 1 |  | $ | 333 |  |  | $ | — |  |  | $ | (333) |  |  | $ | — |  |  | $ | 308 |  |  | $ | 327 |  |  | $ | 635 |  |  | $ | 101 |  |  | $ | — |  |  | $ | 736 |
Net operating and capital losses 2 |  | 82 |  |  | 23 |  |  | 9 |  |  | 114 |  |  | 12 |  |  | (3) |  |  | 123 |  |  | 11 |  |  | 1 |  |  | 135 |
Total |  | $ | 415 |  |  | $ | 23 |  |  | $ | (324) |  |  | $ | 114 |  |  | $ | 320 |  |  | $ | 324 |  |  | $ | 758 |  |  | $ | 112 |  |  | $ | 1 |  |  | $ | 871 |
1 The 2022 activity resulted in a full release of the valuation allowance associated with the U.S. foreign tax credit carryforward due to final U.S. tax regulations published in 2022. The 2023 activity resulted in the establishment of the valuation allowance associated with the U.S. foreign tax credit carryforward due to foreign tax legislation enacted in Brazil and the Notice released by Treasury. 2 Capital losses are included within other items in the deferred tax assets section of the components of the Deferred Income Taxes table above.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance for the Company’s unrecognized tax benefits for the years ended December 31, is as follows:
|  | 2024 |  | 2023 |  | 2022
|  | (in millions)
Beginning balance |  | $ | 431 |  |  | $ | 414 |  |  | $ | 360 |
Additions: |  |  |  |  |  |
Current year tax positions |  | 37 |  |  | 23 |  |  | 22 |
Prior year tax positions 1 |  | 34 |  |  | 16 |  |  | 65 |
Reductions: |  |  |  |  |  |
Prior year tax positions 1 |  | (189) |  |  | (7) |  |  | (14) |
Settlements with tax authorities |  | — |  |  | — |  |  | (13) |
Expired statute of limitations |  | (9) |  |  | (15) |  |  | (6) |
Ending balance |  | $ | 304 |  |  | $ | 431 |  |  | $ | 414 |
1 Includes immaterial translational impact of currency.

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