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Income Taxes (Tables)

12 Months Ended

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

1The 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.

2Capital 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

1Includes immaterial translational impact of currency.

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