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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of income before income taxes | Income before income taxes consisted of the following (in millions):
Year Ended December 31, | 2024 |  | 2023 |  | 2022 |
United States | $ | 3,757 |  |  | $ | 2,766 |  |  | $ | 3,452 |  |
International | 9,329 |  |  | 10,186 |  |  | 8,234 |  |
Total | $ | 13,086 |  |  | $ | 12,952 |  |  | $ | 11,686 |  |
Schedule of income tax expense (benefit) | Income taxes consisted of the following (in millions):
| United States | State and Local | International | Total
2024 |  |  |  |
Current | $ | 324 |  | $ | 143 |  | $ | 1,981 |  | $ | 2,448 |
Deferred | (254) |  | (134) |  | 377 |  | (11) |
2023 |  |  |  |
Current | $ | 83 |  | $ | 129 |  | $ | 2,039 |  | $ | 2,251 |
Deferred | (135) |  | (78) |  | 211 |  | (2) |
2022 |  |  |  |
Current | $ | 468 |  | $ | 118 |  | $ | 1,651 |  | $ | 2,237 |
Deferred | (121) |  | (4) |  | 3 |  | (122) |
Reconciliation of the statutory U.S. federal tax rate and effective tax rates | A reconciliation of the statutory U.S. federal tax rate and our effective tax rate is as follows:
Year Ended December 31, | 2024 |  | 2023 |  | 2022 |  |
Statutory U.S. federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  |
State and local income taxes — net of federal benefit | 1.1 |  |  | 1.1 |  |  | 1.4 |  |  |
Earnings in jurisdictions taxed at rates different from the statutory U.S. federal tax rate | 1.0 |  | 1 | (0.3) |  |  | (0.6) |  |  |
Equity income or loss | (2.6) |  |  | (2.1) |  |  | (2.7) |  |  |
Excess tax benefits on stock-based compensation | (0.5) |  |  | (0.3) |  |  | (0.7) |  |  |
Other — net | (1.4) |  |  | (2.0) |  | 2 | (0.3) |  |  |
Effective tax rate | 18.6 | % |  | 17.4 | % |  | 18.1 | % |  |
1 Includes net tax expense of $161 million (or a 1.2% impact on our effective tax rate) related to agreed-upon tax issues with certain foreign jurisdictions. 2 Includes a net tax benefit of $118 million (or a 0.9% impact on our effective tax rate) related to domestic provision to return adjustments, as well as for various discrete tax items. Also includes a tax benefit of $88 million (or a 0.7% impact on our effective tax rate) associated with the change in the Company’s indefinite reinvestment assertion for our Philippines and Bangladesh bottling operations.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the changes in the gross amount of unrecognized tax benefits is as follows (in millions):
Year Ended December 31, | 2024 | 2023 | 2022
Balance of unrecognized tax benefits at beginning of year | $ | 929 |  | $ | 926 |  | $ | 906 |
Increase related to prior period tax positions | 33 |  | 2 |  | 6 |
Decrease related to prior period tax positions | (52) |  | (25) |  | — |
Increase related to current period tax positions | 30 |  | 32 |  | 38 |
Decrease related to settlements with taxing authorities | (57) |  | — |  | (2) |
Decrease due to lapse of the applicable statute of limitations | — |  | (2) |  | — |
Effect of foreign currency translation | (3) |  | (4) |  | (22) |
Balance of unrecognized tax benefits at end of year | $ | 880 |  | $ | 929 |  | $ | 926 |
Deferred tax assets and liabilities | The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and liabilities consisted of the following (in millions):
December 31, | 2024 |  | 2023
Deferred tax assets: |  |  |
Property, plant and equipment | $ | 23 |  |  | $ | 25 |
Goodwill and intangible assets | 1,133 |  |  | 1,414 |
Equity method investments (including net foreign currency translation adjustments) | 503 |  |  | 239 |
Derivative financial instruments | 332 |  |  | 156 |
Other liabilities | 2,650 |  |  | 1,709 |
Benefit plans | 483 |  |  | 554 |
Net operating loss, and other carryforwards | 874 |  |  | 357 |
Other | 325 |  |  | 361 |
Gross deferred tax assets | 6,323 |  |  | 4,815 |
Valuation allowances | (485) |  |  | (396) |
Total deferred tax assets | $ | 5,838 |  |  | $ | 4,419 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | (777) |  |  | $ | (748) |
Goodwill and intangible assets | (1,750) |  |  | (1,917) |
Equity method investments (including net foreign currency translation adjustments) | (1,649) |  |  | (1,633) |
Derivative financial instruments | (877) |  |  | (282) |
Other liabilities | (443) |  |  | (330) |
Benefit plans | (441) |  |  | (428) |
Other | (1,051) |  | 1 | (159) |
Total deferred tax liabilities | $ | (6,988) |  |  | $ | (5,497) |
Net deferred tax assets (liabilities) | $ | (1,150) |  |  | $ | (1,078) |
1 Includes deferred tax associated with timing differences related to the IRS Tax Litigation Deposit. Refer to Note 12.
Summary of Valuation Allowance | An analysis of our deferred tax asset valuation allowances is as follows (in millions):
Year Ended December 31, | 2024 | 2023 | 2022
Balance at beginning of year | $ | 396 |  | $ | 424 |  | $ | 401 |
Additions | 141 |  | 28 |  | 47 |
Deductions | (52) |  | (56) |  | (24) |
Balance at end of year | $ | 485 |  | $ | 396 |  | $ | 424 |

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