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Income Taxes (Notes) | 12 Months Ended
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Dec. 31, 2024
Income Tax Examination [Line Items] |
Income Tax Disclosure [Text Block] | Income Taxes The current income tax provision reflects the tax consequences of revenues and expenses currently taxable or deductible on various income tax returns for the year reported. The deferred income tax provision or benefit generally reflects the net change in deferred income tax assets and liabilities during the year, excluding any deferred income tax assets and liabilities of acquired businesses. The components of income before income taxes, based upon tax jurisdiction, for the years ended December 31 are as follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Income before income taxes: |  |  |  |  |  |
Domestic |  | $ | 28,264 |  |  | $ | 29,210 |  |  | $ | 26,685 |
Foreign |  | (8,193) |  |  | (98) |  |  | (342) |
Total income before income taxes |  | $ | 20,071 |  |  | $ | 29,112 |  |  | $ | 26,343 |
The components of the provision for income taxes for the years ended December 31 are as follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Current Provision: |  |  |  |  |  |
Federal |  | $ | 3,453 |  |  | $ | 4,418 |  |  | $ | 4,842 |
State and local |  | 416 |  |  | 716 |  |  | 855 |
Foreign |  | 1,256 |  |  | 1,079 |  |  | 680 |
Total current provision |  | 5,125 |  |  | 6,213 |  |  | 6,377 |
Deferred benefit |  | (296) |  |  | (245) |  |  | (673) |
Total provision for income taxes |  | $ | 4,829 |  |  | $ | 5,968 |  |  | $ | 5,704 |
The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the years ended December 31 is as follows:
(in millions, except percentages) |  | 2024 |  | 2023 |  | 2022
Tax provision at the U.S. federal statutory rate |  | $ | 4,215 |  |  | 21.0 | % |  | $ | 6,114 |  |  | 21.0 | % |  | $ | 5,532 |  |  | 21.0 | %
State income taxes, net of federal benefit |  | 343 |  |  | 1.7 |  |  | 567 |  |  | 2.0 |  |  | 621 |  |  | 2.4 |
Share-based awards - excess tax benefit |  | (96) |  |  | (0.5) |  |  | (75) |  |  | (0.3) |  |  | (110) |  |  | (0.4) |
Non-deductible compensation |  | 171 |  |  | 0.9 |  |  | 174 |  |  | 0.6 |  |  | 150 |  |  | 0.6 |
Foreign rate differential |  | (369) |  |  | (1.8) |  |  | (442) |  |  | (1.5) |  |  | (265) |  |  | (1.0) |
Tax effect of dispositions and other strategic transactions |  | 1,215 |  |  | 6.1 |  |  | (29) |  |  | (0.1) |  |  | (215) |  |  | (0.8) |
Other, net |  | (650) |  |  | (3.3) |  |  | (341) |  |  | (1.2) |  |  | (9) |  |  | (0.1) |
Provision for income taxes |  | $ | 4,829 |  |  | 24.1 | % |  | $ | 5,968 |  |  | 20.5 | % |  | $ | 5,704 |  |  | 21.7 | %
Deferred income tax assets and liabilities are recognized for the differences between the financial and income tax reporting bases of assets and liabilities based on enacted tax rates and laws. The components of deferred income tax assets and liabilities as of December 31 are as follows:
(in millions) |  | 2024 |  | 2023
Deferred income tax assets: |  |  |  |
Accrued expenses and allowances |  | $ | 1,055 |  |  | $ | 754 |
U.S. federal and state net operating loss carryforwards |  | 442 |  |  | 417 |
Share-based compensation |  | 189 |  |  | 173 |
Nondeductible liabilities |  | 343 |  |  | 329 |
Non-U.S. tax loss carryforwards |  | 21 |  |  | 1,061 |
Lease liability |  | 846 |  |  | 930 |
Net unrealized losses on investments |  | 669 |  |  | 586 |
Other-domestic |  | 597 |  |  | 327 |
Other-non-U.S. |  | 59 |  |  | 484 |
Subtotal |  | 4,221 |  |  | 5,061 |
Less: valuation allowances |  | (397) |  |  | (366) |
Total deferred income tax assets |  | 3,824 |  |  | 4,695 |
Deferred income tax liabilities: |  |  |  |
U.S. federal and state intangible assets |  | (4,479) |  |  | (3,712) |
Non-U.S. goodwill and intangible assets |  | (82) |  |  | (731) |
Capitalized software |  | (288) |  |  | (415) |
Depreciation and amortization |  | (400) |  |  | (371) |
Prepaid expenses |  | (374) |  |  | (326) |
Outside basis in partnerships |  | (960) |  |  | (811) |
Lease right-of-use asset |  | (833) |  |  | (914) |
Other-non-U.S. |  | (28) |  |  | (436) |
Total deferred income tax liabilities |  | (7,444) |  |  | (7,716) |
Net deferred income tax liabilities |  | $ | (3,620) |  |  | $ | (3,021) |
Valuation allowances are provided when it is considered more likely than not deferred tax assets will not be realized. The valuation allowances primarily relate to future tax benefits on certain federal, state and non-U.S. net operating loss carryforwards. Substantially all of the federal net operating loss carryforwards have indefinite carryforward periods; state net operating loss carryforwards expire beginning in 2025 through 2044, with some having an indefinite carryforward period. Additionally, as of December 31, 2024, the Company has historical non-U.S. net operating loss carryforwards for which a deferred tax asset and valuation allowance of $4.1 billion are not established because realization of the loss carryforwards is remote. As of December 31, 2024, except for subsidiaries held for sale, the Company’s undistributed earnings from non-U.S. subsidiaries are intended to be indefinitely reinvested in non-U.S. operations, and therefore no U.S. deferred taxes have been recorded. Taxes payable on the remittance of such earnings would be minimal. A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31 is as follows:
(in millions) |  | 2024 |  | 2023 |  | 2022
Gross unrecognized tax benefits, beginning of period |  | $ | 3,716 |  |  | $ | 3,081 |  |  | $ | 2,310 |
Gross increases: |  |  |  |  |  |
Current year tax positions |  | 578 |  |  | 782 |  |  | 586 |
Prior year tax positions |  | 10 |  |  | 97 |  |  | 206 |
Gross decreases: |  |  |  |  |  |
Prior year tax positions |  | (121) |  |  | (212) |  |  | (21) |
Statute of limitations lapses and settlements |  | (60) |  |  | (32) |  |  | — |
Gross unrecognized tax benefits, end of period |  | $ | 4,123 |  |  | $ | 3,716 |  |  | $ | 3,081 |
The Company believes it is reasonably possible its liability for unrecognized tax benefits will decrease in the next twelve months by $101 million as a result of audit settlements and the expiration of statutes of limitations. The Company classifies net interest and penalties associated with uncertain income tax positions as income taxes within its Consolidated Statements of Operations. During the years ended December 31, 2024, 2023 and 2022, the Company recognized $210 million, $177 million and $64 million of net interest and penalties, respectively. The Company had $637 million and $430 million of accrued interest and penalties for uncertain tax positions as of December 31, 2024 and 2023, respectively. These amounts are not included in the reconciliation above. As of December 31, 2024, there were $2.0 billion of unrecognized tax benefits which, if recognized, would affect the effective tax rate. The Company currently files income tax returns in the United States, various states and localities and non-U.S. jurisdictions. The U.S. Internal Revenue Service (IRS) has completed exams on the consolidated income tax returns for fiscal years 2016 and prior. The Company’s 2017 through 2020 tax years are under review by the IRS under its Compliance Assurance Program. The Company is no longer subject to state income tax examinations prior to the 2015 tax year. The Company is subject to examination in non-U.S. jurisdictions for years 2015 and forward.

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