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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income before Provision for Income Taxes, Classified by Source of Income

Income before provision for income taxes, classified by source of income, was as follows:

In millions			2020						2019						2018
U.S.			$	1,390.4					$	2,159.1					$	2,218.0
Outside the U.S.			4,750.3						5,859.0						5,598.1
Income before provision for income taxes *			$	6,140.7					$	8,018.1					$	7,816.1

Provision for Income Taxes, Classified by Timing and Location of Payment

The provision for income taxes, classified by the timing and location of payment, was as follows:

In millions			2020						2019						2018
U.S. federal			$	554.1					$	521.8					$	292.9
U.S. state			119.1						194.7						183.9
Outside the U.S.			730.6						1,126.5						1,312.4
Current tax provision			1,403.8						1,843.0						1,789.2
U.S. federal			870.3						38.5						145.7
U.S. state			73.3						20.0						18.7
Outside the U.S.			(937.2)						91.2						(61.8)
Deferred tax provision			6.4						149.7						102.6
Provision for income taxes			$	1,410.2					$	1,992.7					$	1,891.8

Net Deferred Tax Liabilities

Net deferred tax (assets) liabilities consisted of:

In millions			December 31, 2020												2019
Lease right-of-use asset									$	3,427.3					$	3,296.8
Property and equipment									1,600.4						1,316.4
Intangible assets									1,046.2						334.8
Other									322.4						511.1
Total deferred tax liabilities									6,396.3						5,459.1
Lease liability									(3,462.0)						(3,331.1)
Intangible assets									(2,095.9)						(1,051.0)
Property and equipment									(593.8)						(585.6)
Deferred foreign tax credits									(289.3)						(311.2)
Employee benefit plans									(190.8)						(192.3)
Deferred revenue									(154.8)						(145.5)
Operating loss carryforwards									(86.8)						(81.5)
Other									(449.0)						(323.6)
Total deferred tax assets before valuation allowance									(7,322.4)						(6,021.8)
Valuation allowance									816.0						741.9
Net deferred tax (assets) liabilities									$	(110.1)					$	179.2
Balance sheet presentation:
Deferred income taxes									$	2,025.6					$	1,318.1
Other assets-miscellaneous									(2,135.7)						(1,138.9)
Net deferred tax (assets) liabilities									$	(110.1)					$	179.2

Statutory U.S. Federal Income Tax Rate Reconciliation to Effective Income Tax Rates

The statutory U.S. federal income tax rate reconciles to the effective income tax rates as follows:

			2020						2019						2018
Statutory U.S. federal income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of related federal income tax benefit			1.8						1.8						1.8
Foreign income taxed at different rates			0.4						1.6						1.5
Tax impact of intercompany transactions			2.1						—						—
Global intangible low-tax income ("GILTI")			1.2						1.3						0.4
Foreign-derived intangible income ("FDII")			(3.4)						(1.3)						(1.4)
Transition tax			—						—						1.0
U.S./Foreign tax law changes			(1.8)						—						—
Foreign tax credit redetermination regulations			—						(1.0)						—
Other, net			1.7						1.5						(0.1)
Effective income tax rates			23.0		%				24.9		%				24.2		%

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

In millions			2020						2019
Balance at January 1			$	1,439.1					$	1,342.8
Decreases for positions taken in prior years			(71.4)						(18.3)
Increases for positions taken in prior years			38.5						107.1
Increases for positions related to the current year			89.6						88.3
Settlements with taxing authorities			(3.9)						(68.6)
Lapsing of statutes of limitations			(12.7)						(12.2)
Balance at December 31(1)			$	1,479.2					$	1,439.1

(1)Of this amount, $1,137.8 million and $1,285.3 million are included in Long-term income taxes for 2020 and 2019, respectively, and $325.0 million and $138.8 million are included in Prepaid expenses and other current assets for 2020 and 2019, respectively, on the Consolidated Balance Sheet. The remainder is included in Deferred income taxes on the Consolidated Balance Sheet.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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