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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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 | 2023 |  | 2022 |  | 2021
U.S. | $ | 3,665.0 |  |  | $ | 1,845.6 |  |  | $ | 2,413.9 |
Outside the U.S. | 6,857.2 |  |  | 5,979.8 |  |  | 6,714.0 |
Income before provision for income taxes * | $ | 10,522.2 |  |  | $ | 7,825.4 |  |  | $ | 9,127.9 |
*Income before provision for income taxes increased in 2023 primarily due to strong operating performance and prior year net charges detailed in the Net Income and Diluted Earnings Per Share section on page 13 of this Form 10-K.
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 | 2023 |  | 2022 |  | 2021
U.S. federal | $ | 1,340.0 |  |  | $ | 517.3 |  |  | $ | 887.6 |
U.S. state | 262.7 |  |  | 246.3 |  |  | 228.1 |
Outside the U.S. | 1,137.1 |  |  | 1,230.1 |  |  | 895.3 |
Current tax provision | 2,739.8 |  |  | 1,993.7 |  |  | 2,011.0 |
U.S. federal | (146.0) |  |  | (80.0) |  |  | (177.4) |
U.S. state | (29.6) |  |  | (46.2) |  |  | (24.1) |
Outside the U.S. | (510.8) |  |  | (219.5) |  |  | (226.8) |
Deferred tax provision | (686.4) |  |  | (345.7) |  |  | (428.3) |
Provision for income taxes | $ | 2,053.4 |  |  | $ | 1,648.0 |  |  | $ | 1,582.7 |
Net Deferred Tax Liabilities | Net deferred tax (assets) liabilities consisted of:
In millions | December 31, 2023 |  | 2022
Lease right-of-use asset |  |  | $ | 3,322.5 |  |  | $ | 3,045.0 |
Property and equipment |  |  | 1,668.5 |  |  | 1,706.3 |
Intangible assets |  |  | 264.0 |  |  | 296.7 |
Other |  |  | 284.8 |  |  | 595.4 |
Total deferred tax liabilities |  |  | 5,539.8 |  |  | 5,643.4 |
Lease liability |  |  | (3,384.0) |  |  | (3,099.9) |
Intangible assets |  |  | (3,018.2) |  |  | (2,658.9) |
Property and equipment |  |  | (641.8) |  |  | (676.3) |
Deferred foreign tax credits |  |  | (81.6) |  |  | (74.5) |
Employee benefit plans |  |  | (191.6) |  |  | (180.6) |
Deferred revenue |  |  | (166.9) |  |  | (165.8) |
Operating loss carryforwards |  |  | (266.5) |  |  | (76.6) |
Other |  |  | (281.0) |  |  | (267.4) |
Total deferred tax assets before valuation allowance |  |  | (8,031.6) |  |  | (7,200.0) |
Valuation allowance |  |  | 1,149.8 |  |  | 1,077.1 |
Net deferred tax (assets) liabilities |  |  | $ | (1,342.0) |  |  | $ | (479.5) |
Balance sheet presentation: |  |  |  |  |
Deferred income taxes |  |  | $ | 1,680.9 |  |  | $ | 1,997.5 |
Other assets-miscellaneous |  |  | (3,022.9) |  |  | (2,477.0) |
Net deferred tax (assets) liabilities |  |  | $ | (1,342.0) |  |  | $ | (479.5) |
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:
| 2023 |  | 2022 |  | 2021
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 |  |  | 2.0 |  |  | 1.8 |
Foreign income taxed at different rates | 1.9 |  |  | 1.1 |  |  | 0.9 |
Tax impact of intercompany transactions | (0.7) |  |  | 0.2 |  |  | 0.1 |
Global intangible low-tax income ("GILTI") | 0.5 |  |  | 0.4 |  |  | 0.3 |
Foreign-derived intangible income ("FDII") | (2.7) |  |  | (4.2) |  |  | (2.6) |
U.S./Foreign tax law changes | — |  |  | — |  |  | (3.9) |
Nonoperating expense related to France audit settlement | — |  |  | 1.4 |  |  | — |
Other, net | (2.3) |  |  | (0.8) |  |  | (0.3) |
Effective income tax rates | 19.5 | % |  | 21.1 | % |  | 17.3 | %
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 | 2023 |  | 2022
Balance at January 1 | $ | 647.0 |  |  | $ | 1,504.9 |
Decreases for positions taken in prior years | (82.1) |  |  | (579.4) |
Increases for positions taken in prior years | 27.5 |  |  | 49.8 |
Increases for positions related to the current year | 40.5 |  |  | 100.3 |
Settlements with taxing authorities | (45.2) |  |  | (428.1) |
Lapsing of statutes of limitations | — |  |  | (0.5) |
Balance at December 31(1) | $ | 587.7 |  |  | $ | 647.0 |
(1)Of this amount, $318.5 million and $619.6 million are included in Long-term income taxes for 2023 and 2022, respectively, and $269.2 million and $27.3 million are included in Income taxes for 2023 and 2022, respectively, on the Consolidated Balance Sheet.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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