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Income Taxes (Tables)

12 Months Ended

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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