XML 41 R26.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income before income taxes | Income before income taxes is comprised of the following components:
| For Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 6,445 |  |  | $ | 9,122 |  |  | $ | 7,998 |
Non-U.S. | 973 |  |  | 910 |  |  | 921 |
Total | $ | 7,418 |  |  | $ | 10,032 |  |  | $ | 8,919 |
Provision for income taxes | Provision for income taxes is comprised of the following components:
| For Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total
U.S. federal | $ | 943 |  |  | $ | (277) |  |  | $ | 666 |  |  | $ | 1,235 |  |  | $ | (223) |  |  | $ | 1,012 |  |  | $ | 948 |  |  | $ | (23) |  |  | $ | 925 |
Non-U.S. | 240 |  |  | (22) |  |  | 218 |  |  | 212 |  |  | 32 |  |  | 244 |  |  | 169 |  |  | 38 |  |  | 207 |
U.S. state | 24 |  |  | — |  |  | 24 |  |  | 27 |  |  | — |  |  | 27 |  |  | 18 |  |  | — |  |  | 18 |
Total | $ | 1,207 |  |  | $ | (299) |  |  | $ | 908 |  |  | $ | 1,474 |  |  | $ | (191) |  |  | $ | 1,283 |  |  | $ | 1,135 |  |  | $ | 15 |  |  | $ | 1,150 |
Principal reconciliation items from U.S. statutory income tax rate to the effective tax rate | Principal reconciling items from the U.S. statutory income tax rate to the effective tax rate (provision for income taxes as a percentage of income before income taxes) are as follows:
| For Years Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign derived intangible income | (6.8) |  |  | (7.0) |  |  | (6.1) |
R&D tax credit | (1.3) |  |  | (0.9) |  |  | (0.9) |
Stock compensation | (1.0) |  |  | (0.7) |  |  | (1.5) |
Changes in uncertain tax positions | — |  |  | 0.1 |  |  | (0.2) |
Other | 0.3 |  |  | 0.3 |  |  | 0.6 |
Effective tax rate | 12.2 | % |  | 12.8 | % |  | 12.9 | %
Primary components of deferred tax assets and liabilities | The primary components of deferred tax assets and liabilities are as follows:
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Capitalized R&D | $ | 750 |  |  | $ | 380 |
Accrued expenses | 236 |  |  | 182 |
Deferred loss and tax credit carryforwards | 205 |  |  | 201 |
Stock compensation | 163 |  |  | 132 |
Inventories and related reserves | 104 |  |  | 88 |
Retirement costs for defined benefit and retiree health care | 37 |  |  | 43 |
Other | 47 |  |  | 36 |
Total deferred tax assets, before valuation allowance | 1,542 |  |  | 1,062 |
Valuation allowance | (198) |  |  | (189) |
Total deferred tax assets, after valuation allowance | 1,344 |  |  | 873 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (592) |  |  | (410) |
International earnings | (33) |  |  | (35) |
Acquisition-related intangibles and fair-value adjustments | (14) |  |  | (13) |
Other | (11) |  |  | (8) |
Total deferred tax liabilities | (650) |  |  | (466) |
Net deferred tax asset | $ | 694 |  |  | $ | 407 |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows:
| December 31,
| 2023 |  | 2022
Deferred tax assets | $ | 757 |  |  | $ | 473 |
Deferred tax liabilities | (63) |  |  | (66) |
Net deferred tax asset | $ | 694 |  |  | $ | 407 |
Summary of uncertain tax positions | The changes in the total amounts of uncertain tax positions are as follows:
| 2023 |  | 2022 |  | 2021
Balance, January 1 | $ | 82 |  |  | $ | 69 |  |  | $ | 89 |
Additions based on tax positions related to the current year | 3 |  |  | 3 |  |  | 2 |
Additions for tax positions of prior years | — |  |  | 10 |  |  | 7 |
Reductions for tax positions of prior years | (3) |  |  | — |  |  | (6) |
Settlements with tax authorities | — |  |  | — |  |  | (23) |
Expiration of the statute of limitations for assessing taxes | — |  |  | — |  |  | — |
Balance, December 31 | $ | 82 |  |  | $ | 82 |  |  | $ | 69 |
Interest expense recognized in the year ended December 31 | $ | (9) |  |  | $ | (1) |  |  | $ | (5) |
Interest payable as of December 31 | $ | 10 |  |  | $ | 3 |  |  | $ | 13 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration