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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income before income taxes | Income before income taxes is comprised of the following components:
| For Years Ended December 31,
| 2024 |  | 2023 |  | 2022
U.S. | $ | 4,438 |  |  | $ | 6,445 |  |  | $ | 9,122 |
Non-U.S. | 1,015 |  |  | 973 |  |  | 910 |
Total | $ | 5,453 |  |  | $ | 7,418 |  |  | $ | 10,032 |
Provision for income taxes | Provision for income taxes is comprised of the following components:
| For Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total
U.S. federal | $ | 605 |  |  | $ | (139) |  |  | $ | 466 |  |  | $ | 943 |  |  | $ | (277) |  |  | $ | 666 |  |  | $ | 1,235 |  |  | $ | (223) |  |  | $ | 1,012 |
Non-U.S. | 244 |  |  | (71) |  |  | 173 |  |  | 240 |  |  | (22) |  |  | 218 |  |  | 212 |  |  | 32 |  |  | 244 |
U.S. state | 15 |  |  | — |  |  | 15 |  |  | 24 |  |  | — |  |  | 24 |  |  | 27 |  |  | — |  |  | 27 |
Total | $ | 864 |  |  | $ | (210) |  |  | $ | 654 |  |  | $ | 1,207 |  |  | $ | (299) |  |  | $ | 908 |  |  | $ | 1,474 |  |  | $ | (191) |  |  | $ | 1,283 |
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,
| 2024 |  | 2023 |  | 2022
U.S. statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign derived intangible income | (6.1) |  |  | (6.8) |  |  | (7.0) |
Stock compensation | (2.1) |  |  | (1.0) |  |  | (0.7) |
R&D tax credit | (2.0) |  |  | (1.3) |  |  | (0.9) |
Changes in uncertain tax positions | 0.1 |  |  | — |  |  | 0.1 |
Other | 1.1 |  |  | 0.3 |  |  | 0.3 |
Effective tax rate | 12.0 | % |  | 12.2 | % |  | 12.8 | %
Primary components of deferred tax assets and liabilities | The primary components of deferred tax assets and liabilities are as follows:
| December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Capitalized R&D | $ | 1,076 |  |  | $ | 750 |
Accrued expenses | 297 |  |  | 236 |
Deferred loss and tax credit carryforwards | 216 |  |  | 205 |
Stock compensation | 186 |  |  | 163 |
Inventories | 105 |  |  | 104 |
Retirement costs for defined benefit and retiree health care | 17 |  |  | 37 |
Other | 23 |  |  | 47 |
Total deferred tax assets, before valuation allowance | 1,920 |  |  | 1,542 |
Valuation allowance | (212) |  |  | (198) |
Total deferred tax assets, after valuation allowance | 1,708 |  |  | 1,344 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (441) |  |  | (592) |
CHIPS Act incentives | (336) |  |  | — |
International earnings | (33) |  |  | (33) |
Acquisition-related intangibles and fair-value adjustments | (6) |  |  | (14) |
Other | (9) |  |  | (11) |
Total deferred tax liabilities | (825) |  |  | (650) |
Net deferred tax asset | $ | 883 |  |  | $ | 694 |
The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows:
| December 31,
| 2024 |  | 2023
Deferred tax assets | $ | 936 |  |  | $ | 757 |
Deferred tax liabilities | (53) |  |  | (63) |
Net deferred tax asset | $ | 883 |  |  | $ | 694 |
Summary of uncertain tax positions | The changes in the total amounts of uncertain tax positions are as follows:
| 2024 |  | 2023 |  | 2022
Balance, January 1 | $ | 82 |  |  | $ | 82 |  |  | $ | 69 |
Additions based on tax positions related to the current year | 3 |  |  | 3 |  |  | 3 |
Additions for tax positions of prior years | — |  |  | — |  |  | 10 |
Reductions for tax positions of prior years | — |  |  | (3) |  |  | — |
Balance, December 31 | $ | 85 |  |  | $ | 82 |  |  | $ | 82 |
Interest expense recognized in the year ended December 31 | $ | (5) |  |  | $ | (9) |  |  | $ | (1) |
Interest payable as of December 31 | $ | 15 |  |  | $ | 10 |  |  | $ | 3 |
Summary of uncertain tax positions | The changes in the total amounts of uncertain tax positions are as follows:
| 2024 |  | 2023 |  | 2022
Balance, January 1 | $ | 82 |  |  | $ | 82 |  |  | $ | 69 |
Additions based on tax positions related to the current year | 3 |  |  | 3 |  |  | 3 |
Additions for tax positions of prior years | — |  |  | — |  |  | 10 |
Reductions for tax positions of prior years | — |  |  | (3) |  |  | — |
Balance, December 31 | $ | 85 |  |  | $ | 82 |  |  | $ | 82 |
Interest expense recognized in the year ended December 31 | $ | (5) |  |  | $ | (9) |  |  | $ | (1) |
Interest payable as of December 31 | $ | 15 |  |  | $ | 10 |  |  | $ | 3 |

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