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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

Income before income taxes consists of the following:

						Year Ended December 31,
(in millions)						2022						2021						2020
Domestic						$	4,439					$	8,587					$	2,505
Foreign						1,375						(309)						(836)
Income before income taxes						$	5,814					$	8,278					$	1,669

Schedule of Income Tax Expense

Income tax expense consists of the following:

						Year Ended December 31,
(in millions)						2022						2021						2020
Federal:
Current						$	(2,539)					$	(1,776)					$	(1,450)
Deferred						1,502						250						164
						(1,037)						(1,526)						(1,286)
State:
Current						(32)						(228)						(198)
Deferred						154						(185)						97
						122						(413)						(101)
Foreign:
Current						(232)						(185)						(155)
Deferred						(101)						47						(38)
						(333)						(138)						(193)
Income tax expense						$	(1,248)					$	(2,077)					$	(1,580)

Schedule of Difference Between Provision for Income Taxes and Federal Statutory Income Tax Rate to Income Before Provision for Income Taxes

The reconciliation between the federal statutory tax rate applied to Income before income taxes and our effective tax rate is summarized as follows:

						Year Ended December 31,
						2022						2021						2020
Federal statutory rate						21.0		%				21.0		%				21.0		%
State taxes, net of federal benefit						(2.0)		%				2.5		%				4.2		%
Foreign earnings at different rates						(0.6)		%				(0.3)		%				(10.0)		%
Research and other credits						(2.7)		%				(1.6)		%				(6.9)		%
US tax on foreign earnings						2.7		%				1.1		%				7.2		%
Foreign-derived intangible income deduction						(3.8)		%				(1.6)		%				(8.0)		%
Settlement of tax examinations						(0.2)		%				(0.7)		%				(10.2)		%
Acquired IPR&D & related charges						1.4		%				—		%				56.2		%
Changes in valuation allowance						1.2		%				1.5		%				6.7		%
Non-taxable unrealized loss on investment						0.7		%				1.8		%				23.0		%
Other						3.8		%				1.4		%				11.5		%
Effective tax rate						21.5		%				25.1		%				94.7		%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:

						December 31,
(in millions)						2022						2021
Deferred tax assets:
Net operating loss carryforwards						$	430					$	413
Stock-based compensation						95						117
Reserves and accruals not currently deductible						645						700
Excess of tax basis over book basis of intangible assets						1,067						1,157
Upfront and milestone payments						1,298						1,310
Research and other credit carryforwards						233						249
Equity investments						196						129
Liability related to sale of future royalties						278						274
Capitalized R&D expenditures						784						—
Other, net						263						292
Total deferred tax assets before valuation allowance						5,289						4,641
Valuation allowance						(599)						(520)
Total deferred tax assets						4,690						4,121
Deferred tax liabilities:
Property, plant and equipment						(234)						(227)
Excess of book basis over tax basis of intangible assets						(5,728)						(6,719)
Other						(160)						(192)
Total deferred tax liabilities						(6,122)						(7,138)
Net deferred tax assets (liabilities)						$	(1,432)					$	(3,017)

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a rollforward of our total gross unrecognized tax benefits:

						Year Ended December 31,
(in millions)						2022						2021						2020
Beginning balance						$	1,713					$	1,614					$	2,031
Tax positions related to current year:
Additions						129						147						121
Reductions						—						—						—
Tax positions related to prior years:
Additions						225						161						398
Reductions						(31)						(179)						(481)
Settlements						(10)						(28)						(454)
Lapse of statute of limitations						(68)						(2)						(1)
Ending balance						$	1,959					$	1,713					$	1,614

Schedule of Transition Tax

The following table summarizes the anticipated timing of payments associated with this transition tax as of December 31, 2022:

(in millions)						Amount
2023						$	886
2024						1,182
2025						1,477
Total						$	3,546

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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