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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Income Before Income Taxes | Income before income taxes consists of the following:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Domestic |  | $ | 5,467 |  |  | $ | 4,439 |  |  | $ | 8,587 |
Foreign |  | 1,392 |  |  | 1,375 |  |  | (309) |
Income before income taxes |  | $ | 6,859 |  |  | $ | 5,814 |  |  | $ | 8,278 |
Summary of Income Tax Expense | Income tax expense consists of the following:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Federal: |  |  |  |  |  |
Current |  | $ | (1,781) |  |  | $ | (2,539) |  |  | $ | (1,776) |
Deferred |  | 1,126 |  |  | 1,502 |  |  | 250 |
|  | (655) |  |  | (1,037) |  |  | (1,526) |
State: |  |  |  |  |  |
Current |  | (80) |  |  | (32) |  |  | (228) |
Deferred |  | (170) |  |  | 154 |  |  | (185) |
|  | (250) |  |  | 122 |  |  | (413) |
Foreign: |  |  |  |  |  |
Current |  | (381) |  |  | (232) |  |  | (185) |
Deferred |  | 39 |  |  | (101) |  |  | 47 |
|  | (342) |  |  | (333) |  |  | (138) |
Income tax expense |  | $ | (1,247) |  |  | $ | (1,248) |  |  | $ | (2,077) |
Summary 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,
|  | 2023 |  | 2022 |  | 2021
Federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit |  | 2.3 | % |  | (2.0) | % |  | 2.5 | %
Foreign earnings at different rates |  | (0.2) | % |  | (0.6) | % |  | (0.3) | %
Research and other credits |  | (4.3) | % |  | (2.7) | % |  | (1.6) | %
US tax on foreign earnings |  | 1.0 | % |  | 2.7 | % |  | 1.1 | %
Foreign-derived intangible income deduction |  | (2.1) | % |  | (3.8) | % |  | (1.6) | %
Tax examinations |  | (4.7) | % |  | (0.2) | % |  | (0.7) | %
Acquired IPR&D & related charges |  | 1.3 | % |  | 1.4 | % |  | — | %
Changes in valuation allowance |  | 0.9 | % |  | 1.2 | % |  | 1.5 | %
Non-taxable unrealized loss on investment |  | 0.2 | % |  | 0.7 | % |  | 1.8 | %
Other |  | 2.8 | % |  | 3.8 | % |  | 1.4 | %
Effective tax rate |  | 18.2 | % |  | 21.5 | % |  | 25.1 | %
Summary of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities are as follows:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 417 |  |  | $ | 430 |
Stock-based compensation |  | 94 |  |  | 95 |
Reserves and accruals not currently deductible |  | 644 |  |  | 645 |
Excess of tax basis over book basis of intangible assets |  | 1,041 |  |  | 1,067 |
Upfront and milestone payments |  | 1,271 |  |  | 1,298 |
Research and other credit carryforwards |  | 283 |  |  | 233 |
Equity investments |  | 221 |  |  | 196 |
Liability related to future royalties |  | 296 |  |  | 278 |
Capitalized R&D expenditures |  | 1,623 |  |  | 784 |
Other, net |  | 320 |  |  | 263 |
Total deferred tax assets before valuation allowance |  | 6,210 |  |  | 5,289 |
Valuation allowance |  | (663) |  |  | (599) |
Total deferred tax assets |  | 5,547 |  |  | 4,690 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment |  | (274) |  |  | (234) |
Excess of book basis over tax basis of intangible assets |  | (5,481) |  |  | (5,728) |
Other |  | (184) |  |  | (160) |
Total deferred tax liabilities |  | (5,939) |  |  | (6,122) |
Net deferred tax assets (liabilities) |  | $ | (392) |  |  | $ | (1,432) |
Summary of Unrecognized Tax Benefits Roll Forward | The following is a rollforward of our total gross unrecognized tax benefits:
|  | Year Ended December 31,
(in millions) |  | 2023 |  | 2022 |  | 2021
Beginning balance |  | $ | 1,959 |  |  | $ | 1,713 |  |  | $ | 1,614 |
Tax positions related to current year: |  |  |  |  |  |
Additions |  | 265 |  |  | 129 |  |  | 147 |
Reductions |  | — |  |  | — |  |  | — |
Tax positions related to prior years: |  |  |  |  |  |
Additions |  | 109 |  |  | 225 |  |  | 161 |
Reductions |  | (315) |  |  | (31) |  |  | (179) |
Settlements |  | (42) |  |  | (10) |  |  | (28) |
Lapse of statute of limitations |  | (13) |  |  | (68) |  |  | (2) |
Ending balance |  | $ | 1,962 |  |  | $ | 1,959 |  |  | $ | 1,713 |
Summary of Transition Tax | The following table summarizes the anticipated timing of payments associated with this transition tax as of December 31, 2023:
(in millions) |  | Amount
2024 |  | $ | 1,182 |
2025 |  | 1,252 |
Total |  | $ | 2,434 |

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