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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Provision for Federal & Foreign Income Tax Expense | Our provision for federal and foreign income tax expense for continuing operations consisted of the following (in millions):
|  | 2021 |  | 2020 |  | 2019
Federal income tax expense (benefit): |  |  |  |  |  |
Current |  | $ | 1,325 |  |  | $ | 1,292 |  |  | $ | 698 |
Deferred |  | (194) |  |  | 21 |  |  | 235 |
Total federal income tax expense |  | 1,131 |  |  | 1,313 |  |  | 933 |
Foreign income tax expense (benefit): |  |  |  |  |  |
Current |  | 93 |  |  | 50 |  |  | 91 |
Deferred |  | 11 |  |  | (16) |  |  | (13) |
Total foreign income tax expense |  | 104 |  |  | 34 |  |  | 78 |
Total federal and foreign income tax expense |  | $ | 1,235 |  |  | $ | 1,347 |  |  | $ | 1,011 |
Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense | A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense for continuing operations is as follows (dollars in millions):
|  | 2021 |  | 2020 |  | 2019
|  | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Income tax expense at the U.S. federal statutory tax rate |  | $ | 1,585 |  |  | 21.0 | % |  | $ | 1,729 |  |  | 21.0 | % |  | $ | 1,521 |  |  | 21.0 | %
Foreign derived intangible income deduction |  | (170) |  |  | (2.3) |  |  | (170) |  |  | (2.1) |  |  | (122) |  |  | (1.7) |
Research and development tax credit |  | (118) |  |  | (1.6) |  |  | (97) |  |  | (1.2) |  |  | (148) |  |  | (2.0) |
Tax deductible dividends |  | (65) |  |  | (0.9) |  |  | (64) |  |  | (0.8) |  |  | (62) |  |  | (0.9) |
Excess tax benefits for stock-based payment awards |  | (28) |  |  | (0.4) |  |  | (52) |  |  | (0.6) |  |  | (63) |  |  | (0.9) |
Other, net (a) |  | 31 |  |  | 0.6 |  |  | 1 |  |  | 0.1 |  |  | (115) |  |  | (1.5) |
Income tax expense |  | $ | 1,235 |  |  | 16.4 | % |  | $ | 1,347 |  |  | 16.4 | % |  | $ | 1,011 |  |  | 14.0 | %
(a)Includes additional $98 million deduction for foreign derived intangible income related to 2018 recognized in 2019 reflecting proposed tax regulations released on March 4, 2019.
Components of Federal and Foreign Deferred Tax Assets and Liabilities | The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):
|  | 2021 |  | 2020
Deferred tax assets related to: |  |  |  |
Pensions |  | $ | 1,985 |  |  | $ | 2,994 |
Accrued compensation and benefits |  | 957 |  |  | 926 |
Contract accounting methods |  | 470 |  |  | 392 |
Foreign company operating losses and credits |  | 40 |  |  | 51 |
Other (a) |  | 473 |  |  | 509 |
Valuation allowance |  | (15) |  |  | (13) |
Deferred tax assets, net |  | 3,910 |  |  | 4,859 |
Deferred tax liabilities related to: |  |  |  |
Goodwill and intangible assets |  | 401 |  |  | 363 |
Property, plant and equipment |  | 518 |  |  | 481 |
Exchanged debt securities and other (a) |  | 709 |  |  | 547 |
Deferred tax liabilities |  | 1,628 |  |  | 1,391 |
Net deferred tax assets |  | $ | 2,282 |  |  | $ | 3,468 |
(a)Includes deferred tax assets and liabilities related to lease liability and ROU asset.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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