XML 57 R39.htm IDEA: XBRL DOCUMENT v3.24.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Federal & Foreign Income Tax Expense

Federal and foreign income tax expense for continuing operations consisted of the following (in millions):

						2024						2023						2022
Federal income tax expense (benefit):
Current						$	1,352					$	1,574					$	1,618
Deferred						(604)						(503)						(776)
Total federal income tax expense						748						1,071						842
Foreign income tax expense:
Current						120						102						87
Deferred						16						5						19
Total foreign income tax expense						136						107						106
Total federal and foreign income tax expense						$	884					$	1,178					$	948

Schedule of 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 (in millions):

						2024												2023												2022
						Amount						Rate						Amount						Rate						Amount						Rate
Income tax expense at the U.S. federal statutory tax rate						$	1,306					21.0		%				$	1,701					21.0		%				$	1,403					21.0		%
Foreign derived intangible income deduction						(210)						(3.4)						(185)						(2.3)						(176)						(2.6)
Research and development tax credit						(207)						(3.3)						(227)						(2.8)						(178)						(2.7)
Tax deductible dividends						(69)						(1.1)						(69)						(0.9)						(67)						(1.0)
Excess tax benefits for stock-based payment awards						(20)						(0.3)						(25)						(0.3)						(42)						(0.6)
Other, net (a)						84						1.3						(17)						(0.2)						8						0.1
Income tax expense						$	884					14.2		%				$	1,178					14.5		%				$	948					14.2		%

(a)Other, net includes foreign income tax expenses for all years.

Schedule of Unrecognized Tax Benefits Roll Forward

The change in unrecognized tax benefits were as follows (in millions):

						2024						2023						2022
Balance at January 1						$	146					$	1,622					$	69
Additions based on tax positions related to the current year						78						50						1,572
Additions for tax positions of prior years						8						32						5
Reductions for tax positions of prior years						(2)						(1,526)						(2)
Settlements with tax authorities						—						(33)						(23)
Other, net						(1)						1						1
Balance at December 31						$	229					$	146					$	1,622

Schedule of 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):

						2024						2023
Deferred tax assets related to:
Pensions						$	1,184					$	1,485
Accrued compensation and benefits						741						731
Contract accounting methods						949						508
Research and development expenditures						1,643						1,251
Domestic company operating losses (a)						83						—
Foreign company operating losses and credits						6						19
Other (b)						522						487
Valuation allowance						(41)						(32)
Deferred tax assets, net						5,087						4,449
Deferred tax liabilities related to:
Goodwill and intangible assets						545						494
Property, plant and equipment						371						415
Other (b)						638						597
Deferred tax liabilities						1,554						1,506
Net deferred tax assets						$	3,533					$	2,943

(a)Federal net operating losses obtained in the Terran Orbital transaction described above which do not expire.

(b)Includes deferred tax assets and liabilities related to lease liability and ROU asset.

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-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 the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration