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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 3 — INCOME TAXES Our provisions for income taxes for the quarters ended June 30, 2024 and 2023 were $550 million and $397 million, respectively, and the effective tax rates were 27.4% and 24.9%, respectively. Our provisions for income taxes for the six months ended June 30, 2024 and 2023 were $995 million and $776 million, respectively, and the effective tax rates were 24.6% and 23.3%, respectively. The increase in the effective tax rate for the quarter and six months ended June 30, 2024 is related primarily to adjustments to our liability for unrecognized tax benefits. Our provisions for income taxes included tax benefits related to settlements of employee equity awards of $79 million and $85 million for the six months ended June 30, 2024 and 2023, respectively. Our gross unrecognized tax benefits were $711 million, excluding accrued interest and penalties of $243 million, as of June 30, 2024 ($639 million and $177 million, respectively, as of December 31, 2023). Unrecognized tax benefits of $443 million ($320 million as of December 31, 2023) would affect the effective rate, if recognized. At June 30, 2024, the Internal Revenue Service (“IRS”) was conducting examinations of the Company’s 2016, 2017 and 2018 federal income tax returns and the 2019 returns of certain affiliates. We are also subject to examination by the IRS for tax years after 2019 as well as by state and foreign taxing authorities. Depending on the resolution of any federal, state and foreign tax disputes, the completion of examinations by federal, state or foreign taxing authorities, or the expiration of statutes of limitation for specific taxing jurisdictions, we believe it is reasonably possible that our liability for unrecognized tax benefits may significantly increase or decrease within the next 12 months. However, we are currently unable to estimate the range of any possible change.

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