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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 3 — INCOME TAXES Our provisions for income taxes for the quarters ended June 30, 2025 and 2024 were $524 million and $550 million, respectively, and the effective tax rates were 24.1% and 27.4%, respectively. The decline in the effective tax rate for the quarter ended June 30, 2025 is related primarily to adjustments to our liability for unrecognized tax benefits recorded in the second quarter of 2024. Our provisions for income taxes for the six months ended June 30, 2025 and 2024 were $1.026 billion and $995 million, respectively, and the effective tax rates were 23.9% and 24.6%, respectively. Our provisions for income taxes included tax benefits related to settlements of employee equity awards of $33 million and $79 million for the six months ended June 30, 2025 and 2024, respectively. Our gross unrecognized tax benefits were $515 million, excluding accrued interest and penalties of $136 million, as of June 30, 2025 ($504 million and $115 million, respectively, as of December 31, 2024). Unrecognized tax benefits of $326 million ($295 million as of December 31, 2024) would affect the effective rate, if recognized. At June 30, 2025, the Internal Revenue Service (“IRS”) was examining the Company’s 2022 and 2023 income tax returns and the 2019 income tax returns of certain affiliates. We are subject to examination by the IRS for tax years after 2020, 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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