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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income before income taxes | U.S. and foreign income before taxes are set forth below:
|  | 2024 |  | 2023 |  | 2022
U.S. |  | $ | 1,131 |  |  | $ | 1,246 |  |  | $ | 1,124 |
Foreign |  | 769 |  |  | 572 |  |  | 538 |
|  | $ | 1,900 |  |  | $ | 1,818 |  |  | $ | 1,662 |
Details of income tax provision (benefit) | The details of our income tax provision (benefit) are set forth below:
|  |  |  | 2024 |  | 2023 |  | 2022
Current: |  | Federal |  | $ | 170 |  |  | $ | 221 |  |  | $ | 139 |
|  | Foreign |  | 226 |  |  | 222 |  |  | 200 |
|  | State |  | 48 |  |  | 68 |  |  | 53 |
|  |  |  | $ | 444 |  |  | $ | 511 |  |  | $ | 392 |
Deferred: |  | Federal |  | $ | (40) |  |  | $ | (121) |  |  | $ | (31) |
|  | Foreign |  | 15 |  |  | (153) |  |  | (10) |
|  | State |  | (5) |  |  | (16) |  |  | (14) |
|  |  |  | $ | (30) |  |  | $ | (290) |  |  | $ | (55) |
|  |  |  | $ | 414 |  |  | $ | 221 |  |  | $ | 337 |
Effective income tax and tax rate reconciliation | The reconciliation of income taxes calculated at the U.S. federal statutory rate to our effective tax rate is set forth below:
|  | 2024 |  | 2023 |  | 2022
U.S. federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax, net of federal tax |  | 1.8 |  |  | 2.3 |  |  | 1.9 |
Statutory rate differential attributable to foreign operations |  | 1.3 |  |  | (1.7) |  |  | (2.0) |
Adjustments to reserves and prior years |  | 0.5 |  |  | 1.3 |  |  | 1.6 |
Excess tax benefits from stock-based awards |  | (1.6) |  |  | (1.1) |  |  | (1.4) |
Change in valuation allowances |  | 0.3 |  |  | — |  |  | (0.5) |
Impact of Russia Exit |  | — |  |  | (0.5) |  |  | 4.3 |
Intercompany restructuring and Valuations of Intellectual Property |  | (1.5) |  |  | (9.1) |  |  | (4.9) |
Other, net |  | — |  |  | (0.1) |  |  | 0.3 |
Effective income tax rate |  | 21.8 | % |  | 12.1 | % |  | 20.3 | %
Details of deferred tax assets (liabilities) |
|  | 2024 |  | 2023
Operating losses and interest deduction carryforwards |  | $ | 213 |  |  | $ | 230 |
Capital losses |  | 70 |  |  | 71 |
Tax credit carryforwards |  | 200 |  |  | 188 |
Employee benefits |  | 83 |  |  | 75 |
Share-based compensation |  | 44 |  |  | 58 |
Lease-related liabilities |  | 267 |  |  | 242 |
Accrued liabilities and other |  | 66 |  |  | 59 |
Intangible assets |  | 575 |  |  | 610 |
Property, plant and equipment |  | 25 |  |  | 30 |
Deferred income |  | 105 |  |  | 103 |
Capitalized Research & Development Costs |  | 120 |  |  | 92 |
Gross deferred tax assets |  | 1,768 |  |  | 1,758 |
Deferred tax asset valuation allowances |  | (369) |  |  | (386) |
Net deferred tax assets |  | $ | 1,399 |  |  | $ | 1,372 |
Property, plant and equipment |  | $ | (47) |  |  | $ | (51) |
Operating lease right-of-use assets |  | (235) |  |  | (210) |
Employee benefits |  | (6) |  |  | (8) |
Derivative Instruments |  | (5) |  |  | (17) |
Other |  | (36) |  |  | (42) |
Gross deferred tax liabilities |  | $ | (329) |  |  | $ | (328) |
Net deferred tax assets (liabilities) |  | $ | 1,070 |  |  | $ | 1,044 |
The details of the 2024 and 2023 valuation allowance activity are set forth below:
|  | 2024 |  | 2023
Beginning of Year |  | $ | (386) |  |  | $ | (458) |
Increases |  | (5) |  |  | (19) |
Decreases |  | 16 |  |  | 91 |
Other Adjustments |  | 6 |  |  | — |
End of Year |  | $ | (369) |  |  | $ | (386) |
Reported in Consolidated Balance Sheets as:
|  | 2024 |  | 2023
Deferred income taxes |  | $ | 1,071 |  |  | $ | 1,045 |
Other liabilities and deferred credits |  | (1) |  |  | (1) |
|  | $ | 1,070 |  |  | $ | 1,044 |
Loss carryforwards, by year of expiration |
|  | Gross Amount |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration
Federal net operating losses - Indefinite |  | $ | 51 |  |  | $ | 11 |  |  | $ | — |  |  | None
Foreign net operating losses |  | 296 |  |  | 45 |  |  | (17) |  |  | 2025-2044
Foreign net operating losses - Indefinite |  | 333 |  |  | 76 |  |  | (11) |  |  | None
State net operating losses |  | 1,176 |  |  | 49 |  |  | (35) |  |  | 2025-2044
Foreign capital loss carryforward - Indefinite |  | 281 |  |  | 70 |  |  | (70) |  |  | None
Foreign tax credits (US Tax Return) |  | 164 |  |  | 164 |  |  | (117) |  |  | 2025-2034
Foreign country tax credits |  | 36 |  |  | 36 |  |  | (13) |  |  | 2031
State interest deduction carryforward - Indefinite |  | 758 |  |  | 32 |  |  | (30) |  |  | None
|  | $ | 3,095 |  |  | $ | 483 |  |  | $ | (293) |  |  |
Schedule of Unrecognized Tax Benefits Roll Forward |
|  | 2024 |  | 2023
Beginning of Year |  | $ | 151 |  |  | $ | 128 |
Additions on tax positions - current year |  | 6 |  |  | 9 |
Additions for tax positions - prior years |  | 1 |  |  | 42 |
Reductions for tax positions - prior years |  | (10) |  |  | (28) |
Reductions for settlements |  | (22) |  |  | — |
End of Year |  | $ | 126 |  |  | $ | 151 |

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