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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Income Before Provision For Income Tax

Income before provision for income taxes shown below is based on the geographic location to which such income was attributed for years ended December 31:

(in millions)						2024						2023						2022
United States						$	906					$	813					$	975
Foreign						2,032						1,974						2,041
Income before provision for income taxes						$	2,938					$	2,787					$	3,016

Schedule Of Components Of Provision For Income Taxes

The provision for income taxes consisted of the following components for the years ended December 31:

(in millions)						2024						2023						2022
Current:
Federal and state						$	426					$	522					$	492
Foreign						642						485						511
Total current provision						1,068						1,007						1,003
Deferred:
Federal and state						(229)						(354)						(240)
Foreign						(126)						15						(33)
Total deferred income tax (benefit)						(355)						(339)						(273)
Total provision for income taxes						$	713					$	668					$	730

Reconciliation Between Effective Income Tax Rate and U.S. Federal Statutory Rate

The reconciliation between the U.S. federal statutory rate and our effective income tax rate were as follows for the years ended December 31:

 

(Dollars in millions)						2024						%						2023						%						2022						%
Tax expense, at U.S. federal statutory rate						$	617					21.0						$	585					21.0						$	633					21.0
State and local income taxes, net of federal benefit						74						2.5						55						2.0						63						2.1
Non-taxable income for Indian tax purposes						—						—						—						—						(6)						(0.2)
Rate differential on foreign earnings						104						3.5						95						3.4						98						3.2
Recognition of benefits related to uncertain tax positions						(15)						(0.5)						(33)						(1.2)						(43)						(1.4)
Credits and other incentives						(57)						(1.9)						(37)						(1.3)						(17)						(0.6)
Other						(10)						(0.3)						3						0.1						2						0.1
Total provision for income taxes						$	713					24.3						$	668					24.0						$	730					24.2

Schedule Of Deferred Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities recorded on the consolidated statements of financial position were as follows as of December 31:

(in millions)						2024						2023
Deferred income tax assets:
Net operating losses						$	50					$	52
Revenue recognition (including intercompany revenue)						51						126
Compensation and benefits						164						172
Credit carryforwards						11						16
Expenses not currently deductible						1,189						672
						1,465						1,038
Less: valuation allowance						(48)						(53)
Deferred income tax assets, net						1,417						985
Deferred income tax liabilities:
Depreciation and amortization						298						184
Deferred costs						24						31
Other						1						3
Deferred income tax liabilities						323						218
Net deferred income tax assets						$	1,094					$	767

Summary Of Changes in Unrecognized Tax Benefits

Changes in unrecognized income tax benefits were as follows for the years ended December 31:

(in millions)						2024						2023						2022
Balance, beginning of year						$	260					$	269					$	194
Additions based on tax positions related to the current year						15						31						53
Additions for tax positions of prior years						65						22						65
Reductions for tax positions due to lapse of statutes of limitations						(15)						(15)						(43)
Reductions for tax positions related to prior years						(6)						(33)						—
Settlements						—						(14)						—
Balance, end of year						$	319					$	260					$	269

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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.

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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