XML 60 R45.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of earnings before income taxes and equity in earnings of non-operating affiliates | The components of earnings before income taxes and the components of our income tax provision are as follows:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Domestic | $ | 2,248 |  |  | $ | 4,699 |  |  | $ | 1,979 |
Non-U.S. | — |  |  | 396 |  |  | (436) |
Earnings before income taxes | $ | 2,248 |  |  | $ | 5,095 |  |  | $ | 1,543 |
Schedule of components of Income tax provision |
Current |  |  |  |  |
Federal | $ | 271 |  |  | $ | 702 |  |  | $ | 394 |
Foreign | (26) |  |  | 395 |  |  | 30 |
State | 84 |  |  | 168 |  |  | 55 |
| 329 |  |  | 1,265 |  |  | 479 |
Deferred |  |  |  |  |
Federal | 108 |  |  | (102) |  |  | (137) |
Foreign | (5) |  |  | (18) |  |  | (50) |
State | (22) |  |  | 13 |  |  | (9) |
| 81 |  |  | (107) |  |  | (196) |
Income tax provision | $ | 410 |  |  | $ | 1,158 |  |  | $ | 283 |
Summary of differences in expected income tax provision based on statutory rates applied to earnings before income taxes and income tax provision reflected in the consolidated statements of operations | Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provision reflected in the consolidated statements of operations are summarized below.
| Year ended December 31, |  |
| 2023 |  |  |  | 2022 |  |  |  | 2021 |  |
| (in millions, except percentages)
Earnings before income taxes | $ | 2,248 |  |  |  |  | $ | 5,095 |  |  |  |  | $ | 1,543 |  |  |
Expected tax provision at U.S. statutory rate of 21% | $ | 472 |  |  |  |  | $ | 1,070 |  |  |  |  | $ | 324 |  |  |
State income taxes, net of federal | 44 |  |  |  |  | 143 |  |  |  |  | 34 |  |  |
Net earnings attributable to noncontrolling interest | (66) |  |  |  |  | (124) |  |  |  |  | (72) |  |  |
Foreign tax rate differential | (1) |  |  |  |  | (9) |  |  |  |  | (1) |  |  |
U.S. tax on foreign earnings | 4 |  |  |  |  | 3 |  |  |  |  | — |  |  |
Non-deductible goodwill impairment | — |  |  |  |  | — |  |  |  |  | 60 |  |  |
Transfer pricing arbitration | — |  |  |  |  | 69 |  |  |  |  | — |  |  |
Federal income tax return audits | — |  |  |  |  | — |  |  |  |  | (38) |  |  |
Other | (43) |  |  |  |  | 6 |  |  |  |  | (24) |  |  |
Income tax provision | $ | 410 |  |  |  |  | $ | 1,158 |  |  |  |  | $ | 283 |  |  |
Effective tax rate | 18.3 | % |  |  |  | 22.7 | % |  |  |  | 18.3 | % |  |
Schedule of deferred tax assets and deferred tax liabilities | Deferred tax assets and deferred tax liabilities are as follows:
| December 31,
| 2023 |  | 2022
| (in millions)
Deferred tax assets: |  |  |
Net operating loss and capital loss carryforwards, state | $ | 68 |  |  | $ | 34 |
Net operating loss and capital loss carryforwards, foreign | 116 |  |  | 114 |
Retirement and other employee benefits | 14 |  |  | 25 |
Foreign tax credits | 55 |  |  | 44 |
State tax credits | 16 |  |  | 7 |
Operating lease liabilities | 63 |  |  | 64 |
Other | 38 |  |  | 35 |
| 370 |  |  | 323 |
Valuation allowance | (194) |  |  | (190) |
| 176 |  |  | 133 |
Deferred tax liabilities: |  |  |
Depreciation and amortization | (300) |  |  | (139) |
Investments in partnerships | (780) |  |  | (858) |
Operating lease right-of-use assets | (63) |  |  | (63) |
Foreign earnings | (9) |  |  | (12) |
Other | (23) |  |  | (19) |
| (1,175) |  |  | (1,091) |
Net deferred tax liability | $ | (999) |  |  | $ | (958) |
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
| 2023 |  | 2022
| (in millions)
Unrecognized tax benefits: |  |  |
Balance as of January 1 | $ | 181 |  |  | $ | 27 |
Additions for tax positions taken during the current year | 5 |  |  | — |
Additions for tax positions taken during prior years | 69 |  |  | 154 |
Reductions related to lapsed statutes of limitations | — |  |  | — |
Reductions related to settlements with tax jurisdictions | (33) |  |  | — |
Balance as of December 31 | $ | 222 |  |  | $ | 181 |

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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -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 income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration