Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income before income taxes, based upon tax jurisdiction, for the years ended December 31 are as follows:


(in millions)	2025		2024		2023
Income before income taxes:
Domestic	$	14,893	$	28,264	$	29,210
Foreign	(196)		(8,193)		(98)
Total income before income taxes	$	14,697	$	20,071	$	29,112

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the provision for income taxes for the years ended December 31 are as follows:


(in millions)	2025		2024		2023
Current Provision:
Federal	$	1,381	$	3,453	$	4,418
State and local	598		416		716
Foreign	1,663		1,256		1,079
Total current provision	3,642		5,125		6,213
Deferred Benefit:
Federal	(1,149)		(621)		34
State and local	(227)		18		2
Foreign	(376)		307		(281)
Total deferred benefit	(1,752)		(296)		(245)
Total provision for income taxes	$	1,890	$	4,829	$	5,968

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the year ended December 31, 2025 is as follows:


(in millions, except percentages)	2025
Tax provision at the U.S. federal statutory rate	$	3,086	21.0	%
Foreign tax effects (a)	(789)		(5.3)
State income taxes, net of federal benefit (b)	151		1.0
Nontaxable or nondeductible items (c)	(547)		(3.7)
Other, net	(11)		(0.1)
Provision for income taxes	$	1,890	12.9	%

(a)Comprised primarily of tax rate differential in Ireland and tax attributes in Luxembourg.

(b)State taxes in California, Florida, New York and Massachusetts contributed to the majority of the tax effect in this category.

(c)Comprised primarily of tax impacts of net portfolio divestitures.

The reconciliation of the tax provision at the U.S. federal statutory rate to the provision for income taxes and the effective tax rate for the years ended December 31 are as follows:


(in millions, except percentages)	2024				2023
Tax provision at the U.S. federal statutory rate	$	4,215	21.0	%	$	6,114	21.0	%
State income taxes, net of federal benefit	343		1.7		567		2.0
Share-based awards - excess tax benefit	(96)		(0.5)		(75)		(0.3)
Non-deductible compensation	171		0.9		174		0.6
Foreign rate differential	(369)		(1.8)		(442)		(1.5)
Tax effect of dispositions and other strategic transactions	1,215		6.1		(29)		(0.1)
Other, net	(650)		(3.3)		(341)		(1.2)
Provision for income taxes	$	4,829	24.1	%	$	5,968	20.5	%

Taxes Paid [Table Text Block]

Taxes Paid

A summary of total taxes paid for the year ended December 31, 2025 is as follows:


(in millions)	2025
Domestic:
State and local premium taxes	$	2,371
Payroll and other taxes	2,062
Federal income taxes	1,209
State and local income taxes	316
Total domestic taxes paid	$	5,958
Domestic taxes paid as a percentage of total taxes paid	73		%
Foreign:
Income taxes (a)	$	2,189
Other taxes	40
Total foreign taxes paid	$	2,229
Foreign taxes paid as a percentage of total taxes paid	27		%
Total taxes paid	$	8,187

(a) Comprised primarily of taxes paid to Ireland.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income tax assets and liabilities as of December 31 are as follows:


(in millions)	2025		2024
Deferred income tax assets:
Accrued expenses and allowances	$	1,282	$	1,055
U.S. federal and state net operating loss carryforwards	566		442
Share-based compensation	210		189
Nondeductible liabilities	355		343
Lease liability	850		846
Unrecognized tax benefits	430		358
Net unrealized losses on investments	326		669
Other-domestic	291		239
Other-non-U.S.	275		80
Subtotal	4,585		4,221
Less: valuation allowances	(478)		(397)
Total deferred income tax assets	4,107		3,824
Deferred income tax liabilities:
U.S. federal and state intangible assets	(4,347)		(4,479)
Capitalized software	(152)		(288)
Depreciation and amortization	(435)		(400)
Prepaid expenses	(333)		(374)
Outside basis in partnerships	(402)		(960)
Lease right-of-use asset	(800)		(833)
Other-non-U.S.	(59)		(110)
Total deferred income tax liabilities	(6,528)		(7,444)
Net deferred income tax liabilities	$	(2,421)	$	(3,620)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31 is as follows:


(in millions)	2025		2024		2023
Gross unrecognized tax benefits, beginning of period	$	4,123	$	3,716	$	3,081
Gross increases:
Current year tax positions	926		578		782
Prior year tax positions	583		10		97
Gross decreases:
Prior year tax positions	(6)		(121)		(212)
Statute of limitations lapses and settlements	(5)		(60)		(32)
Gross unrecognized tax benefits, end of period	$	5,621	$	4,123	$	3,716