Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2024 |
| Income Tax Disclosure [Abstract] |
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| Schedule of income before income taxes |
| | | | | | | | | | | | | | | | | | Income (Loss) Before Income Taxes | | | | | | | Year ended December 31 (in millions) | 2024 | | 2023 | | 2022 | | | | | | | | Domestic | $ | 19,615 | | | $ | 22,164 | | | $ | 19,329 | | | Foreign | (942) | | | (1,686) | | | (10,045) | | | $ | 18,673 | | | $ | 20,478 | | | $ | 9,284 | |
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| Schedule for the components of income tax expense |
| | | | | | | | | | | | | | | | | | Components of Income Tax Expense | | | | | | | Year ended December 31 (in millions) | 2024 | | 2023 | | 2022 | | Current Expense (Benefit): | | | | | | | Federal | $ | 2,194 | | | $ | 6,270 | | | $ | 4,025 | | | State | 1,115 | | | 1,591 | | | 961 | | | Foreign | 389 | | | 249 | | | 207 | | | 3,698 | | | 8,110 | | | 5,193 | | | Deferred Expense (Benefit): | | | | | | | Federal | (599) | | | (2,126) | | | (281) | | | State | (49) | | | (468) | | | (483) | | | Foreign | (253) | | | (145) | | | (70) | | | (902) | | | (2,739) | | | (834) | | | Income tax expense (benefit) | $ | 2,796 | | | $ | 5,371 | | | $ | 4,359 | |
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| Schedule of items that effect income tax expense |
Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below. | | | | | | | | | | | | | | | | | | | Year ended December 31 (in millions) | 2024 | | 2023 | | 2022 | | Federal tax at statutory rate | $ | 3,921 | | | $ | 4,300 | | | $ | 1,950 | | | State income taxes, net of federal benefit | 363 | | | 418 | | | 454 | | Foreign income taxed at different rates(a) | 363 | | | 455 | | | 586 | | | | | | | | | | | | | | | Adjustments to uncertain and effectively settled tax positions, net | 332 | | | 353 | | | 179 | | | | | | | | | | | | | | Tax credits(a) | (328) | | | (280) | | | (171) | | | Excess tax benefits recognized on share-based compensation | (4) | | | 4 | | | (30) | | | Tax legislation | (24) | | | 8 | | | (287) | | Internal corporate reorganization | (1,920) | | | — | | | — | | | Goodwill impairment | — | | | — | | | 1,666 | | | Other | 93 | | | 113 | | | 12 | | | Income tax expense (benefit) | $ | 2,796 | | | $ | 5,371 | | | $ | 4,359 | |
(a) We updated our presentation in 2024 to include all federal tax credits within the “tax credits” caption, which results in reclassification of prior period amounts. Federal tax credits for foreign income taxes previously presented within the “foreign income taxed at different rates” caption and federal research and development credits previously presented in a stand-alone caption are now presented within the “tax credits” caption.
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| Schedule of the components of net deferred tax liability |
| | | | | | | | | | | | Components of Net Deferred Tax Liability | | | | | December 31 (in millions) | 2024 | | 2023 | | Deferred Tax Assets: | | | | | Net operating loss and other loss carryforwards | $ | 4,415 | | | $ | 3,530 | | Advance on sale of investment (see Note 7) | 2,437 | | | 2,367 | | | | | | | Nondeductible accruals and other | 4,232 | | | 4,100 | | | Less: Valuation allowance | 4,498 | | | 3,679 | | | | 6,586 | | | 6,318 | | | Deferred Tax Liabilities: | | | | | Property and equipment and intangible assets | 28,672 | | | 29,337 | | | Investments | 934 | | | 1,002 | | | Debt | 2,055 | | | 1,814 | | | | | | Foreign subsidiaries and undistributed foreign earnings | 43 | | | 59 | | | | | | | 31,704 | | | 32,212 | | | Net deferred tax liability | $ | 25,118 | | | $ | 25,894 | |
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| Schedule of changes in the valuation allowance for deferred tax assets |
| | | | | | | | | | | | | | | | | | Changes in our Valuation Allowance for Deferred Tax Assets | | | | | | | (in millions) | 2024 | | 2023 | | 2022 | | Beginning balance | $ | 3,679 | | | $ | 3,295 | | | $ | 2,907 | | | Additions charged to income tax expense and other accounts | 910 | | | 469 | | | 433 | | | Deductions from reserves | (91) | | | (84) | | | (45) | | | Ending balance | $ | 4,498 | | | $ | 3,679 | | | $ | 3,295 | |
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| Schedule of Unrecognized Tax Benefits Roll Forward |
| | | | | | | | | | | | | | | | | | Reconciliation of Unrecognized Tax Benefits | | | | | | (in millions) | 2024 | | 2023 | | 2022 | | Gross unrecognized tax benefits, January 1 | $ | 2,593 | | | $ | 2,161 | | | $ | 2,042 | | | Additions based on tax positions related to the current year | 396 | | | 546 | | | 380 | | | Additions based on tax positions related to prior years | 201 | | | 1 | | | 56 | | | | | | | | | Reductions for tax positions of prior years | (268) | | | (43) | | | (145) | | | Reductions due to expiration of statutes of limitations | (29) | | | (56) | | | (148) | | | Settlements with tax authorities and other | (28) | | | (15) | | | (24) | | | Gross unrecognized tax benefits, December 31 | $ | 2,865 | | | $ | 2,593 | | | $ | 2,161 | | | | | | | | | | | | | |
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