v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of income from continuing operations before income taxes Income from continuing operations before income taxes consisted of the following (in millions):
Year Ended December 31,
 201920202021
Domestic operations$16,426 $37,576 $77,016 
Foreign operations23,199 10,506 13,718 
Total$39,625 $48,082 $90,734 
Schedule of components of income tax expense (benefit) Provision for income taxes consisted of the following (in millions):
Year Ended December 31,
 201920202021
Current:
Federal and state$2,424 $4,789 $10,126 
Foreign2,713 1,687 2,692 
Total5,137 6,476 12,818 
Deferred:
Federal and state286 1,552 2,018 
Foreign(141)(215)(135)
Total145 1,337 1,883 
Provision for income taxes$5,282 $7,813 $14,701 
Schedule of effective income tax rate reconciliation
The reconciliation of federal statutory income tax rate to our effective income tax rate was as follows:
Year Ended December 31,
 201920202021
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Foreign income taxed at different rates(4.9)(0.3)0.2 
Foreign-derived intangible income deduction(0.7)(3.0)(2.5)
Stock-based compensation expense(0.7)(1.7)(2.5)
Federal research credit(2.5)(2.3)(1.6)
Deferred tax asset valuation allowance0.0 1.4 0.6 
State and local income taxes1.1 1.1 1.0 
Effective tax rate13.3 %16.2 %16.2 %
Schedule of deferred tax assets and liabilities Significant components of our deferred tax assets and liabilities were as follows (in millions):
As of December 31,
20202021
Deferred tax assets:
Accrued employee benefits$580 $549 
Accruals and reserves not currently deductible1,049 1,816 
Tax credits3,723 5,179 
Net operating losses1,085 1,790 
Operating leases2,620 2,503 
Intangible assets1,525 2,034 
Other981 925 
Total deferred tax assets11,563 14,796 
Valuation allowance(4,823)(7,129)
Total deferred tax assets net of valuation allowance6,740 7,667 
Deferred tax liabilities:
Property and equipment, net(3,382)(5,237)
Net investment gains(1,901)(3,229)
Operating leases(2,354)(2,228)
Other(1,580)(946)
Total deferred tax liabilities(9,217)(11,640)
Net deferred tax assets (liabilities)$(2,477)$(3,973)
Summary of income tax contingencies
The following table summarizes the activity related to our gross unrecognized tax benefits (in millions):
Year Ended December 31,
 201920202021
Beginning gross unrecognized tax benefits$4,652 $3,377 $3,837 
Increases related to prior year tax positions938 372 529 
Decreases related to prior year tax positions(143)(557)(263)
Decreases related to settlement with tax authorities(2,886)(45)(329)
Increases related to current year tax positions816 690 1,384 
Ending gross unrecognized tax benefits$3,377 $3,837 $5,158