Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

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

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

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.

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

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

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