Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Earnings From Continuing Operations Before Income Taxes

Earnings from continuing operations before income taxes for the years ended December 31 were as follows ($ in millions):

	2024		2023		2022
United States	$	1,002	$	1,310	$	2,527
Non-U.S.	3,644		3,734		4,619
Total	$	4,646	$	5,044	$	7,146

Schedule of Provision for Income Taxes

The provision for income taxes from continuing operations for the years ended December 31 were as follows ($ in millions):

	2024		2023		2022
Current:
Federal U.S.	$	239	$	559	$	232
Non-U.S.	929		1,271		1,042
State and local	62		197		126
Deferred:
Federal U.S.	(300)		(737)		(362)
Non-U.S.	(141)		(338)		(145)
State and local	(42)		(129)		(75)
Income tax provision	$	747	$	823	$	818

Schedule of Deferred Income Tax

Deferred income tax assets and liabilities as of December 31 were as follows ($ in millions):

	2024		2023
Deferred tax assets:
Allowance for doubtful accounts	$	20	$	18
Inventories	114		120
Pension and postretirement benefits	—		25
Environmental and regulatory compliance	38		37
Other accruals and prepayments	631		574
Stock-based compensation expense	122		115
Operating lease liabilities	255		252
Research and development expense	584		441
Tax credit and loss carryforwards	760		557
Valuation allowances	(232)		(234)
Total deferred tax asset	2,292		1,905
Deferred tax liabilities:
Pension and postretirement benefits	(9)		—
Property, plant and equipment	(136)		(125)
Insurance, including self-insurance	(400)		(315)
Operating lease ROU assets	(238)		(228)
Goodwill and other intangibles	(3,300)		(3,429)
Total deferred tax liability	(4,083)		(4,097)
Net deferred tax liability	$	(1,791)	$	(2,192)

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

The effective income tax rate from continuing operations for the years ended December 31 varies from the U.S. statutory federal income tax rate as follows:

	Percentage of Pretax Earnings
	2024		2023		2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Increase (decrease) in tax rate resulting from:
State income taxes (net of federal income tax benefit)	0.8	%	1.2	%	1.2	%
Non-U.S. rate differential	(2.9)	%	(3.4)	%	(3.4)	%
Resolution and expiration of statutes of limitation of uncertain tax positions	(0.6)	%	(0.4)	%	(0.3)	%
Realignment of businesses	—	%	0.6	%	(5.7)	%
Research credits	(1.5)	%	(1.6)	%	(0.6)	%
Foreign-derived intangible income, uncertain tax positions and other	0.3	%	(0.8)	%	(0.3)	%
Excess tax benefits from stock-based compensation	(1.0)	%	(0.3)	%	(0.5)	%
Effective income tax rate	16.1	%	16.3	%	11.4	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penalties related to both continuing and discontinued operations, is as follows ($ in millions):

	2024		2023		2022
Unrecognized tax benefits, beginning of year	$	1,214	$	1,139	$	1,095
Additions based on tax positions related to the current year	64		72		44
Additions for tax positions of prior years	21		41		49
Reductions for tax positions of prior years	(14)		(15)		(10)
Acquisitions, divestitures and other	(12)		(14)		6
Lapse of statute of limitations	(14)		(11)		(16)
Settlements	(9)		(8)		(7)
Effect of foreign currency translation	(21)		10		(22)
Unrecognized tax benefits, end of year	$	1,229	$	1,214	$	1,139