Income Taxes update (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Summary of Income Taxes

Earnings (losses) before income taxes, provision (benefit) for income taxes and income tax rates consisted of the following:

	For the Nine Months Ended September 30,						For the Three Months Ended September 30,
(in millions)	2022			2021			2022			2021
Earnings (losses) before income taxes	$	4,685		$	1,544		$	407		$	(3,302)
Provision (benefit) for income taxes	1,611			693			183			(582)
Income tax rate	34.4		%	44.9		%	45.0		%	17.6		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the period ended September 30, 2022:

(in millions)
Balance at beginning of year	$	3,097
Additions to valuation allowance charged to income tax expense	395
Releases to valuation allowance credited to income tax benefit	(65)
Foreign currency translation	—
Balance at end of period	$	3,427