Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Taxes

Earnings before income taxes, provision for income taxes and income tax rates consisted of the following:

	For the Three Months Ended March 31,
(in millions)	2023			2022
Earnings before income taxes	$	2,479		$	2,673
Provision for income taxes	692			714
Income tax rate	27.9		%	26.7		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the three months ended March 31, 2023:

(in millions)
Balance at beginning of year	$	2,800
Additions to valuation allowance charged to income tax expense	72
Releases to valuation allowance credited to income tax benefit	(4)
Foreign currency translation	(1)
Reductions to valuation allowance offset to deferred tax asset (no impact to earnings)	(663)
Balance at end of period	$	2,204