Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

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 Six Months Ended June 30,						For the Three Months Ended June 30,
(in millions)	2024			2023			2024			2023
Earnings before income taxes	$	7,855		$	5,285		$	5,116		$	2,806
Provision for income taxes	1,923			1,381			1,313			689
Income tax rate	24.5		%	26.1		%	25.7		%	24.6		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the six months ended June 30, 2024:

(in millions)
Balance at beginning of year	$	2,256
Additions to valuation allowance charged to income tax expense	7
Releases of valuation allowance credited to income tax benefit	(94)
Foreign currency translation	—
Reductions to valuation allowance due to NJOY Transaction (no impact to earnings)	(4)
Balance at end of period	$	2,165