Income Taxes (Tables)

9 Months Ended

Sep. 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 Nine Months Ended September 30,						For the Three Months Ended September 30,
(in millions)	2024			2023			2024			2023
Earnings before income taxes	$	10,881		$	8,193		$	3,026		$	2,908
Provision for income taxes	2,656			2,123			733			742
Income tax rate	24.4		%	25.9		%	24.2		%	25.5		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the nine months ended September 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	1
Reductions to valuation allowance due to NJOY Transaction (no impact to earnings)	(4)
Balance at end of period	$	2,166