Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit) for the periods indicated:

	Years Ended December 31,
(In millions)	2024		2023		2022
Current:
Federal	$	108	$	160	$	161
State	68		79		112
Non-U.S.	387		317		342
Total current expense	563		556		615
Deferred:
Federal	77		(77)		(16)
State	2		(63)		(2)
Non-U.S.	66		(44)		(44)
Total deferred expense (benefit)	145		(184)		(62)
Total income tax expense (benefit)	$	708	$	372	$	553

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the U.S. statutory income tax rate to our effective tax rate based on income before income tax expense for the periods indicated:

	Years Ended December 31,
	2024		2023		2022
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Changes from statutory rate:
State taxes, net of federal benefit	1.8		2.4		3.1
Tax-exempt income	(1.0)		(1.5)		(1.0)
Business tax credits(1)	(2.0)		(3.6)		(4.0)
Foreign tax differential	1.0		(0.6)		—
Foreign tax credit (benefits)/ limitations(2)	0.6		(2.0)		(0.1)
Change in Valuation Allowance	(0.5)		(0.2)		(2.0)
Other, net	(0.1)		0.6		(0.4)
Effective tax rate	20.8	%	16.1	%	16.6	%

(1) Business tax credits include research, low-income housing, production and investment tax credits.

(2) Foreign tax credit (benefits)/limitations includes the period expense for global intangible low-taxed income.

Schedule of Deferred Tax Assets and Liabilities

The following table presents significant components of our gross deferred tax assets and gross deferred tax liabilities as of the dates indicated:

	December 31,
(In millions)	2024		2023
Deferred tax assets:
Other amortizable assets	$	189	$	265
Tax credit carryforwards	577		673
Lease obligations	214		236
Deferred compensation	111		104
Restructuring charges and other reserves	227		224
NOL and other carryforwards	147		167
Pension plan	21		24
Foreign currency translation	63		51
Unrealized losses on investment securities, net	184		352
Total deferred tax assets	1,733		2,096
Valuation allowance for deferred tax assets	(172)		(200)
Deferred tax assets, net of valuation allowance	$	1,561	$	1,896
Deferred tax liabilities:
Fixed and intangible assets	$	634	$	574
Investment basis differences	47		40
Right-of-use Assets	198		214
Other	40		68
Total deferred tax liabilities	$	919	$	896

Summary of Valuation Allowance

The table below summarizes the deferred tax assets, carryforwards and related valuation allowances recognized as of December 31, 2024:

(In millions)	Deferred Tax Asset		Valuation Allowance		Expiration
Other amortizable assets	$	189	$	(72)	None
Tax credits	577		(8)		2042-2044
NOLs - Non-U.S.	130		(80)		2026-2042, None
NOLs - U.S.	14		(10)		2025-2043, None
Other carryforwards	2		(2)		None

Schedule of Unrecognized Tax Benefits

The following table presents activity related to unrecognized tax benefits as of the dates indicated:

	December 31,
(In millions)	2024		2023		2022
Beginning balance	$	237	$	285	$	252
Decrease related to agreements with tax authorities	(22)		(32)		(4)
Increase related to tax positions taken during current year	36		39		48
Increase/(Decrease) related to tax positions taken during prior years	11		(34)		8
Decreases related to a lapse of the applicable statute of limitations	(25)		(21)		(19)
Ending balance	$	237	$	237	$	285