XML 38 R26.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income before income taxes Income before income taxes is comprised of the following components:
For Years Ended December 31,
202120202019
U.S.$7,998 $5,210 $4,915 
Non-U.S.921 807 813 
Total$8,919 $6,017 $5,728 
Provision for income taxes Provision for income taxes is comprised of the following components:
For Years Ended December 31,
202120202019
CurrentDeferredTotalCurrentDeferredTotalCurrentDeferredTotal
U.S. federal$948 $(23)$925 $357 $(122)$235 $483 $25 $508 
Non-U.S.169 38 207 192 (15)177 135 56 191 
U.S. state18 — 18 10 — 10 12 — 12 
Total$1,135 $15 $1,150 $559 $(137)$422 $630 $81 $711 
Principal reconciliation items from U.S. statutory income tax rate to the effective tax rate Principal reconciling items from the U.S. statutory income tax rate to the effective tax rate (provision for income taxes as a percentage of income before income taxes) are as follows:
For Years Ended December 31,
202120202019
U.S. statutory income tax rate21.0 %21.0 %21.0 %
U.S. tax benefit for foreign derived intangible income(6.1)(6.1)(4.9)
U.S. excess tax benefit for stock compensation(1.5)(2.5)(3.1)
U.S. R&D tax credit(0.9)(1.3)(1.4)
Impact of changes in uncertain tax positions(0.2)(4.0)(0.1)
Other0.6 (0.1)0.9 
Effective tax rate12.9 %7.0 %12.4 %
Primary components of deferred tax assets and liabilities The primary components of deferred tax assets and liabilities are as follows:
December 31,
20212020
Deferred tax assets:
Accrued expenses$209 $180 
Deferred loss and tax credit carryforwards207 207 
Stock compensation110 106 
Inventories and related reserves74 105 
Retirement costs for defined benefit and retiree health care— 44 
Other40 3 
Total deferred tax assets, before valuation allowance640 645 
Valuation allowance(188)(179)
Total deferred tax assets, after valuation allowance452 466 
Deferred tax liabilities:
Property, plant and equipment(197)(116)
International earnings(38)(44)
Retirement costs for defined benefit and retiree health care(15)— 
Acquisition-related intangibles and fair-value adjustments(12)(40)
Other(14)(13)
Total deferred tax liabilities(276)(213)
Net deferred tax asset$176 $253 
Deferred tax assets and liabilities presentation on the Balance sheet The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows:
December 31,
20212020
Deferred tax assets$263 $343 
Deferred tax liabilities(87)(90)
Net deferred tax asset$176 $253 
Summary of uncertain tax positions The changes in the total amounts of uncertain tax positions are as follows:
202120202019
Balance, January 1$89 $303 $286 
Additions based on tax positions related to the current year2 3 3 
Additions for tax positions of prior years7 35 63 
Reductions for tax positions of prior years(6)(249)(41)
Settlements with tax authorities(23)— (8)
Expiration of the statute of limitations for assessing taxes— (3)— 
Balance, December 31$69 $89 $303 
Interest income (expense) recognized in the year ended December 31$(5)$39 $9 
Interest payable as of December 31$13 $8 $44