Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income before income taxes

Income before income taxes is comprised of the following components:

	For Years Ended December 31,
	2024		2023		2022
U.S.	$	4,438	$	6,445	$	9,122
Non-U.S.	1,015		973		910
Total	$	5,453	$	7,418	$	10,032

Provision for income taxes

Provision for income taxes is comprised of the following components:

	For Years Ended December 31,
	2024						2023						2022
	Current		Deferred		Total		Current		Deferred		Total		Current		Deferred		Total
U.S. federal	$	605	$	(139)	$	466	$	943	$	(277)	$	666	$	1,235	$	(223)	$	1,012
Non-U.S.	244		(71)		173		240		(22)		218		212		32		244
U.S. state	15		—		15		24		—		24		27		—		27
Total	$	864	$	(210)	$	654	$	1,207	$	(299)	$	908	$	1,474	$	(191)	$	1,283

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,
	2024		2023		2022
U.S. statutory income tax rate	21.0	%	21.0	%	21.0	%
Foreign derived intangible income	(6.1)		(6.8)		(7.0)
Stock compensation	(2.1)		(1.0)		(0.7)
R&D tax credit	(2.0)		(1.3)		(0.9)
Changes in uncertain tax positions	0.1		—		0.1
Other	1.1		0.3		0.3
Effective tax rate	12.0	%	12.2	%	12.8	%

Primary components of deferred tax assets and liabilities

The primary components of deferred tax assets and liabilities are as follows:

	December 31,
	2024		2023
Deferred tax assets:
Capitalized R&D	$	1,076	$	750
Accrued expenses	297		236
Deferred loss and tax credit carryforwards	216		205
Stock compensation	186		163
Inventories	105		104
Retirement costs for defined benefit and retiree health care	17		37
Other	23		47
Total deferred tax assets, before valuation allowance	1,920		1,542
Valuation allowance	(212)		(198)
Total deferred tax assets, after valuation allowance	1,708		1,344
Deferred tax liabilities:
Property, plant and equipment	(441)		(592)
CHIPS Act incentives	(336)		—
International earnings	(33)		(33)
Acquisition-related intangibles and fair-value adjustments	(6)		(14)
Other	(9)		(11)
Total deferred tax liabilities	(825)		(650)
Net deferred tax asset	$	883	$	694

The deferred tax assets and liabilities based on tax jurisdictions are presented on our Consolidated Balance Sheets as follows:

	December 31,
	2024		2023
Deferred tax assets	$	936	$	757
Deferred tax liabilities	(53)		(63)
Net deferred tax asset	$	883	$	694

Summary of uncertain tax positions

The changes in the total amounts of uncertain tax positions are as follows:

	2024		2023		2022
Balance, January 1	$	82	$	82	$	69
Additions based on tax positions related to the current year	3		3		3
Additions for tax positions of prior years	—		—		10
Reductions for tax positions of prior years	—		(3)		—
Balance, December 31	$	85	$	82	$	82
Interest expense recognized in the year ended December 31	$	(5)	$	(9)	$	(1)
Interest payable as of December 31	$	15	$	10	$	3

Summary of uncertain tax positions

The changes in the total amounts of uncertain tax positions are as follows:

	2024		2023		2022
Balance, January 1	$	82	$	82	$	69
Additions based on tax positions related to the current year	3		3		3
Additions for tax positions of prior years	—		—		10
Reductions for tax positions of prior years	—		(3)		—
Balance, December 31	$	85	$	82	$	82
Interest expense recognized in the year ended December 31	$	(5)	$	(9)	$	(1)
Interest payable as of December 31	$	15	$	10	$	3