Income Taxes update (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Summary of Income Taxes

Earnings (losses) before income taxes, provision (benefit) 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)	2021			2020			2021			2020
Earnings (losses) before income taxes	$	1,544		$	4,349		$	(3,302)		$	(324)
Provision (benefit) for income taxes	693			1,817			(582)			632
Income tax rate	44.9		%	41.8		%	17.6		%	(195.1)		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the period ended September 30, 2021:

(in millions)
Balance at beginning of year	$	2,817
Additions to valuation allowance charged to income tax expense	264
Reductions to valuation allowance credited to income tax benefit	(73)
Foreign currency translation	(4)
Balance at end of period	$	3,004