Income Taxes update (Tables)

6 Months Ended

Jun. 30, 2022

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 Six Months Ended June 30,						For the Three Months Ended June 30,
(in millions)	2022			2021			2022			2021
Earnings before income taxes	$	4,278		$	4,846		$	1,605		$	2,909
Provision for income taxes	1,428			1,275			714			759
Income tax rate	33.4		%	26.3		%	44.5		%	26.1		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the period ended June 30, 2022:

(in millions)
Balance at beginning of year	$	3,097
Additions to valuation allowance charged to income tax expense	368
Reductions to valuation allowance credited to income tax benefit	(8)
Foreign currency translation	(1)
Balance at end of period	$	3,456