Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023			2022			2023			2022
Earnings before income taxes	$	5,285		$	4,278		$	2,806		$	1,605
Provision for income taxes	1,381			1,428			689			714
Income tax rate	26.1		%	33.4		%	24.6		%	44.5		%

Summary of Valuation Allowance

The following chart provides a reconciliation of the beginning and ending valuation allowances for the six months ended June 30, 2023:

(in millions)
Balance at beginning of year	$	2,800
Additions to valuation allowance charged to income tax expense	74
Releases to valuation allowance credited to income tax benefit	(4)
Foreign currency translation	(1)
Additions to valuation allowance due to NJOY Transaction (no impact to earnings)	12
Reductions to valuation allowance offset to deferred tax asset (no impact to earnings)	(663)
Balance at end of period	$	2,218