Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Federal & Foreign Income Tax Expense

Federal and foreign income tax expense for continuing operations consisted of the following (in millions):

	2023		2022		2021
Federal income tax expense (benefit):
Current	$	1,574	$	1,618	$	1,325
Deferred	(503)		(776)		(194)
Total federal income tax expense	1,071		842		1,131
Foreign income tax expense (benefit):
Current	102		87		93
Deferred	5		19		11
Total foreign income tax expense	107		106		104
Total federal and foreign income tax expense	$	1,178	$	948	$	1,235

Schedule of Reconciliation of Income Tax Expense Computed Using U.S. Statutory Federal Tax Rate to Actual Income Tax Expense

A reconciliation of the U.S. federal statutory income tax expense to actual income tax expense for continuing operations is as follows (in millions):

	2023				2022				2021
	Amount		Rate		Amount		Rate		Amount		Rate
Income tax expense at the U.S. federal statutory tax rate	$	1,701	21.0	%	$	1,403	21.0	%	$	1,585	21.0	%
Research and development tax credit	(227)		(2.8)		(178)		(2.7)		(118)		(1.6)
Foreign derived intangible income deduction	(185)		(2.3)		(176)		(2.6)		(170)		(2.3)
Tax deductible dividends	(69)		(0.9)		(67)		(1.0)		(65)		(0.9)
Excess tax benefits for stock-based payment awards	(25)		(0.3)		(42)		(0.6)		(28)		(0.4)
Other, net	(17)		(0.2)		8		0.1		31		0.6
Income tax expense	$	1,178	14.5	%	$	948	14.2	%	$	1,235	16.4	%

Schedule of Unrecognized Tax Benefits Roll Forward

The change in unrecognized tax benefits were as follows (in millions):

	2023		2022		2021
Balance at January 1	$	1,622	$	69	$	50
Additions based on tax positions related to the current year	50		1,572		23
Additions for tax positions of prior years	32		5		30
Reductions for tax positions of prior years	(1,526)		(2)		(19)
Settlements with tax authorities	(33)		(23)		(14)
Other, net	1		1		(1)
Balance at December 31	$	146	$	1,622	$	69

Schedule of Components of Federal and Foreign Deferred Tax Assets and Liabilities

The primary components of our federal and foreign deferred income tax assets and liabilities at December 31 were as follows (in millions):

	2023		2022
Deferred tax assets related to:
Pensions	$	1,485	$	1,340
Accrued compensation and benefits	731		718
Contract accounting methods	508		510
Research and development expenditures	1,251		2,268
Foreign company operating losses and credits	19		20
Other (a)	487		471
Valuation allowance	(32)		(31)
Deferred tax assets, net	4,449		5,296
Deferred tax liabilities related to:
Goodwill and intangible assets	494		449
Property, plant and equipment	415		503
Other (a)	597		605
Deferred tax liabilities	1,506		1,557
Net deferred tax assets	$	2,943	$	3,739

(a)Includes deferred tax assets and liabilities related to lease liability and ROU asset.