Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The components of income before provision for income taxes are as follows:

(In millions)	2021		2020		2019
U.S.	$	3,340	$	4,762	$	2,280
Non-U.S.	5,501		2,468		1,792
Income before income taxes	$	8,841	$	7,230	$	4,072

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the provision for income taxes are as follows:

(In millions)	2021		2020		2019
Current income tax provision
Federal	$	446	$	521	$	267
Non-U.S.	1,148		423		544
State	160		175		62
	1,754		1,119		873
Deferred income tax provision (benefit)
Federal	$	(227)	$	(237)	$	(222)
Non-U.S.	(399)		(18)		(252)
State	(19)		(14)		(25)
	(645)		(269)		(499)
Provision for income taxes	$	1,109	$	850	$	374

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The provision for income taxes in the accompanying statement of income differs from the provision calculated by applying the statutory federal income tax rate to income before income taxes due to the following:

(In millions)	2021			2020			2019
Statutory federal income tax rate	21		%	21		%	21		%
Provision for income taxes at statutory rate	$	1,857		$	1,518		$	855
Increases (decreases) resulting from:
Foreign rate differential	(255)			(223)			(204)
Income tax credits	(315)			(335)			(213)
Global intangible low-taxed income	76			86			92
Foreign-derived intangible income	(119)			(156)			(111)
Excess tax benefits from stock options and restricted stock units	(124)			(114)			(80)
Provision for (reversal of) tax reserves, net	(17)			(26)			62
Intra-entity transfers	(284)			—			(79)
Foreign exchange loss on inter-company debt refinancing	—			(47)			(62)
Domestication transaction	—			(263)			—
Valuation allowance	36			379			(4)
Withholding taxes	164			115			38
Basis difference on disposal of business	—			—			73
Tax return reassessments and settlements	1			(196)			(6)
State income taxes, net of federal tax	82			147			22
Other, net	7			(35)			(9)
Provision for income taxes	$	1,109		$	850		$	374

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Net deferred tax asset (liability) in the accompanying balance sheet consists of the following:

(In millions)	2021		2020
Deferred tax asset (liability)
Depreciation and amortization	$	(4,687)	$	(2,962)
Net operating loss and credit carryforwards	1,652		1,668
Reserves and accruals	162		164
Accrued compensation	318		253
Inventory basis difference	181		112
Deferred interest	295		227
Unrealized (gains) losses on hedging instruments	(33)		242
Other, net	251		124
Deferred tax liabilities, net before valuation allowance	(1,861)		(172)
Less: Valuation allowance	968		933
Deferred tax liabilities, net	$	(2,829)	$	(1,105)

The company estimates the degree to which tax assets and loss and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction and provides a valuation allowance for tax assets and loss and credit carryforwards that it believes will more likely than not expire unutilized. At December 31, 2021, all of the company’s valuation allowance relates to deferred tax assets, primarily net operating losses and disallowed interest expense carryforward, for which any subsequently recognized tax benefits will reduce income tax expense.

The changes in the valuation allowance are as follows:

	Year Ended December 31,
(In millions)	2021		2020		2019
Beginning balance	$	933	$	408	$	471
Additions (reductions) charged to income tax provision, net	24		514		(27)
Additions due to acquisitions	30		—		—
Reduction due to a divestiture	—		—		(33)
Currency translation and other	(19)		11		(3)
Ending balance	$	968	$	933	$	408

Summary of Income Tax Contingencies [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

(In millions)	2021		2020		2019
Beginning balance	$	1,091	$	1,552	$	1,442
Additions due to acquisitions	26		—		—
Additions for tax positions of current year	32		8		53
Additions for tax positions of prior years	60		—		69
Reductions for tax positions of prior years	(5)		(296)		(7)
Closure of tax years	(27)		—		—
Settlements	(53)		(173)		(5)
Ending balance	$	1,124	$	1,091	$	1,552