Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Earnings before income taxes, provision 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)	2023			2022			2023			2022
Earnings before income taxes	$	8,193		$	4,685		$	2,908		$	407
Provision for income taxes	2,123			1,611			742			183
Income tax rate	25.9		%	34.4		%	25.5		%	45.0		%

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


(in millions)
Balance at beginning of year	$	2,800
Additions to valuation allowance charged to income tax expense	76
Releases to valuation allowance credited to income tax benefit	(6)
Foreign currency translation	(2)
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	$	2,217