Investor Presentaiton
No provision has been made for income taxes on undistributed earnings of foreign subsidiaries of approximately $31.6
billion at December 31, 2022, since it is the Company's intention to indefinitely reinvest undistributed earnings of its foreign
subsidiaries. The Company expects to deploy capital to those markets which offer particularly attractive growth opportunities.
The cash that is permanently reinvested is typically used to expand operations either organically or through acquisitions. It is
not practicable to estimate the additional income taxes and applicable withholding taxes that would be payable on the
remittance of such undistributed earnings.
Worldwide income tax payments, net of tax refunds, are as follows:
(In millions)
2022
2021
2020
Deferred Income Tax Assets and Liabilities
Components of noncurrent deferred income taxes are as follows:
393
753
391
(In millions)
Accruals and other adjustments
Employee benefits
Depreciation and amortization
Other accruals and adjustments
Ireland income tax loss carryforwards
Foreign income tax loss carryforwards
Foreign income tax credit carryforwards
Valuation allowance for income tax loss and income tax credit carryforwards
Other valuation allowances
Total deferred income taxes
$
December 31
2021
Noncurrent
2022
Noncurrent
assets and
liabilities
assets and
liabilities
(1,067)
266 $
348
(1,087)
397
385
1
1
4,151
3,127
280
263
(4,184)
(3,139)
(44)
(65)
(200) $
(167)
In 2022, the Company recorded an increase of $1.0 billion in its deferred tax assets for foreign income tax loss
carryforwards related to tax-deductible statutory adjustments in Luxembourg. The Company also recorded a corresponding
increase in its valuation allowance for income tax loss carryforwards, since it does not believe that it is more likely than not that
the net operating loss is realizable, resulting in no impact to the Consolidated Statements of Income.
56View entire presentation