v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Earnings before income taxes, provision for income taxes and income tax rates consisted of the following:
For the Three Months Ended March 31,
(in millions)20252024
Earnings before income taxes$1,683$2,739
Provision for income taxes606610
Income tax rate36.0 %22.3 %
Our income tax rate for the three months ended March 31, 2025 differs from the U.S. federal statutory rate of 21%, due primarily to the non-deductible impairment of the e-vapor reporting unit goodwill and state tax expense. For further discussion of the impairment charge, see Note 4. Goodwill and Other Intangible Assets, net.
Our income tax rate for the three months ended March 31, 2024 differs from the U.S. federal statutory rate of 21%, due primarily to state tax expense, partially offset by an income tax benefit from the partial release of a valuation allowance recorded against a deferred tax asset associated with our losses related to our former investment in JUUL Labs, Inc. (“JUUL”). The valuation allowance release was due to our capital gain on the ABI Transaction. For further discussion of the ABI transaction, see Note 6. Investments in Equity Securities.