v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes and Equity Income
Years Ended December 31,
202020192018
U.S. income$6,881 $3,826 $4,433 
Non-U.S. income540 2,342 1,953 
Income before income taxes and equity income$7,421 $6,168 $6,386 
Schedule of Components of Income Tax Expense (Benefit)
Years Ended December 31,
202020192018
Current income tax expense (benefit)
U.S. federal$84 $42 $(104)
U.S. state and local272 102 113 
Non-U.S.493 758 577 
Total current income tax expense849 902 586 
Deferred income tax expense (benefit)
U.S. federal632 (145)(578)
U.S. state and local(15)3 250 
Non-U.S.308 9 216 
Total deferred income tax expense (benefit)925 (133)(112)
Total income tax expense$1,774 $769 $474 
Schedule of Effective Income Tax Rate Reconciliation
Years Ended December 31,
202020192018
Income tax expense at U.S. federal statutory income tax rate$1,558 $1,295 $1,341 
State and local tax expense 219 117 282 
Non-U.S. income taxed at other than the U.S. federal statutory tax rate(1)166 90 
U.S. tax impact on Non-U.S. income and activities(160)(197)(822)
Change in valuation allowances370 (233)1,695 
Change in tax laws— (122)(134)
General business credits and manufacturing incentives(366)(420)(695)
Capital loss expiration— — 107 
Settlements of prior year tax matters(18)— (188)
Realization of basis differences in affiliates(12)— (59)
German statutory approval of net operating losses— — (990)
Foreign currency remeasurement(7)74 19 
Other adjustments191 89 (172)
Total income tax expense$1,774 $769 $474 
Schedule of Deferred Tax Assets and Liabilities The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities:
December 31, 2020December 31, 2019
Deferred tax assets
Postretirement benefits other than pensions$1,742 $1,695 
Pension and other employee benefit plans2,999 2,968 
Warranties, dealer and customer allowances, claims and discounts5,538 6,299 
U.S. capitalized research expenditures6,763 6,035 
U.S. operating loss and tax credit carryforwards(a)7,254 8,686 
Non-U.S. operating loss and tax credit carryforwards(b)7,216 6,731 
Miscellaneous3,479 1,965 
Total deferred tax assets before valuation allowances34,991 34,379 
Less: valuation allowances(9,095)(8,135)
Total deferred tax assets25,896 26,244 
Deferred tax liabilities
Property, plant and equipment1,670 1,565 
Intangible assets744 763 
Total deferred tax liabilities2,414 2,328 
Net deferred tax assets$23,482 $23,916 
_________
(a)    At December 31, 2020, U.S. operating loss and tax credit carryforwards of $7.1 billion expire by 2040 if not utilized and the remaining balance of $137 million may be carried forward indefinitely.
(b)    At December 31, 2020, Non-U.S. operating loss and tax credit carryforwards of $1.3 billion expire by 2040 if not utilized and the remaining balance of $5.9 billion may be carried forward indefinitely.
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes activity of the total amounts of unrecognized tax benefits:
Years Ended December 31,
202020192018
Balance at beginning of period$775 $1,341 $1,557 
Additions to current year tax positions435 18 292 
Additions to prior years' tax positions26 13 264 
Reductions to prior years' tax positions(132)(501)(244)
Reductions in tax positions due to lapse of statutory limitations(3)(8)(38)
Settlements(10)(93)(450)
Other(5)5 (40)
Balance at end of period$1,086 $775 $1,341