v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes and Equity Income
Years Ended December 31,
202320222021
U.S. income (loss)$6,388 $9,454 $9,513 
Non-U.S. income (loss)3,535 1,306 1,902 
Income (loss) before income taxes and equity income (loss)$9,924 $10,760 $11,415 
Schedule of Components of Income Tax Expense (Benefit)
Years Ended December 31,
202320222021
Current income tax expense (benefit)
U.S. federal$240 $389 $20 
U.S. state and local490 368 142 
Non-U.S.874 707 395 
Total current income tax expense (benefit)1,605 1,464 557 
Deferred income tax expense (benefit)
U.S. federal(120)263 1,699 
U.S. state and local(43)109 229 
Non-U.S.(878)53 286 
Total deferred income tax expense (benefit)(1,041)425 2,214 
Total income tax expense (benefit)$563 $1,888 $2,771 
Schedule of Effective Income Tax Rate Reconciliation
Years Ended December 31,
202320222021
Income tax expense at U.S. federal statutory income tax rate$2,084 $2,260 $2,397 
State and local tax expense (benefit)348 388 301 
Non-U.S. income taxed at other than the U.S. federal statutory tax rate203 32 36 
U.S. tax impact on Non-U.S. income and activities(62)5 129 
Change in valuation allowances(1,061)(392)665 
Change in tax laws25 78 (93)
General business credits and manufacturing incentives(966)(829)(492)
Settlements of prior year tax matters23 — 11 
Realization of basis differences in affiliates— 209 (295)
Foreign currency remeasurement(62)36 28 
Other adjustments31 102 84 
Total income tax expense (benefit)$563 $1,888 $2,771 
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, 2023December 31, 2022
Deferred tax assets
Postretirement benefits other than pensions$1,119 $1,120 
Pension and other employee benefit plans1,522 997 
Warranties, dealer and customer allowances, claims and discounts3,684 4,341 
U.S. capitalized research expenditures9,879 8,851 
U.S. operating loss and tax credit carryforwards(a)6,033 5,861 
Non-U.S. operating loss and tax credit carryforwards(b)6,204 6,296 
Miscellaneous5,121 2,773 
Total deferred tax assets before valuation allowances33,562 30,240 
Less: valuation allowances(6,979)(7,744)
Total deferred tax assets26,583 22,495 
Deferred tax liabilities
Property, plant and equipment4,233 1,957 
Intangible assets699 707 
Total deferred tax liabilities4,932 2,664 
Net deferred tax assets$21,651 $19,832 
__________
(a)    At December 31, 2023, U.S. operating loss deferred tax assets were $404 million, where $129 million can be carried forward indefinitely and $275 million will expire by 2041, if not utilized. At December 31, 2023, U.S. tax credit carryforwards were $5.6 billion, where $405 million can be carried forward indefinitely and $5.2 billion will expire by 2043, if not utilized.
(b)    At December 31, 2023, Non-U.S. operating loss deferred tax assets were $6.1 billion, where $5.2 billion can be carried forward indefinitely and $876 million will expire by 2039 if not utilized. At December 31, 2023, Non-U.S. tax credit carryforwards were $135 million, where $109 million can be carried forward indefinitely and $26 million will expire by 2042, if not utilized.
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes activity of the total amounts of unrecognized tax benefits:
Years Ended December 31,
202320222021
Balance at beginning of period$520 $634 $1,086 
Additions to current year tax positions45 12 22 
Additions to prior years' tax positions72 14 46 
Reductions to prior years' tax positions(15)(98)(473)
Reductions in tax positions due to lapse of statutory limitations(19)(20)(17)
Settlements(18)(10)(26)
Other— (12)(4)
Balance at end of period$585 $520 $634