v3.24.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes and Equity Income
Years Ended December 31,
202420232022
U.S. income (loss)$9,729 $6,388 $9,454 
Non-U.S. income (loss)3,465 3,535 1,306 
Income (loss) before income taxes and equity income (loss)$13,194 $9,924 $10,760 
Schedule of Components of Income Tax Expense (Benefit)
Years Ended December 31,
202420232022
Current income tax expense (benefit)
U.S. federal$202 $240 $389 
U.S. state and local309 490 368 
Non-U.S.676 874 707 
Total current income tax expense (benefit)1,188 1,605 1,464 
Deferred income tax expense (benefit)
U.S. federal891 (120)263 
U.S. state and local101 (43)109 
Non-U.S.376 (878)53 
Total deferred income tax expense (benefit)1,368 (1,041)425 
Total income tax expense (benefit)$2,556 $563 $1,888 
Schedule of Effective Income Tax Rate Reconciliation
Years Ended December 31,
202420232022
Income tax expense at U.S. federal statutory income tax rate$2,771 $2,084 $2,260 
State and local tax expense (benefit)323 348 388 
Non-U.S. income taxed at other than the U.S. federal statutory tax rate130 203 32 
U.S. tax impact on Non-U.S. income and activities(49)(62)5 
Change in valuation allowances46 (1,061)(392)
Change in tax laws9 25 78 
General business credits and manufacturing incentives(906)(966)(829)
Settlements of prior year tax matters— 23 — 
Realization of basis differences in affiliates(45)— 209 
Foreign currency remeasurement73 (62)36 
Other adjustments204 31 102 
Total income tax expense (benefit)$2,556 $563 $1,888 
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, 2024December 31, 2023
Deferred tax assets
Postretirement benefits other than pensions$1,024 $1,119 
Pension and other employee benefit plans1,421 1,522 
Warranties, dealer and customer allowances, claims and discounts4,215 3,684 
U.S. capitalized research expenditures10,111 9,879 
U.S. operating loss and tax credit carryforwards(a)6,582 6,033 
Non-U.S. operating loss and tax credit carryforwards(b)5,239 6,204 
Miscellaneous4,302 5,121 
Total deferred tax assets before valuation allowances32,894 33,562 
Less: valuation allowances(6,529)(6,979)
Total deferred tax assets26,365 26,583 
Deferred tax liabilities
Property, plant and equipment5,111 4,233 
Intangible assets635 699 
Total deferred tax liabilities5,746 4,932 
Net deferred tax assets$20,619 $21,651 
__________
(a)At December 31, 2024, U.S. operating loss deferred tax assets were $411 million, where $129 million can be carried forward indefinitely and $282 million will expire by 2042, if not utilized. At December 31, 2024, U.S. tax credit carryforwards were $6.2 billion, where $462 million can be carried forward indefinitely and $5.7 billion will expire by 2044, if not utilized.
(b)At December 31, 2024, Non-U.S. operating loss deferred tax assets were $5.2 billion, where $4.8 billion can be carried forward indefinitely and $342 million will expire by 2044, if not utilized. At December 31, 2024, Non-U.S. tax credit carryforwards were $68 million, where $45 million can be carried forward indefinitely and $23 million will expire by 2043, 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,
202420232022
Balance at beginning of period$585 $520 $634 
Additions to current year tax positions108 45 12 
Additions to prior years' tax positions28 72 14 
Reductions to prior years' tax positions(109)(15)(98)
Reductions in tax positions due to lapse of statutory limitations(7)(19)(20)
Settlements(8)(18)(10)
Other(11)— (12)
Balance at end of period$586 $585 $520