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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of (Benefit) Provision for Income Taxes
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202320222021
U.S. earnings (loss)$7,037 $(908)$(3,596)
Non-U.S. earnings (loss)3,154 109 (2,099)
Total$10,191 $(799)$(5,695)

PROVISION (BENEFIT) FOR INCOME TAXES202320222021
Current
U.S. Federal$(423)$(311)$(1,475)
Non-U.S.823 733 655 
U.S. State140 (52)(145)
Deferred
U.S. Federal49 (617)(366)
Non-U.S.591 352 610 
U.S. State(17)(108)(36)
Total$1,162 $(3)$(757)
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate
RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE202320222021
AmountRateAmountRateAmountRate
U.S. federal statutory income tax rate$2,140 21.0 %$(168)21.0 %$(1,196)21.0 %
Tax on global activities including exports(a)462 4.5 300 (37.6)154 (2.7)
U.S. general business credits(b)(273)(2.7)(233)29.1 (175)3.1 
Debt tender and related valuation allowances— — 30 (3.8)940 (16.5)
Deductible stock and restructuring losses— — — — (583)10.2 
Retained and sold ownership interests(1,215)(11.9)3 (0.4)45 (0.8)
All other – net(c)(d)48 0.5 65 (7.9)58 (1.0)
(978)(9.6)165 (20.6)439 (7.7)
Actual income tax rate$1,162 11.4 %$(3)0.4 %$(757)13.3 %
(a)For the year ended December 31, 2023, 2022, and 2021, respectively, the expense/(benefit) related to the negotiated tax rate in Singapore was $(136) million, $(112) million and $(83) million.
(b)Primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S.
(c)For the year ended December 31, 2023 and 2022, included $9 million and $134 million for separation income tax costs of which $38 million and $66 million was due to the repatriation of previously reinvested earnings.
(d)Included for each period, the expense or benefit for U.S. state taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect.
Schedule of Unrecognized Tax Benefits
The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months (excluding the expected decrease to the GE balance due to the announced plan to spin-off GE Vernova and for 2022 and 2021 the impact of the spin-off of GE HealthCare) were:

UNRECOGNIZED TAX BENEFITS202320222021
Unrecognized tax benefits$3,399 $3,951 $4,224 
Portion that, if recognized, would reduce tax expense and effective tax rate(a)2,708 3,072 3,351 
Accrued interest on unrecognized tax benefits635 614 597 
Accrued penalties on unrecognized tax benefits111 111 146 
Reasonably possible reduction to the balance of unrecognized tax benefits
in succeeding 12 months
0-100
0-650
0-250
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
0-100
0-600
0-200
(a) Some portion of such reduction may be reported as discontinued operations.
Schedule of Unrecognized Tax Benefits Reconciliation
UNRECOGNIZED TAX BENEFITS RECONCILIATION202320222021
Balance at January 1$3,951 $4,224 $4,191 
Additions for tax positions of the current year109 62 396 
Additions for tax positions of prior years156 120 327 
Reductions for tax positions of prior years(a)(710)(393)(585)
Settlements with tax authorities(56)(8)(33)
Expiration of the statute of limitations(51)(54)(71)
Balance at December 31$3,399 $3,951 $4,224 
(a) For 2023, reductions included $577 million related to the spin-off of GE HealthCare.
Schedule of Components of Net Deferred Income Tax Asset (Liability)
The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components.

DEFERRED INCOME TAXES December 31
20232022
Total assets$11,128 $10,626 
Total liabilities(553)(625)
Net deferred income tax asset (liability)$10,575 $10,001 
COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31
20232022
Deferred tax assets
     Insurance company loss reserves$3,185 $2,492 
     Progress collections, contract assets and deferred items2,753 2,365 
     Accrued expenses and reserves2,197 2,215 
     Deferred expenses1,317 1,438 
     Other compensation and benefits1,143 1,173 
     Principal pension plans1,359 1,146 
     Non-U.S. loss carryforwards(a)972 939 
     Other(b)843 1,000 
Total deferred tax assets$13,769 $12,768 
Deferred tax liabilities
     Depreciation$(702)$(613)
     Global investments, partnerships, join ventures and non-consolidated entities(1,389)(1,440)
     Other(1,103)(714)
Total deferred tax liabilities(3,194)(2,767)
Net deferred income tax asset (liability)$10,575 $10,001 
(a)Net of valuation allowances of $6,932 million and $6,369 million as of December 31, 2023 and 2022, respectively. Of the net deferred tax asset as of December 31, 2023 of $972 million, $73 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2024 through December 31, 2026; $327 million relates to net operating losses that expire in various years ending from December 31, 2027 through December 31, 2043; and $572 million relates to net operating loss carryforwards that may be carried forward indefinitely.
(b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,937 million and $3,264 million as of December 31, 2023 and 2022, respectively. These primarily relate to excess capital loss carryforwards and excess U.S. foreign tax credits. The decrease in valuation allowance from December 31, 2022 to December 31, 2023 reflects utilization of losses against 2023 net capital gains of $1,413 million including gains reported in discontinued operations. The valuation allowance as of December 31, 2022 increased during the year primarily because it includes $1,327 million of valuation allowance against a deferred tax asset for deductible stock and restructuring losses for the year ended December 31, 2022 which was not likely to be utilized.