INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of (Benefit) Provision for Income Taxes

EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	2024		2023		2022
U.S. earnings (loss)	$	4,809	$	7,195	$	(249)
Non-U.S. earnings (loss)	2,811		3,246		1,771
Total	$	7,620	$	10,441	$	1,522

PROVISION (BENEFIT) FOR INCOME TAXES	2024		2023		2022
Current
U.S. Federal	$	310	$	(588)	$	(117)
Non-U.S.	423		314		307
U.S. State	48		134		(48)
Deferred
U.S. Federal	250		622		(382)
Non-U.S.	59		453		493
U.S. State	(128)		59		(84)
Total	$	962	$	994	$	169

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 RATE	2024				2023				2022
	Amount		Rate		Amount		Rate		Amount		Rate
U.S. federal statutory income tax rate	$	1,600	21.0	%	$	2,193	21.0	%	$	320	21.0	%
State Taxes, net of federal benefit	123		1.6		152		1.5		(114)		(7.5)
Tax on global activities including exports(a)	(92)		(1.2)		78		0.7		(29)		(1.9)
U.S. business credits(b)	(242)		(3.2)		(254)		(2.4)		(198)		(13.0)
Retained and sold ownership interests	(110)		(1.4)		(1,215)		(11.6)		2		0.1
All other – net(c)	(317)		(4.2)		40		0.3		188		12.4
	(638)		(8.4)		(1,199)		(11.5)		(151)		(9.9)
Actual income tax rate	$	962	12.6	%	$	994	9.5	%	$	169	11.1	%

(a)For the years ended December 31, 2024, 2023 and 2022, respectively, the tax expense (benefit) related to the negotiated tax rate in Singapore was $(136) million, $(136) million and $(112) million, and the tax expense (benefit) related to cross-border tax payments and U.S. tax on non-U.S. subsidiaries was $88 million, $121 million and $15 million.

(b)Primarily the credit for energy produced from renewable sources from tax equity investments and the credit for research performed in the U.S.

(c)For the years ended December 31, 2024, 2023 and 2022, respectively, included $(246) million, $35 million and $127 million for separation income tax costs (benefits) of which zero, $38 million and $66 million was due to the repatriation of previously reinvested earnings.

Schedule of Unrecognized Tax Benefits

A summary and reconciliation of our unrecognized tax benefits are as follows:

UNRECOGNIZED TAX BENEFITS December 31	2024		2023		2022
Unrecognized tax benefits	$	2,824	$	3,399	$	3,951
Portion that, if recognized, would reduce tax expense and effective tax rate(a)	2,110		2,708		3,072
Accrued interest on unrecognized tax benefits	609		635		614
Accrued penalties on unrecognized tax benefits	14		111		111
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months	0-300		0-610		0-650
Portion that, if recognized, would reduce tax expense and effective tax rate(a)	0-270		0-550		0-600

(a) Some portion of such reduction may be reported as discontinued operations.

Schedule of Unrecognized Tax Benefits Reconciliation

UNRECOGNIZED TAX BENEFITS RECONCILIATION	2024		2023		2022
Balance at January 1	$	3,399	$	3,951	$	4,224
Additions for tax positions of the current year	68		109		62
Additions for tax positions of prior years	77		156		120
Reductions for tax positions of prior years(a)	(649)		(710)		(393)
Settlements with tax authorities	(14)		(56)		(8)
Expiration of the statute of limitations	(57)		(51)		(54)
Balance at December 31	$	2,824	$	3,399	$	3,951

(a) Included $(612) million due to the spin of GE Vernova for 2024 and $(577) million due to the spin of GE HealthCare for 2023.

Schedule of Deferred Income Taxes

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	2024		2023
Total assets	$	7,479	$	7,891
Total liabilities	(368)		(389)
Net deferred income tax asset (liability)	$	7,111	$	7,502

COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31	2024		2023
Deferred tax assets
Insurance company loss reserves	$	2,349	$	3,185
Progress collections, Contract assets, Contract liabilities and deferred items	1,435		1,632
Accrued expenses and reserves	1,231		1,241
Deferred expenses	1,398		1,235
Other compensation and benefits	510		521
Principal pension plans	1,009		1,146
Non-U.S. loss carryforwards(a)	1,891		1,879
Capital losses carryforward	849		582
State deferred tax assets(b)	762		813
Other	1,514		1,490
Total deferred tax assets	$	12,948	$	13,724
Valuation allowance(a)(b)(c)	(3,216)		(3,416)
Total deferred tax assets after valuation allowance	9,732		10,308
Deferred tax liabilities
Intangibles	$	(1,049)	$	(1,129)
Depreciation	(712)		(635)
Investment in securities	(661)		(645)
Other	(199)		(397)
Total deferred tax liabilities	(2,621)		(2,806)
Net deferred income tax asset (liability)	$	7,111	$	7,502

(a)Included valuation allowances for non-U.S. loss carryforwards of $1,362 million and $1,465 million as of December 31, 2024 and 2023, respectively. The net deferred tax asset as of December 31, 2024 of $529 million relates to net operating losses that may be carried forward indefinitely.

(b) Included valuation allowances for U.S. state losses and credit carryforwards of $490 million and $639 million as of December 31, 2024 and 2023, respectively. Of the $142 million of net deferred tax assets for U.S. state losses and credit carryforwards as of December 31, 2024, $33 million relates to state attributes that expire in various year ending from December 31, 2025 through December 31, 2027, $104 million relates to state attributes that expire various years ending from December 31, 2028 through December 31, 2044, and $5 million relates to state attributes that may be carried forward indefinitely.

(c) Included valuation allowances related to assets other than non-U.S. loss carryforwards and U.S. state loss and credit carryforwards of $1,364 million and $1,312 million as of December 31, 2024 and 2023, respectively, related primarily to excess U.S. federal capital loss and foreign tax credit carryforwards.

Schedule of Deferred Tax Assets Valuation Allowance

DEFERRED TAX ASSETS VALUATION ALLOWANCE
Balance at December 31, 2021	$	(3,348)
Additions charged to income tax expense	(10)
Reductions credited to income tax expense	—
Other adjustments(a)	(1,806)
Balance at December 31, 2022	$	(5,164)
Additions charged to income tax expense	—
Reductions credited to income tax expense	102
Other adjustments(b)	1,646
Balance at December 31, 2023	$	(3,416)
Additions charged to income tax expense	(2)
Reductions credited to income tax expense	184
Other adjustments	18
Balance at December 31, 2024	$	(3,216)

(a) Primarily related to excess capital losses generated during the year.

(b) Primarily related to utilization of losses against capital gains, including gains reported in discontinued operations. See Note 2 for further information.