v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Components of income tax [Table Text Block]
Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income/(loss), and equity in net results of affiliated companies accounted for after-tax for the years ended December 31 were as follows:
 202020212022
Income/(Loss) before income taxes (in millions)
   
U.S.$(231)$10,043 $(6,548)
Non-U.S.(885)7,737 3,532 
Total$(1,116)$17,780 $(3,016)
Provision for/(Benefit from) income taxes (in millions) 
Current 
Federal$(23)$102 $68 
Non-U.S.554 598 781 
State and local(45)26 123 
Total current486 726 972 
Deferred 
Federal(523)2,290 (2,292)
Non-U.S.168 (3,254)688 
State and local29 108 (232)
Total deferred(326)(856)(1,836)
Total$160 $(130)$(864)
Reconciliation of effective tax rate 
U.S. statutory tax rate21.0 %21.0 %21.0 %
Non-U.S. tax rate differential(2.6)1.3 (8.7)
State and local income taxes8.9 0.5 2.3 
General business credits35.1 (2.3)13.0 
Nontaxable foreign currency gains and losses(1.1)— (4.2)
Dispositions and restructurings (a)(0.4)(18.8)(7.0)
U.S. tax on non-U.S. earnings28.1 2.4 2.8 
Prior year settlements and claims8.3 (0.3)1.5 
Tax incentives(6.0)(0.6)2.0 
Enacted change in tax laws1.5 1.1 (2.0)
Valuation allowances(108.8)(4.7)6.2 
Other1.7 (0.3)1.7 
Effective tax rate(14.3)%(0.7)%28.6 %
__________
(a)Includes a benefit of $2.9 billion to recognize deferred tax assets resulting from changes in our global tax structure in 2021.
Components of deferred tax assets and liabilities [Table Text Block] The components of deferred tax assets and liabilities at December 31 were as follows (in millions):
 20212022
Deferred tax assets  
Employee benefit plans$2,320 $1,960 
Net operating loss carryforwards4,163 3,978 
Tax credit carryforwards10,437 9,354 
Research expenditures1,117 3,240 
Dealer and dealers’ customer allowances and claims1,944 2,192 
Other foreign deferred tax assets2,005 1,854 
All other2,353 2,201 
Total gross deferred tax assets24,339 24,779 
Less: Valuation allowances(1,067)(822)
Total net deferred tax assets23,272 23,957 
Deferred tax liabilities 
Leasing transactions2,103 2,992 
Depreciation and amortization (excluding leasing transactions)2,881 3,116 
Finance receivables756 792 
Carrying value of investments2,149 487 
Other foreign deferred tax liabilities893 1,196 
All other2,275 1,371 
Total deferred tax liabilities11,057 9,954 
Net deferred tax assets/(liabilities)$12,215 $14,003 
Summary of Unrecognized Tax Benefits Roll Forward [Table Text Block] A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 were as follows (in millions):
 20212022
Beginning balance$1,913 $2,910 
Increase – tax positions in prior periods1,054 338 
Increase – tax positions in current period25 17 
Decrease – tax positions in prior periods(54)(236)
Settlements1 (2)
Lapse of statute of limitations(7)(1)
Foreign currency translation adjustment(22)(87)
Ending balance$2,910 $2,939