v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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:
 202220232024
Income/(Loss) before income taxes (in millions)
   
U.S.$(6,548)$3,395 $3,424 
Non-U.S.3,532 572 3,809 
Total$(3,016)$3,967 $7,233 
Provision for/(Benefit from) income taxes (in millions) 
Current 
Federal$68 $62 $78 
Non-U.S.781 948 791 
State and local123 229 107 
Total current972 1,239 976 
Deferred 
Federal(2,292)(413)25 
Non-U.S.688 (1,149)303 
State and local(232)(39)35 
Total deferred(1,836)(1,601)363 
Total$(864)$(362)$1,339 
Reconciliation of effective tax rate 
U.S. statutory tax rate21.0 %21.0 %21.0 %
Non-U.S. tax rate differential(8.7)(3.4)2.9 
State and local income taxes2.3 1.9 1.7 
General business credits13.0 (15.9)(5.9)
Nontaxable foreign currency gains and losses(4.2)— — 
Dispositions and restructurings (a)(7.0)(14.7)— 
U.S. tax on non-U.S. earnings2.8 7.7 (0.2)
Prior year settlements and claims1.5 1.2 0.1 
Tax incentives2.0 (3.9)(2.2)
Enacted change in tax laws(2.0)0.1 0.4 
Valuation allowances6.2 (0.7)(1.0)
Other1.7 (2.4)1.7 
Effective tax rate28.6 %(9.1)%18.5 %
__________
(a)2023 includes benefits of $610 million associated with legal entity restructuring within our leasing operations and China.
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):
 20232024
Deferred tax assets  
Net operating loss carryforwards$7,262 $7,458 
Tax credit carryforwards8,944 7,993 
Research expenditures3,799 4,873 
Dealer and dealers’ customer allowances and claims2,752 3,498 
Employee benefit plans2,470 2,010 
Other foreign deferred tax assets3,456 2,691 
All other2,299 1,995 
Total gross deferred tax assets30,982 30,518 
Less: Valuation allowances(4,187)(3,856)
Total net deferred tax assets26,795 26,662 
Deferred tax liabilities 
Leasing transactions3,253 3,523 
Depreciation and amortization (excluding leasing transactions)3,389 3,590 
Finance receivables699 524 
Other foreign deferred tax liabilities1,255 1,381 
All other2,219 2,343 
Total deferred tax liabilities10,815 11,361 
Net deferred tax assets/(liabilities)$15,980 $15,301 
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):
 20232024
Beginning balance$2,939 $2,913 
Increase – tax positions in prior periods103 512 
Increase – tax positions in current period45 11 
Decrease – tax positions in prior periods(79)(775)
Settlements(115)(13)
Lapse of statute of limitations(33)(5)
Foreign currency translation adjustment53 (103)
Ending balance$2,913 $2,540