Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 325

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 8
Chunk 325
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ITIONS. Annually, we file over 1,700 income tax returns in over 260 global taxing jurisdictions. As a multinational with operations around the world, we are under examination in many taxing jurisdictions and in some cases engaged in litigation, including our legacy businesses. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2020.A summary and reconciliation of our unrecognized tax benefits are as follows:UNRECOGNIZED TAX BENEFITS December 31202420232022Unrecognized 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 benefits609 635 614 Accrued penalties on unrecognized tax benefits14 111 111 Reasonably possible reduction to the balance of unrecognized tax benefitsin succeeding 12 months0-3000-6100-650Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-2700-5500-600(a) Some portion of such reduction may be reported as discontinued operations.UNRECOGNIZED TAX BENEFITS RECONCILIATION202420232022Balance at January 1$3,399 $3,951 $4,224 Additions for tax positions of the current year68 109 62 Additions for tax positions of prior years77 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.

64 2024 FORM 10-K

We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2024, 2023 and 2022, we recognized $137 million, $28 million and $36 million, respectively of interest expense (income) related to tax deficiencies. We also recognized an insignificant amount, $7 million and $(26) million of tax expense (income) related to