Company: GE
Filing Date: 2025-10-21
Form Type: 10-Q
Source: 0000040545-25-000132
Chunk: 115

Company: GENERAL ELECTRIC CO
Filing Date: 2025-10-21
Form: 10-Q
Item: Item 8
Chunk 115
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65 million for the three and nine months ended September 30, 2024, respectively.We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $55 million and $47 million for the three months ended September 30, 2025 and 2024, and $194 million and $210 million for the nine months ended September 30, 2025 and 2024, respectively. Employer contributions from continuing operations were $47 million and $175 million for the three and nine months ended September 30, 2024, respectively.

NOTE 14. SALES DISCOUNTS AND ALLOWANCES & ALL OTHER LIABILITIES. Sales discounts and allowances increased $554 million in the nine months ended September 30, 2025, primarily due to accruals on product reserves, spare part discounts and engine shipments outpacing payments to airline customers in Commercial Engines & Services.

All other current liabilities and All other liabilities primarily includes employee compensation and benefits, equipment project and commercial liabilities, income taxes payable and uncertain tax positions, environmental, health and safety remediations, operating lease liabilities (see Note 6) and product warranties (see Note 22). All other current liabilities decreased $132 million in the nine months ended September 30, 2025, primarily due to a decrease in environmental, health and safety liabilities of $121 million driven by spend. All other liabilities increased $623 million in the nine months ended September 30, 2025, primarily due to increases in uncertain and other income taxes and related liabilities of $261 million and environmental, health and safety liabilities of $236 million driven by additional accruals.

NOTE 15. INCOME TAXES. Our effective income tax rate was 14.2% and 10.6% for the nine months ended September 30, 2025 and 2024, respectively. The tax rate for 2025 was reduced compared to the U.S. statutory rate of 21% primarily due to U.S. business tax credit benefits, tax benefits on global activities, tax effects of favorable audit resolutions, realized foreign tax credits benefits on the reinsurance transaction (see Note 12), and tax benefits on equity compensation. The tax rate for 2024 was reduced compared to the U.S. statutory rate of 21% primarily due to separation income tax benefit associated with an increase in net state deferred tax assets that are likely to be utilized after the spin of GE Vernova, U.S