Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 221

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 1
Chunk 221
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66 million of tax, respectively, due to repatriation of previously reinvested earnings.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 3120242023Total 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 3120242023Deferred tax assets     Insurance company loss reserves$2,349 $3,185      Progress collections, Contract assets, Contract liabilities and deferred items1,435 1,632      Accrued expenses and reserves1,231 1,241      Deferred expenses1,398 1,235      Other compensation and benefits510 521      Principal pension plans1,009 1,146      Non-U.S. loss carryforwards(a)1,891 1,879      Capital losses carryforward849 582      State deferred tax assets(b)762 813      Other1,514 1,490 Total deferred tax assets$12,948 $13,724      Valuation allowance(a)(b)(c)(3,216)(3,416)Total deferred tax assets after valuation allowance9,732 10,308 Deferred tax liabilities     Intangibles$(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