Company: GE
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0000040545-25-000111
Chunk: 109

Company: GENERAL ELECTRIC CO
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 8
Chunk 109
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 were $59 million and $74 million for the three months ended June 30, 2025 and 2024,and $139 million and $163 million for the six months ended June 30, 2025 and 2024, respectively. Employer contributions from continuing operations were $74 million and $128 million for the three and six months ended June 30, 2024, respectively.

NOTE 14. SALES DISCOUNTS AND ALLOWANCES & ALL OTHER LIABILITIES.

Sales discounts and allowances increased $447 million in the six months ended June 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 $525 million in the six months ended June 30, 2025, primarily due to a decrease in employee compensation and benefits of $398 million primarily driven by payments of employee benefit liabilities, and a decrease in equipment projects and other commercial liabilities of $124 million. All other liabilities increased $128 million in the six months ended June 30, 2025, primarily due to increases in uncertain and other income taxes and related liabilities of $82 million and environmental, health and safety liabilities of $75 million.

NOTE 15. INCOME TAXES. Our effective income tax rate was 14.5% and 10.7% for the six months ended June 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 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. business tax credit benefits, and lower tax on global activities. 

On July 4, 2025, the reconciliation bill, commonly referred to as the One