Company: GE
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0000040545-25-000111
Chunk: 30

Company: GENERAL ELECTRIC CO
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 7
Chunk 30
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 June 30, 2025 and 2024, and $0.4 billion and $0.5 billion for the six months ended June 30, 2025 and 2024, respectively. The primary components of interest and other financial charges are interest on short-term and long-term borrowings and interest on tax deficiencies. 

POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension and retiree benefit plans.

INCOME TAXES. For the three months ended June 30, 2025, the effective income tax rate was 16.2% compared to 8.6% for the three months ended June 30, 2024. 

The provision for income taxes was $0.4 billion and $0.1 billion for the three months ended June 30, 2025 and 2024, respectively. The increase in the tax provision was primarily due to higher net income before taxes, and a decrease in tax benefits associated with separation activities, partially offset by lower non-taxable losses on our retained and sold ownership interests for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. 

For the three months ended June 30, 2025, the adjusted effective income tax rate* was 18.7% compared to 20.3% for the three months ended June 30, 2024. The decrease was primarily due to higher U.S. business tax credits and favorable audit settlements, partially offset by taxes on global income, including global minimum taxes (Pillar 2). The adjusted provision (benefit) for income taxes* was $0.4 billion and $0.3 billion for the three months ended June 30, 2025 and 2024, respectively. The change in the tax provision was primarily due to higher adjusted net income before taxes* for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

For the six months ended June 30, 2025, the effective income tax rate was 14.5% compared to 10.7% for the six months ended June 30, 2024. See Note 15 for further information.

The provision for income taxes was $0.7 billion for the six months ended June 30, 2025 and $0.4 billion for the six months ended June 30, 2024.