Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 324

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 8
Chunk 324
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)Total$962 $994 $169  Income taxes paid were $852 million, $994 million and $1,128 million for the years ended December 31, 2024, 2023 and 2022, respectively, including payments reported in discontinued operations.RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE202420232022AmountRateAmountRateAmountRateU.S. federal statutory income tax rate$1,600 21.0 %$2,193 21.0 %$320 21.0 %State Taxes, net of federal benefit123 1.6 152 1.5 (114)(7.5)Tax on global activities including exports(a)(92)(1.2)78 0.7 (29)(1.9)U.S. business credits(b)(242)(3.2)(254)(2.4)(198)(13.0)Retained and sold ownership interests(110)(1.4)(1,215)(11.6)2 0.1 All other – net(c)(317)(4.2)40 0.3 188 12.4 (638)(8.4)(1,199)(11.5)(151)(9.9)Actual income tax rate$962 12.6 %$994 9.5 %$169 11.1 %(a)For the years ended December 31, 2024, 2023 and 2022, respectively, the tax expense (benefit) related to the negotiated tax rate in Singapore was $(136) million, $(136) million and $(112) million, and the tax expense (benefit) related to cross-border tax payments and U.S. tax on non-U.S. subsidiaries was $88 million, $121 million and $15 million.(b)Primarily the credit for energy produced from renewable sources from tax equity investments and the credit for research performed in the U.S. (c)For the years ended December 31, 2024, 2023 and 2022, respectively, included $(246) million, $35 million and $127 million for separation income tax costs (benefits) of which zero, $38 million and $66 million was due to the repatriation of previously reinvested earnings.UNRECOGNIZED TAX POS