Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 218

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 1
Chunk 218
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 rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. Accordingly, we are still evaluating the potential consequences of Pillar 2 on our longer-term financial position. During 2024, we have incurred insignificant tax expenses in connection with Pillar 2.EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202420232022U.S. earnings (loss)$4,809 $7,195 $(249)Non-U.S. earnings (loss)2,811 3,246 1,771 Total$7,620 $10,441 $1,522 

2024 FORM 10-K 63

PROVISION (BENEFIT) FOR INCOME TAXES202420232022CurrentU.S. Federal$310 $(588)$(117)Non-U.S.423 314 307 U.S. State48 134 (48)DeferredU.S. Federal250 622 (382)Non-U.S.59 453 493 U.S. State(128)59 (84)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