Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 146

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 3
Chunk 146
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 TAX BENEFITS December 31202420232022Unrecognized tax benefits$2,824 $3,399 $3,951 Portion that, if recognized, would reduce tax expense and effective tax rate(a)2,110 2,708 3,072 Accrued interest on unrecognized tax benefits609 635 614 Accrued penalties on unrecognized tax benefits14 111 111 Reasonably possible reduction to the balance of unrecognized tax benefitsin succeeding 12 months0-3000-6100-650Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-2700-5500-600(a) Some portion of such reduction may be reported as discontinued operations.UNRECOGNIZED TAX BENEFITS RECONCILIATION202420232022Balance at January 1$3,399 $3,951 $4,224 Additions for tax positions of the current year68 109 62 Additions for tax positions of prior years77 156 120 Reductions for tax positions of prior years(a)(649)(710)(393)Settlements with tax authorities(14)(56)(8)Expiration of the statute of limitations(57)(51)(54)Balance at December 31$2,824 $3,399 $3,951 (a) Included $(612) million due to the spin of GE Vernova for 2024 and $(577) million due to the spin of GE HealthCare for 2023.

64 2024 FORM 10-K

We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2024, 2023 and 2022, we recognized $137 million, $28 million and $36 million, respectively of interest expense (income) related to tax deficiencies. We also recognized an insignificant amount, $7 million and $(26) million of tax expense (income) related to income tax penalties for the years ended December 31, 2024, 2023 and 2022, respectively.DEFERRED INCOME TAXES. We have not recorded a provision for the deferred taxes related to the U.S. tax on foreign earnings enacted in the Tax Cuts and Jobs Act of 2017 ("global intangible low tax income"). We also have not provided deferred taxes on cumulative net earnings of non-U.S. affiliates and