Company: GE
Filing Date: 2025-07-21
Form Type: 10-Q
Source: 0000040545-25-000111
Chunk: 71

Company: GENERAL ELECTRIC CO
Filing Date: 2025-07-21
Form: 10-Q
Item: Item 4
Chunk 71
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% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. Since the proposal, many countries incorporated Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model 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. In June 2025, the G7 agreed to exclude U.S. Multi-National Entities (MNEs) from certain aspects of the Pillar 2 global minimum tax rules (the G7 Statement) in exchange for the U.S. not imposing retaliatory taxes in the OBBB. We will continue to monitor the G7 Statement, which has not yet been incorporated into the OECD framework. As countries continue to enact and refine the Pillar 2 rules, we will evaluate the impact on our financial position. In 2025, we expect to incur $0.1 billion in connection with the incorporation of the Pillar 2 model rules.The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 2016-2020. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components.DEFERRED INCOME TAXESJune 30, 2025December 31, 2024Total assets$7,289 $7,479 Total liabilities(399)(368)Net deferred income tax asset$6,890 $7,111 

NOTE 16. SHAREHOLDERS’ EQUITY 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)Three months ended June 30Six months ended June 30(Dividends per share in dollars)2025202420252024Beginning balance$(1,478)$(3,658)$(1,472)$(3,623)AOCI before reclasses – net of taxes of $(100), $(39), $(140) and $(13) (12)29 (19)(6)Reclasses from AOCI – net of taxes of  $—, $103, $— and $103(a) — 2,094 — 2,094 AOCI(12)2,123 (19)2,087 Less