v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Taxes and Equity Income
Years Ended December 31,
202220212020
U.S. income (loss)$9,454 $9,513 $6,881 
Non-U.S. income (loss)1,306 1,902 540 
Income (loss) before income taxes and equity income (loss)$10,760 $11,415 $7,421 
Schedule of Components of Income Tax Expense (Benefit)
Years Ended December 31,
202220212020
Current income tax expense (benefit)
U.S. federal$389 $20 $84 
U.S. state and local368 142 272 
Non-U.S.707 395 493 
Total current income tax expense (benefit)1,464 557 849 
Deferred income tax expense (benefit)
U.S. federal263 1,699 632 
U.S. state and local109 229 (15)
Non-U.S.53 286 308 
Total deferred income tax expense (benefit)425 2,214 925 
Total income tax expense (benefit)$1,888 $2,771 $1,774 
Schedule of Effective Income Tax Rate Reconciliation
Years Ended December 31,
202220212020
Income tax expense at U.S. federal statutory income tax rate$2,260 $2,397 $1,558 
State and local tax expense (benefit)388 301 219 
Non-U.S. income taxed at other than the U.S. federal statutory tax rate32 36 (1)
U.S. tax impact on Non-U.S. income and activities5 129 (160)
Change in valuation allowances(392)665 370 
Change in tax laws78 (93)— 
General business credits and manufacturing incentives(829)(492)(366)
Settlements of prior year tax matters— 11 (18)
Realization of basis differences in affiliates209 (295)(12)
Foreign currency remeasurement36 28 (7)
Other adjustments102 84 191 
Total income tax expense (benefit)$1,888 $2,771 $1,774 
Schedule of Deferred Tax Assets and Liabilities The following table summarizes the components of temporary differences and carryforwards that give rise to deferred tax assets and liabilities:
December 31, 2022December 31, 2021
Deferred tax assets
Postretirement benefits other than pensions$1,120 $1,572 
Pension and other employee benefit plans997 1,540 
Warranties, dealer and customer allowances, claims and discounts4,341 4,253 
U.S. capitalized research expenditures8,851 7,285 
U.S. operating loss and tax credit carryforwards(a)5,861 6,959 
Non-U.S. operating loss and tax credit carryforwards(b)6,296 6,593 
Miscellaneous2,773 3,468 
Total deferred tax assets before valuation allowances30,240 31,670 
Less: valuation allowances(7,744)(8,855)
Total deferred tax assets22,495 22,815 
Deferred tax liabilities
Property, plant and equipment1,957 1,775 
Intangible assets707 729 
Total deferred tax liabilities2,664 2,504 
Net deferred tax assets$19,832 $20,311 
_________
(a)    At December 31, 2022, U.S. operating loss deferred tax assets were $417 million, where $129 million can be carried forward indefinitely and $288 million will expire by 2040, if not utilized. At December 31, 2022, U.S. tax credit carryforwards were $5.4 billion, where $292 million can be carried forward indefinitely and $5.2 billion will expire by 2042, if not utilized.
(b)    At December 31, 2022, Non-U.S. operating loss deferred tax assets were $6.1 billion, where $5.1 billion can be carried forward indefinitely and $1.1 billion will expire by 2042, if not utilized. At December 31, 2022, Non-U.S. tax credit carryforwards were $148 million, where $112 million can be carried forward indefinitely and $36 million will expire by 2042, if not utilized.
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes activity of the total amounts of unrecognized tax benefits:
Years Ended December 31,
202220212020
Balance at beginning of period$634 $1,086 $775 
Additions to current year tax positions12 22 435 
Additions to prior years' tax positions14 46 26 
Reductions to prior years' tax positions(98)(473)(132)
Reductions in tax positions due to lapse of statutory limitations(20)(17)(3)
Settlements(10)(26)(10)
Other(12)(4)(5)
Balance at end of period$520 $634 $1,086