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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions | The components of Loss before income taxes were:
Years ended December 31, | 2024 |  | 2023 |  | 2022
U.S. | ($12,813) |  |  | ($2,512) |  |  | ($5,457) |
Non-U.S. | 603 |  |  | 507 |  |  | 435 |
Total | ($12,210) |  |  | ($2,005) |  |  | ($5,022) |
Schedule of Income Tax Expense/(Benefit) | Income tax (benefit)/expense consisted of the following:
Years ended December 31, | 2024 |  | 2023 |  | 2022
Current tax (benefit)/expense |  |  |  |  |
U.S. federal | ($277) |  |  | $9 |  |  | ($58) |
Non-U.S. | 184 |  |  | 179 |  |  | 142 |
U.S. state | 14 |  |  | 19 |  |  | (42) |
Total current | (79) |  |  | 207 |  |  | 42 |
Deferred tax (benefit)/expense |  |  |  |  |
U.S. federal | (71) |  |  | 6 |  |  | (62) |
Non-U.S. | 3 |  |  | 5 |  |  | (3) |
U.S. state | (234) |  |  | 19 |  |  | 54 |
Total deferred | (302) |  |  | 30 |  |  | (11) |
Total income tax (benefit)/expense | ($381) |  |  | $237 |  |  | $31 |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the U.S. federal statutory tax to actual income tax (benefit)/expense:
Years ended December 31, | 2024 |  | 2023 |  | 2022
| Amount | Rate |  | Amount | Rate |  | Amount | Rate
U.S. federal statutory tax | ($2,564) |  | 21.0 | % |  | ($421) |  | 21.0 | % |  | ($1,054) |  | 21.0 | %
Valuation allowance | 3,145 |  | (25.8) |  |  | 1,150 |  | (57.3) |  |  | 1,199 |  | (23.9) |
Federal audit settlement(1) | (490) |  | 4.0 |  |  |  |  |  |  |
Research and development credits | (409) |  | 3.3 |  |  | (472) |  | 23.6 |  |  | (204) |  | 4.1 |
State income tax provision, net of effects on U.S. federal tax | (223) |  | 1.8 |  |  | (75) |  | 3.7 |  |  | (90) |  | 1.8 |
Tax on non-U.S. activities | 113 |  | (0.9) |  |  | 35 |  | (1.8) |  |  | 64 |  | (1.3) |
Impact of subsidiary shares purchased from noncontrolling interests |  |  |  | (29) |  | 1.5 |  |  |  |
Other provision adjustments | 47 |  | (0.3) |  |  | 49 |  | (2.5) |  |  | 116 |  | (2.3) |
Income tax (benefit)/expense | ($381) |  | 3.1 | % |  | $237 |  | (11.8) | % |  | $31 |  | (0.6) | %
(1) In the second quarter of 2024, we recorded a tax benefit of $490 related to the settlement of the 2018-2020 federal tax audit, which excludes an associated $155 valuation expense that is recorded in the Valuation allowance line.
Significant Components of Deferred Tax Assets Net of Deferred Tax Liabilities | Significant components of our deferred tax assets/(liabilities) at December 31 were as follows:
| 2024 |  | 2023
Inventory and long-term contract methods of income recognition | ($4,765) |  |  | ($5,115) |
Federal net operating loss, credit, interest and other carryovers(1) | 4,719 |  |  | 2,551 |
Research expenditures | 3,936 |  |  | 2,873 |
Fixed assets, intangibles and goodwill | (1,526) |  |  | (1,566) |
State net operating loss, credit, interest and other carryovers(2) | 1,353 |  |  | 1,137 |
Other employee benefits | 1,049 |  |  | 1,162 |
Pension benefits | 1,045 |  |  | 1,178 |
Accrued expenses and reserves | 1,029 |  |  | 956 |
Other postretirement benefit obligations | 587 |  |  | 590 |
Other | 473 |  |  | 614 |
Gross deferred tax assets/(liabilities) before valuation allowance | $7,900 |  |  | $4,380 |
Valuation allowance | (7,837) |  |  | (4,550) |
Net deferred tax assets/(liabilities) after valuation allowance | $63 |  |  | ($170) |
(1) Of the deferred tax asset for federal net operating loss, credit, interest and other carryovers, $1,848 expires on or before December 31, 2044 and $2,871 may be carried over indefinitely. (2) Of the deferred tax asset for state net operating loss, credit, interest and other carryovers, $686 expires on or before December 31, 2044 and $667 may be carried over indefinitely.
Net Deferred Tax Assets and Liabilities | Net deferred tax assets/(liabilities) at December 31 were as follows:
| 2024 |  | 2023
Deferred tax assets | $17,991 |  |  | $14,743 |
Deferred tax liabilities | (10,091) |  |  | (10,363) |
Valuation allowance | (7,837) |  |  | (4,550) |
Net deferred tax assets/(liabilities) | $63 |  |  | ($170) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits – January 1 | $1,131 |  |  | $915 |  |  | $858 |
Gross increases – tax positions in prior periods |  |  |  | 38 |  |  | 17 |
Gross decreases – tax positions in prior periods | (453) |  |  | (3) |  |  | (51) |
Gross increases – current period tax positions | 216 |  |  | 181 |  |  | 91 |
Gross decreases – current period tax positions |  |  |  |  |
Settlements | (206) |  |  |  |  |
Unrecognized tax benefits – December 31 | $688 |  |  | $1,131 |  |  | $915 |

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