v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Provision or Benefit for Income Taxes | The provision for income taxes is comprised of the following:
| 2022 | 2021 | 2020
Current: |  |  |
U.S. | $ | (1) |  | $ | 1 |  | $ | 49 |
Foreign | 489 |  | 614 |  | 458 |
Total current | 488 |  | 615 |  | 507 |
Deferred: |  |  |
U.S. | — |  | — |  | (6) |
Foreign | 65 |  | 157 |  | 149 |
Total deferred | 65 |  | 157 |  | 143 |
Provision for income taxes | $ | 554 |  | $ | 772 |  | $ | 650 |
Schedule of Geographic Sources of Income (Loss) Before Income Taxes | The geographic sources of income (loss) before income taxes are as follows:
| 2022 | 2021 | 2020
U.S. | $ | (668) |  | $ | (724) |  | $ | (14,232) |
Foreign | 720 |  | 1,152 |  | (914) |
Income (loss) before income taxes | $ | 52 |  | $ | 428 |  | $ | (15,146) |
Schedule of Difference Between Provision and U.S. Statutory Tax Rate | The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate to the loss or income before income taxes for the reasons set forth below for the years ended December 31:
| 2022 | 2021 | 2020
Income (loss) before income taxes | $ | 52 |  | $ | 428 |  | $ | (15,146) |
Taxes at the U.S. federal statutory income tax rate | 11 |  | 90 |  | (3,181) |
Impact of goodwill impairment | — |  | — |  | 3,090 |
Effect of foreign operations (1) | 338 |  | 216 |  | 148 |
Tax expense (benefit) due to unrecognized tax benefits | (14) |  | 201 |  | 35 |
Tax impact of partnership structure | 98 |  | 159 |  | 38 |
Change in valuation allowances | 67 |  | 47 |  | 423 |
Other - net | 53 |  | 59 |  | 97 |
Provision for income taxes (2) | $ | 554 |  | $ | 772 |  | $ | 650 |
Actual income tax rate | 1,065.4 | % | 180.4 | % | (4.3) | %
(1)For December 31, 2022, $140 million of this amount relates to the charges associated with the sale and suspension of our Russia operations. (2)For December 31, 2021, $121 million of this amount was previously indemnified under the Tax Matters Agreement with GE of which $119 million was included in tax expense due to unrecognized tax benefits. In December 2022, the Company and GE entered into an agreement to terminate the Tax Matters Agreement. See below for further information.
Schedule of Deferred Tax Assets and Liabilities | The tax effects of our temporary differences and carryforwards are as follows at December 31:
| 2022 | 2021
Deferred tax assets: |  |
Operating & capital loss carryforwards | $ | 1,977 |  | $ | 2,065 |
Tax credit & other carryforwards | 399 |  | 419 |
Property | 127 |  | 156 |
Employee benefits | 62 |  | 116 |
Goodwill and other intangibles | 46 |  | 97 |
Receivables | 94 |  | 72 |
Inventory | 53 |  | 61 |
Other | 163 |  | 112 |
Total deferred income tax asset | 2,921 |  | 3,098 |
Valuation allowances | (2,366) |  | (2,432) |
Total deferred income tax asset after valuation allowance | 555 |  | 666 |
Deferred tax liabilities: |  |
Other | (34) |  | (4) |
Total deferred income tax liability | (34) |  | (4) |
Net deferred tax asset | $ | 522 |  | $ | 662 |
Schedule of Changes in Gross Unrecognized Tax Benefits | The following table presents the changes in our gross unrecognized tax benefits included in the consolidated statements of financial position.
Asset / (Liability) | 2022 | 2021
Balance at beginning of year | $ | (502) |  | $ | (454) |
Additions for tax positions of the current year | (19) |  | (32) |
Additions for tax positions of prior years | (93) |  | (166) |
Reductions for tax positions of prior years | 100 |  | 42 |
Settlements with tax authorities | 24 |  | 95 |
Lapse of statute of limitations | 29 |  | 13 |
Balance at end of year | $ | (461) |  | $ | (502) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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