v3.22.4

Income Taxes (Tables)

12 Months Ended

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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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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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.

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