Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Taxes and Equity Income

	Years Ended December 31,
	2021		2020		2019
U.S. income	$	9,513	$	6,881	$	3,826
Non-U.S. income	1,902		540		2,342
Income before income taxes and equity income	$	11,415	$	7,421	$	6,168

Schedule of Components of Income Tax Expense (Benefit)

	Years Ended December 31,
	2021		2020		2019
Current income tax expense
U.S. federal	$	20	$	84	$	42
U.S. state and local	142		272		102
Non-U.S.	395		493		758
Total current income tax expense	557		849		902
Deferred income tax expense (benefit)
U.S. federal	1,699		632		(145)
U.S. state and local	229		(15)		3
Non-U.S.	286		308		9
Total deferred income tax expense (benefit)	2,214		925		(133)
Total income tax expense	$	2,771	$	1,774	$	769

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended December 31,
	2021		2020		2019
Income tax expense at U.S. federal statutory income tax rate	$	2,397	$	1,558	$	1,295
State and local tax expense	301		219		117
Non-U.S. income taxed at other than the U.S. federal statutory tax rate	36		(1)		166
U.S. tax impact on Non-U.S. income and activities	129		(160)		(197)
Change in valuation allowances	665		370		(233)
Change in tax laws	(93)		—		(122)
General business credits and manufacturing incentives	(492)		(366)		(420)
Settlements of prior year tax matters	11		(18)		—
Realization of basis differences in affiliates	(295)		(12)		—
Foreign currency remeasurement	28		(7)		74
Other adjustments	84		191		89
Total income tax expense	$	2,771	$	1,774	$	769

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, 2021		December 31, 2020
Deferred tax assets
Postretirement benefits other than pensions	$	1,572	$	1,742
Pension and other employee benefit plans	1,540		2,999
Warranties, dealer and customer allowances, claims and discounts	4,253		5,538
U.S. capitalized research expenditures	7,285		6,763
U.S. operating loss and tax credit carryforwards(a)	6,959		7,254
Non-U.S. operating loss and tax credit carryforwards(b)	6,593		7,216
Miscellaneous	3,468		3,479
Total deferred tax assets before valuation allowances	31,670		34,991
Less: valuation allowances	(8,855)		(9,095)
Total deferred tax assets	22,815		25,896
Deferred tax liabilities
Property, plant and equipment	1,775		1,670
Intangible assets	729		744
Total deferred tax liabilities	2,504		2,414
Net deferred tax assets	$	20,311	$	23,482

_________

(a)    At December 31, 2021, U.S. operating loss and tax credit carryforwards of $6.5 billion expire by 2041 if not utilized and the remaining balance of $450 million may be carried forward indefinitely.

(b)    At December 31, 2021, Non-U.S. operating loss and tax credit carryforwards of $1.2 billion expire by 2041 if not utilized and the remaining balance of $5.4 billion may be carried forward indefinitely.

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes activity of the total amounts of unrecognized tax benefits:

	Years Ended December 31,
	2021		2020		2019
Balance at beginning of period	$	1,086	$	775	$	1,341
Additions to current year tax positions	22		435		18
Additions to prior years' tax positions	46		26		13
Reductions to prior years' tax positions	(473)		(132)		(501)
Reductions in tax positions due to lapse of statutory limitations	(17)		(3)		(8)
Settlements	(26)		(10)		(93)
Other	(4)		(5)		5
Balance at end of period	$	634	$	1,086	$	775