Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The Provision for income taxes for the years ended December 31 was estimated as follows (in millions):



	2012			2011			2010
Current
Federal	$	4		$	680		$	1,249
Non-U.S.	55			109			82
State and local	(14		)	32			182
Total current	45			821			1,513
Deferred
Federal	413			(316		)	(261		)
Non-U.S.	14			63			—
State and local	11			41			(146		)
Total deferred	438			(212		)	(407		)
Provision for income taxes	$	483		$	609		$	1,106

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the Provision for income taxes with the United States statutory tax rate as a percentage of Income before income taxes, excluding equity in net income of affiliated companies, net income attributable to noncontrolling interests, and income from discontinued operations, for the years ended December 31 is as follows:



	2012		2011		2010
U.S. statutory tax rate	35.0	%	35.0	%	35.0	%
Effect of (in percentage points):
Non-U.S. tax rates under U.S. rate	(1.6	)	(1.9	)	(1.6	)
State and local income taxes	(1.0	)	1.1		0.7
U.S. tax on non-U.S. earnings	(1.2	)	(10.3	)	1.6
Other	1.1		1.4		0.5
Valuation allowance (a)	(3.8	)	—		—
Effective tax rate	28.5	%	25.3	%	36.2	%

________


(a)	During 2012, we released a valuation allowance against certain deferred tax assets in South America, resulting in a favorable impact to the income tax provision of $64 million.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred tax assets and liabilities were as follows (in millions):



	December 31, 2012			December 31, 2011
Deferred tax assets
Net operating loss carryforwards	$	366		$	469
Provision for credit losses	127			175
Other foreign	175			227
Employee benefit plans	13			125
Foreign tax credits	122			3
Other	209			277
Total gross deferred tax assets	1,012			1,276
Less: Valuation allowance	(68		)	(125		)
Total net deferred tax assets	$	944		$	1,151

Deferred tax liabilities
Leasing transactions	$	1,138		$	925
Finance receivables	614			548
Other foreign	647			588
Other	30			68
Total deferred tax liabilities	2,429			2,129
Net deferred tax liability	$	1,485		$	978

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

unrecognized tax benefits for the years ended December 31 were as follows (in millions):



	2012			2011			2010
Beginning balance	$	535		$	533		$	614
Increase - tax positions in prior periods	54			25			120
Increase - tax positions in current period	7			—			—
Decrease - tax positions in prior periods	(54		)	(2		)	(14		)
Settlements	(51		)	(17		)	(187		)
Lapse of statute of limitations	—			(4		)	—
Ending balance	$	491		$	535		$	533