Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Provision for income taxes table

(BENEFIT) PROVISION FOR INCOME TAXES
(In millions)	2014		2013		2012
Current tax expense (benefit)	$	848	$	(268)	$	1,379
Deferred tax expense (benefit) from temporary differences		(710)		(724)		(858)
Total	$	138	$	(992)	$	521

CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES
(In millions)			2014		2013		2012
U.S. Federal
	Current		(316)		(1,287)		(6)
	Deferred		(156)		(474)		30
Non - U.S.
	Current		1,222		1,020		1,436
	Deferred		(425)		(269)		(815)
Other			(187)		18		(124)
Total		$	138	$	(992)	$	521

Consolidated earnings from continuing operations before income tax table

CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(In millions)		2014		2013		2012
U.S. earnings	$	3,439	$	2,845	$	4,496
Non-U.S. earnings		4,202		4,474		3,433
Total	$	7,641	$	7,319	$	7,929

Schedule of Effective Income Tax Rate Reconciliation

RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE
	2014		2013		2012
U.S. federal statutory income tax rate	35.0	%	35.0	%	35.0	%
Increase (reduction) in rate resulting from
Tax on global activities including exports(a)	(24.1)		(45.0)		(18.4)
U.S. business credits(b)	(4.6)		(4.6)		(4.3)
Business Property disposition	-		-		(4.2)
All other – net	(4.5)		1.0		(1.5)
	(33.2)		(48.6)		(28.4)
Actual income tax rate	1.8	%	(13.6)	%	6.6	%

• Included (3.8) % related to the sale of GEMB-Nordic in 2014 and (13.3)% related to the sale of 68.5% of our Swiss consumer finance bank, Cembra Money Bank AG (Cembra), through an initial public offering in 2013.
• U.S. general business credits, primarily the credit for energy produced from renewable sources, the advanced energy project credit and the low-income housing credit.

Unrecognized tax benefits

UNRECOGNIZED TAX BENEFITS
December 31 (In millions)	2014		2013
Unrecognized tax benefits	$	3,055	$	3,223
Portion that, if recognized, would reduce tax expense and effective tax rate(a)		2,259		2,346
Accrued interest on unrecognized tax benefits		420		570
Accrued penalties on unrecognized tax benefits		34		97
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months		0-600		0-800
Portion that, if recognized, would reduce tax expense and effective tax rate(a)		0-50		0-250

Some portion of such reduction may be reported as discontinued operations.

Unrecognized tax benefits table

UNRECOGNIZED TAX BENEFITS RECONCILIATION
(In millions)	2014		2013
Balance at January 1	$	3,223	$	3,106
Additions for tax positions of the current year		61		79
Reductions for tax positions of the current year		(2)		(1)
Additions for tax positions of prior years		483		657
Reductions for tax positions of prior years		(531)		(617)
Settlements with tax authorities		(179)		(1)
Expiration of the statute of limitations		-		-
Balance at December 31	$	3,055	$	3,223

Principal components of our net liability (asset) table

COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY)
December 31 (In millions)	2014		2013
Assets
Non-U.S. loss carryforwards(a)	$	4,094	$	3,791
Allowance for losses		2,186		2,640
Investment in global subsidiaries		1,935		1,883
Other - net		4,331		4,910
Total deferred income tax assets		12,546		13,224
Liabilities
Operating leases		(6,351)		(6,284)
Financing leases		(4,046)		(4,075)
Intangible assets		(1,963)		(1,943)
Net unrealized gains on securities		(507)		(145)
Cash flow hedges		(162)		(163)
Other - net		(5,748)		(5,400)
Total deferred income tax liabilities		(18,777)		(18,010)
Net deferred income tax liability	$	(6,231)	$	(4,786)

(a)Net of valuation allowances of $880 million and $862 million for 2014 and 2013, respectively. Of the net deferred tax asset as of December 31, 2014, of $4,094 million, $41million relates to net operating loss carryforwards that expire in various years ending from December 31, 2015, through December 31, 2017; $91 million relates to net operating losses that expire in various years ending from December 31, 2018 through December 31, 2029 and $3,962 million relates to net operating loss carryforwards that may be carried forward indefinitely.