GE 2014 Annual Report Download - page 202

182 GE 2014 FORM 10-K
FINANCIAL STATEMENTS INCOME TAXES
NOTE 14. INCOME TAXES
GE and GECC file a consolidated U.S. federal income tax return. This enables GE to use GECC tax deductions and credits to
reduce the tax that otherwise would have been payable by GE. The GECC effective tax rate for each period reflects the benefit
of these tax reductions in the consolidated return. GE makes cash payments to GECC for these tax reductions at the time
GE’s tax payments are due.
(BENEFIT) PROVISION FOR INCOME TAXES
(In millions) 2014 2013 2012
GE
Current tax expense $ 2,110 $ 4,239 $ 2,307
Deferred tax expense (benefit) from temporary differences (476) (2,571) (294)
1,634 1,668 2,013
GECC
Current tax expense (benefit) 848 (268) 1,379
Deferred tax expense (benefit) from temporary differences (710) (724) (858)
138 (992) 521
Consolidated
Current tax expense 2,958 3,971 3,686
Deferred tax expense (benefit) from temporary differences (1,186) (3,295) (1,152)
Total $ 1,772 $ 676 $ 2,534
CONSOLIDATED EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(In millions) 2014 2013 2012
U.S. earnings $ 5,421 $ 6,099 $ 8,309
Non-U.S. earnings 11,808 10,052 9,072
Total $ 17,229 $ 16,151 $ 17,381
CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES
(In millions) 2014 2013 2012
U.S. Federal
Current(a) $ 51 $ 85 $ 685
Deferred (177) (2,315) (414)
Non - U.S.
Current 2,978 3,659 2,871
Deferred (849) (1,038) (773)
Other (231) 285 165
Total $ 1,772 $ 676 $ 2,534
(a) Includes the benefit from GECC deductions and credits applied against GE’s current U.S. tax expense.