GE 2014 Annual Report Download - page 86
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66 GE 2014 FORM 10-K
MD&A OTHER CONSOLIDATED INFORMATION
associated income taxes differ for GE and for GECC; therefore, a separate analysis of each is presented in the paragraphs
that follow.
GE EFFECTIVE TAX RATE (EXCLUDING GECC EARNINGS)*
(Dollars in billions)
We believe that the GE effective tax rate and provision for income taxes are best analyzed in relation to GE earnings before
income taxes excluding the GECC net earnings from continuing operations, as GE tax expense does not include taxes on
GECC earnings. For further information on this calculation, see the “Supplemental Information” section within the MD&A of this
Form 10-K.
GE ETR, EXCLUDING GECC EARNINGS* GE PROVISION (BENEFIT) FOR INCOME TAXES
2014 – 2013 COMMENTARY
x The GE provision for income taxes decreased in 2014 primarily because of increased benefits from lower taxed global
operations ($0.8 billion).
x That decrease was partially offset by the decrease in the benefit of audit resolutions ($0.3 billion) shown below, an
increase in income taxed at rates above the average tax rate ($0.3 billion), and the non-repeat of the 2013 benefit from
the enactment of the extension of certain U.S. business credits ($0.1 billion), disclosed above.
2013 – 2012 COMMENTARY
x The GE provision for income taxes decreased in 2013 primarily because of the benefit of audit resolutions ($0.2 billion)
shown below.
Resolution of audit matters reduced the GE provision for income taxes by $0.1 billion, $0.4 billion and $0.1 billion in 2014,
2013 and 2012, respectively. The effects of such resolutions are included in the following captions in Note 14 to the
consolidated financial statements in this Form 10-K Report.
AUDIT RESOLUTIONS - EFFECT ON GE TAX RATE, EXCLUDING GECC EARNINGS
2014 2013 2012
Tax on global activities including exports (0.2)% (2.4) % (0.7)%
U.S. business credits -(0.6) -
All other - net (0.7) (1.0) (0.9)
Total (0.9)% (4.0) % (1.6)%
*Non-GAAP Financial Measure