Aggregate deferred income tax amounts are summarized below.
| December 31 (In millions) | 2004 (Restated) |
2003 (Restated) |
||||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| GE | $ | 9,464 | $ | 7,594 | ||
| GECS | 8,580 | 9,932 | ||||
| 18,044 | 17,526 | |||||
| LIABILITIES | ||||||
| GE | 13,080 | 9,505 | ||||
| GECS | 19,733 | 20,961 | ||||
| 32,813 | 30,466 | |||||
| Net deferred income tax liability | $ | 14,769 | $ | 12,940 | ||
Principal components of our net liability (asset) representing deferred income tax balances are as follows:
| December 31 (In millions) | 2004 (Restated) |
2003 (Restated) |
||||
|---|---|---|---|---|---|---|
| GE | ||||||
| Provisions for expenses(a) | $ | (5,833) | $ | (4,723) | ||
| Retiree insurance plans | (1,346) | (1,206) | ||||
| Prepaid pension asset – principal plans | 6,170 | 5,963 | ||||
| Depreciation | 2,029 | 1,714 | ||||
| Other–net | 2,596 | 163 | ||||
| 3,616 | 1,911 | |||||
| GECS | ||||||
| Financing leases | 9,767 | 10,250 | ||||
| Operating leases | 3,716 | 3,523 | ||||
| Deferred acquisition costs | 1,567 | 1,501 | ||||
| Allowance for losses | (2,208) | (2,036) | ||||
| Insurance reserves | (1,184) | (1,109) | ||||
| Cash flow hedges | (909) | (947) | ||||
| AMT credit carryforward | (203) | (351) | ||||
| Other–net | 607 | 198 | ||||
| 11,153 | 11,029 | |||||
| Net deferred income tax liability | $ | 14,769 | $ | 12,940 | ||
| (a) | Represents the tax effects of temporary differences related to expense accruals for a wide variety of items, such as employee compensation and benefits, interest tax liabilities, product warranties and other sundry items that are not currently deductible. |
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