New York | 14-0689340 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
5 Necco Street | Boston | MA | 02210 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, par value | GE | New York Stock Exchange | ||||||
0.375% Notes due 2022 | GE 22A | New York Stock Exchange | ||||||
1.250% Notes due 2023 | GE 23E | New York Stock Exchange | ||||||
0.875% Notes due 2025 | GE 25 | New York Stock Exchange | ||||||
1.875% Notes due 2027 | GE 27E | New York Stock Exchange | ||||||
1.500% Notes due 2029 | GE 29 | New York Stock Exchange | ||||||
7 1/2% Guaranteed Subordinated Notes due 2035 | GE /35 | New York Stock Exchange | ||||||
2.125% Notes due 2037 | GE 37 | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
Emerging growth company | ☐ |
Page | |||||
Note 6 Inventories, Including Deferred Inventory Costs | |||||
RPO | June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||
Equipment | $ | 44,097 | $ | 45,991 | $ | 44,411 | |||||
Services | 183,368 | 184,608 | 183,188 | ||||||||
Total RPO | $ | 227,465 | $ | 230,600 | $ | 227,598 |
RPO | September 30, 2021 | December 31, 2020 | September 30, 2020 | ||||||||
Equipment | $ | 46,666 | $ | 45,991 | $ | 44,634 | |||||
Services | 191,839 | 184,608 | 182,032 | ||||||||
Total RPO | $ | 238,505 | $ | 230,600 | $ | 226,666 |
REVENUES | Three months ended June 30 | Six months ended June 30 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Consolidated revenues | $ | 18,279 | $ | 16,805 | $ | 35,397 | $ | 36,294 | |||||||||
Equipment | 8,302 | 8,206 | 16,273 | 17,303 | |||||||||||||
Services | 9,185 | 7,860 | 17,543 | 17,608 | |||||||||||||
GE Industrial revenues | $ | 17,487 | $ | 16,066 | $ | 33,816 | $ | 34,910 | |||||||||
GE Capital revenues | $ | 858 | $ | 861 | $ | 1,736 | $ | 1,698 |
REVENUES | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Consolidated revenues | $ | 18,429 | $ | 18,529 | $ | 53,826 | $ | 54,823 | |||||||||
Equipment | 8,905 | 9,625 | 25,178 | 26,928 | |||||||||||||
Services | 8,916 | 8,293 | 26,459 | 25,901 | |||||||||||||
GE Industrial revenues | $ | 17,821 | $ | 17,918 | $ | 51,637 | $ | 52,828 | |||||||||
GE Capital revenues | $ | 734 | $ | 758 | $ | 2,470 | $ | 2,455 |
EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE | Three months ended June 30 | Six months ended June 30 | EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
(Per-share in dollars and diluted) | (Per-share in dollars and diluted) | 2021 | 2020 | 2021 | 2020 | (Per-share in dollars and diluted) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Continuing earnings (loss) | Continuing earnings (loss) | $ | (624) | $ | (1,185) | $ | (604) | $ | 4,989 | Continuing earnings (loss) | $ | 603 | $ | (1,132) | $ | (1) | $ | 3,857 | ||||||||||||||||
Continuing earnings (loss) per share | Continuing earnings (loss) per share | $ | (0.07) | $ | (0.15) | $ | (0.07) | $ | 0.55 | Continuing earnings (loss) per share | $ | 0.54 | $ | (1.04) | $ | (0.01) | $ | 3.39 |
SUMMARY OF REPORTABLE SEGMENTS | SUMMARY OF REPORTABLE SEGMENTS | Three months ended June 30 | Six months ended June 30 | SUMMARY OF REPORTABLE SEGMENTS | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | V | % | 2021 | 2020 | V | % | 2021 | 2020 | V | % | 2021 | 2020 | V | % | ||||||||||||||||||||||||||||||||||||||||||||||
Aviation | Aviation | $ | 4,840 | $ | 4,384 | 10 | % | $ | 9,832 | $ | 11,276 | (13) | % | Aviation | $ | 5,398 | $ | 4,919 | 10 | % | $ | 15,230 | $ | 16,196 | (6) | % | |||||||||||||||||||||||||||||||||||
Healthcare | Healthcare | 4,454 | 3,893 | 14 | % | 8,761 | 8,620 | 2 | % | Healthcare | 4,339 | 4,565 | (5) | % | 13,100 | 13,185 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | 4,049 | 3,505 | 16 | % | 7,297 | 6,698 | 9 | % | Renewable Energy | 4,208 | 4,525 | (7) | % | 11,505 | 11,224 | 3 | % | |||||||||||||||||||||||||||||||||||||||||||
Power | Power | 4,295 | 4,156 | 3 | % | 8,216 | 8,181 | 0 | % | Power | 4,026 | 4,025 | — | % | 12,242 | 12,206 | — | % | |||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | 858 | 861 | 0 | % | 1,736 | 1,698 | 2 | % | Capital | 734 | 758 | (3) | % | 2,470 | 2,455 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | 18,496 | 16,799 | 10 | % | 35,842 | 36,473 | (2) | % | Total segment revenues | 18,704 | 18,793 | — | % | 54,546 | 55,266 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
Corporate items and eliminations | Corporate items and eliminations | (217) | 6 | U | (445) | (179) | U | Corporate items and eliminations | (275) | (264) | (4) | % | (720) | (443) | (63) | % | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated revenues | Consolidated revenues | $ | 18,279 | $ | 16,805 | 9 | % | $ | 35,397 | $ | 36,294 | (2) | % | Consolidated revenues | $ | 18,429 | $ | 18,529 | (1) | % | $ | 53,826 | $ | 54,823 | (2) | % | |||||||||||||||||||||||||||||||||||
Aviation | Aviation | $ | 176 | $ | (687) | F | $ | 818 | $ | 316 | F | Aviation | $ | 846 | $ | 350 | F | $ | 1,664 | $ | 665 | F | |||||||||||||||||||||||||||||||||||||||
Healthcare | Healthcare | 801 | 506 | 58 | % | 1,500 | 1,373 | 9 | % | Healthcare | 704 | 738 | (5) | % | 2,203 | 2,111 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | (99) | (251) | 61 | % | (333) | (578) | 42 | % | Renewable Energy | (151) | (51) | U | (484) | (628) | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||
Power | Power | 299 | (50) | F | 212 | (180) | F | Power | 204 | 148 | 38 | % | 416 | (32) | F | ||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | (573) | (476) | (20) | % | (745) | (663) | (12) | % | Capital | (142) | (29) | U | (887) | (692) | (28) | % | ||||||||||||||||||||||||||||||||||||||||||||
Total segment profit (loss) | Total segment profit (loss) | 604 | (957) | F | 1,451 | 268 | F | Total segment profit (loss) | 1,461 | 1,156 | 26 | % | 2,912 | 1,424 | F | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate items and eliminations | Corporate items and eliminations | 23 | 1,575 | (99) | % | 75 | 7,698 | (99) | % | Corporate items and eliminations | (74) | (1,515) | 95 | % | 2 | 6,182 | U | ||||||||||||||||||||||||||||||||||||||||||||
GE Industrial goodwill impairments | GE Industrial goodwill impairments | 0 | (877) | F | 0 | (877) | F | GE Industrial goodwill impairments | — | — | — | % | — | (877) | F | ||||||||||||||||||||||||||||||||||||||||||||||
GE Industrial interest and other financial charges | GE Industrial interest and other financial charges | (261) | (333) | 22 | % | (528) | (703) | 25 | % | GE Industrial interest and other financial charges | (225) | (313) | 28 | % | (753) | (1,016) | 26 | % | |||||||||||||||||||||||||||||||||||||||||||
GE Industrial debt extinguishment costs | GE Industrial debt extinguishment costs | (645) | (63) | U | (645) | (63) | U | GE Industrial debt extinguishment costs | — | — | — | % | (645) | (63) | U | ||||||||||||||||||||||||||||||||||||||||||||||
GE Industrial non-operating benefit costs | GE Industrial non-operating benefit costs | (517) | (596) | 13 | % | (950) | (1,212) | 22 | % | GE Industrial non-operating benefit costs | (426) | (603) | 29 | % | (1,376) | (1,815) | 24 | % | |||||||||||||||||||||||||||||||||||||||||||
GE Industrial benefit (provision) for income taxes | GE Industrial benefit (provision) for income taxes | 228 | 66 | F | 80 | (121) | F | GE Industrial benefit (provision) for income taxes | (81) | 143 | U | (1) | 22 | U | |||||||||||||||||||||||||||||||||||||||||||||||
GE Industrial preferred stock dividends | GE Industrial preferred stock dividends | (57) | 0 | U | (88) | 0 | U | GE Industrial preferred stock dividends | (52) | — | U | (139) | — | U | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to GE common shareholders | Earnings (loss) from continuing operations attributable to GE common shareholders | (624) | (1,185) | 47 | % | (604) | 4,989 | U | Earnings (loss) from continuing operations attributable to GE common shareholders | 603 | (1,132) | F | (1) | 3,857 | U | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (564) | (993) | 43 | % | (3,458) | (1,015) | U | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | — | % | 0 | (2) | F | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest | (564) | (993) | 43 | % | (3,458) | (1,012) | U | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations attributable to GE common shareholders | Earnings (loss) from discontinued operations attributable to GE common shareholders | 602 | (58) | F | (2,856) | (1,070) | U | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated net earnings (loss) attributable to the GE common shareholders | Consolidated net earnings (loss) attributable to the GE common shareholders | $ | (1,188) | $ | (2,179) | 45 | % | $ | (4,062) | $ | 3,977 | U | Consolidated net earnings (loss) attributable to the GE common shareholders | $ | 1,205 | $ | (1,190) | F | $ | (2,857) | $ | 2,787 | U |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales in units, except where noted | Sales in units, except where noted | 2021 | 2020 | 2021 | 2020 | Sales in units, except where noted | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Engines(a) | Commercial Engines(a) | 383 | 362 | 742 | 892 | Commercial Engines(a) | 377 | 391 | 1,119 | 1,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEAP Engines(b) | LEAP Engines(b) | 211 | 178 | 399 | 450 | LEAP Engines(b) | 226 | 172 | 625 | 622 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Military Engines | Military Engines | 155 | 204 | 251 | 350 | Military Engines | 154 | 107 | 405 | 457 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spare Parts Rate(c) | Spare Parts Rate(c) | $ | 15.0 | $ | 13.1 | $ | 14.1 | $ | 20.0 | Spare Parts Rate(c) | $ | 19.3 | $ | 14.4 | $ | 15.8 | $ | 18.1 | ||||||||||||||||||||||||||||||||||||||||||||||
(a) Commercial Engines now includes Business and General Aviation and Aeroderivative units for all periods presented. (b) LEAP engines are subsets of commercial engines. (c) Commercial externally shipped spare parts and spare parts used in time and material shop visits in millions of dollars per day. | (a) Commercial Engines now includes Business and General Aviation and Aeroderivative units for all periods presented. (b) LEAP engines are subsets of commercial engines. (c) Commercial externally shipped spare parts and spare parts used in time and material shop visits in millions of dollars per day. | (a) Commercial Engines now includes Business and General Aviation and Aeroderivative units for all periods presented. (b) LEAP engines are subsets of commercial engines. (c) Commercial externally shipped spare parts and spare parts used in time and material shop visits in millions of dollars per day. |
June 30, 2021 | December 31, 2020 | June 30, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||
Equipment | Equipment | $ | 10,548 | $ | 10,597 | $ | 11,496 | Equipment | $ | 11,523 | $ | 10,597 | $ | 10,373 | ||||||||
Services | Services | 103,236 | 103,500 | 104,190 | Services | 111,224 | 103,500 | 103,015 | ||||||||||||||
Total RPO | Total RPO | $ | 113,784 | $ | 114,097 | $ | 115,686 | Total RPO | $ | 122,747 | $ | 114,097 | $ | 113,388 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Commercial Engines & Services | $ | 3,115 | $ | 2,519 | $ | 6,469 | $ | 7,631 | |||||||||||||||||||||
Military | 1,041 | 1,161 | 1,997 | 2,121 | |||||||||||||||||||||||||
Systems & Other | 684 | 703 | 1,366 | 1,524 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,840 | $ | 4,384 | $ | 9,832 | $ | 11,276 | |||||||||||||||||||||
Equipment | $ | 1,865 | $ | 1,938 | $ | 3,712 | $ | 4,302 | |||||||||||||||||||||
Services | 2,974 | 2,446 | 6,120 | 6,975 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,840 | $ | 4,384 | $ | 9,832 | $ | 11,276 | |||||||||||||||||||||
Segment profit | $ | 176 | $ | (687) | $ | 818 | $ | 316 | |||||||||||||||||||||
Segment profit margin | 3.6 | % | (15.7) | % | 8.3 | % | 2.8 | % |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Commercial Engines & Services | $ | 3,602 | $ | 3,087 | $ | 10,071 | $ | 10,718 | |||||||||||||||||||||
Military | 1,107 | 1,137 | 3,104 | 3,258 | |||||||||||||||||||||||||
Systems & Other | 689 | 696 | 2,055 | 2,220 | |||||||||||||||||||||||||
Total segment revenues | $ | 5,398 | $ | 4,919 | $ | 15,230 | $ | 16,196 | |||||||||||||||||||||
Equipment | $ | 1,837 | $ | 1,933 | $ | 5,549 | $ | 6,234 | |||||||||||||||||||||
Services | 3,562 | 2,987 | 9,681 | 9,961 | |||||||||||||||||||||||||
Total segment revenues | $ | 5,398 | $ | 4,919 | $ | 15,230 | $ | 16,196 | |||||||||||||||||||||
Segment profit | $ | 846 | $ | 350 | $ | 1,664 | $ | 665 | |||||||||||||||||||||
Segment profit margin | 15.7 | % | 7.1 | % | 10.9 | % | 4.1 | % |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Equipment | $ | 3,660 | $ | 3,465 | $ | 3,642 | |||||
Services | 9,342 | 9,458 | 8,943 | ||||||||
Total RPO | $ | 13,002 | $ | 12,923 | $ | 12,585 |
September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||
Equipment | $ | 3,827 | $ | 3,465 | $ | 3,489 | |||||
Services | 10,425 | 9,458 | 9,419 | ||||||||
Total RPO | $ | 14,252 | $ | 12,923 | $ | 12,908 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Healthcare Systems (HCS) | $ | 3,915 | $ | 3,523 | $ | 7,740 | $ | 6,971 | |||||||||||||||||||||
Pharmaceutical Diagnostics (PDx) | 539 | 370 | 1,021 | 820 | |||||||||||||||||||||||||
BioPharma | — | — | — | 830 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,454 | $ | 3,893 | $ | 8,761 | $ | 8,620 | |||||||||||||||||||||
Equipment | $ | 2,257 | $ | 2,050 | $ | 4,484 | $ | 4,749 | |||||||||||||||||||||
Services | 2,197 | 1,843 | 4,278 | 3,872 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,454 | $ | 3,893 | $ | 8,761 | $ | 8,620 | |||||||||||||||||||||
Segment profit | $ | 801 | $ | 506 | $ | 1,500 | $ | 1,373 | |||||||||||||||||||||
Segment profit margin | 18.0 | % | 13.0 | % | 17.1 | % | 15.9 | % | |||||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Healthcare Systems (HCS) | $ | 3,832 | $ | 4,085 | $ | 11,572 | $ | 11,056 | |||||||||||||||||||||
Pharmaceutical Diagnostics (PDx) | 507 | 480 | 1,528 | 1,300 | |||||||||||||||||||||||||
BioPharma | — | — | — | 830 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,339 | $ | 4,565 | $ | 13,100 | $ | 13,185 | |||||||||||||||||||||
Equipment | $ | 2,187 | $ | 2,538 | $ | 6,671 | $ | 7,287 | |||||||||||||||||||||
Services | 2,151 | 2,027 | 6,429 | 5,899 | |||||||||||||||||||||||||
Total segment revenues | $ | 4,339 | $ | 4,565 | $ | 13,100 | $ | 13,185 | |||||||||||||||||||||
Segment profit | $ | 704 | $ | 738 | $ | 2,203 | $ | 2,111 | |||||||||||||||||||||
Segment profit margin | 16.2 | % | 16.2 | % | 16.8 | % | 16.0 | % | |||||||||||||||||||||
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Onshore and Offshore sales in units | Onshore and Offshore sales in units | 2021 | 2020 | 2021 | 2020 | Onshore and Offshore sales in units | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind Turbines | Wind Turbines | 887 | 830 | 1,665 | 1,561 | Wind Turbines | 1,083 | 1,170 | 2,748 | 2,731 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind Turbine Gigawatts | Wind Turbine Gigawatts | 2.9 | 2.3 | 5.4 | 4.4 | Wind Turbine Gigawatts | 3.6 | 3.4 | 8.9 | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repower units | Repower units | 249 | 357 | 249 | 576 | Repower units | 27 | 300 | 276 | 876 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Equipment | $ | 16,116 | $ | 18,273 | $ | 16,764 | |||||
Services | 13,192 | 12,531 | 10,444 | ||||||||
Total RPO | $ | 29,308 | $ | 30,804 | $ | 27,208 |
September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||
Equipment | $ | 18,211 | $ | 18,273 | $ | 17,579 | |||||
Services | 13,214 | 12,531 | 10,767 | ||||||||
Total RPO | $ | 31,425 | $ | 30,804 | $ | 28,346 |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Onshore Wind | Onshore Wind | $ | 2,883 | $ | 2,487 | $ | 5,001 | $ | 4,612 | Onshore Wind | $ | 3,047 | $ | 3,303 | $ | 8,048 | $ | 7,914 | ||||||||||||||||||||||||||||||||||||||||
Grid Solutions equipment and services | Grid Solutions equipment and services | 776 | 812 | 1,571 | 1,652 | Grid Solutions equipment and services | 759 | 936 | 2,330 | 2,587 | ||||||||||||||||||||||||||||||||||||||||||||||||
Hydro | Hydro | 194 | 151 | 359 | 330 | Hydro | 190 | 160 | 549 | 490 | ||||||||||||||||||||||||||||||||||||||||||||||||
Offshore Wind and Hybrid Solutions | Offshore Wind and Hybrid Solutions | 196 | 54 | 366 | 105 | Offshore Wind and Hybrid Solutions | 211 | 127 | 577 | 232 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | $ | 4,049 | $ | 3,505 | $ | 7,297 | $ | 6,698 | Total segment revenues | $ | 4,208 | $ | 4,525 | $ | 11,505 | $ | 11,224 | ||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | $ | 3,305 | $ | 2,722 | $ | 6,148 | $ | 5,298 | Equipment | $ | 3,695 | $ | 3,771 | $ | 9,844 | $ | 9,068 | ||||||||||||||||||||||||||||||||||||||||
Services | Services | 745 | 783 | 1,149 | 1,401 | Services | 512 | 754 | 1,661 | 2,155 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | $ | 4,049 | $ | 3,505 | $ | 7,297 | $ | 6,698 | Total segment revenues | $ | 4,208 | $ | 4,525 | $ | 11,505 | $ | 11,224 | ||||||||||||||||||||||||||||||||||||||||
Segment profit (loss) | Segment profit (loss) | $ | (99) | $ | (251) | $ | (333) | $ | (578) | Segment profit (loss) | $ | (151) | $ | (51) | $ | (484) | $ | (628) | ||||||||||||||||||||||||||||||||||||||||
Segment profit margin | Segment profit margin | (2.4) | % | (7.2) | % | (4.6) | % | (8.6) | % | Segment profit margin | (3.6) | % | (1.1) | % | (4.2) | % | (5.6) | % |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||
Sales in units | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
GE Gas Turbines | 22 | 11 | 47 | 43 | |||||||||||||||||||||||||||||||
Heavy-Duty Gas Turbines(a) | 14 | 9 | 34 | 29 | |||||||||||||||||||||||||||||||
HA-Turbines(b) | 5 | 3 | 11 | 12 | |||||||||||||||||||||||||||||||
Aeroderivatives(a) | 8 | 2 | 13 | 14 | |||||||||||||||||||||||||||||||
(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines. (b) HA-Turbines are a subset of Heavy-Duty Gas Turbines. |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||||||||
Sales in units | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
GE Gas Turbines | 14 | 25 | 25 | 32 | |||||||||||||||||||||||||||||||
Heavy-Duty Gas Turbines(a) | 9 | 15 | 20 | 20 | |||||||||||||||||||||||||||||||
HA-Turbines(b) | 1 | 5 | 6 | 9 | |||||||||||||||||||||||||||||||
Aeroderivatives(a) | 5 | 10 | 5 | 12 | |||||||||||||||||||||||||||||||
(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines. (b) HA-Turbines are a subset of Heavy-Duty Gas Turbines. |
September 30, 2021 | December 31, 2020 | September 30, 2020 | |||||||||
Equipment | $ | 14,231 | $ | 14,991 | $ | 14,774 | |||||
Services | 56,257 | 58,318 | 58,160 | ||||||||
Total RPO | $ | 70,488 | $ | 73,308 | $ | 72,934 |
June 30, 2021 | December 31, 2020 | June 30, 2020 | |||||||||
Equipment | $ | 14,893 | $ | 14,991 | $ | 14,694 | |||||
Services | 56,899 | 58,318 | 58,568 | ||||||||
Total RPO | $ | 71,792 | $ | 73,308 | $ | 73,262 |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gas Power | Gas Power | $ | 3,049 | $ | 3,077 | $ | 5,878 | $ | 5,936 | Gas Power | $ | 2,861 | $ | 2,940 | $ | 8,739 | $ | 8,876 | ||||||||||||||||||||||||||||||||||||||||
Steam Power | Steam Power | 831 | 763 | 1,537 | 1,571 | Steam Power | 790 | 769 | 2,327 | 2,340 | ||||||||||||||||||||||||||||||||||||||||||||||||
Power Conversion, Nuclear and other | Power Conversion, Nuclear and other | 415 | 316 | 800 | 674 | Power Conversion, Nuclear and other | 376 | 316 | 1,176 | 990 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | $ | 4,295 | $ | 4,156 | $ | 8,216 | $ | 8,181 | Total segment revenues | $ | 4,026 | $ | 4,025 | $ | 12,242 | $ | 12,206 | ||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | $ | 1,071 | $ | 1,488 | $ | 2,312 | $ | 2,994 | Equipment | $ | 1,368 | $ | 1,595 | $ | 3,680 | $ | 4,589 | ||||||||||||||||||||||||||||||||||||||||
Services | Services | 3,224 | 2,669 | 5,904 | 5,187 | Services | 2,658 | 2,430 | 8,561 | 7,617 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total segment revenues | Total segment revenues | $ | 4,295 | $ | 4,156 | $ | 8,216 | $ | 8,181 | Total segment revenues | $ | 4,026 | $ | 4,025 | $ | 12,242 | $ | 12,206 | ||||||||||||||||||||||||||||||||||||||||
Segment profit (loss) | Segment profit (loss) | $ | 299 | $ | (50) | $ | 212 | $ | (180) | Segment profit (loss) | $ | 204 | $ | 148 | $ | 416 | $ | (32) | ||||||||||||||||||||||||||||||||||||||||
Segment profit margin | Segment profit margin | 7.0 | % | (1.2) | % | 2.6 | % | (2.2) | % | Segment profit margin | 5.1 | % | 3.7 | % | 3.4 | % | (0.3) | % |
June 30, 2021 | December 31, 2020 | |||||||
Energy Financial Services (EFS) | $ | 2,554 | $ | 2,385 | ||||
Working Capital Solutions (WCS) | 1,869 | 5,884 | ||||||
Insurance | 51,810 | 50,824 | ||||||
Other continuing operations(a) | 11,693 | 18,577 | ||||||
Total segment assets - continuing operations | $ | 67,926 | $ | 77,670 | ||||
September 30, 2021 | December 31, 2020 | |||||||
Energy Financial Services (EFS) | $ | 2,358 | $ | 2,385 | ||||
Working Capital Solutions (WCS) | 1,337 | 5,884 | ||||||
Insurance | 50,839 | 50,824 | ||||||
Other continuing operations(a) | 11,762 | 18,577 | ||||||
Total segment assets - continuing operations | $ | 66,295 | $ | 77,670 | ||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
EFS | $ | 46 | $ | (2) | $ | 43 | $ | 62 | |||||||||
WCS | 22 | 82 | 77 | 213 | |||||||||||||
Insurance | 803 | 786 | 1,578 | 1,402 | |||||||||||||
Other continuing operations | (14) | (5) | 37 | 21 | |||||||||||||
Total segment revenues | $ | 858 | $ | 861 | $ | 1,736 | $ | 1,698 | |||||||||
EFS | $ | 56 | $ | (58) | $ | 51 | $ | (5) | |||||||||
WCS | (8) | 12 | (6) | 36 | |||||||||||||
Insurance | 192 | 114 | 308 | 21 | |||||||||||||
Other continuing operations(a) | (814) | (543) | (1,099) | (714) | |||||||||||||
Total segment profit (loss) | $ | (573) | $ | (476) | $ | (745) | $ | (663) |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
EFS | $ | (75) | $ | 15 | $ | (32) | $ | 77 | |||||||||
WCS | 28 | 57 | 105 | 270 | |||||||||||||
Insurance | 770 | 764 | 2,348 | 2,167 | |||||||||||||
Other continuing operations | 11 | (78) | 49 | (59) | |||||||||||||
Total segment revenues | $ | 734 | $ | 758 | $ | 2,470 | $ | 2,455 | |||||||||
EFS | $ | 18 | $ | 18 | $ | 70 | $ | 13 | |||||||||
WCS | (2) | 15 | (8) | 51 | |||||||||||||
Insurance | 52 | 57 | 360 | 78 | |||||||||||||
Other continuing operations(a) | (211) | (119) | (1,310) | (834) | |||||||||||||
Total segment profit (loss) | $ | (142) | $ | (29) | $ | (887) | $ | (692) |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Revenues | Revenues | Revenues | |||||||||||||||||||||||||||||||||||
Corporate revenues | Corporate revenues | $ | 229 | $ | 410 | $ | 456 | $ | 788 | Corporate revenues | $ | 237 | $ | 251 | $ | 693 | $ | 1,039 | |||||||||||||||||||
Eliminations and other | Eliminations and other | (446) | (405) | (900) | (967) | Eliminations and other | (512) | (515) | (1,412) | (1,482) | |||||||||||||||||||||||||||
Total Corporate Items and Eliminations | Total Corporate Items and Eliminations | $ | (217) | $ | 6 | $ | (445) | $ | (179) | Total Corporate Items and Eliminations | $ | (275) | $ | (264) | $ | (720) | $ | (443) | |||||||||||||||||||
Operating profit (cost) | Operating profit (cost) | Operating profit (cost) | |||||||||||||||||||||||||||||||||||
Gains (losses) on purchases and sales of business interests | Gains (losses) on purchases and sales of business interests | $ | (5) | $ | 32 | $ | (2) | $ | 12,403 | Gains (losses) on purchases and sales of business interests | $ | (156) | $ | 28 | $ | (159) | $ | 12,431 | |||||||||||||||||||
Gains (losses) on equity securities | Gains (losses) on equity securities | 497 | 1,867 | 844 | (3,859) | Gains (losses) on equity securities | 412 | (669) | 1,256 | (4,527) | |||||||||||||||||||||||||||
Restructuring and other charges | Restructuring and other charges | (225) | (289) | (331) | (432) | Restructuring and other charges | (64) | (91) | (395) | (523) | |||||||||||||||||||||||||||
Goodwill impairments(a) (Note 8) | — | (728) | — | (728) | |||||||||||||||||||||||||||||||||
Steam asset impairments(a) (Notes 7 & 8) | Steam asset impairments(a) (Notes 7 & 8) | — | (363) | — | (363) | ||||||||||||||||||||||||||||||||
SEC settlement charge(b) | SEC settlement charge(b) | — | (100) | — | (100) | ||||||||||||||||||||||||||||||||
Goodwill impairments(c) (Note 8) | Goodwill impairments(c) (Note 8) | — | — | — | (728) | ||||||||||||||||||||||||||||||||
Adjusted total corporate operating costs (Non-GAAP) | Adjusted total corporate operating costs (Non-GAAP) | (243) | (185) | (435) | (564) | Adjusted total corporate operating costs (Non-GAAP) | (266) | (321) | (701) | (885) | |||||||||||||||||||||||||||
Total Corporate Items and Eliminations (GAAP) | Total Corporate Items and Eliminations (GAAP) | $ | 23 | $ | 697 | $ | 75 | $ | 6,820 | Total Corporate Items and Eliminations (GAAP) | $ | (74) | $ | (1,515) | $ | 2 | $ | 5,305 | |||||||||||||||||||
Less: gains (losses) and restructuring & other | Less: gains (losses) and restructuring & other | 266 | 882 | 510 | 7,384 | Less: gains (losses) and restructuring & other | 192 | (1,195) | 702 | 6,190 | |||||||||||||||||||||||||||
Adjusted total corporate operating costs (Non-GAAP) | Adjusted total corporate operating costs (Non-GAAP) | $ | (243) | $ | (185) | $ | (435) | $ | (564) | Adjusted total corporate operating costs (Non-GAAP) | $ | (266) | $ | (321) | $ | (701) | $ | (885) | |||||||||||||||||||
Functions & operations | Functions & operations | $ | (164) | $ | (191) | $ | (322) | $ | (463) | Functions & operations | $ | (152) | $ | (246) | $ | (475) | $ | (709) | |||||||||||||||||||
Environmental, health and safety (EHS) and other items | Environmental, health and safety (EHS) and other items | (28) | 38 | (83) | 29 | Environmental, health and safety (EHS) and other items | (100) | (21) | (184) | 8 | |||||||||||||||||||||||||||
Eliminations | Eliminations | (52) | (32) | (29) | (130) | Eliminations | (13) | (54) | (42) | (184) | |||||||||||||||||||||||||||
Adjusted total corporate operating costs (Non-GAAP) | Adjusted total corporate operating costs (Non-GAAP) | $ | (243) | $ | (185) | $ | (435) | $ | (564) | Adjusted total corporate operating costs (Non-GAAP) | $ | (266) | $ | (321) | $ | (701) | $ | (885) |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Workforce reductions | Workforce reductions | $ | 290 | $ | 338 | $ | 501 | $ | 492 | Workforce reductions | $ | 132 | $ | 137 | $ | 634 | $ | 630 | ||||||||||||||||
Plant closures & associated costs and other asset write-downs | Plant closures & associated costs and other asset write-downs | 38 | 79 | 64 | 108 | Plant closures & associated costs and other asset write-downs | 23 | 93 | 87 | 201 | ||||||||||||||||||||||||
Acquisition/disposition net charges | Acquisition/disposition net charges | 1 | 19 | 6 | 45 | Acquisition/disposition net charges | 9 | 12 | 16 | 57 | ||||||||||||||||||||||||
Total restructuring and other charges | Total restructuring and other charges | $ | 330 | $ | 436 | $ | 572 | $ | 646 | Total restructuring and other charges | $ | 164 | $ | 242 | $ | 736 | $ | 888 | ||||||||||||||||
Cost of product/services | Cost of product/services | $ | 188 | $ | 141 | $ | 288 | $ | 257 | Cost of product/services | $ | 61 | $ | 111 | $ | 349 | $ | 368 | ||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 142 | 295 | 290 | 389 | Selling, general and administrative expenses | 103 | 131 | 393 | 520 | ||||||||||||||||||||||||
Other income | Other income | — | — | (7) | — | Other income | — | — | (7) | — | ||||||||||||||||||||||||
Total restructuring and other charges | Total restructuring and other charges | $ | 330 | $ | 436 | $ | 572 | $ | 646 | Total restructuring and other charges | $ | 164 | $ | 242 | $ | 736 | $ | 888 | ||||||||||||||||
Aviation | Aviation | $ | (2) | $ | 176 | $ | 61 | $ | 244 | Aviation | $ | 3 | $ | 65 | $ | 64 | $ | 309 | ||||||||||||||||
Healthcare | Healthcare | 20 | 46 | 59 | 76 | Healthcare | 68 | 28 | 127 | 104 | ||||||||||||||||||||||||
Renewable Energy | Renewable Energy | 59 | 57 | 135 | 84 | Renewable Energy | 14 | 58 | 149 | 142 | ||||||||||||||||||||||||
Power | Power | 227 | 95 | 276 | 128 | Power | 65 | 31 | 341 | 159 | ||||||||||||||||||||||||
Corporate | Corporate | 20 | 58 | 30 | 109 | Corporate | 9 | 45 | 39 | 154 | ||||||||||||||||||||||||
Total GE Industrial restructuring and other charges | Total GE Industrial restructuring and other charges | $ | 324 | $ | 433 | $ | 561 | $ | 641 | Total GE Industrial restructuring and other charges | $ | 160 | $ | 226 | $ | 720 | $ | 867 | ||||||||||||||||
Capital | Capital | 6 | 3 | 11 | 5 | Capital | 4 | 16 | 16 | 21 | ||||||||||||||||||||||||
Total restructuring and other charges | Total restructuring and other charges | $ | 330 | $ | 436 | $ | 572 | $ | 646 | Total restructuring and other charges | $ | 164 | $ | 242 | $ | 736 | $ | 888 | ||||||||||||||||
Restructuring and other charges cash expenditures | Restructuring and other charges cash expenditures | $ | 190 | $ | 324 | $ | 413 | $ | 535 | Restructuring and other charges cash expenditures | $ | 152 | $ | 321 | $ | 565 | $ | 856 |
INTEREST AND OTHER FINANCIAL CHARGES | INTEREST AND OTHER FINANCIAL CHARGES | Three months ended June 30 | Six months ended June 30 | INTEREST AND OTHER FINANCIAL CHARGES | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
GE Industrial | GE Industrial | $ | 261 | $ | 333 | $ | 528 | $ | 703 | GE Industrial | $ | 225 | $ | 313 | $ | 753 | $ | 1,016 | ||||||||||||||||
GE Capital | GE Capital | 250 | 283 | 540 | 554 | GE Capital | 259 | 267 | 799 | 821 |
June 30, 2021 | June 30, 2021 | September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||
GE Industrial | GE Industrial | $ | 15,591 | U.S. | $ | 11,199 | GE Industrial | $ | 17,995 | U.S. | $ | 12,801 | ||||||||||||||||
GE Capital | GE Capital | 6,870 | Non-U.S. | 11,261 | GE Capital | 6,960 | Non-U.S. | 12,154 | ||||||||||||||||||||
Consolidated | Consolidated | $ | 22,460 | Consolidated | $ | 22,460 | Consolidated | $ | 24,955 | Consolidated | $ | 24,955 |
GE Industrial | June 30, 2021 | December 31, 2020 | GE Capital | June 30, 2021 | December 31, 2020 | |||||||||||||||
GE Industrial senior notes | $ | 14,832 | $ | 18,994 | Senior and subordinated notes | $ | 29,125 | $ | 30,987 | |||||||||||
Senior and subordinated notes assumed by GE Industrial | 18,173 | 22,390 | ||||||||||||||||||
Intercompany loans from GE Capital | 3,177 | 3,177 | Intercompany loans to GE Industrial | (3,177) | (3,177) | |||||||||||||||
Other GE Industrial borrowings | 799 | 1,352 | Other GE Capital borrowings | 738 | 1,779 | |||||||||||||||
Total GE Industrial | Total GE Capital | |||||||||||||||||||
adjusted borrowings(a) | $ | 18,808 | $ | 23,523 | adjusted borrowings(a)(b) | $ | 44,859 | $ | 51,979 |
GE Industrial | September 30, 2021 | December 31, 2020 | GE Capital | September 30, 2021 | December 31, 2020 | |||||||||||||||
GE Industrial senior notes | $ | 14,663 | $ | 18,994 | Senior and subordinated notes | $ | 28,719 | $ | 30,987 | |||||||||||
Senior and subordinated notes assumed by GE Industrial | 18,106 | 22,390 | ||||||||||||||||||
Intercompany loans from GE Capital | 3,177 | 3,177 | Intercompany loans to GE Industrial | (3,177) | (3,177) | |||||||||||||||
Other GE Industrial borrowings | 898 | 1,352 | Other GE Capital borrowings | 717 | 1,779 | |||||||||||||||
Total GE Industrial | Total GE Capital | |||||||||||||||||||
adjusted borrowings(a)(b) | $ | 18,738 | $ | 23,523 | adjusted borrowings(a)(b) | $ | 44,366 | $ | 51,979 |
June 30, 2021 | GE Industrial | GE Capital | Consolidated | |||||||||||||||||||
September 30, 2021 | September 30, 2021 | GE Industrial | GE Capital | Consolidated | ||||||||||||||||||
Total short- and long-term borrowings | Total short- and long-term borrowings | $ | 33,804 | $ | 29,863 | $ | 63,524 | Total short- and long-term borrowings | $ | 33,667 | $ | 29,437 | $ | 62,888 | ||||||||
Debt assumed by GE Industrial from GE Capital(a) | Debt assumed by GE Industrial from GE Capital(a) | (18,173) | 18,173 | — | Debt assumed by GE Industrial from GE Capital(a) | (18,106) | 18,106 | — | ||||||||||||||
Intercompany loans with right of offset(a) | Intercompany loans with right of offset(a) | 3,177 | (3,177) | — | Intercompany loans with right of offset(a) | 3,177 | (3,177) | — | ||||||||||||||
Total intercompany payable (receivable) between GE Industrial and GE Capital | Total intercompany payable (receivable) between GE Industrial and GE Capital | (14,996) | 14,996 | — | Total intercompany payable (receivable) between GE Industrial and GE Capital | (14,929) | 14,929 | — | ||||||||||||||
Total borrowings adjusted for assumed debt and intercompany loans | Total borrowings adjusted for assumed debt and intercompany loans | $ | 18,808 | $ | 44,859 | $ | 63,524 | Total borrowings adjusted for assumed debt and intercompany loans | $ | 18,738 | $ | 44,366 | $ | 62,888 |
Moody's | S&P | Fitch | ||||||||||||
GE Industrial | Outlook | Negative | CreditWatch Negative | Stable | ||||||||||
Short term | P-2 | A-2 | F3 | |||||||||||
Long term | Baa1 | BBB+ | BBB | |||||||||||
GE Capital | Outlook | Negative | CreditWatch Negative | Stable | ||||||||||
Short term | P-2 | A-2 | F3 | |||||||||||
Long term | Baa1 | BBB+ | BBB |
Triggers Below | At | |||||||
BBB+/A-2/P-2 | $ | |||||||
BBB/A-3/P-3 | ||||||||
BBB- | ||||||||
BB+ and below |
2020 assumption | 2021 assumption | Hypothetical change in 2021 assumption | Estimated increase to projected present value of future cash flows (In millions, pre-tax) | |||||||||||
Long-term care insurance morbidity improvement | 1.25% per year over 12 to 20 years | 1.25% per year over 12 to 20 years | 25 basis point reduction No morbidity improvement | $500 $2,700 | ||||||||||
Long-term care insurance morbidity | Based on company experience | Based on company experience | 5% increase in dollar amount of paid claims | $900 | ||||||||||
Long-term care insurance mortality improvement | 0.5% per year for 10 years with annual improvement graded to 0% over next 10 years | 0.5% per year for 10 years with annual improvement graded to 0% over next 10 years | 1.0% per year for 10 years with annual improvement graded to 0% over next 10 years | $400 | ||||||||||
Total terminations: | ||||||||||||||
Long-term care insurance mortality | Based on company experience | Based on company experience | Any change in termination assumptions that reduce total terminations by 10% | $900 | ||||||||||
Long-term care insurance lapse rate | Varies by block, attained age and benefit period; average 0.5% - 1.15% | Varies by block, attained age and benefit period; average 0.5% -1.15% | ||||||||||||
Long-term care insurance benefit exhaustion | Based on company experience | Based on company experience | ||||||||||||
Long-term care insurance future premium rate increases | Varies by block based on filing experience | Varies by block based on filing experience | 25% adverse change in premium rate increase success rate | $400 | ||||||||||
Discount rate: | ||||||||||||||
Overall discount rate | 5.70% | 6.15% | 25 basis point reduction | $800 | ||||||||||
Reinvestment rate | 2.70%; grading to a long-term average investment yield of 5.8% | 2.60%; grading to a long-term average investment yield of 5.1% | 25 basis point reduction; grading to a long-term average investment yield of 5.1% | Less than $100 | ||||||||||
Structured settlement annuity mortality | Based on company experience | Based on company experience | 5% decrease in mortality | $100 | ||||||||||
Life insurance mortality | Based on company experience | Based on company experience | 5% increase in mortality | $300 |
GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Segment profit (loss) | Profit margin | Revenues | Segment profit (loss) | Profit margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30 | 2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V pts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30 | Three months ended September 30 | 2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aviation (GAAP) | Aviation (GAAP) | $ | 4,840 | $ | 4,384 | 10 | % | $ | 176 | $ | (687) | F | 3.6 | % | (15.7) | % | 19.3pts | Aviation (GAAP) | $ | 5,398 | $ | 4,919 | 10 | % | $ | 846 | $ | 350 | F | 15.7 | % | 7.1 | % | 8.6pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 11 | — | (18) | Less: business dispositions | — | 12 | — | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 12 | — | (16) | — | Less: foreign currency effect | (9) | — | (13) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aviation organic (Non-GAAP) | Aviation organic (Non-GAAP) | $ | 4,828 | $ | 4,372 | 10 | % | $ | 192 | $ | (669) | F | 4.0 | % | (15.3) | % | 19.3pts | Aviation organic (Non-GAAP) | $ | 5,408 | $ | 4,908 | 10 | % | $ | 858 | $ | 362 | F | 15.9 | % | 7.4 | % | 8.5pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare (GAAP) | Healthcare (GAAP) | $ | 4,454 | $ | 3,893 | 14 | % | $ | 801 | $ | 506 | 58 | % | 18.0 | % | 13.0 | % | 5.0pts | Healthcare (GAAP) | $ | 4,339 | $ | 4,565 | (5) | % | $ | 704 | $ | 738 | (5) | % | 16.2 | % | 16.2 | % | —pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | (29) | (4) | (16) | Less: acquisitions | — | (23) | (9) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 25 | — | (5) | Less: business dispositions | — | 21 | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 165 | — | 31 | — | Less: foreign currency effect | 49 | — | 31 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare organic (Non-GAAP) | Healthcare organic (Non-GAAP) | $ | 4,288 | $ | 3,897 | 10 | % | $ | 775 | $ | 527 | 47 | % | 18.1 | % | 13.5 | % | 4.6pts | Healthcare organic (Non-GAAP) | $ | 4,289 | $ | 4,567 | (6) | % | $ | 681 | $ | 753 | (10) | % | 15.9 | % | 16.5 | % | (0.6)pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable Energy (GAAP) | Renewable Energy (GAAP) | $ | 4,049 | $ | 3,505 | 16 | % | $ | (99) | $ | (251) | 61 | % | (2.4) | % | (7.2) | % | 4.8pts | Renewable Energy (GAAP) | $ | 4,208 | $ | 4,525 | (7) | % | $ | (151) | $ | (51) | U | (3.6) | % | (1.1) | % | (2.5)pts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 8 | — | — | Less: business dispositions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 246 | — | (26) | — | Less: foreign currency effect | 101 | — | (4) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable Energy organic (Non-GAAP) | Renewable Energy organic (Non-GAAP) | $ | 3,803 | $ | 3,497 | 9 | % | $ | (73) | $ | (250) | 71 | % | (1.9) | % | (7.1) | % | 5.2pts | Renewable Energy organic (Non-GAAP) | $ | 4,106 | $ | 4,525 | (9) | % | $ | (147) | $ | (51) | U | (3.6) | % | (1.1) | % | (2.5)pts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power (GAAP) | Power (GAAP) | $ | 4,295 | $ | 4,156 | 3 | % | $ | 299 | $ | (50) | F | 7.0 | % | (1.2) | % | 8.2pts | Power (GAAP) | $ | 4,026 | $ | 4,025 | — | % | $ | 204 | $ | 148 | 38 | % | 5.1 | % | 3.7 | % | 1.4pts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | — | — | — | Less: business dispositions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 135 | — | (30) | — | Less: foreign currency effect | 39 | — | 6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power organic (Non-GAAP) | Power organic (Non-GAAP) | $ | 4,160 | $ | 4,156 | — | % | $ | 329 | $ | (50) | F | 7.9 | % | (1.2) | % | 9.1pts | Power organic (Non-GAAP) | $ | 3,988 | $ | 4,025 | (1) | % | $ | 198 | $ | 148 | 34 | % | 5.0 | % | 3.7 | % | 1.3pts |
GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Segment profit (loss) | Profit margin | Revenues | Segment profit (loss) | Profit margin | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30 | 2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V pts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | 2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aviation (GAAP) | Aviation (GAAP) | $ | 9,832 | $ | 11,276 | (13) | % | $ | 818 | $ | 316 | F | 8.3 | % | 2.8 | % | 5.5pts | Aviation (GAAP) | $ | 15,230 | $ | 16,196 | (6) | % | $ | 1,664 | $ | 665 | F | 10.9 | % | 4.1 | % | 6.8pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 36 | — | (35) | Less: business dispositions | — | 48 | — | (48) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 22 | — | (15) | — | Less: foreign currency effect | 13 | — | (28) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aviation organic (Non-GAAP) | Aviation organic (Non-GAAP) | $ | 9,810 | $ | 11,240 | (13) | % | $ | 833 | $ | 351 | F | 8.5 | % | 3.1 | % | 5.4pts | Aviation organic (Non-GAAP) | $ | 15,217 | $ | 16,148 | (6) | % | $ | 1,691 | $ | 713 | F | 11.1 | % | 4.4 | % | 6.7pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare (GAAP) | Healthcare (GAAP) | $ | 8,761 | $ | 8,620 | 2 | % | $ | 1,500 | $ | 1,373 | 9 | % | 17.1 | % | 15.9 | % | 1.2pts | Healthcare (GAAP) | $ | 13,100 | $ | 13,185 | (1) | % | $ | 2,203 | $ | 2,111 | 4 | % | 16.8 | % | 16.0 | % | 0.8pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | 18 | (50) | 4 | (22) | Less: acquisitions | 18 | (73) | (5) | (35) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 890 | — | 375 | Less: business dispositions | — | 911 | — | 373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 285 | — | 79 | — | Less: foreign currency effect | 335 | — | 110 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Healthcare organic (Non-GAAP) | Healthcare organic (Non-GAAP) | $ | 8,458 | $ | 7,780 | 9 | % | $ | 1,417 | $ | 1,020 | 39 | % | 16.8 | % | 13.1 | % | 3.7pts | Healthcare organic (Non-GAAP) | $ | 12,747 | $ | 12,348 | 3 | % | $ | 2,098 | $ | 1,773 | 18 | % | 16.5 | % | 14.4 | % | 2.1pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable Energy (GAAP) | Renewable Energy (GAAP) | $ | 7,297 | $ | 6,698 | 9 | % | $ | (333) | $ | (578) | 42 | % | (4.6) | % | (8.6) | % | 4.0pts | Renewable Energy (GAAP) | $ | 11,505 | $ | 11,224 | 3 | % | $ | (484) | $ | (628) | 23 | % | (4.2) | % | (5.6) | % | 1.4pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 33 | — | (4) | Less: business dispositions | — | 33 | — | (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 337 | — | (37) | — | Less: foreign currency effect | 438 | — | (41) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewable Energy organic (Non-GAAP) | Renewable Energy organic (Non-GAAP) | $ | 6,960 | $ | 6,666 | 4 | % | $ | (296) | $ | (574) | 48 | % | (4.3) | % | (8.6) | % | 4.3pts | Renewable Energy organic (Non-GAAP) | $ | 11,066 | $ | 11,191 | (1) | % | $ | (443) | $ | (624) | 29 | % | (4.0) | % | (5.6) | % | 1.6pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power (GAAP) | Power (GAAP) | $ | 8,216 | $ | 8,181 | — | % | $ | 212 | $ | (180) | F | 2.6 | % | (2.2) | % | 4.8pts | Power (GAAP) | $ | 12,242 | $ | 12,206 | — | % | $ | 416 | $ | (32) | F | 3.4 | % | (0.3) | % | 3.7pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 15 | — | 2 | Less: business dispositions | — | 15 | — | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 198 | — | (31) | — | Less: foreign currency effect | 237 | — | (25) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power organic (Non-GAAP) | Power organic (Non-GAAP) | $ | 8,018 | $ | 8,165 | (2) | % | $ | 243 | $ | (182) | F | 3.0 | % | (2.2) | % | 5.2pts | Power organic (Non-GAAP) | $ | 12,005 | $ | 12,191 | (2) | % | $ | 441 | $ | (34) | F | 3.7 | % | (0.3) | % | 4pts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe presenting organic revenues* and organic profit* separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe presenting organic revenues* and organic profit* separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. We also believe presenting organic revenues* and organic profit* separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies. |
GE INDUSTRIAL ORGANIC REVENUES (NON-GAAP) | GE INDUSTRIAL ORGANIC REVENUES (NON-GAAP) | Three months ended June 30 | Six months ended June 30 | GE INDUSTRIAL ORGANIC REVENUES (NON-GAAP) | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V% | 2021 | 2020 | V% | |||||||||||||||||||||||||||||||||||
GE Industrial revenues (GAAP) | GE Industrial revenues (GAAP) | $ | 17,487 | $ | 16,066 | 9 | % | $ | 33,816 | $ | 34,910 | (3) | % | GE Industrial revenues (GAAP) | $ | 17,821 | $ | 17,918 | (1) | % | $ | 51,637 | $ | 52,828 | (2) | % | ||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | (24) | 18 | (46) | Less: acquisitions | — | (15) | 18 | (61) | ||||||||||||||||||||||||||||||||||||
Less: business dispositions(a) | Less: business dispositions(a) | — | 241 | — | 1,336 | Less: business dispositions(a) | — | 57 | — | 1,393 | ||||||||||||||||||||||||||||||||||||
Less: foreign currency effect(b) | Less: foreign currency effect(b) | 570 | — | 857 | — | Less: foreign currency effect(b) | 185 | — | 1,042 | — | ||||||||||||||||||||||||||||||||||||
GE Industrial organic revenues (Non-GAAP) | GE Industrial organic revenues (Non-GAAP) | $ | 16,917 | $ | 15,850 | 7 | % | $ | 32,940 | $ | 33,620 | (2) | % | GE Industrial organic revenues (Non-GAAP) | $ | 17,636 | $ | 17,876 | (1) | % | $ | 50,577 | $ | 51,496 | (2) | % | ||||||||||||||||||||
(a) Dispositions impact in 2020 primarily related to our BioPharma business, with revenues of $830 million. (b) Foreign currency impact in 2021 was primarily driven by U.S. Dollar appreciation against euro, Brazilian real, and Chinese renminbi. | ||||||||||||||||||||||||||||||||||||||||||||||
(a) Dispositions impact in 2020 primarily related to our BioPharma business, with revenues of $830 million. (b) Foreign currency impact in 2021 was primarily driven by U.S. Dollar appreciation against euro, British pound, and Chinese renminbi. | (a) Dispositions impact in 2020 primarily related to our BioPharma business, with revenues of $830 million. (b) Foreign currency impact in 2021 was primarily driven by U.S. Dollar appreciation against euro, British pound, and Chinese renminbi. |
GE INDUSTRIAL EQUIPMENT AND SERVICES | GE INDUSTRIAL EQUIPMENT AND SERVICES | Three months ended June 30 | Six months ended June 30 | GE INDUSTRIAL EQUIPMENT AND SERVICES | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||
ORGANIC REVENUES (NON-GAAP) | ORGANIC REVENUES (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | ORGANIC REVENUES (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | ||||||||||||||||||||||||||||||||
GE Industrial equipment revenues (GAAP) | GE Industrial equipment revenues (GAAP) | $ | 8,302 | $ | 8,206 | 1 | % | $ | 16,273 | $ | 17,303 | (6) | % | GE Industrial equipment revenues (GAAP) | $ | 8,905 | $ | 9,625 | (7) | % | $ | 25,178 | $ | 26,928 | (6) | % | ||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | — | — | — | Less: acquisitions | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 176 | — | 1,124 | Less: business dispositions | — | — | — | 1,124 | ||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 380 | — | 568 | — | Less: foreign currency effect | 133 | — | 702 | — | ||||||||||||||||||||||||||||||||||||
GE Industrial equipment organic revenues (Non-GAAP) | GE Industrial equipment organic revenues (Non-GAAP) | $ | 7,923 | $ | 8,030 | (1) | % | $ | 15,705 | $ | 16,178 | (3) | % | GE Industrial equipment organic revenues (Non-GAAP) | $ | 8,772 | $ | 9,625 | (9) | % | $ | 24,477 | $ | 25,803 | (5) | % | ||||||||||||||||||||
GE Industrial services revenues (GAAP) | GE Industrial services revenues (GAAP) | $ | 9,185 | $ | 7,860 | 17 | % | $ | 17,543 | $ | 17,608 | — | % | GE Industrial services revenues (GAAP) | $ | 8,916 | $ | 8,293 | 8 | % | $ | 26,459 | $ | 25,901 | 2 | % | ||||||||||||||||||||
Less: acquisitions | Less: acquisitions | — | (24) | 18 | (46) | Less: acquisitions | — | (15) | 18 | (61) | ||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | 65 | — | 212 | Less: business dispositions | — | 57 | — | 269 | ||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | 190 | — | 289 | — | Less: foreign currency effect | 51 | — | 340 | — | ||||||||||||||||||||||||||||||||||||
GE Industrial services organic revenues (Non-GAAP) | GE Industrial services organic revenues (Non-GAAP) | $ | 8,995 | $ | 7,820 | 15 | % | $ | 17,236 | $ | 17,441 | (1) | % | GE Industrial services organic revenues (Non-GAAP) | $ | 8,865 | $ | 8,251 | 7 | % | $ | 26,100 | $ | 25,693 | 2 | % | ||||||||||||||||||||
We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. |
ADJUSTED GE INDUSTRIAL PROFIT AND PROFIT MARGIN | ADJUSTED GE INDUSTRIAL PROFIT AND PROFIT MARGIN | Three months ended June 30 | Six months ended June 30 | ADJUSTED GE INDUSTRIAL PROFIT AND PROFIT MARGIN | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(EXCLUDING CERTAIN ITEMS) (NON-GAAP) | (EXCLUDING CERTAIN ITEMS) (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | (EXCLUDING CERTAIN ITEMS) (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | ||||||||||||||||||||||||||||||||||||||||||||
GE Industrial total revenues (GAAP) | GE Industrial total revenues (GAAP) | $ | 17,487 | $ | 16,066 | 9 | % | $ | 33,816 | $ | 34,910 | (3) | % | GE Industrial total revenues (GAAP) | $ | 17,821 | $ | 17,918 | (1) | % | $ | 51,637 | $ | 52,828 | (2) | % | ||||||||||||||||||||||||||||||||
Costs | Costs | Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GE Industrial total costs and expenses (GAAP) | GE Industrial total costs and expenses (GAAP) | $ | 18,428 | $ | 19,105 | (4) | % | $ | 35,001 | $ | 38,238 | (8) | % | GE Industrial total costs and expenses (GAAP) | $ | 17,347 | $ | 18,705 | (7) | % | $ | 52,348 | $ | 56,943 | (8) | % | ||||||||||||||||||||||||||||||||
Less: GE Industrial interest and other financial charges | Less: GE Industrial interest and other financial charges | 261 | 333 | 528 | 703 | Less: GE Industrial interest and other financial charges | 225 | 313 | 753 | 1,016 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: GE Industrial debt extinguishment costs | 645 | 63 | 645 | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: debt extinguishment costs | Less: debt extinguishment costs | — | — | 645 | 63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: non-operating benefit costs | Less: non-operating benefit costs | 517 | 596 | 950 | 1,212 | Less: non-operating benefit costs | 426 | 603 | 1,376 | 1,815 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: restructuring & other(a) | Less: restructuring & other(a) | 225 | 289 | 338 | 432 | Less: restructuring & other(a) | 64 | 91 | 402 | 523 | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: Steam asset impairment | Less: Steam asset impairment | — | 363 | — | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: SEC settlement charge | Less: SEC settlement charge | — | 100 | — | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: goodwill impairments | Less: goodwill impairments | — | 728 | — | 728 | Less: goodwill impairments | — | — | — | 728 | ||||||||||||||||||||||||||||||||||||||||||||||||
Add: noncontrolling interests | Add: noncontrolling interests | (1) | (147) | 6 | (110) | Add: noncontrolling interests | 16 | (51) | 22 | (161) | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted GE Industrial costs (Non-GAAP) | Adjusted GE Industrial costs (Non-GAAP) | $ | 16,778 | $ | 16,949 | (1) | % | $ | 32,545 | $ | 34,989 | (7) | % | Adjusted GE Industrial costs (Non-GAAP) | $ | 16,648 | $ | 17,185 | (3) | % | $ | 49,194 | $ | 52,174 | (6) | % | ||||||||||||||||||||||||||||||||
Other Income | Other Income | Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GE Industrial other income (GAAP) | GE Industrial other income (GAAP) | $ | 717 | $ | 2,116 | (66) | % | $ | 1,339 | $ | 8,990 | (85) | % | GE Industrial other income (GAAP) | $ | 420 | $ | (509) | F | $ | 1,760 | $ | 8,481 | (79) | % | |||||||||||||||||||||||||||||||||
Less: gains (losses) on equity securities(a) | Less: gains (losses) on equity securities(a) | 497 | 1,867 | 844 | (3,859) | Less: gains (losses) on equity securities(a) | 412 | (669) | 1,256 | (4,527) | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: restructuring & other | Less: restructuring & other | — | — | 7 | — | Less: restructuring & other | — | — | 7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Less: gains (losses) on purchases and sales of business interests(a) | Less: gains (losses) on purchases and sales of business interests(a) | (5) | 32 | (2) | 12,403 | Less: gains (losses) on purchases and sales of business interests(a) | (156) | 28 | (159) | 12,431 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted GE Industrial other income (Non-GAAP) | Adjusted GE Industrial other income (Non-GAAP) | $ | 225 | $ | 217 | 4 | % | $ | 491 | $ | 445 | 10 | % | Adjusted GE Industrial other income (Non-GAAP) | $ | 165 | $ | 132 | 25 | % | $ | 656 | $ | 577 | 14 | % | ||||||||||||||||||||||||||||||||
GE Industrial profit (loss) (GAAP) | GE Industrial profit (loss) (GAAP) | $ | (224) | $ | (922) | 76 | % | $ | 154 | $ | 5,663 | (97) | % | GE Industrial profit (loss) (GAAP) | $ | 894 | $ | (1,296) | F | $ | 1,048 | $ | 4,366 | (76) | % | |||||||||||||||||||||||||||||||||
GE Industrial profit (loss) margin (GAAP) | GE Industrial profit (loss) margin (GAAP) | (1.3) | % | (5.7) | % | 4.4pts | 0.5 | % | 16.2 | % | (15.7)pts | GE Industrial profit (loss) margin (GAAP) | 5.0 | % | (7.2) | % | 12.2pts | 2.0 | % | 8.3 | % | (6.3)pts | ||||||||||||||||||||||||||||||||||||
Adjusted GE Industrial profit (loss) (Non-GAAP) | Adjusted GE Industrial profit (loss) (Non-GAAP) | $ | 934 | $ | (666) | F | $ | 1,762 | $ | 367 | F | Adjusted GE Industrial profit (loss) (Non-GAAP) | $ | 1,337 | $ | 865 | 55 | % | $ | 3,099 | $ | 1,231 | F | |||||||||||||||||||||||||||||||||||
Adjusted GE Industrial profit (loss) margin (Non-GAAP) | Adjusted GE Industrial profit (loss) margin (Non-GAAP) | 5.3 | % | (4.1) | % | 9.4pts | 5.2 | % | 1.1 | % | 4.1pts | Adjusted GE Industrial profit (loss) margin (Non-GAAP) | 7.5 | % | 4.8 | % | 2.7pts | 6.0 | % | 2.3 | % | 3.7pts | ||||||||||||||||||||||||||||||||||||
(a) See the Corporate Items and Eliminations section for further information. | (a) See the Corporate Items and Eliminations section for further information. | (a) See the Corporate Items and Eliminations section for further information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
We believe that adjusting industrial profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. | We believe that adjusting industrial profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. | We believe that adjusting industrial profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. |
ADJUSTED GE INDUSTRIAL ORGANIC PROFIT | ADJUSTED GE INDUSTRIAL ORGANIC PROFIT | Three months ended June 30 | Six months ended June 30 | ADJUSTED GE INDUSTRIAL ORGANIC PROFIT | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||
(NON-GAAP) | (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | (NON-GAAP) | 2021 | 2020 | V% | 2021 | 2020 | V% | ||||||||||||||||||||||||||||||||
Adjusted GE Industrial profit (loss) (Non-GAAP) | Adjusted GE Industrial profit (loss) (Non-GAAP) | $ | 934 | $ | (666) | F | $ | 1,762 | $ | 367 | F | Adjusted GE Industrial profit (loss) (Non-GAAP) | $ | 1,337 | $ | 865 | 55 | % | $ | 3,099 | $ | 1,231 | F | |||||||||||||||||||||||
Less: acquisitions | Less: acquisitions | (4) | 8 | 4 | 17 | Less: acquisitions | (9) | 5 | (5) | 22 | ||||||||||||||||||||||||||||||||||||
Less: business dispositions | Less: business dispositions | — | (10) | — | 356 | Less: business dispositions | — | (2) | — | 354 | ||||||||||||||||||||||||||||||||||||
Less: foreign currency effect | Less: foreign currency effect | (37) | — | 6 | — | Less: foreign currency effect | 24 | — | 30 | — | ||||||||||||||||||||||||||||||||||||
Adjusted GE Industrial organic profit (loss) (Non-GAAP) | Adjusted GE Industrial organic profit (loss) (Non-GAAP) | $ | 976 | $ | (664) | F | $ | 1,752 | $ | (6) | F | Adjusted GE Industrial organic profit (loss) (Non-GAAP) | $ | 1,322 | $ | 861 | 54 | % | $ | 3,074 | $ | 855 | F | |||||||||||||||||||||||
Adjusted GE Industrial profit (loss) margin (Non-GAAP) | Adjusted GE Industrial profit (loss) margin (Non-GAAP) | 5.3 | % | (4.1) | % | 9.4pts | 5.2 | % | 1.1 | % | 4.1pts | Adjusted GE Industrial profit (loss) margin (Non-GAAP) | 7.5 | % | 4.8 | % | 2.7pts | 6.0 | % | 2.3 | % | 3.7pts | ||||||||||||||||||||||||
Adjusted GE Industrial organic profit (loss) margin (Non-GAAP) | Adjusted GE Industrial organic profit (loss) margin (Non-GAAP) | 5.8 | % | (4.2) | % | 10.0pts | 5.3 | % | — | % | 5.3pts | Adjusted GE Industrial organic profit (loss) margin (Non-GAAP) | 7.5 | % | 4.8 | % | 2.7pts | 6.1 | % | 1.7 | % | 4.4pts | ||||||||||||||||||||||||
We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. | We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, as these activities can obscure underlying trends. |
ADJUSTED EARNINGS (LOSS) (NON-GAAP) | ADJUSTED EARNINGS (LOSS) (NON-GAAP) | Three months ended June 30 | Six months ended June 30 | ADJUSTED EARNINGS (LOSS) (NON-GAAP) | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | V% | 2021 | 2020 | V% | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | V% | 2021 | 2020 | V% | |||||||||||||||||||||||||||||||||||||||||
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)(a) | Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)(a) | $ | (624) | $ | (1,186) | 47 | % | $ | (605) | $ | 4,977 | U | Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)(a) | $ | 603 | $ | (1,132) | F | $ | (2) | $ | 3,848 | U | |||||||||||||||||||||||
Add: Accretion of redeemable noncontrolling interests (RNCI) | Add: Accretion of redeemable noncontrolling interests (RNCI) | (2) | (135) | — | (135) | Add: Accretion of redeemable noncontrolling interests (RNCI) | (9) | (6) | (9) | (141) | ||||||||||||||||||||||||||||||||||||
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | (573) | (476) | (745) | (663) | Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | (142) | (29) | (887) | (692) | ||||||||||||||||||||||||||||||||||||
GE Industrial earnings (loss) (Non-GAAP) | GE Industrial earnings (loss) (Non-GAAP) | $ | (53) | $ | (845) | 94 | % | $ | 141 | $ | 5,504 | (97) | % | GE Industrial earnings (loss) (Non-GAAP) | $ | 735 | $ | (1,109) | F | $ | 877 | $ | 4,399 | (80) | % | |||||||||||||||||||||
Non-operating benefits costs (pre-tax) (GAAP) | Non-operating benefits costs (pre-tax) (GAAP) | (517) | (596) | (950) | (1,212) | Non-operating benefits costs (pre-tax) (GAAP) | (426) | (603) | (1,376) | (1,815) | ||||||||||||||||||||||||||||||||||||
Tax effect on non-operating benefit costs | Tax effect on non-operating benefit costs | 109 | 125 | 199 | 255 | Tax effect on non-operating benefit costs | 90 | 127 | 289 | 381 | ||||||||||||||||||||||||||||||||||||
Less: non-operating benefit costs (net of tax) | Less: non-operating benefit costs (net of tax) | (408) | (471) | (750) | (957) | Less: non-operating benefit costs (net of tax) | (337) | (476) | (1,087) | (1,434) | ||||||||||||||||||||||||||||||||||||
Gains (losses) on purchases and sales of business interests (pre-tax)(b) | Gains (losses) on purchases and sales of business interests (pre-tax)(b) | (5) | 32 | (2) | 12,403 | Gains (losses) on purchases and sales of business interests (pre-tax)(b) | (156) | 28 | (159) | 12,431 | ||||||||||||||||||||||||||||||||||||
Tax effect on gains (losses) on purchases and sales of business interests | Tax effect on gains (losses) on purchases and sales of business interests | 1 | 33 | 1 | (1,227) | Tax effect on gains (losses) on purchases and sales of business interests | 30 | (25) | 31 | (1,253) | ||||||||||||||||||||||||||||||||||||
Less: gains (losses) on purchases and sales of business interests (net of tax) | Less: gains (losses) on purchases and sales of business interests (net of tax) | (4) | 65 | (2) | 11,176 | Less: gains (losses) on purchases and sales of business interests (net of tax) | (126) | 3 | (128) | 11,178 | ||||||||||||||||||||||||||||||||||||
Restructuring & other (pre-tax)(b) | Restructuring & other (pre-tax)(b) | (225) | (289) | (331) | (432) | Restructuring & other (pre-tax)(b) | (64) | (91) | (395) | (523) | ||||||||||||||||||||||||||||||||||||
Tax effect on restructuring & other | Tax effect on restructuring & other | 7 | 61 | 29 | 90 | Tax effect on restructuring & other | 7 | 27 | 36 | 118 | ||||||||||||||||||||||||||||||||||||
Less: restructuring & other (net of tax) | Less: restructuring & other (net of tax) | (218) | (228) | (302) | (342) | Less: restructuring & other (net of tax) | (57) | (63) | (359) | (405) | ||||||||||||||||||||||||||||||||||||
Steam asset impairments (pre-tax) | Steam asset impairments (pre-tax) | — | (363) | — | (363) | |||||||||||||||||||||||||||||||||||||||||
Tax effect on Steam asset impairments | Tax effect on Steam asset impairments | — | 37 | — | 37 | |||||||||||||||||||||||||||||||||||||||||
Less: Steam asset impairments (net of tax) | Less: Steam asset impairments (net of tax) | — | (326) | — | (326) | |||||||||||||||||||||||||||||||||||||||||
Gains (losses) on equity securities (pre-tax)(b) | Gains (losses) on equity securities (pre-tax)(b) | 412 | (669) | 1,256 | (4,527) | |||||||||||||||||||||||||||||||||||||||||
Tax effect on gains (losses) on equity securities(c) | Tax effect on gains (losses) on equity securities(c) | 78 | 122 | 155 | 934 | |||||||||||||||||||||||||||||||||||||||||
Less: gains (losses) on equity securities (net of tax) | Less: gains (losses) on equity securities (net of tax) | 490 | (547) | 1,411 | (3,593) | |||||||||||||||||||||||||||||||||||||||||
Goodwill impairments (pre-tax)(b) | Goodwill impairments (pre-tax)(b) | — | (728) | — | (728) | Goodwill impairments (pre-tax)(b) | — | — | — | (728) | ||||||||||||||||||||||||||||||||||||
Tax effect on goodwill impairments | Tax effect on goodwill impairments | — | (23) | — | (23) | Tax effect on goodwill impairments | — | — | — | (23) | ||||||||||||||||||||||||||||||||||||
Less: goodwill impairments (net of tax) | Less: goodwill impairments (net of tax) | — | (751) | — | (751) | Less: goodwill impairments (net of tax) | — | — | — | (751) | ||||||||||||||||||||||||||||||||||||
Gains (losses) on equity securities (pre-tax)(b) | 497 | 1,867 | 844 | (3,859) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect on gains (losses) on equity securities (losses)(c) | 195 | (280) | 77 | 811 | ||||||||||||||||||||||||||||||||||||||||||
Less: gains (losses) on equity securities (net of tax) | 692 | 1,587 | 921 | (3,048) | ||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment costs (pre-tax) | Debt extinguishment costs (pre-tax) | (645) | (63) | (645) | (63) | Debt extinguishment costs (pre-tax) | — | — | (645) | (63) | ||||||||||||||||||||||||||||||||||||
Tax effect on debt extinguishment costs | Tax effect on debt extinguishment costs | 136 | 13 | 136 | 13 | Tax effect on debt extinguishment costs | — | — | 135 | 13 | ||||||||||||||||||||||||||||||||||||
Less: debt extinguishment costs (net of tax) | Less: debt extinguishment costs (net of tax) | (510) | (50) | (510) | (50) | Less: debt extinguishment costs (net of tax) | — | — | (510) | (50) | ||||||||||||||||||||||||||||||||||||
Less: SEC settlement charge (pre-tax and net of tax) | Less: SEC settlement charge (pre-tax and net of tax) | — | (100) | — | (100) | |||||||||||||||||||||||||||||||||||||||||
Accretion of RNCI (pre-tax) | (2) | (135) | — | (135) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect on accretion of RNCI | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Less: Accretion of RNCI (net of tax) | (2) | (135) | — | (135) | ||||||||||||||||||||||||||||||||||||||||||
Less: Accretion of RNCI (pre-tax and net of tax) | Less: Accretion of RNCI (pre-tax and net of tax) | (9) | (6) | (9) | (141) | |||||||||||||||||||||||||||||||||||||||||
Less: GE Industrial U.S. tax reform enactment adjustment | Less: GE Industrial U.S. tax reform enactment adjustment | — | (51) | — | (51) | |||||||||||||||||||||||||||||||||||||||||
Adjusted GE Industrial earnings (loss) (Non-GAAP) | Adjusted GE Industrial earnings (loss) (Non-GAAP) | $ | 398 | $ | (862) | F | $ | 784 | $ | (389) | F | Adjusted GE Industrial earnings (loss) (Non-GAAP) | $ | 775 | $ | 458 | 69 | % | $ | 1,559 | $ | 73 | F | |||||||||||||||||||||||
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | $ | (573) | $ | (476) | (20) | % | $ | (745) | $ | (663) | (12) | % | GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) | $ | (142) | $ | (29) | U | $ | (887) | $ | (692) | (28) | % | |||||||||||||||||||||
Debt extinguishment costs (pre-tax) | Debt extinguishment costs (pre-tax) | — | — | (771) | (143) | |||||||||||||||||||||||||||||||||||||||||
Tax effect on debt extinguishment costs | Tax effect on debt extinguishment costs | — | — | 162 | 24 | |||||||||||||||||||||||||||||||||||||||||
Less: debt extinguishment costs (net of tax) | Less: debt extinguishment costs (net of tax) | — | — | (609) | (119) | |||||||||||||||||||||||||||||||||||||||||
Less: GE Capital tax benefit related to BioPharma sale | Less: GE Capital tax benefit related to BioPharma sale | — | 8 | — | 96 | |||||||||||||||||||||||||||||||||||||||||
Less: GE Capital tax loss related to GECAS sale | Less: GE Capital tax loss related to GECAS sale | — | — | (44) | — | |||||||||||||||||||||||||||||||||||||||||
Debt extinguishment costs (pre-tax) | (771) | (143) | (771) | (143) | ||||||||||||||||||||||||||||||||||||||||||
Tax effect on debt extinguishment costs | 162 | 24 | 162 | 24 | ||||||||||||||||||||||||||||||||||||||||||
Less: debt extinguishment costs (net of tax) | (609) | (119) | (609) | (119) | ||||||||||||||||||||||||||||||||||||||||||
Less: GE Capital U.S. tax reform enactment adjustment | Less: GE Capital U.S. tax reform enactment adjustment | 8 | — | 8 | — | Less: GE Capital U.S. tax reform enactment adjustment | — | 2 | 8 | 2 | ||||||||||||||||||||||||||||||||||||
Less: GE Capital tax benefit related to BioPharma sale | — | — | — | 88 | ||||||||||||||||||||||||||||||||||||||||||
Less: GE Capital tax loss related to GECAS sale | — | — | (44) | — | ||||||||||||||||||||||||||||||||||||||||||
Adjusted GE Capital earnings (loss) (Non-GAAP) | Adjusted GE Capital earnings (loss) (Non-GAAP) | $ | 28 | $ | (357) | F | $ | (101) | $ | (632) | 84 | % | Adjusted GE Capital earnings (loss) (Non-GAAP) | $ | (142) | $ | (39) | U | $ | (243) | $ | (671) | 64 | % | ||||||||||||||||||||||
Adjusted GE Industrial earnings (loss) (Non-GAAP) | Adjusted GE Industrial earnings (loss) (Non-GAAP) | $ | 398 | $ | (862) | F | $ | 784 | $ | (389) | F | Adjusted GE Industrial earnings (loss) (Non-GAAP) | $ | 775 | $ | 458 | 69 | % | $ | 1,559 | $ | 73 | F | |||||||||||||||||||||||
Add: Adjusted GE Capital earnings (loss) (Non-GAAP) | Add: Adjusted GE Capital earnings (loss) (Non-GAAP) | 28 | (357) | F | (101) | (632) | 84 | % | Add: Adjusted GE Capital earnings (loss) (Non-GAAP) | (142) | (39) | U | (243) | (671) | 64 | % | ||||||||||||||||||||||||||||||
Adjusted earnings (loss) (Non-GAAP) | Adjusted earnings (loss) (Non-GAAP) | $ | 425 | $ | (1,219) | F | $ | 683 | $ | (1,021) | F | Adjusted earnings (loss) (Non-GAAP) | $ | 633 | $ | 419 | 51 | % | $ | 1,316 | $ | (598) | F | |||||||||||||||||||||||
(a) See Note 18 for further information. | (a) See Note 18 for further information. | (a) See Note 18 for further information. | ||||||||||||||||||||||||||||||||||||||||||||
(b) See the Corporate Items and Eliminations section for further information. | (b) See the Corporate Items and Eliminations section for further information. | (b) See the Corporate Items and Eliminations section for further information. | ||||||||||||||||||||||||||||||||||||||||||||
(c) Includes tax benefits available to offset the tax on gains in equity securities. | ||||||||||||||||||||||||||||||||||||||||||||||
(c) Included tax benefits available to offset the tax on gains in equity securities. | (c) Included tax benefits available to offset the tax on gains in equity securities. |
ADJUSTED EARNINGS (LOSS) PER SHARE (EPS) | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
(NON-GAAP) (In dollars) | 2021 | 2020 | V% | 2021 | 2020 | V% | |||||||||||||||||
Consolidated EPS from continuing operations attributable to GE common shareholders (GAAP) | $ | (0.07) | $ | (0.14) | 50 | % | $ | (0.07) | $ | 0.57 | U | ||||||||||||
Add: Accretion of redeemable noncontrolling interests (RNCI) | — | (0.02) | — | (0.02) | |||||||||||||||||||
Less: GE Capital EPS from continuing operations attributable to GE common shareholders (GAAP) | (0.07) | (0.05) | (0.08) | (0.08) | |||||||||||||||||||
GE Industrial EPS (Non-GAAP) | $ | (0.01) | $ | (0.10) | 90 | % | $ | 0.02 | $ | 0.63 | (97) | % | |||||||||||
Non-operating benefits costs (pre-tax) (GAAP) | (0.06) | (0.07) | (0.11) | (0.14) | |||||||||||||||||||
Tax effect on non-operating benefit costs | 0.01 | 0.01 | 0.02 | 0.03 | |||||||||||||||||||
Less: non-operating benefit costs (net of tax) | (0.05) | (0.05) | (0.09) | (0.11) | |||||||||||||||||||
Gains (losses) on purchases and sales of business interests (pre-tax) | — | — | — | 1.42 | |||||||||||||||||||
Tax effect on gains (losses) on purchases and sales of business interests | — | — | — | (0.14) | |||||||||||||||||||
Less: gains (losses) on purchases and sales of business interests (net of tax) | — | 0.01 | — | 1.28 | |||||||||||||||||||
Restructuring & other (pre-tax) | (0.03) | (0.03) | (0.04) | (0.05) | |||||||||||||||||||
Tax effect on restructuring & other | — | 0.01 | — | 0.01 | |||||||||||||||||||
Less: restructuring & other (net of tax) | (0.02) | (0.03) | (0.03) | (0.04) | |||||||||||||||||||
Goodwill impairments (pre-tax) | — | (0.08) | — | (0.08) | |||||||||||||||||||
Tax effect on goodwill impairments | — | — | — | — | |||||||||||||||||||
Less: goodwill impairments (net of tax) | — | (0.09) | — | (0.09) | |||||||||||||||||||
Gains (losses) on equity securities (pre-tax) | 0.06 | 0.21 | 0.10 | (0.44) | |||||||||||||||||||
Tax effect on gains (losses) on equity securities | 0.02 | (0.03) | 0.01 | 0.09 | |||||||||||||||||||
Less: gains (losses) on equity securities (net of tax) | 0.08 | 0.18 | 0.10 | (0.35) | |||||||||||||||||||
Debt extinguishment costs (pre-tax) | (0.07) | (0.01) | (0.07) | (0.01) | |||||||||||||||||||
Tax effect on debt extinguishment costs | 0.02 | — | 0.02 | — | |||||||||||||||||||
Less: debt extinguishment costs (net of tax) | (0.06) | (0.01) | (0.06) | (0.01) | |||||||||||||||||||
Accretion of RNCI (pre-tax) | — | (0.02) | — | (0.02) | |||||||||||||||||||
Tax effect on accretion of RNCI | — | — | — | — | |||||||||||||||||||
Less: Accretion of RNCI (net of tax) | — | (0.02) | — | (0.02) | |||||||||||||||||||
Adjusted GE Industrial EPS (Non-GAAP) | 0.05 | (0.10) | F | 0.09 | (0.04) | F | |||||||||||||||||
GE Capital EPS from continuing operations attributable to GE common shareholders (GAAP) | $ | (0.07) | $ | (0.05) | (40) | % | $ | (0.08) | $ | (0.08) | — | % | |||||||||||
Debt extinguishment costs (pre-tax) | (0.09) | (0.02) | (0.09) | (0.02) | |||||||||||||||||||
Tax effect on debt extinguishment costs | 0.02 | — | 0.02 | — | |||||||||||||||||||
Less: debt extinguishment costs (net of tax) | (0.07) | (0.01) | (0.07) | (0.01) | |||||||||||||||||||
Less: GE Capital U.S. tax reform enactment adjustment | — | — | — | — | |||||||||||||||||||
Less: GE Capital tax benefit related to BioPharma sale | — | — | — | 0.01 | |||||||||||||||||||
Less: GE Capital tax loss related to GECAS sale | — | — | — | — | |||||||||||||||||||
Adjusted GE Capital EPS (Non-GAAP) | $ | — | $ | (0.04) | F | $ | (0.01) | $ | (0.07) | 86 | % | ||||||||||||
Adjusted GE Industrial EPS (Non-GAAP) | $ | 0.05 | $ | (0.10) | F | $ | 0.09 | $ | (0.04) | F | |||||||||||||
Add: Adjusted GE Capital EPS (Non-GAAP) | — | (0.04) | F | (0.01) | (0.07) | 86 | % | ||||||||||||||||
Adjusted EPS (Non-GAAP) | $ | 0.05 | $ | (0.14) | F | $ | 0.08 | $ | (0.12) | F | |||||||||||||
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | |||||||||||||||||||||||
The service cost of our pension and other benefit plans are included in adjusted earnings (loss)*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance, and we manage these separately from the operational performance of our businesses. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We believe that the retained costs in Adjusted earnings (loss)* provides management and investors a useful measure to evaluate the performance of the total company, and increases period-to-period comparability. We believe that presenting Adjusted Industrial earnings (loss)* separately for our financial services businesses also provides management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company. |
ADJUSTED EARNINGS (LOSS) PER SHARE (EPS) | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||
(NON-GAAP) (In dollars) | 2021 | 2020 | V% | 2021 | 2020 | V% | |||||||||||||||||
Consolidated EPS from continuing operations attributable to GE common shareholders (GAAP) | $ | 0.55 | $ | (1.03) | F | $ | — | $ | 3.52 | U | |||||||||||||
Add: Accretion of redeemable noncontrolling interests (RNCI) | (0.01) | (0.01) | (0.01) | (0.13) | |||||||||||||||||||
Less: GE Capital EPS from continuing operations attributable to GE common shareholders (GAAP) | (0.13) | (0.03) | (0.81) | (0.63) | |||||||||||||||||||
GE Industrial EPS (Non-GAAP) | $ | 0.67 | $ | (1.01) | F | $ | 0.80 | $ | 4.02 | (80) | % | ||||||||||||
Non-operating benefits costs (pre-tax) (GAAP) | (0.39) | (0.55) | (1.25) | (1.66) | |||||||||||||||||||
Tax effect on non-operating benefit costs | 0.08 | 0.12 | 0.26 | 0.35 | |||||||||||||||||||
Less: non-operating benefit costs (net of tax) | (0.30) | (0.43) | (0.99) | (1.31) | |||||||||||||||||||
Gains (losses) on purchases and sales of business interests (pre-tax) | (0.14) | 0.03 | (0.14) | 11.36 | |||||||||||||||||||
Tax effect on gains (losses) on purchases and sales of business interests | 0.03 | (0.02) | 0.03 | (1.14) | |||||||||||||||||||
Less: gains (losses) on purchases and sales of business interests (net of tax) | (0.11) | — | (0.12) | 10.21 | |||||||||||||||||||
Restructuring & other (pre-tax) | (0.06) | (0.08) | (0.36) | (0.48) | |||||||||||||||||||
Tax effect on restructuring & other | 0.01 | 0.03 | 0.03 | 0.11 | |||||||||||||||||||
Less: restructuring & other (net of tax) | (0.05) | (0.06) | (0.33) | (0.37) | |||||||||||||||||||
Steam asset impairments (pre-tax) | — | (0.33) | — | (0.33) | |||||||||||||||||||
Tax effect on Steam asset impairments | — | 0.03 | — | 0.03 | |||||||||||||||||||
Less: Steam asset impairments (net of tax) | — | (0.30) | — | (0.30) | |||||||||||||||||||
Gains (losses) on equity securities (pre-tax) | 0.37 | (0.61) | 1.14 | (4.14) | |||||||||||||||||||
Tax effect on gains (losses) on equity securities | 0.07 | 0.11 | 0.14 | 0.85 | |||||||||||||||||||
Less: gains (losses) on equity securities (net of tax) | 0.44 | (0.50) | 1.29 | (3.28) | |||||||||||||||||||
Goodwill impairments (pre-tax) | — | — | — | (0.67) | |||||||||||||||||||
Tax effect on goodwill impairments | — | — | — | (0.02) | |||||||||||||||||||
Less: goodwill impairments (net of tax) | — | — | — | (0.69) | |||||||||||||||||||
Debt extinguishment costs (pre-tax) | — | — | (0.59) | (0.06) | |||||||||||||||||||
Tax effect on debt extinguishment costs | — | — | 0.12 | 0.01 | |||||||||||||||||||
Less: debt extinguishment costs (net of tax) | — | — | (0.46) | (0.05) | |||||||||||||||||||
Less: SEC settlement charge (pre-tax and net of tax) | — | (0.09) | — | (0.09) | |||||||||||||||||||
Less: Accretion of RNCI (pre-tax and net of tax) | (0.01) | (0.01) | (0.01) | (0.13) | |||||||||||||||||||
Less: GE Industrial U.S. tax reform enactment adjustment | — | (0.05) | — | (0.05) | |||||||||||||||||||
Adjusted GE Industrial EPS (Non-GAAP) | $ | 0.70 | $ | 0.42 | 67 | % | $ | 1.42 | $ | 0.07 | F | ||||||||||||
GE Capital EPS from continuing operations attributable to GE common shareholders (GAAP) | $ | (0.13) | $ | (0.03) | U | $ | (0.81) | $ | (0.63) | (29) | % | ||||||||||||
Debt extinguishment costs (pre-tax) | — | — | (0.70) | (0.13) | |||||||||||||||||||
Tax effect on debt extinguishment costs | — | — | 0.15 | 0.02 | |||||||||||||||||||
Less: debt extinguishment costs (net of tax) | — | — | (0.55) | (0.11) | |||||||||||||||||||
Less: GE Capital tax benefit related to BioPharma sale | — | 0.01 | — | 0.09 | |||||||||||||||||||
Less: GE Capital tax loss related to GECAS sale | — | — | (0.04) | — | |||||||||||||||||||
Less: GE Capital U.S. tax reform enactment adjustment | — | — | 0.01 | — | |||||||||||||||||||
Adjusted GE Capital EPS (Non-GAAP) | $ | (0.13) | $ | (0.04) | U | $ | (0.22) | $ | (0.61) | 64 | % | ||||||||||||
Adjusted GE Industrial EPS (Non-GAAP) | $ | 0.70 | $ | 0.42 | 67 | % | $ | 1.42 | $ | 0.07 | F | ||||||||||||
Add: Adjusted GE Capital EPS (Non-GAAP) | (0.13) | (0.04) | U | (0.22) | (0.61) | 64 | % | ||||||||||||||||
Adjusted EPS (Non-GAAP) | $ | 0.57 | $ | 0.38 | 50 | % | $ | 1.20 | $ | (0.55) | F | ||||||||||||
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total. | |||||||||||||||||||||||
The service cost of our pension and other benefit plans are included in adjusted earnings (loss)*, which represents the ongoing cost of providing pension benefits to our employees. The components of non-operating benefit costs are mainly driven by capital allocation decisions and market performance, and we manage these separately from the operational performance of our businesses. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities. We believe that the retained costs in Adjusted earnings (loss)* provides management and investors a useful measure to evaluate the performance of the total company, and increases period-to-period comparability. We believe that presenting Adjusted Industrial earnings (loss)* separately for our financial services businesses also provides management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company. |
GE INDUSTRIAL FREE CASH FLOWS (FCF) (NON-GAAP) | GE INDUSTRIAL FREE CASH FLOWS (FCF) (NON-GAAP) | Six months ended June 30 | GE INDUSTRIAL FREE CASH FLOWS (FCF) (NON-GAAP) | Nine months ended September 30 | ||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
GE Industrial CFOA (GAAP) | GE Industrial CFOA (GAAP) | $ | (2,522) | $ | (3,266) | GE Industrial CFOA (GAAP) | $ | (832) | $ | (3,175) | ||||||
Add: gross additions to property, plant and equipment | Add: gross additions to property, plant and equipment | (599) | (1,002) | Add: gross additions to property, plant and equipment | (896) | (1,302) | ||||||||||
Add: gross additions to internal-use software | Add: gross additions to internal-use software | (47) | (95) | Add: gross additions to internal-use software | (76) | (121) | ||||||||||
Less: CFOA impact from factoring programs discontinued as of April 1, 2021 | Less: CFOA impact from factoring programs discontinued as of April 1, 2021 | (2,706) | — | Less: CFOA impact from factoring programs discontinued as of April 1, 2021 | (3,067) | — | ||||||||||
Less: taxes related to business sales | Less: taxes related to business sales | (6) | (88) | Less: taxes related to business sales | (6) | (837) | ||||||||||
GE Industrial free cash flows (Non-GAAP) | GE Industrial free cash flows (Non-GAAP) | $ | (457) | $ | (4,275) | GE Industrial free cash flows (Non-GAAP) | $ | 1,270 | $ | (3,761) | ||||||
We believe investors may find it useful to compare GE's Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and the factoring program discontinuation. The CFOA impact from factoring programs discontinued as of April 1, 2021 of $(2,706) million represents the cash that GE Industrial would have otherwise collected in the three months ended June 30, 2021 had customer receivables not been previously sold to GE Capital or third parties in those discontinued programs. The CFOA impact associated with this activity in factoring programs that have now been discontinued was $(3,470) million and $(1,635) million in the six months ended June 30, 2021 and 2020, respectively, an increase of $(1,836) million. The CFOA impact for the three months ended June 30, 2020 was $(472) million. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows. | ||||||||||||||||
We believe investors may find it useful to compare GE's Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and the factoring program discontinuation. The CFOA impact from factoring programs discontinued as of April 1, 2021 of $(3,067) million represents the cash that GE Industrial would have otherwise collected in the six months ended September 30, 2021 had customer receivables not been previously sold to GE Capital or third parties in those discontinued programs. The CFOA impact associated with this activity in factoring programs that have now been discontinued was $(3,832) million and $(1,022) million in the nine months ended September 30, 2021 and 2020, respectively, an increase of $(2,810) million. The CFOA impact for the three months ended September 30, 2020 was $613 million. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows. | We believe investors may find it useful to compare GE's Industrial free cash flows* performance without the effects of cash used for taxes related to business sales and the factoring program discontinuation. The CFOA impact from factoring programs discontinued as of April 1, 2021 of $(3,067) million represents the cash that GE Industrial would have otherwise collected in the six months ended September 30, 2021 had customer receivables not been previously sold to GE Capital or third parties in those discontinued programs. The CFOA impact associated with this activity in factoring programs that have now been discontinued was $(3,832) million and $(1,022) million in the nine months ended September 30, 2021 and 2020, respectively, an increase of $(2,810) million. The CFOA impact for the three months ended September 30, 2020 was $613 million. We believe this measure will better allow management and investors to evaluate the capacity of our industrial operations to generate free cash flows. |
GE INDUSTRIAL NET DEBT (NON-GAAP) | GE INDUSTRIAL NET DEBT (NON-GAAP) | June 30, 2021 | December 31, 2020 | GE INDUSTRIAL NET DEBT (NON-GAAP) | September 30, 2021 | December 31, 2020 | ||||||||||
Total GE Industrial short- and long-term borrowings (GAAP) | Total GE Industrial short- and long-term borrowings (GAAP) | $ | 33,804 | $ | 42,736 | Total GE Industrial short- and long-term borrowings (GAAP) | $ | 33,667 | $ | 42,736 | ||||||
Less: GE Capital short- and long-term debt assumed by GE Industrial | Less: GE Capital short- and long-term debt assumed by GE Industrial | 18,173 | 22,390 | Less: GE Capital short- and long-term debt assumed by GE Industrial | 18,106 | 22,390 | ||||||||||
Add: intercompany loans from GE Capital | Add: intercompany loans from GE Capital | 3,177 | 3,177 | Add: intercompany loans from GE Capital | 3,177 | 3,177 | ||||||||||
Total adjusted GE Industrial borrowings | Total adjusted GE Industrial borrowings | $ | 18,808 | $ | 23,523 | Total adjusted GE Industrial borrowings | $ | 18,738 | $ | 23,523 | ||||||
Pension and principal retiree benefit plan liabilities (pre-tax)(a) | Pension and principal retiree benefit plan liabilities (pre-tax)(a) | 25,492 | 25,492 | Pension and principal retiree benefit plan liabilities (pre-tax)(a) | 25,492 | 25,492 | ||||||||||
Less: taxes at 21% | Less: taxes at 21% | 5,353 | 5,353 | Less: taxes at 21% | 5,353 | 5,353 | ||||||||||
Pension and principal retiree benefit plan liabilities (net of tax) | Pension and principal retiree benefit plan liabilities (net of tax) | $ | 20,139 | $ | 20,139 | Pension and principal retiree benefit plan liabilities (net of tax) | $ | 20,139 | $ | 20,139 | ||||||
GE Industrial operating lease liabilities | GE Industrial operating lease liabilities | 2,993 | 3,133 | GE Industrial operating lease liabilities | 2,948 | 3,133 | ||||||||||
GE Industrial preferred stock | GE Industrial preferred stock | 5,931 | 5,918 | GE Industrial preferred stock | 5,933 | 5,918 | ||||||||||
Less: 50% of GE Industrial preferred stock | Less: 50% of GE Industrial preferred stock | 2,966 | 2,959 | Less: 50% of GE Industrial preferred stock | 2,966 | 2,959 | ||||||||||
50% of preferred stock | 50% of preferred stock | $ | 2,966 | $ | 2,959 | 50% of preferred stock | $ | 2,966 | $ | 2,959 | ||||||
Deduction for total GE Industrial cash, cash equivalents and restricted cash | Deduction for total GE Industrial cash, cash equivalents and restricted cash | (15,591) | (23,209) | Deduction for total GE Industrial cash, cash equivalents and restricted cash | (17,995) | (23,209) | ||||||||||
Less: 25% of GE Industrial cash, cash equivalents and restricted cash | Less: 25% of GE Industrial cash, cash equivalents and restricted cash | (3,898) | (5,802) | Less: 25% of GE Industrial cash, cash equivalents and restricted cash | (4,499) | (5,802) | ||||||||||
Deduction for 75% of GE Industrial cash, cash equivalents and restricted cash | Deduction for 75% of GE Industrial cash, cash equivalents and restricted cash | $ | (11,693) | $ | (17,407) | Deduction for 75% of GE Industrial cash, cash equivalents and restricted cash | $ | (13,496) | $ | (17,407) | ||||||
Total GE Industrial net debt (Non-GAAP) | Total GE Industrial net debt (Non-GAAP) | $ | 33,213 | $ | 32,347 | Total GE Industrial net debt (Non-GAAP) | $ | 31,295 | $ | 32,347 | ||||||
(a) Represents the sum of the net deficit of principal pension, other pension, and principal retiree benefit plans at December 31, 2020. The funded status of our benefit plans is updated annually in the fourth quarter. | ||||||||||||||||
(a) Represents the sum of the net deficit of principal pension, other pension and principal retiree benefit plans at December 31, 2020. The funded status of our benefit plans is updated annually in the fourth quarter. | (a) Represents the sum of the net deficit of principal pension, other pension and principal retiree benefit plans at December 31, 2020. The funded status of our benefit plans is updated annually in the fourth quarter. | |||||||||||||||
In this document we use GE Industrial net debt*, which is calculated based on rating agency methodologies. We are including the calculation of GE Industrial net debt* to provide investors more clarity regarding how the credit rating agencies measure GE Industrial leverage. | In this document we use GE Industrial net debt*, which is calculated based on rating agency methodologies. We are including the calculation of GE Industrial net debt* to provide investors more clarity regarding how the credit rating agencies measure GE Industrial leverage. | In this document we use GE Industrial net debt*, which is calculated based on rating agency methodologies. We are including the calculation of GE Industrial net debt* to provide investors more clarity regarding how the credit rating agencies measure GE Industrial leverage. |
STATEMENT OF EARNINGS (LOSS) | Three months ended June 30 | |||||||
(UNAUDITED) | Consolidated | |||||||
(In millions; per-share amounts in dollars) | 2021 | 2020 | ||||||
Sales of goods | $ | 11,105 | $ | 10,720 | ||||
Sales of services | 6,365 | 5,329 | ||||||
GE Capital revenues from services | 810 | 756 | ||||||
Total revenues (Note 9) | 18,279 | 16,805 | ||||||
Cost of goods sold | 9,086 | 9,787 | ||||||
Cost of services sold | 4,532 | 3,846 | ||||||
Selling, general and administrative expenses | 2,866 | 3,068 | ||||||
Research and development | 604 | 611 | ||||||
Interest and other financial charges | 488 | 561 | ||||||
Debt extinguishment costs | 1,416 | 205 | ||||||
Insurance losses and annuity benefits | 483 | 564 | ||||||
Goodwill impairments (Note 8) | 0 | 877 | ||||||
Non-operating benefit costs | 517 | 598 | ||||||
Other costs and expenses | 30 | 65 | ||||||
Total costs and expenses | 20,023 | 20,181 | ||||||
Other income (Note 23) | 706 | 2,078 | ||||||
Earnings (loss) from continuing operations before income taxes | (1,037) | (1,298) | ||||||
Benefit (provision) for income taxes | 466 | 160 | ||||||
Earnings (loss) from continuing operations | (571) | (1,138) | ||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (564) | (993) | ||||||
Net earnings (loss) | (1,135) | (2,132) | ||||||
Less net earnings (loss) attributable to noncontrolling interests | (3) | (145) | ||||||
Net earnings (loss) attributable to the Company | (1,131) | (1,987) | ||||||
Preferred stock dividends | (57) | (192) | ||||||
Net earnings (loss) attributable to GE common shareholders | $ | (1,188) | $ | (2,179) | ||||
Amounts attributable to GE common shareholders | ||||||||
Earnings (loss) from continuing operations | $ | (571) | $ | (1,138) | ||||
Less net earnings (loss) attributable to noncontrolling interests, | ||||||||
continuing operations | (3) | (145) | ||||||
Earnings (loss) from continuing operations attributable to the Company | (568) | (994) | ||||||
Preferred stock dividends | (57) | (192) | ||||||
Earnings (loss) from continuing operations attributable | ||||||||
to GE common shareholders | (624) | (1,185) | ||||||
Earnings (loss) from discontinued operations, net of taxes | (564) | (993) | ||||||
Less net earnings (loss) attributable to | ||||||||
noncontrolling interests, discontinued operations | 0 | 0 | ||||||
Net earnings (loss) attributable to GE common shareholders | $ | (1,188) | $ | (2,179) | ||||
Earnings (loss) per share from continuing operations (Note 18) | ||||||||
Diluted earnings (loss) per share | $ | (0.07) | $ | (0.15) | ||||
Basic earnings (loss) per share | $ | (0.07) | $ | (0.15) | ||||
Net earnings (loss) per share (Note 18) | ||||||||
Diluted earnings (loss) per share | $ | (0.14) | $ | (0.26) | ||||
Basic earnings (loss) per share | $ | (0.14) | $ | (0.26) |
STATEMENT OF EARNINGS (LOSS) | Three months ended September 30 | |||||||
(UNAUDITED) | Consolidated | |||||||
(In millions; per-share amounts in dollars) | 2021 | 2020 | ||||||
Sales of goods | $ | 11,530 | $ | 12,306 | ||||
Sales of services | 6,283 | 5,560 | ||||||
GE Capital revenues from services | 616 | 663 | ||||||
Total revenues (Note 9) | 18,429 | 18,529 | ||||||
Cost of goods sold | 9,127 | 10,555 | ||||||
Cost of services sold | 4,275 | 3,486 | ||||||
Selling, general and administrative expenses | 2,747 | 3,215 | ||||||
Research and development | 627 | 595 | ||||||
Interest and other financial charges | 462 | 526 | ||||||
Debt extinguishment costs | — | — | ||||||
Insurance losses and annuity benefits | 643 | 624 | ||||||
Goodwill impairments (Note 8) | — | — | ||||||
Non-operating benefit costs | 427 | 605 | ||||||
Other costs and expenses | 28 | 25 | ||||||
Total costs and expenses | 18,337 | 19,632 | ||||||
Other income (Note 23) | 491 | (517) | ||||||
Earnings (loss) from continuing operations before income taxes | 584 | (1,620) | ||||||
Benefit (provision) for income taxes | (2) | 483 | ||||||
Earnings (loss) from continuing operations | 582 | (1,137) | ||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 602 | (58) | ||||||
Net earnings (loss) | 1,184 | (1,195) | ||||||
Less net earnings (loss) attributable to noncontrolling interests | (73) | (51) | ||||||
Net earnings (loss) attributable to the Company | 1,257 | (1,144) | ||||||
Preferred stock dividends | (52) | (46) | ||||||
Net earnings (loss) attributable to GE common shareholders | $ | 1,205 | $ | (1,190) | ||||
Amounts attributable to GE common shareholders | ||||||||
Earnings (loss) from continuing operations | $ | 582 | $ | (1,137) | ||||
Less net earnings (loss) attributable to noncontrolling interests, | ||||||||
continuing operations | (73) | (51) | ||||||
Earnings (loss) from continuing operations attributable to the Company | 655 | (1,087) | ||||||
Preferred stock dividends | (52) | (46) | ||||||
Earnings (loss) from continuing operations attributable | ||||||||
to GE common shareholders | 603 | (1,132) | ||||||
Earnings (loss) from discontinued operations attributable | ||||||||
to GE common shareholders | 602 | (58) | ||||||
Net earnings (loss) attributable to GE common shareholders | $ | 1,205 | $ | (1,190) | ||||
Earnings (loss) per share from continuing operations (Note 18) | ||||||||
Diluted earnings (loss) per share | $ | 0.54 | $ | (1.04) | ||||
Basic earnings (loss) per share | $ | 0.54 | $ | (1.04) | ||||
Net earnings (loss) per share (Note 18) | ||||||||
Diluted earnings (loss) per share | $ | 1.08 | $ | (1.09) | ||||
Basic earnings (loss) per share | $ | 1.09 | $ | (1.09) |
STATEMENT OF EARNINGS (LOSS) (CONTINUED) | STATEMENT OF EARNINGS (LOSS) (CONTINUED) | Three months ended June 30 | STATEMENT OF EARNINGS (LOSS) (CONTINUED) | Three months ended September 30 | ||||||||||||||||||||||||||||||
(UNAUDITED) | (UNAUDITED) | GE Industrial | GE Capital | (UNAUDITED) | GE Industrial | GE Capital | ||||||||||||||||||||||||||||
(In millions) | (In millions) | 2021 | 2020 | 2021 | 2020 | (In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Sales of goods | Sales of goods | $ | 11,109 | $ | 10,728 | $ | 0 | $ | 0 | Sales of goods | $ | 11,532 | $ | 12,314 | $ | — | $ | — | ||||||||||||||||
Sales of services | Sales of services | 6,378 | 5,337 | 0 | 0 | Sales of services | 6,289 | 5,604 | — | — | ||||||||||||||||||||||||
GE Capital revenues from services | GE Capital revenues from services | 0 | 0 | 858 | 861 | GE Capital revenues from services | — | — | 734 | 758 | ||||||||||||||||||||||||
Total revenues | Total revenues | 17,487 | 16,066 | 858 | 861 | Total revenues | 17,821 | 17,918 | 734 | 758 | ||||||||||||||||||||||||
Cost of goods sold | Cost of goods sold | 9,091 | 9,796 | 0 | 0 | Cost of goods sold | 9,129 | 10,564 | — | — | ||||||||||||||||||||||||
Cost of services sold | Cost of services sold | 4,540 | 3,849 | 5 | 5 | Cost of services sold | 4,276 | 3,525 | 5 | 5 | ||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 2,770 | 2,979 | 106 | 114 | Selling, general and administrative expenses | 2,665 | 3,105 | 96 | 133 | ||||||||||||||||||||||||
Research and development | Research and development | 604 | 611 | 0 | 0 | Research and development | 627 | 595 | — | — | ||||||||||||||||||||||||
Interest and other financial charges | Interest and other financial charges | 261 | 333 | 250 | 283 | Interest and other financial charges | 225 | 313 | 259 | 267 | ||||||||||||||||||||||||
Debt extinguishment costs | Debt extinguishment costs | 645 | 63 | 771 | 143 | Debt extinguishment costs | — | — | 1 | — | ||||||||||||||||||||||||
Insurance losses and annuity benefits | Insurance losses and annuity benefits | 0 | 0 | 494 | 577 | Insurance losses and annuity benefits | — | — | 645 | 635 | ||||||||||||||||||||||||
Goodwill impairments (Note 8) | Goodwill impairments (Note 8) | 0 | 877 | 0 | 0 | Goodwill impairments (Note 8) | — | — | — | — | ||||||||||||||||||||||||
Non-operating benefit costs | Non-operating benefit costs | 517 | 596 | 0 | 2 | Non-operating benefit costs | 426 | 603 | — | 2 | ||||||||||||||||||||||||
Other costs and expenses | Other costs and expenses | 0 | 0 | 46 | 113 | Other costs and expenses | — | — | 39 | 38 | ||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 18,428 | 19,105 | 1,672 | 1,237 | Total costs and expenses | 17,347 | 18,705 | 1,044 | 1,081 | ||||||||||||||||||||||||
Other income (Note 23) | Other income (Note 23) | 717 | 2,116 | 0 | 0 | Other income (Note 23) | 420 | (509) | — | — | ||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | Earnings (loss) from continuing operations before income taxes | (224) | (922) | (814) | (376) | Earnings (loss) from continuing operations before income taxes | 894 | (1,296) | (311) | (323) | ||||||||||||||||||||||||
Benefit (provision) for income taxes | Benefit (provision) for income taxes | 228 | 66 | 238 | 94 | Benefit (provision) for income taxes | (81) | 143 | 79 | 340 | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | 4 | (856) | (575) | (282) | Earnings (loss) from continuing operations | 813 | (1,153) | (231) | 16 | ||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | 4 | (10) | (568) | (983) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | (8) | (10) | 611 | (48) | ||||||||||||||||||||||||
Net earnings (loss) | Net earnings (loss) | 8 | (866) | (1,143) | (1,266) | Net earnings (loss) | 804 | (1,163) | 380 | (32) | ||||||||||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests | Less net earnings (loss) attributable to noncontrolling interests | (1) | (147) | (2) | 2 | Less net earnings (loss) attributable to noncontrolling interests | 16 | (51) | (89) | — | ||||||||||||||||||||||||
Net earnings (loss) attributable to the Company | Net earnings (loss) attributable to the Company | 9 | (720) | (1,141) | (1,268) | Net earnings (loss) attributable to the Company | 788 | (1,112) | 469 | (32) | ||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (57) | 0 | 0 | (192) | Preferred stock dividends | (52) | — | — | (46) | ||||||||||||||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | (47) | $ | (720) | $ | (1,141) | $ | (1,459) | Net earnings (loss) attributable to GE common shareholders | $ | 737 | $ | (1,112) | $ | 469 | $ | (78) | ||||||||||||||||
Amounts attributable to GE common shareholders: | Amounts attributable to GE common shareholders: | Amounts attributable to GE common shareholders: | ||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | $ | 4 | $ | (856) | $ | (575) | $ | (282) | Earnings (loss) from continuing operations | $ | 813 | $ | (1,153) | $ | (231) | $ | 16 | ||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | ||||||||||||||||||||||||||||||||
continuing operations | continuing operations | (1) | (147) | (2) | 2 | continuing operations | 16 | (51) | (89) | — | ||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to the Company | Earnings (loss) from continuing operations attributable to the Company | 5 | (710) | (573) | (284) | Earnings (loss) from continuing operations attributable to the Company | 797 | (1,103) | (142) | 16 | ||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (57) | 0 | 0 | (192) | Preferred stock dividends | (52) | — | — | (46) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | ||||||||||||||||||||||||||||||||
to GE common shareholders | to GE common shareholders | (51) | (710) | (573) | (476) | to GE common shareholders | 745 | (1,103) | (142) | (29) | ||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 4 | (10) | (568) | (983) | ||||||||||||||||||||||||||||||
Less net earnings (loss) attributable to | ||||||||||||||||||||||||||||||||||
noncontrolling interests, discontinued operations | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations attributable | Earnings (loss) from discontinued operations attributable | |||||||||||||||||||||||||||||||||
to GE common shareholders | to GE common shareholders | (8) | (10) | 611 | (48) | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | (47) | $ | (720) | $ | (1,141) | $ | (1,459) | Net earnings (loss) attributable to GE common shareholders | $ | 737 | $ | (1,112) | $ | 469 | $ | (78) |
STATEMENT OF EARNINGS (LOSS) | STATEMENT OF EARNINGS (LOSS) | Six months ended June 30 | STATEMENT OF EARNINGS (LOSS) | Nine months ended September 30 | ||||||||||||
(UNAUDITED) | (UNAUDITED) | Consolidated | (UNAUDITED) | Consolidated | ||||||||||||
(In millions; per-share amounts in dollars) | (In millions; per-share amounts in dollars) | 2021 | 2020 | (In millions; per-share amounts in dollars) | 2021 | 2020 | ||||||||||
Sales of goods | Sales of goods | $ | 21,453 | $ | 23,059 | Sales of goods | $ | 32,983 | $ | 35,365 | ||||||
Sales of services | Sales of services | 12,332 | 11,780 | Sales of services | 18,615 | 17,340 | ||||||||||
GE Capital revenues from services | GE Capital revenues from services | 1,612 | 1,455 | GE Capital revenues from services | 2,228 | 2,118 | ||||||||||
Total revenues (Note 9) | Total revenues (Note 9) | 35,397 | 36,294 | Total revenues (Note 9) | 53,826 | 54,823 | ||||||||||
Cost of goods sold | Cost of goods sold | 17,765 | 19,717 | Cost of goods sold | 26,892 | 30,272 | ||||||||||
Cost of services sold | Cost of services sold | 8,391 | 8,342 | Cost of services sold | 12,666 | 11,829 | ||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 5,757 | 6,129 | Selling, general and administrative expenses | 8,504 | 9,344 | ||||||||||
Research and development | Research and development | 1,165 | 1,335 | Research and development | 1,792 | 1,929 | ||||||||||
Interest and other financial charges | Interest and other financial charges | 987 | 1,122 | Interest and other financial charges | 1,450 | 1,648 | ||||||||||
Debt extinguishment costs | Debt extinguishment costs | 1,416 | 205 | Debt extinguishment costs | 1,416 | 206 | ||||||||||
Insurance losses and annuity benefits | Insurance losses and annuity benefits | 1,038 | 1,199 | Insurance losses and annuity benefits | 1,680 | 1,824 | ||||||||||
Goodwill impairments (Note 8) | Goodwill impairments (Note 8) | 0 | 877 | Goodwill impairments (Note 8) | — | 877 | ||||||||||
Non-operating benefit costs | Non-operating benefit costs | 947 | 1,216 | Non-operating benefit costs | 1,374 | 1,821 | ||||||||||
Other costs and expenses | Other costs and expenses | 62 | 90 | Other costs and expenses | 91 | 114 | ||||||||||
Total costs and expenses | Total costs and expenses | 37,529 | 40,232 | Total costs and expenses | 55,866 | 59,863 | ||||||||||
Other income (Note 23) | Other income (Note 23) | 1,332 | 8,947 | Other income (Note 23) | 1,824 | 8,430 | ||||||||||
Earnings (loss) from continuing operations before income taxes | Earnings (loss) from continuing operations before income taxes | (799) | 5,010 | Earnings (loss) from continuing operations before income taxes | (216) | 3,390 | ||||||||||
Benefit (provision) for income taxes | Benefit (provision) for income taxes | 325 | 106 | Benefit (provision) for income taxes | 323 | 589 | ||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | (474) | 5,116 | Earnings (loss) from continuing operations | 107 | 3,979 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | (3,458) | (1,015) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | (2,856) | (1,072) | ||||||||||
Net earnings (loss) | Net earnings (loss) | (3,933) | 4,101 | Net earnings (loss) | (2,748) | 2,907 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | Less net earnings (loss) attributable to noncontrolling interests | 1 | (111) | Less net earnings (loss) attributable to noncontrolling interests | (72) | (161) | ||||||||||
Net earnings (loss) attributable to the Company | Net earnings (loss) attributable to the Company | (3,934) | 4,212 | Net earnings (loss) attributable to the Company | (2,677) | 3,068 | ||||||||||
Preferred stock dividends | Preferred stock dividends | (129) | (235) | Preferred stock dividends | (180) | (280) | ||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | (4,062) | $ | 3,977 | Net earnings (loss) attributable to GE common shareholders | $ | (2,857) | $ | 2,787 | ||||||
Amounts attributable to GE common shareholders | Amounts attributable to GE common shareholders | Amounts attributable to GE common shareholders | ||||||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | $ | (474) | $ | 5,116 | Earnings (loss) from continuing operations | $ | 107 | $ | 3,979 | ||||||
Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | ||||||||||||||
continuing operations | continuing operations | 1 | (108) | continuing operations | (72) | (159) | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | Earnings (loss) from continuing operations attributable to the Company | (476) | 5,224 | Earnings (loss) from continuing operations attributable to the Company | 179 | 4,138 | ||||||||||
Preferred stock dividends | Preferred stock dividends | (129) | (235) | Preferred stock dividends | (180) | (280) | ||||||||||
Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | ||||||||||||||
to GE common shareholders | to GE common shareholders | (604) | 4,989 | to GE common shareholders | (1) | 3,857 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (3,458) | (1,015) | ||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests, | ||||||||||||||||
discontinued operations | 0 | (2) | ||||||||||||||
Earnings (loss) from discontinued operations attributable | Earnings (loss) from discontinued operations attributable | |||||||||||||||
to GE common shareholders | to GE common shareholders | (2,856) | (1,070) | |||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | (4,062) | $ | 3,977 | Net earnings (loss) attributable to GE common shareholders | $ | (2,857) | $ | 2,787 | ||||||
Earnings (loss) per share from continuing operations (Note 18) | Earnings (loss) per share from continuing operations (Note 18) | Earnings (loss) per share from continuing operations (Note 18) | ||||||||||||||
Diluted earnings (loss) per share | Diluted earnings (loss) per share | $ | (0.07) | $ | 0.55 | Diluted earnings (loss) per share | $ | (0.01) | $ | 3.39 | ||||||
Basic earnings (loss) per share | Basic earnings (loss) per share | $ | (0.07) | $ | 0.55 | Basic earnings (loss) per share | $ | (0.01) | $ | 3.39 | ||||||
Net earnings (loss) per share (Note 18) | Net earnings (loss) per share (Note 18) | Net earnings (loss) per share (Note 18) | ||||||||||||||
Diluted earnings (loss) per share | Diluted earnings (loss) per share | $ | (0.46) | $ | 0.44 | Diluted earnings (loss) per share | $ | (2.61) | $ | 2.41 | ||||||
Basic earnings (loss) per share | Basic earnings (loss) per share | $ | (0.46) | $ | 0.44 | Basic earnings (loss) per share | $ | (2.61) | $ | 2.41 |
STATEMENT OF EARNINGS (LOSS) (CONTINUED) | STATEMENT OF EARNINGS (LOSS) (CONTINUED) | Six months ended June 30 | STATEMENT OF EARNINGS (LOSS) (CONTINUED) | Nine months ended September 30 | ||||||||||||||||||||||||||||||
(UNAUDITED) | (UNAUDITED) | GE Industrial | GE Capital | (UNAUDITED) | GE Industrial | GE Capital | ||||||||||||||||||||||||||||
(In millions; per-share amounts in dollars) | (In millions; per-share amounts in dollars) | 2021 | 2020 | 2021 | 2020 | (In millions; per-share amounts in dollars) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Sales of goods | Sales of goods | $ | 21,458 | $ | 23,087 | $ | 0 | $ | 0 | Sales of goods | $ | 32,989 | $ | 35,401 | $ | — | $ | — | ||||||||||||||||
Sales of services | Sales of services | 12,358 | 11,823 | 0 | 0 | Sales of services | 18,648 | 17,427 | — | — | ||||||||||||||||||||||||
GE Capital revenues from services | GE Capital revenues from services | 0 | 0 | 1,736 | 1,698 | GE Capital revenues from services | — | — | 2,470 | 2,455 | ||||||||||||||||||||||||
Total revenues | Total revenues | 33,816 | 34,910 | 1,736 | 1,698 | Total revenues | 51,637 | 52,828 | 2,470 | 2,455 | ||||||||||||||||||||||||
Cost of goods sold | Cost of goods sold | 17,770 | 19,745 | 0 | 0 | Cost of goods sold | 26,899 | 30,308 | — | — | ||||||||||||||||||||||||
Cost of services sold | Cost of services sold | 8,407 | 8,375 | 10 | 10 | Cost of services sold | 12,683 | 11,901 | 15 | 15 | ||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 5,536 | 5,928 | 222 | 263 | Selling, general and administrative expenses | 8,200 | 9,033 | 318 | 396 | ||||||||||||||||||||||||
Research and development | Research and development | 1,165 | 1,335 | 0 | 0 | Research and development | 1,792 | 1,929 | — | — | ||||||||||||||||||||||||
Interest and other financial charges | Interest and other financial charges | 528 | 703 | 540 | 554 | Interest and other financial charges | 753 | 1,016 | 799 | 821 | ||||||||||||||||||||||||
Debt extinguishment costs | Debt extinguishment costs | 645 | 63 | 771 | 143 | Debt extinguishment costs | 645 | 63 | 771 | 143 | ||||||||||||||||||||||||
Insurance losses and annuity benefits | Insurance losses and annuity benefits | 0 | 0 | 1,061 | 1,230 | Insurance losses and annuity benefits | — | — | 1,706 | 1,866 | ||||||||||||||||||||||||
Goodwill impairments (Note 8) | Goodwill impairments (Note 8) | 0 | 877 | 0 | 0 | Goodwill impairments (Note 8) | — | 877 | — | — | ||||||||||||||||||||||||
Non-operating benefit costs | Non-operating benefit costs | 950 | 1,212 | (3) | 4 | Non-operating benefit costs | 1,376 | 1,815 | (2) | 6 | ||||||||||||||||||||||||
Other costs and expenses | Other costs and expenses | 0 | 0 | 88 | 146 | Other costs and expenses | — | — | 127 | 185 | ||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 35,001 | 38,238 | 2,689 | 2,351 | Total costs and expenses | 52,348 | 56,943 | 3,734 | 3,432 | ||||||||||||||||||||||||
Other income (Note 23) | Other income (Note 23) | 1,339 | 8,990 | 0 | 0 | Other income (Note 23) | 1,760 | 8,481 | — | — | ||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | Earnings (loss) from continuing operations before income taxes | 154 | 5,663 | (953) | (653) | Earnings (loss) from continuing operations before income taxes | 1,048 | 4,366 | (1,264) | (976) | ||||||||||||||||||||||||
Benefit (provision) for income taxes | Benefit (provision) for income taxes | 80 | (121) | 245 | 227 | Benefit (provision) for income taxes | (1) | 22 | 324 | 566 | ||||||||||||||||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | 234 | 5,542 | (709) | (426) | Earnings (loss) from continuing operations | 1,047 | 4,389 | (940) | (410) | ||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes (Note 2) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | 4 | (24) | (3,462) | (991) | Earnings (loss) from discontinued operations, net of taxes (Note 2) | (4) | (33) | (2,851) | (1,039) | ||||||||||||||||||||||||
Net earnings (loss) | Net earnings (loss) | 238 | 5,518 | (4,171) | (1,417) | Net earnings (loss) | 1,042 | 4,355 | (3,791) | (1,449) | ||||||||||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests | Less net earnings (loss) attributable to noncontrolling interests | 6 | (113) | (4) | 2 | Less net earnings (loss) attributable to noncontrolling interests | 22 | (163) | (94) | 2 | ||||||||||||||||||||||||
Net earnings (loss) attributable to the Company | Net earnings (loss) attributable to the Company | 232 | 5,631 | (4,166) | (1,418) | Net earnings (loss) attributable to the Company | 1,021 | 4,518 | (3,698) | (1,451) | ||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (88) | 0 | (41) | (235) | Preferred stock dividends | (139) | — | (41) | (280) | ||||||||||||||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | 145 | $ | 5,631 | $ | (4,207) | $ | (1,653) | Net earnings (loss) attributable to GE common shareholders | $ | 882 | $ | 4,518 | $ | (3,739) | $ | (1,731) | ||||||||||||||||
Amounts attributable to GE common shareholders: | Amounts attributable to GE common shareholders: | Amounts attributable to GE common shareholders: | ||||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | Earnings (loss) from continuing operations | $ | 234 | $ | 5,542 | $ | (709) | $ | (426) | Earnings (loss) from continuing operations | $ | 1,047 | $ | 4,389 | $ | (940) | $ | (410) | ||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | Less net earnings (loss) attributable to noncontrolling interests, | ||||||||||||||||||||||||||||||||
continuing operations | continuing operations | 6 | (110) | (4) | 2 | continuing operations | 22 | (161) | (94) | 2 | ||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable to the Company | Earnings (loss) from continuing operations attributable to the Company | 229 | 5,652 | (704) | (428) | Earnings (loss) from continuing operations attributable to the Company | 1,025 | 4,549 | (846) | (412) | ||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (88) | 0 | (41) | (235) | Preferred stock dividends | (139) | — | (41) | (280) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | Earnings (loss) from continuing operations attributable | ||||||||||||||||||||||||||||||||
to GE common shareholders | to GE common shareholders | 141 | 5,652 | (745) | (663) | to GE common shareholders | 886 | 4,549 | (887) | (692) | ||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | 4 | (24) | (3,462) | (991) | ||||||||||||||||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests, | ||||||||||||||||||||||||||||||||||
discontinued operations | 0 | (2) | 0 | 0 | ||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations attributable | Earnings (loss) from discontinued operations attributable | |||||||||||||||||||||||||||||||||
to GE common shareholders | to GE common shareholders | (4) | (31) | (2,851) | (1,039) | |||||||||||||||||||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | $ | 145 | $ | 5,631 | $ | (4,207) | $ | (1,653) | Net earnings (loss) attributable to GE common shareholders | $ | 882 | $ | 4,518 | $ | (3,739) | $ | (1,731) |
STATEMENT OF FINANCIAL POSITION (UNAUDITED) | STATEMENT OF FINANCIAL POSITION (UNAUDITED) | Consolidated | STATEMENT OF FINANCIAL POSITION (UNAUDITED) | Consolidated | ||||||||||||
(In millions, except share amounts) | (In millions, except share amounts) | June 30, 2021 | December 31, 2020 | (In millions, except share amounts) | September 30, 2021 | December 31, 2020 | ||||||||||
Cash, cash equivalents and restricted cash(a) | Cash, cash equivalents and restricted cash(a) | $ | 22,460 | $ | 36,530 | Cash, cash equivalents and restricted cash(a) | $ | 24,955 | $ | 36,530 | ||||||
Investment securities (Note 3) | Investment securities (Note 3) | 6,134 | 7,319 | Investment securities (Note 3) | 5,300 | 7,319 | ||||||||||
Current receivables (Note 4) | Current receivables (Note 4) | 15,190 | 16,691 | Current receivables (Note 4) | 14,874 | 16,691 | ||||||||||
Financing receivables – net (Note 5) | Financing receivables – net (Note 5) | 316 | 326 | Financing receivables – net (Note 5) | 271 | 326 | ||||||||||
Inventories, including deferred inventory costs (Note 6) | Inventories, including deferred inventory costs (Note 6) | 17,016 | 15,890 | Inventories, including deferred inventory costs (Note 6) | 16,790 | 15,890 | ||||||||||
Other GE Capital receivables | Other GE Capital receivables | 1,363 | 1,549 | Other GE Capital receivables | 1,186 | 1,549 | ||||||||||
Receivable from GE Capital | Receivable from GE Capital | 0 | 0 | Receivable from GE Capital | — | — | ||||||||||
Current contract assets (Note 10) | Current contract assets (Note 10) | 5,431 | 5,764 | Current contract assets (Note 10) | 5,238 | 5,764 | ||||||||||
All other current assets (Note 11) | All other current assets (Note 11) | 1,315 | 1,109 | All other current assets (Note 11) | 1,191 | 1,109 | ||||||||||
Assets of discontinued operations (Note 2) | Assets of discontinued operations (Note 2) | 33,186 | 0 | Assets of discontinued operations (Note 2) | 33,782 | — | ||||||||||
Current assets | Current assets | 102,411 | 85,180 | Current assets | 103,587 | 85,180 | ||||||||||
Investment securities (Note 3) | Investment securities (Note 3) | 42,665 | 42,549 | Investment securities (Note 3) | 42,394 | 42,549 | ||||||||||
Other GE Capital receivables | Other GE Capital receivables | 4,672 | 4,661 | Other GE Capital receivables | 4,668 | 4,661 | ||||||||||
Property, plant and equipment – net (Note 7) | Property, plant and equipment – net (Note 7) | 16,169 | 16,699 | Property, plant and equipment – net (Note 7) | 15,873 | 16,699 | ||||||||||
Receivable from GE Capital | Receivable from GE Capital | 0 | 0 | Receivable from GE Capital | — | — | ||||||||||
Goodwill (Note 8) | Goodwill (Note 8) | 25,491 | 25,524 | Goodwill (Note 8) | 25,333 | 25,524 | ||||||||||
Other intangible assets – net (Note 8) | Other intangible assets – net (Note 8) | 9,460 | 9,671 | Other intangible assets – net (Note 8) | 9,187 | 9,671 | ||||||||||
Contract and other deferred assets (Note 10) | Contract and other deferred assets (Note 10) | 6,131 | 5,888 | Contract and other deferred assets (Note 10) | 6,119 | 5,888 | ||||||||||
All other assets (Note 11) | All other assets (Note 11) | 12,640 | 11,038 | All other assets (Note 11) | 12,651 | 11,038 | ||||||||||
Deferred income taxes (Note 16) | Deferred income taxes (Note 16) | 14,864 | 14,253 | Deferred income taxes (Note 16) | 14,466 | 14,253 | ||||||||||
Assets of discontinued operations (Note 2) | Assets of discontinued operations (Note 2) | 3,057 | 40,749 | Assets of discontinued operations (Note 2) | 2,855 | 40,749 | ||||||||||
Total assets | Total assets | $ | 237,559 | $ | 256,211 | Total assets | $ | 237,133 | $ | 256,211 | ||||||
Short-term borrowings (Note 12) | Short-term borrowings (Note 12) | $ | 4,293 | $ | 4,713 | Short-term borrowings (Note 12) | $ | 5,459 | $ | 4,713 | ||||||
Short-term borrowings assumed by GE (Note 12) | Short-term borrowings assumed by GE (Note 12) | 0 | 0 | Short-term borrowings assumed by GE (Note 12) | — | — | ||||||||||
Accounts payable and equipment project accruals | Accounts payable and equipment project accruals | 16,653 | 16,458 | Accounts payable and equipment project accruals | 16,172 | 16,458 | ||||||||||
Progress collections and deferred income (Note 10) | Progress collections and deferred income (Note 10) | 17,201 | 18,371 | Progress collections and deferred income (Note 10) | 16,909 | 18,371 | ||||||||||
All other current liabilities (Note 15) | All other current liabilities (Note 15) | 13,569 | 15,071 | All other current liabilities (Note 15) | 14,349 | 15,071 | ||||||||||
Liabilities of discontinued operations (Note 2) | Liabilities of discontinued operations (Note 2) | 4,922 | 0 | Liabilities of discontinued operations (Note 2) | 4,788 | — | ||||||||||
Current liabilities | Current liabilities | 56,639 | 54,613 | Current liabilities | 57,676 | 54,613 | ||||||||||
Deferred income (Note 10) | Deferred income (Note 10) | 1,779 | 1,801 | Deferred income (Note 10) | 1,839 | 1,801 | ||||||||||
Long-term borrowings (Note 12) | Long-term borrowings (Note 12) | 59,231 | 70,189 | Long-term borrowings (Note 12) | 57,429 | 70,189 | ||||||||||
Long-term borrowings assumed by GE (Note 12) | Long-term borrowings assumed by GE (Note 12) | 0 | 0 | Long-term borrowings assumed by GE (Note 12) | — | — | ||||||||||
Insurance liabilities and annuity benefits (Note 13) | Insurance liabilities and annuity benefits (Note 13) | 40,795 | 42,191 | Insurance liabilities and annuity benefits (Note 13) | 37,705 | 42,191 | ||||||||||
Non-current compensation and benefits | Non-current compensation and benefits | 28,805 | 29,677 | Non-current compensation and benefits | 28,415 | 29,677 | ||||||||||
All other liabilities (Note 15) | All other liabilities (Note 15) | 15,245 | 15,484 | All other liabilities (Note 15) | 14,999 | 15,484 | ||||||||||
Liabilities of discontinued operations (Note 2) | Liabilities of discontinued operations (Note 2) | 17 | 5,182 | Liabilities of discontinued operations (Note 2) | 109 | 5,182 | ||||||||||
Total liabilities | Total liabilities | 202,512 | 219,138 | Total liabilities | 198,172 | 219,138 | ||||||||||
Preferred stock (5,939,875 shares outstanding at both June 30, 2021 and December 31, 2020) | 6 | 6 | ||||||||||||||
Common stock (8,781,303,049 and 8,765,492,645 shares outstanding at June 30, 2021 and December 31, 2020, respectively) | 702 | 702 | ||||||||||||||
Preferred stock (5,939,875 shares outstanding at both September 30, 2021 and December 31, 2020) | Preferred stock (5,939,875 shares outstanding at both September 30, 2021 and December 31, 2020) | 6 | 6 | |||||||||||||
Common stock (1,098,137,128 and 1,095,686,581 shares outstanding at September 30, 2021 and December 31, 2020, respectively)(b) | Common stock (1,098,137,128 and 1,095,686,581 shares outstanding at September 30, 2021 and December 31, 2020, respectively)(b) | 15 | 702 | |||||||||||||
Accumulated other comprehensive income (loss) – net attributable to GE | Accumulated other comprehensive income (loss) – net attributable to GE | (7,820) | (9,749) | Accumulated other comprehensive income (loss) – net attributable to GE | (5,078) | (9,749) | ||||||||||
Other capital | Other capital | 34,032 | 34,307 | Other capital | 34,751 | 34,307 | ||||||||||
Retained earnings | Retained earnings | 87,993 | 92,247 | Retained earnings | 89,098 | 92,247 | ||||||||||
Less common stock held in treasury | Less common stock held in treasury | (81,425) | (81,961) | Less common stock held in treasury | (81,314) | (81,961) | ||||||||||
Total GE shareholders’ equity | Total GE shareholders’ equity | 33,487 | 35,552 | Total GE shareholders’ equity | 37,477 | 35,552 | ||||||||||
Noncontrolling interests | Noncontrolling interests | 1,560 | 1,522 | Noncontrolling interests | 1,484 | 1,522 | ||||||||||
Total equity | Total equity | 35,047 | 37,073 | Total equity | 38,961 | 37,073 | ||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 237,559 | $ | 256,211 | Total liabilities and equity | $ | 237,133 | $ | 256,211 |
STATEMENT OF FINANCIAL POSITION (CONTINUED) | STATEMENT OF FINANCIAL POSITION (CONTINUED) | GE Industrial | GE Capital | STATEMENT OF FINANCIAL POSITION (CONTINUED) | GE Industrial | GE Capital | ||||||||||||||||||||||||||||
(UNAUDITED) (In millions, except share amounts) | (UNAUDITED) (In millions, except share amounts) | June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | (UNAUDITED) (In millions, except share amounts) | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 15,591 | $ | 23,209 | $ | 6,870 | $ | 13,322 | Cash, cash equivalents and restricted cash | $ | 17,995 | $ | 23,209 | $ | 6,960 | $ | 13,322 | ||||||||||||||||
Investment securities (Note 3) | Investment securities (Note 3) | 6,134 | 7,319 | 0 | 0 | Investment securities (Note 3) | 5,300 | 7,319 | — | — | ||||||||||||||||||||||||
Current receivables (Note 4) | Current receivables (Note 4) | 14,324 | 13,442 | 0 | 0 | Current receivables (Note 4) | 14,368 | 13,442 | — | — | ||||||||||||||||||||||||
Financing receivables – net (Note 5) | Financing receivables – net (Note 5) | 0 | 0 | 1,632 | 4,172 | Financing receivables – net (Note 5) | — | — | 1,300 | 4,172 | ||||||||||||||||||||||||
Inventories, including deferred inventory costs (Note 6) | Inventories, including deferred inventory costs (Note 6) | 17,016 | 15,890 | 0 | 0 | Inventories, including deferred inventory costs (Note 6) | 16,790 | 15,890 | — | — | ||||||||||||||||||||||||
Other GE Capital receivables | Other GE Capital receivables | 0 | 0 | 1,706 | 3,280 | Other GE Capital receivables | — | — | 1,544 | 3,280 | ||||||||||||||||||||||||
Receivable from GE Capital | Receivable from GE Capital | 1,495 | 2,432 | 0 | 0 | Receivable from GE Capital | 2,346 | 2,432 | — | — | ||||||||||||||||||||||||
Current contract assets (Note 10) | Current contract assets (Note 10) | 5,431 | 5,764 | 0 | 0 | Current contract assets (Note 10) | 5,238 | 5,764 | — | — | ||||||||||||||||||||||||
All other current assets (Note 11) | All other current assets (Note 11) | 1,024 | 835 | 360 | 543 | All other current assets (Note 11) | 839 | 835 | 362 | 543 | ||||||||||||||||||||||||
Assets of discontinued operations (Note 2) | Assets of discontinued operations (Note 2) | 0 | 0 | 33,186 | 0 | Assets of discontinued operations (Note 2) | — | — | 33,782 | — | ||||||||||||||||||||||||
Current assets | Current assets | 61,015 | 68,892 | 43,754 | 21,317 | Current assets | 62,876 | 68,892 | 43,948 | 21,317 | ||||||||||||||||||||||||
Investment securities (Note 3) | Investment securities (Note 3) | 112 | 36 | 42,555 | 42,515 | Investment securities (Note 3) | 150 | 36 | 42,246 | 42,515 | ||||||||||||||||||||||||
Other GE Capital receivables | Other GE Capital receivables | 0 | 0 | 5,091 | 5,076 | Other GE Capital receivables | — | — | 5,056 | 5,076 | ||||||||||||||||||||||||
Property, plant and equipment – net (Note 7) | Property, plant and equipment – net (Note 7) | 15,921 | 16,433 | 251 | 271 | Property, plant and equipment – net (Note 7) | 15,635 | 16,433 | 241 | 271 | ||||||||||||||||||||||||
Receivable from GE Capital | Receivable from GE Capital | 13,500 | 16,780 | 0 | 0 | Receivable from GE Capital | 12,583 | 16,780 | — | — | ||||||||||||||||||||||||
Goodwill (Note 8) | Goodwill (Note 8) | 25,491 | 25,524 | 0 | 0 | Goodwill (Note 8) | 25,333 | 25,524 | — | — | ||||||||||||||||||||||||
Other intangible assets – net (Note 8) | Other intangible assets – net (Note 8) | 9,425 | 9,632 | 35 | 39 | Other intangible assets – net (Note 8) | 9,155 | 9,632 | 32 | 39 | ||||||||||||||||||||||||
Contract and other deferred assets (Note 10) | Contract and other deferred assets (Note 10) | 6,131 | 5,921 | 0 | 0 | Contract and other deferred assets (Note 10) | 6,119 | 5,921 | — | — | ||||||||||||||||||||||||
All other assets (Note 11) | All other assets (Note 11) | 8,604 | 7,948 | 4,375 | 3,354 | All other assets (Note 11) | 8,709 | 7,948 | 4,170 | 3,354 | ||||||||||||||||||||||||
Deferred income taxes (Note 16) | Deferred income taxes (Note 16) | 9,813 | 9,154 | 5,051 | 5,099 | Deferred income taxes (Note 16) | 10,082 | 9,154 | 4,384 | 5,099 | ||||||||||||||||||||||||
Assets of discontinued operations (Note 2) | Assets of discontinued operations (Note 2) | 131 | 144 | 2,926 | 40,587 | Assets of discontinued operations (Note 2) | 123 | 144 | 2,732 | 40,587 | ||||||||||||||||||||||||
Total assets | Total assets | $ | 150,143 | $ | 160,462 | $ | 104,038 | $ | 118,257 | Total assets | $ | 150,765 | $ | 160,462 | $ | 102,809 | $ | 118,257 | ||||||||||||||||
Short-term borrowings (Note 12) | Short-term borrowings (Note 12) | $ | 1,373 | $ | 918 | $ | 1,568 | $ | 1,963 | Short-term borrowings (Note 12) | $ | 1,468 | $ | 918 | $ | 1,862 | $ | 1,963 | ||||||||||||||||
Short-term borrowings assumed by GE (Note 12) | Short-term borrowings assumed by GE (Note 12) | 1,495 | 2,432 | 1,495 | 2,432 | Short-term borrowings assumed by GE (Note 12) | 2,346 | 2,432 | 2,346 | 2,432 | ||||||||||||||||||||||||
Accounts payable and equipment project accruals | Accounts payable and equipment project accruals | 16,358 | 16,380 | 778 | 918 | Accounts payable and equipment project accruals | 15,929 | 16,380 | 760 | 918 | ||||||||||||||||||||||||
Progress collections and deferred income (Note 10) | Progress collections and deferred income (Note 10) | 17,228 | 18,371 | 0 | 0 | Progress collections and deferred income (Note 10) | 16,936 | 18,371 | — | — | ||||||||||||||||||||||||
All other current liabilities (Note 15) | All other current liabilities (Note 15) | 12,790 | 14,131 | 1,243 | 2,288 | All other current liabilities (Note 15) | 13,385 | 14,131 | 1,164 | 2,288 | ||||||||||||||||||||||||
Liabilities of discontinued operations (Note 2) | Liabilities of discontinued operations (Note 2) | 0 | 0 | 4,922 | 0 | Liabilities of discontinued operations (Note 2) | — | — | 4,788 | — | ||||||||||||||||||||||||
Current liabilities | Current liabilities | 49,245 | 52,232 | 10,006 | 7,602 | Current liabilities | 50,064 | 52,232 | 10,919 | 7,602 | ||||||||||||||||||||||||
Deferred income (Note 10) | Deferred income (Note 10) | 1,779 | 1,801 | 0 | 0 | Deferred income (Note 10) | 1,839 | 1,801 | — | — | ||||||||||||||||||||||||
Long-term borrowings (Note 12) | Long-term borrowings (Note 12) | 14,258 | 19,428 | 28,295 | 30,803 | Long-term borrowings (Note 12) | 14,093 | 19,428 | 27,575 | 30,803 | ||||||||||||||||||||||||
Long-term borrowings assumed by GE (Note 12) | Long-term borrowings assumed by GE (Note 12) | 16,678 | 19,957 | 13,500 | 16,780 | Long-term borrowings assumed by GE (Note 12) | 15,761 | 19,957 | 12,583 | 16,780 | ||||||||||||||||||||||||
Insurance liabilities and annuity benefits (Note 13) | Insurance liabilities and annuity benefits (Note 13) | 0 | 0 | 41,212 | 42,565 | Insurance liabilities and annuity benefits (Note 13) | — | — | 38,090 | 42,565 | ||||||||||||||||||||||||
Non-current compensation and benefits | Non-current compensation and benefits | 28,491 | 29,291 | 307 | 379 | Non-current compensation and benefits | 28,108 | 29,291 | 299 | 379 | ||||||||||||||||||||||||
All other liabilities (Note 15) | All other liabilities (Note 15) | 14,984 | 15,072 | 362 | 539 | All other liabilities (Note 15) | 14,794 | 15,072 | 379 | 539 | ||||||||||||||||||||||||
Liabilities of discontinued operations (Note 2) | Liabilities of discontinued operations (Note 2) | 123 | 139 | (106) | 5,058 | Liabilities of discontinued operations (Note 2) | 124 | 139 | (15) | 5,058 | ||||||||||||||||||||||||
Total liabilities | Total liabilities | 125,557 | 137,921 | 93,578 | 103,726 | Total liabilities | 124,784 | 137,921 | 89,830 | 103,726 | ||||||||||||||||||||||||
Preferred stock (5,939,875 shares outstanding at both June 30, 2021 and December 31, 2020) | 6 | 6 | 0 | 6 | ||||||||||||||||||||||||||||||
Common stock (8,781,303,049 and 8,765,492,645 shares outstanding at June 30, 2021 and December 31, 2020, respectively) | 702 | 702 | 5 | 0 | ||||||||||||||||||||||||||||||
Preferred stock (5,939,875 shares outstanding at both September 30, 2021 and December 31, 2020) | Preferred stock (5,939,875 shares outstanding at both September 30, 2021 and December 31, 2020) | 6 | 6 | — | 6 | |||||||||||||||||||||||||||||
Common stock (1,098,137,128 and 1,095,686,581 shares outstanding at September 30, 2021 and December 31, 2020, respectively) | Common stock (1,098,137,128 and 1,095,686,581 shares outstanding at September 30, 2021 and December 31, 2020, respectively) | 15 | 702 | 5 | — | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) – net attributable to GE | Accumulated other comprehensive income (loss) – net attributable to GE | (7,019) | (8,945) | (801) | (804) | Accumulated other comprehensive income (loss) – net attributable to GE | (6,437) | (8,945) | 1,359 | (804) | ||||||||||||||||||||||||
Other capital | Other capital | 16,083 | 16,466 | 17,944 | 17,835 | Other capital | 16,827 | 16,466 | 17,920 | 17,835 | ||||||||||||||||||||||||
Retained earnings | Retained earnings | 94,863 | 94,910 | (6,870) | (2,663) | Retained earnings | 95,500 | 94,910 | (6,402) | (2,663) | ||||||||||||||||||||||||
Less common stock held in treasury | Less common stock held in treasury | (81,425) | (81,961) | 0 | 0 | Less common stock held in treasury | (81,314) | (81,961) | — | — | ||||||||||||||||||||||||
Total GE shareholders’ equity | Total GE shareholders’ equity | 23,210 | 21,179 | 10,277 | 14,373 | Total GE shareholders’ equity | 24,596 | 21,179 | 12,881 | 14,373 | ||||||||||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 1,376 | 1,363 | 183 | 159 | Noncontrolling interests | 1,386 | 1,363 | 97 | 159 | ||||||||||||||||||||||||
Total equity | Total equity | 24,586 | 22,542 | 10,460 | 14,531 | Total equity | 25,982 | 22,542 | 12,979 | 14,531 | ||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 150,143 | $ | 160,462 | $ | 104,038 | $ | 118,257 | Total liabilities and equity | $ | 150,765 | $ | 160,462 | $ | 102,809 | $ | 118,257 |
STATEMENT OF CASH FLOWS | STATEMENT OF CASH FLOWS | Six months ended June 30 | STATEMENT OF CASH FLOWS | Nine months ended September 30 | ||||||||||||
(UNAUDITED) | (UNAUDITED) | Consolidated | (UNAUDITED) | Consolidated | ||||||||||||
(In millions) | (In millions) | 2021 | 2020 | (In millions) | 2021 | 2020 | ||||||||||
Net earnings (loss) | Net earnings (loss) | $ | (3,933) | $ | 4,101 | Net earnings (loss) | $ | (2,748) | $ | 2,907 | ||||||
(Earnings) loss from discontinued operations | (Earnings) loss from discontinued operations | 3,458 | 1,015 | (Earnings) loss from discontinued operations | 2,856 | 1,072 | ||||||||||
Adjustments to reconcile net earnings (loss) | Adjustments to reconcile net earnings (loss) | Adjustments to reconcile net earnings (loss) | ||||||||||||||
to cash provided from operating activities | to cash provided from operating activities | to cash provided from operating activities | ||||||||||||||
Depreciation and amortization of property, plant and equipment (Note 7) | Depreciation and amortization of property, plant and equipment (Note 7) | 935 | 921 | Depreciation and amortization of property, plant and equipment (Note 7) | 1,390 | 1,664 | ||||||||||
Amortization of intangible assets (Note 8) | Amortization of intangible assets (Note 8) | 589 | 617 | Amortization of intangible assets (Note 8) | 860 | 1,036 | ||||||||||
Goodwill impairments (Note 8) | Goodwill impairments (Note 8) | 0 | 877 | Goodwill impairments (Note 8) | — | 877 | ||||||||||
(Gains) losses on purchases and sales of business interests (Note 23) | (Gains) losses on purchases and sales of business interests (Note 23) | 2 | (12,425) | (Gains) losses on purchases and sales of business interests (Note 23) | 155 | (12,446) | ||||||||||
(Gains) losses on equity securities (Note 23) | (Gains) losses on equity securities (Note 23) | (694) | 4,018 | (Gains) losses on equity securities (Note 23) | (1,035) | 4,781 | ||||||||||
Principal pension plans cost (Note 14) | Principal pension plans cost (Note 14) | 1,329 | 1,798 | Principal pension plans cost (Note 14) | 1,990 | 2,681 | ||||||||||
Principal pension plans employer contributions | Principal pension plans employer contributions | (154) | (144) | Principal pension plans employer contributions | (232) | (226) | ||||||||||
Other postretirement benefit plans (net) | Other postretirement benefit plans (net) | (497) | (488) | Other postretirement benefit plans (net) | (772) | (712) | ||||||||||
Provision (benefit) for income taxes | Provision (benefit) for income taxes | (325) | (106) | Provision (benefit) for income taxes | (323) | (589) | ||||||||||
Cash recovered (paid) during the year for income taxes | Cash recovered (paid) during the year for income taxes | (837) | (622) | Cash recovered (paid) during the year for income taxes | (1,048) | (1,138) | ||||||||||
Changes in operating working capital: | Changes in operating working capital: | Changes in operating working capital: | ||||||||||||||
Decrease (increase) in current receivables | Decrease (increase) in current receivables | 942 | (190) | Decrease (increase) in current receivables | 874 | (1,665) | ||||||||||
Decrease (increase) in inventories, including deferred inventory costs | Decrease (increase) in inventories, including deferred inventory costs | (1,330) | (838) | Decrease (increase) in inventories, including deferred inventory costs | (1,184) | (432) | ||||||||||
Decrease (increase) in current contract assets | Decrease (increase) in current contract assets | 307 | 647 | Decrease (increase) in current contract assets | 498 | 855 | ||||||||||
Increase (decrease) in accounts payable and equipment project accruals | Increase (decrease) in accounts payable and equipment project accruals | 200 | (1,912) | Increase (decrease) in accounts payable and equipment project accruals | (167) | (1,208) | ||||||||||
Increase (decrease) in progress collections and current deferred income | Increase (decrease) in progress collections and current deferred income | (1,321) | (575) | Increase (decrease) in progress collections and current deferred income | (1,509) | (1,247) | ||||||||||
All other operating activities | All other operating activities | (1,664) | 886 | All other operating activities | (1,132) | 1,912 | ||||||||||
Cash from (used for) operating activities – continuing operations | Cash from (used for) operating activities – continuing operations | (2,991) | (2,421) | Cash from (used for) operating activities – continuing operations | (1,527) | (1,876) | ||||||||||
Cash from (used for) operating activities – discontinued operations | Cash from (used for) operating activities – discontinued operations | 1,550 | 1,026 | Cash from (used for) operating activities – discontinued operations | 2,427 | 1,816 | ||||||||||
Cash from (used for) operating activities | Cash from (used for) operating activities | (1,441) | (1,395) | Cash from (used for) operating activities | 900 | (60) | ||||||||||
Additions to property, plant and equipment | Additions to property, plant and equipment | (599) | (1,002) | Additions to property, plant and equipment | (895) | (1,302) | ||||||||||
Dispositions of property, plant and equipment | Dispositions of property, plant and equipment | 105 | 105 | Dispositions of property, plant and equipment | 128 | 134 | ||||||||||
Additions to internal-use software | Additions to internal-use software | (49) | (98) | Additions to internal-use software | (78) | (125) | ||||||||||
Net decrease (increase) in financing receivables | Net decrease (increase) in financing receivables | 21 | (160) | Net decrease (increase) in financing receivables | 66 | (32) | ||||||||||
Proceeds from principal business dispositions | Proceeds from principal business dispositions | 1 | 20,821 | Proceeds from principal business dispositions | 1 | 20,577 | ||||||||||
Net cash from (payments for) principal businesses purchased | Net cash from (payments for) principal businesses purchased | (27) | (7) | Net cash from (payments for) principal businesses purchased | (27) | (10) | ||||||||||
Sales of retained ownership interests | Sales of retained ownership interests | 1,706 | 0 | Sales of retained ownership interests | 2,961 | — | ||||||||||
Net (purchases) dispositions of GE Capital investment securities | Net (purchases) dispositions of GE Capital investment securities | (1,109) | (1,334) | Net (purchases) dispositions of GE Capital investment securities | (1,158) | (1,292) | ||||||||||
All other investing activities | All other investing activities | 1,468 | 1,355 | All other investing activities | 1,912 | 1,719 | ||||||||||
Cash from (used for) investing activities – continuing operations | Cash from (used for) investing activities – continuing operations | 1,517 | 19,680 | Cash from (used for) investing activities – continuing operations | 2,909 | 19,667 | ||||||||||
Cash from (used for) investing activities – discontinued operations | Cash from (used for) investing activities – discontinued operations | (1,623) | (1,238) | Cash from (used for) investing activities – discontinued operations | (2,683) | (1,966) | ||||||||||
Cash from (used for) investing activities | Cash from (used for) investing activities | (106) | 18,442 | Cash from (used for) investing activities | 226 | 17,702 | ||||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | Net increase (decrease) in borrowings (maturities of 90 days or less) | (359) | (3,412) | Net increase (decrease) in borrowings (maturities of 90 days or less) | (390) | (4,198) | ||||||||||
Newly issued debt (maturities longer than 90 days) | Newly issued debt (maturities longer than 90 days) | 358 | 14,228 | Newly issued debt (maturities longer than 90 days) | 364 | 14,452 | ||||||||||
Repayments and other debt reductions (maturities longer than 90 days) | Repayments and other debt reductions (maturities longer than 90 days) | (10,106) | (21,909) | Repayments and other debt reductions (maturities longer than 90 days) | (10,210) | (24,486) | ||||||||||
Dividends paid to shareholders | Dividends paid to shareholders | (292) | (324) | Dividends paid to shareholders | (431) | (412) | ||||||||||
All other financing activities | All other financing activities | (1,610) | (623) | All other financing activities | (1,836) | (369) | ||||||||||
Cash from (used for) financing activities – continuing operations | Cash from (used for) financing activities – continuing operations | (12,008) | (12,040) | Cash from (used for) financing activities – continuing operations | (12,502) | (15,014) | ||||||||||
Cash from (used for) financing activities – discontinued operations | Cash from (used for) financing activities – discontinued operations | 2 | 41 | Cash from (used for) financing activities – discontinued operations | 101 | (24) | ||||||||||
Cash from (used for) financing activities | Cash from (used for) financing activities | (12,006) | (11,998) | Cash from (used for) financing activities | (12,401) | (15,038) | ||||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (37) | (217) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (136) | (11) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | Increase (decrease) in cash, cash equivalents and restricted cash | (13,591) | 4,831 | Increase (decrease) in cash, cash equivalents and restricted cash | (11,412) | 2,593 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of year | Cash, cash equivalents and restricted cash at beginning of year | 37,608 | 37,077 | Cash, cash equivalents and restricted cash at beginning of year | 37,608 | 37,077 | ||||||||||
Cash, cash equivalents and restricted cash at June 30 | 24,018 | 41,908 | ||||||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | 537 | 587 | ||||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at June 30 | $ | 23,480 | $ | 41,322 | ||||||||||||
Cash, cash equivalents and restricted cash at September 30 | Cash, cash equivalents and restricted cash at September 30 | 26,197 | 39,670 | |||||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at September 30 | Less cash, cash equivalents and restricted cash of discontinued operations at September 30 | 435 | 612 | |||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at September 30 | Cash, cash equivalents and restricted cash of continuing operations at September 30 | $ | 25,762 | $ | 39,058 |
STATEMENT OF CASH FLOWS (CONTINUED) | STATEMENT OF CASH FLOWS (CONTINUED) | Six months ended June 30 | STATEMENT OF CASH FLOWS (CONTINUED) | Nine months ended September 30 | ||||||||||||||||||||||||||||||
(UNAUDITED) | (UNAUDITED) | GE Industrial | GE Capital | (UNAUDITED) | GE Industrial | GE Capital | ||||||||||||||||||||||||||||
(In millions) | (In millions) | 2021 | 2020 | 2021 | 2020 | (In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net earnings (loss) | Net earnings (loss) | $ | 238 | $ | 5,518 | $ | (4,171) | $ | (1,417) | Net earnings (loss) | $ | 1,042 | $ | 4,355 | $ | (3,791) | $ | (1,449) | ||||||||||||||||
(Earnings) loss from discontinued operations | (Earnings) loss from discontinued operations | (4) | 24 | 3,462 | 991 | (Earnings) loss from discontinued operations | 4 | 33 | 2,851 | 1,039 | ||||||||||||||||||||||||
Adjustments to reconcile net earnings (loss) | Adjustments to reconcile net earnings (loss) | Adjustments to reconcile net earnings (loss) | ||||||||||||||||||||||||||||||||
to cash provided from operating activities | to cash provided from operating activities | to cash provided from operating activities | ||||||||||||||||||||||||||||||||
Depreciation and amortization of property, plant and equipment (Note 7) | Depreciation and amortization of property, plant and equipment (Note 7) | 922 | 916 | 13 | 13 | Depreciation and amortization of property, plant and equipment (Note 7) | 1,372 | 1,664 | 18 | 20 | ||||||||||||||||||||||||
Amortization of intangible assets (Note 8) | Amortization of intangible assets (Note 8) | 581 | 611 | 8 | 5 | Amortization of intangible assets (Note 8) | 849 | 1,028 | 11 | 8 | ||||||||||||||||||||||||
Goodwill impairments (Note 8) | Goodwill impairments (Note 8) | 0 | 877 | 0 | 0 | Goodwill impairments (Note 8) | — | 877 | — | — | ||||||||||||||||||||||||
(Gains) losses on purchases and sales of business interests (Note 23) | (Gains) losses on purchases and sales of business interests (Note 23) | 2 | (12,424) | 0 | 0 | (Gains) losses on purchases and sales of business interests (Note 23) | 155 | (12,445) | — | — | ||||||||||||||||||||||||
(Gains) losses on equity securities (Note 23) | (Gains) losses on equity securities (Note 23) | (680) | 3,986 | (14) | 33 | (Gains) losses on equity securities (Note 23) | (1,010) | 4,761 | (26) | 21 | ||||||||||||||||||||||||
Principal pension plans cost (Note 14) | Principal pension plans cost (Note 14) | 1,329 | 1,798 | 0 | 0 | Principal pension plans cost (Note 14) | 1,990 | 2,681 | — | — | ||||||||||||||||||||||||
Principal pension plans employer contributions | Principal pension plans employer contributions | (154) | (144) | 0 | 0 | Principal pension plans employer contributions | (232) | (226) | — | — | ||||||||||||||||||||||||
Other postretirement benefit plans (net) | Other postretirement benefit plans (net) | (468) | (471) | (29) | (17) | Other postretirement benefit plans (net) | (734) | (675) | (39) | (37) | ||||||||||||||||||||||||
Provision (benefit) for income taxes | Provision (benefit) for income taxes | (80) | 121 | (245) | (227) | Provision (benefit) for income taxes | 1 | (22) | (324) | (566) | ||||||||||||||||||||||||
Cash recovered (paid) during the year for income taxes | Cash recovered (paid) during the year for income taxes | (815) | (550) | (21) | (72) | Cash recovered (paid) during the year for income taxes | (1,113) | (1,805) | 65 | 667 | ||||||||||||||||||||||||
Changes in operating working capital: | Changes in operating working capital: | Changes in operating working capital: | ||||||||||||||||||||||||||||||||
Decrease (increase) in current receivables | Decrease (increase) in current receivables | (1,217) | 434 | 0 | 0 | Decrease (increase) in current receivables | (1,499) | (118) | — | — | ||||||||||||||||||||||||
Decrease (increase) in inventories, including deferred inventory costs | Decrease (increase) in inventories, including deferred inventory costs | (1,273) | (799) | 0 | 0 | Decrease (increase) in inventories, including deferred inventory costs | (1,120) | (385) | — | — | ||||||||||||||||||||||||
Decrease (increase) in current contract assets | Decrease (increase) in current contract assets | 307 | 647 | 0 | 0 | Decrease (increase) in current contract assets | 498 | 855 | — | — | ||||||||||||||||||||||||
Increase (decrease) in accounts payable and equipment project accruals | Increase (decrease) in accounts payable and equipment project accruals | 77 | (3,353) | (3) | 1 | Increase (decrease) in accounts payable and equipment project accruals | (287) | (3,020) | 8 | (26) | ||||||||||||||||||||||||
Increase (decrease) in progress collections and current deferred income | Increase (decrease) in progress collections and current deferred income | (1,283) | (575) | 0 | 0 | Increase (decrease) in progress collections and current deferred income | (1,471) | (1,247) | — | — | ||||||||||||||||||||||||
All other operating activities | All other operating activities | (5) | 121 | (1,552) | 578 | All other operating activities | 721 | 513 | (1,738) | 936 | ||||||||||||||||||||||||
Cash from (used for) operating activities – continuing operations | Cash from (used for) operating activities – continuing operations | (2,522) | (3,266) | (2,553) | (111) | Cash from (used for) operating activities – continuing operations | (832) | (3,175) | (2,963) | 612 | ||||||||||||||||||||||||
Cash from (used for) operating activities – discontinued operations | Cash from (used for) operating activities – discontinued operations | 5 | 26 | 1,545 | 1,000 | Cash from (used for) operating activities – discontinued operations | 5 | 34 | 2,422 | 1,782 | ||||||||||||||||||||||||
Cash from (used for) operating activities | Cash from (used for) operating activities | (2,517) | (3,240) | (1,008) | 889 | Cash from (used for) operating activities | (827) | (3,141) | (541) | 2,394 | ||||||||||||||||||||||||
Additions to property, plant and equipment | Additions to property, plant and equipment | (599) | (1,002) | 0 | 0 | Additions to property, plant and equipment | (896) | (1,302) | — | — | ||||||||||||||||||||||||
Dispositions of property, plant and equipment | Dispositions of property, plant and equipment | 105 | 105 | 0 | 0 | Dispositions of property, plant and equipment | 128 | 134 | — | — | ||||||||||||||||||||||||
Additions to internal-use software | Additions to internal-use software | (47) | (95) | (2) | (3) | Additions to internal-use software | (76) | (121) | (3) | (5) | ||||||||||||||||||||||||
Net decrease (increase) in financing receivables | Net decrease (increase) in financing receivables | 0 | 0 | 3,057 | 49 | Net decrease (increase) in financing receivables | — | — | 3,398 | (292) | ||||||||||||||||||||||||
Proceeds from principal business dispositions | Proceeds from principal business dispositions | 1 | 20,480 | 0 | 0 | Proceeds from principal business dispositions | 1 | 20,408 | — | — | ||||||||||||||||||||||||
Net cash from (payments for) principal businesses purchased | Net cash from (payments for) principal businesses purchased | (27) | (7) | 0 | 0 | Net cash from (payments for) principal businesses purchased | (27) | (10) | — | — | ||||||||||||||||||||||||
Sales of retained ownership interests | Sales of retained ownership interests | 1,706 | 0 | 0 | 0 | Sales of retained ownership interests | 2,961 | — | — | — | ||||||||||||||||||||||||
Net (purchases) dispositions of GE Capital investment securities | Net (purchases) dispositions of GE Capital investment securities | 0 | 0 | (1,109) | (1,334) | Net (purchases) dispositions of GE Capital investment securities | — | — | (1,158) | (1,292) | ||||||||||||||||||||||||
All other investing activities | All other investing activities | 127 | 207 | 1,498 | 9,953 | All other investing activities | 124 | 210 | 1,771 | 10,840 | ||||||||||||||||||||||||
Cash from (used for) investing activities – continuing operations | Cash from (used for) investing activities – continuing operations | 1,266 | 19,689 | 3,444 | 8,665 | Cash from (used for) investing activities – continuing operations | 2,216 | 19,318 | 4,008 | 9,251 | ||||||||||||||||||||||||
Cash from (used for) investing activities – discontinued operations | Cash from (used for) investing activities – discontinued operations | (5) | (30) | (1,618) | (1,207) | Cash from (used for) investing activities – discontinued operations | (5) | (39) | (2,678) | (1,927) | ||||||||||||||||||||||||
Cash from (used for) investing activities | Cash from (used for) investing activities | 1,261 | 19,659 | 1,826 | 7,458 | Cash from (used for) investing activities | 2,211 | 19,279 | 1,330 | 7,324 | ||||||||||||||||||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | Net increase (decrease) in borrowings (maturities of 90 days or less) | (1,276) | (3,512) | (177) | (205) | Net increase (decrease) in borrowings (maturities of 90 days or less) | (1,304) | (4,323) | (118) | (460) | ||||||||||||||||||||||||
Newly issued debt (maturities longer than 90 days) | Newly issued debt (maturities longer than 90 days) | 0 | 7,431 | 359 | 6,797 | Newly issued debt (maturities longer than 90 days) | 5 | 7,432 | 359 | 7,020 | ||||||||||||||||||||||||
Repayments and other debt reductions (maturities longer than 90 days) | Repayments and other debt reductions (maturities longer than 90 days) | (4,139) | (12,113) | (5,967) | (17,296) | Repayments and other debt reductions (maturities longer than 90 days) | (4,156) | (12,129) | (6,054) | (19,857) | ||||||||||||||||||||||||
Dividends paid to shareholders | Dividends paid to shareholders | (263) | (176) | (41) | (232) | Dividends paid to shareholders | (402) | (265) | (41) | (276) | ||||||||||||||||||||||||
All other financing activities | All other financing activities | (661) | (83) | (953) | (368) | All other financing activities | (658) | (84) | (1,181) | (286) | ||||||||||||||||||||||||
Cash from (used for) financing activities – continuing operations | Cash from (used for) financing activities – continuing operations | (6,339) | (8,453) | (6,778) | (11,305) | Cash from (used for) financing activities – continuing operations | (6,514) | (9,369) | (7,035) | (13,859) | ||||||||||||||||||||||||
Cash from (used for) financing activities – discontinued operations | Cash from (used for) financing activities – discontinued operations | 0 | 1 | 2 | 41 | Cash from (used for) financing activities – discontinued operations | — | 1 | 101 | (24) | ||||||||||||||||||||||||
Cash from (used for) financing activities | Cash from (used for) financing activities | (6,339) | (8,453) | (6,776) | (11,264) | Cash from (used for) financing activities | (6,514) | (9,369) | (6,934) | (13,883) | ||||||||||||||||||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (23) | (155) | (15) | (62) | Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (83) | (50) | (53) | 38 | ||||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | Increase (decrease) in cash, cash equivalents and restricted cash | (7,618) | 7,811 | (5,972) | (2,979) | Increase (decrease) in cash, cash equivalents and restricted cash | (5,214) | 6,719 | (6,198) | (4,126) | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | Cash, cash equivalents and restricted cash at beginning of year | 23,209 | 17,617 | 14,400 | 19,460 | Cash, cash equivalents and restricted cash at beginning of year | 23,209 | 17,617 | 14,400 | 19,460 | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at June 30 | 15,591 | 25,428 | 8,427 | 16,480 | ||||||||||||||||||||||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | 0 | 0 | 537 | 587 | ||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at June 30 | $ | 15,591 | $ | 25,428 | $ | 7,890 | $ | 15,893 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at September 30 | Cash, cash equivalents and restricted cash at September 30 | 17,995 | 24,337 | 8,202 | 15,333 | |||||||||||||||||||||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at September 30 | Less cash, cash equivalents and restricted cash of discontinued operations at September 30 | — | — | 435 | 612 | |||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at September 30 | Cash, cash equivalents and restricted cash of continuing operations at September 30 | $ | 17,995 | $ | 24,337 | $ | 7,767 | $ | 14,721 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | Three months ended June 30 | Six months ended June 30 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
(In millions, net of tax) | (In millions, net of tax) | 2021 | 2020 | 2021 | 2020 | (In millions, net of tax) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Net earnings (loss) | Net earnings (loss) | $ | (1,135) | $ | (2,132) | $ | (3,933) | $ | 4,101 | Net earnings (loss) | $ | 1,184 | $ | (1,195) | $ | (2,748) | $ | 2,907 | ||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests | Less net earnings (loss) attributable to noncontrolling interests | (3) | (145) | 1 | (111) | Less net earnings (loss) attributable to noncontrolling interests | (73) | (51) | (72) | (161) | ||||||||||||||||||||||||
Net earnings (loss) attributable to the Company | Net earnings (loss) attributable to the Company | $ | (1,131) | $ | (1,987) | $ | (3,934) | $ | 4,212 | Net earnings (loss) attributable to the Company | $ | 1,257 | $ | (1,144) | $ | (2,677) | $ | 3,068 | ||||||||||||||||
Investment securities | $ | (1) | $ | 27 | $ | (19) | $ | (14) | ||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | 130 | (57) | 240 | 78 | Currency translation adjustments | (158) | 55 | 81 | 133 | ||||||||||||||||||||||||
Cash flow hedges | 27 | 53 | 90 | (158) | ||||||||||||||||||||||||||||||
Benefit plans | Benefit plans | 914 | 604 | 1,619 | 1,640 | Benefit plans | 753 | 609 | 2,372 | 2,248 | ||||||||||||||||||||||||
Investment securities and cash flow hedges | Investment securities and cash flow hedges | 2,151 | 32 | 2,222 | (140) | |||||||||||||||||||||||||||||
Less: other comprehensive income (loss) attributable to noncontrolling interests | Less: other comprehensive income (loss) attributable to noncontrolling interests | (2) | 2 | 1 | 7 | Less: other comprehensive income (loss) attributable to noncontrolling interests | 4 | — | 5 | 7 | ||||||||||||||||||||||||
Other comprehensive income (loss) attributable to the Company | Other comprehensive income (loss) attributable to the Company | $ | 1,073 | $ | 625 | $ | 1,929 | $ | 1,539 | Other comprehensive income (loss) attributable to the Company | $ | 2,742 | $ | 695 | $ | 4,671 | $ | 2,234 | ||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | $ | (64) | $ | (1,505) | $ | (2,003) | $ | 5,647 | Comprehensive income (loss) | $ | 3,930 | $ | (499) | $ | 1,927 | $ | 5,147 | ||||||||||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | Less: comprehensive income (loss) attributable to noncontrolling interests | (5) | (143) | 2 | (104) | Less: comprehensive income (loss) attributable to noncontrolling interests | (69) | (50) | (67) | (154) | ||||||||||||||||||||||||
Comprehensive income (loss) attributable to the Company | Comprehensive income (loss) attributable to the Company | $ | (58) | $ | (1,362) | $ | (2,005) | $ | 5,751 | Comprehensive income (loss) attributable to the Company | $ | 3,999 | $ | (449) | $ | 1,994 | $ | 5,302 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) | Three months ended June 30 | Six months ended June 30 | CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
(In millions) | (In millions) | 2021 | 2020 | 2021 | 2020 | (In millions) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||
Preferred stock issued | Preferred stock issued | $ | 6 | $ | 6 | $ | 6 | $ | 6 | Preferred stock issued | $ | 6 | $ | 6 | $ | 6 | $ | 6 | ||||||||||||||||
Common stock issued | Common stock issued | $ | 702 | $ | 702 | $ | 702 | $ | 702 | Common stock issued | $ | 15 | $ | 702 | $ | 15 | $ | 702 | ||||||||||||||||
Beginning balance | Beginning balance | (8,893) | (10,819) | (9,749) | (11,732) | Beginning balance | (7,820) | (10,194) | (9,749) | (11,732) | ||||||||||||||||||||||||
Investment securities | (1) | 27 | (19) | (14) | ||||||||||||||||||||||||||||||
Currency translation adjustments | Currency translation adjustments | 132 | (58) | 240 | 75 | Currency translation adjustments | (160) | 55 | 80 | 129 | ||||||||||||||||||||||||
Cash flow hedges | 27 | 53 | 90 | (158) | ||||||||||||||||||||||||||||||
Benefit plans | Benefit plans | 914 | 604 | 1,618 | 1,636 | Benefit plans | 751 | 609 | 2,369 | 2,245 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) ending balance | $ | (7,820) | $ | (10,194) | $ | (7,820) | $ | (10,194) | ||||||||||||||||||||||||||
Investment securities and cash flow hedges | Investment securities and cash flow hedges | 2,151 | 32 | 2,222 | (140) | |||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | $ | (5,078) | $ | (9,498) | $ | (5,078) | $ | (9,498) | |||||||||||||||||||||||||
Beginning balance | Beginning balance | 34,042 | 34,296 | 34,307 | 34,405 | Beginning balance | 34,032 | 34,292 | 34,307 | 34,405 | ||||||||||||||||||||||||
Gains (losses) on treasury stock dispositions | Gains (losses) on treasury stock dispositions | (110) | (163) | (493) | (412) | Gains (losses) on treasury stock dispositions | (78) | (162) | (571) | (574) | ||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 107 | 111 | 213 | 216 | Stock-based compensation | 109 | 104 | 322 | 319 | ||||||||||||||||||||||||
Other changes | Other changes | (8) | 48 | 5 | 83 | Other changes | 689 | 46 | 694 | 129 | ||||||||||||||||||||||||
Other capital ending balance | $ | 34,032 | $ | 34,292 | $ | 34,032 | $ | 34,292 | ||||||||||||||||||||||||||
Other capital | Other capital | $ | 34,751 | $ | 34,279 | $ | 34,751 | $ | 34,279 | |||||||||||||||||||||||||
Beginning balance | Beginning balance | 89,276 | 93,615 | 92,247 | 87,732 | Beginning balance | 87,993 | 91,188 | 92,247 | 87,732 | ||||||||||||||||||||||||
Net earnings (loss) attributable to the Company | Net earnings (loss) attributable to the Company | (1,131) | (1,987) | (3,934) | 4,212 | Net earnings (loss) attributable to the Company | 1,257 | (1,144) | (2,677) | 3,068 | ||||||||||||||||||||||||
Dividends and other transactions with shareholders | Dividends and other transactions with shareholders | (152) | (439) | (320) | (581) | Dividends and other transactions with shareholders | (152) | (139) | (473) | (720) | ||||||||||||||||||||||||
Changes in accounting (Note 1) | 0 | 0 | 0 | (175) | ||||||||||||||||||||||||||||||
Retained earnings ending balance | $ | 87,993 | $ | 91,188 | $ | 87,993 | $ | 91,188 | ||||||||||||||||||||||||||
Changes in accounting | Changes in accounting | — | — | — | (175) | |||||||||||||||||||||||||||||
Retained earnings | Retained earnings | $ | 89,098 | $ | 89,905 | $ | 89,098 | $ | 89,905 | |||||||||||||||||||||||||
Beginning balance | Beginning balance | (81,548) | (82,516) | (81,961) | (82,797) | Beginning balance | (81,425) | (82,320) | (81,961) | (82,797) | ||||||||||||||||||||||||
Purchases | Purchases | (45) | (8) | (82) | (22) | Purchases | (4) | (3) | (87) | (25) | ||||||||||||||||||||||||
Dispositions | Dispositions | 168 | 204 | 618 | 498 | Dispositions | 116 | 198 | 733 | 697 | ||||||||||||||||||||||||
Common stock held in treasury ending balance | $ | (81,425) | $ | (82,320) | $ | (81,425) | $ | (82,320) | ||||||||||||||||||||||||||
Common stock held in treasury | Common stock held in treasury | $ | (81,314) | $ | (82,125) | $ | (81,314) | $ | (82,125) | |||||||||||||||||||||||||
GE shareholders' equity balance | GE shareholders' equity balance | 33,487 | 33,674 | 33,487 | 33,674 | GE shareholders' equity balance | 37,477 | 33,269 | 37,477 | 33,269 | ||||||||||||||||||||||||
Noncontrolling interests balance (Note 17) | 1,560 | 1,579 | 1,560 | 1,579 | ||||||||||||||||||||||||||||||
Total equity balance at June 30 | $ | 35,047 | $ | 35,254 | $ | 35,047 | $ | 35,254 | ||||||||||||||||||||||||||
Noncontrolling interests balance | Noncontrolling interests balance | 1,484 | 1,524 | 1,484 | 1,524 | |||||||||||||||||||||||||||||
Total equity balance at September 30 | Total equity balance at September 30 | $ | 38,961 | $ | 34,793 | $ | 38,961 | $ | 34,793 |
RESULTS OF DISCONTINUED OPERATIONS | RESULTS OF DISCONTINUED OPERATIONS | Three months ended June 30 | Six months ended June 30 | RESULTS OF DISCONTINUED OPERATIONS | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GE Capital revenues from services | GE Capital revenues from services | $ | 902 | $ | 1,055 | $ | 1,535 | $ | 2,065 | GE Capital revenues from services | $ | 933 | $ | 966 | $ | 2,469 | $ | 3,032 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods and services sold | Cost of goods and services sold | (8) | (840) | (376) | (1,387) | Cost of goods and services sold | (19) | (640) | (394) | (2,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income, costs and expenses | Other income, costs and expenses | (311) | (1,248) | (697) | (1,709) | Other income, costs and expenses | (340) | (380) | (1,037) | (2,090) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) of discontinued operations before income taxes | Earnings (loss) of discontinued operations before income taxes | $ | 583 | $ | (1,033) | $ | 462 | $ | (1,031) | Earnings (loss) of discontinued operations before income taxes | $ | 575 | $ | (54) | $ | 1,037 | $ | (1,085) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit (provision) for income taxes | Benefit (provision) for income taxes | (50) | 49 | (79) | 30 | Benefit (provision) for income taxes | (208) | 6 | (287) | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | Earnings (loss) of discontinued operations, net of taxes(a) | $ | 533 | $ | (984) | $ | 384 | $ | (1,001) | Earnings (loss) of discontinued operations, net of taxes(a) | $ | 367 | $ | (49) | $ | 750 | $ | (1,050) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal | Disposal | Disposal | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal before income taxes | Gain (loss) on disposal before income taxes | $ | (1,133) | $ | (10) | $ | (3,835) | $ | (13) | Gain (loss) on disposal before income taxes | $ | 174 | $ | (8) | $ | (3,661) | $ | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit (provision) for income taxes | Benefit (provision) for income taxes | 37 | 0 | (7) | 0 | Benefit (provision) for income taxes | 62 | (1) | 55 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposal, net of taxes(b) | Gain (loss) on disposal, net of taxes(b) | $ | (1,097) | $ | (10) | $ | (3,842) | $ | (13) | Gain (loss) on disposal, net of taxes(b) | $ | 236 | $ | (9) | $ | (3,606) | $ | (23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | Earnings (loss) from discontinued operations, net of taxes | $ | (564) | $ | (993) | $ | (3,458) | $ | (1,015) | Earnings (loss) from discontinued operations, net of taxes | $ | 602 | $ | (58) | $ | (2,856) | $ | (1,072) |
ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS | ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS | June 30, 2021 | December 31, 2020 | ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS | September 30, 2021 | December 31, 2020 | ||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | $ | 31 | $ | 0 | Cash, cash equivalents and restricted cash | $ | 31 | $ | — | ||||||
Financing receivables - net | Financing receivables - net | 2,102 | 0 | Financing receivables - net | 1,985 | — | ||||||||||
Other GE Capital receivables | Other GE Capital receivables | 1,989 | 0 | Other GE Capital receivables | 1,928 | — | ||||||||||
Property, plant, and equipment - net | Property, plant, and equipment - net | 28,407 | 0 | Property, plant, and equipment - net | 29,369 | — | ||||||||||
Valuation allowance on disposal group classified as discontinued operations | Valuation allowance on disposal group classified as discontinued operations | (3,709) | 0 | Valuation allowance on disposal group classified as discontinued operations | (3,560) | — | ||||||||||
All other current assets | All other current assets | 4,366 | 0 | All other current assets | 4,029 | — | ||||||||||
Total current assets of discontinued operations | Total current assets of discontinued operations | 33,186 | 0 | Total current assets of discontinued operations | 33,782 | — | ||||||||||
Cash, cash equivalents and restricted cash | Cash, cash equivalents and restricted cash | 506 | 623 | Cash, cash equivalents and restricted cash | 404 | 623 | ||||||||||
Financing receivables - net | Financing receivables - net | 0 | 2,710 | Financing receivables - net | — | 2,710 | ||||||||||
Other GE Capital receivables | Other GE Capital receivables | 57 | 1,844 | Other GE Capital receivables | 50 | 1,844 | ||||||||||
Financing receivables held for sale (Polish mortgage portfolio) | Financing receivables held for sale (Polish mortgage portfolio) | 1,991 | 2,461 | Financing receivables held for sale (Polish mortgage portfolio) | 1,938 | 2,461 | ||||||||||
Property, plant, and equipment - net | Property, plant, and equipment - net | 96 | 28,429 | Property, plant, and equipment - net | 92 | 28,429 | ||||||||||
All other assets | All other assets | 405 | 4,683 | All other assets | 370 | 4,683 | ||||||||||
Assets of discontinued operations(a) | Assets of discontinued operations(a) | $ | 36,244 | $ | 40,749 | Assets of discontinued operations(a) | $ | 36,637 | $ | 40,749 | ||||||
Deferred income taxes | Deferred income taxes | $ | 2,274 | $ | 0 | Deferred income taxes | $ | 2,242 | $ | — | ||||||
Accounts payable and all other liabilities | Accounts payable and all other liabilities | 2,648 | 0 | Accounts payable and all other liabilities | 2,546 | — | ||||||||||
Total current liabilities of discontinued operations | Total current liabilities of discontinued operations | 4,922 | 0 | Total current liabilities of discontinued operations | 4,788 | — | ||||||||||
Deferred income taxes | Deferred income taxes | 0 | 2,172 | Deferred income taxes | 2 | 2,172 | ||||||||||
Accounts payable and all other liabilities(b) | Accounts payable and all other liabilities(b) | 17 | 3,010 | Accounts payable and all other liabilities(b) | 107 | 3,010 | ||||||||||
Liabilities of discontinued operations(a) | Liabilities of discontinued operations(a) | $ | 4,939 | $ | 5,182 | Liabilities of discontinued operations(a) | $ | 4,896 | $ | 5,182 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||||||||||||||||||||||||||||
Equity (Baker Hughes) | Equity (Baker Hughes) | $ | 6,134 | $ | — | $ | — | $ | 6,134 | $ | 7,319 | $ | — | $ | — | $ | 7,319 | Equity (Baker Hughes) | $ | 5,300 | $ | — | $ | — | $ | 5,300 | $ | 7,319 | $ | — | $ | — | $ | 7,319 | ||||||||||||||||||||||||
Current investment securities | Current investment securities | $ | 6,134 | $ | — | $ | — | $ | 6,134 | $ | 7,319 | $ | — | $ | — | $ | 7,319 | Current investment securities | $ | 5,300 | $ | — | $ | — | $ | 5,300 | $ | 7,319 | $ | — | $ | — | $ | 7,319 | ||||||||||||||||||||||||
Debt | Debt | Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | U.S. corporate | $ | 24,455 | $ | 5,703 | $ | (26) | $ | 30,133 | $ | 23,604 | $ | 6,651 | $ | (26) | $ | 30,230 | U.S. corporate | $ | 24,995 | $ | 5,536 | $ | (38) | $ | 30,493 | $ | 23,604 | $ | 6,651 | $ | (26) | $ | 30,230 | ||||||||||||||||||||||||
Non-U.S. corporate | Non-U.S. corporate | 2,631 | 372 | (2) | 3,001 | 2,283 | 458 | (1) | 2,740 | Non-U.S. corporate | 2,489 | 349 | (3) | 2,835 | 2,283 | 458 | (1) | 2,740 | ||||||||||||||||||||||||||||||||||||||||
State and municipal | State and municipal | 3,316 | 780 | (4) | 4,091 | 3,387 | 878 | (9) | 4,256 | State and municipal | 2,848 | 643 | (5) | 3,486 | 3,387 | 878 | (9) | 4,256 | ||||||||||||||||||||||||||||||||||||||||
Mortgage and asset-backed | Mortgage and asset-backed | 3,685 | 161 | (38) | 3,808 | 3,652 | 171 | (71) | 3,752 | Mortgage and asset-backed | 3,771 | 159 | (34) | 3,896 | 3,652 | 171 | (71) | 3,752 | ||||||||||||||||||||||||||||||||||||||||
Government and agencies | Government and agencies | 1,137 | 137 | (2) | 1,273 | 1,169 | 184 | 0 | 1,353 | Government and agencies | 1,102 | 120 | (2) | 1,221 | 1,169 | 184 | — | 1,353 | ||||||||||||||||||||||||||||||||||||||||
Other equity | Other equity | 360 | — | — | 360 | 218 | — | — | 218 | Other equity | 465 | — | — | 465 | 218 | — | — | 218 | ||||||||||||||||||||||||||||||||||||||||
Non-current investment securities | Non-current investment securities | $ | 35,583 | $ | 7,153 | $ | (71) | $ | 42,665 | $ | 34,313 | $ | 8,342 | $ | (106) | $ | 42,549 | Non-current investment securities | $ | 35,669 | $ | 6,808 | $ | (82) | $ | 42,394 | $ | 34,313 | $ | 8,342 | $ | (106) | $ | 42,549 | ||||||||||||||||||||||||
Total | Total | $ | 41,717 | $ | 7,153 | $ | (71) | $ | 48,800 | $ | 41,632 | $ | 8,342 | $ | (106) | $ | 49,868 | Total | $ | 40,970 | $ | 6,808 | $ | (82) | $ | 47,695 | $ | 41,632 | $ | 8,342 | $ | (106) | $ | 49,868 |
Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||||
Within one year | Within one year | $ | 745 | $ | 755 | Within one year | $ | 638 | $ | 647 | ||||||
After one year through five years | After one year through five years | 3,236 | 3,544 | After one year through five years | 3,290 | 3,596 | ||||||||||
After five years through ten years | After five years through ten years | 6,410 | 7,557 | After five years through ten years | 6,264 | 7,336 | ||||||||||
After ten years | After ten years | 21,147 | 26,642 | After ten years | 21,241 | 26,455 |
CURRENT RECEIVABLES | CURRENT RECEIVABLES | Consolidated | GE Industrial | CURRENT RECEIVABLES | Consolidated | GE Industrial | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Customer receivables | Customer receivables | $ | 12,188 | $ | 13,459 | $ | 11,323 | $ | 9,841 | Customer receivables | $ | 11,890 | $ | 13,459 | $ | 11,359 | $ | 9,841 | ||||||||||||||||
Sundry receivables(a)(b) | Sundry receivables(a)(b) | 4,115 | 4,395 | 4,112 | 4,763 | Sundry receivables(a)(b) | 4,098 | 4,395 | 4,121 | 4,763 | ||||||||||||||||||||||||
Allowance for credit losses(c) | Allowance for credit losses(c) | (1,113) | (1,164) | (1,110) | (1,161) | Allowance for credit losses(c) | (1,113) | (1,164) | (1,112) | (1,161) | ||||||||||||||||||||||||
Total current receivables | Total current receivables | $ | 15,190 | $ | 16,691 | $ | 14,324 | $ | 13,442 | Total current receivables | $ | 14,874 | $ | 16,691 | $ | 14,368 | $ | 13,442 |
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
GE Capital | Third Parties | GE Capital | Third Parties | GE Capital | Third Parties | GE Capital | Third Parties | |||||||||||||||||||||||||||||||||||||||
Balance at January 1 | Balance at January 1 | $ | 3,618 | $ | 2,992 | $ | 3,087 | $ | 6,757 | Balance at January 1 | $ | 3,618 | $ | 2,992 | $ | 3,087 | $ | 6,757 | ||||||||||||||||||||||||||||
GE Industrial sales to GE Capital | GE Industrial sales to GE Capital | 9,783 | — | 16,964 | — | GE Industrial sales to GE Capital | 12,890 | — | 24,630 | — | ||||||||||||||||||||||||||||||||||||
GE Industrial sales to third parties | GE Industrial sales to third parties | — | 453 | — | 515 | GE Industrial sales to third parties | — | 765 | — | 699 | ||||||||||||||||||||||||||||||||||||
GE Capital sales to third parties | GE Capital sales to third parties | (6,763) | 6,763 | (9,914) | 9,914 | GE Capital sales to third parties | (9,933) | 9,933 | (13,757) | 13,757 | ||||||||||||||||||||||||||||||||||||
Collections and other | Collections and other | (5,859) | (8,077) | (6,825) | (13,289) | Collections and other | (6,144) | (11,538) | (9,805) | (17,755) | ||||||||||||||||||||||||||||||||||||
Reclassification from long-term customer receivables | Reclassification from long-term customer receivables | 86 | 0 | 170 | 0 | Reclassification from long-term customer receivables | 99 | — | 207 | — | ||||||||||||||||||||||||||||||||||||
Balance at June 30 | $ | 865 | (a) | $ | 2,131 | (b) | $ | 3,482 | (a) | $ | 3,897 | |||||||||||||||||||||||||||||||||||
Balance at September 30 | Balance at September 30 | $ | 530 | (a) | $ | 2,152 | (b) | $ | 4,362 | (a) | $ | 3,458 |
LONG-TERM RECEIVABLES | LONG-TERM RECEIVABLES | Consolidated | GE Industrial | LONG-TERM RECEIVABLES | Consolidated | GE Industrial | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Long-term customer receivables(a) | Long-term customer receivables(a) | $ | 593 | $ | 585 | $ | 579 | $ | 474 | Long-term customer receivables(a) | $ | 741 | $ | 585 | $ | 739 | $ | 474 | ||||||||||||||||
Long-term sundry receivables(b) | Long-term sundry receivables(b) | 1,675 | 1,748 | 1,979 | 2,097 | Long-term sundry receivables(b) | 1,611 | 1,748 | 1,795 | 2,097 | ||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (138) | (142) | (138) | (142) | Allowance for credit losses | (133) | (142) | (133) | (142) | ||||||||||||||||||||||||
Total long-term receivables | Total long-term receivables | $ | 2,130 | $ | 2,191 | $ | 2,420 | $ | 2,430 | Total long-term receivables | $ | 2,218 | $ | 2,191 | $ | 2,401 | $ | 2,430 |
Six months ended June 30 | 2021 | 2020 | ||||||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | 2021 | 2020 | |||||||||||||||||||
Customer receivables sold to receivables facilities | Customer receivables sold to receivables facilities | $ | 5,334 | $ | 7,662 | Customer receivables sold to receivables facilities | $ | 8,442 | $ | 10,570 | ||||||||||||
Collections and other on receivables sold to receivables facilities | Collections and other on receivables sold to receivables facilities | 8,523 | 12,146 | |||||||||||||||||||
Total cash purchase price for customer receivables | Total cash purchase price for customer receivables | 5,011 | 7,222 | Total cash purchase price for customer receivables | 7,966 | 10,060 | ||||||||||||||||
Cash collections re-invested to purchase customer receivables | Cash collections re-invested to purchase customer receivables | 4,468 | 6,435 | Cash collections re-invested to purchase customer receivables | 7,203 | 8,865 | ||||||||||||||||
Non-cash increases to deferred purchase price | Non-cash increases to deferred purchase price | $ | 288 | $ | 390 | Non-cash increases to deferred purchase price | $ | 432 | $ | 446 | ||||||||||||
Cash payments received on deferred purchase price | Cash payments received on deferred purchase price | 217 | 274 | Cash payments received on deferred purchase price | 362 | 388 |
Consolidated | GE Capital | Consolidated | GE Capital | |||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Loans, net of deferred income | Loans, net of deferred income | $ | 347 | $ | 359 | $ | 1,645 | $ | 4,182 | Loans, net of deferred income | $ | 300 | $ | 359 | $ | 1,311 | $ | 4,182 | ||||||||||||||||
Allowance for losses | Allowance for losses | (31) | (32) | (12) | (10) | Allowance for losses | (29) | (32) | (11) | (10) | ||||||||||||||||||||||||
Current financing receivables – net | Current financing receivables – net | $ | 316 | $ | 326 | $ | 1,632 | $ | 4,172 | Current financing receivables – net | $ | 271 | $ | 326 | $ | 1,300 | $ | 4,172 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Raw materials and work in process | Raw materials and work in process | $ | 8,393 | $ | 7,937 | Raw materials and work in process | $ | 8,682 | $ | 7,937 | ||||||
Finished goods | Finished goods | 6,184 | 5,654 | Finished goods | 5,583 | 5,654 | ||||||||||
Deferred inventory costs(a) | Deferred inventory costs(a) | 2,439 | 2,299 | Deferred inventory costs(a) | 2,525 | 2,299 | ||||||||||
Inventories, including deferred inventory costs | Inventories, including deferred inventory costs | $ | 17,016 | $ | 15,890 | Inventories, including deferred inventory costs | $ | 16,790 | $ | 15,890 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Original cost | Original cost | $ | 32,274 | $ | 32,098 | Original cost | $ | 32,121 | $ | 32,098 | ||||||
Less accumulated depreciation and amortization | Less accumulated depreciation and amortization | (18,858) | (18,251) | Less accumulated depreciation and amortization | (18,968) | (18,251) | ||||||||||
Right-of-use operating lease assets | Right-of-use operating lease assets | 2,753 | 2,852 | Right-of-use operating lease assets | 2,720 | 2,852 | ||||||||||
Property, plant and equipment – net | Property, plant and equipment – net | $ | 16,169 | $ | 16,699 | Property, plant and equipment – net | $ | 15,873 | $ | 16,699 |
GOODWILL | GOODWILL | January 1, 2021 | Acquisitions | Currency exchange and other | Balance at June 30, 2021 | GOODWILL | January 1, 2021 | Acquisitions | Currency exchange and other | Balance at September 30, 2021 | ||||||||||||||||||||||||||||||
Aviation | Aviation | $ | 9,247 | $ | 0 | $ | (52) | $ | 9,195 | Aviation | $ | 9,247 | $ | — | $ | (126) | $ | 9,121 | ||||||||||||||||||||||
Healthcare | Healthcare | 11,855 | 45 | (5) | 11,894 | Healthcare | 11,855 | 45 | (19) | 11,880 | ||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | 3,401 | 0 | (22) | 3,379 | Renewable Energy | 3,401 | — | (88) | 3,313 | ||||||||||||||||||||||||||||||
Power | Power | 146 | 0 | 0 | 145 | Power | 146 | — | — | 145 | ||||||||||||||||||||||||||||||
Corporate | Corporate | 876 | 0 | 2 | 877 | Corporate | 876 | — | (1) | 875 | ||||||||||||||||||||||||||||||
Total | Total | $ | 25,524 | $ | 45 | $ | (78) | $ | 25,491 | Total | $ | 25,524 | $ | 45 | $ | (235) | $ | 25,333 |
EQUIPMENT & SERVICES REVENUES | EQUIPMENT & SERVICES REVENUES | EQUIPMENT & SERVICES REVENUES | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30 | Three months ended September 30 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | |||||||||||||||||||||||||||||||||||
Aviation | Aviation | $ | 1,865 | $ | 2,974 | $ | 4,840 | $ | 1,938 | $ | 2,446 | $ | 4,384 | Aviation | $ | 1,837 | $ | 3,562 | $ | 5,398 | $ | 1,933 | $ | 2,987 | $ | 4,919 | ||||||||||||||||||||
Healthcare | Healthcare | 2,257 | 2,197 | 4,454 | 2,050 | 1,843 | 3,893 | Healthcare | 2,187 | 2,151 | 4,339 | 2,538 | 2,027 | 4,565 | ||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | 3,305 | 745 | 4,049 | 2,722 | 783 | 3,505 | Renewable Energy | 3,695 | 512 | 4,208 | 3,771 | 754 | 4,525 | ||||||||||||||||||||||||||||||||
Power | Power | 1,071 | 3,224 | 4,295 | 1,488 | 2,669 | 4,156 | Power | 1,368 | 2,658 | 4,026 | 1,595 | 2,430 | 4,025 | ||||||||||||||||||||||||||||||||
Corporate items and industrial eliminations | Corporate items and industrial eliminations | (195) | 44 | (151) | 9 | 120 | 129 | Corporate items and industrial eliminations | (182) | 33 | (149) | (212) | 95 | (117) | ||||||||||||||||||||||||||||||||
Total GE Industrial revenues | Total GE Industrial revenues | $ | 8,302 | $ | 9,185 | $ | 17,487 | $ | 8,206 | $ | 7,860 | $ | 16,066 | Total GE Industrial revenues | $ | 8,905 | $ | 8,916 | $ | 17,821 | $ | 9,625 | $ | 8,293 | $ | 17,918 |
Six months ended June 30 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | |||||||||||||||||||||||||||||||||||
Aviation | Aviation | $ | 3,712 | $ | 6,120 | $ | 9,832 | $ | 4,302 | $ | 6,975 | $ | 11,276 | Aviation | $ | 5,549 | $ | 9,681 | $ | 15,230 | $ | 6,234 | $ | 9,961 | $ | 16,196 | ||||||||||||||||||||
Healthcare | Healthcare | 4,484 | 4,278 | 8,761 | 4,749 | 3,872 | 8,620 | Healthcare | 6,671 | 6,429 | 13,100 | 7,287 | 5,899 | 13,185 | ||||||||||||||||||||||||||||||||
Renewable Energy | Renewable Energy | 6,148 | 1,149 | 7,297 | 5,298 | 1,401 | 6,698 | Renewable Energy | 9,844 | 1,661 | 11,505 | 9,068 | 2,155 | 11,224 | ||||||||||||||||||||||||||||||||
Power | Power | 2,312 | 5,904 | 8,216 | 2,994 | 5,187 | 8,181 | Power | 3,680 | 8,561 | 12,242 | 4,589 | 7,617 | 12,206 | ||||||||||||||||||||||||||||||||
Corporate items and industrial eliminations | Corporate items and industrial eliminations | (383) | 93 | (290) | (39) | 174 | 135 | Corporate items and industrial eliminations | (566) | 126 | (439) | (251) | 268 | 17 | ||||||||||||||||||||||||||||||||
Total GE Industrial revenues | Total GE Industrial revenues | $ | 16,273 | $ | 17,543 | $ | 33,816 | $ | 17,303 | $ | 17,608 | $ | 34,910 | Total GE Industrial revenues | $ | 25,178 | $ | 26,459 | $ | 51,637 | $ | 26,928 | $ | 25,901 | $ | 52,828 |
REVENUES | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Commercial Engines & Services | $ | 3,115 | $ | 2,519 | $ | 6,469 | $ | 7,631 | |||||||||||||||
Military | 1,041 | 1,161 | 1,997 | 2,121 | |||||||||||||||||||
Systems & Other | 684 | 703 | 1,366 | 1,524 | |||||||||||||||||||
Aviation | $ | 4,840 | $ | 4,384 | $ | 9,832 | $ | 11,276 | |||||||||||||||
Healthcare Systems | $ | 3,915 | $ | 3,523 | $ | 7,740 | $ | 6,971 | |||||||||||||||
Pharmaceutical Diagnostics | 539 | 370 | 1,021 | 820 | |||||||||||||||||||
BioPharma | 0 | 0 | 0 | 830 | |||||||||||||||||||
Healthcare | $ | 4,454 | $ | 3,893 | $ | 8,761 | $ | 8,620 | |||||||||||||||
Onshore Wind | $ | 2,883 | $ | 2,487 | $ | 5,001 | $ | 4,612 | |||||||||||||||
Grid Solutions equipment and services | 776 | 812 | 1,571 | 1,652 | |||||||||||||||||||
Hydro | 194 | 151 | 359 | 330 | |||||||||||||||||||
Offshore Wind and Hybrid Solutions | 196 | 54 | 366 | 105 | |||||||||||||||||||
Renewable Energy | $ | 4,049 | $ | 3,505 | $ | 7,297 | $ | 6,698 | |||||||||||||||
Gas Power | $ | 3,049 | $ | 3,077 | $ | 5,878 | $ | 5,936 | |||||||||||||||
Steam Power | 831 | 763 | 1,537 | 1,571 | |||||||||||||||||||
Power Conversion, Nuclear and other | 415 | 316 | 800 | 674 | |||||||||||||||||||
Power | $ | 4,295 | $ | 4,156 | $ | 8,216 | $ | 8,181 | |||||||||||||||
Corporate items and industrial eliminations | (151) | 129 | (290) | 135 | |||||||||||||||||||
Total GE Industrial revenues | $ | 17,487 | $ | 16,066 | $ | 33,816 | $ | 34,910 | |||||||||||||||
Capital | 858 | 861 | 1,736 | 1,698 | |||||||||||||||||||
GE Capital-GE Industrial eliminations | $ | (66) | $ | (123) | $ | (154) | $ | (314) | |||||||||||||||
Consolidated revenues | $ | 18,279 | $ | 16,805 | $ | 35,397 | $ | 36,294 | |||||||||||||||
REVENUES | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Commercial Engines & Services | $ | 3,602 | $ | 3,087 | $ | 10,071 | $ | 10,718 | |||||||||||||||
Military | 1,107 | 1,137 | 3,104 | 3,258 | |||||||||||||||||||
Systems & Other | 689 | 696 | 2,055 | 2,220 | |||||||||||||||||||
Aviation | $ | 5,398 | $ | 4,919 | $ | 15,230 | $ | 16,196 | |||||||||||||||
Healthcare Systems | $ | 3,832 | $ | 4,085 | $ | 11,572 | $ | 11,056 | |||||||||||||||
Pharmaceutical Diagnostics | 507 | 480 | 1,528 | 1,300 | |||||||||||||||||||
BioPharma | — | — | — | 830 | |||||||||||||||||||
Healthcare | $ | 4,339 | $ | 4,565 | $ | 13,100 | $ | 13,185 | |||||||||||||||
Onshore Wind | $ | 3,047 | $ | 3,303 | $ | 8,048 | $ | 7,914 | |||||||||||||||
Grid Solutions equipment and services | 759 | 936 | 2,330 | 2,587 | |||||||||||||||||||
Hydro | 190 | 160 | 549 | 490 | |||||||||||||||||||
Offshore Wind and Hybrid Solutions | 211 | 127 | 577 | 232 | |||||||||||||||||||
Renewable Energy | $ | 4,208 | $ | 4,525 | $ | 11,505 | $ | 11,224 | |||||||||||||||
Gas Power | $ | 2,861 | $ | 2,940 | $ | 8,739 | $ | 8,876 | |||||||||||||||
Steam Power | 790 | 769 | 2,327 | 2,340 | |||||||||||||||||||
Power Conversion, Nuclear and other | 376 | 316 | 1,176 | 990 | |||||||||||||||||||
Power | $ | 4,026 | $ | 4,025 | $ | 12,242 | $ | 12,206 | |||||||||||||||
Corporate items and industrial eliminations | (149) | (117) | (439) | 17 | |||||||||||||||||||
Total GE Industrial revenues | $ | 17,821 | $ | 17,918 | $ | 51,637 | $ | 52,828 | |||||||||||||||
Capital | 734 | 758 | 2,470 | 2,455 | |||||||||||||||||||
GE Capital-GE Industrial eliminations | $ | (126) | $ | (147) | $ | (280) | $ | (461) | |||||||||||||||
Consolidated revenues | $ | 18,429 | $ | 18,529 | $ | 53,826 | $ | 54,823 | |||||||||||||||
June 30, 2021 | Aviation | Healthcare | Renewable Energy | Power | Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Aviation | Healthcare | Renewable Energy | Power | Other | Total | |||||||||||||||||||||||||||||||||
Revenues in excess of billings | Revenues in excess of billings | $ | 2,397 | $ | 0 | $ | 0 | $ | 5,433 | $ | 0 | $ | 7,829 | Revenues in excess of billings | $ | 2,714 | $ | — | $ | — | $ | 5,480 | $ | — | $ | 8,195 | ||||||||||||||
Billings in excess of revenues | Billings in excess of revenues | (5,528) | 0 | 0 | (1,404) | 0 | (6,931) | Billings in excess of revenues | (6,188) | — | — | (1,406) | — | (7,594) | ||||||||||||||||||||||||||
Long-term service agreements | Long-term service agreements | $ | (3,131) | $ | 0 | $ | 0 | $ | 4,029 | $ | 0 | $ | 898 | Long-term service agreements | $ | (3,473) | $ | — | $ | — | $ | 4,074 | $ | — | $ | 601 | ||||||||||||||
Short-term and other service agreements | Short-term and other service agreements | 315 | 179 | 97 | 117 | 20 | 729 | Short-term and other service agreements | 341 | 177 | 97 | 91 | 20 | 725 | ||||||||||||||||||||||||||
Equipment contract revenues | Equipment contract revenues | 45 | 287 | 1,341 | 1,897 | 233 | 3,804 | Equipment contract revenues | 40 | 315 | 1,349 | 1,963 | 244 | 3,912 | ||||||||||||||||||||||||||
Current contract assets | Current contract assets | $ | (2,771) | $ | 466 | $ | 1,438 | $ | 6,043 | $ | 253 | $ | 5,431 | Current contract assets | $ | (3,092) | $ | 492 | $ | 1,446 | $ | 6,128 | $ | 264 | $ | 5,238 | ||||||||||||||
Nonrecurring engineering costs | Nonrecurring engineering costs | 2,460 | 33 | 33 | 18 | 0 | 2,544 | Nonrecurring engineering costs | 2,467 | 31 | 30 | 14 | — | 2,543 | ||||||||||||||||||||||||||
Customer advances and other | Customer advances and other | 2,611 | 127 | 0 | 848 | 0 | 3,587 | Customer advances and other | 2,596 | 135 | — | 846 | — | 3,576 | ||||||||||||||||||||||||||
Non-current contract and other deferred assets | Non-current contract and other deferred assets | $ | 5,071 | $ | 160 | $ | 33 | $ | 867 | $ | 0 | $ | 6,131 | Non-current contract and other deferred assets | $ | 5,063 | $ | 166 | $ | 30 | $ | 860 | $ | — | $ | 6,119 | ||||||||||||||
Total contract and other deferred assets | Total contract and other deferred assets | $ | 2,300 | $ | 626 | $ | 1,471 | $ | 6,910 | $ | 254 | $ | 11,561 | Total contract and other deferred assets | $ | 1,971 | $ | 658 | $ | 1,476 | $ | 6,988 | $ | 264 | $ | 11,357 |
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Revenues in excess of billings | Revenues in excess of billings | $ | 3,072 | $ | 0 | $ | 0 | $ | 5,282 | $ | 0 | $ | 8,354 | Revenues in excess of billings | $ | 3,072 | $ | — | $ | — | $ | 5,282 | $ | — | $ | 8,354 | ||||||||||||||
Billings in excess of revenues | Billings in excess of revenues | (5,375) | 0 | 0 | (1,640) | 0 | (7,015) | Billings in excess of revenues | (5,375) | — | — | (1,640) | — | (7,015) | ||||||||||||||||||||||||||
Long-term service agreements | Long-term service agreements | $ | (2,304) | $ | 0 | $ | 0 | $ | 3,642 | $ | 0 | $ | 1,338 | Long-term service agreements | $ | (2,304) | $ | — | $ | — | $ | 3,642 | $ | — | $ | 1,338 | ||||||||||||||
Short-term and other service agreements | Short-term and other service agreements | 282 | 173 | 106 | 129 | 29 | 719 | Short-term and other service agreements | 282 | 173 | 106 | 129 | 29 | 719 | ||||||||||||||||||||||||||
Equipment contract revenues | Equipment contract revenues | 59 | 306 | 1,127 | 2,015 | 201 | 3,707 | Equipment contract revenues | 59 | 306 | 1,127 | 2,015 | 201 | 3,707 | ||||||||||||||||||||||||||
Current contract assets | Current contract assets | $ | (1,963) | $ | 479 | $ | 1,233 | $ | 5,786 | $ | 229 | $ | 5,764 | Current contract assets | $ | (1,963) | $ | 479 | $ | 1,233 | $ | 5,786 | $ | 229 | $ | 5,764 | ||||||||||||||
Nonrecurring engineering costs | Nonrecurring engineering costs | 2,409 | 31 | 34 | 16 | 0 | 2,490 | Nonrecurring engineering costs | 2,409 | 31 | 34 | 16 | — | 2,490 | ||||||||||||||||||||||||||
Customer advances and other | Customer advances and other | 2,481 | 128 | 0 | 822 | (32) | 3,398 | Customer advances and other | 2,481 | 128 | — | 822 | (32) | 3,398 | ||||||||||||||||||||||||||
Non-current contract and other deferred assets | Non-current contract and other deferred assets | $ | 4,889 | $ | 159 | $ | 34 | $ | 838 | $ | (32) | $ | 5,888 | Non-current contract and other deferred assets | $ | 4,889 | $ | 159 | $ | 34 | $ | 838 | $ | (32) | $ | 5,888 | ||||||||||||||
Total contract and other deferred assets | Total contract and other deferred assets | $ | 2,927 | $ | 638 | $ | 1,268 | $ | 6,623 | $ | 197 | $ | 11,653 | Total contract and other deferred assets | $ | 2,927 | $ | 638 | $ | 1,268 | $ | 6,623 | $ | 197 | $ | 11,653 |
June 30, 2021 | Aviation | Healthcare | Renewable Energy | Power | Other | Total | ||||||||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Aviation | Healthcare | Renewable Energy | Power | Other | Total | |||||||||||||||||||||||||||||||||
Progress collections on equipment contracts | Progress collections on equipment contracts | $ | 181 | $ | 0 | $ | 1,607 | $ | 5,085 | $ | 0 | $ | 6,873 | Progress collections on equipment contracts | $ | 155 | $ | — | $ | 1,862 | $ | 5,227 | $ | — | $ | 7,244 | ||||||||||||||
Other progress collections | Other progress collections | 4,234 | 443 | 3,341 | 373 | 83 | 8,475 | Other progress collections | 4,245 | 480 | 2,750 | 292 | 83 | 7,849 | ||||||||||||||||||||||||||
Current deferred income | Current deferred income | 141 | 1,385 | 212 | 24 | 91 | 1,853 | Current deferred income | 151 | 1,346 | 216 | 22 | 81 | 1,816 | ||||||||||||||||||||||||||
Progress collections and deferred income | Progress collections and deferred income | $ | 4,557 | $ | 1,828 | $ | 5,160 | $ | 5,483 | $ | 174 | $ | 17,201 | Progress collections and deferred income | $ | 4,551 | $ | 1,825 | $ | 4,828 | $ | 5,541 | $ | 163 | $ | 16,909 | ||||||||||||||
Non-current deferred income | Non-current deferred income | 874 | 568 | 203 | 125 | 9 | 1,779 | Non-current deferred income | 963 | 564 | 188 | 118 | 6 | 1,839 | ||||||||||||||||||||||||||
Total Progress collections and deferred income | Total Progress collections and deferred income | $ | 5,431 | $ | 2,396 | $ | 5,363 | $ | 5,607 | $ | 184 | $ | 18,981 | Total Progress collections and deferred income | $ | 5,514 | $ | 2,389 | $ | 5,015 | $ | 5,659 | $ | 170 | $ | 18,748 |
December 31, 2020 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Progress collections on equipment contracts | Progress collections on equipment contracts | $ | 214 | $ | 0 | $ | 1,229 | $ | 4,918 | $ | 0 | $ | 6,362 | Progress collections on equipment contracts | $ | 214 | $ | — | $ | 1,229 | $ | 4,918 | $ | — | $ | 6,362 | ||||||||||||||
Other progress collections | Other progress collections | 4,623 | 414 | 4,604 | 458 | 152 | 10,252 | Other progress collections | 4,623 | 414 | 4,604 | 458 | 152 | 10,252 | ||||||||||||||||||||||||||
Current deferred income | Current deferred income | 132 | 1,309 | 194 | 17 | 105 | 1,757 | Current deferred income | 132 | 1,309 | 194 | 17 | 105 | 1,757 | ||||||||||||||||||||||||||
Progress collections and deferred income | Progress collections and deferred income | $ | 4,969 | $ | 1,724 | $ | 6,028 | $ | 5,393 | $ | 257 | $ | 18,371 | Progress collections and deferred income | $ | 4,969 | $ | 1,724 | $ | 6,028 | $ | 5,393 | $ | 257 | $ | 18,371 | ||||||||||||||
Non-current deferred income | Non-current deferred income | 898 | 564 | 214 | 116 | 10 | 1,801 | Non-current deferred income | 898 | 564 | 214 | 116 | 10 | 1,801 | ||||||||||||||||||||||||||
Total Progress collections and deferred income | Total Progress collections and deferred income | $ | 5,867 | $ | 2,288 | $ | 6,241 | $ | 5,509 | $ | 267 | $ | 20,172 | Total Progress collections and deferred income | $ | 5,867 | $ | 2,288 | $ | 6,241 | $ | 5,509 | $ | 267 | $ | 20,172 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||
Current portion of long-term borrowings | Current portion of long-term borrowings | $ | 1,021 | $ | 36 | Current portion of long-term borrowings | $ | 1,002 | $ | 36 | ||||||
Current portion of long-term borrowings assumed by GE Industrial | Current portion of long-term borrowings assumed by GE Industrial | 1,495 | 2,432 | Current portion of long-term borrowings assumed by GE Industrial | 2,346 | 2,432 | ||||||||||
Other | Other | 352 | 882 | Other | 465 | 882 | ||||||||||
Total GE Industrial short-term borrowings | Total GE Industrial short-term borrowings | $ | 2,869 | $ | 3,350 | Total GE Industrial short-term borrowings | $ | 3,813 | $ | 3,350 | ||||||
Current portion of long-term borrowings | Current portion of long-term borrowings | $ | 1,394 | $ | 788 | Current portion of long-term borrowings | $ | 1,696 | $ | 788 | ||||||
Intercompany payable to GE Industrial | Intercompany payable to GE Industrial | 1,495 | 2,432 | Intercompany payable to GE Industrial | 2,346 | 2,432 | ||||||||||
Non-recourse borrowings of consolidated securitization entities | Non-recourse borrowings of consolidated securitization entities | 68 | 892 | Non-recourse borrowings of consolidated securitization entities | — | 892 | ||||||||||
Other | Other | 107 | 283 | Other | 166 | 283 | ||||||||||
Total GE Capital short-term borrowings | Total GE Capital short-term borrowings | $ | 3,063 | $ | 4,395 | Total GE Capital short-term borrowings | $ | 4,207 | $ | 4,395 | ||||||
Eliminations | Eliminations | (1,638) | (3,033) | Eliminations | (2,562) | (3,033) | ||||||||||
Total short-term borrowings | Total short-term borrowings | $ | 4,293 | $ | 4,713 | Total short-term borrowings | $ | 5,459 | $ | 4,713 | ||||||
Senior notes | Senior notes | $ | 13,858 | $ | 18,994 | Senior notes | $ | 13,709 | $ | 18,994 | ||||||
Senior notes assumed by GE Industrial | Senior notes assumed by GE Industrial | 14,884 | 18,178 | Senior notes assumed by GE Industrial | 13,996 | 18,178 | ||||||||||
Subordinated notes assumed by GE Industrial | Subordinated notes assumed by GE Industrial | 1,793 | 1,779 | Subordinated notes assumed by GE Industrial | 1,765 | 1,779 | ||||||||||
Other | Other | 401 | 435 | Other | 384 | 435 | ||||||||||
Total GE Industrial long-term borrowings | Total GE Industrial long-term borrowings | $ | 30,935 | $ | 39,386 | Total GE Industrial long-term borrowings | $ | 29,854 | $ | 39,386 | ||||||
Senior notes | Senior notes | $ | 27,611 | $ | 30,132 | Senior notes | $ | 26,918 | $ | 30,132 | ||||||
Subordinated notes | Subordinated notes | 160 | 189 | Subordinated notes | 146 | 189 | ||||||||||
Intercompany payable to GE Industrial | Intercompany payable to GE Industrial | 13,500 | 16,780 | Intercompany payable to GE Industrial | 12,583 | 16,780 | ||||||||||
Other | Other | 524 | 483 | Other | 511 | 483 | ||||||||||
Total GE Capital long-term borrowings | Total GE Capital long-term borrowings | $ | 41,796 | $ | 47,584 | Total GE Capital long-term borrowings | $ | 40,158 | $ | 47,584 | ||||||
Eliminations | Eliminations | (13,500) | (16,780) | Eliminations | (12,583) | (16,780) | ||||||||||
Total long-term borrowings | Total long-term borrowings | $ | 59,231 | $ | 70,189 | Total long-term borrowings | $ | 57,429 | $ | 70,189 | ||||||
Total borrowings | Total borrowings | $ | 63,524 | $ | 74,902 | Total borrowings | $ | 62,888 | $ | 74,902 |
June 30, 2021 | Long-term care | Structured settlement annuities & life | Other contracts | Other adjustments(a) | Total | |||||||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | Long-term care | Structured settlement annuities & life | Other contracts | Other adjustments(a) | Total | ||||||||||||||||||||||||||||
Future policy benefit reserves | Future policy benefit reserves | $ | 17,042 | $ | 9,013 | $ | 188 | $ | 7,028 | $ | 33,271 | Future policy benefit reserves | $ | 17,078 | $ | 8,969 | $ | 187 | $ | 3,919 | $ | 30,153 | ||||||||||||
Claim reserves | Claim reserves | 4,368 | 270 | 990 | — | 5,628 | Claim reserves | 4,445 | 265 | 966 | — | 5,677 | ||||||||||||||||||||||
Investment contracts | Investment contracts | 0 | 999 | 982 | — | 1,981 | Investment contracts | — | 974 | 971 | — | 1,945 | ||||||||||||||||||||||
Unearned premiums and other | Unearned premiums and other | 15 | 189 | 127 | — | 332 | Unearned premiums and other | 14 | 190 | 110 | — | 315 | ||||||||||||||||||||||
21,426 | 10,472 | 2,287 | 7,028 | 41,212 | 21,538 | 10,397 | 2,235 | 3,919 | 38,090 | |||||||||||||||||||||||||
Eliminations | Eliminations | — | — | (417) | — | (417) | Eliminations | — | — | (385) | — | (385) | ||||||||||||||||||||||
Total | Total | $ | 21,426 | $ | 10,472 | $ | 1,870 | $ | 7,028 | $ | 40,795 | Total | $ | 21,538 | $ | 10,397 | $ | 1,851 | $ | 3,919 | $ | 37,705 |
December 31, 2020 | December 31, 2020 | Long-term care | Structured settlement annuities & life | Other contracts | Other adjustments(a) | Total | December 31, 2020 | Long-term care | Structured settlement annuities & life | Other contracts | Other adjustments(a) | Total | ||||||||||||||||||||||
Future policy benefit reserves | Future policy benefit reserves | $ | 16,934 | $ | 9,207 | $ | 181 | $ | 8,160 | $ | 34,482 | Future policy benefit reserves | $ | 16,934 | $ | 9,207 | $ | 181 | $ | 8,160 | $ | 34,482 | ||||||||||||
Claim reserves | Claim reserves | 4,393 | 275 | 1,068 | — | 5,736 | Claim reserves | 4,393 | 275 | 1,068 | — | 5,736 | ||||||||||||||||||||||
Investment contracts | Investment contracts | 0 | 1,034 | 1,016 | — | 2,049 | Investment contracts | — | 1,034 | 1,016 | — | 2,049 | ||||||||||||||||||||||
Unearned premiums and other | Unearned premiums and other | 19 | 189 | 89 | — | 298 | Unearned premiums and other | 19 | 189 | 89 | — | 298 | ||||||||||||||||||||||
21,346 | 10,705 | 2,354 | 8,160 | 42,565 | 21,346 | 10,705 | 2,354 | 8,160 | 42,565 | |||||||||||||||||||||||||
Eliminations | Eliminations | — | — | (374) | — | (374) | Eliminations | — | — | (374) | — | (374) | ||||||||||||||||||||||
Total | Total | $ | 21,346 | $ | 10,705 | $ | 1,980 | $ | 8,160 | $ | 42,191 | Total | $ | 21,346 | $ | 10,705 | $ | 1,980 | $ | 8,160 | $ | 42,191 |
PRINCIPAL PENSION PLANS | PRINCIPAL PENSION PLANS | Three months ended June 30 | Six months ended June 30 | PRINCIPAL PENSION PLANS | Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Service cost for benefits earned | Service cost for benefits earned | $ | 58 | $ | 192 | $ | 122 | $ | 345 | Service cost for benefits earned | $ | 57 | $ | 156 | $ | 179 | $ | 501 | ||||||||||||||||
Prior service cost amortization | Prior service cost amortization | 7 | 37 | 14 | 74 | Prior service cost amortization | 8 | 36 | 22 | 110 | ||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (762) | (748) | (1,525) | (1,496) | Expected return on plan assets | (763) | (747) | (2,288) | (2,243) | ||||||||||||||||||||||||
Interest cost on benefit obligations | Interest cost on benefit obligations | 490 | 589 | 976 | 1,176 | Interest cost on benefit obligations | 488 | 588 | 1,464 | 1,764 | ||||||||||||||||||||||||
Net actuarial loss amortization | Net actuarial loss amortization | 878 | 851 | 1,742 | 1,699 | Net actuarial loss amortization | 871 | 850 | 2,613 | 2,549 | ||||||||||||||||||||||||
Benefit plans cost | Benefit plans cost | $ | 671 | $ | 921 | $ | 1,329 | $ | 1,798 | Benefit plans cost | $ | 661 | $ | 883 | $ | 1,990 | $ | 2,681 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | Three months ended June 30 | Six months ended June 30 | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 42 | $ | 20 | $ | 60 | $ | 61 | Beginning balance | $ | (4,146) | $ | (4,743) | $ | (4,386) | $ | (4,818) | |||||||||||||||||||
AOCI before reclasses – net of taxes of $2, $8, $(4) and $7(a) | 7 | 34 | (22) | 41 | |||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $(2), $(2) $2 and $(14) | (8) | (7) | 3 | (55) | |||||||||||||||||||||||||||||||||
AOCI before reclasses – net of taxes of $5, $(59), $(51) and $(39) | AOCI before reclasses – net of taxes of $5, $(59), $(51) and $(39) | (158) | 55 | 82 | (558) | ||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $0, $0, $0 and $0(a) | Reclasses from AOCI – net of taxes of $0, $0, $0 and $0(a) | — | — | — | 691 | ||||||||||||||||||||||||||||||||
AOCI | AOCI | (1) | 27 | (19) | (14) | AOCI | (158) | 55 | 81 | 133 | |||||||||||||||||||||||||||
Less AOCI attributable to noncontrolling interests | Less AOCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 | Less AOCI attributable to noncontrolling interests | 1 | — | 1 | 3 | |||||||||||||||||||||||||||
Investment securities AOCI ending balance | $ | 41 | $ | 47 | $ | 41 | $ | 47 | |||||||||||||||||||||||||||||
Currency translation adjustments AOCI | Currency translation adjustments AOCI | $ | (4,305) | $ | (4,689) | $ | (4,305) | $ | (4,689) | ||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | (4,278) | $ | (4,685) | $ | (4,386) | $ | (4,818) | Beginning balance | $ | (3,777) | $ | (5,387) | $ | (5,395) | $ | (7,024) | |||||||||||||||||||
AOCI before reclasses – net of taxes of $1, $25, $(56) and $20 | 130 | (58) | 240 | (613) | |||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $0, $0, $0 and $0(b) | 0 | 1 | 0 | 691 | |||||||||||||||||||||||||||||||||
AOCI before reclasses – net of taxes of $16, $(22), $(5) and $6 | AOCI before reclasses – net of taxes of $16, $(22), $(5) and $6 | 91 | (87) | 264 | 58 | ||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $192, $187, $592 and $613(a) | Reclasses from AOCI – net of taxes of $192, $187, $592 and $613(a) | 662 | 695 | 2,108 | 2,190 | ||||||||||||||||||||||||||||||||
AOCI | AOCI | 130 | (57) | 240 | 78 | AOCI | 753 | 609 | 2,372 | 2,248 | |||||||||||||||||||||||||||
Less AOCI attributable to noncontrolling interests | Less AOCI attributable to noncontrolling interests | (2) | 1 | 0 | 3 | Less AOCI attributable to noncontrolling interests | 2 | — | 4 | 3 | |||||||||||||||||||||||||||
Currency translation adjustments AOCI ending balance | $ | (4,146) | $ | (4,743) | $ | (4,146) | $ | (4,743) | |||||||||||||||||||||||||||||
Benefit plans AOCI | Benefit plans AOCI | $ | (3,026) | $ | (4,779) | $ | (3,026) | $ | (4,779) | ||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 34 | $ | (163) | $ | (28) | $ | 49 | Beginning balance | $ | 103 | $ | (63) | $ | 32 | $ | 109 | |||||||||||||||||||
AOCI before reclasses – net of taxes of $(10), $(24), $(6) and $(69) | 32 | 40 | 71 | (222) | |||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $(1), $(1), $9 and $8(b) | (5) | 13 | 18 | 64 | |||||||||||||||||||||||||||||||||
AOCI before reclasses – net of taxes of $576, $62, $566 and $0(b) | AOCI before reclasses – net of taxes of $576, $62, $566 and $0(b) | 2,152 | 65 | 2,201 | (116) | ||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $3, $(11), $13 and $(17)(a) | Reclasses from AOCI – net of taxes of $3, $(11), $13 and $(17)(a) | (1) | (33) | 21 | (24) | ||||||||||||||||||||||||||||||||
AOCI | AOCI | 27 | 53 | 90 | (158) | AOCI | 2,151 | 32 | 2,222 | (140) | |||||||||||||||||||||||||||
Less AOCI attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Cash flow hedges AOCI ending balance | $ | 62 | $ | (109) | $ | 62 | $ | (109) | |||||||||||||||||||||||||||||
Beginning balance | $ | (4,691) | $ | (5,991) | $ | (5,395) | $ | (7,024) | |||||||||||||||||||||||||||||
AOCI before reclasses – net of taxes of $26, $(2), $(21) and $28 | 157 | (74) | 173 | 145 | |||||||||||||||||||||||||||||||||
Reclasses from AOCI – net of taxes of $206, $187, $400 and $426(b) | 757 | 678 | 1,446 | 1,495 | |||||||||||||||||||||||||||||||||
AOCI | 914 | 604 | 1,619 | 1,640 | |||||||||||||||||||||||||||||||||
Less AOCI attributable to noncontrolling interests | 0 | 0 | 1 | 3 | |||||||||||||||||||||||||||||||||
Benefit plans AOCI ending balance | $ | (3,777) | $ | (5,387) | $ | (3,777) | $ | (5,387) | |||||||||||||||||||||||||||||
Investment securities and cash flow hedges AOCI | Investment securities and cash flow hedges AOCI | $ | 2,254 | $ | (30) | $ | 2,254 | $ | (30) | ||||||||||||||||||||||||||||
AOCI at June 30 | $ | (7,820) | $ | (10,194) | $ | (7,820) | $ | (10,194) | |||||||||||||||||||||||||||||
AOCI at September 30 | AOCI at September 30 | $ | (5,078) | $ | (9,498) | $ | (5,078) | $ | (9,498) | ||||||||||||||||||||||||||||
Dividends declared per common share | Dividends declared per common share | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.02 | Dividends declared per common share | $ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.24 |
Three months ended June 30 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Three months ended September 30 | Three months ended September 30 | 2021 | 2020 | |||||||||||||||||||||||||||||||
(Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | ||||||||||||||||||||||||
Earnings from continuing operations | Earnings from continuing operations | $ | (568) | $ | (568) | $ | (994) | $ | (994) | Earnings from continuing operations | $ | 654 | $ | 654 | $ | (1,087) | $ | (1,087) | ||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (57) | (57) | (192) | (192) | Preferred stock dividends | (52) | (52) | (46) | (46) | ||||||||||||||||||||||||
Accretion of redeemable noncontrolling interests, net of tax(a) | Accretion of redeemable noncontrolling interests, net of tax(a) | (2) | (2) | (135) | (135) | Accretion of redeemable noncontrolling interests, net of tax(a) | (9) | (9) | (6) | (6) | ||||||||||||||||||||||||
Earnings from continuing operations attributable to common shareholders | Earnings from continuing operations attributable to common shareholders | (626) | (626) | (1,321) | (1,321) | Earnings from continuing operations attributable to common shareholders | 593 | 593 | (1,138) | (1,138) | ||||||||||||||||||||||||
Earnings (loss) from discontinued operations | Earnings (loss) from discontinued operations | (564) | (564) | (994) | (994) | Earnings (loss) from discontinued operations | 602 | 602 | (58) | (58) | ||||||||||||||||||||||||
Net earnings (loss) attributable to GE common shareholders | Net earnings (loss) attributable to GE common shareholders | (1,190) | (1,190) | (2,314) | (2,314) | Net earnings (loss) attributable to GE common shareholders | 1,195 | 1,195 | (1,196) | (1,196) | ||||||||||||||||||||||||
Shares of GE common stock outstanding | Shares of GE common stock outstanding | 8,780 | 8,780 | 8,750 | 8,750 | Shares of GE common stock outstanding | 1,098 | 1,098 | 1,095 | 1,095 | ||||||||||||||||||||||||
Employee compensation-related shares (including stock options) | Employee compensation-related shares (including stock options) | 0 | — | 0 | — | Employee compensation-related shares (including stock options) | 7 | — | — | — | ||||||||||||||||||||||||
Total average equivalent shares | Total average equivalent shares | 8,780 | 8,780 | 8,750 | 8,750 | Total average equivalent shares | 1,105 | 1,098 | 1,095 | 1,095 | ||||||||||||||||||||||||
Earnings per share from continuing operations | Earnings per share from continuing operations | $ | (0.07) | $ | (0.07) | $ | (0.15) | $ | (0.15) | Earnings per share from continuing operations | $ | 0.54 | $ | 0.54 | $ | (1.04) | $ | (1.04) | ||||||||||||||||
Earnings (loss) per share from discontinued operations | Earnings (loss) per share from discontinued operations | (0.06) | (0.06) | (0.11) | (0.11) | Earnings (loss) per share from discontinued operations | 0.54 | 0.55 | (0.05) | (0.05) | ||||||||||||||||||||||||
Net earnings (loss) per share | Net earnings (loss) per share | (0.14) | (0.14) | (0.26) | (0.26) | Net earnings (loss) per share | 1.08 | 1.09 | (1.09) | (1.09) | ||||||||||||||||||||||||
Potentially dilutive securities(b) | Potentially dilutive securities(b) | 324 | 459 | Potentially dilutive securities(b) | 37 | 61 |
Six months ended June 30 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30 | Nine months ended September 30 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
(Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | |||||||||||||||||||||||||||||||||
Earnings from continuing operations | Earnings from continuing operations | $ | (476) | $ | (476) | $ | 5,212 | $ | 5,212 | Earnings from continuing operations | $ | 179 | $ | 179 | $ | 4,129 | $ | 4,129 | |||||||||||||||||||||||||
Preferred stock dividends | Preferred stock dividends | (129) | (129) | (235) | (235) | Preferred stock dividends | (180) | (180) | (280) | (280) | |||||||||||||||||||||||||||||||||
Accretion of redeemable noncontrolling interests, net of tax(a) | Accretion of redeemable noncontrolling interests, net of tax(a) | 0 | 0 | (135) | (135) | Accretion of redeemable noncontrolling interests, net of tax(a) | (9) | (9) | (141) | (141) | |||||||||||||||||||||||||||||||||
Earnings from continuing operations attributable to common shareholders | Earnings from continuing operations attributable to common shareholders | (604) | (604) | 4,841 | 4,841 | Earnings from continuing operations attributable to common shareholders | (11) | (11) | 3,707 | 3,707 | |||||||||||||||||||||||||||||||||
Earnings (loss) from discontinued operations | Earnings (loss) from discontinued operations | (3,458) | (3,458) | (1,009) | (1,009) | Earnings (loss) from discontinued operations | (2,856) | (2,856) | (1,067) | (1,067) | |||||||||||||||||||||||||||||||||
Net earnings attributable to GE common shareholders | Net earnings attributable to GE common shareholders | (4,062) | (4,062) | 3,832 | 3,832 | Net earnings attributable to GE common shareholders | (2,866) | (2,866) | 2,639 | 2,639 | |||||||||||||||||||||||||||||||||
Shares of GE common stock outstanding | Shares of GE common stock outstanding | 8,775 | 8,775 | 8,746 | 8,746 | Shares of GE common stock outstanding | 1,097 | 1,097 | 1,094 | 1,094 | |||||||||||||||||||||||||||||||||
Employee compensation-related shares (including stock options) | Employee compensation-related shares (including stock options) | 0 | — | 6 | — | Employee compensation-related shares (including stock options) | — | — | 1 | — | |||||||||||||||||||||||||||||||||
Total average equivalent shares | Total average equivalent shares | 8,775 | 8,775 | 8,752 | 8,746 | Total average equivalent shares | 1,097 | 1,097 | 1,094 | 1,094 | |||||||||||||||||||||||||||||||||
Earnings from continuing operations | Earnings from continuing operations | $ | (0.07) | $ | (0.07) | $ | 0.55 | $ | 0.55 | Earnings from continuing operations | $ | (0.01) | $ | (0.01) | $ | 3.39 | $ | 3.39 | |||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations | (0.39) | (0.39) | (0.12) | (0.12) | Loss from discontinued operations | (2.60) | (2.60) | (0.98) | (0.98) | |||||||||||||||||||||||||||||||||
Net earnings | Net earnings | (0.46) | (0.46) | 0.44 | 0.44 | Net earnings | (2.61) | (2.61) | 2.41 | 2.41 | |||||||||||||||||||||||||||||||||
Potentially dilutive securities(b) | Potentially dilutive securities(b) | 351 | 440 | Potentially dilutive securities(b) | 42 | 57 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Carrying amount (net) | Estimated fair value | Carrying amount (net) | Estimated fair value | Carrying amount (net) | Estimated fair value | Carrying amount (net) | Estimated fair value | |||||||||||||||||||||||||||||||||
Assets | Assets | Loans and other receivables | $ | 2,897 | $ | 3,088 | $ | 2,904 | $ | 3,125 | Assets | Loans and other receivables | $ | 2,960 | $ | 3,136 | $ | 2,904 | $ | 3,125 | ||||||||||||||||||||
Liabilities | Liabilities | Borrowings (Note 12) | 63,524 | 74,087 | 74,902 | 86,001 | Liabilities | Borrowings (Note 12) | 62,888 | 73,476 | 74,902 | 86,001 | ||||||||||||||||||||||||||||
Investment contracts (Note 13) | 1,981 | 2,402 | 2,049 | 2,547 | Investment contracts (Note 13) | 1,945 | 2,344 | 2,049 | 2,547 |
FAIR VALUE OF DERIVATIVES | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Gross Notional | All other assets | All other liabilities | Gross Notional | All other assets | All other liabilities | ||||||||||||||||||
Interest rate contracts | $ | 26,643 | $ | 1,413 | $ | 22 | $ | 20,500 | $ | 1,912 | $ | 7 | |||||||||||
Currency exchange contracts | 6,637 | 156 | 53 | 7,387 | 164 | 125 | |||||||||||||||||
Derivatives accounted for as hedges | $ | 33,280 | $ | 1,568 | $ | 75 | $ | 27,886 | $ | 2,076 | $ | 132 | |||||||||||
Interest rate contracts | $ | 272 | $ | 6 | $ | 0 | $ | 346 | $ | 8 | $ | (1) | |||||||||||
Currency exchange contracts | 63,498 | 680 | 802 | 65,379 | 767 | 918 | |||||||||||||||||
Other contracts | 2,219 | 361 | 7 | 2,036 | 218 | 71 | |||||||||||||||||
Derivatives not accounted for as hedges | $ | 65,990 | $ | 1,048 | $ | 809 | $ | 67,761 | $ | 993 | $ | 989 | |||||||||||
Gross derivatives | $ | 99,270 | $ | 2,616 | $ | 884 | $ | 95,647 | $ | 3,069 | $ | 1,121 | |||||||||||
Netting and credit adjustments | $ | (576) | $ | (571) | $ | (647) | $ | (647) | |||||||||||||||
Cash collateral adjustments | (1,342) | (62) | (1,935) | (104) | |||||||||||||||||||
Net derivatives recognized in statement of financial position | $ | 698 | $ | 251 | $ | 487 | $ | 369 | |||||||||||||||
Net accrued interest | $ | 88 | $ | (2) | $ | 0 | $ | 0 | |||||||||||||||
Securities held as collateral | (2) | 0 | (2) | 0 | |||||||||||||||||||
Net amount | $ | 783 | $ | 249 | $ | 484 | $ | 369 |
FAIR VALUE OF DERIVATIVES | September 30, 2021 | December 31, 2020 | |||||||||||||||||||||
Gross Notional | All other assets | All other liabilities | Gross Notional | All other assets | All other liabilities | ||||||||||||||||||
Interest rate contracts | $ | 25,697 | $ | 900 | $ | 44 | $ | 20,500 | $ | 1,912 | $ | 7 | |||||||||||
Currency exchange contracts | 7,343 | 152 | 36 | 7,387 | 164 | 125 | |||||||||||||||||
Derivatives accounted for as hedges | $ | 33,040 | $ | 1,052 | $ | 81 | $ | 27,886 | $ | 2,076 | $ | 132 | |||||||||||
Interest rate contracts | $ | 270 | $ | 6 | $ | — | $ | 346 | $ | 8 | $ | (1) | |||||||||||
Currency exchange contracts | 70,072 | 677 | 798 | 65,379 | 767 | 918 | |||||||||||||||||
Other contracts | 1,738 | 296 | 21 | 2,036 | 218 | 71 | |||||||||||||||||
Derivatives not accounted for as hedges | $ | 72,080 | $ | 978 | $ | 819 | $ | 67,761 | $ | 993 | $ | 989 | |||||||||||
Gross derivatives(a) | $ | 105,120 | $ | 2,030 | $ | 899 | $ | 95,647 | $ | 3,069 | $ | 1,121 | |||||||||||
Netting and credit adjustments | $ | (615) | $ | (614) | $ | (647) | $ | (647) | |||||||||||||||
Cash collateral adjustments | (773) | (66) | (1,935) | (104) | |||||||||||||||||||
Net derivatives recognized in statement of financial position | $ | 642 | $ | 220 | $ | 487 | $ | 369 | |||||||||||||||
Net accrued interest | $ | 35 | $ | (19) | $ | — | $ | — | |||||||||||||||
Securities held as collateral | (2) | — | (2) | — | |||||||||||||||||||
Net amount | $ | 675 | $ | 201 | $ | 484 | $ | 369 |
Gain (loss) recognized in AOCI for the three months ended September 30 | Gain (loss) recognized in AOCI for the nine months ended September 30 | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Cash flow hedges(a) | $ | (30) | $ | 121 | $ | 1 | $ | (139) | ||||||||||||||||||
Net investment hedges(b) | 191 | (529) | 290 | (461) |
Three months ended June 30, 2021 | Three months ended June 30, 2020 | Three months ended September 30, 2021 | Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense(a) | SG&A | Other Income | Revenues | Cost of sales | Interest Expense(a) | SG&A | Other Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated Statement of Earnings (Loss) | $ | 18,279 | $ | 13,618 | $ | 488 | $ | 2,866 | $ | 706 | $ | 16,805 | $ | 13,633 | $ | 561 | $ | 3,068 | $ | 2,078 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,429 | $ | 13,401 | $ | 463 | $ | 2,747 | $ | 491 | $ | 18,529 | $ | 14,042 | $ | 526 | $ | 3,215 | $ | (517) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of cash flow hedges | $ | 22 | $ | (3) | $ | (14) | $ | 0 | $ | 0 | $ | 15 | $ | (13) | $ | (12) | $ | (2) | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of cash flow hedges | Effect of cash flow hedges | $ | (14) | $ | 2 | $ | (7) | $ | — | $ | — | $ | 68 | $ | (14) | $ | (9) | $ | 6 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Hedged items | Hedged items | $ | (658) | $ | (122) | Hedged items | $ | 190 | $ | 311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | 630 | 109 | Derivatives designated as hedging instruments | (241) | (330) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of fair value hedges | $ | (27) | $ | (12) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of fair value hedges | Effect of fair value hedges | $ | (52) | $ | (19) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 1 | $ | 0 | $ | 55 | $ | 0 | $ | 0 | $ | (2) | $ | 0 | $ | (4) | $ | 0 | $ | 0 | Interest rate contracts | $ | — | $ | — | $ | 2 | $ | — | $ | — | $ | 8 | $ | — | $ | (3) | $ | — | $ | — | ||||||||||||||||||||||||||||
Currency exchange contracts | Currency exchange contracts | 99 | 5 | 0 | 55 | (51) | (95) | 16 | 0 | 104 | (32) | Currency exchange contracts | (177) | (11) | (18) | (66) | 40 | 174 | 10 | — | (130) | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 0 | 0 | 57 | 102 | 0 | 0 | 0 | 97 | 11 | Other | — | — | — | 1 | 41 | — | — | — | 48 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of derivatives not designated as hedges | $ | 100 | $ | 5 | $ | 55 | $ | 112 | $ | 51 | $ | (97) | $ | 16 | $ | (4) | $ | 201 | $ | (21) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of derivatives not designated as hedges | Effect of derivatives not designated as hedges | $ | (177) | $ | (11) | $ | (17) | $ | (65) | $ | 81 | $ | 181 | $ | 10 | $ | (3) | $ | (81) | $ | 85 |
Six months ended June 30, 2021 | Six months ended June 30, 2020 | Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense(a) | SG&A | Other Income | Revenues | Cost of sales | Interest Expense(a) | SG&A | Other Income | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total amounts presented in the consolidated Statement of Earnings (Loss) | $ | 35,397 | $ | 26,156 | $ | 987 | $ | 5,757 | $ | 1,332 | $ | 36,294 | $ | 28,059 | $ | 1,122 | $ | 6,129 | $ | 8,947 | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 53,826 | $ | 39,558 | $ | 2,866 | $ | 8,504 | $ | 1,824 | $ | 54,823 | $ | 42,101 | $ | 1,853 | $ | 9,344 | $ | 8,430 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of cash flow hedges | $ | 0 | $ | (6) | $ | (22) | $ | 1 | $ | 0 | $ | (6) | $ | (38) | $ | (23) | $ | (5) | $ | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of cash flow hedges | Effect of cash flow hedges | $ | (14) | $ | (4) | $ | (29) | $ | 1 | $ | — | $ | 62 | $ | (52) | $ | (31) | $ | 1 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Hedged items | Hedged items | $ | 1,186 | $ | (2,601) | Hedged items | $ | 1,375 | $ | (2,290) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | (1,269) | 2,620 | Derivatives designated as hedging instruments | (1,510) | 2,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of fair value hedges | $ | (83) | $ | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of fair value hedges | Effect of fair value hedges | $ | (135) | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | $ | 2 | $ | 0 | $ | 46 | $ | 0 | $ | (1) | $ | (28) | $ | 0 | $ | (13) | $ | 0 | $ | 0 | Interest rate contracts | $ | 2 | $ | — | $ | 48 | $ | — | $ | (1) | $ | (28) | $ | — | $ | (16) | $ | — | $ | — | ||||||||||||||||||||||||||||
Currency exchange contracts | Currency exchange contracts | 403 | 4 | 0 | 114 | (12) | (616) | 29 | 0 | 159 | (21) | Currency exchange contracts | 226 | (6) | (18) | 48 | 28 | (443) | 39 | — | 29 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0 | 0 | 0 | 112 | 121 | 0 | 0 | 0 | (63) | (11) | Other | — | — | — | 113 | 162 | — | — | — | (15) | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total effect of derivatives not designated as hedges | $ | 405 | $ | 4 | $ | 46 | $ | 226 | $ | 108 | $ | (644) | $ | 29 | $ | (13) | $ | 95 | $ | (32) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of derivatives not designated as hedges | Effect of derivatives not designated as hedges | $ | 228 | $ | (6) | $ | 30 | $ | 161 | $ | 188 | $ | (470) | $ | 39 | $ | (16) | $ | 14 | $ | 53 |
Six months ended June 30, 2021 | Six months ended June 30, 2020 | Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||
Cash from (used for): | Cash from (used for): | Operating activities | Investing activities | Financing activities | Operating activities | Investing activities | Financing activities | Cash from (used for): | Operating activities | Investing activities | Financing activities | Operating activities | Investing activities | Financing activities | ||||||||||||||||||||||||||
Combined GE Industrial and GE Capital cash flows | Combined GE Industrial and GE Capital cash flows | $ | (5,075) | $ | 4,710 | $ | (13,117) | $ | (3,377) | $ | 28,354 | $ | (19,758) | Combined GE Industrial and GE Capital cash flows | $ | (3,795) | $ | 6,224 | $ | (13,550) | $ | (2,563) | $ | 28,568 | $ | (23,228) | ||||||||||||||
GE Industrial current receivables sold to GE Capital(a) | GE Industrial current receivables sold to GE Capital(a) | 2,210 | (2,845) | 635 | (452) | 270 | 183 | GE Industrial current receivables sold to GE Capital(a) | 2,423 | (3,069) | 646 | (1,361) | 1,086 | 276 | ||||||||||||||||||||||||||
GE Industrial long-term receivables sold to GE Capital | GE Industrial long-term receivables sold to GE Capital | 83 | (83) | 0 | 177 | (177) | 0 | GE Industrial long-term receivables sold to GE Capital | 93 | (93) | — | 210 | (210) | — | ||||||||||||||||||||||||||
Supply chain finance programs | Supply chain finance programs | 135 | (135) | 0 | 1,457 | (1,457) | 0 | Supply chain finance programs | 135 | (135) | — | 1,853 | (1,853) | — | ||||||||||||||||||||||||||
Repayment of GE Capital loans by GE Industrial | Repayment of GE Capital loans by GE Industrial | 0 | 0 | 0 | 0 | (7,500) | 7,500 | Repayment of GE Capital loans by GE Industrial | — | — | — | — | (7,500) | 7,500 | ||||||||||||||||||||||||||
Other reclassifications and eliminations | Other reclassifications and eliminations | (344) | (131) | 474 | (225) | 190 | 36 | Other reclassifications and eliminations | (384) | (18) | 401 | (15) | (423) | 438 | ||||||||||||||||||||||||||
Consolidated cash flows | Consolidated cash flows | $ | (2,991) | $ | 1,517 | $ | (12,008) | $ | (2,421) | $ | 19,680 | $ | (12,040) | Consolidated cash flows | $ | (1,527) | $ | 2,909 | $ | (12,502) | $ | (1,876) | $ | 19,667 | $ | (15,014) |
Three months ended June 30 | Six months ended June 30 | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Purchases and sales of business interests(a) | Purchases and sales of business interests(a) | $ | (5) | $ | 52 | $ | (2) | $ | 12,424 | Purchases and sales of business interests(a) | $ | (153) | $ | 21 | $ | (155) | $ | 12,445 | ||||||||||||||||||||||
Licensing and royalty income | Licensing and royalty income | 39 | 31 | 87 | 73 | Licensing and royalty income | 54 | 44 | 141 | 117 | ||||||||||||||||||||||||||||||
Equity method income | Equity method income | 38 | 31 | 54 | 69 | Equity method income | 42 | (78) | 96 | (9) | ||||||||||||||||||||||||||||||
Net interest and investment income (loss)(b) | Net interest and investment income (loss)(b) | 602 | 1,955 | 1,041 | (3,677) | Net interest and investment income (loss)(b) | 482 | (582) | 1,523 | (4,259) | ||||||||||||||||||||||||||||||
Other items | Other items | 43 | 48 | 159 | 101 | Other items | (5) | 86 | 154 | 187 | ||||||||||||||||||||||||||||||
GE Industrial | GE Industrial | $ | 717 | $ | 2,116 | $ | 1,339 | $ | 8,990 | GE Industrial | $ | 420 | $ | (509) | $ | 1,760 | $ | 8,481 | ||||||||||||||||||||||
Eliminations | Eliminations | (10) | (38) | (7) | (43) | Eliminations | 71 | (8) | 64 | (50) | ||||||||||||||||||||||||||||||
Total | Total | $ | 706 | $ | 2,078 | $ | 1,332 | $ | 8,947 | Total | $ | 491 | $ | (517) | $ | 1,824 | $ | 8,430 |
Exhibit 11. Computation of Per Share Earnings. Data is provided in Note 18 of this Report. | ||||||||||||||
Exhibit 32. Certification Pursuant to 18 U.S.C. Section 1350. | ||||||||||||||
Exhibit | 101. The following materials from General Electric Company’s Quarterly Report on Form 10-Q for the quarter ended | |||||||||||||
Exhibit | 104. Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||||||||
Page(s) | ||||||||||||||
Part I – FINANCIAL INFORMATION | ||||||||||||||
Item 1. | Financial Statements | 28-55 | ||||||||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 4-27 | ||||||||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |||||||||||||
Item 4. | Controls and Procedures | 27 | ||||||||||||
Part II – OTHER INFORMATION | ||||||||||||||
Item 1. | Legal Proceedings | 53-54 | ||||||||||||
Item 1A. | Risk Factors | Not applicable(a) | ||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 27 | ||||||||||||
Item 3. | Defaults Upon Senior Securities | Not applicable | ||||||||||||
Item 4. | Mine Safety Disclosures | Not applicable | ||||||||||||
Item 5. | Other Information | Not applicable | ||||||||||||
Item 6. | Exhibits | 56 | ||||||||||||
Signatures | 56 |
/s/ Thomas S. Timko | ||||||||
Date | Thomas S. Timko Vice President, Chief Accounting Officer and Controller Principal Accounting Officer |