Document and Entity Information
Document and Entity Information $ / shares in Units, $ in Billions | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Document and Entity Information [Abstract] | |
Document Type | 10-K |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Entity Registrant Name | General Electric Company |
Trading Symbol | GE |
Entity Central Index Key | 40,545 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | shares | 8,742,614,000 |
Common stock, par value per share | $ / shares | $ 0.06 |
Document Fiscal Period Focus | Q4 |
Document Fiscal Year Focus | 2,016 |
Entity Public Float | $ | $ 265.6 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Statement of Earnings
Statement of Earnings - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues and other income | |||
Sales of goods | $ 75,414 | $ 74,510 | $ 76,568 |
Sales of services | 34,976 | 31,298 | 30,190 |
Other income (Note 17) | 4,005 | 2,227 | 778 |
GE Capital earnings (loss) from continuing operations | 0 | 0 | 0 |
GE Capital revenues from services | 9,297 | 9,350 | 9,648 |
Total revenues and other income | 123,693 | 117,386 | 117,184 |
Costs and expenses (Note 27) | |||
Cost of goods sold | 62,440 | 59,905 | 61,257 |
Cost of services sold | 25,043 | 22,788 | 22,447 |
Selling, general and administrative expenses | 18,377 | 17,831 | 16,848 |
Interest and other financial charges | 5,025 | 3,463 | 2,723 |
Investment contracts, insurance losses and insurance annuity benefits | 2,797 | 2,605 | 2,530 |
Other costs and expenses | 982 | 2,608 | 1,115 |
Total costs and expenses | 114,663 | 109,200 | 106,921 |
Earnings (loss) from continuing operations before income taxes | 9,030 | 8,186 | 10,263 |
Benefit (provision) for income taxes (Note 14) | 464 | (6,485) | (773) |
Earnings (loss) from continuing operations | 9,494 | 1,700 | 9,490 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (954) | (7,495) | 5,855 |
Net earnings (loss) | 8,540 | (5,795) | 15,345 |
Less net earnings (loss) attributable to noncontrolling interests | (291) | 332 | 112 |
Net earnings (loss) attributable to the Company | 8,831 | (6,126) | 15,233 |
Preferred stock dividends | (656) | (18) | 0 |
Net earnings (loss) attributable to GE common shareowners | 8,176 | (6,145) | 15,233 |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | 9,494 | 1,700 | 9,490 |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (290) | 19 | (45) |
Earnings (loss) from continuing operations attributable to the Company | 9,784 | 1,681 | 9,535 |
Preferred stock dividends | (656) | (18) | 0 |
Net earnings (loss) from continuing operations attributable to GE common shareowners | 9,128 | 1,663 | 9,535 |
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,495) | 5,855 |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | (1) | 312 | 157 |
Net earnings (loss) attributable to GE common shareowners | $ 8,176 | $ (6,145) | $ 15,233 |
Earnings From Continuing Operations Per Share (Note 18) | |||
Diluted earnings (loss) per share | $ 1 | $ 0.17 | $ 0.94 |
Basic earnings (loss) per share | 1.01 | 0.17 | 0.95 |
Net earnings | |||
Diluted earnings (loss) per share | 0.89 | (0.61) | 1.5 |
Basic earnings (loss) per share | 0.9 | (0.62) | 1.51 |
Dividends declared per common share | $ 0.93 | $ 0.92 | $ 0.89 |
GE | |||
Revenues and other income | |||
Sales of goods | $ 75,580 | $ 74,565 | $ 76,715 |
Sales of services | 35,255 | 31,641 | 30,594 |
Other income (Note 17) | 4,092 | 2,165 | 707 |
GE Capital earnings (loss) from continuing operations | (1,251) | (7,672) | 1,532 |
GE Capital revenues from services | 0 | 0 | 0 |
Total revenues and other income | 113,676 | 100,700 | 109,546 |
Costs and expenses (Note 27) | |||
Cost of goods sold | 62,628 | 59,970 | 61,420 |
Cost of services sold | 23,084 | 20,858 | 20,456 |
Selling, general and administrative expenses | 16,123 | 14,914 | 14,972 |
Interest and other financial charges | 2,026 | 1,706 | 1,579 |
Investment contracts, insurance losses and insurance annuity benefits | 0 | 0 | 0 |
Other costs and expenses | 0 | 0 | 0 |
Total costs and expenses | 103,860 | 97,447 | 98,427 |
Earnings (loss) from continuing operations before income taxes | 9,815 | 3,252 | 11,119 |
Benefit (provision) for income taxes (Note 14) | (967) | (1,506) | (1,634) |
Earnings (loss) from continuing operations | 8,849 | 1,746 | 9,485 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (952) | (7,807) | 5,698 |
Net earnings (loss) | 7,896 | (6,061) | 15,182 |
Less net earnings (loss) attributable to noncontrolling interests | (279) | 83 | (50) |
Net earnings (loss) attributable to the Company | 8,176 | (6,145) | 15,233 |
Preferred stock dividends | 0 | 0 | 0 |
Net earnings (loss) attributable to GE common shareowners | 8,176 | (6,145) | 15,233 |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | 8,849 | 1,746 | 9,485 |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (279) | 83 | (50) |
Earnings (loss) from continuing operations attributable to the Company | 9,128 | 1,663 | 9,535 |
Preferred stock dividends | 0 | 0 | 0 |
Net earnings (loss) from continuing operations attributable to GE common shareowners | 9,128 | 1,663 | 9,535 |
Earnings (loss) from discontinued operations, net of taxes | (952) | (7,807) | 5,698 |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | 0 |
Net earnings (loss) attributable to GE common shareowners | 8,176 | (6,145) | 15,233 |
GE Capital | |||
Revenues and other income | |||
Sales of goods | 115 | 79 | 121 |
Sales of services | 0 | 0 | 0 |
Other income (Note 17) | 0 | 0 | 0 |
GE Capital earnings (loss) from continuing operations | 0 | 0 | 0 |
GE Capital revenues from services | 10,790 | 10,722 | 11,199 |
Total revenues and other income | 10,905 | 10,801 | 11,320 |
Costs and expenses (Note 27) | |||
Cost of goods sold | 93 | 69 | 104 |
Cost of services sold | 2,238 | 2,273 | 2,394 |
Selling, general and administrative expenses | 2,947 | 3,512 | 2,689 |
Interest and other financial charges | 3,790 | 2,301 | 1,638 |
Investment contracts, insurance losses and insurance annuity benefits | 2,861 | 2,737 | 2,660 |
Other costs and expenses | 1,013 | 2,647 | 1,159 |
Total costs and expenses | 12,942 | 13,539 | 10,645 |
Earnings (loss) from continuing operations before income taxes | (2,037) | (2,739) | 676 |
Benefit (provision) for income taxes (Note 14) | 1,431 | 4,979 | (861) |
Earnings (loss) from continuing operations | (606) | (7,718) | 1,537 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (954) | (7,485) | 5,860 |
Net earnings (loss) | (1,560) | (15,202) | 7,397 |
Less net earnings (loss) attributable to noncontrolling interests | (12) | 248 | 162 |
Net earnings (loss) attributable to the Company | (1,548) | (15,450) | 7,234 |
Preferred stock dividends | (656) | (330) | (322) |
Net earnings (loss) attributable to GE common shareowners | (2,204) | (15,780) | 6,912 |
Amounts attributable to GE common shareowners | |||
Earnings (loss) from continuing operations | (606) | (7,718) | 1,537 |
Less net earnings (loss) from continuing operations, attributable to noncontrolling interests | (10) | (64) | 5 |
Earnings (loss) from continuing operations attributable to the Company | (595) | (7,654) | 1,532 |
Preferred stock dividends | (656) | (330) | (322) |
Net earnings (loss) from continuing operations attributable to GE common shareowners | (1,251) | (7,983) | 1,209 |
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,485) | 5,860 |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | (1) | 312 | 157 |
Net earnings (loss) attributable to GE common shareowners | $ (2,204) | $ (15,780) | $ 6,912 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 8,540 | $ (5,795) | $ 15,345 |
Less net earnings (loss) attributable to noncontrolling interests | (291) | 332 | 112 |
Net earnings (loss) attributable to the Company | 8,831 | (6,126) | 15,233 |
Other comprehensive income (loss) | |||
Investment securities | 203 | (553) | 708 |
Currency translation adjustments | (1,311) | (3,137) | (2,730) |
Cash flow hedges | 93 | 99 | 234 |
Benefit plans | (1,068) | 5,165 | (7,278) |
Other comprehensive income (loss) | (2,083) | 1,575 | (9,066) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (14) | (69) | (13) |
Other comprehensive income (loss) attributable to the Company | (2,069) | 1,644 | (9,053) |
Comprehensive income (loss) | 6,457 | (4,220) | 6,278 |
Less Comprehensive income (loss) attributable to noncontrolling interests | (305) | 263 | 99 |
Comprehensive income (loss) attributable to the Company | $ 6,762 | $ (4,483) | $ 6,180 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareowners' Equity $ in Millions | USD ($) | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | $ 6,217 | |
GE shareowners' equity opening balance at Dec. 31, 2013 | 130,566 | |
Statement Of Stockholders Equity [Abstract] | ||
Net earnings (loss) attributable to the Company | 15,233 | |
Dividends and other transactions with shareowners | (8,948) | |
Redemption value adjustment | (2) | |
Other comprehensive income (loss) attributable to GE | (9,053) | |
Net sales (purchases) of shares for treasury(a)(b) | (32) | [1] |
Changes in other capital | 396 | |
Equity ending balance at Dec. 31, 2014 | 128,159 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 8,674 | |
Total equity balance | 136,833 | |
Net earnings (loss) attributable to the Company | (6,126) | |
Dividends and other transactions with shareowners | (9,155) | |
Redemption value adjustment | (25) | |
Other comprehensive income (loss) attributable to GE | 1,644 | |
Net sales (purchases) of shares for treasury(a)(b) | (20,946) | [1] |
Changes in other capital | 4,724 | |
Equity ending balance at Dec. 31, 2015 | 98,274 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,864 | [2] |
Total equity balance | 100,138 | |
Net earnings (loss) attributable to the Company | 8,831 | |
Dividends and other transactions with shareowners | (9,054) | |
Redemption value adjustment | (266) | |
Other comprehensive income (loss) attributable to GE | (2,069) | |
Net sales (purchases) of shares for treasury(a)(b) | (19,499) | [1] |
Changes in other capital | (389) | |
Equity ending balance at Dec. 31, 2016 | 75,828 | |
Statement Of Stockholders Equity [Abstract] | ||
Noncontrolling interests | 1,663 | [2] |
Total equity balance | $ 77,491 | |
[1] | 2015 included $(20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial. 2016 included $(11,370) million of GE shares purchased under accelerated share repurchase (ASR) agreements. | |
[2] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and equivalents | $ 48,129 | $ 70,483 | |
Investment securities (Note 3) | 44,313 | 31,973 | |
Current receivables (Note 4) | 24,076 | 27,022 | |
Inventories (Note 5) | 22,354 | 22,515 | |
Financing receivables - net (Note 6) | 12,242 | 12,052 | |
Other GE Capital receivables | 5,944 | 6,782 | |
Property, plant and equipment - net (Note 7) | 50,518 | 54,095 | |
Receivables from GE Capital (debt assumption) | 0 | 0 | |
Investment in GE Capital | 0 | 0 | |
Goodwill (Note 8) | 70,438 | 65,526 | |
Other intangible assets - net (Note 8) | 16,436 | 17,797 | |
Contract assets (Note 9) | 25,162 | 21,156 | |
All other assets (Note 9) | 27,176 | 36,797 | |
Deferred income taxes (Note 14) | 1,833 | 3,105 | |
Assets of businesses held for sale (Note 2) | 1,745 | 2,818 | |
Assets of discontinued operations (Note 2) | 14,815 | 120,951 | |
Total assets | [1] | 365,183 | 493,071 |
Liabilities and equity | |||
Short-term borrowings (Note 10) | 30,714 | 49,860 | |
Accounts payable, principally trade accounts | 14,435 | 13,680 | |
Progress collections and price adjustments accrued | 16,760 | 15,776 | |
Dividends payable | 2,107 | 2,167 | |
Other GE current liabilities | 17,564 | 23,597 | |
Non-recourse borrowings of consolidated securitization entities (Note 10) | 417 | 3,083 | |
Long-term borrowings (Note 10) | 105,080 | 144,659 | |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 26,086 | 25,692 | |
Non-current compensation and benefits | 43,780 | 40,487 | |
All other liabilities (Note 13) | 22,912 | 23,611 | |
Liabilities of businesses held for sale (Note 2) | 656 | 861 | |
Liabilities of discontinued operations (Note 2) | 4,158 | 46,487 | |
Total liabilities | [1] | 284,668 | 389,961 |
Redeemable noncontrolling interest (Note 15) | 3,025 | 2,972 | |
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | 6 | 6 | |
Common stock (8,742,614,000 and 9,379,288,000 shares outstanding at December 31, 2016 and December 31, 2015, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [2] | 674 | 460 |
Currency translation adjustments | [2] | (6,816) | (5,499) |
Cash flow hedges | [2] | 12 | (80) |
Benefit plans | [2] | (12,469) | (11,410) |
Other capital | 37,224 | 37,613 | |
Retained earnings | 139,532 | 140,020 | |
Less common stock held in treasury | (83,038) | (63,539) | |
Total GE shareowners' equity | 75,828 | 98,274 | |
Noncontrolling interests (Note 15) | [3] | 1,663 | 1,864 |
Total equity (Note 15) | 77,491 | 100,138 | |
Total liabilities, redeemable noncontrolling interests and equity | 365,183 | 493,071 | |
GE | |||
Assets | |||
Cash and equivalents | [4] | 10,525 | 10,372 |
Investment securities (Note 3) | [4] | 137 | 151 |
Current receivables (Note 4) | [4] | 12,715 | 14,707 |
Inventories (Note 5) | [4] | 22,263 | 22,449 |
Financing receivables - net (Note 6) | [4] | 0 | 0 |
Other GE Capital receivables | [4] | 0 | 0 |
Property, plant and equipment - net (Note 7) | [4] | 19,103 | 20,145 |
Receivables from GE Capital (debt assumption) | [4] | 58,780 | 84,704 |
Investment in GE Capital | [4] | 24,677 | 46,227 |
Goodwill (Note 8) | [4] | 68,070 | 63,157 |
Other intangible assets - net (Note 8) | [4] | 16,131 | 17,365 |
Contract assets (Note 9) | [4] | 25,162 | 21,156 |
All other assets (Note 9) | [4] | 12,007 | 12,813 |
Deferred income taxes (Note 14) | [4] | 6,666 | 7,666 |
Assets of businesses held for sale (Note 2) | [4] | 1,629 | 2,818 |
Assets of discontinued operations (Note 2) | [4] | 9 | 9 |
Total assets | [4] | 277,874 | 323,737 |
Liabilities and equity | |||
Short-term borrowings (Note 10) | [4],[5] | 20,482 | 19,792 |
Accounts payable, principally trade accounts | [4] | 20,876 | 19,250 |
Progress collections and price adjustments accrued | [4] | 16,838 | 15,776 |
Dividends payable | [4] | 2,107 | 2,167 |
Other GE current liabilities | [4] | 17,564 | 23,595 |
Non-recourse borrowings of consolidated securitization entities (Note 10) | [4] | 0 | 0 |
Long-term borrowings (Note 10) | [4],[5] | 58,810 | 83,309 |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | [4] | 0 | 0 |
Non-current compensation and benefits | [4] | 42,770 | 39,472 |
All other liabilities (Note 13) | [4] | 17,506 | 16,217 |
Liabilities of businesses held for sale (Note 2) | [4] | 656 | 1,409 |
Liabilities of discontinued operations (Note 2) | [4] | 35 | 128 |
Total liabilities | [4] | 197,644 | 221,115 |
Redeemable noncontrolling interest (Note 15) | [4] | 3,025 | 2,972 |
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | [4] | 6 | 6 |
Common stock (8,742,614,000 and 9,379,288,000 shares outstanding at December 31, 2016 and December 31, 2015, respectively) | [4] | 702 | 702 |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | [4] | 674 | 460 |
Currency translation adjustments | [4] | (6,816) | (5,499) |
Cash flow hedges | [4] | 12 | (80) |
Benefit plans | [4] | (12,469) | (11,410) |
Other capital | [4] | 37,224 | 37,613 |
Retained earnings | [4] | 139,532 | 140,020 |
Less common stock held in treasury | [4] | (83,038) | (63,539) |
Total GE shareowners' equity | [4] | 75,828 | 98,274 |
Noncontrolling interests (Note 15) | [4] | 1,378 | 1,378 |
Total equity (Note 15) | [4] | 77,205 | 99,651 |
Total liabilities, redeemable noncontrolling interests and equity | [4] | 277,874 | 323,737 |
GE Capital | |||
Assets | |||
Cash and equivalents | 37,604 | 60,111 | |
Investment securities (Note 3) | 44,180 | 31,827 | |
Current receivables (Note 4) | 0 | 0 | |
Inventories (Note 5) | 91 | 66 | |
Financing receivables - net (Note 6) | 26,041 | 25,003 | |
Other GE Capital receivables | 15,576 | 15,455 | |
Property, plant and equipment - net (Note 7) | 32,225 | 34,781 | |
Receivables from GE Capital (debt assumption) | 0 | 0 | |
Investment in GE Capital | 0 | 0 | |
Goodwill (Note 8) | 2,368 | 2,370 | |
Other intangible assets - net (Note 8) | 305 | 435 | |
Contract assets (Note 9) | 0 | 0 | |
All other assets (Note 9) | 14,608 | 25,081 | |
Deferred income taxes (Note 14) | (4,833) | (4,561) | |
Assets of businesses held for sale (Note 2) | 0 | 0 | |
Assets of discontinued operations (Note 2) | 14,806 | 120,942 | |
Total assets | 182,970 | 311,508 | |
Liabilities and equity | |||
Short-term borrowings (Note 10) | [5] | 23,443 | 48,617 |
Accounts payable, principally trade accounts | 1,605 | 1,745 | |
Progress collections and price adjustments accrued | 0 | 0 | |
Dividends payable | 0 | 0 | |
Other GE current liabilities | 0 | 0 | |
Non-recourse borrowings of consolidated securitization entities (Note 10) | 417 | 3,083 | |
Long-term borrowings (Note 10) | [5] | 93,443 | 128,478 |
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11) | 26,546 | 26,155 | |
Non-current compensation and benefits | 1,001 | 1,006 | |
All other liabilities (Note 13) | 7,430 | 9,351 | |
Liabilities of businesses held for sale (Note 2) | 0 | 0 | |
Liabilities of discontinued operations (Note 2) | 4,123 | 46,359 | |
Total liabilities | 158,008 | 264,795 | |
Redeemable noncontrolling interest (Note 15) | 0 | 0 | |
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | 6 | 6 | |
Common stock (8,742,614,000 and 9,379,288,000 shares outstanding at December 31, 2016 and December 31, 2015, respectively) | 0 | 0 | |
Accumulated other comprehensive income (loss) - attributable to GE(b) | |||
Investment securities | 656 | 456 | |
Currency translation adjustments | (740) | (898) | |
Cash flow hedges | 43 | (112) | |
Benefit plans | (622) | (540) | |
Other capital | 12,669 | 12,326 | |
Retained earnings | 12,664 | 34,988 | |
Less common stock held in treasury | 0 | 0 | |
Total GE shareowners' equity | 24,677 | 46,227 | |
Noncontrolling interests (Note 15) | 285 | 486 | |
Total equity (Note 15) | 24,962 | 46,713 | |
Total liabilities, redeemable noncontrolling interests and equity | $ 182,970 | $ 311,508 | |
[1] | Our consolidated assets at December 31, 2016 included total assets of $6,332 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $1,722 million and investment securities of $982 million wit hin continuing operations and assets of discontinued operations of $692 million. Our consolidated liabilities at December 31, 2016 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included no n-recourse borrowings of consolidated securitization entities (CSEs) of $(417) million within continuing operations. See Note 21. | ||
[2] | The sum of accumulated other comprehensive income (loss) (AOCI) attributable to the Company was $(18,598) milli on and $(16,529) million at December 31, 2016 and December 31, 2015 , respectively. | ||
[3] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. | ||
[4] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. | ||
[5] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. The short-term borrowings were $ 11,696 million (which includes a loan amount of $ 1,329 million from GE Capital to GE) and $17,642 million and t he long-term borrowings were $47,084 million and $67,062 million at December 31 , 2016 and December 31, 2015, respectively. See Note 10 for additional information. |
Statement of Financial Positio6
Statement of Financial Position (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Variable Interest Entities [Abstract] | |||
Assets | [1] | $ 365,183 | $ 493,071 |
Investment securities (Note 3) | 44,313 | 31,973 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (18,598) | (16,529) | |
Accumulated Other Comprehensive Income Loss Net Of Tax Attributable To Noncontrolling Interests | $ (278) | $ (264) | |
Debt Disclosure [Abstract] | |||
Preferred Stock, Shares Outstanding | 5,944,250 | 5,944,250 | |
Common Stock, Shares, Outstanding | 8,742,614,000 | 9,379,288,000 | |
GE Capital | |||
Variable Interest Entities [Abstract] | |||
Assets | $ 182,970 | $ 311,508 | |
Investment securities (Note 3) | 44,180 | 31,827 | |
GE Capital | Intercompany Payable To GE | |||
Debt Disclosure [Abstract] | |||
Changes in total of short-term borrowings and long-term borrowings | 1,329 | ||
Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Investment securities (Note 3) | 692 | ||
Non-recourse borrowings | 1,519 | $ 3,994 | |
Consolidated Securitization Entities [Member] | |||
Variable Interest Entities [Abstract] | |||
Assets | 6,332 | ||
Current receivables and net financing receivables | 1,722 | ||
Consolidated Securitization Entities [Member] | Discontinued Operations [Member] | |||
Variable Interest Entities [Abstract] | |||
Non-recourse borrowings | $ 0 | ||
[1] | Our consolidated assets at December 31, 2016 included total assets of $6,332 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $1,722 million and investment securities of $982 million wit hin continuing operations and assets of discontinued operations of $692 million. Our consolidated liabilities at December 31, 2016 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included no n-recourse borrowings of consolidated securitization entities (CSEs) of $(417) million within continuing operations. See Note 21. |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows - operating activities | ||||||||
Net earnings (loss) | $ 3,659 | $ 107 | $ 6,403 | $ (13,608) | $ 8,540 | $ (5,795) | $ 15,345 | |
Less net earnings (loss) attributable to noncontrolling interests | (8) | (121) | 103 | (35) | (291) | 332 | 112 | |
Net earnings (loss) attributable to the Company | 3,667 | 228 | 6,301 | (13,573) | 8,831 | (6,126) | 15,233 | |
(Earnings) loss from discontinued operations | 954 | 7,495 | (5,855) | $ (5,475) | ||||
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||||||
Depreciation and amortization of property, plant and equipment | 4,997 | 4,847 | 4,953 | |||||
Earnings from continuing operations retained by GE Capital | 0 | 0 | 0 | |||||
Deferred income taxes | 814 | 383 | (882) | |||||
Decrease (increase) in GE current receivables | 1,514 | (52) | (1,913) | |||||
Decrease (increase) in inventories | (1,389) | (314) | (872) | |||||
Increase (decrease) in accounts payable | 1,198 | (541) | 565 | |||||
Increase (decrease) in GE progress collections | 1,836 | (996) | (515) | |||||
All other operating activities | (12,655) | 7,160 | 5,318 | |||||
Cash from (used for) operating activities - continuing operations | 6,099 | 11,856 | 16,033 | |||||
Cash from (used for) operating activities - discontinued operations | (6,343) | 8,034 | 11,676 | |||||
Cash from (used for) operating activities | (244) | 19,891 | 27,709 | |||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | (7,199) | (7,309) | (7,134) | |||||
Dispositions of property, plant and equipment | 4,424 | 3,020 | 2,923 | |||||
Net decrease (increase) in GE Capital financing receivables | 200 | 1,043 | 1,260 | |||||
Proceeds from sale of discontinued operations | 59,890 | 79,615 | 232 | |||||
Proceeds from principal business dispositions | 5,357 | 2,283 | 630 | |||||
Net cash from (payments for) principal businesses purchased | (2,271) | (12,027) | (2,091) | |||||
All other investing activities | 2,212 | (5,013) | 23,410 | |||||
Cash from (used for) investing activities - continuing operations | 62,613 | 61,613 | 19,229 | |||||
Cash from (used for) investing activities - discontinued operations | (13,412) | (2,125) | (24,263) | |||||
Cash from (used for) investing activities | 49,202 | 59,488 | (5,034) | |||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (1,135) | (24,459) | (6,409) | |||||
Newly issued debt (maturities longer than 90 days) | 1,492 | 13,951 | 14,629 | |||||
Repayments and other debt reductions (maturities longer than 90 days) | (58,768) | (47,038) | (38,410) | |||||
Proceeds from issuance of GE Capital preferred stock | 0 | 0 | 0 | |||||
Net dispositions (purchases) of GE shares for treasury | (21,429) | (1,099) | (1,218) | |||||
Dividends paid to shareowners | (8,806) | (9,295) | (8,852) | |||||
All other financing activities | (1,274) | (1,605) | (652) | |||||
Cash from (used for) financing activities - continuing operations | (89,920) | (69,547) | (40,912) | |||||
Cash from (used for) financing activities - discontinued operations | 789 | (6,507) | 23,956 | |||||
Cash from (used for) financing activities | (89,131) | (76,054) | (16,956) | |||||
Effect of currency exchange rate changes on cash and equivalents | (1,146) | (3,464) | (3,492) | |||||
Increase (decrease) in cash and equivalents | (41,319) | (138) | 2,224 | |||||
Cash and equivalents at beginning of year | 90,879 | 91,017 | 90,879 | 91,017 | 88,792 | |||
Cash and equivalents at December 31 | 49,558 | 90,879 | 49,558 | 90,879 | 91,017 | 88,792 | ||
Less cash and equivalents of discontinued operations at December 31 | 1,429 | 20,395 | 1,429 | 20,395 | 20,991 | |||
Cash and equivalents of continuing operations at December 31 | 48,129 | 70,483 | 48,129 | 70,483 | 70,025 | |||
Cash paid during the year for interest | (5,779) | (8,764) | (9,539) | |||||
Cash recovered (paid) during the year for income taxes | (7,469) | (2,486) | (2,955) | |||||
GE | ||||||||
Cash flows - operating activities | ||||||||
Net earnings (loss) | 7,896 | (6,061) | 15,182 | |||||
Less net earnings (loss) attributable to noncontrolling interests | (279) | 83 | (50) | |||||
Net earnings (loss) attributable to the Company | 8,176 | (6,145) | 15,233 | |||||
(Earnings) loss from discontinued operations | 952 | 7,807 | (5,698) | |||||
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||||||
Depreciation and amortization of property, plant and equipment | 2,597 | 2,473 | 2,508 | |||||
Earnings from continuing operations retained by GE Capital | 21,345 | 12,284 | 1,625 | |||||
Deferred income taxes | 1,107 | (1,800) | (476) | |||||
Decrease (increase) in GE current receivables | 929 | 666 | (473) | |||||
Decrease (increase) in inventories | (1,337) | (282) | (877) | |||||
Increase (decrease) in accounts payable | 1,716 | 276 | 884 | |||||
Increase (decrease) in GE progress collections | 1,913 | (1,010) | (528) | |||||
All other operating activities | (7,438) | 2,083 | 2,973 | |||||
Cash from (used for) operating activities - continuing operations | 29,960 | 16,354 | 15,171 | |||||
Cash from (used for) operating activities - discontinued operations | (90) | (12) | (2) | |||||
Cash from (used for) operating activities | 29,870 | 16,342 | 15,169 | |||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | (3,758) | (3,785) | (3,970) | |||||
Dispositions of property, plant and equipment | 1,080 | 939 | 615 | |||||
Net decrease (increase) in GE Capital financing receivables | 0 | 0 | 0 | |||||
Proceeds from sale of discontinued operations | 0 | 0 | 0 | |||||
Proceeds from principal business dispositions | 5,357 | 1,725 | 602 | |||||
Net cash from (payments for) principal businesses purchased | (2,271) | (10,350) | (2,091) | |||||
All other investing activities | (2,392) | (1,308) | (1,062) | |||||
Cash from (used for) investing activities - continuing operations | (1,984) | (12,779) | (5,906) | |||||
Cash from (used for) investing activities - discontinued operations | 90 | 12 | 2 | |||||
Cash from (used for) investing activities | (1,894) | (12,767) | (5,905) | |||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 1,595 | 603 | 243 | |||||
Newly issued debt (maturities longer than 90 days) | 5,307 | 3,560 | 3,084 | |||||
Repayments and other debt reductions (maturities longer than 90 days) | (4,156) | (2,190) | (323) | |||||
Proceeds from issuance of GE Capital preferred stock | 0 | 0 | 0 | |||||
Net dispositions (purchases) of GE shares for treasury | (21,429) | (1,099) | (1,218) | |||||
Dividends paid to shareowners | (8,474) | (9,289) | (8,851) | |||||
All other financing activities | (273) | 203 | 346 | |||||
Cash from (used for) financing activities - continuing operations | (27,430) | (8,211) | (6,719) | |||||
Cash from (used for) financing activities - discontinued operations | 0 | 0 | 0 | |||||
Cash from (used for) financing activities | (27,430) | (8,211) | (6,719) | |||||
Effect of currency exchange rate changes on cash and equivalents | (392) | (908) | (312) | |||||
Increase (decrease) in cash and equivalents | 153 | (5,544) | 2,234 | |||||
Cash and equivalents at beginning of year | 10,372 | 15,916 | 10,372 | 15,916 | 13,682 | |||
Cash and equivalents at December 31 | 10,525 | 10,372 | 10,525 | 10,372 | 15,916 | 13,682 | ||
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 | 0 | 0 | |||
Cash and equivalents of continuing operations at December 31 | 10,525 | 10,372 | 10,525 | 10,372 | 15,916 | |||
Cash paid during the year for interest | (1,753) | (1,327) | (1,248) | |||||
Cash recovered (paid) during the year for income taxes | (2,612) | (1,636) | (1,337) | |||||
GE Capital | ||||||||
Cash flows - operating activities | ||||||||
Net earnings (loss) | (1,560) | (15,202) | 7,397 | |||||
Less net earnings (loss) attributable to noncontrolling interests | (12) | 248 | 162 | |||||
Net earnings (loss) attributable to the Company | (1,548) | (15,450) | 7,234 | |||||
(Earnings) loss from discontinued operations | 954 | 7,485 | (5,860) | |||||
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities | ||||||||
Depreciation and amortization of property, plant and equipment | 2,384 | 2,436 | 2,529 | |||||
Earnings from continuing operations retained by GE Capital | 0 | 0 | 0 | |||||
Deferred income taxes | (293) | 2,183 | (406) | |||||
Decrease (increase) in GE current receivables | 0 | 0 | 0 | |||||
Decrease (increase) in inventories | (10) | (14) | 27 | |||||
Increase (decrease) in accounts payable | 17 | (189) | 258 | |||||
Increase (decrease) in GE progress collections | 0 | 0 | 0 | |||||
All other operating activities | (3,054) | 5,087 | 2,480 | |||||
Cash from (used for) operating activities - continuing operations | (1,552) | 1,537 | 6,263 | |||||
Cash from (used for) operating activities - discontinued operations | (6,253) | 8,046 | 11,678 | |||||
Cash from (used for) operating activities | (7,805) | 9,583 | 17,941 | |||||
Cash flows - investing activities | ||||||||
Additions to property, plant and equipment | (3,769) | (4,237) | (3,818) | |||||
Dispositions of property, plant and equipment | 3,637 | 2,526 | 2,331 | |||||
Net decrease (increase) in GE Capital financing receivables | (1,279) | 226 | (161) | |||||
Proceeds from sale of discontinued operations | 59,890 | 79,615 | 232 | |||||
Proceeds from principal business dispositions | 0 | 532 | 0 | |||||
Net cash from (payments for) principal businesses purchased | 0 | (1,677) | 0 | |||||
All other investing activities | 1,639 | (4,690) | 24,574 | |||||
Cash from (used for) investing activities - continuing operations | 60,118 | 72,295 | 23,158 | |||||
Cash from (used for) investing activities - discontinued operations | (13,501) | (2,137) | (24,263) | |||||
Cash from (used for) investing activities | 46,617 | 70,158 | (1,105) | |||||
Cash flows - financing activities | ||||||||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (1,655) | (24,834) | (7,078) | |||||
Newly issued debt (maturities longer than 90 days) | 1,174 | 10,391 | 11,545 | |||||
Repayments and other debt reductions (maturities longer than 90 days) | (58,285) | (44,848) | (38,087) | |||||
Proceeds from issuance of GE Capital preferred stock | 0 | 0 | 0 | |||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 | |||||
Dividends paid to shareowners | (20,427) | (4,620) | (3,322) | |||||
All other financing activities | (1,127) | (1,362) | (679) | |||||
Cash from (used for) financing activities - continuing operations | (80,320) | (65,273) | (37,621) | |||||
Cash from (used for) financing activities - discontinued operations | 789 | (6,507) | 23,956 | |||||
Cash from (used for) financing activities | (79,531) | (71,780) | (13,665) | |||||
Effect of currency exchange rate changes on cash and equivalents | (754) | (2,556) | (3,180) | |||||
Increase (decrease) in cash and equivalents | (41,473) | 5,406 | (9) | |||||
Cash and equivalents at beginning of year | $ 80,506 | $ 75,100 | 80,506 | 75,100 | 75,109 | |||
Cash and equivalents at December 31 | 39,033 | 80,506 | 39,033 | 80,506 | 75,100 | $ 75,109 | ||
Less cash and equivalents of discontinued operations at December 31 | 1,429 | 20,395 | 1,429 | 20,395 | 20,991 | |||
Cash and equivalents of continuing operations at December 31 | $ 37,604 | $ 60,111 | 37,604 | 60,111 | 54,109 | |||
Cash paid during the year for interest | (4,982) | (8,047) | (8,910) | |||||
Cash recovered (paid) during the year for income taxes | $ (4,857) | $ (850) | $ (1,618) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 1 . Basis of Presentation and Summary of Significant Accounting Policies Consolidation Our financial statements consolidate all of our affiliates – entities in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwise , the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct th e activities of a VIE that most significantly impact the VIE’s economic performance , combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not considered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rig hts or where we exercise control through substantive participating rights or as a general partner. Where we are a general partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participating rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial inte rest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. Our share of the r esults of associated companies are presented on a one-lin e basis. Investments in, and advances to, associated companies are presented on a one-line basis in the caption “All other assets” in our Statement of Financial Position , net of allowance for losses, which represents our best estimate of probable losses in herent in such assets. Financial Statement Presentation We have reclassified certain prior-year amounts to conform to the current-year’s presentation. C ertain columns and rows may not add due to the use of rounded numbers. P ercentages presented are calcu lated from the underlying numbers in millions . Upon closing an acquisition, we consolidate the acquired business as soon as practicable. The size, scope and complexity of an acquisition can affect the time necessary to adjust the acquired company’s accoun ting policies, procedures, and books and records to our standards. Accordingly, it is possible that changes will be necessary to the carrying amounts and presentation of assets and liabilities in our financial statements as the acquired company is fully as similated. Financial data and related measurements are presented in the following categories: GE. This represents the adding together of all affiliates except GE Capital , whose continuing operations are presented on a one-line basis, giving effect to the elimination of transactions among such affiliates. GE Capital . This refers to GE Capital Global Holdings, LLC (GECGH), or its predecessor General Electric Capital Corporation (GECC), and is the adding together of all affiliates of GE Capital giving effect to the elimination of transactions among such affiliates . Consolidated . This represents the adding together of GE and GE Capital , giving effect to the elimination of transactions between GE and GE Capital . Operating Segments . These comprise our eight businesses, focused on the broad markets they serve: Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Energy Connections & Lighting and Capital . Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. See Note 2. The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates whose funct ional currency is other than the U.S. dollar are included in shareowners’ equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the respective periods. Preparing fin ancial sta tements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions which affect reported amounts and rela ted disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible th at actual conditions could be worse than anticipated in t hose estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of investment securities, goodwill, intangibles and long-lived assets, incremental losses o n financing receivables, establishment of valuation allowances on deferred tax assets , incremental fair value marks on businesses and assets held for sale carried at lower of cost or market, and increased tax liabilities and insurance reserves . Accounting Principles and Policies Our financial statements are prepared in conformity with GAAP. Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collectability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Most of our multiple component arrangements involve the sale of goods and se rvices in the Healthcare segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancil lary products. In most cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months after the core product has been delivered. In such agreements, selling pri ce is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each com ponent is objectively determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, wh ich is established consistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agreements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition . In arrangements where we sell products that provide the customer with a right of return, we use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have reliably demonstrated that all specif ied acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only recognize revenue after customer acceptance occurs. Unless otherwise noted, we do not pr ovide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, nuclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accounting. We estimate total long-term contract revenue net of price concessions as well as total contract costs. For goods sold under power ge neration unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contracts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when custome rs receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long-term construction projects, we recognize sales based on our progress toward contract completion measured by actual costs incurred in rela tion to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future costs for agreements in process and report any cumu lative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agreements when that loss is probable. We recognize revenue upon deliver y for sales of aircraft engines and military propulsion equipment . Delivery of commercial engines and non-U.S. military equipm ent occurs on shipment; delivery of military propulsion equipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or M emorandum of Shipment. Commercial aircraft engines are complex equipment manufactured to customer order under a variety of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our r evenue and cost estimates include price concessions and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incur on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provisi on only if such losses are not recoverable from future highly probable sales of spare parts and services for those engines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power, Oil & Gas and Transportation segments, where costs of performing services are incurred on other than a straight-line basis. We also sell similar long-term product services in our Healthcar e and Renewable Energy segment s , where such costs generally are expected to be inc urred on a straight-line basis. For the Aviation, Power, Oil & Gas and Transportation agreements, we recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We rou tinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. For the Healthcare and Renewable Energy agreements, we recognize revenues on a straight-line basis and expens e related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. GE CAPITAL REVENUES FROM SERVICES (EARNED INCOME) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the accou nt becomes 90 days past due . Previously recognized interest income that was accrued but not collected from the borrower is reversed, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. P ayments receive d on nonaccrual loans are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-restructured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future p ayments are reasonably assured. When we agree to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to tho se applied to new loans. We recognize financing lease income on the interest method to produce a level yield on funds not yet re covered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of data in determining these estimate s , including information obtained from thi rd parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are included within minimum lease payments. Significant assumptions we use in estimating residual values include es timated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an appropriate rate. We recognize operating lease income on a straight-line basis ov er the terms of underlying leases. BUSINESSES AND ASSETS HELD FOR SALE Businesses and assets held for sale represent components that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our financial statements with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less cost to sell. Financing receivables that no longer qualify to be presented as held for investment must be clas sified as assets held for sale and recognized in our financial statements at the lower of cost or fair value, less cost to sell, with that amount representing a new cost basis at the date of transfer. The determination of fair value for businesses and assets held for sale involves significant judgments and assumptions. Development of estimates of fair values in this circumstance is complex and is dependent upon, among other factors, the nature of the potential sales transaction (for example, asset sale versus sale of legal entity), composition of assets and/or businesses in the disposal group, the comparability of the disposal group to market transactions, negotiations with third party purchasers etc. Such factors bear directly on the range of potential fair va lues and the selection of the best estimates. Key assumptions were developed based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction. W e review all businesses and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. DEPRECIATION AND AMORTIZATION The cost of GE manufacturing plan t and equipment is generally depreciated on a straight-line basis over its estimated economic life. The cost of GE Capital equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease t erm or over the estimated economic life of the equipment. LOSSES ON FINANCING RECEIVABLES Our financing receivables portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance h omogeneous loans and leases. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment. Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of histor ical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collate ral values, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can s ignificantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollec tible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account . Partial Sales of Business Interests Gains or losses on sales of affiliate shares where we retain a controlling financial interest are recor ded in equity. Gains or losses on sales that result in our loss of a controlling financial interest are recorded in earnings along with remeasurement gains or losses on any investments in the entity that we retained. Cash and Equivalents Debt securities and money market instruments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. INVESTMENT SECURITIES We report investments in debt and marketable equity securities, and certain other equity securities, at fair value. See Note 19 for further information on fair value. Unrealized gains and losses on available-for-sale investment securities are included in shareowners’ equity , net of applicable taxes and other adjustments. We regularly review investment securities for impairment using both quantitative and qualitative criteria. For debt securities, if we do not intend to sell the security or it is not more likely than not th at we will be required to sell the security before recovery of our amortized cost, we evaluate other qualitative criteria to determine whether we do not expect to recover the amortized cost basis of the security, such as the financial health of and specifi c prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired (OTTI) , and we record the difference between the security’s amortized cost basis and its recoverable amount in earnings and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, th e security is also considered OTTI and we recognize the entire difference between the security’s amortized cost basis and its fair value in earnings. For equity securities, we consider the length of time and magnitude of the amou nt that each security is in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired, and we record the difference between the security’s amo rtized cost basis and its fair value in earnings. Realized gains and losses are accounted for on the specific identification method. Unrealized gains and losses on investment se curities classified as trading and certain retained interests are included in earnings. inventories All inventories are stated at the lower of cost or realizable values. Cost for a portion of GE U.S. inventories is determined on a last-in, first-out (LIFO) basis. Cost of other GE inventories is determined on a first-in, first-out (FIFO) basis. LIFO was used for 34 % of GE inventories in both 2016 and 2015 . GOODWILL AND OTHER INTANGIBLE ASSETS We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is the op erating segment, or one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. We use a market approach , when available and appropriate, or the income approach, or a combination of both to establish fair values. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the b usiness or businesses disposed and the portion of the reporting unit that will be retained. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life, except that individually significant customer-related intangible assets are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on ei ther discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS Our run-off insurance activities include providing insurance and reinsurance for life and health risks and providing certain annuity products. Two primary product types are provided: traditional insurance contracts and investment contracts. Insurance contr acts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. For short-duration insurance contracts, including accident and health insurance, we report premiums as earned income over th e terms of the related agreements, generally on a pro-rata basis. For traditional long-duration insurance contracts , including long-term care, term, whole life and annuities payable for the life of the annuitant, we report premiums as earned income when du e. Premiums received on investment contracts (including annuities without significant mortality risk) are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortalit y, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. Liabilities for traditional long-duration insurance contracts represent the present value of such benefits less the present value of fu ture net premiums based on mortality, morbidity, interest and other assumptions at the time the policies were issued or acquired. Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. Liabilities for unpaid claims and estimated claim settlement expenses represent our best estimate of the ultimate obligations for reported and incurred-but- not-reported claims and the related estimated claim settlement expenses. Liabilities for unpaid claims and estimated claim settlement expenses are continually reviewed and adjusted through current operations. FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical ass ets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair valu e hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valu ations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data av ailable. In addition, we have risk management teams that review valuation, including independent price validation for certain instruments. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as we ll as other published data, such as rating agency market reports and current appraisals. These reviews are performed within each business by the asset and risk managers. A detailed review of methodologies and assumptions is performed by individuals indepen dent of the business for individual measurements with a fair value exceeding predefined thresholds. This detailed review may include the use of a third-party valuation firm. RECURRING FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. Investments in Debt and Equity Securities . When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For large numbers of investment securities for which market prices are observable for identical or similar investmen t securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we obtain pricing information from an independent p ricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources i ncluding: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor us es available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a security. Thus, cert ain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise our portfolio of corporate fixed income, and government, mortgage and asset-bac ked securities. In infrequent circumstances, our pricing vendors may provide us with valuations that are based on significant unobservable inputs, and in those circumstances we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. While we are not provided access to proprietary models of the vendor, our reviews have included on- site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. Our reviews also include an examination of the underlying inputs and assumptions for a sample of individual securi ties across asset classes, credit rating levels and various durations. In addition, the pricing vendor has an established challenge process in place for all security valuations, which facilitates identification and resolution of potentially erroneous price s. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. We have not adjusted the prices we have obtained. Investment securities priced using non-binding broker quotes and other third-party pricing services are included in Level 3. As is the case with our primary pricing vendor, third-party brokers and other third-party pricing services do not provid e access to their proprietary valuation models, inputs and assumptions. Accordingly, our risk management personnel conduct reviews of vendors, as applicable, similar to the reviews performed of our primary pricing vendor. In addition, we conduct internal r eviews of pricing for all such investment securities quarterly to ensure reasonableness of valuations used in our financial statements. These reviews are designed to identify prices that appear stale, those that have changed significantly from prior valuat ions, and other anomalies that may indicate that a price may not be accurate. Based on the information available, we believe that the fair values provided by the brokers and other third-party pricing services are representative of prices that would be rece ived to sell the assets at the measurement date (exit prices). Derivatives. We use closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the-counter markets. The majority of our derivatives are valued usi ng internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest r ate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilit |
Businesses Held For Sale and Di
Businesses Held For Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities Of Business Held For Sale and Discontinued Operations | Note 2 . BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS Ass ets and Liabilit ies of Businesses Held for Sale In the fourth quarter of 2016, we classified our Water business within our Power segment with assets of $ 1,617 million and liabilities of $ 656 million , as held for sale. We expect to complete a sale of the business within the next twelve months. In the third quarter of 2016, we classified a business at Aviation with assets of $ 601 million and liabilities of $ 58 million , as held for sale and adjusted the carrying value of the business to fair value, which resulted in a $ 145 million after-tax loss (including a $ 120 million loss on the planned disposal). In the fourth quarter of 2016, we ceased negotiations with the potential buyer due to economic and strategic reasons, and concluded that a sale of th e business within the next twelve months was no longer probable . As a result, we reclassified the business to held and used and reversed through income approximately $ 50 million of the after-tax loss recorded in the third quarter of 2016 primari ly related to allocated goodwill that is not impaired and retained customer contracts. On March 30, 2016, we announced an agreement to sell GE Asset Management (GEAM), GE’s asset management arm with assets under management of approximately $ 100 billion, to State Street Corporation. On July 1, 2016, we completed the sale for proceeds of $ 437 million and recognized an after-tax gain of $ 260 million. During the fourth quarter of 2016, net sale proceeds associated with U.S. pensio n plans of $ 330 million were deposited into the GE Pension Trust, increasing trust assets used to pay GE Pension Plan benefits. On January 15, 2016, we announced the signing of a n agreement to sell our Appliances business to Qingdao Haier Co., L td. (Haier) . On June 6, 2016, we completed the sale for proceeds of $ 5,568 million (including $ 773 million from sale of receivables originated in our Appliances business and sold from GE Capital to Haier) and recognized an after-tax gain of approximately $ 1,825 million in 2016. FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31 (In millions) 2016 2015 Assets Current receivables $ 366 $ 79 Inventories 211 583 Property, plant, and equipment – net 632 1,208 Goodwill 212 370 Other intangible assets – net 123 162 Contract assets 125 - Other 76 416 Assets of businesses held for sale $ 1,745 $ 2,818 Liabilities Accounts payable(a) $ 190 $ 503 Progress collections and price adjustments accrued 141 - Other current liabilities 133 325 Other 192 33 Liabilities of businesses held for sale $ 656 $ 861 (a) Included transactions in our industrial businesses that were made on an arms-length basis with GE Capital , consisting primarily of GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. NBCU As previously disclosed, Comcast Corporation was obligated to share with us potential tax savings associated with its purchase of our interest in NBCU LLC. During the second quarter of 2015, we recognized $450 million of pre-tax income related to th e settlement of this obligation. Discontinued Operations Discontinued operations primarily relate to our financial services businesses as a result of the GE Capital Exit Plan and include our Consumer business, most of our CLL business, our Real Estate business and our U.S. mortgage business ( WMC ). All of these operations were previously reported in the Capital segment. Results of operations, financial position and cash flows for these businesses are separately reported as discontinued operations for all periods presented. We have en tered into Transitional Service Agreements (TSA) with and provided certain indemnifications to buyers of GE Capital’s assets. Under the TSAs, GE Capital provides various services for terms generally between 12 and 24 months and receives a level of cost rei mbursement from the buyers. FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2016 2015 2014 Operations Total revenues and other income $ 2,968 $ 23,003 $ 31,136 Earnings (loss) from discontinued operations before income taxes $ (162) $ 887 $ 6,615 Benefit (provision) for income taxes(a) 460 (791) (776) Earnings (loss) from discontinued operations, net of taxes $ 298 $ 96 $ 5,839 Disposals Gain (loss) on disposals before income taxes $ (750) $ (6,612) $ 14 Benefit (provision) for income taxes(a) (502) (979) 1 Gain (loss) on disposals, net of taxes $ (1,252) $ (7,591) $ 15 Earnings (loss) from discontinued operations, net of taxes(b)(c) $ (954) $ (7,495) $ 5,855 (a) GE Capital’s t otal tax benefit (provision) for discontinued operations and disposals included current tax benefit (provision) of $945 million, $(6,834) million and $(925) million for the years ended December 31, 2016 , 2015 and 2014 , respec tively, including current U.S. F ederal tax benefit (provision) of $1,224 million, $(6,245) million and $80 million for the years ended December 31, 2016 , 2015 and 2014 , respectively , and deferred tax benefit (prov ision) of $(988) million, $5,073 million and $15 4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Ea rnings (Loss). (c) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (911) million , $ (6,038) million, and $ 6,472 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively December 31 (In millions) 2016 2015 Assets Cash and equivalents $ 1,429 $ 20,395 Investment securities 2,626 8,478 Financing receivables – net - 3,205 Other receivables 310 1,221 Property, plant and equipment – net 274 7,537 Goodwill 67 7,764 Other intangible assets - net 5 80 Deferred income taxes 487 2,447 Financing receivables held for sale 8,547 69,847 Valuation allowance on disposal group classified as discontinued operations (726) (6,374) Other 1,797 6,350 Assets of discontinued operations $ 14,815 $ 120,951 Liabilities Short-term borrowings $ 3 $ 739 Accounts payable 164 2,870 Non-recourse borrowings 1,519 3,994 Bank deposits 529 25,613 Long-term borrowings 25 730 All other liabilities 1,652 11,053 Deferred income taxes 221 1,437 Other 45 52 Liabilities of discontinued operations $ 4,158 $ 46,487 Consumer In connection with the GE Capital Exit Plan , we announced the planned disposition of our Consumer business (including Synchrony Financial) and classified the business as discontinued operations . We closed a vast majority of our Consumer business dispositions (including th e split-off of Synchrony Financial) in 2015 and 2016 . FINANCIAL INFORMATION FOR CONSUMER (In millions) 2016 2015 2014 Operations Total revenues and other income $ 1,168 $ 11,690 $ 15,023 Interest $ (180) $ (2,081) $ (2,611) Selling, general, and administrative expenses (522) (3,940) (4,572) Cost of services sold - (1) - Provision for losses on financing receivables 1 (5,029) (3,544) Investment contracts, insurance losses and insurance annuity benefits (3) (12) (18) Other costs and expenses (89) (392) (388) Earnings (loss) from discontinued operations, before income taxes 375 236 3,891 Benefit (provision) for income taxes (171) (878) (736) Earnings (loss) from discontinued operations, net of taxes $ 204 $ (642) $ 3,155 Disposals Gain (loss) on disposals before income taxes $ 273 $ 2,739 $ - Benefit (provision) for income taxes (607) 363 - Gain (loss) on disposals, net of taxes $ (334) $ 3,102 $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (130) $ 2,460 $ 3,155 (a) Earnings (loss) from discontinued operations attributable to the Company, bef ore income taxes, was $ 652 million, $ 2,670 million, and $ 3,752 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Commercial lending and leasing In connection with the GE Capital Exit Plan , we announced the planned disposition of most of our CLL business and classified this portion of the business as discontinued operations. We closed substantially all of our CLL business dispositions in 2015 and 2016. FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2016 2015 2014 Operations Total revenues and other income $ 1,732 $ 10,580 $ 13,413 Interest $ (518) $ (2,365) $ (3,069) Selling, general and administrative expenses (1,585) (3,576) (3,598) Cost of services sold - (1,735) (3,859) Provision for losses on financing receivables (2) (1,753) (456) Other costs and expenses (89) (127) (135) Earnings (loss) from discontinued operations, before income taxes (463) 1,024 2,296 Benefit (provision) for income taxes 319 (186) (487) Earnings (loss) from discontinued operations, net of taxes $ (144) $ 838 $ 1,808 Disposals Gain (loss) on disposals before income taxes $ (971) $ (8,013) $ - Benefit (provision) for income taxes 43 (698) - Gain (loss) on disposals, net of taxes $ (928) $ (8,711) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (1,072) $ (7,873) $ 1,808 (a) Earnings (loss) from discontinued operations attributable to the Company, be fore income taxes, was $ (1,436) million, $ (6,996) million, and $ 2,279 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. REAL ESTATE In connection with the GE Capital Exit Plan , we announced the planned disposition of our Real Estate business and classified the business as discontinued operations. We closed substantially all of our Real Estate business dispositions in 2015 and 2016 . FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2016 2015 2014 Operations Total revenues and other income $ 79 $ 911 $ 2,969 Interest $ (42) $ (457) $ (1,079) Selling, general and administrative (112) (444) (484) Cost of services sold - (5) - Provision for losses on financing receivables - 5 86 Other costs and expenses (3) (158) (712) Earnings (loss) from discontinued operations, before income taxes (78) (149) 780 Benefit (provision) for income taxes 70 168 224 Earnings (loss) from discontinued operations, net of taxes $ (8) $ 19 $ 1,003 Disposals Gain (loss) on disposals before income taxes $ (52) $ (1,338) $ - Benefit (provision) for income taxes 62 (639) - Gain (loss) on disposals, net of taxes $ 10 $ (1,977) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 2 $ (1,958) $ 1,003 (a) Earnings (loss) from discontinued operations attributable to the Company, bef ore income taxes, was $ (130) million, $ (1,486) million, and $ 778 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | note 3 . INVESTMENT SECURITIES Substantially all of our investment securities are classified as available-for-sale and comprise mainly investment-grade debt securities supporting obligations to annuitants and policyholders in our run-off insurance operations. We do not have any securities classified as held-to-maturity. 2016 2015 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated December 31 (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 1 $ - $ - $ 2 $ 2 $ - $ - $ 3 Corporate – non-U.S. - - - - 1 - - 1 U.S. government and federal agency 49 - - 49 49 - - 49 Equity 54 34 (1) 86 87 13 (2) 98 104 34 (1) 137 139 14 (2) 151 GE Capital Debt U.S. corporate 20,048 3,081 (85) 23,044 19,971 2,669 (285) 22,355 State and municipal 3,916 412 (92) 4,236 3,910 407 (73) 4,245 Mortgage and asset-backed 2,787 111 (37) 2,861 2,995 157 (35) 3,116 Corporate – non-U.S. 11,917 98 (27) 11,987 759 96 (9) 846 Government – non-U.S. 1,137 127 (2) 1,262 279 136 - 415 U.S. government and federal agency 656 33 (25) 664 623 104 - 727 Equity 105 22 (1) 126 112 16 (4) 123 40,565 3,883 (268) 44,180 28,648 3,585 (407) 31,827 Eliminations (4) - - (4) (4) - - (4) Total $ 40,665 $ 3,917 $ (269) $ 44,313 $ 28,783 $ 3,599 $ (409) $ 31,973 Our corporate debt portfolio comprises securities issued by public and private corporations in various industries, mainly in the U.S. Substantially all of our corporate debt securities are rated investment grade by the major rating agencies. Mortgage and asset-backed securities substantially comprises commercial and residential mortgage-backed securities. Substantially all of these securities have investment-grade credit ratings. Our commercial mortgage-backed securities (CMBS) portfolio is collateralize d by both diversified pools of mortgages that were originated for securitization (conduit CMBS) and pools of large loans backed by high-quality properties (large loan CMBS). Our residential mortgage-backed securities (RMBS) portfolio is collateralized pri marily by pools of individual, direct mortgage loans, of which substantially all are in a senior position in the capital structure of the deals, not by other structured products such as collateralized debt obligations. The fair value of investment securities increased to $ 44,313 million at December 31, 2016 , from $ 31,973 million at December 31, 2015 , primarily due to higher net purchases of Corporate – non-U.S. debt securities and higher net unrealized gains in U.S. Corporate. ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF AVAILABLE-FOR-SALE INVESTMENT SECURITIES In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized (In millions) fair value(a) losses(a) fair value losses December 31, 2016 Debt U.S. corporate $ 1,692 $ (55) $ 359 $ (30) State and municipal 674 (27) 158 (64) Mortgage and asset-backed 822 (21) 132 (16) Corporate – non-U.S. 5,352 (26) 14 (1) Government - non-U.S. 313 (2) - - U.S. government and federal agency 236 (25) - - Equity 9 (1) - - Total $ 9,098 $ (157) $ 663 $ (111) December 31, 2015 Debt U.S. corporate $ 2,966 $ (218) $ 433 $ (67) State and municipal 494 (20) 155 (53) Mortgage and asset-backed 719 (20) 84 (16) Corporate – non-U.S. 56 (4) 14 (4) Equity 36 (6) - - Total $ 4,273 $ (269) $ 686 $ (140) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. Unrealized losses are not indicative of the amount of credit loss that would be recognized and at December 31, 2016 are primarily due to increases in market yields subsequent to our purchase of the securities. We presently do not intend to sell the vast majority of our debt securities that are in unrealized loss positions and believe that it is not more likely than not that we will be required to sell the va st majority of these securities before anticipated recovery of our amortized cost. The methodologies and significant inputs used to measure the amount of credit loss for our investment securities during 2016 have not changed. PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2016 2015 2014 Total recognized $ 31 $ 64 $ 316 Recognized in AOCI - - (4) Recognized in earnings(a) $ 31 $ 64 $ 312 (a) Included equi ty securities of $11 million, $ 5 million and $219 million in 2016 , 2015 and 2014 , respectively CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 7,139 $ 7,148 After one year through five years 7,947 8,124 After five years through ten years 4,996 5,410 After ten years 17,641 20,562 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2016 2015 2014 GE Gains $ 11 $ 7 $ 3 Losses, including impairments (12) (36) (218) Net (2) (29) (215) GE Capital Gains 50 121 87 Losses, including impairments (43) (51) (104) Net 7 70 (16) Total $ 6 $ 41 $ (231) Although we generally do not have the intent to sell any specific securities at the end of the period, in the ordinary course of managing our investment securities portfolio, we may sell securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. Proceeds from investment securities sales and early redemptions by issuers totaled $ 1,718 millio n, $ 5,746 millio n, and $ 1,898 millio n for the years ended December 31, 2016, 2015, and 2014, respectively. In 2016 and 2015, investment securities sales |
Current Receivables
Current Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Current Receivables [Abstract] | |
Current Receivables | NOTE 4 . CU RRENT RECEIVABLES Consolidated(a)(b) GE(c) December 31 (In millions) 2016 2015 2016 2015 Power $ 7,688 $ 6,675 $ 3,632 $ 4,377 Renewable Energy 1,903 2,336 1,293 1,418 Oil & Gas 4,259 4,958 2,478 2,764 Energy Connections & Lighting 2,716 4,432 1,675 2,173 Aviation 3,542 4,133 1,731 1,876 Healthcare 3,996 4,022 2,068 1,943 Transportation 377 609 186 193 Corporate items and eliminations 454 372 499 464 24,935 27,538 13,562 15,209 Less Allowance for Losses(d) (858) (515) (847) (502) Total $ 24,076 $ 27,022 $ 12,715 $ 14,707 Included GE industrial customer receivables sold to a GE Capital affiliate and reported as financing receivables by GE Capital of $ 12,304 million and $ 13,041 million at December 31, 2016 and 2015 , respectively . The December 31, 2016 total included a deferred purchase price receivable of $483 million from the refinancing of our Receivables Facility described in Note 22. In order to manage credit exposure, the Company sells additional current receivables to third parties outside the Rec eivables Facility described in Note 22. In connection with certain of these sales, we provide servicing activities and limited recourse to the purchasers. At December 31, 2016 and 2015, GE serviced $ 2,962 million and $ 2,167 million , respectively, of these receivables that remain outstanding. Of these balances, $458 million and $378 million at December 31, 2016 and 2015, respectively, were current receivables serviced by GE Capital that GE sold directly to third-parties. At December 31, 2016 and 2015, our ma ximum exposure to loss under the limited recourse arrangements is $215 million and $154 million, respectively. GE current receivables of $ 299 million and $ 251 million at December 31, 2016 and 2015 , respectively, arose from sales, prin cipally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE revenues, approximately 3 % of GE sales of goods and services were to the U.S. government in 2016 , compared with 4 % in 2015 and 3 % in 2014 . The 2016 increase in allowance for losses is primarily due to Alstom purchase price adjustments of $ 263 million. GE current receivables balances at December 31, 2016 and 2015 , before allowa nce for losses, included $ 8,927 million and $ 10,535 million, respectively, from sales of goods and services to customers . The remainder of the balances primarily relates to supplier advances, revenue sharing programs and other non-income based tax receivables. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | NOTE 5 . INVENTORIES December 31 (In millions) 2016 2015 Raw materials and work in process $ 12,636 $ 13,415 Finished goods 8,798 8,265 Unbilled shipments 536 628 21,971 22,308 Revaluation to LIFO 383 207 Total inventories $ 22,354 $ 22,515 |
GE Capital Financing Receivable
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables And Allowance For Losses On Financing Receivables | NOTE 6 . GE Capital FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES FINANCING RECEIVABLES – NET December 31 (In millions) 2016 2015 Loans, net of deferred income $ 21,101 $ 20,115 Investment in financing leases, net of deferred income 4,998 4,969 26,099 25,084 Allowance for losses (58) (81) Financing receivables – net $ 26,041 $ 25,003 NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2016 2015 2016 2015 2016 2015 Total minimum lease payments receivable $ 5,466 $ 5,901 $ 3,274 $ 3,251 $ 2,191 $ 2,649 Less principal and interest on third-party non-recourse debt (1,053) (1,482) - - (1,053) (1,482) Net rentals receivable 4,412 4,419 3,274 3,251 1,138 1,167 Estimated unguaranteed residual value of leased assets 1,985 2,057 927 928 1,058 1,129 Less deferred income (1,400) (1,507) (909) (913) (491) (593) Investment in financing leases, net of deferred income(c) $ 4,998 $ 4,969 $ 3,292 $ 3,266 $ 1,706 $ 1,703 (a) Included $ 30 million and $ 24 million of initial direct costs on direct financing leases at December 31, 2016 and 2015 , respectively. (b) Included pre-tax income of $ 74 million and $ 61 million and income tax of $ 28 million and $ 23 million during 2016 and 2015 , respectively. Net investment credits recognized on leveraged leases during 2016 and 2015 were insignificant. (c) See Note 14 for deferred tax amou nts related to financing leases. CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2017 $ 12,853 $ 851 2018 1,718 845 2019 2,327 685 2020 1,149 528 2021 1,114 398 2022 and later 1,940 1,106 Total $ 21,101 $ 4,412 We expect actual mat urities to differ from contractual maturities. We manage our financing receivables portfolio using delinquency and nonaccrual data as key performance indicators. At December 31, 2016 , $ 811 million ( 3.1 %), $ 407 million ( 1.6 %) and $ 322 million ( 1.2 %) of financing receivables were over 30 days past due, over 90 days past due and on nonaccrual, respectively. Of the $ 322 million of nonaccrual financing receivables at December 31, 2016 , the vast majority are secured by collateral and $ 68 million are currently paying in accordance with the contractual terms. At December 31, 2015 , $ 622 million ( 2.5 %), $ 201 million ( 0.8 %) and $ 256 million ( 1.0 %) of financing receivables were over 30 days past due, ove r 90 days past due and on nonaccrual, respectively. The recorded investment in impaired loans at December 31, 2016 and December 31, 2015 was $ 262 million and $ 175 million, respectively. The method used to measure impairment for these loans is prim arily based on collateral value. At December 31, 2016 , troubled debt restructurings included in impaired loans were $ 176 million |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 7 . PROPERTY, PLANT AND EQUIPMENT Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2016 2015 2016 2015 GE Land and improvements 8 (a) $ 932 $ 888 $ 910 $ 870 Buildings, structures and related equipment 8-40 9,680 10,050 6,016 5,440 Machinery and equipment 4-20 24,596 24,515 9,369 9,986 Leasehold costs and manufacturing plant under construction 1-10 3,407 4,359 2,809 3,849 38,615 39,812 19,103 20,145 GE Capital(b) Land and improvements, buildings, structures and related equipment 1-10 (a) 238 267 68 101 Equipment leased to others Aircraft(c) 15-20 47,360 50,339 31,786 34,316 All other 3-35 587 543 371 364 48,185 51,149 32,225 34,781 Eliminations (925) (939) (809) (831) Total $ 85,875 $ 90,022 $ 50,518 $ 54,095 (a) Depreciable lives exclude land. (b) Included $ 1,457 million and $ 1,024 million of original cost of assets leased to GE with accumulated amortization of $ 147 million and $ 83 million at December 31, 2016 and 2015 , respectively. (c) The GECAS business of GE Capital recognized impairment losses of $ 99 million and $ 168 million in 2016 and 2015 , respectively. These losses are recorded in the caption “ Cost of services sold ” in the Sta tement of Earnings to reflect adjustments to fair value based on management’s best estimates, which are benchmarked against third-party appraiser current market values for aircraft of similar type and age . Consolidated depreciation and amortization relate d to property, plant and equipment was $ 4,997 million, $ 4,847 million and $ 4,953 million in 2016 , 2015 and 2014 , respectively. Amortization of GE Capital equipment leased to others was $ 2,231 million, $ 2,266 million and $ 2,386 million in 2016 , 2015 and 2014 , respectively. Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2016 , are as follows: (In millions) Due in 2017 $ 3,684 2018 3,307 2019 2,912 2020 2,575 2021 2,144 2022 and later 6,338 Total $ 20,961 |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangibles Assets | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | NOTE 8. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions In the fourth quarter of 2016, we acquired two European 3-D printing companies in our Aviation segment. On November 17, 201 6, we acquired an additional 61.9 % of the shares of Arcam AB, a Swedish company specializing in electron beam melting sys tems, for $422 million to bring our total ownership stake to 76. 2 %. Upon gaining control, we fair valued the business i ncluding our previously held 14.3 % equity interest. The preliminary purchase price allocation resulted in go odwill of approximately of $495 million and amortizable intangi ble assets of approximately $95 million. On December 8, 2016, we acquired 75% of Concept Laser GmbH, a German company specializing in powder - bed based laser metal print ing, for $573 million. GE holds a call option on the 25% noncont rolling interest that is exercisable for a one-year period beginning on the third anniversary of the acquisition date. The non-controlling interest holds a put option that is exercisable for a one-year period beginning on the fifth anniversary of the closi ng date. The preliminary purchase price allocation resulted in go odwill of approximately of $550 million and amortizable intangible assets of app roximately $170 million. The allocation of purchase prices will be finalized upon completion of post-closing pr ocedures. On November 9, 2016, we acquired the remaining 89% of Bit Stew, a software company specializing in gathering data from connected devices in complex industrial systems to help companies plan predictive maintenance and optimize productivity, for $ 129 million. Upon gaining control, we fair valued the business including our previously held 11% equity interest. The preliminary purchase price allocation resulted in goodwill of approximately $110 million and amortizable intangible assets of approximatel y $50 million. The allocation of the purchase price will be finalized upon completion of post-closing procedures. On October 31, 2016, we announced a n agreement with Baker Hughes Incorporated (Baker Hughes) to combine GE’s Oil & Gas business and Baker Hug hes to create a new company. The transaction will be executed using a partnership structure, pursuant to which GE Oil & Gas and Baker Hughes will each contribute their operating assets to a newly formed partnership. GE will have a 62.5% interest in this pa rtnership and existing Baker Hughes shareholders will have a 37.5% interest through a newly NYSE listed corporation. Baker Hughes shareholders will also receive a special one-time cash dividend of $17.50 per share at closing. GE will contribute $7.4 billon to the new partnership to fund the cash dividend to existing Baker Hughes shareholders. The transaction is subject to the approval of Baker Hughes shareholders, regulatory approvals and other customary closing conditions . On September 14, 2016, we acquired the remaining 74% of the software developer Meridium Inc. for $370 million. Upon gaining control, we fair valued the business including our previously held 26% equity interest. T he preliminary purchase price allocation resulted in goodwill of appr oximately $350 million and amortizable intangible assets of approximately $165 million. The allocation of the purchase price will be finalized upon completion of post-closing procedures. On May 10, 2016, we announced the pending acquisition of the heat re covery steam generator ( HRSG) business from Doos an Engineering & Construction ( Doosan) for $250 million. On August 16, 2016, we acquired 80% of the HRSG business for approximately $220 million. The remaining 20% of the HRSG business continues to be subjec t to local regulatory requirements and we expect a stagger ed close beginning in the first quarter of 2017 through the first half of 2017. The preliminary purchase price allocation resulted in goodwill of approximately $170 million and amortizable intangibl e assets of approximately $35 million. The allocation of the purchase price will be finalized upon completion of post-closing procedures. On January 30, 2015, we acquired Milestone Aviation Group (Milestone Aviation), a helicopter leasing business, for ap proximately $1,750 million, which is included in our Capital segment. The purchase price allocation resulted in goodwill of approximately $730 million and amortizable intangible assets of approximately $345 million. On November 2, 2015, we acquired the Thermal, Renewables and Grid businesses from Alstom. The purchase price was €9,200 million ($10,124 million), net of cash acquired of approximately €1,600 million ($1,765 million). In order to obtain approval by the European Commission and the Department o f Justice, GE pledged to sell certain of Alstom's gas-turbine assets and its Power Systems Manufacturing subsidiary to Ansaldo Energia SpA (Ansaldo) after the close of the transaction for approximately €120 million. The purchase price will be paid by Ansal do over a period of five years. The transaction closed on February 25, 2016. We formed three consolidated joint ventures with Alstom in grid technology, renewable energy, and global nuclear and French steam power. In addition, GE contributed its Digital Energy business to the grid technology joint venture. Alstom holds redemption rights with respect to its interest in the grid technology and renewable energy joint ventures, which, if exercised, would require us to purchase all of their interest during S eptember 2018 or September 2019. Alstom also holds similar redemption rights for the global nuclear and French steam power joint venture that are exercisable during the first full calendar quarter immediately following the fifth or sixth anniversary of the acquisition date. The redemption price would generally be equal to Alstom's initial investment plus annual accretion of 3% for the grid technology and renewable energy joint ventures and plus annual accretion of 2% for the nuclear and French steam power j oint venture, with potential upside sharing based on an EBITDA multiple. Alstom also holds additional redemption rights in other limited circumstances as well as a call option to require GE to sell all of its interests in the renewable energy joint venture at the higher of fair value or Alstom's initial investment plus annual accretion of 3% during the month of May in the years 2016 through 2019 and also upon a decision to IPO the joint venture. GE holds a call option on Alstom's interest in the global nu clear and French steam power joint venture at the same amount as Alstom's redemption price in the event that Alstom exercises its put option in the grid technology or renewable energy joint ventures. GE also has call options on Alstom's interest in the thr ee joint ventures in other limited circumstances. In addition, the French Government holds a preferred interest in the global nuclear and French steam power joint venture, giving it certain protective rights. The acquisition and alliances with Alstom wil l have a significant effect on our Power, Energy Connections and Renewable Energy segments, and to a lesser extent our Oil & Gas segment. The financial impact of acquired businesses on individual segments will be affected by a number of variables, includin g operating performance, purchase accounting effects and realized synergies. In addition, due to the amount of time that elapsed between signing and closing, the commercial operations of the businesses were negatively affected primarily as a result of unce rtainty among Alstom customers regarding the execution of the transaction. This affected the overall valuation of the acquired businesses at the time of close and, accordingly, is reflected among the initial and adjusted amounts assigned to the assets and liabilities recorded in purchase accounting. ALSTOM ACQUISITION ACCOUNTING UPDATE The total consideration for the acquired businesses, at the time of close in November 2015 included our purchase price of $10,124 million (net of cash acquired) and a preliminary valuation of noncontrolling interests, of approximately $3,600 million for a total of approximately $13,700 million. In the fourth quarter of 2015, the preliminary all ocation of purchase price resulted in goodwill, intangible assets and unfavorable customer contract liabilities of approximately $13,500 million, $5,200 million, and $1,100 million respectively. The amount of goodwill recognized compared with identifiable intangible assets is affected by estimated GE-specific synergies, which are not permitted to be included in the measurement of identifiable intangibles. Such synergies include additional revenue from cross-selling complementary product lines . The prelimina ry fair value of the associated noncontrolling interests consisted of approximately $2,900 million for Alstom's redeemable noncontrolling interests in the three joint ventures (presented separately from total equity in the consolidated statement of financi al position) and $700 million for all other noncontrolling interests. Through the fourth quarter of 2016, we adjusted the preliminary allocation of purchase price, which has now resulted in goodwill, intangible assets, and unfavorable customer contract li abilities, of $17,304 million, $4,370 million, and $2,720 million , respectively as of the acquisition date. These adjustments, which are necessary to reflect acquired assets and liabilities of the acquired businesses at fair value, reflected revisions in 2 016, primarily related to cash flow and other valuation assumptions for customer contracts, increases to legal reserves, and other fair value adjustments related to acquired assets and liabilities. The approximate amounts of significant purchase accounting adjustments recorded since the date of acquisition include a reduction in the book value of assets sold to Ansaldo of $405 million, adjustments to the fair value of derivative contracts of $335 million, decreases in inventory balances of $130 million, inc rease s to legal reserves of $ 990 million, a reduction in the book value of aged accounts receivable of $175 million and other project related costs such as warranty provisions and liquidating damages of $ 665 million. In addition, the fair value of all other noncontrolling inte rests decreased by $55 million. See Note 23 for f urther information about legal reserves for Alstom legacy matters . In addition to purchase price allocation based on the fair value of acquired assets and liabilities, other a djustments were necessary to reflect differences between IFRS and GAAP, as applied to differences in facts and circumstances between those businesses as part of Alstom and as part of GE post acquis ition. The table below presents consideration paid, amoun ts of assets acquired and liabilities assumed as of the acquisition date, inclusive of the purchase accoun ting adjustments and IFRS to GAAP adjustments recorded as of December 31 , 2016, and the fair value of the non-controllin g interest . ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THE ACQUISITION DATE Balance at (In millions) December 31, 2016 Assets Cash and equivalents $ 1,766 Current receivables 4,064 Inventories 4,663 Property, plant and equipment 2,782 Goodwill 17,304 Other intangible assets 4,370 All other assets, net(a) 3,673 Total Assets $ 38,622 Liabilities Accounts payable $ 1,908 Progress collections 2,919 Accrued contract liabilities 10,714 All other liabilities(b) 7,658 Total Liabilities $ 23,199 Redeemable noncontrolling interests 2,921 Noncontrolling interest 612 Total purchase price 11,890 Less cash acquired 1,766 Total purchase price, net of cash acquired $ 10,124 (a) Included approximately $ 156 million of net deferred tax assets, including approximately $ 52 million of non-U.S. loss carry forwards net of valuation allowances and offsetting liabilities for unrecognized benefits. Also included approximately $76 million of indemnification receivables for liabilities for unrecognized income tax benefits and other tax uncertainties. (b) Included approximately $ 859 million of liabilities for unrecognized income tax benefit s and other uncertain taxes and approximate ly $772 million of pension and other employee related cost s. GOODWILL CHANGES IN GOODWILL BALANCES 2016 2015 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions and other December 31 January 1 Acquisitions and other December 31 Power $ 16,736 $ 3,347 $ (268) $ 19,816 $ 7,769 $ 9,582 $ (615) $ 16,736 Renewable Energy 2,580 (46) (27) 2,507 984 1,631 (35) 2,580 Oil & Gas 10,594 - (231) 10,363 10,572 22 - 10,594 Aviation 8,567 1,045 (158) 9,455 8,952 - (385) 8,567 Healthcare 17,353 191 (120) 17,424 17,532 11 (190) 17,353 Transportation 851 41 6 899 887 - (36) 851 Energy Connections & Lighting 6,441 846 (420) 6,868 4,796 2,314 (669) 6,441 Capital 2,370 - (1) 2,368 1,680 728 (37) 2,370 Corporate 34 487 218 739 34 - - 34 Total $ 65,526 $ 5,911 $ (1,000) $ 70,438 $ 53,207 $ 14,287 $ (1,968) $ 65,526 Goodwill balances increased by $ 4,912 million in 2016 , primarily as a result of the Alstom acquisition purchase accounting adjustments and other acquisitions, partially offset by currency exchange effects of a stronger U.S. dolla r against other major currencies. Goodwill balances increased $ 12,319 million in 2015, primarily as a result of the Alstom and Milestone Aviation acquisitions, partially offset by currency exchange effects of the stronger U.S. dollar and disposals . We test goodwill for impairment annually in the third quarter of each year using data as of July 1 of that year. The impairment test consists of two steps: in step one, the carrying value of the reporting unit is compared with its fair value; in step two, which is applied when the carrying value is more than its fair value, the amount of goodwill impairment, if any, is derived by deducting the fair value of the reporting unit’s assets and liabilities from the fair value of its equity, and comparing that am ount with the carrying amount of goodwill. We determined fair values for each of the reporting units using the market approach, when available and appropriate, or the income approach, or a combination of both. We assess the valuation methodology based upon the relevance and availability of the data at the time we perform the valuation. If multiple valuation methodologies are used, the results are weighted appropriately. Valuations using the market approach are derived from metrics of publicly traded compan ies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and s ervices. A market approach is limited to reporting units for which there are publicly traded companies that have the characteristics similar to our businesses. Under the income approach, fair value is determined based on the present value of estimated fut ure cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for each business. Actual results may differ from those assumed in our forecasts. We derive our discount rates using a capital asset pricing model and analyzing published rates for industries relevant to our reporting units to estimate the cost of equity financing. We use d iscount rates that are commensurate with the risks and uncertainty inherent in the respective businesses and in our internally developed forecasts. Discount rates used in our reporting unit valuations ranged from 9.5 % to 16.5 %. During t he third quarter of 2016, we performed our annual impairment test of goodwill for all of our reporting units. Based on the results of our step one testing, the fair values of each of the GE reporting units exceeded their carrying values; therefore, the sec ond step of the impairment test was not required to be performed for any of our reporting units and no goodwill impairment was recognized. While all of our reporting units passed step one of our annual impairment testing in 2016, we identified four report ing units for which the fair value was not substantially in excess of its carrying value. Due to the continuation of depressed oil and natural gas prices, the fair value of our Energy Financial Services reporting unit, within our Capital operating segment, continues to be impacted and was in excess of its carrying value by approximately 2%. Ba sed on the results of the step one testing, we further substantiated our Energy Financial Services goodwill balance by performing the second step analysis in which the implied fair value of goodwill exceeded its carrying value by approximately $670 million. We continued to monitor the volatility in the oil and gas environment during the fourth quarter and updated our analysis using data as of October 1, 2016. This analy sis indicated that the fair value of our Energy Financial Services r eporting unit was significantly in excess of its carrying value . The improvement in fair value over its carrying value was driven by higher forecasted investment and return performance, re flecting stabilization in the commodities markets. The estimated fair value of the Energy Financial Services reporting unit is based on a number of assumptions about future business performance and investment, including the performance of our renewable inv estment portfolio and the expected proceeds and timing of non-strategic investment divestitures. While all reporting units within our Oil & Gas operating segment are significantly in excess of their carrying value, the business continues to experience decl ines in orders, project commencement delays and pricing pressures, which affect their fair value. While the goodwill of the Energy Financial Services and Oil & Gas reporting units are not currently impaired, we will continue to monitor the oil & gas indust ry and the impact it may have on these businesses. In addition, due to a decline in order grow th and an increase in the order- to - cash cycle, the fair value of the Power Conversion reporting unit, within our Energy Connections operating segment, was impac ted and was in excess of its carry ing value by approximately 9%. Due to continued decline in order g rowth and increase to the order- to - cash cycle, we performed an impairment test in the fourth quar ter using data as of December 1 , 2016, which resulted in th e fair value of our Power Conversion reporting unit to be in excess of its carrying value by approximately 8%. The goodwill associated with our Power Conversion reporting unit was $987 million at December 31, 20 16, representing approximately 1 % of our tota l goodwill. While the goodwill of the reporting unit is not currently impaired, there could be an impairment in the future as a result of changes in certain assumptions. For example, the reporting unit’s fair value could be adversely affected and result i n an impairment of goodwill if actual cash flows are below estimated cash flows, the estimated cash fl ows are discounted at a higher risk-adjusted rate or market multiples decrease. Finally, two reporting unit fair values were impacted as a result of the Alstom transaction. Subsequent to the close of the acquisition of Alstom, we formed two new reporting units, Grid Solutions and Hydro. The Alstom Grid business was combined with our Digital Energy business, within our Energy Connections operating segment, to create the new Grid Solutions reporting unit and the Alstom Hydro business is a newly created reporting unit within our Renewable Energy operating segment. Since fair values equaled carrying value at the time of acquisition, this caused the fair value s of these reporting units not to be significantly in excess of their carrying values. As the fair values of these reporting units are not significantly in excess of their carrying values , we performed impairment test s in the fourth quar ter using data as of December 1 , 2016, which resulted in the fair value of the Hydro reporting unit approximating its carrying value and the excess of fair value over carrying value of the Grid Solutions reporting unit being approximately 3%. The goodwill associated with our Hydro and Grid Solutions reporting units was $899 million and $4,405 million, respective ly, representing approximately 1% and 6 % of our total goodwill at December 31, 2016. While the goodwill of these reporting units are not currently impaired, there could be an impairment in the future as a result of changes in certain assumptions. For example, the fair value of these reporting units could be adversely affected and result in impairment s of goodwill if expected synergies of the acquisition with Alstom are n ot realized or if the reporting units were not able to execute on customer opportunities, the estimated cash flows are discounted at a higher risk-adjusted rate or market multiples decrease. As of December 31, 2016, we believe that the goodwill is recove rable for all of the reporting units; however, there can be no assurances that the goodwill will not be impaired in future periods. In 2015, we identified one reporting unit for which the fair value was not substantially in excess of its carrying value. D ue to the sharp decline experienced in oil prices and the prospect of a continuation of prevailing oil prices, the fair value of our Energy Financial Services reporting unit, within our Capital oper ating segment, had been affected and was in exce ss of its carrying value by approximately 13%. Due to the continued decline in oil prices, we performed an impairment test in the fourth quarter using data as of December 31, 2015, which resulted in the fair value of our Energy Financial Services reporting unit being in excess of its carrying value by approximately 12%. In the current year, the fair value of the Energy Financial Services reporting unit continues to be impacted by the market conditions within the oil & gas industry as discussed above. In 2 015, although not impaired, our Oil & Gas business had also experienced declines in orders, project commencement delays and pricing pressures, which affected the fair value of our Oil & Gas reporting units. Our Oil & Gas business continues to be affected b y the overall market conditions as discussed above . Estimating the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. OT HER INTAN GIBLE ASSETS OTHER INTANGIBLE ASSETS - NET December 31 (In millions) 2016 2015 Intangible assets subject to amortization $ 16,336 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,436 $ 17,797 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2016 2015 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 9,172 $ (2,408) $ 6,764 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,693 (3,325) 5,368 8,543 (3,096) 5,447 Capitalized software 7,652 (4,538) 3,114 7,375 (4,136) 3,239 Trademarks 1,165 (307) 858 1,337 (282) 1,055 Lease valuations 143 (59) 84 167 (22) 145 Present value of future profits(a) 684 (684) - 651 (651) - All other 273 (124) 149 267 (108) 159 Total $ 27,781 $ (11,444) $ 16,336 $ 28,098 $ (10,408) $ 17,688 (a) Balances at December 31, 2016 and 2015 reflect adjustments of $ 241 million and $ 266 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. GE amortization expense related to intangible assets subject to amortization was $ 1,704 million , $ 1,505 million and $ 1,386 million in 2016 , 2015 and 2014 , respectively. GE Capital amortization expense related to intangible assets subject to amortization was $ 131 million, $ 148 million and $ 84 million in 2016 , 2015 and 2014 , respectively. Estimated GE Consolidated annual pre-tax amortization for intangible assets over the next five calendar years follows. ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2017 2018 2019 2020 2021 Estimated annual pre-tax amortization $ 2,058 $ 1,947 $ 1,846 $ 1,666 $ 1,519 During 2016 we recorded additions to intangible assets subject to amortization of $2,313 million. The components of finite-lived intangible assets acquired during 2016 and their respective weighted-average amortizable periods follow. COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2016 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 387 15.3 Patents and technology 804 12.4 Capitalized software 1,107 5.0 Trademarks 11 7.2 All other 3 3.0 |
Contract Assets
Contract Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Contract Assets | NOTE 9. CONTRACT ASSETS AND ALL OTHER ASSETS December 31 (In millions) 2016 2015 GE Revenue in excess of billings Long -term product service agreements(a) $ 12,752 $ 10,346 Long-term equipment contract revenue(b) 5,859 5,645 Total revenue in excess of billings 18,611 15,991 Deferred inventory costs(c) 3,349 2,328 Non-recurring engineering costs(d) 2,185 1,790 Other 1,018 1,048 Contract assets $ 25,162 $ 21,156 (a) Long-term product service agreement balances are presented net of related billings in excess of revenues of $ 3,750 million and $ 2,602 million at December 31, 2016 and 2015, respectively. (b) Reflects revenues earned in excess of billings on our long-term contracts to construct technically complex equipment (such as gas power systems). (c) Represents cost deferral for shipped goods (such as components for wind turbine assembly within our Renewable Energy segment) and oth er costs for which the criteria for revenue recognition has not yet been met. (d) Included costs incurred prior to production (e.g., requisition engineering) for long-term equipment production contracts, primarily within our Aviation segment, which are a llocated ratably to each unit produced. Contract assets increased $4,006 million in 2016, which was primarily driven by a change in estimated profitability within our long-term product service agreements resulting in an adjustment of $2,216 million, as w ell as an increase in deferred inventory costs. December 31 (In millions) 2016 2015 GE Investments Associated companies $ 3,574 $ 3,582 Other 631 644 4,205 4,226 Long-term receivables, including notes 2,433 2,310 Derivative instruments 313 733 Other(a) 5,055 5,544 12,007 12,813 GE Capital Investments Associated companies 8,124 8,373 Assets held for sale(b) 2,361 857 Time deposits(c) - 10,386 Other 122 97 10,607 19,713 Derivative instruments 32 549 Advances to suppliers 1,632 1,809 Other(d) 2,337 3,010 14,608 25,081 Eliminations 561 (1,097) All Other Assets $ 27,176 $ 36,797 (a) Primar ily included $ 3,320 million and $ 3,494 million of prepaid insurance, taxes and other expenses and $ 789 million and $ 1,030 million of deferred charges at December 31, 2016 and 2015 , respectively. (b) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2016 and 2015 , such assets consisted primarily of loans, aircraft and equipment, and were accounted for at the lower of carr ying amount or estimated fair value less costs to sell. (c) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global banks, predominantly in the U. K. , that matured in April 2016. (d) Balances at December 31, 2016 and 2015 i ncluded deferred acquisition cost adjustments of $ 558 million and $ 544 million, respectively, in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 10 . BORROWINGS December 31 (Dollars in millions) 2016 2015 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 1,500 0.60 % $ 500 0.15 % Current portion of long-term borrowings 17,109 3.16 17,770 2.10 Other 1,874 1,522 Total GE short-term borrowings(b) 20,482 19,792 GE Capital Commercial paper U.S. 5,002 0.59 650 0.46 Non-U.S. - - 4,351 0.01 Current portion of long-term borrowings(c) 6,517 1.64 24,969 4.28 Intercompany payable to GE(d) 11,696 17,642 Other 229 1,005 Total GE Capital short-term borrowings 23,443 48,617 Eliminations(d) (13,212) (18,549) Total short-term borrowings $ 30,714 $ 49,860 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2018-2054 $ 54,396 3.35 % $ 72,471 3.23 % Subordinated notes 2021-2037 2,768 3.73 2,940 3.68 Subordinated debentures(e) 2067 719 6.12 6,600 6.14 Other 928 1,298 Total GE long-term borrowings(b) 58,810 83,309 GE Capital Senior notes 2018-2039 44,131 2.45 59,107 2.54 Subordinated notes 236 251 - Intercompany payable to GE(d) 47,084 67,062 Other(c) 1,992 2,058 Total GE Capital long-term borrowings 93,443 128,478 Eliminations(d) (47,173) (67,128) Total long-term borrowings $ 105,080 $ 144,659 Non-recourse borrowings of consolidated securitization entities(f) 2017-2018 $ 417 2.23 % $ 3,083 1.00 % Total borrowings $ 136,210 $ 197,602 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging . Excluding assumed debt of GE Capital, the total amount of GE borrowings was $ 20,512 million at December 31, 2016 . Included $ 2,665 million and $ 2,679 million of funding secured by aircraft and other collateral at December 31, 2016 and December 31, 2015 , respectively, of which $ 1,419 million and $ 1,534 million is non-recourse to GE Capital at December 31, 2016 and December 31, 2015 , respectiv ely . The amount of the intercompany payable to GE was $ 58,780 million as of December 31, 2016 , which includes a reduction in the short-term intercompany payable to GE for a $( 1,329) million loan which bears the right of offset against amounts owed under th e assumed debt agreement. The remaining short-term loan balance was paid in January 2017 . Included $ 719 million and $ 2,587 million of subordinated debentures at December 31, 2016 and December 31, 2015 , respectively , which constitute the sole as s ets of trusts that have issued trust pref erred securities and where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE. Included $ 320 million and $ 918 million of current porti on of long-term borrowings at December 31, 2016 and December 31, 2015 , respectively. See Note 21 . On June 3, 2016, GE commenced an offering to exchange $19.6 billion of all the outstanding, unregistered senior notes that were issued by GE Capital International Funding Company Unlimited Company in a private offering on October 26, 2015, for identical, registered 2.342% Senior Notes due 2020, 3.373% Senior Notes due 2025 and 4.418% Senior Notes due 2035. The exchange offer was completed on July 8, 2016. As discussed in Note 1, the adoption of ASU 2015-03 resulted in the reclassification of $674 million o f unamortized debt issuance costs related to the Company’s borrowings, of which $641 million was reclassified in long-term borrowings and $33 million was reclassified in short-term borrowings, within our consolidated balance sheet as of December 31, 2015. On April 10, 2015, GE provided a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities and all commercial paper issued or guaranteed by GE Capital. $92,5 37 m illion of such debt was assumed by GE on December 2, 2015 upon its merger with GE Capital resulting in an intercompany payable to GE. At December 31, 2016 , the amount of the intercompany payable to GE was $ 58,780 million, which includes a reduction i n the short-term intercompany payable to GE for a $(1,329) million loan to GE which bears the right of offset against amounts owed under the assumed debt agreement. The remaining short-term loan balance was paid in January 2017. The Guarantee applies to approximately $47, 476 million of GE Capital debt. Prior to the merger $35,999 million (representing $31,154 million of outstanding principal and $4,846 million of premium) of GE Capital debt was exchanged into a new GE Capital international entity, including $16,372 million , which matured on April 15, 2016. See Notes 20 and 29 for a dditio nal information about borrowings and associated swaps . (In millions) 2017 2018 2019 2020 2021 GE(a) $ 17,109 $ 7,899 $ 3,787 $ 6,996 $ 4,708 GE Capital 6,517 (b) 5,578 4,111 11,107 2,131 |
Investment Contracts Insurance
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Liability For Future Policy Benefits And Unpaid Claims And Claims Adjustment Expense Abstract | |
LiabilityForFuturePolicyBenefitsAndUnpaidClaimsDisclosureTextBlock | NOTE 11. INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS Investment contracts, insurance liabilities and insurance annuity benefits comprise mainly obligations to annuitants and policyholders in our run-off insurance operations. December 31 (In millions) 2016 2015 Life insurance benefits(a) $ 18,741 $ 18,555 Investment contracts 2,813 2,955 Other(b) 4,992 4,646 26,546 26,155 Eliminations (460) (463) Total $ 26,086 $ 25,692 |
Postretirement Benefit Plans
Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Postretirement Benefit Plans | NOTE 12. POSTRETIREMENT BENEFIT PLANS About our plans We sponsor a number of pension plans, including our two principal pension plans for certain U.S. employees as well as other affiliate pension plans. Our principal p ension p lans, the GE Pension Plan and the GE Supplementary Pension Plan , are discussed below . A summary of other postretirement plans is also provided. The GE Pension Plan is a defi ned benefit plan that covers 238,000 retirees and beneficiaries, 168,000 ves ted former employees and 61,000 active employees. This plan is closed to new participants. The GE Supplementary Pension Plan is an unfunded plan that provides supplementary benefits to higher-level, longer-service employees. The GE Supplementary Pen sion Plan annuity benefit is closed to new participants and has been replaced by an installment benefit. We use a December 31 measurement date for these plans. On our balance sheet, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. Those estimated payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are rec orded in a separate component of equity each period. These differences are amortized into earnings over the remaining average future service of active employees or the expected life of participants, as applicable, who participate in the plan. The cost of our plans The amount we report in our earnings as pension cost consists of the following components : Service cost – the cost of benefits earned by active employees who participate in the plan . Prior service cost amortization – the cost of changes to our benefits plans (plan amendments) related to prior service performed . Expected return on plan assets – the return we expect to earn on plan investments used to pay future benefits . Interest cost – the accrual of interest on the pension obligations du e to the passage of time . Net actuarial loss (gain) amortization – differences between our estimates, (for example, discount rate, expected return on plan assets) and our actual experience which are initially recorded in equity and amortized into earnings. Curtailment loss – earnings effects of amounts previously deferred which have been accelerated because of an event that shortens future service or eliminates benefits (for example, a sale of a business) . Pension cost components follow . COST OF PENSION PLANS Principal pension plans (In millions) 2016 2015 2014 Service cost for benefits earned $ 1,237 $ 1,424 $ 1,205 Prior service cost amortization 303 205 214 Expected return on plan assets (3,336) (3,302) (3,190) Interest cost on benefit obligations 2,939 2,778 2,745 Net actuarial loss amortization 2,449 3,288 2,565 Curtailment loss 31 105 65 Pension cost $ 3,623 $ 4,498 $ 3,604 assumptions used in pension calculations Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit at retirement a nd how long they live. To reflect the obligations in today’s dollars, we discount the future payments using a rate that matches the time frame over which the payments will be made. We also need to assume a long-term rate of return that will be earned on inv estments used to fund these payments . The assumptions used to measure our pension benefit obligations follow . ASSUMPTIONS USED TO MEASURE PENSION BENEFIT OBLIGATIONS Principal pension plans December 31 2016 2015 2014 Discount rate 4.11 % 4.38 % 4.02 % Compensation increases 3.80 3.80 4.10 The discount rate used to measure the pension obligations at the end of the year is also used to measure pension cost in the following year. The assumptions used to measure pension cost follow . ASSUMPTIONS USED TO MEASURE PENSION COST Principal pension plans December 31 2016 2015 2014 Discount rate 4.38 % 4.02 % 4.85 % Expected return on assets 7.50 7.50 7.50 We evaluate these assumptions annually. We evaluate other assumptions periodically, such as retirement age, mortality and turnover, and update them as necessary to reflect our actual experience and expectations for the future. We determine the discount rate using the weighted- average yields on high-quality fixed-income securities that have maturities consistent with the timing of benefit payments. Lower discount rates increase the size of the benefit obligation and pension expense in the following year; higher discount rates reduce the size of the benefit obligation and subsequent-year pension expense. The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the pension obligations . T o determine this rate, we consider the current and target composition of plan investments, our historical returns earned, and our expectations about the future. The compensation assumption is used to estimate the annual rate at which pay of plan participa nts will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in shareowners’ equity and amortized to earnings in subsequent periods. Further information about our pension assumptions , including a sensitivity analysis of certain assumptions, can be found in the Critical Accounting Estimates – Pension Assumptions within Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) . FUNDED STATUS Principal pension plans December 31 (in millions) 2016 2015 Projected benefit obligations $ 71,501 $ 68,722 Fair value of plan assets 45,893 45,720 Underfunded $ 25,608 $ 23,002 PROJECTED BENEFIT OBLIGATIONS (PBO) Principal pension plans (In millions) 2016 2015 Balance at January 1 $ 68,722 $ 70,735 Service cost for benefits earned 1,237 1,424 Interest cost on benefit obligations 2,939 2,778 Participant contributions 115 155 Plan amendments - 902 Actuarial loss (gain) 1,874 (a) (4,017) (b) Benefits paid (3,386) (3,255) Balance at December 31(c) $ 71,501 $ 68,722 Principally associated with discount rate and mortality assumption changes. Principally associated with discount rate changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,531 million and $ 6,099 million at year-end 2016 and 2015 , respectively. The composition of our plan assets The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are desc ribed in Note 1 and have been applied consistently. Principal pension plans December 31 (in millions) 2016 2015 Equity securities U.S. equity securities(a) $ 12,130 $ 12,447 Non-U.S. equity securities(a) 9,029 9,088 Debt securities Fixed income and cash investment funds 4,897 3,252 U.S. corporate(b) 5,252 5,529 Other debt securities(c) 5,066 5,131 Private equities(a) 4,492 4,885 Real estate(a) 3,244 3,186 Other investments(d) 1,783 2,202 Total plan assets $ 45,893 $ 45,720 FAIR VALUE OF PLAN ASSETS Principal pension plans (In millions) 2016 2015 Balance at January 1 $ 45,720 $ 48,280 Actual gain on plan assets 2,892 307 Employer contributions 552 233 Participant contributions 115 155 Benefits paid (3,386) (3,255) Balance at December 31 $ 45,893 $ 45,720 amounts included in shareowners’ equity Amounts included in shareowners’ equity that will be amortized in future reporting periods follow . Principal pension plans December 31 (in millions) 2016 2015 Prior service cost $ 1,138 $ 1,473 Net actuarial loss 16,664 16,795 Total $ 17,802 $ 18,268 In 2017, we estimate that we will amortize $ 295 million of prior service cost and $ 2,840 million of net actuarial loss from shareowners’ equity into pension cost. Comparable amounts amortized in 2016 were $ 303 million and $ 2,449 million, respectively. Other pension and postretirement plans We also administer other pension plans, including legacy plans that were part of acquisitions. Other pension plans in 2016 included 49 U.S. and non-U.S. pension plans with assets or obligations greater than $ 50 million. These other pension plans cover 60,000 retirees and beneficiaries, 59,000 vested former employees and 33,000 active employees. We a lso sponsor a number of postretirement health and life insurance benefit plans (retiree benefit plans). Principal retiree benefit plans cover approximately 187,000 retirees and dependents. Summarized information about these plans follows . COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2014 2016 2015 2014 Benefit plan cost $ 374 $ 373 $ 412 $ 115 $ 174 $ 789 FUNDED STATUS Principal retiree Other pension plans benefit plans December 31 (In millions) 2016 2015 2016 2015 Benefit obligations $ 22,543 $ 21,618 $ 6,289 $ 6,757 Fair value of plan assets 17,091 17,368 575 695 Underfunded $ 5,452 $ 4,250 $ 5,714 $ 6,062 amounts included in shareowners’ equity Amounts included in shareowners’ equity that will be amortized in future reporting periods follow. Principal retiree Other pension plans benefit plans December 31 (In millions) 2016 2015 2016 2015 Prior service credit $ (88) $ (29) $ (2,975) $ (3,132) Net actuarial loss (gain) 4,800 3,080 (682) (464) Total $ 4,712 $ 3,051 $ (3,657) $ (3,596) In 2017, we estimate that we will amortize $ 5 million of prior service credit and $ 520 million of net actuarial loss for the other pension plans from shareowners’ equity into pension cost. For principal retiree benefit plans, the estimated prior service credit and net actuarial gain to be amortized in 2017 will be $ 170 million and $ 80 million, respectively. Comparable amounts amortized in 2016 , respectively, were $1 million of prior service credit and $ 256 million of net actuarial loss for the other pension plans and $ 164 million of prior serv ice credit and $ 50 million of net actuarial gain for the principal retiree benefit plans. Our funding policy Our policy for funding the GE Pension Plan is to contribute amounts sufficient to meet minimum funding requirements under employee ben efit and tax laws. We may decide to contribute additional amounts beyond this level. We made a contribution of $ 330 million to the GE Pension Plan in 2016. We did not make any contributions to the GE Pension Plan in 2015 . We expect to co ntribute approximately $ 1,720 million to the GE Pension Plan in 2017 . We ex pect to pay approximately $ 250 million for benefit payments under our GE Supplementary Pension Plan and administrative expenses of our principal pension plans a nd expect to contribute approximately $ 910 million to other pension plans in 201 7 . In 2016 , comparative amounts were $ 222 million and $ 795 million, respectively. We fund retiree health benefits on a pay-as-you-go basi s and the retiree life insurance trust at our discretion. We expect to contribute approximately $ 460 million in 2017 to fund such benefits. In 2016 , we contributed $ 410 million for these plans. See Note 29 for f urther information about our pension plans and principal retiree benefit plans . |
All Other Liabilities
All Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
All Other Liabilities [Abstract] | |
All Other Liabilities | NOTE 13. ALL OTHER LIABILITIES This caption includes liabilities f or various items including deferred income, interest on tax liabilities, unrecognized tax benefits, environmental remediation, legal reserves, asset retirement obligations, derivative instruments, product warranties and a variety of sundry items. See Note 14 for f urther information on interest on tax liabilities and unrecognized tax benefits . See Notes 20 and 29 for f urther information on derivative instruments . See Note 23 for f urther i nformation on environmental matters, legal reserves and product warranties . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NO TE 14. INCOME TAXES GE and GE Capital file a consolidated U.S. federal income tax return. This enables GE and GE Capital to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. GE makes cash payments to GE Capital for tax reductions and GE Capital pays for tax increases at the time GE’s tax payments ar e due. Our businesses are subject to regulation under a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. THE GE Capital Exit Plan In conjunction with the GE Capital Exit Plan, GE Capital significantly reduced its non-U.S. assets while continuing to operate appropriately capitalized non-U.S. businesses with substantial assets related to GE Capital’s vertical financing businesses, including Energy Financial Services, GECAS and Healthcare Equipment Finance. As a result of the GE Capital Exit Plan, GE Capital recognized a tax expense of $6,327 million in continuing operations during 2015. This primarily consiste d of $3,548 million of tax expense related to the repatriation of excess foreign cash and the write-off of deferred tax assets of $2,779 million that will no longer be supported under this plan. The repatriation of cash included approximately $10 billion of foreign earnings that, prior to the approval of the GE Capital Exit Plan, were indefinitely reinvested in GE Capital’s international operations. GE Capital’s indefinitely reinvested earnings were also reduced by charges recognized in connection with th e disposition of international assets. The remainder of the indefinitely reinvested earnings will continue to be reinvested in the significant international base of assets that will remain after the GE Capital Exit Plan is fully executed. The write-off of deferred tax assets largely related to our Treasury operations in Ireland where it was no longer apparent that the tax benefits would be realized upon implementation of the GE Capital Exit Plan. These charges, which increased the 2015 Consolidated effectiv e tax rate by 77.3 percentage points, are reported in the lines “Tax on global activities including exports”, and “All other-net” in the Reconciliation of U.S. federal statutory income tax rate to actual income tax rate.” (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2016 2015 2014 GE Current tax expense (benefit) $ (140) $ 3,307 $ 2,110 Deferred tax expense (benefit) from temporary differences 1,107 (1,800) (476) 967 1,506 1,634 GE Capital Current tax expense (benefit) (1,138) 2,796 (455) Deferred tax expense (benefit) from temporary differences (293) 2,183 (406) (1,431) 4,979 (861) Consolidated Current tax expense (benefit) (1,278) 6,103 1,655 Deferred tax expense (benefit) from temporary differences 814 383 (882) Total $ (464) $ 6,485 $ 773 CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2016 2015 2014 U.S. earnings $ 2,145 $ (309) $ 3,176 Non-U.S. earnings 6,885 8,495 7,087 Total $ 9,030 $ 8,186 $ 10,263 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2016 2015 2014 U.S. Federal Current $ (2,646) $ 1,549 $ (122) Deferred (754) 492 261 Non - U.S. Current 1,730 4,867 2,035 Deferred 1,239 (121) (982) Other (33) (302) (419) Total $ (464) $ 6,485 $ 773 RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GE Capital 2016 2015 2014 2016 2015 2014 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE - - - 4.5 82.4 (4.8) - - - Tax on global activities including exports (23.7) 54.1 (17.7) (20.8) (52.8) (12.0) 4.9 (224.5) (72.0) U.S. business credits(a) (4.5) (4.7) (3.3) (0.9) (4.1) (1.0) 15.7 9.2 (34.5) All other – net(b) (11.9) (5.2) (6.5) (7.9) (14.2) (2.5) 14.7 (1.5) (55.9) (40.1) 44.2 (27.5) (25.1) 11.3 (20.3) 35.3 (216.8) (162.4) Actual income tax rate (5.1) % 79.2 % 7.5 % 9.9 % 46.3 % 14.7 % 70.3 % (181.8) % (127.4) % U.S. general business credits, primarily the credit for energy produced from renewable sources, the advanced energy project credit and the credit for research performed in the U.S . Included ( 7.7)% and (7.1) % in consolidated and GE, respectively, related to deductible stock losses in 2016. Included (4.2)% and (10.6)% in consolidated and GE, respectively, related to deductible stock losses in 2015. Also includes, for each period, the expense or (ben efit) for “Other” taxes reported above in the consolidated (benefit) provision for income taxes, net of 35% federal effect. UNRECOGNIZED TAX POSITIONS Annually, we file over 6,000 income tax returns in over 300 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 2012-2013. In addition, certain other U.S. tax deficiency issues and refund claims for previous years are still unresolved. It is reasonably possible that a portion of the unresolved items could be resolved during the next 12 months, which could result in a decrease in our balance of “unrecognized tax benefits” – that is, the aggregate tax effect of differences between tax return positions and the benefits re cognized in our financial statements. The IRS had disallowed the tax loss on our 2003 disposition of ERC Life Reinsurance Corporation. We contested the disallowance of this loss. In August 2016, the government approved a final settlement of the case and the balance of unrecognized tax benefits and associated interest was adjusted to reflect the agreed settlement. During 201 5 , the IRS completed the audit of our consolidated U.S. income tax returns for 20 10 -20 11 , except for certain issues that were complet ed in 2016. We believe that there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations, financial position or cash flows. We further believe that we have made adequate provisi on for all income tax uncertainties. Resolution of audit matters, including the IRS audit of our consolidated U.S. income tax returns for 2010-2011 and the resolution of the ERC Life Reinsurance Corporation case, reduced our 2016 consolidated income tax rate by 5.3 percentage points. Resolution of audit matters, including the IRS audit of our consolidated U.S. income tax returns for 2010-2011, reduced our 2015 consolidated income tax rate by 4.4 percentage points. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably poss ible changes in the next 12 months were: UNRECOGNIZED TAX BENEFITS December 31, (In millions) 2016 2015 Unrecognized tax benefits $ 4,692 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 2,886 4,723 Accrued interest on unrecognized tax benefits 615 805 Accrued penalties on unrecognized tax benefits 118 98 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-600 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-500 0-200 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2016 2015 Balance at January 1 $ 6,778 $ 5,619 Additions for tax positions of the current year 248 720 Additions for tax positions of prior years(a) 521 1,296 Reductions for tax positions of prior years (2,016) (754) Settlements with tax authorities (823) (70) Expiration of the statute of limitations (16) (33) Balance at December 31 $ 4,692 $ 6,778 (a) For 2015 , the amount shown as “additions for tax positions of prior years” relates primarily ($1,054 million) to the preliminary estimate of uncertain tax liabilities for acquired Alstom businesses. Of the total 2015 additions for tax positions of prior years, $445 million relates to amounts that would not affect tax expense if recognized. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2016 , 2015 and 2014 , $ (105) million, $ 48 million and $ (68) million of interest expense (income), respectively, and $ (4) million, $ (4) million and (45) of tax expense (inc ome) related to penalties, respectively, were recognized in the Statement of Earnings. DEFERRED INCOME TAXES Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards , and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future t ax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we do not consid er it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. We have not provided U.S. deferred taxes on cumulative earnings of non-U.S. affiliates and associated companies that have been reinvested indefi nitely. These earnings relate to ongoing operations and, at December 31, 2016 and 2015 , were approximately $ 82 billion and $ 104 billion, respectively. Most of these earnings have been reinvested in active non-U.S. business operati ons and we do not intend to repatriate these earnings to fund U.S. operations. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the U.S. federal income tax liability that would be payable if such earnings were not reinvested indefinitely. Deferred taxes are provided for earnings of non-U.S. affiliates and associated companies when we plan to remit those earnings. Aggregated deferred income tax amounts are summarized below. December 31 (In millions) 2016 2015 Assets GE $ 21,106 $ 20,539 GE Capital 5,093 4,643 26,199 25,182 Liabilities GE (14,440) (12,873) GE Capital (9,926) (9,204) (24,366) (22,077) Net deferred income tax asset (liability) $ 1,833 $ 3,105 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2016 2015 GE Principal pension plans $ 8,963 $ 8,051 Other non-current compensation and benefits 4,230 4,133 Provision for expenses 2,633 2,827 Retiree insurance plans 2,000 2,122 Non-U.S. loss carryforwards(a) 1,444 1,940 Contract assets (6,677) (5,143) Intangible assets (2,962) (3,192) Depreciation (1,755) (1,688) Investment in global subsidiaries (899) (915) Other – net (311) (469) 6,666 7,666 GE Capital Operating leases (3,582) (3,863) Financing leases (1,632) (1,665) Energy investments (1,410) (1,276) Investment in global subsidiaries (343) 5 Intangible assets (125) (103) Non-U.S. loss carryforwards(a) 1,323 2,262 Other – net 936 79 (4,833) (4,561) Net deferred income tax asset (liability) $ 1,833 $ 3,105 (a) Net of valuation allowances of $ 2,450 million and $ 2,184 million for GE and $ 391 million and $ 109 million for GE Capital , for 2016 and 2015 , respectively. Of the net deferred tax asset as of December 31, 2016 , of $ 2,767 million, $ 6 million relates to net operating loss carryforwards that expire in various years ending from December 31, 201 6 through December 31, 201 8 ; $ 472 million relate s to net operating losses that expire in various years ending from December 31, 20 20 through December 31, 203 6 and $ 2,289 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity
Shareowners' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' Equity | NOTE 15. SHAREOWNERS’ EQUITY (In millions) 2016 2015 2014 Preferred stock issued $ 6 $ 6 $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income (loss) Balance at January 1 $ (16,529) $ (18,172) $ (9,119) Other comprehensive income (loss) before reclassifications (4,602) (3,312) (12,088) Reclassifications from other comprehensive income 2,533 4,956 3,035 Other comprehensive income (loss), net, attributable to GE (2,069) 1,644 (9,053) Balance at December 31 $ (18,598) $ (16,529) $ (18,172) Other capital Balance at January 1 $ 37,613 $ 32,889 $ 32,494 Gains (losses) on treasury stock dispositions and other(a)(b) (389) 4,724 396 Balance at December 31 $ 37,224 $ 37,613 $ 32,889 Retained earnings Balance at January 1 $ 140,020 $ 155,333 $ 149,051 Net earnings (loss) attributable to the Company 8,831 (6,126) 15,233 Dividends and other transactions with shareowners (9,054) (9,161) (8,948) Redemption value adjustment on redeemable noncontrolling interests (266) (25) (2) Balance at December 31 $ 139,532 $ 140,020 $ 155,333 Common stock held in treasury Balance at January 1 $ (63,539) $ (42,593) $ (42,561) Purchases(c)(d) (22,073) (23,762) (1,950) Dispositions 2,574 2,816 1,917 Balance at December 31 $ (83,038) $ (63,539) $ (42,593) Total equity GE shareowners' equity balance at December 31 $ 75,828 $ 98,274 $ 128,159 Noncontrolling interests balance at December 31 1,663 1,864 8,674 Total equity balance at December 31 $ 77,491 $ 100,138 $ 136,833 I ncluded $440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold in 2014 . I ncluded $4,949 million related to issuance of new preferred sto ck in exchange for existing GE Capital preferred stock in 2015. Included $(20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial in 2015. Included $(11,370) million of GE shares pur chased under accelerated share repurchase (ASR) agreements in 2016. Shares of GE Preferred Stock At December 31, 2014, GECC had outstanding 50,000 shares of non-cumulative A, B and C Series perpetual preferred stock at an average dividend rate of 6.44% with a face value of $5,000 million. In connection with the GE Capital Exit Plan, on December 3, 2015, these shares were converted into a corresponding Series A, B, and C of fixed-to-floating rate non-cumulative perpetual preferred stock issued by GE with face value of $2,778 million, $2,073 million, and $1,094 million, respectively, for a cumulative face value of $5,944 million and an initial average fixed dividend rate of 4.07% . The incremental share s were issued in order to compensate preferred holders for the lower dividend rate. Subsequent to the issuance of the preferred stock on December 3, 2015, in response to investor feedback, GE launched an exchange offer on December 18, 2015 that allowed GE preferred stock investors to exchange their existing Series A, B and C preferred stock into a Series D GE preferred stock. These Series D instruments bear an initial fixed interest rate of 5.00% through January 21, 2021, will bear a floating rate e qual to three-month LIBOR plus 3.33% thereafter and are callable on January 21, 2021. On January 20, 2016, $2,687 million of Series A, $2,008 million of Series B and $999 million of Series C were exchanged into $5,694 million Series D GE preferred stock. In addition to interim dividends and accretion of $129 million, a deemed dividend of $232 million was recorded in the year ended December 31, 2016 . The deemed dividend included $195 million for the amount by which the fair value of the Series D GE preferred stock exceeded the fair value of the original GECC Series A, B and C preferred stock, and a cash payment of $37 million to the GE Series A and B preferred stockholders who exch anged into the Series D GE preferred stock. Post exchange, $91 million of Series A, $64 million of Series B and $95 million of Series C GE preferred stock remain outstanding. The carrying value of the GE preferred stock at December 31, 2016 was $5,283 million and will increase to $5,944 million through periodic accretion to the respective call dates of each series. Principal and accretion for the preferred stock is recorded in other capital in the consolidated Sta tement of Financial Position and dividends and accretion are presented under the caption “Preferred stock dividends” in the Statement of Earnings (Loss). Dividends on GE preferred stock are payable semi-annually, in June and December and accretion is recor ded on a quarterly basis. In conjunction with the exchange of the GE Capital preferred stock into GE preferred stock and the exchange of Series A, B and C preferred stock into Series D preferred stock, GE Capital issued preferred stock to GE for which the amount and terms mirror the GE preferred stock held by external investors ( $5,283 million carrying value at December 31, 2016 ). GE has 50.0 million authorized shares of preferred stock ( $1.00 par value). 5,944,250 shares were issued and outstanding as of December 31, 2016 and 2015 , respectively . No shares were issued and outstanding as of Dec ember 31, 2014 . Shares of GE Common Stock On April 10, 2015, the GE Board has authorized a new repurchase program of up to $50.0 billion in common stock, excluding the Synchrony Financial exchange we completed in 2015. Under our share p urchase programs, on a book basis, we repurchased shares of 725.8 million, 109.8 million and 73.6 million for a total of $22,005 million, $3,320 million and $1,901 million for the years ended 2016, 2015, a nd 2014, respectively. During 2016, we repurchased $11,370 million of our common stock under the accelerated share repurchase (ASR) agreements. In December 2016, we entered into an ASR agreement with a financial institution which allowed us to repur chase GE common stock at a price below its volume weighted-average price during a given period. During the fourth quarter, we paid $2,200 million and received and classified as treasury shares an initial delivery of 59,177,215 shares based on the n-current market prices. The payment was recorded as a reduction to shareowners’ equity, consisting of a $1,870 million increase in treasury stock, which reflects the value of the shares received upon initial delivery, and a $330 million de crease in other capital, which reflects the value of the stock held back pending final delivery. We accounted for the ASR as two separate transactions: (i) 59,177,215 shares of common stock initially delivered to GE and $1,870 million was accou nted for as a treasury stock transaction and (ii) the unsettled contract of $330 million was determined to be a forward contract indexed to GE’s own common stock. The initial delivery of 59,177,215 shares resulted in an immediate reduction of t he outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. GE has determined that the forward contract, indexed to its own common stock, met all the criteria for equity classification. In the first quarter of 2017, we received the remaining 10,773,050 shares based on the final volume weighted-average price less the negotiated discount. On November 17, 2015, we completed the split-off of Synchrony Financial through which we acquired 671,366,809 shares of GE common stock from our shareholders in exchange for 705,270,833 shares of Synchrony Financial stock we held. GE’s authorized common stock consists of 13,200,000,000 shares having a par value of $0.06 each. Common shares issued and outstanding are summarized in the following table. December 31 (In thousands) 2016 2015 2014 Issued 11,693,841 11,693,841 11,693,841 In treasury(a)(b) (2,951,227) (2,314,553) (1,636,461) Outstanding 8,742,614 9,379,288 10,057,380 I ncluded (671,367) thousand shares related to the split- off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial in 2015 . I ncluded (370,824) thousand GE shares purchased under accelerated share repurchase agreements in 2016 . ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2016 2015 2014 Investment securities Balance at January 1 $ 460 $ 1,013 $ 307 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $84, $(270) and $352(a) 170 (486) 562 Reclassifications from OCI – net of deferred taxes of $30, $(36) and $85 34 (67) 146 Other comprehensive income (loss)(b) 203 (553) 708 Less OCI attributable to noncontrolling interests (11) (1) 2 Balance at December 31 $ 674 $ 460 $ 1,013 Currency translation adjustments (CTA) Balance at January 1 $ (5,499) $ (2,428) $ 283 OCI before reclassifications – net of deferred taxes of $719, $1,348 and $(129) (1,606) (4,932) (2,600) Reclassifications from OCI – net of deferred taxes of $241, $(1,489) and $213 294 1,794 (129) Other comprehensive income (loss)(b) (1,311) (3,137) (2,730) Less OCI attributable to noncontrolling interests 6 (66) (19) Balance at December 31 $ (6,816) $ (5,499) $ (2,428) Cash flow hedges Balance at January 1 $ (80) $ (180) $ (414) OCI before reclassifications – net of deferred taxes of $(41), $(21) and $22 (234) (732) (609) Reclassifications from OCI – net of deferred taxes of $37, $86 and $34 327 831 844 Other comprehensive income (loss)(b) 93 99 234 Less OCI attributable to noncontrolling interests - - - Balance at December 31 $ 12 $ (80) $ (180) Benefit plans Balance at January 1 $ (11,410) $ (16,578) $ (9,296) Prior service credit (costs) - net of deferred taxes of $46, $859 and $219 128 1,541 396 Net actuarial gain (loss) – net of deferred taxes of $(1,062), $647 and $(5,332) (3,074) 1,227 (9,849) Net curtailment/settlement - net of deferred taxes of $12, $(42) and $41 19 (76) 72 Prior service cost amortization – net of deferred taxes of $84, $103 and $241 62 100 349 Net actuarial loss amortization – net of deferred taxes of $870, $1,199 and $859 1,797 2,373 1,753 Other comprehensive income (loss)(b) (1,068) 5,165 (7,278) Less OCI attributable to noncontrolling interests (9) (3) 3 Balance at December 31 $ (12,469) $ (11,410) $ (16,578) Accumulated other comprehensive income (loss) at December 31 $ (18,598) $ (16,529) $ (18,172) (a) Included adjustments of $57 million, $(611) million and $960 million in 2016 , 2015 and 2014 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b ) Total other comprehensive income (loss) was $(2,083) million, $1,575 million and $(9,066) million in 2016 , 2015 and 2014 , respectively. RECLASSIFICATION OUT OF AOCI (In millions) 2016 2015 2014 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (63) $ 103 $ (231) Total revenues and other income(a) Income taxes 30 (36) 85 Benefit (provision) for income taxes(b) Net of tax $ (34) $ 67 $ (146) Currency translation adjustments Gains (losses) on dispositions $ (535) $ (305) $ (85) Total revenues and other income(c) Income taxes 241 (1,489) 213 Benefit (provision) for income taxes(d) Net of tax $ (294) $ (1,794) $ 129 Cash flow hedges Gains (losses) on interest rate derivatives $ (79) $ (130) $ (234) Interest and other financial charges Foreign exchange contracts (247) (801) (666) (e) Other (38) 13 22 (f) Total before tax (364) (918) (878) Income taxes 37 86 34 Benefit (provision) for income taxes Net of tax $ (327) $ (831) $ (844) Benefit plan items Curtailment gain (loss) $ (31) $ 118 $ (113) (g) Amortization of prior service costs (146) (203) (590) (g) Amortization of actuarial gains (losses) (2,667) (3,572) (2,612) (g) Total before tax (2,844) (3,657) (3,315) Income taxes 966 1,260 1,141 Benefit (provision) for income taxes Net of tax $ (1,878) $ (2,397) $ (2,174) Total reclassification adjustments (net of tax) $ (2,533) $ (4,956) $ (3,035) Included $(70) million, $61 million and an insignificant amount in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $32 million, $(30) million and $3 million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $(453) million, $(224) million and $(51) million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $241 million, $(1,506) million and $213 million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $(182) million, $(758) million and $(607) million in GE Capital revenues from services and $(65) million, $(43) million and $(59) million in interest and other financial charges in 2016 , 2015 and 2014 , respectively. Primarily recorded in costs and expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses reclassified out of AO CI are included in the computation of net periodic pension costs. See Note s 12 and 29 for further information. Noncontrolling Interests Noncontrolling interests in equity of consolidated affiliates includes common shares in consolidated affiliates and preferred stock issued by our affiliates. Prior to the fourth quarter of 2015, the preferred stock issued by GECC was classified as noncontrolling interests in our consolidated Statement of Financial Position, with dividends presented as noncontrolling interest in our consolidated Statement of Earnings. As discussed previously in this note, this preferred stock w as converted to a corresponding series of preferred stock issued by GE and on January 20, 2016 a substantial majority of those shares were exchanged into GE Series D preferred stock. Effective with these changes, the preferred stock issued by GE is reflect ed in our shareowners’ equity and dividends are presented as a reduction of net earnings attributable to GE in the statement of earnings (under the caption “Preferred stock dividends”) for the year ended December 31, 2015 and subsequently. CHANGES TO NONCONTROLLING INTERESTS (In millions) 2016 2015 2014 Balance at January 1 $ 1,864 $ 8,674 $ 6,217 Net earnings (loss) (46) 377 183 GECC preferred stock(a) - (4,949) - GECC preferred stock dividend - (311) (322) Dividends (72) (43) (74) Dispositions (216) 189 (81) Synchrony Financial(b) - (2,840) 2,393 Other (including AOCI)(c)(d)(e)(f) 134 767 358 Balance at December 31 $ 1,663 $ 1,864 $ 8,674 (a) Included $(4,949) million related to the issuance of GE preferred stock in exchange for existing GECC preferred stock in 2015 . GE preferred st ock is reflected in shareowners’ equity in the consolidated Statement of Financial Position. (b) R elated to the split-off of Synchrony Financial from GE in 2015 , where GE shares were exchanged for shares of Synchrony Financial; r elated to the Synchrony Financial IPO in 2014 . (c) Included $695 million related to the Alstom acquisition in 2015. (d) Included $155 million related to Arcam AB acquisition in our Aviation segment in 2016. (e) Included $(123) million for deconsolidation of investment funds managed by GE Asset Management (GEAM) upon the adoption of ASU 2015-2, Amendments to the Consol idation Analysis in 2016. See Note 1. (f) Includes research & development partner funding arrangements, acquisitions and eliminations. redeemable noncontrolling interestS Redeemable noncontrolling interest presented in our Statement of Financial Positio n includes common shares issued by our affiliates that are redeemable at the option of the holder of those interests. As part of the Alstom acquisition, we formed three joint ventures in which the noncontrolling interests hold certain redemption rights. These joint ventures and the associated redemption rights are discussed in Note 8. Our retained earnings will be adjusted for subsequent changes in the redemption value of the noncontrolling interest in these entities to the extent that the redemption valu e exceeds the carrying amount of the noncontrolling interest. CHANGES TO REDEEMABLE NONCONTROLLING INTERESTS (In millions) 2016 2015 2014 Balance at January 1 $ 2,972 $ 98 $ 178 Net (loss) (244) (46) (71) Dividends (17) (11) (12) Redemption value adjustment 266 25 2 Other(a)(b) 49 2,906 1 Balance at December 31 $ 3,025 $ 2,972 $ 98 (a) I ncluded $2,875 million related to joint ventures formed by GE and Alstom as part of the Alstom acquisition in 2015 . (b) I ncluded $204 million related to the Concept Laser GmbH acquisition in our Aviation segment in 2016 . Other Common dividends from GE Capital to GE totaled $20,118 million , $4,311 million and $3,000 million for the years ended 2016 , 2015 and 2014 , respectively. Dividends on GE preferred stock totaled $656 million and $18 million, including cash dividends of $332 million and $8 million for the years ended 2016 and 2015 , respectively . There were no div idends on GE preferred stock in 2014 . |
Other Stock-related Information
Other Stock-related Information | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Other Stock-Related Information | NOTE 16 . OTHER STOCK-RELATED INFORMATION Share-Based Compensation We grant stock options, restricted stock units and performance share units to employees under the 2007 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed enti rely of independent directors. Stock options Under our stock option program, an employee receives an award that provides the opportunity in the future to purchase GE shares at the market price of our stock on the date the award is granted (the strike price). The options become exercisable in equal amounts over a five-year vesting period and expire 10 years from the grant date if they are not exercised. Sto ck options have no financial statement effect on the date they are granted but rather are reflected over time through recording compensation expense and increasing shareowners’ equity. We record compensation expense based on the estimated fair value of the awards expected to vest, and that amount is amortized as compensation expense on a straight-line basis over the five-year vesting period. Accordingly, total expense related to the award is reduced by the fair value of options that are expected to be forfe ited by employees t hat leave GE prior to vesting. We estimate forfeitures based on our experience and adjust the expense to reflect actual forfeitures over the vesting period. The offset to the expense we record is reflected as an increase in the “Other ca pital” component of shareowners’ equity. (In millions, after tax) 2016 2015 2014 Compensation expense $ 207 $ 234 $ 215 We estimate the fair value of each stock option award on the date of grant using a Black-Scholes option pricing model. The table below provides the weighted-average grant- date fair values, key assumptions and other inputs into the pricing model. With the exception of the dividend yield assumption, an increase in any individual assumption will increase the estimated fair value of the option, all other things being equal. 2016 2015 2014 Weighted-average grant-date fair value of stock options $ 3.61 $ 4.64 $ 5.26 Stock Option Valuation Assumptions: Risk-free interest rate 1.4 % 2.0 % 2.3 % Dividend yield 3.4 % 3.4 % 3.1 % Expected volatility 20.0 % 25.0 % 26.0 % Expected option life (in years) 6.5 6.8 7.3 Other pricing model inputs: Weighted-average grant-date market price of GE stock (strike price) $ 29.63 $ 25.79 $ 26.11 The table below shows the amount and weighted- average strike price of options granted during 2016 , as well as those outstanding and exercisable at year-end 2016 . As of December 31, 2016 unless, otherwise stated (in thousands, except per-share data) Stock options granted during 2016 30,948 Weighted-average strike price of awards granted in 2016 $ 29.63 Stock options outstanding 420,303 Weighted-average strike price of stock options outstanding $ 22.29 Stock options exercisable 301,952 Weighted-average strike price of stock options exercisable $ 20.73 When an employee exercises an option, we issue treasury shares to satisfy the requirements of the option. 2016 2015 2014 Stock options exercised (in thousands) 56,973 65,764 30,433 Cash received from stock options exercised (in millions) $ 1,037 $ 1,098 $ 439 Outstanding stock option awards may be dilutive to earnings per share when they are in the money (the market price of GE stock is greater than the strike price of the option). When an option is dilutive, it increases the number of shares used in the diluted earnings per share calculation, which will decrease earnings per share. However, the effect stock options have on the number of shares added to the diluted earnings per share calculation is not one-for-one. The average amount of unrecognized compen sation expense (the portion of the fair value of these option awards not yet amortized) and the market price of GE stock during the reporting period affect how many of these potential shares are included in the calculation. The calculation assumes that the proceeds received from the exercise and the unrecognized compensation expense are used to buy back shares, which reduces the dilutive impact. As of December 31, 2016, there was $427 million of unrecognized compensation expense related to unvested option s, which will be amortized over the remaining vesting period (the weighted-average period is approximately 2 years). Of that total, approximately $118 million, after tax, is estimated to be recorded as compensation expense in 2017. The dilutive effect of in-the-money options on our earnings per share from continuing operations has been $0.01 or less per share (1% or less) for the last three years. S ee Note 18 f or additional information about earnings per share . Restricted Stock A restricted stock award provides an employee with the right to receive shares of GE stock when the restrictions lapse, which occurs in equal amounts over the vesting period. Upon vesting, each unit of restricted stock is converte d into GE common stock on a one- for - one basi s using treasury stock shares. The expense to be recognized on a restricted stock unit is based upon the market price on the grant date (which is its fair value) multiplied by the number of units expected to vest. Accordingly, total expense related to the award is reduced by the fair value of restricted stock units that are expected to be forfeited by employees that leave GE prior to lapse of the restrictions. That amount is amortized as compensation expense on a straight-line basis over a five-year vesting period. We estimate forfeitures based on our experience and adjust the expense to reflect actual forfeitures over the vesting period. The offset to compensation expense is an increase in the “Other capital” component of shareowners’ equity. (In millions, after tax) 2016 2015 2014 Compensation expense(a) $ 90 $ 72 $ 56 (a) Included $11 million of compensation expense related to performance share units in 2016 . The fair value of a restricted stock unit at the grant date is equal to the market price of our stock on the grant date. 2016 2015 2014 Weighted-average grant-date fair value of restricted stock awards $ 30.20 $ 26.74 $ 26.08 As of December 31, 2016, unless otherwise stated (in thousands, except per-share data) Restricted stock units granted during 2016 8,933 Non-vested restricted stock units outstanding 17,859 Weighted-average fair value at grant date of non-vested stock $ 27.72 The table below provides information about the units of restricted stock that vested for each of the years presented. (In thousands) 2016 2015 2014 Restricted stock units vested during the year ended 4,427 3,899 3,305 As of D ecember 31, 2016, there was $346 million of total unrecognized compensation expense related to unvested restricted stock units , which will be amortized over the remaini ng vesting period (the weighted- a verage period is approximately 2 years). Of that total, approximately $75 million, after tax, is estimated to be recorded as compensation expense in 201 7 . Other Information When options are exercised and restricted stock units vest , we issue shares from treasury stock , which increases shares outstanding. Th e “Other capital” component of shareowners’ equity is adjusted for differences between the strike price of GE stock and the average cost of our treasury stock. We also record the difference between the tax benefits assumed (based on the fair value of the a ward on the grant date) and the actual tax benefit in our provision for income taxes . Any excess tax benefit is recorded as cash flow s from operating activities in our Statement of C ash F lows. The table below provides information about tax benefits relate d to all share-based compensation arrangements. (In millions) 2016 2015 2014 Income tax benefit recognized in earnings $ 274 $ 148 $ 147 Excess of actual tax deductions over amounts assumed recognized in equity(a) - 167 86 (a) We adopted ASU 2016-09 in September 2016. The primary effects of adoption were the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital and the reclassification of cash flows related to excess tax benefits from a financing activity to an operating activity for the periods beginning January 1, 2016 . See Note 1 for further information. Share- based compensation programs serve as a means to attract and retain talented employees and are an important elemen t of their total compensation. The intrinsic value of a stock option award is the amount by which the award is in the money and represents the potential value to the employe e upon exercise of the option. The intrinsic value of restricted stock units is the value of t he shares awarded at the current market price. The table below provides information about the intrinsic value of option and restricted stock awards. Aggregate intrinsic As of December 31, 2016, unless otherwise stated (in millions) value Stock options outstanding $ 3,984 Stock options exercised in 2016 723 Non-vested restricted stock units outstanding 564 Restricted stock units vested in 2016 137 |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income | NOTE 17 . OTHER INCOME (In millions) 2016 2015 2014 GE Purchases and sales of business interests(a) $ 3,701 $ 1,020 $ 188 Licensing and royalty income 175 168 288 Associated companies 76 45 176 Net interest and investment income(b) 167 65 (77) Other items(c) (27) 868 132 4,092 2,165 707 Eliminations (87) 62 71 Total $ 4,005 $ 2,227 $ 778 (a) Included a pre-tax gain of $ 3,136 million on the sale of our Appliances business and $ 398 million on the sale of GE Asset Management in 2016. Included a pre-tax gain of $ 623 million on the sale of our Signaling business in 2015. See Note 2. (b) Included other-than-temporary impairments on investment securities of $ (217) million in 2014. (c) In 2015, included a $ 450 million NBCU tax settlement and a $ 175 million break-up fee from Electrolux. Included net gains on ass et sales of $ 101 million, $ 90 million and $ 127 million in 2016 , 2015 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information | 2016 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a)(b) $ 9,759 $ 9,765 $ 1,680 $ 1,679 $ 9,523 $ 9,523 Preferred stock dividends declared (656) (656) (18) (18) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 9,103 $ 9,109 $ 1,662 $ 1,661 $ 9,523 $ 9,523 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (955) (950) (7,795) (7,795) 5,691 5,691 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ 8,152 $ 8,158 $ (6,135) $ (6,135) $ 15,213 $ 15,212 Average equivalent shares Shares of GE common stock outstanding 9,025 9,025 9,944 9,944 10,045 10,045 Employee compensation-related shares (including stock options) and warrants 105 - 72 - 78 - Total average equivalent shares 9,130 9,025 10,016 9,944 10,123 10,045 Per-share amounts Earnings (loss) from continuing operations $ 1.00 $ 1.01 $ 0.17 $ 0.17 $ 0.94 $ 0.95 Earnings (loss) from discontinued operations (0.10) (0.11) (0.78) (0.78) 0.56 0.57 Net earnings (loss) 0.89 0.90 (0.61) (0.62) 1.50 1.51 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. A pplication of this treatment had an insignificant effect. Included a dilutive adjustment of an insignificant amount of dividend equivalents in each of the three years presented. Included in 2016 is a dilutive adjustment for the change in income f or forward purchase contracts that may be settled in stock. For the years ended December 31, 2016 , 2015 and 2014 , there were approximately 22 million, 97 million and 98 million, respectively, of outsta nding stock awards that were not included in the computation of diluted earnings per share because their effect was antidilutive. In December 2016, we entered into an ASR agreement to repurchase shares of GE common stock. See Note 15 for additional information. The initial delivery of 59,177,215 shares resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. GE has determined that the for ward contract, indexed to its own common stock, met all the criteria for equity classification. There was no dilutive impact on earnings per share related to the forward contract. Earnings-per-share amounts are computed independently for earnings (loss) from con tinuing operations, earnings (loss) from discontinued operations and net earnings (loss) . As a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements Our assets and liabilities measured at fair value on a recurring basis include investment securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance December 31, 2016 Assets Investment securities Debt U.S. corporate $ - $ 19,647 $ 3,399 $ - $ 23,046 State and municipal - 4,163 73 - 4,236 Mortgage and asset-backed - 2,852 9 - 2,861 Corporate – non-U.S. - 11,299 688 - 11,987 Government – non-U.S. - 1,262 - - 1,262 U.S. government and federal agency - 482 232 - 714 Equity 188 14 6 - 208 Derivatives(c) - 5,444 23 (5,121) 345 Total $ 188 $ 45,163 $ 4,429 $ (5,121) $ 44,658 Liabilities Derivatives $ - $ 4,880 $ 2 $ (4,449) $ 434 Other(e) - 1,143 - - 1,143 Total $ - $ 6,024 $ 2 $ (4,449) $ 1,577 December 31, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,351 $ 3,006 $ - $ 22,358 State and municipal - 4,215 30 - 4,245 Mortgage and asset-backed - 3,084 32 - 3,116 Corporate – non-U.S. 12 544 290 - 847 Government – non-U.S. 5 410 - - 415 U.S. government and federal agency 49 404 323 - 776 Equity 194 9 13 - 216 Derivatives(c) - 7,312 79 (6,110) 1,281 Other(d) - - 259 - 259 Total $ 260 $ 35,331 $ 4,033 $ (6,110) $ 33,512 Liabilities Derivatives $ - $ 5,677 $ 4 $ (4,968) $ 713 Other(e) - 1,182 - - 1,182 Total $ - $ 6,860 $ 4 $ (4,968) $ 1,895 (a) There were $ 12 million of Corporate – non-U.S. securities and $ 50 million of U.S. government and federal agency securities transferred from Level 1 to Level 2 in the twelve months ended December 31, 2016 primarily attributable to changes in valuation approach. There were no securities transferred between Level 1 and Level 2 in the year ended December 31, 2015 . ( b) The netting of derivative receivables and payables (including the effects of any collateral post ed or received) is permitted when a legally enforceable master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At December 31, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (3) million and insignificant , respectively . See Note s 20 and 29 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represents the liabilit ies associated with cer tain of our deferred incentive compensation plans . Level 3 Instruments The majority of our Level 3 balances consist of investment securities classified as available-for-sale with changes in fair value recorded in shareowners’ equity. CHANGES IN LEVEL 3 INSTRUMENTS FOR THE YEARS ENDED DECEMBER 31 Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) December 31 December 31(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 9 $ 137 $ 468 $ (70) $ (155) $ 32 $ (29) $ 3,399 $ - State and municipal 30 - 1 43 - (1) - - 73 - Mortgage and asset-backed 32 (19) 1 - - (6) - - 9 - Corporate – non-U.S. 290 28 - 461 (82) (1) 2 (10) 688 - U.S. government and federal agency 323 - (90) - - (1) - - 232 - Equity 13 (7) 2 - (1) (2) - - 6 - Derivatives(d)(e) 88 (18) - 1 - (59) - 8 21 (21) Other 259 - - - - - - (259) - - Total $ 4,042 $ (7) $ 51 $ 974 $ (152) $ (226) $ 35 $ (290) $ 4,427 $ (21) 2015 Investment securities Debt U.S. corporate $ 3,053 $ 3 $ (165) $ 362 $ (80) $ (137) $ - $ (30) $ 3,006 $ - State and municipal 58 - (2) - - (9) - (17) 30 - Mortgage and asset-backed 146 (19) (9) - (32) (4) - (49) 32 - Corporate – non-U.S. 337 - (6) 9 (49) (1) - - 290 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 58 - - (1) - - 323 - Equity 9 2 (5) - - (4) 10 - 13 - Derivatives(d)(e) 29 25 - - - (6) 40 - 88 22 Other 277 8 - - (26) - - - 259 5 Total $ 4,175 $ 19 $ (128) $ 370 $ (187) $ (161) $ 51 $ (98) $ 4,042 $ 27 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 for the twelve months ended December 31, 2016 were primarily a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. Represents the amount of unrealized gains or losses for the period included in earnings. R epresents derivative assets net of derivative liabilities and includes cash accruals of none and $ 13 million not reflected in the fair value hierarchy table for the twelve months ended December 31, 2016 and 2015 , respectively. Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 20 and 29 . T he following table represents non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis during the fiscal year and still held at December 31, 2016 and December 31, 2015 . Remeasured during the years ended December 31 2016 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 30 $ - $ 154 Cost and equity method investments - 103 1 436 Long-lived assets 17 1,055 2 882 Total $ 17 $ 1,189 $ 3 $ 1,471 The following table represents the fair value adjustments to assets measured at fair value on a non-recurring basis and still held at December 31, 2016 and 2015 . December 31 (In millions) 2016 2015 Financing receivables and financing receivables held for sale $ (14) $ (69) Cost and equity method investments (44) (506) Long-lived assets (196) (1,603) Total $ (254) $ (2,177) LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted-average) December 31, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 809 Income approach Discount rate(a) 1.4%-17.4% (8.1%) State and municipal 20 Income approach Discount rate(a) 3.7%-3.7% (3.7%) Mortgage and asset-backed 1 Income approach Discount rate(a) 2.7%-6.9% (4.3%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 30 Income approach Discount rate(a) 2.5%-30.0% (20.3%) Cost and equity method investments 94 Income approach Discount rate(a) 9.0%-30.0% (11.8%) Long-lived assets 683 Income approach Discount rate(a) 2.5%-20.0% (10.4%) December 31, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 834 Income approach Discount rate(a) 1.7%-14.1% (8.6%) Mortgage and asset-backed 31 Income approach Discount rate(a) 5.0%-12.0% (10.5%) Corporate – non-U.S. 236 Income approach Discount rate(a) 6.5%-14.0% (7.5%) Other financial assets 259 Income approach, EBITDA multiple 6.1X-15.0X (9.9X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) Cost and equity method investments 293 Income approach Discount rate(a) 9.5%-35.0% (14.4%) Long-lived assets 830 Income approach Discount rate(a) 1.8%-11.7% (10.5%) (a) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. At December 31, 2016 and December 31, 2015 , other Level 3 recurring fair value measurements of $3,598 million and $2,637 million, respectively, and non-recurring measurements of $379 million and $122 million, respectively, are valued using non-binding broker quotes o r other third-party sources. At December 31, 2016 and December 31, 2015 , other recurring fair value measurements of an insignificant amount and $32 million, respectively, and non-recurring fair value measurements of $2 million and $80 million , respectively, were individually insignificant and utilize a number of different unobservable inputs not s ubject to meaningful aggregation . |
Financial Instruments
Financial Instruments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2016 | |
Financial Instruments [Abstract] | ||
Financial Instruments | (a) Offset by the future earnings effects of economic ally hedge d item . The table below explains the effects of market rate changes on the fair value of derivatives we use most commonly as eco nomic hedges. | NOTE 20. FINANCIAL INSTRUMENTS The following table provides information about assets and liabilities not carried at fair value. The table excludes finance leases and non-financial assets and liabilities. Substantially all of the assets discussed below are considered to be Level 3. The vast majority of our liabilities’ fair values can be determined based on significant observable inputs and thus considered Level 2. Few of the instruments are actively traded and their fair values must often be determ ined using financial models. Realization of the fair value of these instruments depends upon market forces beyond our control, including marketplace liquidity. 2016 2015 Carrying Carrying amount Estimated amount Estimated December 31 (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,526 $ 1,595 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,184 19,923 18,397 18,954 Borrowings (debt assumed)(a)(c) 60,109 66,998 84,704 92,231 GE Capital Assets Loans 21,060 20,830 20,061 19,774 Time deposits(d) - - 10,386 10,386 Other commercial mortgages 1,410 1,472 1,381 1,447 Loans held for sale 473 473 342 342 Other financial instruments(e) 121 150 94 110 Liabilities Borrowings(a)(f)(g)(h) 58,523 62,024 95,474 99,396 Investment contracts 2,813 3,277 2,955 3,441 (a) See Note 10 . (b) Included $ 115 million and $ 116 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (c) Included $ 803 million and $ 1,006 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (d) Balances at December 31, 2015 comprised high quality interest bearing deposits with European branches of global banks, predominantly in the U.K., that matured in April 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at December 31, 2016 and December 31, 2015 would have bee n reduced by $ 2,397 million and $ 3,001 million, respectively. (g) Included $ 775 million and $ 1,103 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (h) Excluded $ 58,780 million and $ 84,704 million of intercompany payable to GE at December 31, 2016 and December 31, 2015 respectively, which includes a reduction in the short-term intercompany payable to GE for a $(1,329) million loan to GE, which bears the right of offset agai nst amounts owed under the assumed debt agreement. A description of how we estimate fair values follows: Loans . Based on a discounted future cash flows methodology, using current market interest rate data adjusted for inherent credit risk or quoted market prices and recent transactions, if available. Borrowings. Based on valuation methodologies using current market interest rate data that are comparable to market quotes adjusted for our non-performance risk. Investment contracts. Based on expected future cash flows, discounted at currently offered r ates for immediate annuity contracts or the income approach for single premium deferred annuities. Time deposits. Carrying value approximates fair value as these financial instruments have limited credit risk, short-term maturities and interest rates th at approximate market. All other instruments. Based on observable market transaction s and/or valuation methodologies using current market interest rate data adjusted for inherent credit risk. Assets and liabilities that are reflected in the accompanyi ng financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. Additional information about n otional a mounts of loan c ommitments follows . NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2016 2015 Ordinary course of business lending commitments(a) $ 687 $ 531 Unused revolving credit lines 238 279 (a) Excluded investment commitments of $ 522 million and $ 782 million at December 31, 2016 and December 31, 2015 , respectively. Securities Repurchase and Reverse Repurchase Arrangements Our issuances of securities repurchase agreements are insignificant. No repurchase agreements were accounted for as off-book financing and we do not engage in securities lending transactions. At December 31, 2016 , we were party to no repurchase agreements. We also enter into reverse securities repurchase agreements, primarily for short-term investment with maturities of 90 days or less. At December 31, 2016 , we were party to reverse repurchase agreements totaling $ 6.9 billion, which were reported in cash an d equivalents on the financial statements. Under these reverse securities repurchase agreements, we typically lend available cash at a specified rate of interest and hold U.S. or highly-rated European government securities as collateral during the term of the agreement. Collateral value is in excess of amounts loaned under the agreements. Derivatives and Hedging In this section, we explain how we use derivatives to manage our risks and how these financial instruments are reflected in our financial statements. Our use of derivatives relates solely to risk management; we do not use derivatives for speculation. As discussed elsewhere in this report, we are executing a plan to reduce the size and scope of our financial services business, with the intention of principally retaining those activities that support our industrial businesses . The affected businesses have either been sold or are held for sale and are presented as discontinued operations in our financial statements as of December 31, 2016 . As a result of these actions, the significance of financial services hedging activity will dim inish significantly in the future. Risk management strategy In our industrial businesses, we buy, manufacture and sell components and products across global markets. These activities expose us to changes in foreign currency exchange rates and commodity p rices, which can adversely affect revenues earned and costs of operating our industrial businesses. When the currency in which we sell equipment differs from the primary currency of one of our industrial businesses (known as its functional currency) and th e exchange rate fluctuates, it will affect the revenue we earn on the sale. These sales and purchase transactions also create receivables and payables denominated in foreign currencies, which expose us to foreign currency gains and losses based on changes in exchange rates. Changes in the price of a raw material that we use in manufacturing can affect the cost of manufacturing. We use derivatives to mitigate or eliminate these exposures. With respect to our ongoing financial services activities, our key ex posures relate to interest rate and currency risk. To the extent feasible, we seek to ensure that the characteristics of the debt we have issued align with the assets being funded. The form (fixed rate or floating rate) and currency denomination of the deb t we issue depends on a number of considerations, the most important of which are market factors (demand, pricing, etc.) that affect the economics of the issuance. If the form and currency denomination of the debt does not match the assets being funded, we typically execute derivatives to meet this objective within defined limits. Forms of hedging In this section we explain the hedging methods we use and their effects on our financial statements. Cash flow hedges – We use cash flow hedging primarily to reduce or eliminate the effects of foreign exchange rate changes on purchase and sale contracts in our industrial businesses and to convert foreign currency debt that we have issued in our financial services business back to our functional currency. Acc ordingly, the vast majority of our derivative activity in this category consists of currency exchange contracts. As a result of acquisitions in our industrial businesses, we expect to significantly expand our foreign currency hedging activity related to lo ng-term contracts. We also use commodity derivatives to reduce or eliminate price risk on raw materials purchased for use in manufacturing. Under hedge accounting, the derivative carrying amount is measured at fair value each period and any resulting gain or loss is recorded in a separate component of shareowners’ equity. Differences between the derivative and the hedged item may cause changes in their fair value s to not offset com pletely, which is referred to as ineffectiveness. When the hedged transaction occurs, these amounts are released from shareowners’ equity, in order that the transaction will be reflected in earnings at the rate locked in by the derivative. The effect of th e hedge is reported in the same financial statement line item as the earnings effects of the hedged transaction. The table below summarizes how the derivative is reflected in the balance sheet and in earnings under hedge accounting. The effect of the hedge d forecasted transaction is not presented in this table but offsets the earnings effect of the derivative. As part of our ongoing effort to reduce borrowings, we may repurchase debt that was in a cash flow hedge accounting relationship. At the time of de termining that the debt cash flows are probable of not occurring , any related OCI will be released to earnings. FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (274) $ (911) Shareowners' equity (increase) decrease 274 913 Earnings (loss) related to ineffectiveness 1 2 Earnings (loss) effect of derivatives(a) (364) (918) (a) Offsets earnings effect of the hedged forecasted transaction The following table explains the effect of changes in market rates on the fair value of derivatives we use most commonly in cash flow hedging arrangements. Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay fixed rate/receive floating rate Fair value increases Fair value decreases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases Fair value hedges – These derivatives are used to hedge the effects of interest rate and currency exchange rate changes on debt that we have issued. We have issued mostly fixed rate debt that is used to fund both fixed and floating rate assets. In instances where fixed rate debt is funding floating rate assets, we have an exposure to changes in interest rates. We enter into interest rate swaps that receive a fixed rate and pay a floating rate of interest to align with that portion of our debt which funds floating rate assets. These swaps typically match the maturity of the associated debt being hedged. Under hedge accounting, the derivative is measured at fair value and the carrying amount of the hedged debt is adjusted for the change in value rela ted to the exposure being hedged, with both adjustments offset to earnings as interest expense. For example, the earnings effect of an increase in the fair value of the derivative will be largely offset by the earnings effect of an increase in the carryin g amount of the hedged debt. Differences between the terms of the derivative and the hedged debt may cause changes in their fair values to not offset completely, which is referred to as ineffectiveness. The table below summarizes how the derivative and the hedged debt are reflected in the balance sheet and in earnings under hedge accounting. The effect on interest expense of changing from the fixed rate on the debt to the floating rate on the swap is not shown in this table. FINANCIAL STATEMENT EFFECTS - FAIR VALUE HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 170 $ (151) Adjustment to carrying amount of hedged debt (increase) decrease (433) 75 Earnings (loss) related to hedge ineffectiveness (263) (75) The effect of changes in market interest rates on the fair value of derivatives we use most commonly in fair value hedging arrangements is presented below. Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Net investment hedges – We invest in foreign operations that conduct their financial services activities in currencies other than the U. S. dollar. We hedge the currency risk associated with those investments primarily using short-term currency exchange contracts under which we receive U. S. dollars and pay foreign currency and non-derivatives instruments such as debt denominated in a foreign currency. Under hedge accounting, the portion of the fair value change of the derivative or debt instrument that relates to changes in spot currency exchange rates is offset in a separate component of shareowners’ equity. For example, an increase in the fair value of the derivative related to changes in spot exchange rates will be offset by a corresponding increase in the currency translation component of shareowners’ equity. The portion of the fair value change of the derivative related to differences between spot and forward rates, which primarily relates to the interest component, is recorded in earnings each period as interest expense. As a result of this hedging strategy, the investments in foreign operations of our financial services business are largely unaffe cted by changes in currency exchange rates. The amounts recorded in shareowners’ equity only affect earnings if the hedged investment is sold, substantially liquidated, or control is lost. FINANCIAL STATEMENT EFFECTS - NET INVESTMENT HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 639 $ 4,871 Fair value of non-derivatives (increase) decrease 1,819 (849) Shareowners' equity (increase) decrease (2,376) (4,131) Earnings (loss) related to spot-forward differences 82 (109) Earnings (loss) related to reclassification upon sale or liquidation(a) (528) 4,547 (a) Included $ (529) million and $ 4,549 million recorded in discontinued operations in the twelve months ended December 31, 2016 and 2015 , respectively . The effect of changes in currency exchange rates on the fair value of derivatives we use in net investment hedging arrangements is presented below . Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Economic Hedges - These derivatives are not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. Economic hedges are used when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative, making hedge accounting unnecessary. For example, in our i ndustrial businesses we record the effects of spot exchange rate changes on o ur foreign currency payables and receivables in earnings each period along with the fair value changes on the foreign currency forward contracts used as economic hedges. In these cases, the earnings effects of the derivative and hedged item largely offset. We also use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting. For example, we use currency forwards as an economic hedge of forecasted foreign currency cash flows under long-term contracts. In this case, the forecast period is so long that it is difficult to meet the hedge accounting requirement that the occurrence of the hedged transactions is probable. For these types of economic hedges, changes in the fair value of the derivative are recorded in earnings currently but changes in the value of the forecasted foreign currency cash flows are only recognized in earnings when they occur. As a result, even though the derivative is an effective economic hedge, there is a net ef fect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. The table below provides information about the earnings effects of all derivatives that serve as economic hedges. These de rivatives are marked to fair value through earnings each period. For our financial services business, these gains and losses are reported in “GE Capital revenues from services”. For our industrial businesses, the effects are reported in “Other income” or “ Other costs and expenses”. The offsetting earnings effects associated with hedged assets and liabilities are also displayed in the table below. In general, the earnings effects of the hedged item are recorded in the same financial statement line as the der ivative. The earnings effect of economic hedges, after considering offsets related to earnings effects of hedged assets and liabilities, is substantially offset by changes in the fair value of forecasted transactions that have not yet affected earnings. FINANCIAL STATEMENT EFFECTS - ECONOMIC HEDGES (In millions) 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (2,456) $ (2,720) Change in carrying amount of item being hedged increase (decrease) 2,107 2,543 Earnings (loss) effect of economic hedges(a) (348) (177) Interest rate forwards/swaps interest rate Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases Notional amount of Derivatives The notional amount of a derivative is the number of units of the underlying (for example, the notional principal amount of the debt in an interest rate swap). The notional amount is used to compute interest or other payment streams to be made under the contract and is a measure of our level of activity. We generally disclose derivative notional amounts on a gross basis. A substantial majority of the outstanding notional amount of $ 181 billion at December 31, 2016 is related to managing interest rate and currency risk between financial assets and liabilities in our financial services business. The remaining derivative notional amount primarily relates to hedges of anticipated sales and purchases in foreign currency , commodity purchases and contractual terms in contracts that are considered embedded derivatives. The table below provides additional information about how derivatives are reflected in our financial statements. Derivative assets and liabilities are recor ded at fair value exclusive of interest earned or owed on interest rate derivatives, which is presented separately on our Statement of Financial Position . Cash collateral and securities held as collateral represent assets that have been provided by our derivative counterpar ties as security for amounts they owe us (derivatives that are in an asset position). CARRYING AMOUNTS RELATED TO DERIVATIVES December 31 (In millions) 2016 2015 Derivative assets $ 5,467 $ 7,391 Derivative liabilities (4,883) (5,681) Accrued interest 792 1,014 Cash collateral & credit valuation adjustment (672) (1,141) Net Derivatives 703 1,583 Securities held as collateral (442) (1,277) Net amount $ 262 $ 306 Effects of derivatives on Earnings All derivatives are marked to fair value on our balance sheet, whether they are designated in a hedging relationship for accounting purposes or are used as economic hedges. As discussed in the previous sections, each type of hedge affects the financial statements differently. In fair value and economic hedges, both the hedged item and the hedging derivative largely offset in earnings each period. In cash flow and net investment hedges, the effective portion of the hedg ing derivative is offset in separate components of shareowners ’ equity and ineffectiveness is recognized in earnings. The table below summarizes these offsets and the net effect on pre-tax earnings . (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2016 Cash flow hedges $ (274) $ 274 $ 1 Fair value hedges 170 (433) (263) Net investment hedges(a) 2,458 (2,376) 82 Economic hedges(b) (2,456) 2,107 (348) Total $ (528) 2015 Cash flow hedges $ (911) $ 913 $ 2 Fair value hedges (151) 75 (75) Net investment hedges(a) 4,022 (4,131) (109) Economic hedges(b) (2,720) 2,543 (177) Total $ (359) The amounts in the table above generally do not include associated derivative accruals in income or expense. (a) Both derivatives and non-derivatives hedging instruments are included. (b) Net effect is substantially offset by the change in fair value of the hedged item that will affect earnings in future periods. See Note 15 for additional information about changes in shareowners’ equity related to hedging and amounts released to earnings. See Note 29 for o ther supplemental informat ion about derivatives and hedging . |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | NOTE 21. VARIABLE INTEREST ENTITIES (VIE) A VIE is an entity that has one of three characteristics: (1) it is controlled by someone other than its shareowners or partners, (2) its shareowners or partners are not economically exposed to the entity’s earnings (for example, they are protected against losses), or (3) it was thinly capitalized when it was formed. In the normal course of our business we become involved with VIEs either because we help create them or we invest in them. Our VIEs ei ther provide goods and services to customers or provide financing to third parties for the purchase of GE goods and services. If we control the VIE, we consolidate it and provide disclosures below. However, if the VIE is a business and use of its assets is not limited to settling its liabilities, ongoing disclosures are not required. Consolidated Variable Interest Entities Our most significant consolidated VIEs are the three joint ventures that were formed as part of the Alstom acquisition. These joint ve ntures include grid technology, renewable energy, and global nuclear and French steam power and have combined assets, liabilities and redeemable non controlling interest as of December 31, 2016 and 2015 of $14,460 million, $9,922 million and $2,709 million and $11,536 million, $8,739 million and $2,859 million , respectively. These joint ventures are considered VIEs because the equity held by Alstom does not participate fully in the earnings of the ventures due to the contractual features allowing Alstom to sell their interests back to GE. We consolidate these ventures because we control all their significant activities. These joint ventures are in all other respects regular businesses and are therefore exempt from ongo ing disclosure requirements for VIEs provided below . The table below provides information about VIEs that are subject to ongoing disclosure requirements. Substantially all of these entities were created to help our customers finance the purchase of GE go ods and services or to purchase GE current and customer notes receivable originating from sales of goods and services. These entities have no features that could expose us to losses that would significantly exceed the difference between the consolidated as sets and liabilities . ASSETS AND LIABILITIES OF CONSOLIDATED VIEs GE Capital Current Customer (In millions) GE receivables(a) Notes receivables(b) Other Total December 31, 2016 Assets Financing receivables, net $ - $ - $ - $ 1,035 $ 1,035 Current receivables 57 - 670 - 727 Investment securities - - - 982 982 Other assets 492 (c) - 1,122 1,747 3,361 Total $ 549 $ - $ 1,792 $ 3,764 $ 6,105 Liabilities Borrowings $ 1 $ - $ - $ 818 $ 819 Non-recourse borrowings - - 401 16 417 Other liabilities 457 (c) - 1,378 1,482 3,317 Total $ 458 $ - $ 1,779 $ 2,316 $ 4,553 December 31, 2015 Assets Financing receivables, net $ - $ - $ - $ 882 $ 882 Current receivables 385 3,506 - - 3,891 Investment securities - - - 1,404 1,404 Other assets 2,482 24 - 1,068 3,574 Total $ 2,867 $ 3,530 $ - $ 3,354 $ 9,751 Liabilities Borrowings $ 221 $ - $ - $ 960 $ 1,181 Non-recourse borrowings - 3,022 - 61 3,083 Other liabilities 2,289 34 - 1,234 3,557 Total $ 2,510 $ 3,056 $ - $ 2,255 $ 7,821 (a) In the second quarter of 2016, we completed the sale of our Appliances business to Haier and sold all of the Appliances current receivables purchased by the securitization trust to Haier for $773 million. At December 31, 2015, the current receivables securitization included $737 million of current receivables purchased from Appliances. In the fourth quarter of 2016, we completed the restructure of our Receivabl es Facility described in Note 22. The restructured facility does not use a conso lidated VIE. (b) In the first quarter of 2016, two funding vehicles were established to purchase customer notes receivable from GE, one of which is partially funded by third-party debt. (c) In the first quarter of 2016, we purchased the minority interest in an Oil & Gas joint venture and as a result the entity is no longer a VIE. Consolidated VIE assets and liabilities were reduced by $1,240 million and $1,284 million, respectively. Total revenues from our consolidated VIEs were $1,141 million, $1,638 million and $1,457 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Related expenses consisted primarily of cost of goods and services of $692 million, $1,232 million and $823 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Where we provide servicing for third-party investors, we are contractually permitted to commingle cash collected from customers on financing receivables sold to third - party inv estors with our own cash prior to payment to third-party investor s , provided our short-term credit rating does not fall below A-1/P1. These third-party investors also owe us amounts for purchased financial assets and scheduled interest and principal paymen ts. At December 31, 2016 and 2015, the amounts of commingled cash owed to the third-party investors were $1,117 million and $1,093 million, respectively, and the amounts owed to us by third-party investors were $5 million and $7 million, respectively . Unconsolidated Variable Interest Entities We become involved with unconsolidated VIEs primarily through assisting in the formation and financing of the entity. We do not consolidate these entities because we do not have power over decisions that significantly affect their economic performance. Our investments in unconsolidated VIEs, at December 31, 2016 and 2015 were $6,346 million and $787 million, respectively. Obligations to make additional investments in these entities are not si gnificant. Our investments in long-lived, capital-intensive energy limited partnerships through Energy Financial Services became non-consolidated VIEs in accordance with our January 2016 adoption of ASU 2015-2, Amendments to the Consolidated Analysis (see Note 1 ). In these partnerships we are the sole limited partner and had no participating rights or substantive removal rights over the general partners. The general partners of these entities, who possess the technical and industry expertise necessary to o perate and manage their activities, continue to control these limited partnerships. As a result of this accounting change, our disclosed investments in unconsolidated VIEs increased by $6,077 million, without additional funds being advanced to these entities. |
Receivables Facility
Receivables Facility | 12 Months Ended |
Dec. 31, 2016 | |
Transfers And Servicing [Abstract] | |
Receivables facility | NOTE 22 . receivables FACIlITY Since 2002 , the Company , as part of its working capital management , has sold current receivables to trusts in which thi rd-party investors invest (the Receivables Facility ). We use the cash generated from those sales to fund GE working capital earlier than we would otherwise receive payment from our customers and to manage credit exposures. In 2010 , we consolidated the trust that existed at that time pursuant to a change in the accounting guidance and subsequently rep orted both current receivables owned by the trust and the associated non-recourse third-party debt of the trust as assets and liabilities of a conso lidated VIE on the Statement of Financial Position . Our economic exposure to the sold receivables remained t he same before and after we consolidated the trust. In the fourth quarter of 2016 , we completed a refinancing of the Receivables Facility. The total facility size remained at $3,000 million. As a result of this refinancing, the current receivables are now purchased directly by third-party investors, who make their own arrangements to fund the purchase, and we no longer use the trust we used prior to the refinancing. Upon sale of the receivables, we receive proceeds of cash and a deferred purchase price (DP P). The DPP is an interest in specified assets of the purchasers (the receivables sold by GE Capital) that entitles GE Capital to the residual cash flows of those specified assets. The third-party purchasers have no recourse to other assets of GE Capital i n the event of non-payment by the debtors. Where the purchasing entity is a bank multi-seller commercial paper conduit, assets transferred by other parties to that entity form a majority of the entity’ s assets. The amount of customer receivables s old and outstanding under the Receivables Facility at December 31, 2016 was $2,575 million, and the consolidated customer receivables financed by third-party investors at December 31, 2015 was $3,506 million. The amount of DPP due to GE Capital was $483 million at De cember 31, 2016 , and is classified as “C urrent receivables ” in the consolidated column of the Statement of Financial Position and as “F inancing receivable s” in the GE Capital column of the Statement of Financial Position. Because of the refinancing, GE C apital’s financing receivables decreased by approximately $2,092 million as of December 31, 2016 when compared to December 31, 2015. The Company’s economic exposure under the Receivables Facility, represented by the DPP, remained the same before and after we completed the refinancing of the Receivables Facility. Given the short-term nature of the underlying receivables, discount rates and prepayments are not factors in determining the value of the DPP. Collections on the DPP are presented within Cash flow s from o peratin g activities in the c onsolidated column in the Statement of Cash Flows. As the performance of the transferred current receivables is similar to the performance of our other current receivables, delinquencies are not expected to be significan t |
Commitments, Guarantees, Produc
Commitments, Guarantees, Product Warranties and Other Loss Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments, Guarantees and Product Warranties [Abstract] | |
Commitments, Guarantees and Product Warranties | NOTE 23. COMMITMENTS, GUARANTEES, Product warranties AND OTHER LOSS CONTINGENCIES Commitments The GE Capital Aviation Services (GECAS) business in GE Capital had placed multiple-year orders for various Boeing, Airbus and other aircraft manufacturers with list prices approximating $ 32,958 million and secondary orders with airlines for used aircraft of approximately $ 1,275 m illion at December 31, 2016 . In our Aviation segment, we had committed to provide financing assistance of $ 2,230 million of future customer acquisitions of aircraft equipped with our engines . Guarantees Our guarantees are provided in the ordinary course of business. We underwrite these guarantees considering economic, liquidity and credit risk of the counterparty. We believe that the likelihood is remote that any such arrangements could have a significant adverse effect on our financial position, results of operations or liquidity. We record liabilities for guarantees at estimated fair value, generally the amount of the premium received, or if we do not receive a premium, the amount based on a ppraisal, observed market values or discounted cash flows. Any associated expected recoveries from third parties are recorded as other receivables, not netted against the liabilities. At December 31, 2016 , we were committed under the following guarantee arrang ements beyond those provided on behalf of VIEs. See Note 21 . Credit Support. We have provided $ 1,352 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arran gements such as standby letters of credit and performance guarantees. These arrangements enable these customers and associated companies to execute transactions or obtain desired financing arrangements with third parties. Should the customer or associated company fail to perform under the terms of the transaction or financing arrangement, we would be required to perform on their behalf. Under most such arrangements, our guarantee is secured, usually by the asset being purchased or financed, or possibly by c ertain other assets of the customer or associated company. The length of these credit support arrangements parallels the length of the related financing arrangements or transactions. The liability for such credit support was $ 44 million at December 31, 2016 . Indemnification Agreements – Continuing Operations . We have agreements that require us to fund up to $ 222 million at December 31, 2016 under residual value guarantees on a variety of leased equipment. Under most of our residual value guarantee s, our commitment is secured by the leased asset. The liability for these indemnification agreements was $ 7 million at December 31, 2016 . At December 31, 2016 , we also had $ 973 million of other indemnification commitments, substantially all of which relate to representations and warranties in sales of businesses or assets. The liability for these indemnification commitments was $ 228 million at December 31, 2016 . Indemnification Agreements – Discontinued Operations . At December 31, 2016 , we pro vided specific indemnifications to buyers of GE Capital’s assets that amounted to $ 2,638 million, for which we have recognized related liabilities of $ 285 million. In addition, in connection with the 2015 public offering and sale of Syn chrony Financial, GE Capital indemnified Synchrony Financial and its directors, officers, and employees against the liabilities of GECC's businesses other than historical liabilities of the businesses that are part of Synchrony Financial's ongoing operatio ns. Contingent Consideration. These are agreements to provide additional consideration to a buyer or seller in a business combination if contractually specified conditions related to the acquisition or disposition are achieved. Amount of contingent consid eration was insignificant at December 31, 2016 . Product Warranties We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information – mostly historical claims experience – claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. (In millions) 2016 2015 2014 Balance at January 1 $ 1,723 $ 1,199 $ 1,370 Current-year provisions 791 649 593 Expenditures (729) (718) (714) Other changes(a) 135 593 (50) Balance at December 31 $ 1,920 $ 1,723 $ 1,199 (a ) I ncluded $634 million related to Alstom acquisition in 2015 . OTHER LOSS CONTINGENCIES LEGAL MATTERS WMC. During the fourth quarter of 2007, we completed the sale of WMC, our U.S. mortgage business. WMC substantially discontinued all new loan originations by the second quarter of 2007, and is not a loan servicer. In connection with the sale, WMC retained certain representation and warranty obligations related to loans sold to third parties prior to the disposal of the business and contractual o bligations to repurchase previously sold loans that had an early payment default. All claims received by WMC for early payment default have either been resolved or are no longer being pursued. The remaining active claims have been brought by securitizati on trustees or administrators seeking recovery from WMC for alleged breaches of representations and warranties on mortgage loans that serve as collateral for residential mortgage-backed securities (RMBS). At December 31, 2016 , such claims consisted of $ 1,060 million of individual claims generally submitted before the filing of a lawsuit (compared to $ 2,887 million at December 31, 2015 ) and $ 5,456 million of additional claims asserted against WMC in litigation without making a prior claim (Liti gation Claims) (compared to $ 8,047 million at December 31, 2015 ). The total amount of these claims, $ 6,516 million, reflects the purchase price or unpaid principal balances of the loans at the time of purchase and does not give effect to pay dow ns or potential recoveries based upon the underlying collateral, which in many cases are substantial, nor to accrued interest or fees. WMC believes that repurchase claims brought based upon representations and warranties made more than six years before WMC was notified of the claim would be disallowed in legal proceedings under applicable law and the June 11, 2015 decision of the New York Court of Appeals in ACE Securities Corp. v. DB Structured Products, Inc., on the statute of limitations period governing such claims. Reserves related to repurchase claims made against WMC were $ 626 million at December 31, 2016 , reflecting a net decrease to reserves in the year ended December 31, 2016 of $ 249 million due to settlements partially offset by increme ntal provisions. The reserve estimate takes into account recent settlement activity and is based upon WMC’s evaluation of the remaining exposures as a percentage of estimated lifetime mortgage loan losses within the pool of loans supporting each securitiza tion for which timely claims have been asserted in litigation against WMC. Settlements in prior periods reduced WMC’s exposure on claims asserted in certain securitizations and the claim amounts reported above give effect to these settlements . ROLLFORWARD OF THE RESERVE (In millions) 2016 2015 Balance at January 1 $ 875 $ 809 Provision 91 212 Claim resolutions / rescissions (340) (146) Balance at December 31 $ 626 $ 875 Given the significant litigation activity and WMC’s continuing efforts to resolve the lawsuits involving claims made against WMC, it is difficult to assess whether future losses will be consistent with WMC’s past experience. Adverse changes to WMC’s assumptions supporting the reserve may result in an increase to these reserves. WMC estimates a range of reasonably possible loss from $ 0 to approximately $ 500 million over its recorded reserve at December 31, 2016 . This estimate involves significant judgment and may not reflect the range of uncertainties and unpredictable outcomes inherent in litigation, including the matters discussed in Legal Proceedings and potential changes in WMC’s legal strategy. This estimate excludes any possible l oss associated with an adverse court decision on the applicable statute of limitations or an adverse outcome in the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) investigation discussed in Legal Proceedings, as WMC is unable at this time to develop such a meaningful estimate. At December 31, 2016 , there were 10 lawsuits involving claims made against WMC arising from alleged breaches of representations and warranties on mortgage loans included in 11 securiti zations. The adverse parties in these cases are securitization trustees or parties claiming to act on their behalf. On January 23, 2017, the ResCap Liquidating Trust, as successor to Residential Funding Company, LLC (RFC), filed a lawsuit against WMC in th e United States District Court for the District of Minnesota arising from alleged breaches in representations and warranties made by WMC in connection with the sale of approximately $840 million in loans to RFC over a period of time preceding RFC’s filing for bankruptcy protection in May 2012. Although the alleged claims for relief vary from case to case, the complaints and counterclaims in these actions generally assert claims for breach of contract, indemnification, and/or declaratory judgment, and seek s pecific performance (repurchase of defective mortgage loan) and/or money damages. Adverse court decisions, including in cases not involving WMC, could result in new claims and lawsuits on additional loans. However, WMC continues to believe that it has defe nses to the claims asserted in litigation, including, for example, based on causation and materiality requirements and applicable statutes of limitations. It is not possible to predict the outcome or impact of these defenses and other factors, any of which could materially affect the amount of any loss ultimately incurred by WMC on these claims. WMC has also received indemnification demands, nearly all of which are unspecified, from depositors/underwriters/sponsors of RMBS in connection with lawsuits brou ght by RMBS investors concerning alleged misrepresentations in the securitization offering documents to which WMC is not a party or, in two cases, involving mortgage loan repurchase claims made against RMBS sponsors. WMC believes that it has defenses to th ese demands. To the extent WMC is required to repurchase loans, WMC’s loss also would be affected by several factors, including pay downs, accrued interest and fees, and the value of the underlying collateral. The reserve and estimate of possible loss re flect judgment, based on currently available information, and a number of assumptions, including economic conditions, claim and settlement activity, pending and threatened litigation, court decisions regarding WMC’s legal defenses, indemnification demands, government activity, and other variables in the mortgage industry. Actual losses arising from claims against WMC could exceed these amounts and additional claims and lawsuits could result if actual claim rates, governmental actions, litigation and indemni fication activity, adverse court decisions, actual settlement rates or losses WMC incurs on repurchased loans differ from its assumptions . FINANCIAL INFORMATION FOR WMC (In millions) 2016 2015 2014 Total revenues and other income (loss) $ (8) $ (184) $ (291) Earnings (loss) from discontinued operations, net of taxes $ (52) $ (146) $ (199) Alstom legacy matters . On November 2, 2015, we acquired the Thermal, Renewables and Grid businesses from Alstom. Prior to the acquisition, the seller was the subject of two significant cases involving anti-competitive activities and improper payments: (1) in January 2007, Alstom was fined €65 million by the European Commission for participating in a gas insulated switchgear cartel that operated from 1988 to 2004 (that fine was later reduced to €59 million), and (2) in December 2014, Alstom pled guilty i n the United States to multiple violations of the Foreign Corrupt Practices Act and paid a cri minal penalty of $772 million. As part of GE’s accounting for the acquisition, we established a reserve amounting to $ 858 million for legal and compliance matters related to the legacy business practices that were the subject of these and related cases in various jurisdictions. Regardless of jurisdiction, the allegations relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations and/or damages. Given the significant litigation and compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will ultimately be cons istent with the reserve established. The estimation of this reserve involved significant judgment and may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation and investigations of this nature. Damages sought may in clude disgorgement of profits on the underlying business transactions, fines and/or penalties, interest, or other forms of resolution. Factors that can affect the ultimate amount of losses associated with these matters include the way cooperation is assess ed and valued, prosecutorial discretion in the determination of damages, formulas for determining fines and penalties, the duration and amount of legal and investigative resources applied, and political and social influences within each jurisdiction, among other considerations. Actual losses arising from claims in these matters could exceed the amount provided. At this time, we are unable to develop a meaningful estimate of the range of reasonably possible additional losses for this exposure. Environmenta l Matters Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws. We are involved in numerous remediation actions to clean up haz ardous wastes as required by federal and state laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates and amounts of such costs are not known, are not discounted. When there appears to be a range of possible costs wit h equal likelihood, liabilities are based on the low end of such range. It is reasonably possible that our environmental remediation exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and i nformation related to individual sites, such amounts are not reasonably estimable. Total reserves related to environmental remediat ion and asbestos claims, were $ 1, 767 million at December 31, 2016. |
Intercompany Transactions
Intercompany Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | NOTE 24 . INTERCOMPANY TRANSACTIONS Transactions between related companies are made on an arms-length basis and are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. These transactions include, but are not limited to, the following: GE Capital dividends to GE, GE Capital working capital solutions to optimize GE cash management, GE Capital enabled GE industrial orders, and Aircraft engines, power equipment and healthcare equipment manufactured by G E that are installed on GE Capital investments, including leased equipment. In addition to the above transactions that primarily enable growth for the GE businesses, there are routine related party transactions, which include, but are not limited to, the following: Expenses related to parent-subsidiary pension plans, Buildings and equipment leased between GE and GE Capital, including sale - leaseback transactions , Information technology (IT) and other services sold to GE Capital by GE, and Various invest ments, loans and allocations of GE corporate overhead costs. Presented below is a walk of intercompany eliminations from the unconsolidated GE and GE Capital (In millions) 2016 2015 2014 Cash from (used for) operating activities-continuing operations Combined $ 28,408 $ 17,891 $ 21,434 GE current receivables sold to GE Capital 697 (856) (1,882) GE Capital dividends to GE (20,095) (4,300) (3,000) Other reclassifications and eliminations(a) (2,911) (879) (519) Total cash from (used for) operating activities-continuing operations $ 6,099 $ 11,856 $ 16,033 Cash from (used for) investing activities-continuing operations Combined $ 58,134 $ 59,516 $ 17,252 GE current receivables sold to GE Capital (230) 1,261 1,730 GE Capital short-term loan to GE 1,329 - - Other reclassifications and eliminations(a) 3,380 836 247 Total cash from (used for) investing activities-continuing operations $ 62,613 $ 61,613 $ 19,229 Cash from (used for) financing activities-continuing operations Combined $ (107,750) $ (73,484) $ (44,340) GE current receivables sold to GE Capital (467) (405) 152 GE Capital dividends to GE 20,095 4,300 3,000 GE Capital short-term loan to GE (1,329) - - Other reclassifications and eliminations(a) (469) 42 276 Total cash from (used for) financing activities-continuing operations $ (89,920) $ (69,547) $ (40,912) (a) Includes eliminations of other cash flows activities including those related to GE Capital enabled GE industrial orders, various investments, loans and allocations of GE corporate overhead costs. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2016 | |
Operating Segments Reconciliation [Abstract] | |
Summary of Operating Segments | SUMMARY OF OPERATING SEGMENTS General Electric Company and consolidated affiliates (In millions) 2016 2015 2014 2013 2012 Revenues Power $ 26,827 $ 21,490 $ 20,580 $ 19,315 $ 20,364 Renewable Energy 9,033 6,273 6,399 4,824 7,373 Oil & Gas 12,898 16,450 19,085 17,341 15,539 Aviation 26,261 24,660 23,990 21,911 19,994 Healthcare 18,291 17,639 18,299 18,200 18,290 Transportation 4,713 5,933 5,650 5,885 5,608 Energy Connections & Lighting 15,133 16,351 15,724 15,907 15,379 Total industrial segment revenues 113,156 108,796 109,727 103,383 102,548 Capital 10,905 10,801 11,320 11,267 11,268 Total segment revenues 124,061 119,597 121,047 114,650 113,816 Corporate items and eliminations (368) (2,211) (3,863) (1,405) (1,228) Consolidated revenues $ 123,693 $ 117,386 $ 117,184 $ 113,245 $ 112,588 Segment profit Power $ 4,979 $ 4,502 $ 4,486 $ 4,328 $ 4,368 Renewable Energy 576 431 694 485 914 Oil & Gas 1,392 2,427 2,758 2,357 2,064 Aviation 6,115 5,507 4,973 4,345 3,747 Healthcare 3,161 2,882 3,047 3,048 2,920 Transportation 1,064 1,273 1,130 1,166 1,031 Energy Connections & Lighting 311 944 677 491 442 Total industrial segment profit 17,598 17,966 17,764 16,220 15,487 Capital (1,251) (7,983) 1,209 401 1,245 Total segment profit 16,347 9,983 18,973 16,621 16,731 Corporate items and eliminations (4,226) (5,108) (6,225) (6,002) (4,719) GE interest and other financial charges (2,026) (1,706) (1,579) (1,333) (1,353) GE provision for income taxes (967) (1,506) (1,634) (1,667) (2,013) Earnings from continuing operations attributable to GE common shareowners 9,128 1,663 9,535 7,618 8,646 Earnings (loss) from discontinued operations, net of taxes (954) (7,495) 5,855 5,475 5,047 Less net earnings (loss) attributable to noncontrolling interests, discontinued operations (1) 312 157 36 53 Earnings (loss) from discontinued operations, net of taxes and noncontrolling interests (952) (7,807) 5,698 5,439 4,995 Consolidated net earnings (loss) attributable to GE common shareowners $ 8,176 $ (6,145) $ 15,233 $ 13,057 $ 13,641 NOTE 25 . OPERATING SEGMENTS Basis for presentation Our operating businesses are organized based on the nature of markets and customers. Segment accounting polic ies are the same as described and referenced in Note 1. Segment results for our financial services businesses reflect the discrete tax effect of transactions. A description of our operating segments as of December 31, 2016 , can be found below, and details of segment profit by operating segment can be found in the Summary of Operating Se gments table in “Management’s Discuss ion and Analysis of Financial Cond ition and Results of Operations ” Power Power plant products and services, including design, installation, operation and maintenance services are sold into global markets. Gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls and related services, including total asset optimization solutions, equipment upgrades and long-term maintenance service agreements are sold to power generation and other industrial customers. Water treatment services and equipment include specialty chemical treatment programs, water purification equipment, mobile treatment systems and desalination processes. renewable energy Renewable Energy makes power from renewable sources affordable, accessible, and reliable for the benefit of people everywhere. With one of the broadest technology portfolios in the industry, Renewable Energy creates value for customers by pr oviding technology and services i n the Onshore Wind Power industry , high-yield offshore wind turbine s as well as a full range of solutions, products and services to serve the hydropower industry , from initial design to final commissioning . Oil & Gas Oil & Gas supplies mission critical equipment for the global oil and gas industry, used in applications spanning the entire value chain from drilling and completion through production, liquefied natural gas (LNG) and pipeline compression, pipeline inspection, a nd including downstream processing in refineries and petrochemical plants. The business designs and manufactures surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders , high pr essure reactors, industrial power generation and a broad portfolio of auxiliary equipment. Aviation Aviation products and services include jet engines, aerospace systems and equipment, replacement parts and repair and maintenance services for all categories of commercial aircraft; for a wide varie ty of military aircraft, includ ing fighters, bombers, tankers an d helicopters; for marine appli cations; and for executive and regional aircraft. Products and services are sold worldwide to airframe manufacturers, airlines and government agencies. Healthcare Healthcare products include diagnostic imaging systems such as m agnetic resonance (MR), computed t omography (CT) and p ositron e mission t omography (PET) scanners, X-ray, surgical & interventional imaging, nuclea r imaging, digital mammography and molecular i maging technologies. Healthcare-manufactured technologies include patient and resident monitoring, diagnostic cardiology, ultrasound, bone densitometry, anesthesiology and oxygen therapy, and neonatal and critical care devices. Related servi ces include equipment monitoring and repair, digital technologies and customer productivity services. Products also include diagnostic imaging agents used in medical scanning procedures, drug discovery, biopharmaceutical manufacturing and purification, and tools for protein and cellular analysis for pharmaceutical and academic research, including a pipeline of precision molecular diagnostics in development for neurology, cardiology and oncology applications. Products and services are sold worldwide to h ospitals, medical facilities, pharmaceutical and biotechnology companies, and to the life science research market. Transportation Transportation is a global technology leader and supplier to the railroad, mining, marine and drilling industries. GE provides freight and passenger locomotives, diesel engines for rail, marine and stationary power applications, railway signaling and communications systems, underground mining equipment, motorized drive systems for mining trucks, information technology solutions, high-quality replacement parts and value added services. energy connections & Lighting Energy Connections is GE’s electrification business. Global teams design leading technology solutions for the delivery, management, conversion and optimization of electrical power for customers across multiple energy-intensive industries. GE has invested in our Energy Connections capabilities, with strategic acquisitions and joint ventures that enable GE to increase its offerings to the utility, industrial, renewable energy, oil and gas, marine, metals and minin g industries. Plant automation hardware, software and embedded computing systems including controllers, embedded systems, advanced software, motion control, operator interfaces and industrial computers are also provided by Energy Connections. Lighting includes the GE Lighting and Current, powered by GE (Current) businesses. GE Lighting is focused on driving innovation and growth in light emitting diode (LED) and connected home technology in the U.S. Lighting offers LEDs in a variety of shapes, sizes, wattages and color temperatures. It’s also investing in the growing smart home category, building a suite of connected lighting products with simple connection points that offer new opportunities to do more at home. Current delivers energy efficiency and productivity solutions for commercial and industrial customers. We combine infrastructure technology like LED and solar with new sensor-enabled data networks and Predix-based digital applications to help our customers reduce energy costs, better predict spend and gain business productivity insights. We partner with a wide variety of digital companies to help expand our app catalog, and we offer flexible financing solutions that help our customers achieve faster payback periods and better long-term value . Capital Capital is the financial services division of GE focused on customers and markets aligned with GE’s industrial businesses, whether in developed economies or emerging markets. We provide financial products and services around the globe, that are geared to utilize GE’s industry specific expertise in aviation, energy, infrastructure, and healthcare to capitalize on market-specific opportunities. In addition, we continue to operate our run-off insurance activities as part of our continuing operations. REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Power $ 26,827 $ 21,490 $ 20,580 $ 640 $ 762 $ 778 $ 26,187 $ 20,728 $ 19,802 Renewable Energy 9,033 6,273 6,399 11 12 14 9,022 6,261 6,386 Oil & Gas 12,898 16,450 19,085 383 387 402 12,515 16,063 18,683 Aviation 26,261 24,660 23,990 730 418 692 25,530 24,242 23,298 Healthcare 18,291 17,639 18,299 15 7 6 18,276 17,633 18,293 Transportation 4,713 5,933 5,650 1 1 (2) 4,713 5,932 5,652 Energy Connections & Lighting 15,133 16,351 15,724 1,059 1,021 912 14,074 15,329 14,812 Total industrial 113,156 108,796 109,727 2,839 2,608 2,801 110,316 106,188 106,926 Capital 10,905 10,801 11,320 1,288 1,151 1,037 9,617 9,650 10,283 Corporate items and eliminations (368) (2,211) (3,863) (4,127) (3,759) (3,838) 3,760 1,548 (25) Total $ 123,693 $ 117,386 $ 117,184 $ - $ - $ - $ 123,693 $ 117,386 $ 117,184 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. Revenues from customers located in the United States were $ 53,317 million, $ 53,238 million and $ 51,147 million in 2016 , 2015 and 2014 , respectively. Revenues from customers located outside the United States were $ 70,376 million, $ 64,148 million and $ 66,038 million in 2016 , 2015 and 2014 , respectively. Property, plant and Assets(a) equipment additions(b) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Power $ 55,474 $ 51,908 $ 26,698 $ 769 $ 2,122 $ 578 $ 1,130 $ 712 $ 563 Renewable Energy 8,794 9,468 3,572 166 999 41 37 116 113 Oil & Gas 24,615 26,126 27,329 284 422 656 529 596 585 Aviation 38,899 34,524 33,716 1,328 1,260 1,197 900 855 824 Healthcare 28,639 28,162 29,227 432 284 405 785 799 843 Transportation 4,288 4,368 4,449 108 202 128 159 179 169 Energy Connections & Lighting 17,858 21,587 15,536 354 1,348 535 441 426 548 Capital(c) 187,804 316,069 502,204 3,769 7,570 3,818 2,515 2,584 2,612 Corporate items and eliminations(d) (1,187) 858 11,201 94 (297) (111) 341 231 164 Total $ 365,183 $ 493,071 $ 653,931 $ 7,305 $ 13,911 $ 7,247 $ 6,836 $ 6,499 $ 6,421 Total assets of Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Energy Connections & Lighting and Capital operating segments at December 31, 2016, include investmen ts in and advances to associated companies of $405 million, $9 million, $88 million, $1,779 million, $366 million, $6 million, $752 million and $7,673 million, respectively. Investments in and advances to associated companies contributed approximately $(17) million, $(4) million, $4 million, $75 million, $19 million, $46 million and $363 million to segment pre-tax income of Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Energy Connections & Lighting and Capital operating segments, respectively, and Transportation an insignificant amount, for the year ended D ecember 31, 2016. Additions to property, plant and equipment include amounts relating to principal businesses purchased. Includes Capital discontinued operations Includes deferred income taxes that are presented as assets for purposes of our consolidating balance sheet presentation. Interest and other financial charges Provision (benefit) for income taxes (In millions) 2016 2015 2014 2016 2015 2014 Capital $ 3,790 $ 2,301 $ 1,638 $ (1,431) $ 4,979 $ (861) Corporate items and eliminations(a) 1,234 1,162 1,085 967 1,506 1,634 Total $ 5,025 $ 3,463 $ 2,723 $ (464) $ 6,485 $ 773 (a) Included amounts for Power, Renewable Energy, Oil & Gas, Aviati on, Healthcare, Transportation and Energy Connections & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. Property, plant and equipment – net associated with operations based in the United States were $ 14,987 million, $ 14,273 million and $ 9,868 million at December 31, 2016 , 2015 and 2014 , respectively. Property, plant and equipment – net associated with operations based outside the United States were $ 35,531 million, $ 39,822 million and $ 38,201 million at December 31, 2016 , 2015 and 2014 , respectively. |
Cash Flows Information
Cash Flows Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flows Information [Abstract] | |
Supplemental Cash Flows | NOTE 26 . CASH FLOWS INFORMATION Changes in operating assets and liabilities are net of acquisitions and dispositions of principal businesses. Amounts reported in the “Proceeds from sales of discontinued operations” and “Proceeds from principal business dispositions” lines in the Statement of Cash Flows are net of cash disposed and included certain deal-related costs. Amounts reported in the “Net cash from (payments for) principal businesses purchased” line is net of cash acquired and included certain de al-related costs and debt as sumed and immediately repaid in acquisitions Amounts reported in the “All other operating activities” line in the Statement of Cash Flows consist primarily of adjustments to current and noncurrent accruals, deferrals of costs and expenses and adjustments to assets. Certain supplemental i nformation related to our cash flows is shown below. For the years ended December 31 (In millions) 2016 2015 2014 GE All other operating activities (Gains) losses on purchases and sales of business interests(a) $ (3,701) $ (1,020) $ (188) Contract assets (net)(b) (3,929) (1,919) (1,572) Income taxes(c) (2,752) 1,671 773 Interest charges 275 380 332 Principal pension plans(d) 3,071 4,265 3,368 Other (402) (1,294) 260 $ (7,438) $ 2,083 $ 2,973 Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program(e) $ (22,581) $ (2,709) $ (2,211) Other purchases (399) (58) (49) Dispositions 1,550 1,668 1,042 $ (21,429) $ (1,099) $ (1,218) GE Capital All other operating activities Cash collateral on derivative contracts (428) (1,936) 738 Increase (decrease) in other liabilities (2,616) 4,860 (3,331) Other (10) 2,163 5,073 $ (3,054) $ 5,087 $ 2,480 Net decrease (increase) in GE Capital financing receivables Increase in loans to customers $ (65,055) $ (65,306) $ (64,843) Principal collections from customers - loans 60,375 60,292 60,764 Investment in equipment for financing leases (690) (417) (535) Principal collections from customers - financing leases 856 734 841 Sales of financing receivables 3,235 4,923 3,612 $ (1,279) $ 226 $ (161) All other investing activities Purchases of investment securities $ (18,588) $ (7,790) $ (2,008) Dispositions and maturities of investment securities 7,343 9,587 2,723 Decrease (increase) in other assets - investments 9,202 (1,439) (287) Other(f) 3,682 (5,048) 24,146 $ 1,639 $ (4,690) $ 24,574 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (44,519) $ (42,110) $ (36,919) Long-term (longer than one year) (13,418) (2,455) (864) Principal payments - non-recourse, leveraged leases (348) (283) (304) $ (58,285) $ (44,848) $ (38,087) All other financing activities Proceeds from sales of investment contracts $ 19 $ 163 $ 322 Redemption of investment contracts (346) (1,235) (1,113) Other (800) (290) 112 $ (1,127) $ (1,362) $ (679) (a) Included pre-tax gains on sales of businesses reclassified to Proceeds from principal business dispositions within Cash flows from investing activities of $(3,136) million for Appliances and $(398) million f or GE Asset Management in 2016 and $(623) million for Signaling in 2015. See Note 17. (b) Contract assets are prese nted net of related billings in excess of revenues on our long-term product service agreements . See Note 9. (c) Reflected the effects of current tax expense (benefit) of $(140) milli on, $3,307 million and $2,110 million and net cash paid during the year for income taxes of $(2,612) million, $(1,636) million and $(1,337) million for the years ended December 31, 2016, 2015 and 2014, respectively. Cash flows effects of deferred tax provi sions (benefits) are shown separately within cash flows from operating activities. See Note 14. (d) Reflected the effects of pension costs of $3,623 million, $4,498 million and $3,604 million and employer contributions of $(552) million, $(233) million and $(236) million for the years ended December 31, 2016, 2015 and 2014, respectively. 2016 employer contributions included GE Pension Trust funding of $(330) million representing net sale proceeds associated with the sale of GE Asset Management. See Notes 2 and 12. (e) Included $(11,370) million paid under ASR agreements in 2016. (f ) Other primarily included net activity related to settlements between our continuing operations (primarily our treasury operations) and businesses in discontinued operations. |
Cost Information
Cost Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cost Information [Abstract] | |
Consolidated Other Cost and Expenses [Table Text Block] | RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customers’ changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods and services sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to such costs. We also enter into research and development arrangements with unrelated investors, which are generally formed through partnerships and consolidated within GE’s financial statements. Research and development funded through consolidated partnerships is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2016 2015 2014 Total R&D $ 5,466 $ 5,278 $ 5,273 Less customer funded R&D (principally the U.S. Government) (611) (803) (721) Less partner funded R&D (73) (226) (319) GE funded R&D $ 4,782 $ 4,249 $ 4,233 Of t otal Research and Development, the segments with the most significant expenditures for the years ended December 31, 2016, 2015 and 2014 were: Aviation $1,595 million, $1,893 million and $1,965 million, respectively; Healthcare $938 million, $905 million, and $817 million, respectively; and Power $695 million, $721 million and $641 million, respectively. The remaining segments and Corporate , including Global Research Center , had combined expenditures of $ 2,238 million, $ 1,759 million and $1,850 million, for the years ended December 31, 2016, 2015 and 2014 , respectively. COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in the risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 1,080 million, $ 788 million and $ 873 milli on for the years 2016 , 2015 and 2014 , respectively) or as cost of goods sold ($ 2,482 million, $ 2,736 million and $ 2,660 million for the years 2016 , 2015 and 2014 , respectively). RENTAL EXPE NSE Rental expense under operating leases is shown below . (In millions) 2016 2015 2014 GE $ 1,528 $ 1,258 $ 1,356 GE Capital 91 107 123 1,619 1,365 1,479 Eliminations (126) (169) (223) Total $ 1,493 $ 1,196 $ 1,256 At December 31, 2016 , minimum rental commitments under noncancellable operating leases aggregated $ 5,172 million and $ 302 million for GE and GE Capital , respectively. Amounts payable over the next five years follow. (In millions) 2017 2018 2019 2020 2021 GE $ 942 $ 854 $ 742 $ 640 $ 537 GE Capital 27 23 22 21 20 969 877 763 661 557 Eliminations (171) (155) (143) (138) (130) Total $ 798 $ 722 $ 621 $ 524 $ 427 |
Guarantor Financial Information
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor [Abstract] | |
Guarantees [Text Block] | NOTE 28 . GUARANTOR FINANCIAL INFORMATION Guarantor and Non-Guarantor CONDENSED Consolidating Financial INFORMATION On October 26, 2015, GE Capital International Funding Company Unlimited Company, formerly GE Capital International Funding Company (the Issuer), then a finance subsidiary of General Electric Capital Corporation, settled its previously announced private offers to exchange (the Exchange Offers) the Issuer’s new senior unsecured notes for certain outstanding debt securities of General Electric Capital Corporation. The new notes that were issued were composed of $15.3 billion of 0.964% s ix m onth n otes due April 2016 (which have subsequently been repaid upon maturity), £0.8 billion of 1.363% s ix m onth n otes due April 2016 (which have subsequently been repaid upon maturity), $6.1 billion of 2.342% n otes due 2020, $2.0 billion of 3.373% n otes due 2025 and $11.5 billion of 4.418% n otes due 2035. These notes were fully and unconditionally, jointly and severally guaranteed by both the Company and GE Capital International Holdings Limite d (GECIHL) (each a Guarantor, and together, the Guarantors). Under the terms of a registration rights agreement entered into in connection with the Exchange Offers, the Issuer and the Company agreed to file a registration statement with the U.S. Securitie s and Exchange Commission (SEC) for an offer to exchange new senior notes of the Issuer registered with the SEC and guaranteed by the Guarantors for certain of the Issuer’s outstanding unregistered senior notes. This exchange was completed in July 2016. P resentation In connection with the registration of the senior notes, the Company is required to provide certain financial information regarding the Issuer and the Guarantors of the registered securities . Included are the Condensed C onsolidating Statements of Earnings and Comprehensive Income for the years ended December 31, 2016 , 2015 and 2014 , Condensed Consolidating Statements of Financial Position as of December 31, 2016 and December 31, 2015 and Condensed Consolidating Statements of Cash Flows for the years ended December 31, 2016 , 2015 and 2014 for: General Electric Company (the Parent Company Guarantor) - prepared with investments in subsidiaries accounted for under the equity method of accounting and excluding any inter-segment eliminati ons. The equity basis earnings (losses) of subsidiaries are reflected in the captions “Equity in earnings (losses) of affiliates” and “Earnings (loss) from discontinued operations, net of taxes”; GE Capital International Funding Company Unlimited Company ( the Subsidiary Issuer) – incorporated in May 2015 as a finance subsidiary for debt and reflects activity subsequent to the issuance of new notes on October 26, 2015; GE Capital International Holdings Limited (GECIHL) (the Subsidiary Guarantor) - prepared w ith investments in non-guarantor subsidiaries accounted for under the equity method of accounting and reflects activity subsequent to the GE Capital Reorganization on December 3, 2015. The equity basis earnings (losses) of subsidiaries are reflected in the captions “Equity in earnings (losses) of affiliates” and “Earnings (loss) from discontinued operations, net of taxes”; Non-Guarantor Subsidiaries - prepared on an aggregated basis excluding any elimination or consolidation adjustments and includes predomi nantly all non-cash adjustments for cash flows; Consolidating Adjustments - adjusting entries necessary to consolidate the Parent Company Guarantor with the Subsidiary Issuer, the Subsidiary Guarantor and Non-Guarantor Subsidiaries; and Consolidated - prepared on a consolidated basis . CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 40,315 $ - $ - $ 152,047 $ (81,971) $ 110,391 Other income 10,949 - - 63,363 (70,308) 4,005 Equity in earnings (loss) of affiliates 1,397 - 1,542 116,897 (119,836) - GE Capital revenues from services - 897 1,419 12,994 (6,012) 9,297 Total revenues and other income 52,661 897 2,961 345,301 (278,127) 123,693 Costs and expenses Interest and other financial charges 3,505 831 2,567 5,429 (7,308) 5,025 Investment contracts, insurance losses and insurance annuity benefits - - - 2,863 (67) 2,797 Other costs and expenses 41,972 - 143 165,382 (100,656) 106,842 Total costs and expenses 45,478 831 2,711 173,674 (108,030) 114,663 Earnings (loss) from continuing operations before income taxes 7,183 66 250 171,627 (170,097) 9,030 Benefit (provision) for income taxes 2,539 (10) (105) (1,911) (49) 464 Earnings (loss) from continuing operations 9,723 56 145 169,717 (170,146) 9,494 Earnings (loss) from discontinued operations, net of taxes (891) - (1,927) 351 1,514 (954) Net earnings (loss) 8,831 56 (1,782) 170,067 (168,632) 8,540 Less net earnings (loss) attributable to noncontrolling interests - - - (149) (142) (291) Net earnings (loss) attributable to the Company 8,831 56 (1,782) 170,216 (168,490) 8,831 Other comprehensive income (2,069) (12) 1,126 (3,393) 2,279 (2,069) Comprehensive income (loss) attributable to the Company $ 6,762 $ 44 $ (657) $ 166,823 $ (166,211) $ 6,762 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 43,945 $ - $ - $ 139,158 $ (77,294) $ 105,809 Other income 2,725 - - 31,146 (31,644) 2,227 Equity in earnings (loss) of affiliates 1,815 - 437 389,796 (392,048) - GE Capital revenues from services - 250 (460) 36,909 (27,349) 9,350 Total revenues and other income 48,485 250 (23) 597,009 (528,335) 117,386 4 Costs and expenses Interest and other financial charges 3,127 232 284 9,037 (9,216) 3,463 Investment contracts, insurance losses and insurance annuity benefits - - - 2,748 (143) 2,605 Other costs and expenses 45,308 - 3 160,472 (102,651) 103,132 Total costs and expenses 48,435 232 287 172,257 (112,011) 109,200 Earnings (loss) from continuing operations before income taxes 50 18 (310) 424,752 (416,324) 8,186 Benefit (provision) for income taxes 1,314 (2) (9) (11,426) 3,639 (6,485) Earnings (loss) from continuing operations 1,364 15 (319) 413,326 (412,686) 1,700 Earnings (loss) from discontinued operations, net of taxes (7,490) - 483 (738) 250 (7,495) Net earnings (loss) (6,126) 15 164 412,588 (412,436) (5,795) Less net earnings (loss) attributable to noncontrolling interests - - - 249 82 332 Net earnings (loss) attributable to the Company (6,126) 15 164 412,339 (412,518) (6,126) Other comprehensive income (loss) 1,644 12 1,377 (4,843) 3,454 1,644 Comprehensive income (loss) attributable to the Company $ (4,483) $ 27 $ 1,542 $ 407,496 $ (409,065) $ (4,483) CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2014 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 44,511 $ - $ - $ 137,034 $ (74,786) $ 106,758 Other income 1,722 - - 22,416 (23,360) 778 Equity in earnings (loss) of affiliates 10,510 - - 53,841 (64,351) - GE Capital revenues from services - - - 50,749 (41,101) 9,648 Total revenues and other income 56,743 - - 264,040 (203,598) 117,184 Costs and expenses Interest and other financial charges 3,014 - - 11,395 (11,686) 2,723 Investment contracts, insurance losses and insurance annuity benefits - - - 2,678 (148) 2,530 Other costs and expenses 46,128 - - 155,133 (99,593) 101,668 Total costs and expenses 49,142 - - 169,206 (111,427) 106,921 Earnings (loss) from continuing operations before income taxes 7,601 - - 94,833 (92,171) 10,263 Benefit (provision) for income taxes 1,777 - - (4,181) 1,631 (773) Earnings (loss) from continuing operations 9,378 - - 90,652 (90,540) 9,490 Earnings (loss) from discontinued operations, net of taxes 5,855 - - (27) 27 5,855 Net earnings (loss) 15,233 - - 90,625 (90,513) 15,345 Less net earnings (loss) attributable to noncontrolling interests - - - 2,893 (2,781) 112 Net earnings (loss) attributable to the Company 15,233 - - 87,733 (87,733) 15,233 Other comprehensive income (loss) (9,053) - - (2,787) 2,787 (9,053) Comprehensive income (loss) attributable to the Company $ 6,180 $ - $ - $ 84,946 $ (84,946) $ 6,180 CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 2,558 $ - $ 3 $ 46,994 $ (1,426) $ 48,129 Investment securities 1 - - 47,394 (3,082) 44,313 Receivables - net 63,620 17,157 30,470 79,401 (148,385) 42,263 Inventories 4,654 - - 21,076 (3,377) 22,354 Property, plant and equipment - net 5,768 - - 46,366 (1,615) 50,518 Investment in subsidiaries(a) 272,685 - 80,481 492,674 (845,840) - Goodwill and intangible assets 8,128 - - 42,074 36,673 86,875 All other assets 14,692 44 39 201,276 (160,134) 55,917 Assets of discontinued operations - - - - 14,815 14,815 Total assets $ 372,107 $ 17,202 $ 110,992 $ 977,255 $ (1,112,372) $ 365,183 Liabilities and equity Short-term borrowings $ 167,089 $ 1 $ 46,432 $ 25,919 $ (208,727) $ 30,714 Accounts payable 5,412 - - 47,366 (38,343) 14,435 Other current liabilities 11,072 33 117 25,095 114 36,431 Long-term and non-recourse borrowings 68,983 16,486 34,389 68,912 (83,273) 105,496 All other liabilities 43,722 511 481 58,376 (9,656) 93,434 Liabilities of discontinued operations - - - - 4,158 4,158 Total Liabilities 296,279 17,030 81,419 225,667 (335,727) 284,668 Redeemable noncontrolling interests - - - 2,223 802 3,025 GE shareowners' equity 75,828 171 29,573 747,719 (777,463) 75,828 Noncontrolling interests - - - 1,647 16 1,663 Total equity 75,828 171 29,573 749,366 (777,447) 77,491 Total liabilities, redeemable noncontrolling interests and equity $ 372,107 $ 17,202 $ 110,992 $ 977,255 $ (1,112,372) $ 365,183 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and c ash equivalent balances of $28.5 billion and net assets of discontinued operations of $6.0 billion. CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 Investment securities 14 - - 40,886 (8,927) 31,973 Receivables - net 88,696 33,232 69,306 75,909 (221,286) 45,856 Inventories 5,447 - - 19,762 (2,694) 22,515 Property, plant and equipment - net 6,540 - - 56,808 (9,253) 54,095 Investment in subsidiaries(a) 274,471 - 78,505 405,686 (758,662) - Goodwill and intangible assets 7,793 - - 61,412 14,118 83,323 All other assets 15,732 11 915 247,611 (200,392) 63,876 Assets of discontinued operations - - - - 120,951 120,951 Total assets $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 Liabilities and equity Short-term borrowings $ 145,051 $ 16,204 $ 71,862 $ 60,601 $ (243,858) $ 49,860 Accounts payable 6,096 - - 37,636 (30,052) 13,680 Other current liabilities 14,482 - 17 34,903 (7,861) 41,540 Long-term and non-recourse borrowings 97,471 16,423 46,392 105,801 (118,345) 147,742 All other liabilities 41,455 488 224 57,996 (9,513) 90,651 Liabilities of discontinued operations - - - - 46,487 46,487 Total Liabilities 304,555 33,115 118,495 296,937 (363,141) 389,961 Redeemable noncontrolling interests - - - 2,888 84 2,972 GE shareowners' equity 98,274 127 30,230 693,589 (723,946) 98,274 Noncontrolling interests - - - 1,616 248 1,864 Total equity 98,274 127 30,230 695,204 (723,697) 100,138 Total liabilities, redeemable noncontrolling interests and equity $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $40.1 billion and net assets of discontinued operations of $58.6 billion. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (4,966) $ (10) $ (52) $ 162,918 $ (151,791) $ 6,099 Cash from (used for) operating activities - discontinued operations (891) - - (5,039) (413) (6,343) Cash from (used for) operating activities (5,858) (10) (52) 157,880 (152,204) (244) Cash flows – investing activities Cash from (used for) investing activities – continuing operations 14,158 16,384 35,443 72,205 (75,577) 62,613 Cash from (used for) investing activities – discontinued operations - - - (13,412) - (13,412) Cash from (used for) investing activities 14,158 16,384 35,443 58,794 (75,577) 49,202 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (9,879) (16,374) (35,388) (275,243) 246,964 (89,920) Cash from (used for) financing activities – discontinued operations - - - 789 - 789 Cash from (used for) financing activities (9,879) (16,374) (35,388) (274,454) 246,964 (89,131) Effect of currency exchange rate changes on cash and equivalents - - - (1,146) - (1,146) Increase (decrease) in cash and equivalents (1,578) - 3 (58,927) 19,183 (41,319) Cash and equivalents at beginning of year 4,137 - - 107,351 (20,609) 90,879 Cash and equivalents at end of year 2,558 - 3 48,423 (1,426) 49,558 Less cash and equivalents of discontinued operations at end of year - - - 1,429 - 1,429 Cash and equivalents of continuing operations at end of year $ 2,558 $ - $ 3 $ 46,994 $ (1,426) $ 48,129 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ 13,587 $ 68 $ 631 $ 433,479 $ (435,909) $ 11,856 Cash from (used for) operating activities - discontinued operations (7,490) - (30) 27,533 (11,979) 8,034 Cash from (used for) operating activities 6,097 68 601 461,013 (447,888) 19,891 Cash flows – investing activities Cash from (used for) investing activities – continuing operations 7,106 (248) (601) (493,933) 549,289 61,613 Cash from (used for) investing activities – discontinued operations - - - 5,854 (7,979) (2,125) Cash from (used for) investing activities 7,106 (248) (601) (488,079) 541,310 59,488 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (13,886) 180 - 67,063 (122,904) (69,547) Cash from (used for) financing activities – discontinued operations - - - (37,582) 31,075 (6,507) Cash from (used for) financing activities (13,886) 180 - 29,481 (91,829) (76,054) Effect of currency exchange rate changes on cash and equivalents - - - (3,464) - (3,464) Increase (decrease) in cash and equivalents (683) - - (1,049) 1,594 (138) Cash and equivalents at beginning of year 4,820 - - 108,400 (22,203) 91,017 Cash and equivalents at end of year 4,137 - - 107,351 (20,609) 90,879 Less cash and equivalents of discontinued operations at end of year - - - 20,395 - 20,395 Cash and equivalents of continuing operations at end of year $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (2,483) $ - $ - $ 147,449 $ (128,933) $ 16,033 Cash from (used for) operating activities - discontinued operations 5,855 - - 5,794 27 11,676 Cash from (used for) operating activities 3,372 - - 153,243 (128,906) 27,709 Cash flows – investing activities Cash from (used for) investing activities – continuing operations (1,410) - - (403,870) 424,509 19,229 Cash from (used for) investing activities – discontinued operations - - - (24,263) - (24,263) Cash from (used for) investing activities (1,410) - - (428,133) 424,509 (5,034) Cash flows – financing activities Cash from (used for) financing activities – continuing operations (5,641) - - 272,150 (307,421) (40,912) Cash from (used for) financing activities – discontinued operations - - - 23,956 - 23,956 Cash from (used for) financing activities (5,641) - - 296,106 (307,421) (16,956) Effect of currency exchange rate changes on cash and equivalents - - - (3,492) - (3,492) Increase (decrease) in cash and equivalents (3,679) - - 17,721 (11,818) 2,224 Cash and equivalents at beginning of year 8,499 - - 90,678 (10,385) 88,792 Cash and equivalents at end of year 4,820 - - 108,400 (22,203) 91,017 Less cash and equivalents of discontinued operations at end of year - - - 20,991 - 20,991 Cash and equivalents of continuing operations at end of year $ 4,820 $ - $ - $ 87,408 $ (22,203) $ 70,025 |
Supplemental Information
Supplemental Information | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Supplemental Postretirement Benefit Plan Information [Text Block] | NOTE 29 . SUPPLEMENTAL INFORMATION POSTRETIREMENT BENEFIT PLANS As discussed in Note 12, we sponsor a number of pension plans which consist of the two principal pension plans for certain U.S. employees as well as other affiliate pension plans. In addition, we sponsor a number of postretirement health and life insurance benefit plans (retiree benefit plans). The accounting requirements and concepts discussed in Note 12 Postretirement Benefit Plans are the same for other pension plans and principa l retiree benefit plans and are consistently applied. The following disclosures provide additional information with respect to our pension plans and principal retiree benefit plans. Other pension plans in 2016 included 49 U.S. and non -U.S. pension plans with pension assets or obligations greater than $ 50 million. Principal Retiree Benefit Plans provide health and life insurance benefits to eligible participants and these participants share in the cost of healthcare benefits. COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2014 2016 2015 2014 Service cost for benefits earned $ 462 $ 416 $ 403 $ 123 $ 145 $ 164 Prior service cost (credit) amortization 1 - 6 (164) (8) 353 Expected return on plan assets (1,034) (881) (789) (43) (48) (50) Interest cost on benefit obligations 670 555 587 249 335 424 Net actuarial loss (gain) amortization 256 289 205 (50) (25) (150) Curtailment loss (gain) 19 (6) - - (225) (a) 48 Benefit plans cost $ 374 $ 373 $ 412 $ 115 $ 174 $ 789 (a) Gain principally resulting from life insurance amendment. Assumption S used in benefit calculations The accounting assumptions in the table below are those that are significant to the measurement of our benefit obligations. ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 2.58 % 3.33 % 3.53 % 3.75 % 3.93 % 3.89 % Compensation increases 3.48 3.32 3.60 3.80 3.80 4.10 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2016 , ultimately declining to 5 % for 2030 and thereafter . The healthcare trend assumptions for 2015 and 2016 apply to our pre-65 retiree medical plans. Our post-65 retiree plan has a fixed subsidy and therefore is not subject to healthcare inflation. The discount rate used to measure the benefit obligation at the end of the year is also used to measure benefit cost in the following year. The assumptions used to measure benefit cost follow . ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % (a) 3.89 % (a) 4.61 % (a) Expected return on assets 6.36 6.95 6.92 7.00 7.00 7.00 (a) Weighted average discount rates of 3.86 %, 3.92 % and 4.47 % were used for determination of costs in 2016 , 2015 and 2014 , respectively. BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2016 2015 Balance at January 1 $ 21,618 $ 15,589 $ 6,757 $ 10,703 Service cost for benefits earned 462 416 123 145 Interest cost on benefit obligations 670 555 249 335 Participant contributions 43 15 51 50 Plan amendments (54) (12) (7) (3,291) (a) Actuarial loss (gain) 2,993 (b) (406) (b) (291) (c) (444) (b) Benefits paid (842) (576) (603) (691) Acquisitions (dispositions)/ other - net (98) 6,859 (d) 10 (50) Exchange rate adjustments (2,249) (822) - - Balance at December 31(e) $ 22,543 $ 21,618 $ 6,289 $ 6,757 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Primarily associated with lower costs from new healthcare supplier contracts. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,366 million and $ 4,838 million at December 31, 2016 and 2015 , respectively. the composition of our Plan Assets The fair value of other pension plans' and principal retiree benefit plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 1 . Other pension plans Principal retiree benefit plans December 31 (in millions) 2016 2015 2016 2015 Equity securities U.S. equity securities $ 666 $ 667 $ 187 $ 203 Non-U.S. equity securities 6,337 6,323 152 162 Debt securities Fixed income and cash investment funds 6,049 6,258 30 84 U.S. corporate 319 242 38 52 Other debt securities 577 551 82 93 Private equities 627 703 61 75 Real estate 1,449 1,358 4 6 Other investments 1,067 1,266 21 20 Total plan assets $ 17,091 $ 17,368 $ 575 $ 695 Other Pension Plans assets valued using NAV for practical expedient amounted to $4,669 million and $4,213 million as of December 31, 2016 and 2015, respectively. The percentages of other pension plans assets valued using NAV by investment fund type for equity securities, fixed income and cash, and alternative investments were 7% , 4% and 16% as of December 31, 2016, respectively, and 6% , 3% and 15% as of December 31, 2015, respectively. The practical expedient was not applied for investments with a fair value of $135 million and $169 million in 2016 and 2015, respectively and those investments were classified within Level 3. The remaining investments were substantially all considered Level 1 and 2. Principal retiree benefit plan assets valued using NAV for practical expedient amounted to $133 million and $160 million as of December 31, 2016 and 2015. There were no Level 3 investments h eld in 2016 and 2015. The remaining investments were considered Level 1 or Level 2. FAIR VALUE OF PLAN ASSETS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2016 2015 Balance at January 1 $ 17,368 $ 12,386 $ 695 $ 813 Actual gain on plan assets 1,743 381 22 22 Employer contributions 795 549 410 501 Participant contributions 43 15 51 50 Benefits paid (842) (576) (603) (691) Acquisitions (dispositions) / other - net (81) 5,207 (a) - - Exchange rate adjustments (1,935) (594) - - Balance at December 31 $ 17,091 $ 17,368 $ 575 $ 695 (a) Substantially all related to Alstom acquisition. ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2016 2016 2016 2016 2016 2016 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 18 - 58 % 46 % 39 % 41 % 35 - 75 % 59 % Debt securities (including cash equivalents) 11 - 61 33 30 41 11 - 46 26 Private equities 6 - 16 10 3 4 0 - 25 11 Real estate 3 - 13 7 9 8 0 - 12 1 Other investments 3 - 13 4 19 6 0 - 10 3 Plan fiduciaries of the GE Pension Plan set investment policies and strategies for the GE Pension T rust and oversee its investment allocation, which includes selecting investment managers and setting long-term strategic targets. The primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the near-term benefit payment and other cash needs. Target allocation percentages are established at an asset class level by plan f iduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. According to statute, the aggregate holdings of all qualifying employer securities (e.g., GE co mmon stock) and qualifying employer real property may not exceed 10 % of the fair value of trust assets at the time of purchase. GE securities represented 2.1 % and 3.7 % of the GE Pension Trust assets at year end 2016 a nd 2015 , respectively. The GE Pension Plan has a broadly diversified portfolio of investments in equities, fixed income, private equities, real estate and hedge funds; these investments are both U.S. and non-U.S. in nature. As of December 31, 2016 , no sector concentration of assets exceeded 15 % of total GE Pension Plan assets. ESTIMATED FUTURE BENEFIT PAYMENTS 2022 - (In millions) 2017 2018 2019 2020 2021 2026 Principal pension plans $ 3,450 $ 3,595 $ 3,695 $ 3,790 $ 3,865 $ 20,455 Other pension plans 785 795 805 815 830 4,400 Principal retiree benefit plans 600 580 560 535 520 2,245 2016 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Principal Total Principal Other retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 4,112 $ 3,623 $ 374 $ 115 Changes in other comprehensive income Prior service cost (credit) – current year (61) - (54) (7) Net actuarial loss (gain) – current year 4,038 2,317 1,989 (268) Net curtailment/gain (loss) (50) (31) (19) - Prior service credit (cost) amortization (140) (303) (1) 164 Net actuarial gain (loss) amortization (2,655) (2,449) (256) 50 Total changes in other comprehensive income 1,132 (466) 1,659 (61) Cost of postretirement benefit plans and changes in other comprehensive income $ 5,244 $ 3,157 $ 2,033 $ 54 |
Summary Of Derivative Instruments [Abstract] | |
Derivatives And Fair Value [Text Block] | DERIVATIVES AND HEDGING See Note 20 for the primary information related to our derivatives and hedging activity. This section provides certain supplemental information about this topic. C hanges in the fair value of derivatives are recorded in a separate component of equity (referred to below as Accumulated Other Comprehensive Income, or AOCI) and are recor ded in earnings in the period in which the hedged transaction occurs. The table below summarizes this activity by hedging instrument. FAIR VALUE OF DERIVATIVES 2016 2015 December 31 (in millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 3,106 $ 210 $ 4,132 $ 158 Currency exchange contracts 402 624 1,109 1,383 Other contracts - - - - 3,508 834 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 62 20 119 44 Currency exchange contracts 1,778 4,011 1,715 4,048 Other contracts 119 17 315 49 1,958 4,048 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 5,467 4,883 7,391 5,681 Gross accrued interest 768 (24) 1,001 (13) 6,234 4,859 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (3,097) (3,094) (4,326) (4,326) Cash collateral(b) (2,025) (1,355) (1,784) (642) (5,121) (4,449) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,113 410 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (442) - (1,277) - Net amount $ 671 $ 410 $ 1,005 $ 700 Derivatives are classified in the captions “All other assets” and “All other liabilities” and the related accrued interest is classified in “Other GE Capital receivables” and “All other liabilities” in our Statement of Financial Position. (a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2016 and December 31, 2015 , t he cumulative adjustment for non-performance risk was $ (3) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 6 million and $ 177 million at December 31, 2016 , respect ively, and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities collateral received of zero and $ 107 million at December 31, 2016 and December 31, 2015 , respectively. CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2016 2015 2016 2015 Interest rate contracts $ 6 $ (1) $ (79) $ (130) Currency exchange contracts (281) (907) (282) (784) Commodity contracts - (5) (2) (4) Total(a) $ (274) $ (913) $ (364) $ (918) (a) Gain (loss) is recorded in “GE Capital revenues from services” , “I nterest and other financial charges” , and “O ther costs and expenses” in our Statement of Earnings when reclassified . The total pre-tax amount in AOCI related to cash flow hedges of forecasted transactions was a $ 40 million gain at December 31, 2016 . We expect to transfer $ 83 million loss to earnings as an expense in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. In both the twelve months ended 2016 and 2015 , we recognized insignificant gains and losses related to hedged forecasted transactions and firm commitments that did not occur by the end of the originally specified period. At December 31, 2016 and 2015 , the maximum term of derivative instruments that hedge forecasted transactions was 16 years and 17 years, respectively. See Note 15 for additional information about reclassifications out of AOCI. For cash flow hedges, the amount of ineffectiveness in the hedging relationship and amount of the changes in fair value of the derivatives that are not included in the measurement of ineffectiveness were insignificant for each reporting period. |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information [Abstract] | |
Quarterly Information (unaudited) | NOTE 30 . QUARTERLY INFORMATION (UNAUDITED) First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2016 2015 2016 2015 2016 2015 2016 2015 Consolidated operations Earnings (loss) from continuing operations $ 415 $ (4,673) $ 3,363 $ 1,813 $ 2,056 $ 1,915 $ 3,659 $ 2,645 Earnings (loss) from discontinued operations (308) (8,936) (541) (2,947) (105) 629 - 3,758 Net earnings (loss) 107 (13,608) 2,823 (1,134) 1,951 2,545 3,659 6,403 Less net earnings (loss) attributable to noncontrolling interests (121) (35) (86) 225 (76) 39 (8) 103 Net earnings (loss) attributable to the Company $ 228 $ (13,573) $ 2,908 $ (1,360) $ 2,027 $ 2,506 $ 3,667 $ 6,301 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 0.03 $ (0.45) $ 0.36 $ 0.17 $ 0.23 $ 0.19 $ 0.39 $ 0.26 Basic earnings (loss) per share 0.03 (0.45) 0.36 0.17 0.24 0.19 0.39 0.26 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (0.03) (0.90) (0.06) (0.30) (0.01) 0.05 - 0.38 Basic earnings (loss) per share (0.03) (0.90) (0.06) (0.30) (0.01) 0.05 - 0.38 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (0.01) (1.35) 0.30 (0.13) 0.22 0.25 0.39 0.64 Basic earnings (loss) per share (0.01) (1.35) 0.30 (0.13) 0.22 0.25 0.40 0.64 Selected data GE Sales of goods and services $ 25,407 $ 23,839 $ 28,150 $ 26,141 $ 26,934 $ 25,612 $ 30,345 $ 30,614 Gross profit from sales 5,516 5,514 6,192 6,033 6,388 6,275 7,027 7,556 GE Capital Total revenues 2,885 2,866 2,771 2,690 2,600 2,660 2,649 2,585 Earnings (loss) from continuing operations attributable to the Company (603) (5,721) (448) (332) 59 (154) 397 (1,447) For GE, gross profit from sales is sales of goods and services less costs of goods and services sold. Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings. As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per -share amounts for net earnings (loss) for the respective quarters. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation Our financial statements consolidate all of our affiliates – entities in which we have a controlling financial interest, most often because we hold a majority voting interest. To determine if we hold a controlling financial interest in an entity, we first evaluate if we are required to apply the variable interest entity (VIE) model to the entity, otherwise , the entity is evaluated under the voting interest model. Where we hold current or potential rights that give us the power to direct th e activities of a VIE that most significantly impact the VIE’s economic performance , combined with a variable interest that gives us the right to receive potentially significant benefits or the obligation to absorb potentially significant losses, we have a controlling financial interest in that VIE. Rights held by others to remove the party with power over the VIE are not considered unless one party can exercise those rights unilaterally. When changes occur to the design of an entity, we reconsider whether it is subject to the VIE model. We continuously evaluate whether we have a controlling financial interest in a VIE. We hold a controlling financial interest in other entities where we currently hold, directly or indirectly, more than 50% of the voting rig hts or where we exercise control through substantive participating rights or as a general partner. Where we are a general partner, we consider substantive removal rights held by other partners in determining if we hold a controlling financial interest. We reevaluate whether we have a controlling financial interest in these entities when our voting or substantive participating rights change. Associated companies are unconsolidated VIEs and other entities in which we do not have a controlling financial inte rest, but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Associated companies are accounted for as equity method investments. Our share of the r esults of associated companies are presented on a one-lin e basis. Investments in, and advances to, associated companies are presented on a one-line basis in the caption “All other assets” in our Statement of Financial Position , net of allowance for losses, which represents our best estimate of probable losses in herent in such assets. |
Financial Statement Presentation | Financial Statement Presentation We have reclassified certain prior-year amounts to conform to the current-year’s presentation. C ertain columns and rows may not add due to the use of rounded numbers. P ercentages presented are calcu lated from the underlying numbers in millions . Upon closing an acquisition, we consolidate the acquired business as soon as practicable. The size, scope and complexity of an acquisition can affect the time necessary to adjust the acquired company’s accoun ting policies, procedures, and books and records to our standards. Accordingly, it is possible that changes will be necessary to the carrying amounts and presentation of assets and liabilities in our financial statements as the acquired company is fully as similated. Financial data and related measurements are presented in the following categories: GE. This represents the adding together of all affiliates except GE Capital , whose continuing operations are presented on a one-line basis, giving effect to the elimination of transactions among such affiliates. GE Capital . This refers to GE Capital Global Holdings, LLC (GECGH), or its predecessor General Electric Capital Corporation (GECC), and is the adding together of all affiliates of GE Capital giving effect to the elimination of transactions among such affiliates . Consolidated . This represents the adding together of GE and GE Capital , giving effect to the elimination of transactions between GE and GE Capital . Operating Segments . These comprise our eight businesses, focused on the broad markets they serve: Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Energy Connections & Lighting and Capital . Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. See Note 2. The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates whose funct ional currency is other than the U.S. dollar are included in shareowners’ equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the respective periods. Preparing fin ancial sta tements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions which affect reported amounts and rela ted disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible th at actual conditions could be worse than anticipated in t hose estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of investment securities, goodwill, intangibles and long-lived assets, incremental losses o n financing receivables, establishment of valuation allowances on deferred tax assets , incremental fair value marks on businesses and assets held for sale carried at lower of cost or market, and increased tax liabilities and insurance reserves . |
Sales of Goods and Services Policy | Sales of Goods and Services We record all sales of goods and services only when a firm sales agreement is in place, delivery has occurred or services have been rendered and collectability of the fixed or determinable sales price is reasonably assured. Arrangements for the sale of goods and services sometimes include multiple components. Most of our multiple component arrangements involve the sale of goods and se rvices in the Healthcare segment. Our arrangements with multiple components usually involve an upfront deliverable of large machinery or equipment and future service deliverables such as installation, commissioning, training or the future delivery of ancil lary products. In most cases, the relative values of the undelivered components are not significant to the overall arrangement and are typically delivered within three to six months after the core product has been delivered. In such agreements, selling pri ce is determined for each component and any difference between the total of the separate selling prices and total contract consideration (i.e., discount) is allocated pro rata across each of the components in the arrangement. The value assigned to each com ponent is objectively determined and obtained primarily from sources such as the separate selling price for that or a similar item or from competitor prices for similar items. If such evidence is not available, we use our best estimate of selling price, wh ich is established consistent with the pricing strategy of the business and considers product configuration, geography, customer type, and other market specific factors. Except for goods sold under long-term agreements, we recognize sales of goods under the provisions of U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 104, Revenue Recognition . In arrangements where we sell products that provide the customer with a right of return, we use our accumulated experience to estimate and provide for such returns when we record the sale. In situations where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have reliably demonstrated that all specif ied acceptance criteria have been met or when formal acceptance occurs, respectively. In arrangements where we provide goods for trial and evaluation purposes, we only recognize revenue after customer acceptance occurs. Unless otherwise noted, we do not pr ovide for anticipated losses before we record sales. We recognize revenue on agreements for sales of goods and services under power generation unit and uprate contracts, nuclear fuel assemblies, larger oil drilling equipment projects, aeroderivative unit contracts, military development contracts, locomotive production contracts, and long-term construction projects, using long-term construction and production contract accounting. We estimate total long-term contract revenue net of price concessions as well as total contract costs. For goods sold under power ge neration unit and uprate contracts, nuclear fuel assemblies, aeroderivative unit contracts, military development contracts and locomotive production contracts, we recognize sales as we complete major contract-specified deliverables, most often when custome rs receive title to the goods or accept the services as performed. For larger oil drilling equipment projects and long-term construction projects, we recognize sales based on our progress toward contract completion measured by actual costs incurred in rela tion to our estimate of total expected costs. We measure long-term contract revenues by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future costs for agreements in process and report any cumu lative effects of such adjustments in current operations. We provide for any loss that we expect to incur on these agreements when that loss is probable. We recognize revenue upon deliver y for sales of aircraft engines and military propulsion equipment . Delivery of commercial engines and non-U.S. military equipm ent occurs on shipment; delivery of military propulsion equipment sold to the U.S. government or agencies thereof occurs upon receipt of a Material Inspection and Receiving Report, DD Form 250 or M emorandum of Shipment. Commercial aircraft engines are complex equipment manufactured to customer order under a variety of sometimes complex, long-term agreements. We measure sales of commercial aircraft engines by applying our contract-specific estimated margin rates to incurred costs. We routinely update our estimates of future revenues and costs for commercial aircraft engine agreements in process and report any cumulative effects of such adjustments in current operations. Significant components of our r evenue and cost estimates include price concessions and performance-related guarantees as well as material, labor and overhead costs. We measure revenue for military propulsion equipment and spare parts not subject to long-term product services agreements based on the specific contract on a specifically measured output basis. We provide for any loss that we expect to incur on these agreements when that loss is probable; consistent with industry practice, for commercial aircraft engines, we make such provisi on only if such losses are not recoverable from future highly probable sales of spare parts and services for those engines. We sell product services under long-term product maintenance or extended warranty agreements in our Aviation, Power, Oil & Gas and Transportation segments, where costs of performing services are incurred on other than a straight-line basis. We also sell similar long-term product services in our Healthcar e and Renewable Energy segment s , where such costs generally are expected to be inc urred on a straight-line basis. For the Aviation, Power, Oil & Gas and Transportation agreements, we recognize related sales based on the extent of our progress toward completion measured by actual costs incurred in relation to total expected costs. We rou tinely update our estimates of future costs for agreements in process and report any cumulative effects of such adjustments in current operations. For the Healthcare and Renewable Energy agreements, we recognize revenues on a straight-line basis and expens e related costs as incurred. We provide for any loss that we expect to incur on any of these agreements when that loss is probable. |
GE Capital Revenues from Servicies (Earned Income) | GE CAPITAL REVENUES FROM SERVICES (EARNED INCOME) We use the interest method to recognize income on loans. Interest on loans includes origination, commitment and other non-refundable fees related to funding (recorded in earned income on the interest method). We stop accruing interest at the earlier of the time at which collection of an account becomes doubtful or the accou nt becomes 90 days past due . Previously recognized interest income that was accrued but not collected from the borrower is reversed, unless the terms of the loan agreement permit capitalization of accrued interest to the principal balance. P ayments receive d on nonaccrual loans are applied to reduce the principal balance of the loan. We resume accruing interest on nonaccrual, non-restructured commercial loans only when (a) payments are brought current according to the loan’s original terms and (b) future p ayments are reasonably assured. When we agree to restructured terms with the borrower, we resume accruing interest only when it is reasonably assured that we will recover full contractual payments, and such loans pass underwriting reviews equivalent to tho se applied to new loans. We recognize financing lease income on the interest method to produce a level yield on funds not yet re covered. Estimated unguaranteed residual values are based upon management's best estimates of the value of the leased asset at the end of the lease term. We use various sources of data in determining these estimate s , including information obtained from thi rd parties, which is adjusted for the attributes of the specific asset under lease. Guarantees of residual values by unrelated third parties are included within minimum lease payments. Significant assumptions we use in estimating residual values include es timated net cash flows over the remaining lease term, anticipated results of future remarketing, and estimated future component part and scrap metal prices, discounted at an appropriate rate. We recognize operating lease income on a straight-line basis ov er the terms of underlying leases. |
Businesses And Held for Sale Policy | BUSINESSES AND ASSETS HELD FOR SALE Businesses and assets held for sale represent components that meet accounting requirements to be classified as held for sale and are presented as single asset and liability amounts in our financial statements with a valuation allowance, if necessary, to recognize the net carrying amount at the lower of cost or fair value, less cost to sell. Financing receivables that no longer qualify to be presented as held for investment must be clas sified as assets held for sale and recognized in our financial statements at the lower of cost or fair value, less cost to sell, with that amount representing a new cost basis at the date of transfer. The determination of fair value for businesses and assets held for sale involves significant judgments and assumptions. Development of estimates of fair values in this circumstance is complex and is dependent upon, among other factors, the nature of the potential sales transaction (for example, asset sale versus sale of legal entity), composition of assets and/or businesses in the disposal group, the comparability of the disposal group to market transactions, negotiations with third party purchasers etc. Such factors bear directly on the range of potential fair va lues and the selection of the best estimates. Key assumptions were developed based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction. W e review all businesses and assets held for sale each reporting period to determine whether the existing carrying amounts are fully recoverable in comparison to estimated fair values. |
Depreciation and Amortization Policy | DEPRECIATION AND AMORTIZATION The cost of GE manufacturing plan t and equipment is generally depreciated on a straight-line basis over its estimated economic life. The cost of GE Capital equipment leased to others on operating leases is depreciated on a straight-line basis to estimated residual value over the lease t erm or over the estimated economic life of the equipment. |
Losses on Financing Receivables | LOSSES ON FINANCING RECEIVABLES |
Partial Sales of Business Interests | Partial Sales of Business Interests Gains or losses on sales of affiliate shares where we retain a controlling financial interest are recor ded in equity. Gains or losses on sales that result in our loss of a controlling financial interest are recorded in earnings along with remeasurement gains or losses on any investments in the entity that we retained. |
Cash and Equivalents Policy | Cash and Equivalents Debt securities and money market instruments with original maturities of three months or less are included in cash equivalents unless designated as available-for-sale and classified as investment securities. |
Investment Securities Policy | INVESTMENT SECURITIES We report investments in debt and marketable equity securities, and certain other equity securities, at fair value. See Note 19 for further information on fair value. Unrealized gains and losses on available-for-sale investment securities are included in shareowners’ equity , net of applicable taxes and other adjustments. We regularly review investment securities for impairment using both quantitative and qualitative criteria. For debt securities, if we do not intend to sell the security or it is not more likely than not th at we will be required to sell the security before recovery of our amortized cost, we evaluate other qualitative criteria to determine whether we do not expect to recover the amortized cost basis of the security, such as the financial health of and specifi c prospects for the issuer, including whether the issuer is in compliance with the terms and covenants of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired (OTTI) , and we record the difference between the security’s amortized cost basis and its recoverable amount in earnings and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, th e security is also considered OTTI and we recognize the entire difference between the security’s amortized cost basis and its fair value in earnings. For equity securities, we consider the length of time and magnitude of the amou nt that each security is in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to be other-than-temporarily impaired, and we record the difference between the security’s amo rtized cost basis and its fair value in earnings. Realized gains and losses are accounted for on the specific identification method. Unrealized gains and losses on investment se curities classified as trading and certain retained interests are included in earnings. |
Inventory Policy | inventories All inventories are stated at the lower of cost or realizable values. Cost for a portion of GE U.S. inventories is determined on a last-in, first-out (LIFO) basis. Cost of other GE inventories is determined on a first-in, first-out (FIFO) basis. LIFO was used for 34 % of GE inventories in both 2016 and 2015 . |
Goodwill and Intangible Assets Policy | GOODWILL AND OTHER INTANGIBLE ASSETS We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is the op erating segment, or one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. However, components are aggregated as a single reporting unit if they have similar economic characteristics. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value and the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill. We use a market approach , when available and appropriate, or the income approach, or a combination of both to establish fair values. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the b usiness or businesses disposed and the portion of the reporting unit that will be retained. We amortize the cost of other intangibles over their estimated useful lives unless such lives are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset’s estimated economic life, except that individually significant customer-related intangible assets are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on ei ther discounted cash flows or appraised values. Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required. |
Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits | INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS Our run-off insurance activities include providing insurance and reinsurance for life and health risks and providing certain annuity products. Two primary product types are provided: traditional insurance contracts and investment contracts. Insurance contr acts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. For short-duration insurance contracts, including accident and health insurance, we report premiums as earned income over th e terms of the related agreements, generally on a pro-rata basis. For traditional long-duration insurance contracts , including long-term care, term, whole life and annuities payable for the life of the annuitant, we report premiums as earned income when du e. Premiums received on investment contracts (including annuities without significant mortality risk) are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortalit y, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. Liabilities for traditional long-duration insurance contracts represent the present value of such benefits less the present value of fu ture net premiums based on mortality, morbidity, interest and other assumptions at the time the policies were issued or acquired. Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. Liabilities for unpaid claims and estimated claim settlement expenses represent our best estimate of the ultimate obligations for reported and incurred-but- not-reported claims and the related estimated claim settlement expenses. Liabilities for unpaid claims and estimated claim settlement expenses are continually reviewed and adjusted through current operations. |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical ass ets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair valu e hierarchy: Level 1 – Quoted prices for identical instruments in active markets. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valu ations whose inputs are observable or whose significant value drivers are observable. Level 3 – Significant inputs to the valuation model are unobservable. We maintain policies and procedures to value instruments using the best and most relevant data av ailable. In addition, we have risk management teams that review valuation, including independent price validation for certain instruments. With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations. Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as we ll as other published data, such as rating agency market reports and current appraisals. These reviews are performed within each business by the asset and risk managers. A detailed review of methodologies and assumptions is performed by individuals indepen dent of the business for individual measurements with a fair value exceeding predefined thresholds. This detailed review may include the use of a third-party valuation firm. RECURRING FAIR VALUE MEASUREMENTS The following sections describe the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. Investments in Debt and Equity Securities . When available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities. For large numbers of investment securities for which market prices are observable for identical or similar investmen t securities but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information for each individual investment security at the measurement date), we obtain pricing information from an independent p ricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources i ncluding: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. Since many fixed income securities do not trade on a daily basis, the methodology of the pricing vendor us es available information as applicable such as benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. The pricing vendor considers available market observable inputs in determining the evaluation for a security. Thus, cert ain securities may not be priced using quoted prices, but rather determined from market observable information. These investments are included in Level 2 and primarily comprise our portfolio of corporate fixed income, and government, mortgage and asset-bac ked securities. In infrequent circumstances, our pricing vendors may provide us with valuations that are based on significant unobservable inputs, and in those circumstances we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. While we are not provided access to proprietary models of the vendor, our reviews have included on- site walk-throughs of the pricing process, methodologies and control procedures for each asset class and level for which prices are provided. Our reviews also include an examination of the underlying inputs and assumptions for a sample of individual securi ties across asset classes, credit rating levels and various durations. In addition, the pricing vendor has an established challenge process in place for all security valuations, which facilitates identification and resolution of potentially erroneous price s. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. We have not adjusted the prices we have obtained. Investment securities priced using non-binding broker quotes and other third-party pricing services are included in Level 3. As is the case with our primary pricing vendor, third-party brokers and other third-party pricing services do not provid e access to their proprietary valuation models, inputs and assumptions. Accordingly, our risk management personnel conduct reviews of vendors, as applicable, similar to the reviews performed of our primary pricing vendor. In addition, we conduct internal r eviews of pricing for all such investment securities quarterly to ensure reasonableness of valuations used in our financial statements. These reviews are designed to identify prices that appear stale, those that have changed significantly from prior valuat ions, and other anomalies that may indicate that a price may not be accurate. Based on the information available, we believe that the fair values provided by the brokers and other third-party pricing services are representative of prices that would be rece ived to sell the assets at the measurement date (exit prices). Derivatives. We use closing prices for derivatives included in Level 1, which are traded either on exchanges or liquid over-the-counter markets. The majority of our derivatives are valued usi ng internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest r ate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Derivative assets and liabilities included in Level 3 primarily represent equity derivatives and interest rate products that contain embedded optionality or p repayment features. NON-RECURRING FAIR VALUE MEASUREMENTS Certain assets are measured at fair value on a non-recurring basis. These assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments only in certain circumstances. These assets can include loans and long-lived assets that have been reduced to fair value when they are held for sale, impaired loans that have been reduced based on the fair value of the underlying collateral, c ost and equity method investments and long-lived assets that are written down to fair value when they are impaired and the remeasurement of retained investments in formerly consolidated subsidiaries upon a change in control that results in deconsolidation of a subsidiary, if we sell a controlling interest and retain a noncontrolling stake in the entity. Assets that are written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occu rs. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value on a non-recurring basis and for certain assets within our pension plans and retiree benefit plans at eac h reporting period, as applicable. Financing Receivables and Loans Held for Sale. When available, we use observable market data, including pricing on recent closed market transactions, to value loans that are included in Level 2. When this data is unobser vable, we use valuation methodologies using current market interest rate data adjusted for inherent credit risk, and such loans are included in Level 3. When appropriate, loans may be valued using collateral values (see Long-Lived Assets below). Cost and Equity Method Investments. Cost and equity method investments are valued using market observable data such as quoted prices when available. When market observable data is unavailable, investments are valued using a discounted cash flow model, comparative m arket multiples or a combination of both approaches as appropriate and other third-party pricing sources. These investments are generally included in Level 3. Investments in private equity, real estate and collective funds held within our pension plans, a re generally valued using the net asset value (NAV) per share as a practical expedient for fair value pro vided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. On January 1, 2016, we ado pted guidance whereby investments that are measured at fair value using the NAV practical expedient are no longer classified in the fair value hierarchy. Long-lived Assets . Fair values of long-lived assets, including aircraft, are primarily derived intern ally and are based on observed sales transactions for similar assets. In other instances, for example, collateral types for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by exte rnal appraisal information. Adjustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market cond itions due to the passage of time and the occurrence of market events since receipt of the information. Retained Investments in Formerly Consolidated Subsidiaries. Upon a change in control that results in deconsolidation of a subsidiary, the fair value me asurement of our retained noncontrolling stake is valued using market observable data such as quoted prices when available, or if not available, an income approach, a market approach, or a combination of both approaches as appropriate. In applying these me thodologies, we rely on a number of factors, including actual operating results, future business plans, economic projections, market observable pricing multiples of similar businesses and comparable transactions, and possible control premium. These investm ents are generally included in Level 1 or Level 3, as appropriate, determined at the time of the transaction. |
Accounting Changes | Accounting Changes On September 30, 2016, we adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which was intended to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. We ado pted the standard on a prospective basis with the effect of adoption reflected for the interim periods after the year beginning January 1, 2016 as required by the standard. The primary effects of adoption were the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital and the reclassification of cash flows related to excess tax benefits from a financing activity to an operating activity for the periods beginning January 1, 2016. We will continue to estimate the numb er of awards that are expected to vest in our determination of the related periodic compensation cost. As a result of the adoption, our provision for income taxes decreased by $ 97 million for the nine months ended September 30, 2016, for the exce ss tax benefits related to share-based payments in its provision for income taxes. Application of the cash flow presentation requirements from January 1, 2016, resulted in an increase to cash from operating activities and a decrease to cash from financing activities of $ 137 million for the nine months ended September 30, 2016. On January 1, 2016, we adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminated the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. See Note 8 for further discussion of the purchase accounting effects of recent acquisitions. On January 1, 2016, we adopted ASU 2015-03, Simplifying the Presentation of Debt Issuan ce Costs , which requires that debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt premiums and discounts. ASU 2015-03 applies ret rospectively and does not change the recognition and measurement requirements for debt issuance costs. The adoption of ASU 2015-03 resulted in the reclassification of $ 674 million of unamortized debt issuance costs related to the Company's borrowin gs from all other assets to short-term and long-term borrowings within our consolidated balance sheet as of December 31, 2015. On January 1, 2016, we adopted ASU 2015-02, Amendments to the Consolidation Analysis . The ASU amended the consolidation guidance for VIEs and general partners' investment in limited partnerships and modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. Upon adoption, we deconsolidated three investment funds manage d by GE Asset Management (GEAM) that had been accounted for under the guidance prior to the issuance of ASU 2009-17, Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities, by virtue of the deferral provided by ASU 2010 -10, Amendments for Certain Investment Funds . We concluded that GEAM’s management contracts were no longer variable interests in the three investment funds and therefore continued consolidation was not appropriate. We deconsolidated net assets and noncontr olling interests of $ 123 million, respectively. In addition, many of the limited partnerships in which Energy Financial Services invests became VIEs because the limited partners have no participating rights or substantive removal rights over the g eneral partners. The general partners continue to control these limited partnerships, however, our disclosed exposure to unconsolidated VIEs in Note 21 increased by $ 6,110 million as a result. On January 1, 2014, we adopted ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists . Under the new guidance, an unrecognized tax benefit is required to be presented as a reduction to a deferred tax asset if the d isallowance of the tax position would reduce the available tax loss or tax credit carryforward instead of resulting in a cash tax liability. The ASU applies prospectively to all unrecognized tax benefits that exist as of the adoption date and reduced both deferred tax assets and income tax liabilities (including amounts reported in assets and liabilities of discontinued operations) by $1,224 million as of January 1, 2014. ACCELERATED SHARE REPURCHASE AGREEMENTS During 2016, we entered into accelerated sha re repurchase (ASR) agreements to repurchase shares of GE common stock. Under an ASR agreement, the Company pays a specified amount to a financial institution and receives an initial delivery of shares based on the terms of the agreement. Upon settlement o f the agreement, the financial institution delivers additional shares, or the Company returns shares, with the final net number of shares calculated based on the volume-weighted average price of GE common stock over the term of the agreement, less an agree d upon discount. When certain conditions are met, the transaction is accounted for as an equity transaction and the shares are included in treasury stock when received, at which time there is an immediate reduction in the weighted- average number of common shares used in calculating earnings per share. See Note 15 for additional information. |
Businesses Held For Sale and 39
Businesses Held For Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Information For Businesses Held For Sale [Line Items] | |
Businesses held for sale | FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31 (In millions) 2016 2015 Assets Current receivables $ 366 $ 79 Inventories 211 583 Property, plant, and equipment – net 632 1,208 Goodwill 212 370 Other intangible assets – net 123 162 Contract assets 125 - Other 76 416 Assets of businesses held for sale $ 1,745 $ 2,818 Liabilities Accounts payable(a) $ 190 $ 503 Progress collections and price adjustments accrued 141 - Other current liabilities 133 325 Other 192 33 Liabilities of businesses held for sale $ 656 $ 861 (a) Included transactions in our industrial businesses that were made on an arms-length basis with GE Capital , consisting primarily of GE Capital services for material procurement. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements. |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS (In millions) 2016 2015 2014 Operations Total revenues and other income $ 2,968 $ 23,003 $ 31,136 Earnings (loss) from discontinued operations before income taxes $ (162) $ 887 $ 6,615 Benefit (provision) for income taxes(a) 460 (791) (776) Earnings (loss) from discontinued operations, net of taxes $ 298 $ 96 $ 5,839 Disposals Gain (loss) on disposals before income taxes $ (750) $ (6,612) $ 14 Benefit (provision) for income taxes(a) (502) (979) 1 Gain (loss) on disposals, net of taxes $ (1,252) $ (7,591) $ 15 Earnings (loss) from discontinued operations, net of taxes(b)(c) $ (954) $ (7,495) $ 5,855 (a) GE Capital’s t otal tax benefit (provision) for discontinued operations and disposals included current tax benefit (provision) of $945 million, $(6,834) million and $(925) million for the years ended December 31, 2016 , 2015 and 2014 , respec tively, including current U.S. F ederal tax benefit (provision) of $1,224 million, $(6,245) million and $80 million for the years ended December 31, 2016 , 2015 and 2014 , respectively , and deferred tax benefit (prov ision) of $(988) million, $5,073 million and $15 4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. (b) The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within GE industrial earnings (loss) from discontinued operations, net of taxes, on the Consolidated Statement of Ea rnings (Loss). (c) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $ (911) million , $ (6,038) million, and $ 6,472 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively December 31 (In millions) 2016 2015 Assets Cash and equivalents $ 1,429 $ 20,395 Investment securities 2,626 8,478 Financing receivables – net - 3,205 Other receivables 310 1,221 Property, plant and equipment – net 274 7,537 Goodwill 67 7,764 Other intangible assets - net 5 80 Deferred income taxes 487 2,447 Financing receivables held for sale 8,547 69,847 Valuation allowance on disposal group classified as discontinued operations (726) (6,374) Other 1,797 6,350 Assets of discontinued operations $ 14,815 $ 120,951 Liabilities Short-term borrowings $ 3 $ 739 Accounts payable 164 2,870 Non-recourse borrowings 1,519 3,994 Bank deposits 529 25,613 Long-term borrowings 25 730 All other liabilities 1,652 11,053 Deferred income taxes 221 1,437 Other 45 52 Liabilities of discontinued operations $ 4,158 $ 46,487 |
Consumer | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR CONSUMER (In millions) 2016 2015 2014 Operations Total revenues and other income $ 1,168 $ 11,690 $ 15,023 Interest $ (180) $ (2,081) $ (2,611) Selling, general, and administrative expenses (522) (3,940) (4,572) Cost of services sold - (1) - Provision for losses on financing receivables 1 (5,029) (3,544) Investment contracts, insurance losses and insurance annuity benefits (3) (12) (18) Other costs and expenses (89) (392) (388) Earnings (loss) from discontinued operations, before income taxes 375 236 3,891 Benefit (provision) for income taxes (171) (878) (736) Earnings (loss) from discontinued operations, net of taxes $ 204 $ (642) $ 3,155 Disposals Gain (loss) on disposals before income taxes $ 273 $ 2,739 $ - Benefit (provision) for income taxes (607) 363 - Gain (loss) on disposals, net of taxes $ (334) $ 3,102 $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (130) $ 2,460 $ 3,155 (a) Earnings (loss) from discontinued operations attributable to the Company, bef ore income taxes, was $ 652 million, $ 2,670 million, and $ 3,752 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
CLL | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR COMMERCIAL LENDING AND LEASING (In millions) 2016 2015 2014 Operations Total revenues and other income $ 1,732 $ 10,580 $ 13,413 Interest $ (518) $ (2,365) $ (3,069) Selling, general and administrative expenses (1,585) (3,576) (3,598) Cost of services sold - (1,735) (3,859) Provision for losses on financing receivables (2) (1,753) (456) Other costs and expenses (89) (127) (135) Earnings (loss) from discontinued operations, before income taxes (463) 1,024 2,296 Benefit (provision) for income taxes 319 (186) (487) Earnings (loss) from discontinued operations, net of taxes $ (144) $ 838 $ 1,808 Disposals Gain (loss) on disposals before income taxes $ (971) $ (8,013) $ - Benefit (provision) for income taxes 43 (698) - Gain (loss) on disposals, net of taxes $ (928) $ (8,711) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ (1,072) $ (7,873) $ 1,808 (a) Earnings (loss) from discontinued operations attributable to the Company, be fore income taxes, was $ (1,436) million, $ (6,996) million, and $ 2,279 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Real Estate | |
Financial Information For Businesses Held For Sale [Line Items] | |
Financial Information for Discontinued Operations | FINANCIAL INFORMATION FOR REAL ESTATE (In millions) 2016 2015 2014 Operations Total revenues and other income $ 79 $ 911 $ 2,969 Interest $ (42) $ (457) $ (1,079) Selling, general and administrative (112) (444) (484) Cost of services sold - (5) - Provision for losses on financing receivables - 5 86 Other costs and expenses (3) (158) (712) Earnings (loss) from discontinued operations, before income taxes (78) (149) 780 Benefit (provision) for income taxes 70 168 224 Earnings (loss) from discontinued operations, net of taxes $ (8) $ 19 $ 1,003 Disposals Gain (loss) on disposals before income taxes $ (52) $ (1,338) $ - Benefit (provision) for income taxes 62 (639) - Gain (loss) on disposals, net of taxes $ 10 $ (1,977) $ - Earnings (loss) from discontinued operations, net of taxes(a) $ 2 $ (1,958) $ 1,003 (a) Earnings (loss) from discontinued operations attributable to the Company, bef ore income taxes, was $ (130) million, $ (1,486) million, and $ 778 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 2016 2015 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated December 31 (In millions) cost gains losses fair value cost gains losses fair value GE Debt U.S. corporate $ 1 $ - $ - $ 2 $ 2 $ - $ - $ 3 Corporate – non-U.S. - - - - 1 - - 1 U.S. government and federal agency 49 - - 49 49 - - 49 Equity 54 34 (1) 86 87 13 (2) 98 104 34 (1) 137 139 14 (2) 151 GE Capital Debt U.S. corporate 20,048 3,081 (85) 23,044 19,971 2,669 (285) 22,355 State and municipal 3,916 412 (92) 4,236 3,910 407 (73) 4,245 Mortgage and asset-backed 2,787 111 (37) 2,861 2,995 157 (35) 3,116 Corporate – non-U.S. 11,917 98 (27) 11,987 759 96 (9) 846 Government – non-U.S. 1,137 127 (2) 1,262 279 136 - 415 U.S. government and federal agency 656 33 (25) 664 623 104 - 727 Equity 105 22 (1) 126 112 16 (4) 123 40,565 3,883 (268) 44,180 28,648 3,585 (407) 31,827 Eliminations (4) - - (4) (4) - - (4) Total $ 40,665 $ 3,917 $ (269) $ 44,313 $ 28,783 $ 3,599 $ (409) $ 31,973 |
Schedule of investments, by type and length in continuous loss position | ESTIMATED FAIR VALUE AND GROSS UNREALIZED LOSSES OF AVAILABLE-FOR-SALE INVESTMENT SECURITIES In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized (In millions) fair value(a) losses(a) fair value losses December 31, 2016 Debt U.S. corporate $ 1,692 $ (55) $ 359 $ (30) State and municipal 674 (27) 158 (64) Mortgage and asset-backed 822 (21) 132 (16) Corporate – non-U.S. 5,352 (26) 14 (1) Government - non-U.S. 313 (2) - - U.S. government and federal agency 236 (25) - - Equity 9 (1) - - Total $ 9,098 $ (157) $ 663 $ (111) December 31, 2015 Debt U.S. corporate $ 2,966 $ (218) $ 433 $ (67) State and municipal 494 (20) 155 (53) Mortgage and asset-backed 719 (20) 84 (16) Corporate – non-U.S. 56 (4) 14 (4) Equity 36 (6) - - Total $ 4,273 $ (269) $ 686 $ (140) (a) Includes the estimated fair value of and gross unrealized losses on equity securities held by GE. |
Pre Tax Other Than Temporary Impairments On Investment Securities [TableTextBlock] | PRE-TAX, OTHER-THAN-TEMPORARY IMPAIRMENTS ON INVESTMENT SECURITIES (In millions) 2016 2015 2014 Total recognized $ 31 $ 64 $ 316 Recognized in AOCI - - (4) Recognized in earnings(a) $ 31 $ 64 $ 312 (a) Included equi ty securities of $11 million, $ 5 million and $219 million in 2016 , 2015 and 2014 , respectively |
Schedule of contractual maturities | CONTRACTUAL MATURITIES OF INVESTMENT IN AVAILABLE-FOR-SALE DEBT SECURITIES (EXCLUDING MORTGAGE AND ASSET-BACKED SECURITIES) Amortized Estimated (In millions) cost fair value Due Within one year $ 7,139 $ 7,148 After one year through five years 7,947 8,124 After five years through ten years 4,996 5,410 After ten years 17,641 20,562 |
Supplemental gross realized gains losses on available-for-sale investment securities | GROSS REALIZED GAINS AND LOSSES ON AVAILABLE-FOR-SALE INVESTMENT SECURITIES (In millions) 2016 2015 2014 GE Gains $ 11 $ 7 $ 3 Losses, including impairments (12) (36) (218) Net (2) (29) (215) GE Capital Gains 50 121 87 Losses, including impairments (43) (51) (104) Net 7 70 (16) Total $ 6 $ 41 $ (231) |
Current Receivables (Tables)
Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Current Receivables [Abstract] | |
Schedule Of Current Receivables [Table Text Block] | Consolidated(a)(b) GE(c) December 31 (In millions) 2016 2015 2016 2015 Power $ 7,688 $ 6,675 $ 3,632 $ 4,377 Renewable Energy 1,903 2,336 1,293 1,418 Oil & Gas 4,259 4,958 2,478 2,764 Energy Connections & Lighting 2,716 4,432 1,675 2,173 Aviation 3,542 4,133 1,731 1,876 Healthcare 3,996 4,022 2,068 1,943 Transportation 377 609 186 193 Corporate items and eliminations 454 372 499 464 24,935 27,538 13,562 15,209 Less Allowance for Losses(d) (858) (515) (847) (502) Total $ 24,076 $ 27,022 $ 12,715 $ 14,707 Included GE industrial customer receivables sold to a GE Capital affiliate and reported as financing receivables by GE Capital of $ 12,304 million and $ 13,041 million at December 31, 2016 and 2015 , respectively . The December 31, 2016 total included a deferred purchase price receivable of $483 million from the refinancing of our Receivables Facility described in Note 22. In order to manage credit exposure, the Company sells additional current receivables to third parties outside the Rec eivables Facility described in Note 22. In connection with certain of these sales, we provide servicing activities and limited recourse to the purchasers. At December 31, 2016 and 2015, GE serviced $ 2,962 million and $ 2,167 million , respectively, of these receivables that remain outstanding. Of these balances, $458 million and $378 million at December 31, 2016 and 2015, respectively, were current receivables serviced by GE Capital that GE sold directly to third-parties. At December 31, 2016 and 2015, our ma ximum exposure to loss under the limited recourse arrangements is $215 million and $154 million, respectively. GE current receivables of $ 299 million and $ 251 million at December 31, 2016 and 2015 , respectively, arose from sales, prin cipally of Aviation goods and services, on open account to various agencies of the U.S. government. As a percentage of GE revenues, approximately 3 % of GE sales of goods and services were to the U.S. government in 2016 , compared with 4 % in 2015 and 3 % in 2014 . The 2016 increase in allowance for losses is primarily due to Alstom purchase price adjustments of $ 263 million. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | December 31 (In millions) 2016 2015 Raw materials and work in process $ 12,636 $ 13,415 Finished goods 8,798 8,265 Unbilled shipments 536 628 21,971 22,308 Revaluation to LIFO 383 207 Total inventories $ 22,354 $ 22,515 |
GE Capital Financing Receivab43
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financing Receivables And Allowance For Losses [Abstract] | |
Financing Receivables - Net | FINANCING RECEIVABLES – NET December 31 (In millions) 2016 2015 Loans, net of deferred income $ 21,101 $ 20,115 Investment in financing leases, net of deferred income 4,998 4,969 26,099 25,084 Allowance for losses (58) (81) Financing receivables – net $ 26,041 $ 25,003 We expect actual mat urities to differ from contractual maturities. |
Net Investment in Financing Leases | NET INVESTMENT IN FINANCING LEASES Total financing leases Direct financing leases(a) Leveraged leases(b) December 31 (In millions) 2016 2015 2016 2015 2016 2015 Total minimum lease payments receivable $ 5,466 $ 5,901 $ 3,274 $ 3,251 $ 2,191 $ 2,649 Less principal and interest on third-party non-recourse debt (1,053) (1,482) - - (1,053) (1,482) Net rentals receivable 4,412 4,419 3,274 3,251 1,138 1,167 Estimated unguaranteed residual value of leased assets 1,985 2,057 927 928 1,058 1,129 Less deferred income (1,400) (1,507) (909) (913) (491) (593) Investment in financing leases, net of deferred income(c) $ 4,998 $ 4,969 $ 3,292 $ 3,266 $ 1,706 $ 1,703 (a) Included $ 30 million and $ 24 million of initial direct costs on direct financing leases at December 31, 2016 and 2015 , respectively. (b) Included pre-tax income of $ 74 million and $ 61 million and income tax of $ 28 million and $ 23 million during 2016 and 2015 , respectively. Net investment credits recognized on leveraged leases during 2016 and 2015 were insignificant. (c) See Note 14 for deferred tax amou nts related to financing leases. |
Contractual Maturities | CONTRACTUAL MATURITIES Total Net rentals (In millions) loans receivable Due in 2017 $ 12,853 $ 851 2018 1,718 845 2019 2,327 685 2020 1,149 528 2021 1,114 398 2022 and later 1,940 1,106 Total $ 21,101 $ 4,412 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Depreciable lives-new Original Cost Net Carrying Value December 31 (Dollars in millions) (in years) 2016 2015 2016 2015 GE Land and improvements 8 (a) $ 932 $ 888 $ 910 $ 870 Buildings, structures and related equipment 8-40 9,680 10,050 6,016 5,440 Machinery and equipment 4-20 24,596 24,515 9,369 9,986 Leasehold costs and manufacturing plant under construction 1-10 3,407 4,359 2,809 3,849 38,615 39,812 19,103 20,145 GE Capital(b) Land and improvements, buildings, structures and related equipment 1-10 (a) 238 267 68 101 Equipment leased to others Aircraft(c) 15-20 47,360 50,339 31,786 34,316 All other 3-35 587 543 371 364 48,185 51,149 32,225 34,781 Eliminations (925) (939) (809) (831) Total $ 85,875 $ 90,022 $ 50,518 $ 54,095 (a) Depreciable lives exclude land. (b) Included $ 1,457 million and $ 1,024 million of original cost of assets leased to GE with accumulated amortization of $ 147 million and $ 83 million at December 31, 2016 and 2015 , respectively. (c) The GECAS business of GE Capital recognized impairment losses of $ 99 million and $ 168 million in 2016 and 2015 , respectively. These losses are recorded in the caption “ Cost of services sold ” in the Sta tement of Earnings to reflect adjustments to fair value based on management’s best estimates, which are benchmarked against third-party appraiser current market values for aircraft of similar type and age . |
Rentals due from customers for equipment on operating leases | (In millions) Due in 2017 $ 3,684 2018 3,307 2019 2,912 2020 2,575 2021 2,144 2022 and later 6,338 Total $ 20,961 |
Acquisitions, Goodwill and Ot45
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions, Goodwill and Intangible Assets Disclosure [Abstract] | |
Assets Acquired And Liabilities Assumed | ASSETS ACQUIRED AND LIABILITIES ASSUMED AT THE ACQUISITION DATE Balance at (In millions) December 31, 2016 Assets Cash and equivalents $ 1,766 Current receivables 4,064 Inventories 4,663 Property, plant and equipment 2,782 Goodwill 17,304 Other intangible assets 4,370 All other assets, net(a) 3,673 Total Assets $ 38,622 Liabilities Accounts payable $ 1,908 Progress collections 2,919 Accrued contract liabilities 10,714 All other liabilities(b) 7,658 Total Liabilities $ 23,199 Redeemable noncontrolling interests 2,921 Noncontrolling interest 612 Total purchase price 11,890 Less cash acquired 1,766 Total purchase price, net of cash acquired $ 10,124 (a) Included approximately $ 156 million of net deferred tax assets, including approximately $ 52 million of non-U.S. loss carry forwards net of valuation allowances and offsetting liabilities for unrecognized benefits. Also included approximately $76 million of indemnification receivables for liabilities for unrecognized income tax benefits and other tax uncertainties. (b) Included approximately $ 859 million of liabilities for unrecognized income tax benefit s and other uncertain taxes and approximate ly $772 million of pension and other employee related cost s. |
Changes in goodwill balance | CHANGES IN GOODWILL BALANCES 2016 2015 Dispositions, Dispositions, currency currency Balance at exchange Balance at Balance at exchange Balance at (In millions) January 1 Acquisitions and other December 31 January 1 Acquisitions and other December 31 Power $ 16,736 $ 3,347 $ (268) $ 19,816 $ 7,769 $ 9,582 $ (615) $ 16,736 Renewable Energy 2,580 (46) (27) 2,507 984 1,631 (35) 2,580 Oil & Gas 10,594 - (231) 10,363 10,572 22 - 10,594 Aviation 8,567 1,045 (158) 9,455 8,952 - (385) 8,567 Healthcare 17,353 191 (120) 17,424 17,532 11 (190) 17,353 Transportation 851 41 6 899 887 - (36) 851 Energy Connections & Lighting 6,441 846 (420) 6,868 4,796 2,314 (669) 6,441 Capital 2,370 - (1) 2,368 1,680 728 (37) 2,370 Corporate 34 487 218 739 34 - - 34 Total $ 65,526 $ 5,911 $ (1,000) $ 70,438 $ 53,207 $ 14,287 $ (1,968) $ 65,526 |
Intangible assets | OTHER INTANGIBLE ASSETS - NET December 31 (In millions) 2016 2015 Intangible assets subject to amortization $ 16,336 $ 17,688 Indefinite-lived intangible assets(a) 100 109 Total $ 16,436 $ 17,797 (a) Indefinite-lived intangible assets principally comprise trademarks and in-process research and development. |
Intangible assets subject to amortization | INTANGIBLE ASSETS SUBJECT TO AMORTIZATION 2016 2015 Gross Gross carrying Accumulated carrying Accumulated December 31 (In millions) amount amortization Net amount amortization Net Customer-related $ 9,172 $ (2,408) $ 6,764 $ 9,758 $ (2,113) $ 7,645 Patents and technology 8,693 (3,325) 5,368 8,543 (3,096) 5,447 Capitalized software 7,652 (4,538) 3,114 7,375 (4,136) 3,239 Trademarks 1,165 (307) 858 1,337 (282) 1,055 Lease valuations 143 (59) 84 167 (22) 145 Present value of future profits(a) 684 (684) - 651 (651) - All other 273 (124) 149 267 (108) 159 Total $ 27,781 $ (11,444) $ 16,336 $ 28,098 $ (10,408) $ 17,688 (a) Balances at December 31, 2016 and 2015 reflect adjustments of $ 241 million and $ 266 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. |
Components of finite-lived intangible assets acquired in 2016 | COMPONENTS OF FINITE-LIVED INTANGIBLE ASSETS ACQUIRED DURING 2016 Weighted-average Gross amortizable period (In millions) carrying value (in years) Customer-related $ 387 15.3 Patents and technology 804 12.4 Capitalized software 1,107 5.0 Trademarks 11 7.2 All other 3 3.0 |
Estimated 5 year consolidated amortization | ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION (In millions) 2017 2018 2019 2020 2021 Estimated annual pre-tax amortization $ 2,058 $ 1,947 $ 1,846 $ 1,666 $ 1,519 |
Contract Assets (Tables)
Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Contract Assets | December 31 (In millions) 2016 2015 GE Revenue in excess of billings Long -term product service agreements(a) $ 12,752 $ 10,346 Long-term equipment contract revenue(b) 5,859 5,645 Total revenue in excess of billings 18,611 15,991 Deferred inventory costs(c) 3,349 2,328 Non-recurring engineering costs(d) 2,185 1,790 Other 1,018 1,048 Contract assets $ 25,162 $ 21,156 (a) Long-term product service agreement balances are presented net of related billings in excess of revenues of $ 3,750 million and $ 2,602 million at December 31, 2016 and 2015, respectively. (b) Reflects revenues earned in excess of billings on our long-term contracts to construct technically complex equipment (such as gas power systems). (c) Represents cost deferral for shipped goods (such as components for wind turbine assembly within our Renewable Energy segment) and oth er costs for which the criteria for revenue recognition has not yet been met. (d) Included costs incurred prior to production (e.g., requisition engineering) for long-term equipment production contracts, primarily within our Aviation segment, which are a llocated ratably to each unit produced. Contract assets increased $4,006 million in 2016, which was primarily driven by a change in estimated profitability within our long-term product service agreements resulting in an adjustment of $2,216 million, as w ell as an increase in deferred inventory costs. December 31 (In millions) 2016 2015 GE Investments Associated companies $ 3,574 $ 3,582 Other 631 644 4,205 4,226 Long-term receivables, including notes 2,433 2,310 Derivative instruments 313 733 Other(a) 5,055 5,544 12,007 12,813 GE Capital Investments Associated companies 8,124 8,373 Assets held for sale(b) 2,361 857 Time deposits(c) - 10,386 Other 122 97 10,607 19,713 Derivative instruments 32 549 Advances to suppliers 1,632 1,809 Other(d) 2,337 3,010 14,608 25,081 Eliminations 561 (1,097) All Other Assets $ 27,176 $ 36,797 (a) Primar ily included $ 3,320 million and $ 3,494 million of prepaid insurance, taxes and other expenses and $ 789 million and $ 1,030 million of deferred charges at December 31, 2016 and 2015 , respectively. (b) Assets were classified as held for sale on the date a decision was made to dispose of them through sale or other means. At December 31, 2016 and 2015 , such assets consisted primarily of loans, aircraft and equipment, and were accounted for at the lower of carr ying amount or estimated fair value less costs to sell. (c) Balances at December 31, 2015 included $ 10,386 million of high quality interest bearing deposits with European branches of global banks, predominantly in the U. K. , that matured in April 2016. (d) Balances at December 31, 2016 and 2015 i ncluded deferred acquisition cost adjustments of $ 558 million and $ 544 million, respectively, in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized . |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | December 31 (Dollars in millions) 2016 2015 Short-term borrowings Amount Average Rate(a) Amount Average Rate(a) GE Commercial paper $ 1,500 0.60 % $ 500 0.15 % Current portion of long-term borrowings 17,109 3.16 17,770 2.10 Other 1,874 1,522 Total GE short-term borrowings(b) 20,482 19,792 GE Capital Commercial paper U.S. 5,002 0.59 650 0.46 Non-U.S. - - 4,351 0.01 Current portion of long-term borrowings(c) 6,517 1.64 24,969 4.28 Intercompany payable to GE(d) 11,696 17,642 Other 229 1,005 Total GE Capital short-term borrowings 23,443 48,617 Eliminations(d) (13,212) (18,549) Total short-term borrowings $ 30,714 $ 49,860 Long-term borrowings Maturities Amount Average Rate(a) Amount Average Rate(a) GE Senior notes 2018-2054 $ 54,396 3.35 % $ 72,471 3.23 % Subordinated notes 2021-2037 2,768 3.73 2,940 3.68 Subordinated debentures(e) 2067 719 6.12 6,600 6.14 Other 928 1,298 Total GE long-term borrowings(b) 58,810 83,309 GE Capital Senior notes 2018-2039 44,131 2.45 59,107 2.54 Subordinated notes 236 251 - Intercompany payable to GE(d) 47,084 67,062 Other(c) 1,992 2,058 Total GE Capital long-term borrowings 93,443 128,478 Eliminations(d) (47,173) (67,128) Total long-term borrowings $ 105,080 $ 144,659 Non-recourse borrowings of consolidated securitization entities(f) 2017-2018 $ 417 2.23 % $ 3,083 1.00 % Total borrowings $ 136,210 $ 197,602 Based on year-end balances and year-end local currency effective interest rates, including the effects from hedging . Excluding assumed debt of GE Capital, the total amount of GE borrowings was $ 20,512 million at December 31, 2016 . Included $ 2,665 million and $ 2,679 million of funding secured by aircraft and other collateral at December 31, 2016 and December 31, 2015 , respectively, of which $ 1,419 million and $ 1,534 million is non-recourse to GE Capital at December 31, 2016 and December 31, 2015 , respectiv ely . The amount of the intercompany payable to GE was $ 58,780 million as of December 31, 2016 , which includes a reduction in the short-term intercompany payable to GE for a $( 1,329) million loan which bears the right of offset against amounts owed under th e assumed debt agreement. The remaining short-term loan balance was paid in January 2017 . Included $ 719 million and $ 2,587 million of subordinated debentures at December 31, 2016 and December 31, 2015 , respectively , which constitute the sole as s ets of trusts that have issued trust pref erred securities and where GE owns 100% of the common securities of the trusts. Obligations associated with these trusts are unconditionally guaranteed by GE. Included $ 320 million and $ 918 million of current porti on of long-term borrowings at December 31, 2016 and December 31, 2015 , respectively. See Note 21 . |
Schedule Of Maturities Of Long Term Debt [Table Text Block] | (In millions) 2017 2018 2019 2020 2021 GE(a) $ 17,109 $ 7,899 $ 3,787 $ 6,996 $ 4,708 GE Capital 6,517 (b) 5,578 4,111 11,107 2,131 Included borrowings assumed by GE as part of the merger, for which GE has an offsetting amoun t due from GE Capital, of $13,024 million, $ 7,709 million, $ 3,729 million, $ 6,223 million and $ 4 , 672 million in 201 7 , 201 8 , 201 9 , 20 20 and 202 1 , respectively. Fixed and floating rate notes of $ 498 million contain put options with exercise dates in 2017, and which have final maturity beyond 2021. |
Investment Contracts Insuranc48
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits [Abstract] | |
Schedule of Investment Contracts Insurance Liabilities and Insurance Annuity Benefits | December 31 (In millions) 2016 2015 Life insurance benefits(a) $ 18,741 $ 18,555 Investment contracts 2,813 2,955 Other(b) 4,992 4,646 26,546 26,155 Eliminations (460) (463) Total $ 26,086 $ 25,692 |
Postretirement Benefit Plans (T
Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation | ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2016 2016 2016 2016 2016 2016 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 18 - 58 % 46 % 39 % 41 % 35 - 75 % 59 % Debt securities (including cash equivalents) 11 - 61 33 30 41 11 - 46 26 Private equities 6 - 16 10 3 4 0 - 25 11 Real estate 3 - 13 7 9 8 0 - 12 1 Other investments 3 - 13 4 19 6 0 - 10 3 |
Principal pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of pension plans | COST OF PENSION PLANS Principal pension plans (In millions) 2016 2015 2014 Service cost for benefits earned $ 1,237 $ 1,424 $ 1,205 Prior service cost amortization 303 205 214 Expected return on plan assets (3,336) (3,302) (3,190) Interest cost on benefit obligations 2,939 2,778 2,745 Net actuarial loss amortization 2,449 3,288 2,565 Curtailment loss 31 105 65 Pension cost $ 3,623 $ 4,498 $ 3,604 |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE PENSION BENEFIT OBLIGATIONS Principal pension plans December 31 2016 2015 2014 Discount rate 4.11 % 4.38 % 4.02 % Compensation increases 3.80 3.80 4.10 |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE PENSION COST Principal pension plans December 31 2016 2015 2014 Discount rate 4.38 % 4.02 % 4.85 % Expected return on assets 7.50 7.50 7.50 |
Funded status | FUNDED STATUS Principal pension plans December 31 (in millions) 2016 2015 Projected benefit obligations $ 71,501 $ 68,722 Fair value of plan assets 45,893 45,720 Underfunded $ 25,608 $ 23,002 |
Projected benefit obligations | PROJECTED BENEFIT OBLIGATIONS (PBO) Principal pension plans (In millions) 2016 2015 Balance at January 1 $ 68,722 $ 70,735 Service cost for benefits earned 1,237 1,424 Interest cost on benefit obligations 2,939 2,778 Participant contributions 115 155 Plan amendments - 902 Actuarial loss (gain) 1,874 (a) (4,017) (b) Benefits paid (3,386) (3,255) Balance at December 31(c) $ 71,501 $ 68,722 Principally associated with discount rate and mortality assumption changes. Principally associated with discount rate changes. The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $ 6,531 million and $ 6,099 million at year-end 2016 and 2015 , respectively. |
Asset allocation | Principal pension plans December 31 (in millions) 2016 2015 Equity securities U.S. equity securities(a) $ 12,130 $ 12,447 Non-U.S. equity securities(a) 9,029 9,088 Debt securities Fixed income and cash investment funds 4,897 3,252 U.S. corporate(b) 5,252 5,529 Other debt securities(c) 5,066 5,131 Private equities(a) 4,492 4,885 Real estate(a) 3,244 3,186 Other investments(d) 1,783 2,202 Total plan assets $ 45,893 $ 45,720 (a) Included direct investments and investment funds. (b) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (c) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. (d) Substantially all represented hedge fund investments and net unsettled transaction-related investment activity. |
Fair value of plan assets | FAIR VALUE OF PLAN ASSETS Principal pension plans (In millions) 2016 2015 Balance at January 1 $ 45,720 $ 48,280 Actual gain on plan assets 2,892 307 Employer contributions 552 233 Participant contributions 115 155 Benefits paid (3,386) (3,255) Balance at December 31 $ 45,893 $ 45,720 |
Amounts included in shareowners' equity | Principal pension plans December 31 (in millions) 2016 2015 Prior service cost $ 1,138 $ 1,473 Net actuarial loss 16,664 16,795 Total $ 17,802 $ 18,268 |
Other pension plans and principal retiree benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of pension plans | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2014 2016 2015 2014 Service cost for benefits earned $ 462 $ 416 $ 403 $ 123 $ 145 $ 164 Prior service cost (credit) amortization 1 - 6 (164) (8) 353 Expected return on plan assets (1,034) (881) (789) (43) (48) (50) Interest cost on benefit obligations 670 555 587 249 335 424 Net actuarial loss (gain) amortization 256 289 205 (50) (25) (150) Curtailment loss (gain) 19 (6) - - (225) (a) 48 Benefit plans cost $ 374 $ 373 $ 412 $ 115 $ 174 $ 789 (a) Gain principally resulting from life insurance amendment. |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 2.58 % 3.33 % 3.53 % 3.75 % 3.93 % 3.89 % Compensation increases 3.48 3.32 3.60 3.80 3.80 4.10 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2016 , ultimately declining to 5 % for 2030 and thereafter . |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % (a) 3.89 % (a) 4.61 % (a) Expected return on assets 6.36 6.95 6.92 7.00 7.00 7.00 (a) Weighted average discount rates of 3.86 %, 3.92 % and 4.47 % were used for determination of costs in 2016 , 2015 and 2014 , respectively. |
Funded status | FUNDED STATUS Principal retiree Other pension plans benefit plans December 31 (In millions) 2016 2015 2016 2015 Benefit obligations $ 22,543 $ 21,618 $ 6,289 $ 6,757 Fair value of plan assets 17,091 17,368 575 695 Underfunded $ 5,452 $ 4,250 $ 5,714 $ 6,062 |
Projected benefit obligations | BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2016 2015 Balance at January 1 $ 21,618 $ 15,589 $ 6,757 $ 10,703 Service cost for benefits earned 462 416 123 145 Interest cost on benefit obligations 670 555 249 335 Participant contributions 43 15 51 50 Plan amendments (54) (12) (7) (3,291) (a) Actuarial loss (gain) 2,993 (b) (406) (b) (291) (c) (444) (b) Benefits paid (842) (576) (603) (691) Acquisitions (dispositions)/ other - net (98) 6,859 (d) 10 (50) Exchange rate adjustments (2,249) (822) - - Balance at December 31(e) $ 22,543 $ 21,618 $ 6,289 $ 6,757 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Primarily associated with lower costs from new healthcare supplier contracts. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,366 million and $ 4,838 million at December 31, 2016 and 2015 , respectively. |
Fair value of plan assets | Other pension plans Principal retiree benefit plans December 31 (in millions) 2016 2015 2016 2015 Equity securities U.S. equity securities $ 666 $ 667 $ 187 $ 203 Non-U.S. equity securities 6,337 6,323 152 162 Debt securities Fixed income and cash investment funds 6,049 6,258 30 84 U.S. corporate 319 242 38 52 Other debt securities 577 551 82 93 Private equities 627 703 61 75 Real estate 1,449 1,358 4 6 Other investments 1,067 1,266 21 20 Total plan assets $ 17,091 $ 17,368 $ 575 $ 695 |
Amounts included in shareowners' equity | Principal retiree Other pension plans benefit plans December 31 (In millions) 2016 2015 2016 2015 Prior service credit $ (88) $ (29) $ (2,975) $ (3,132) Net actuarial loss (gain) 4,800 3,080 (682) (464) Total $ 4,712 $ 3,051 $ (3,657) $ (3,596) |
Cost of benefit plans | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2014 2016 2015 2014 Benefit plan cost $ 374 $ 373 $ 412 $ 115 $ 174 $ 789 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2016 2015 2014 GE Current tax expense (benefit) $ (140) $ 3,307 $ 2,110 Deferred tax expense (benefit) from temporary differences 1,107 (1,800) (476) 967 1,506 1,634 GE Capital Current tax expense (benefit) (1,138) 2,796 (455) Deferred tax expense (benefit) from temporary differences (293) 2,183 (406) (1,431) 4,979 (861) Consolidated Current tax expense (benefit) (1,278) 6,103 1,655 Deferred tax expense (benefit) from temporary differences 814 383 (882) Total $ (464) $ 6,485 $ 773 CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) 2016 2015 2014 U.S. earnings $ 2,145 $ (309) $ 3,176 Non-U.S. earnings 6,885 8,495 7,087 Total $ 9,030 $ 8,186 $ 10,263 CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) 2016 2015 2014 U.S. Federal Current $ (2,646) $ 1,549 $ (122) Deferred (754) 492 261 Non - U.S. Current 1,730 4,867 2,035 Deferred 1,239 (121) (982) Other (33) (302) (419) Total $ (464) $ 6,485 $ 773 |
Reconciliation of Income Tax Rate | RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE Consolidated GE GE Capital 2016 2015 2014 2016 2015 2014 2016 2015 2014 U.S. federal statutory income tax rate 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE - - - 4.5 82.4 (4.8) - - - Tax on global activities including exports (23.7) 54.1 (17.7) (20.8) (52.8) (12.0) 4.9 (224.5) (72.0) U.S. business credits(a) (4.5) (4.7) (3.3) (0.9) (4.1) (1.0) 15.7 9.2 (34.5) All other – net(b) (11.9) (5.2) (6.5) (7.9) (14.2) (2.5) 14.7 (1.5) (55.9) (40.1) 44.2 (27.5) (25.1) 11.3 (20.3) 35.3 (216.8) (162.4) Actual income tax rate (5.1) % 79.2 % 7.5 % 9.9 % 46.3 % 14.7 % 70.3 % (181.8) % (127.4) % U.S. general business credits, primarily the credit for energy produced from renewable sources, the advanced energy project credit and the credit for research performed in the U.S . Included ( 7.7)% and (7.1) % in consolidated and GE, respectively, related to deductible stock losses in 2016. Included (4.2)% and (10.6)% in consolidated and GE, respectively, related to deductible stock losses in 2015. Also includes, for each period, the expense or (ben efit) for “Other” taxes reported above in the consolidated (benefit) provision for income taxes, net of 35% federal effect. |
Unrecognized tax benefits | UNRECOGNIZED TAX BENEFITS December 31, (In millions) 2016 2015 Unrecognized tax benefits $ 4,692 $ 6,778 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 2,886 4,723 Accrued interest on unrecognized tax benefits 615 805 Accrued penalties on unrecognized tax benefits 118 98 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-600 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-500 0-200 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) 2016 2015 Balance at January 1 $ 6,778 $ 5,619 Additions for tax positions of the current year 248 720 Additions for tax positions of prior years(a) 521 1,296 Reductions for tax positions of prior years (2,016) (754) Settlements with tax authorities (823) (70) Expiration of the statute of limitations (16) (33) Balance at December 31 $ 4,692 $ 6,778 (a) For 2015 , the amount shown as “additions for tax positions of prior years” relates primarily ($1,054 million) to the preliminary estimate of uncertain tax liabilities for acquired Alstom businesses. Of the total 2015 additions for tax positions of prior years, $445 million relates to amounts that would not affect tax expense if recognized. |
Schedule of Deferred Tax Assets and Liabilities | December 31 (In millions) 2016 2015 Assets GE $ 21,106 $ 20,539 GE Capital 5,093 4,643 26,199 25,182 Liabilities GE (14,440) (12,873) GE Capital (9,926) (9,204) (24,366) (22,077) Net deferred income tax asset (liability) $ 1,833 $ 3,105 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 (In millions) 2016 2015 GE Principal pension plans $ 8,963 $ 8,051 Other non-current compensation and benefits 4,230 4,133 Provision for expenses 2,633 2,827 Retiree insurance plans 2,000 2,122 Non-U.S. loss carryforwards(a) 1,444 1,940 Contract assets (6,677) (5,143) Intangible assets (2,962) (3,192) Depreciation (1,755) (1,688) Investment in global subsidiaries (899) (915) Other – net (311) (469) 6,666 7,666 GE Capital Operating leases (3,582) (3,863) Financing leases (1,632) (1,665) Energy investments (1,410) (1,276) Investment in global subsidiaries (343) 5 Intangible assets (125) (103) Non-U.S. loss carryforwards(a) 1,323 2,262 Other – net 936 79 (4,833) (4,561) Net deferred income tax asset (liability) $ 1,833 $ 3,105 (a) Net of valuation allowances of $ 2,450 million and $ 2,184 million for GE and $ 391 million and $ 109 million for GE Capital , for 2016 and 2015 , respectively. Of the net deferred tax asset as of December 31, 2016 , of $ 2,767 million, $ 6 million relates to net operating loss carryforwards that expire in various years ending from December 31, 201 6 through December 31, 201 8 ; $ 472 million relate s to net operating losses that expire in various years ending from December 31, 20 20 through December 31, 203 6 and $ 2,289 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
Shareowners' Equity (Tables)
Shareowners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareowners' equity | (In millions) 2016 2015 2014 Preferred stock issued $ 6 $ 6 $ - Common stock issued $ 702 $ 702 $ 702 Accumulated other comprehensive income (loss) Balance at January 1 $ (16,529) $ (18,172) $ (9,119) Other comprehensive income (loss) before reclassifications (4,602) (3,312) (12,088) Reclassifications from other comprehensive income 2,533 4,956 3,035 Other comprehensive income (loss), net, attributable to GE (2,069) 1,644 (9,053) Balance at December 31 $ (18,598) $ (16,529) $ (18,172) Other capital Balance at January 1 $ 37,613 $ 32,889 $ 32,494 Gains (losses) on treasury stock dispositions and other(a)(b) (389) 4,724 396 Balance at December 31 $ 37,224 $ 37,613 $ 32,889 Retained earnings Balance at January 1 $ 140,020 $ 155,333 $ 149,051 Net earnings (loss) attributable to the Company 8,831 (6,126) 15,233 Dividends and other transactions with shareowners (9,054) (9,161) (8,948) Redemption value adjustment on redeemable noncontrolling interests (266) (25) (2) Balance at December 31 $ 139,532 $ 140,020 $ 155,333 Common stock held in treasury Balance at January 1 $ (63,539) $ (42,593) $ (42,561) Purchases(c)(d) (22,073) (23,762) (1,950) Dispositions 2,574 2,816 1,917 Balance at December 31 $ (83,038) $ (63,539) $ (42,593) Total equity GE shareowners' equity balance at December 31 $ 75,828 $ 98,274 $ 128,159 Noncontrolling interests balance at December 31 1,663 1,864 8,674 Total equity balance at December 31 $ 77,491 $ 100,138 $ 136,833 I ncluded $440 million related to the excess of the net proceeds from the Synchrony Financial IPO over the carrying value of the interest sold in 2014 . I ncluded $4,949 million related to issuance of new preferred sto ck in exchange for existing GE Capital preferred stock in 2015. Included $(20,383) million related to the split-off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial in 2015. Included $(11,370) million of GE shares pur chased under accelerated share repurchase (ASR) agreements in 2016. |
Common shares issued and outstanding | December 31 (In thousands) 2016 2015 2014 Issued 11,693,841 11,693,841 11,693,841 In treasury(a)(b) (2,951,227) (2,314,553) (1,636,461) Outstanding 8,742,614 9,379,288 10,057,380 I ncluded (671,367) thousand shares related to the split- off of Synchrony Financial from GE, where GE shares were exchanged for shares of Synchrony Financial in 2015 . I ncluded (370,824) thousand GE shares purchased under accelerated share repurchase agreements in 2016 . |
Accumulated other comprehensive income | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) 2016 2015 2014 Investment securities Balance at January 1 $ 460 $ 1,013 $ 307 Other comprehensive income (loss) (OCI) before reclassifications – net of deferred taxes of $84, $(270) and $352(a) 170 (486) 562 Reclassifications from OCI – net of deferred taxes of $30, $(36) and $85 34 (67) 146 Other comprehensive income (loss)(b) 203 (553) 708 Less OCI attributable to noncontrolling interests (11) (1) 2 Balance at December 31 $ 674 $ 460 $ 1,013 Currency translation adjustments (CTA) Balance at January 1 $ (5,499) $ (2,428) $ 283 OCI before reclassifications – net of deferred taxes of $719, $1,348 and $(129) (1,606) (4,932) (2,600) Reclassifications from OCI – net of deferred taxes of $241, $(1,489) and $213 294 1,794 (129) Other comprehensive income (loss)(b) (1,311) (3,137) (2,730) Less OCI attributable to noncontrolling interests 6 (66) (19) Balance at December 31 $ (6,816) $ (5,499) $ (2,428) Cash flow hedges Balance at January 1 $ (80) $ (180) $ (414) OCI before reclassifications – net of deferred taxes of $(41), $(21) and $22 (234) (732) (609) Reclassifications from OCI – net of deferred taxes of $37, $86 and $34 327 831 844 Other comprehensive income (loss)(b) 93 99 234 Less OCI attributable to noncontrolling interests - - - Balance at December 31 $ 12 $ (80) $ (180) Benefit plans Balance at January 1 $ (11,410) $ (16,578) $ (9,296) Prior service credit (costs) - net of deferred taxes of $46, $859 and $219 128 1,541 396 Net actuarial gain (loss) – net of deferred taxes of $(1,062), $647 and $(5,332) (3,074) 1,227 (9,849) Net curtailment/settlement - net of deferred taxes of $12, $(42) and $41 19 (76) 72 Prior service cost amortization – net of deferred taxes of $84, $103 and $241 62 100 349 Net actuarial loss amortization – net of deferred taxes of $870, $1,199 and $859 1,797 2,373 1,753 Other comprehensive income (loss)(b) (1,068) 5,165 (7,278) Less OCI attributable to noncontrolling interests (9) (3) 3 Balance at December 31 $ (12,469) $ (11,410) $ (16,578) Accumulated other comprehensive income (loss) at December 31 $ (18,598) $ (16,529) $ (18,172) (a) Included adjustments of $57 million, $(611) million and $960 million in 2016 , 2015 and 2014 , respectively, to deferred acquisition costs, present value of future profits, and investment contracts, insurance liabilities and insurance annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized. (b ) Total other comprehensive income (loss) was $(2,083) million, $1,575 million and $(9,066) million in 2016 , 2015 and 2014 , respectively. |
Reclassification out of accumulated other comprehensive income | RECLASSIFICATION OUT OF AOCI (In millions) 2016 2015 2014 Statement of earnings caption Available-for-sale securities Realized gains (losses) on sale/impairment of securities $ (63) $ 103 $ (231) Total revenues and other income(a) Income taxes 30 (36) 85 Benefit (provision) for income taxes(b) Net of tax $ (34) $ 67 $ (146) Currency translation adjustments Gains (losses) on dispositions $ (535) $ (305) $ (85) Total revenues and other income(c) Income taxes 241 (1,489) 213 Benefit (provision) for income taxes(d) Net of tax $ (294) $ (1,794) $ 129 Cash flow hedges Gains (losses) on interest rate derivatives $ (79) $ (130) $ (234) Interest and other financial charges Foreign exchange contracts (247) (801) (666) (e) Other (38) 13 22 (f) Total before tax (364) (918) (878) Income taxes 37 86 34 Benefit (provision) for income taxes Net of tax $ (327) $ (831) $ (844) Benefit plan items Curtailment gain (loss) $ (31) $ 118 $ (113) (g) Amortization of prior service costs (146) (203) (590) (g) Amortization of actuarial gains (losses) (2,667) (3,572) (2,612) (g) Total before tax (2,844) (3,657) (3,315) Income taxes 966 1,260 1,141 Benefit (provision) for income taxes Net of tax $ (1,878) $ (2,397) $ (2,174) Total reclassification adjustments (net of tax) $ (2,533) $ (4,956) $ (3,035) Included $(70) million, $61 million and an insignificant amount in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $32 million, $(30) million and $3 million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $(453) million, $(224) million and $(51) million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $241 million, $(1,506) million and $213 million in 2016 , 2015 and 2014 , respectively, in earnings (loss) from discontinued operations, net of taxes. Included $(182) million, $(758) million and $(607) million in GE Capital revenues from services and $(65) million, $(43) million and $(59) million in interest and other financial charges in 2016 , 2015 and 2014 , respectively. Primarily recorded in costs and expenses. Curtailment gain ( loss ) , amortization of prior service costs and actuarial gains and losses reclassified out of AO CI are included in the computation of net periodic pension costs. See Note s 12 and 29 for further information. |
Changes to noncontrolling interests | CHANGES TO NONCONTROLLING INTERESTS (In millions) 2016 2015 2014 Balance at January 1 $ 1,864 $ 8,674 $ 6,217 Net earnings (loss) (46) 377 183 GECC preferred stock(a) - (4,949) - GECC preferred stock dividend - (311) (322) Dividends (72) (43) (74) Dispositions (216) 189 (81) Synchrony Financial(b) - (2,840) 2,393 Other (including AOCI)(c)(d)(e)(f) 134 767 358 Balance at December 31 $ 1,663 $ 1,864 $ 8,674 (a) Included $(4,949) million related to the issuance of GE preferred stock in exchange for existing GECC preferred stock in 2015 . GE preferred st ock is reflected in shareowners’ equity in the consolidated Statement of Financial Position. (b) R elated to the split-off of Synchrony Financial from GE in 2015 , where GE shares were exchanged for shares of Synchrony Financial; r elated to the Synchrony Financial IPO in 2014 . (c) Included $695 million related to the Alstom acquisition in 2015. (d) Included $155 million related to Arcam AB acquisition in our Aviation segment in 2016. (e) Included $(123) million for deconsolidation of investment funds managed by GE Asset Management (GEAM) upon the adoption of ASU 2015-2, Amendments to the Consol idation Analysis in 2016. See Note 1. (f) Includes research & development partner funding arrangements, acquisitions and eliminations. |
Redeemable noncontrolling interest | CHANGES TO REDEEMABLE NONCONTROLLING INTERESTS (In millions) 2016 2015 2014 Balance at January 1 $ 2,972 $ 98 $ 178 Net (loss) (244) (46) (71) Dividends (17) (11) (12) Redemption value adjustment 266 25 2 Other(a)(b) 49 2,906 1 Balance at December 31 $ 3,025 $ 2,972 $ 98 (a) I ncluded $2,875 million related to joint ventures formed by GE and Alstom as part of the Alstom acquisition in 2015 . (b) I ncluded $204 million related to the Concept Laser GmbH acquisition in our Aviation segment in 2016 . |
Other Stock-related Informati52
Other Stock-related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | (In thousands) 2016 2015 2014 Restricted stock units vested during the year ended 4,427 3,899 3,305 |
Schedule Of Other Share Based Compensation Activity [Table Text Block] | (In millions) 2016 2015 2014 Income tax benefit recognized in earnings $ 274 $ 148 $ 147 Excess of actual tax deductions over amounts assumed recognized in equity(a) - 167 86 (a) We adopted ASU 2016-09 in September 2016. The primary effects of adoption were the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital and the reclassification of cash flows related to excess tax benefits from a financing activity to an operating activity for the periods beginning January 1, 2016 . See Note 1 for further information. Aggregate intrinsic As of December 31, 2016, unless otherwise stated (in millions) value Stock options outstanding $ 3,984 Stock options exercised in 2016 723 Non-vested restricted stock units outstanding 564 Restricted stock units vested in 2016 137 |
Stock Option [Member] | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | (In millions, after tax) 2016 2015 2014 Compensation expense $ 207 $ 234 $ 215 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2016 2015 2014 Weighted-average grant-date fair value of stock options $ 3.61 $ 4.64 $ 5.26 Stock Option Valuation Assumptions: Risk-free interest rate 1.4 % 2.0 % 2.3 % Dividend yield 3.4 % 3.4 % 3.1 % Expected volatility 20.0 % 25.0 % 26.0 % Expected option life (in years) 6.5 6.8 7.3 Other pricing model inputs: Weighted-average grant-date market price of GE stock (strike price) $ 29.63 $ 25.79 $ 26.11 |
Schedule Of Share Based Compensation Stock Options Activity [Table Text Block] | As of December 31, 2016 unless, otherwise stated (in thousands, except per-share data) Stock options granted during 2016 30,948 Weighted-average strike price of awards granted in 2016 $ 29.63 Stock options outstanding 420,303 Weighted-average strike price of stock options outstanding $ 22.29 Stock options exercisable 301,952 Weighted-average strike price of stock options exercisable $ 20.73 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | 2016 2015 2014 Stock options exercised (in thousands) 56,973 65,764 30,433 Cash received from stock options exercised (in millions) $ 1,037 $ 1,098 $ 439 |
Restricted Stock [Member] | |
Schedule Of Share Based Compensation [Line Items] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | (In millions, after tax) 2016 2015 2014 Compensation expense(a) $ 90 $ 72 $ 56 (a) Included $11 million of compensation expense related to performance share units in 2016 . |
Schedule Of Fair Value Of Restricted Stock Award At The Grant Date [Table Text Block] | 2016 2015 2014 Weighted-average grant-date fair value of restricted stock awards $ 30.20 $ 26.74 $ 26.08 As of December 31, 2016, unless otherwise stated (in thousands, except per-share data) Restricted stock units granted during 2016 8,933 Non-vested restricted stock units outstanding 17,859 Weighted-average fair value at grant date of non-vested stock $ 27.72 |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Schedule of Other Income | (In millions) 2016 2015 2014 GE Purchases and sales of business interests(a) $ 3,701 $ 1,020 $ 188 Licensing and royalty income 175 168 288 Associated companies 76 45 176 Net interest and investment income(b) 167 65 (77) Other items(c) (27) 868 132 4,092 2,165 707 Eliminations (87) 62 71 Total $ 4,005 $ 2,227 $ 778 (a) Included a pre-tax gain of $ 3,136 million on the sale of our Appliances business and $ 398 million on the sale of GE Asset Management in 2016. Included a pre-tax gain of $ 623 million on the sale of our Signaling business in 2015. See Note 2. (b) Included other-than-temporary impairments on investment securities of $ (217) million in 2014. (c) In 2015, included a $ 450 million NBCU tax settlement and a $ 175 million break-up fee from Electrolux. Included net gains on ass et sales of $ 101 million, $ 90 million and $ 127 million in 2016 , 2015 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Calculation of earnings per share | 2016 2015 2014 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings (loss) from continuing operations for per-share calculation(a)(b) $ 9,759 $ 9,765 $ 1,680 $ 1,679 $ 9,523 $ 9,523 Preferred stock dividends declared (656) (656) (18) (18) - - Earnings (loss) from continuing operations attributable to common shareowners for per-share calculation(a)(b) $ 9,103 $ 9,109 $ 1,662 $ 1,661 $ 9,523 $ 9,523 Earnings (loss) from discontinued operations for per-share calculation(a)(b) (955) (950) (7,795) (7,795) 5,691 5,691 Net earnings (loss) attributable to GE common shareowners for per-share calculation(a)(b) $ 8,152 $ 8,158 $ (6,135) $ (6,135) $ 15,213 $ 15,212 Average equivalent shares Shares of GE common stock outstanding 9,025 9,025 9,944 9,944 10,045 10,045 Employee compensation-related shares (including stock options) and warrants 105 - 72 - 78 - Total average equivalent shares 9,130 9,025 10,016 9,944 10,123 10,045 Per-share amounts Earnings (loss) from continuing operations $ 1.00 $ 1.01 $ 0.17 $ 0.17 $ 0.94 $ 0.95 Earnings (loss) from discontinued operations (0.10) (0.11) (0.78) (0.78) 0.56 0.57 Net earnings (loss) 0.89 0.90 (0.61) (0.62) 1.50 1.51 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. A pplication of this treatment had an insignificant effect. Included a dilutive adjustment of an insignificant amount of dividend equivalents in each of the three years presented. Included in 2016 is a dilutive adjustment for the change in income f or forward purchase contracts that may be settled in stock. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities at fair value | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Netting (In millions) Level 1 (a) Level 2 (a) Level 3 adjustment (b) Net balance December 31, 2016 Assets Investment securities Debt U.S. corporate $ - $ 19,647 $ 3,399 $ - $ 23,046 State and municipal - 4,163 73 - 4,236 Mortgage and asset-backed - 2,852 9 - 2,861 Corporate – non-U.S. - 11,299 688 - 11,987 Government – non-U.S. - 1,262 - - 1,262 U.S. government and federal agency - 482 232 - 714 Equity 188 14 6 - 208 Derivatives(c) - 5,444 23 (5,121) 345 Total $ 188 $ 45,163 $ 4,429 $ (5,121) $ 44,658 Liabilities Derivatives $ - $ 4,880 $ 2 $ (4,449) $ 434 Other(e) - 1,143 - - 1,143 Total $ - $ 6,024 $ 2 $ (4,449) $ 1,577 December 31, 2015 Assets Investment securities Debt U.S. corporate $ - $ 19,351 $ 3,006 $ - $ 22,358 State and municipal - 4,215 30 - 4,245 Mortgage and asset-backed - 3,084 32 - 3,116 Corporate – non-U.S. 12 544 290 - 847 Government – non-U.S. 5 410 - - 415 U.S. government and federal agency 49 404 323 - 776 Equity 194 9 13 - 216 Derivatives(c) - 7,312 79 (6,110) 1,281 Other(d) - - 259 - 259 Total $ 260 $ 35,331 $ 4,033 $ (6,110) $ 33,512 Liabilities Derivatives $ - $ 5,677 $ 4 $ (4,968) $ 713 Other(e) - 1,182 - - 1,182 Total $ - $ 6,860 $ 4 $ (4,968) $ 1,895 (a) There were $ 12 million of Corporate – non-U.S. securities and $ 50 million of U.S. government and federal agency securities transferred from Level 1 to Level 2 in the twelve months ended December 31, 2016 primarily attributable to changes in valuation approach. There were no securities transferred between Level 1 and Level 2 in the year ended December 31, 2015 . ( b) The netting of derivative receivables and payables (including the effects of any collateral post ed or received) is permitted when a legally enforceable master netting agreement exists. (c ) The fair value of derivatives includes an adjustment for non-performance risk. At December 31, 2016 and December 31, 2015 , the cumulative adjustment for non-performance risk was $ (3) million and insignificant , respectively . See Note s 20 and 29 for additional information on the composition of our derivative portfolio. (d) Includes private equity investments. ( e ) Primarily represents the liabilit ies associated with cer tain of our deferred incentive compensation plans |
Changes in level 3 instruments | CHANGES IN LEVEL 3 INSTRUMENTS FOR THE YEARS ENDED DECEMBER 31 Net change in Net Net unrealized realized/ realized/ gains unrealized unrealized (losses) gains gains relating to (losses) (losses) Transfers Transfers instruments Balance at included in included into out of Balance at still held at (In millions) January 1 earnings(a) in AOCI Purchases Sales Settlements Level 3(b) Level 3(b) December 31 December 31(c) 2016 Investment securities Debt U.S. corporate $ 3,006 $ 9 $ 137 $ 468 $ (70) $ (155) $ 32 $ (29) $ 3,399 $ - State and municipal 30 - 1 43 - (1) - - 73 - Mortgage and asset-backed 32 (19) 1 - - (6) - - 9 - Corporate – non-U.S. 290 28 - 461 (82) (1) 2 (10) 688 - U.S. government and federal agency 323 - (90) - - (1) - - 232 - Equity 13 (7) 2 - (1) (2) - - 6 - Derivatives(d)(e) 88 (18) - 1 - (59) - 8 21 (21) Other 259 - - - - - - (259) - - Total $ 4,042 $ (7) $ 51 $ 974 $ (152) $ (226) $ 35 $ (290) $ 4,427 $ (21) 2015 Investment securities Debt U.S. corporate $ 3,053 $ 3 $ (165) $ 362 $ (80) $ (137) $ - $ (30) $ 3,006 $ - State and municipal 58 - (2) - - (9) - (17) 30 - Mortgage and asset-backed 146 (19) (9) - (32) (4) - (49) 32 - Corporate – non-U.S. 337 - (6) 9 (49) (1) - - 290 - Government – non-U.S. 2 - - - - - - (2) - - U.S. government and federal agency 266 - 58 - - (1) - - 323 - Equity 9 2 (5) - - (4) 10 - 13 - Derivatives(d)(e) 29 25 - - - (6) 40 - 88 22 Other 277 8 - - (26) - - - 259 5 Total $ 4,175 $ 19 $ (128) $ 370 $ (187) $ (161) $ 51 $ (98) $ 4,042 $ 27 Earnings effects are primarily included in the “ GE Capital revenues from services” and “Interest and other financial charges” captions in the Statement of Earnings. Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 for the twelve months ended December 31, 2016 were primarily a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis . See Note 1. Represents the amount of unrealized gains or losses for the period included in earnings. R epresents derivative assets net of derivative liabilities and includes cash accruals of none and $ 13 million not reflected in the fair value hierarchy table for the twelve months ended December 31, 2016 and 2015 , respectively. Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Notes 20 and 29 . |
Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis | Remeasured during the years ended December 31 2016 2015 (In millions) Level 2 Level 3 Level 2 Level 3 Financing receivables and financing receivables held for sale $ - $ 30 $ - $ 154 Cost and equity method investments - 103 1 436 Long-lived assets 17 1,055 2 882 Total $ 17 $ 1,189 $ 3 $ 1,471 |
Fair value adjustments to assets measured on a non-recurring basis | December 31 (In millions) 2016 2015 Financing receivables and financing receivables held for sale $ (14) $ (69) Cost and equity method investments (44) (506) Long-lived assets (196) (1,603) Total $ (254) $ (2,177) |
Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block] | LEVEL 3 MEASUREMENTS - SIGNIFICANT UNOBSERVABLE INPUTS Range (Dollars in millions) Fair value Valuation technique Unobservable inputs (weighted-average) December 31, 2016 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 809 Income approach Discount rate(a) 1.4%-17.4% (8.1%) State and municipal 20 Income approach Discount rate(a) 3.7%-3.7% (3.7%) Mortgage and asset-backed 1 Income approach Discount rate(a) 2.7%-6.9% (4.3%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 30 Income approach Discount rate(a) 2.5%-30.0% (20.3%) Cost and equity method investments 94 Income approach Discount rate(a) 9.0%-30.0% (11.8%) Long-lived assets 683 Income approach Discount rate(a) 2.5%-20.0% (10.4%) December 31, 2015 Recurring fair value measurements Investment securities – Debt U.S. corporate $ 834 Income approach Discount rate(a) 1.7%-14.1% (8.6%) Mortgage and asset-backed 31 Income approach Discount rate(a) 5.0%-12.0% (10.5%) Corporate – non-U.S. 236 Income approach Discount rate(a) 6.5%-14.0% (7.5%) Other financial assets 259 Income approach, EBITDA multiple 6.1X-15.0X (9.9X) Market comparables Capitalization rate 7.8%-7.8% (7.8%) Non-recurring fair value measurements Financing receivables and financing receivables held for sale $ 146 Income approach Discount rate(a) 6.5%-30.0% (10.7%) Cost and equity method investments 293 Income approach Discount rate(a) 9.5%-35.0% (14.4%) Long-lived assets 830 Income approach Discount rate(a) 1.8%-11.7% (10.5%) (a) Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2016 | |
Summary Of Derivative Instruments [Abstract] | ||
Estimated fair value of assets and liabilities | 2016 2015 Carrying Carrying amount Estimated amount Estimated December 31 (In millions) (net) fair value (net) fair value GE Assets Investments and notes receivable $ 1,526 $ 1,595 $ 1,104 $ 1,174 Liabilities Borrowings(a)(b) 19,184 19,923 18,397 18,954 Borrowings (debt assumed)(a)(c) 60,109 66,998 84,704 92,231 GE Capital Assets Loans 21,060 20,830 20,061 19,774 Time deposits(d) - - 10,386 10,386 Other commercial mortgages 1,410 1,472 1,381 1,447 Loans held for sale 473 473 342 342 Other financial instruments(e) 121 150 94 110 Liabilities Borrowings(a)(f)(g)(h) 58,523 62,024 95,474 99,396 Investment contracts 2,813 3,277 2,955 3,441 (a) See Note 10 . (b) Included $ 115 million and $ 116 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (c) Included $ 803 million and $ 1,006 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (d) Balances at December 31, 2015 comprised high quality interest bearing deposits with European branches of global banks, predominantly in the U.K., that matured in April 2016. (e) Principally comprises cost method investments. (f) Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at December 31, 2016 and December 31, 2015 would have bee n reduced by $ 2,397 million and $ 3,001 million, respectively. (g) Included $ 775 million and $ 1,103 million of accrued interest in estimated fair value at December 31, 2016 and December 31, 2015 , respectively. (h) Excluded $ 58,780 million and $ 84,704 million of intercompany payable to GE at December 31, 2016 and December 31, 2015 respectively, which includes a reduction in the short-term intercompany payable to GE for a $(1,329) million loan to GE, which bears the right of offset agai nst amounts owed under the assumed debt agreement. | |
Loan commitments | NOTIONAL AMOUNTS OF LOAN COMMITMENTS December 31 (In millions) 2016 2015 Ordinary course of business lending commitments(a) $ 687 $ 531 Unused revolving credit lines 238 279 (a) Excluded investment commitments of $ 522 million and $ 782 million at December 31, 2016 and December 31, 2015 , respectively. | |
Financial statements effects of cash flow hedges | FINANCIAL STATEMENT EFFECTS - CASH FLOW HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ (274) $ (911) Shareowners' equity (increase) decrease 274 913 Earnings (loss) related to ineffectiveness 1 2 Earnings (loss) effect of derivatives(a) (364) (918) (a) Offsets earnings effect of the hedged forecasted transaction Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay fixed rate/receive floating rate Fair value increases Fair value decreases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases | |
Financial statements effects of fair value hedges | FINANCIAL STATEMENT EFFECTS - FAIR VALUE HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivative increase (decrease) $ 170 $ (151) Adjustment to carrying amount of hedged debt (increase) decrease (433) 75 Earnings (loss) related to hedge ineffectiveness (263) (75) Interest rate forwards/swaps Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases | |
Financial statements effects of net investment hedges | FINANCIAL STATEMENT EFFECTS - NET INVESTMENT HEDGES (In millions) 2016 2015 Balance sheet changes Fair value of derivatives increase (decrease) $ 639 $ 4,871 Fair value of non-derivatives (increase) decrease 1,819 (849) Shareowners' equity (increase) decrease (2,376) (4,131) Earnings (loss) related to spot-forward differences 82 (109) Earnings (loss) related to reclassification upon sale or liquidation(a) (528) 4,547 (a) Included $ (529) million and $ 4,549 million recorded in discontinued operations in the twelve months ended December 31, 2016 and 2015 , respectively . Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases | |
Financial statements effects of economic hedges | (a) Offset by the future earnings effects of economic ally hedge d item . | FINANCIAL STATEMENT EFFECTS - ECONOMIC HEDGES (In millions) 2016 2015 Balance sheet changes Change in fair value of economic hedge increase (decrease) $ (2,456) $ (2,720) Change in carrying amount of item being hedged increase (decrease) 2,107 2,543 Earnings (loss) effect of economic hedges(a) (348) (177) Interest rate forwards/swaps interest rate Interest rate increases Interest rate decreases Pay floating rate/receive fixed rate Fair value decreases Fair value increases Currency forwards/swaps U.S. dollar strengthens U.S. dollar weakens Pay U.S. dollars/receive foreign currency Fair value decreases Fair value increases Receive U.S. dollars/pay foreign currency Fair value increases Fair value decreases Commodity derivatives Price increases Price decreases Receive commodity/ pay fixed price Fair value increases Fair value decreases |
Carry amounts related to derivatives | CARRYING AMOUNTS RELATED TO DERIVATIVES December 31 (In millions) 2016 2015 Derivative assets $ 5,467 $ 7,391 Derivative liabilities (4,883) (5,681) Accrued interest 792 1,014 Cash collateral & credit valuation adjustment (672) (1,141) Net Derivatives 703 1,583 Securities held as collateral (442) (1,277) Net amount $ 262 $ 306 | |
Effects of derivatives on earnings | (In millions) Effect on hedging instrument Effect on underlying Effect on earnings 2016 Cash flow hedges $ (274) $ 274 $ 1 Fair value hedges 170 (433) (263) Net investment hedges(a) 2,458 (2,376) 82 Economic hedges(b) (2,456) 2,107 (348) Total $ (528) 2015 Cash flow hedges $ (911) $ 913 $ 2 Fair value hedges (151) 75 (75) Net investment hedges(a) 4,022 (4,131) (109) Economic hedges(b) (2,720) 2,543 (177) Total $ (359) (a) Both derivatives and non-derivatives hedging instruments are included. (b) Net effect is substantially offset by the change in fair value of the hedged item that will affect earnings in future periods. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Schedule of VIE | ASSETS AND LIABILITIES OF CONSOLIDATED VIEs GE Capital Current Customer (In millions) GE receivables(a) Notes receivables(b) Other Total December 31, 2016 Assets Financing receivables, net $ - $ - $ - $ 1,035 $ 1,035 Current receivables 57 - 670 - 727 Investment securities - - - 982 982 Other assets 492 (c) - 1,122 1,747 3,361 Total $ 549 $ - $ 1,792 $ 3,764 $ 6,105 Liabilities Borrowings $ 1 $ - $ - $ 818 $ 819 Non-recourse borrowings - - 401 16 417 Other liabilities 457 (c) - 1,378 1,482 3,317 Total $ 458 $ - $ 1,779 $ 2,316 $ 4,553 December 31, 2015 Assets Financing receivables, net $ - $ - $ - $ 882 $ 882 Current receivables 385 3,506 - - 3,891 Investment securities - - - 1,404 1,404 Other assets 2,482 24 - 1,068 3,574 Total $ 2,867 $ 3,530 $ - $ 3,354 $ 9,751 Liabilities Borrowings $ 221 $ - $ - $ 960 $ 1,181 Non-recourse borrowings - 3,022 - 61 3,083 Other liabilities 2,289 34 - 1,234 3,557 Total $ 2,510 $ 3,056 $ - $ 2,255 $ 7,821 (a) In the second quarter of 2016, we completed the sale of our Appliances business to Haier and sold all of the Appliances current receivables purchased by the securitization trust to Haier for $773 million. At December 31, 2015, the current receivables securitization included $737 million of current receivables purchased from Appliances. In the fourth quarter of 2016, we completed the restructure of our Receivabl es Facility described in Note 22. The restructured facility does not use a conso lidated VIE. (b) In the first quarter of 2016, two funding vehicles were established to purchase customer notes receivable from GE, one of which is partially funded by third-party debt. (c) In the first quarter of 2016, we purchased the minority interest in an Oil & Gas joint venture and as a result the entity is no longer a VIE. Consolidated VIE assets and liabilities were reduced by $1,240 million and $1,284 million, respectively. |
Commitments, Guarantees, Prod58
Commitments, Guarantees, Product Warranties and Other Loss Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments, Guarantees and Product Warranties [Abstract] | |
Schedule Of Product Warranty Liability [Table Text Block] | (In millions) 2016 2015 2014 Balance at January 1 $ 1,723 $ 1,199 $ 1,370 Current-year provisions 791 649 593 Expenditures (729) (718) (714) Other changes(a) 135 593 (50) Balance at December 31 $ 1,920 $ 1,723 $ 1,199 (a ) I ncluded $634 million related to Alstom acquisition in 2015 . |
Rollfoward of WMC's reserve and pending claims for WMC representation and warranty obligations | ROLLFORWARD OF THE RESERVE (In millions) 2016 2015 Balance at January 1 $ 875 $ 809 Provision 91 212 Claim resolutions / rescissions (340) (146) Balance at December 31 $ 626 $ 875 FINANCIAL INFORMATION FOR WMC (In millions) 2016 2015 2014 Total revenues and other income (loss) $ (8) $ (184) $ (291) Earnings (loss) from discontinued operations, net of taxes $ (52) $ (146) $ (199) |
Intercompany Transactions (Tabl
Intercompany Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intercompany Transactions [Abstract] | |
Intercompany Transactions | (In millions) 2016 2015 2014 Cash from (used for) operating activities-continuing operations Combined $ 28,408 $ 17,891 $ 21,434 GE current receivables sold to GE Capital 697 (856) (1,882) GE Capital dividends to GE (20,095) (4,300) (3,000) Other reclassifications and eliminations(a) (2,911) (879) (519) Total cash from (used for) operating activities-continuing operations $ 6,099 $ 11,856 $ 16,033 Cash from (used for) investing activities-continuing operations Combined $ 58,134 $ 59,516 $ 17,252 GE current receivables sold to GE Capital (230) 1,261 1,730 GE Capital short-term loan to GE 1,329 - - Other reclassifications and eliminations(a) 3,380 836 247 Total cash from (used for) investing activities-continuing operations $ 62,613 $ 61,613 $ 19,229 Cash from (used for) financing activities-continuing operations Combined $ (107,750) $ (73,484) $ (44,340) GE current receivables sold to GE Capital (467) (405) 152 GE Capital dividends to GE 20,095 4,300 3,000 GE Capital short-term loan to GE (1,329) - - Other reclassifications and eliminations(a) (469) 42 276 Total cash from (used for) financing activities-continuing operations $ (89,920) $ (69,547) $ (40,912) (a) Includes eliminations of other cash flows activities including those related to GE Capital enabled GE industrial orders, various investments, loans and allocations of GE corporate overhead costs. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Segments Reconciliation [Abstract] | |
Operating segments reconciliation | SUMMARY OF OPERATING SEGMENTS General Electric Company and consolidated affiliates (In millions) 2016 2015 2014 2013 2012 Revenues Power $ 26,827 $ 21,490 $ 20,580 $ 19,315 $ 20,364 Renewable Energy 9,033 6,273 6,399 4,824 7,373 Oil & Gas 12,898 16,450 19,085 17,341 15,539 Aviation 26,261 24,660 23,990 21,911 19,994 Healthcare 18,291 17,639 18,299 18,200 18,290 Transportation 4,713 5,933 5,650 5,885 5,608 Energy Connections & Lighting 15,133 16,351 15,724 15,907 15,379 Total industrial segment revenues 113,156 108,796 109,727 103,383 102,548 Capital 10,905 10,801 11,320 11,267 11,268 Total segment revenues 124,061 119,597 121,047 114,650 113,816 Corporate items and eliminations (368) (2,211) (3,863) (1,405) (1,228) Consolidated revenues $ 123,693 $ 117,386 $ 117,184 $ 113,245 $ 112,588 Segment profit Power $ 4,979 $ 4,502 $ 4,486 $ 4,328 $ 4,368 Renewable Energy 576 431 694 485 914 Oil & Gas 1,392 2,427 2,758 2,357 2,064 Aviation 6,115 5,507 4,973 4,345 3,747 Healthcare 3,161 2,882 3,047 3,048 2,920 Transportation 1,064 1,273 1,130 1,166 1,031 Energy Connections & Lighting 311 944 677 491 442 Total industrial segment profit 17,598 17,966 17,764 16,220 15,487 Capital (1,251) (7,983) 1,209 401 1,245 Total segment profit 16,347 9,983 18,973 16,621 16,731 Corporate items and eliminations (4,226) (5,108) (6,225) (6,002) (4,719) GE interest and other financial charges (2,026) (1,706) (1,579) (1,333) (1,353) GE provision for income taxes (967) (1,506) (1,634) (1,667) (2,013) Earnings from continuing operations attributable to GE common shareowners 9,128 1,663 9,535 7,618 8,646 Earnings (loss) from discontinued operations, net of taxes (954) (7,495) 5,855 5,475 5,047 Less net earnings (loss) attributable to noncontrolling interests, discontinued operations (1) 312 157 36 53 Earnings (loss) from discontinued operations, net of taxes and noncontrolling interests (952) (7,807) 5,698 5,439 4,995 Consolidated net earnings (loss) attributable to GE common shareowners $ 8,176 $ (6,145) $ 15,233 $ 13,057 $ 13,641 REVENUES Total revenues(a) Intersegment revenues(b) External revenues (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Power $ 26,827 $ 21,490 $ 20,580 $ 640 $ 762 $ 778 $ 26,187 $ 20,728 $ 19,802 Renewable Energy 9,033 6,273 6,399 11 12 14 9,022 6,261 6,386 Oil & Gas 12,898 16,450 19,085 383 387 402 12,515 16,063 18,683 Aviation 26,261 24,660 23,990 730 418 692 25,530 24,242 23,298 Healthcare 18,291 17,639 18,299 15 7 6 18,276 17,633 18,293 Transportation 4,713 5,933 5,650 1 1 (2) 4,713 5,932 5,652 Energy Connections & Lighting 15,133 16,351 15,724 1,059 1,021 912 14,074 15,329 14,812 Total industrial 113,156 108,796 109,727 2,839 2,608 2,801 110,316 106,188 106,926 Capital 10,905 10,801 11,320 1,288 1,151 1,037 9,617 9,650 10,283 Corporate items and eliminations (368) (2,211) (3,863) (4,127) (3,759) (3,838) 3,760 1,548 (25) Total $ 123,693 $ 117,386 $ 117,184 $ - $ - $ - $ 123,693 $ 117,386 $ 117,184 (a) Revenues of GE businesses include income from sales of goods and services to customers and other income. (b) Sales from one component to another generally are priced at equivalent commercial selling prices. |
Disclosure Operating Segment Assets | Property, plant and Assets(a) equipment additions(b) Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 (In millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Power $ 55,474 $ 51,908 $ 26,698 $ 769 $ 2,122 $ 578 $ 1,130 $ 712 $ 563 Renewable Energy 8,794 9,468 3,572 166 999 41 37 116 113 Oil & Gas 24,615 26,126 27,329 284 422 656 529 596 585 Aviation 38,899 34,524 33,716 1,328 1,260 1,197 900 855 824 Healthcare 28,639 28,162 29,227 432 284 405 785 799 843 Transportation 4,288 4,368 4,449 108 202 128 159 179 169 Energy Connections & Lighting 17,858 21,587 15,536 354 1,348 535 441 426 548 Capital(c) 187,804 316,069 502,204 3,769 7,570 3,818 2,515 2,584 2,612 Corporate items and eliminations(d) (1,187) 858 11,201 94 (297) (111) 341 231 164 Total $ 365,183 $ 493,071 $ 653,931 $ 7,305 $ 13,911 $ 7,247 $ 6,836 $ 6,499 $ 6,421 Total assets of Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Energy Connections & Lighting and Capital operating segments at December 31, 2016, include investmen ts in and advances to associated companies of $405 million, $9 million, $88 million, $1,779 million, $366 million, $6 million, $752 million and $7,673 million, respectively. Investments in and advances to associated companies contributed approximately $(17) million, $(4) million, $4 million, $75 million, $19 million, $46 million and $363 million to segment pre-tax income of Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Energy Connections & Lighting and Capital operating segments, respectively, and Transportation an insignificant amount, for the year ended D ecember 31, 2016. Additions to property, plant and equipment include amounts relating to principal businesses purchased. Includes Capital discontinued operations Includes deferred income taxes that are presented as assets for purposes of our consolidating balance sheet presentation. |
Disclosure Operating Segment Interest And Financial Charges and Provision for Income Taxes | Interest and other financial charges Provision (benefit) for income taxes (In millions) 2016 2015 2014 2016 2015 2014 Capital $ 3,790 $ 2,301 $ 1,638 $ (1,431) $ 4,979 $ (861) Corporate items and eliminations(a) 1,234 1,162 1,085 967 1,506 1,634 Total $ 5,025 $ 3,463 $ 2,723 $ (464) $ 6,485 $ 773 (a) Included amounts for Power, Renewable Energy, Oil & Gas, Aviati on, Healthcare, Transportation and Energy Connections & Lighting, for which our measure of segment profit excludes interest and other financial charges and income taxes. |
Cash Flows Information (Tables)
Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flows Information [Abstract] | |
Cash Flows Information | For the years ended December 31 (In millions) 2016 2015 2014 GE All other operating activities (Gains) losses on purchases and sales of business interests(a) $ (3,701) $ (1,020) $ (188) Contract assets (net)(b) (3,929) (1,919) (1,572) Income taxes(c) (2,752) 1,671 773 Interest charges 275 380 332 Principal pension plans(d) 3,071 4,265 3,368 Other (402) (1,294) 260 $ (7,438) $ 2,083 $ 2,973 Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program(e) $ (22,581) $ (2,709) $ (2,211) Other purchases (399) (58) (49) Dispositions 1,550 1,668 1,042 $ (21,429) $ (1,099) $ (1,218) GE Capital All other operating activities Cash collateral on derivative contracts (428) (1,936) 738 Increase (decrease) in other liabilities (2,616) 4,860 (3,331) Other (10) 2,163 5,073 $ (3,054) $ 5,087 $ 2,480 Net decrease (increase) in GE Capital financing receivables Increase in loans to customers $ (65,055) $ (65,306) $ (64,843) Principal collections from customers - loans 60,375 60,292 60,764 Investment in equipment for financing leases (690) (417) (535) Principal collections from customers - financing leases 856 734 841 Sales of financing receivables 3,235 4,923 3,612 $ (1,279) $ 226 $ (161) All other investing activities Purchases of investment securities $ (18,588) $ (7,790) $ (2,008) Dispositions and maturities of investment securities 7,343 9,587 2,723 Decrease (increase) in other assets - investments 9,202 (1,439) (287) Other(f) 3,682 (5,048) 24,146 $ 1,639 $ (4,690) $ 24,574 Repayments and other reductions (maturities longer than 90 days) Short-term (91 to 365 days) $ (44,519) $ (42,110) $ (36,919) Long-term (longer than one year) (13,418) (2,455) (864) Principal payments - non-recourse, leveraged leases (348) (283) (304) $ (58,285) $ (44,848) $ (38,087) All other financing activities Proceeds from sales of investment contracts $ 19 $ 163 $ 322 Redemption of investment contracts (346) (1,235) (1,113) Other (800) (290) 112 $ (1,127) $ (1,362) $ (679) (a) Included pre-tax gains on sales of businesses reclassified to Proceeds from principal business dispositions within Cash flows from investing activities of $(3,136) million for Appliances and $(398) million f or GE Asset Management in 2016 and $(623) million for Signaling in 2015. See Note 17. (b) Contract assets are prese nted net of related billings in excess of revenues on our long-term product service agreements . See Note 9. (c) Reflected the effects of current tax expense (benefit) of $(140) milli on, $3,307 million and $2,110 million and net cash paid during the year for income taxes of $(2,612) million, $(1,636) million and $(1,337) million for the years ended December 31, 2016, 2015 and 2014, respectively. Cash flows effects of deferred tax provi sions (benefits) are shown separately within cash flows from operating activities. See Note 14. (d) Reflected the effects of pension costs of $3,623 million, $4,498 million and $3,604 million and employer contributions of $(552) million, $(233) million and $(236) million for the years ended December 31, 2016, 2015 and 2014, respectively. 2016 employer contributions included GE Pension Trust funding of $(330) million representing net sale proceeds associated with the sale of GE Asset Management. See Notes 2 and 12. (e) Included $(11,370) million paid under ASR agreements in 2016. (f ) Other primarily included net activity related to settlements between our continuing operations (primarily our treasury operations) and businesses in discontinued operations. |
Cost Information (Tables)
Cost Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cost Information [Abstract] | |
Consolidated Other Cost and Expenses [Table Text Block] | RESEARCH & DEVELOPMENT We conduct research and development (R&D) activities to continually enhance our existing products and services, develop new product and services to meet our customers’ changing needs and requirements, and address new market opportunities. Research and development expenses are classified in cos t of goods and services sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, is recorded as an offset to such costs. We also enter into research and development arrangements with unrelated investors, which are generally formed through partnerships and consolidated within GE’s financial statements. Research and development funded through consolidated partnerships is classified within net earnings/loss attributable to noncontrolling interests. (In millions) 2016 2015 2014 Total R&D $ 5,466 $ 5,278 $ 5,273 Less customer funded R&D (principally the U.S. Government) (611) (803) (721) Less partner funded R&D (73) (226) (319) GE funded R&D $ 4,782 $ 4,249 $ 4,233 Of t otal Research and Development, the segments with the most significant expenditures for the years ended December 31, 2016, 2015 and 2014 were: Aviation $1,595 million, $1,893 million and $1,965 million, respectively; Healthcare $938 million, $905 million, and $817 million, respectively; and Power $695 million, $721 million and $641 million, respectively. The remaining segments and Corporate , including Global Research Center , had combined expenditures of $ 2,238 million, $ 1,759 million and $1,850 million, for the years ended December 31, 2016, 2015 and 2014 , respectively. COLLABORATIVE ARRANGEMENTS Our businesses enter into collaborative arrangements primarily with manufacturers and suppliers of components used to build and maintain certain engines, under which GE and these participants share in the risks and rewards of these product programs. GE’s payments to participants are recorded as cost of services sold ($ 1,080 million, $ 788 million and $ 873 milli on for the years 2016 , 2015 and 2014 , respectively) or as cost of goods sold ($ 2,482 million, $ 2,736 million and $ 2,660 million for the years 2016 , 2015 and 2014 , respectively). RENTAL EXPE NSE Rental expense under operating leases is shown below . (In millions) 2016 2015 2014 GE $ 1,528 $ 1,258 $ 1,356 GE Capital 91 107 123 1,619 1,365 1,479 Eliminations (126) (169) (223) Total $ 1,493 $ 1,196 $ 1,256 At December 31, 2016 , minimum rental commitments under noncancellable operating leases aggregated $ 5,172 million and $ 302 million for GE and GE Capital , respectively. Amounts payable over the next five years follow. (In millions) 2017 2018 2019 2020 2021 GE $ 942 $ 854 $ 742 $ 640 $ 537 GE Capital 27 23 22 21 20 969 877 763 661 557 Eliminations (171) (155) (143) (138) (130) Total $ 798 $ 722 $ 621 $ 524 $ 427 |
Guarantor Financial Informati63
Guarantor Financial Information (Tables) - Guarantor | 12 Months Ended |
Dec. 31, 2016 | |
Guarantee Obligations [Line Items] | |
Schedule Of Condensed Income Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 40,315 $ - $ - $ 152,047 $ (81,971) $ 110,391 Other income 10,949 - - 63,363 (70,308) 4,005 Equity in earnings (loss) of affiliates 1,397 - 1,542 116,897 (119,836) - GE Capital revenues from services - 897 1,419 12,994 (6,012) 9,297 Total revenues and other income 52,661 897 2,961 345,301 (278,127) 123,693 Costs and expenses Interest and other financial charges 3,505 831 2,567 5,429 (7,308) 5,025 Investment contracts, insurance losses and insurance annuity benefits - - - 2,863 (67) 2,797 Other costs and expenses 41,972 - 143 165,382 (100,656) 106,842 Total costs and expenses 45,478 831 2,711 173,674 (108,030) 114,663 Earnings (loss) from continuing operations before income taxes 7,183 66 250 171,627 (170,097) 9,030 Benefit (provision) for income taxes 2,539 (10) (105) (1,911) (49) 464 Earnings (loss) from continuing operations 9,723 56 145 169,717 (170,146) 9,494 Earnings (loss) from discontinued operations, net of taxes (891) - (1,927) 351 1,514 (954) Net earnings (loss) 8,831 56 (1,782) 170,067 (168,632) 8,540 Less net earnings (loss) attributable to noncontrolling interests - - - (149) (142) (291) Net earnings (loss) attributable to the Company 8,831 56 (1,782) 170,216 (168,490) 8,831 Other comprehensive income (2,069) (12) 1,126 (3,393) 2,279 (2,069) Comprehensive income (loss) attributable to the Company $ 6,762 $ 44 $ (657) $ 166,823 $ (166,211) $ 6,762 CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 43,945 $ - $ - $ 139,158 $ (77,294) $ 105,809 Other income 2,725 - - 31,146 (31,644) 2,227 Equity in earnings (loss) of affiliates 1,815 - 437 389,796 (392,048) - GE Capital revenues from services - 250 (460) 36,909 (27,349) 9,350 Total revenues and other income 48,485 250 (23) 597,009 (528,335) 117,386 4 Costs and expenses Interest and other financial charges 3,127 232 284 9,037 (9,216) 3,463 Investment contracts, insurance losses and insurance annuity benefits - - - 2,748 (143) 2,605 Other costs and expenses 45,308 - 3 160,472 (102,651) 103,132 Total costs and expenses 48,435 232 287 172,257 (112,011) 109,200 Earnings (loss) from continuing operations before income taxes 50 18 (310) 424,752 (416,324) 8,186 Benefit (provision) for income taxes 1,314 (2) (9) (11,426) 3,639 (6,485) Earnings (loss) from continuing operations 1,364 15 (319) 413,326 (412,686) 1,700 Earnings (loss) from discontinued operations, net of taxes (7,490) - 483 (738) 250 (7,495) Net earnings (loss) (6,126) 15 164 412,588 (412,436) (5,795) Less net earnings (loss) attributable to noncontrolling interests - - - 249 82 332 Net earnings (loss) attributable to the Company (6,126) 15 164 412,339 (412,518) (6,126) Other comprehensive income (loss) 1,644 12 1,377 (4,843) 3,454 1,644 Comprehensive income (loss) attributable to the Company $ (4,483) $ 27 $ 1,542 $ 407,496 $ (409,065) $ (4,483) CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE YEAR ENDED DECEMBER 31, 2014 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (in millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Revenues and other income Sales of goods and services $ 44,511 $ - $ - $ 137,034 $ (74,786) $ 106,758 Other income 1,722 - - 22,416 (23,360) 778 Equity in earnings (loss) of affiliates 10,510 - - 53,841 (64,351) - GE Capital revenues from services - - - 50,749 (41,101) 9,648 Total revenues and other income 56,743 - - 264,040 (203,598) 117,184 Costs and expenses Interest and other financial charges 3,014 - - 11,395 (11,686) 2,723 Investment contracts, insurance losses and insurance annuity benefits - - - 2,678 (148) 2,530 Other costs and expenses 46,128 - - 155,133 (99,593) 101,668 Total costs and expenses 49,142 - - 169,206 (111,427) 106,921 Earnings (loss) from continuing operations before income taxes 7,601 - - 94,833 (92,171) 10,263 Benefit (provision) for income taxes 1,777 - - (4,181) 1,631 (773) Earnings (loss) from continuing operations 9,378 - - 90,652 (90,540) 9,490 Earnings (loss) from discontinued operations, net of taxes 5,855 - - (27) 27 5,855 Net earnings (loss) 15,233 - - 90,625 (90,513) 15,345 Less net earnings (loss) attributable to noncontrolling interests - - - 2,893 (2,781) 112 Net earnings (loss) attributable to the Company 15,233 - - 87,733 (87,733) 15,233 Other comprehensive income (loss) (9,053) - - (2,787) 2,787 (9,053) Comprehensive income (loss) attributable to the Company $ 6,180 $ - $ - $ 84,946 $ (84,946) $ 6,180 |
Schedule Of Condensed Balance Sheet [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 2,558 $ - $ 3 $ 46,994 $ (1,426) $ 48,129 Investment securities 1 - - 47,394 (3,082) 44,313 Receivables - net 63,620 17,157 30,470 79,401 (148,385) 42,263 Inventories 4,654 - - 21,076 (3,377) 22,354 Property, plant and equipment - net 5,768 - - 46,366 (1,615) 50,518 Investment in subsidiaries(a) 272,685 - 80,481 492,674 (845,840) - Goodwill and intangible assets 8,128 - - 42,074 36,673 86,875 All other assets 14,692 44 39 201,276 (160,134) 55,917 Assets of discontinued operations - - - - 14,815 14,815 Total assets $ 372,107 $ 17,202 $ 110,992 $ 977,255 $ (1,112,372) $ 365,183 Liabilities and equity Short-term borrowings $ 167,089 $ 1 $ 46,432 $ 25,919 $ (208,727) $ 30,714 Accounts payable 5,412 - - 47,366 (38,343) 14,435 Other current liabilities 11,072 33 117 25,095 114 36,431 Long-term and non-recourse borrowings 68,983 16,486 34,389 68,912 (83,273) 105,496 All other liabilities 43,722 511 481 58,376 (9,656) 93,434 Liabilities of discontinued operations - - - - 4,158 4,158 Total Liabilities 296,279 17,030 81,419 225,667 (335,727) 284,668 Redeemable noncontrolling interests - - - 2,223 802 3,025 GE shareowners' equity 75,828 171 29,573 747,719 (777,463) 75,828 Noncontrolling interests - - - 1,647 16 1,663 Total equity 75,828 171 29,573 749,366 (777,447) 77,491 Total liabilities, redeemable noncontrolling interests and equity $ 372,107 $ 17,202 $ 110,992 $ 977,255 $ (1,112,372) $ 365,183 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and c ash equivalent balances of $28.5 billion and net assets of discontinued operations of $6.0 billion. CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries Adjustments Consolidated Assets Cash and equivalents $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 Investment securities 14 - - 40,886 (8,927) 31,973 Receivables - net 88,696 33,232 69,306 75,909 (221,286) 45,856 Inventories 5,447 - - 19,762 (2,694) 22,515 Property, plant and equipment - net 6,540 - - 56,808 (9,253) 54,095 Investment in subsidiaries(a) 274,471 - 78,505 405,686 (758,662) - Goodwill and intangible assets 7,793 - - 61,412 14,118 83,323 All other assets 15,732 11 915 247,611 (200,392) 63,876 Assets of discontinued operations - - - - 120,951 120,951 Total assets $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 Liabilities and equity Short-term borrowings $ 145,051 $ 16,204 $ 71,862 $ 60,601 $ (243,858) $ 49,860 Accounts payable 6,096 - - 37,636 (30,052) 13,680 Other current liabilities 14,482 - 17 34,903 (7,861) 41,540 Long-term and non-recourse borrowings 97,471 16,423 46,392 105,801 (118,345) 147,742 All other liabilities 41,455 488 224 57,996 (9,513) 90,651 Liabilities of discontinued operations - - - - 46,487 46,487 Total Liabilities 304,555 33,115 118,495 296,937 (363,141) 389,961 Redeemable noncontrolling interests - - - 2,888 84 2,972 GE shareowners' equity 98,274 127 30,230 693,589 (723,946) 98,274 Noncontrolling interests - - - 1,616 248 1,864 Total equity 98,274 127 30,230 695,204 (723,697) 100,138 Total liabilities, redeemable noncontrolling interests and equity $ 402,828 $ 33,242 $ 148,725 $ 995,029 $ (1,086,754) $ 493,071 (a) Included within the subsidiaries of the Subsidiary Guarantor are cash and cash equivalent balances of $40.1 billion and net assets of discontinued operations of $58.6 billion. |
Schedule Of Condensed Cash Flow Statement [Table Text Block] | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2016 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (4,966) $ (10) $ (52) $ 162,918 $ (151,791) $ 6,099 Cash from (used for) operating activities - discontinued operations (891) - - (5,039) (413) (6,343) Cash from (used for) operating activities (5,858) (10) (52) 157,880 (152,204) (244) Cash flows – investing activities Cash from (used for) investing activities – continuing operations 14,158 16,384 35,443 72,205 (75,577) 62,613 Cash from (used for) investing activities – discontinued operations - - - (13,412) - (13,412) Cash from (used for) investing activities 14,158 16,384 35,443 58,794 (75,577) 49,202 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (9,879) (16,374) (35,388) (275,243) 246,964 (89,920) Cash from (used for) financing activities – discontinued operations - - - 789 - 789 Cash from (used for) financing activities (9,879) (16,374) (35,388) (274,454) 246,964 (89,131) Effect of currency exchange rate changes on cash and equivalents - - - (1,146) - (1,146) Increase (decrease) in cash and equivalents (1,578) - 3 (58,927) 19,183 (41,319) Cash and equivalents at beginning of year 4,137 - - 107,351 (20,609) 90,879 Cash and equivalents at end of year 2,558 - 3 48,423 (1,426) 49,558 Less cash and equivalents of discontinued operations at end of year - - - 1,429 - 1,429 Cash and equivalents of continuing operations at end of year $ 2,558 $ - $ 3 $ 46,994 $ (1,426) $ 48,129 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ 13,587 $ 68 $ 631 $ 433,479 $ (435,909) $ 11,856 Cash from (used for) operating activities - discontinued operations (7,490) - (30) 27,533 (11,979) 8,034 Cash from (used for) operating activities 6,097 68 601 461,013 (447,888) 19,891 Cash flows – investing activities Cash from (used for) investing activities – continuing operations 7,106 (248) (601) (493,933) 549,289 61,613 Cash from (used for) investing activities – discontinued operations - - - 5,854 (7,979) (2,125) Cash from (used for) investing activities 7,106 (248) (601) (488,079) 541,310 59,488 Cash flows – financing activities Cash from (used for) financing activities – continuing operations (13,886) 180 - 67,063 (122,904) (69,547) Cash from (used for) financing activities – discontinued operations - - - (37,582) 31,075 (6,507) Cash from (used for) financing activities (13,886) 180 - 29,481 (91,829) (76,054) Effect of currency exchange rate changes on cash and equivalents - - - (3,464) - (3,464) Increase (decrease) in cash and equivalents (683) - - (1,049) 1,594 (138) Cash and equivalents at beginning of year 4,820 - - 108,400 (22,203) 91,017 Cash and equivalents at end of year 4,137 - - 107,351 (20,609) 90,879 Less cash and equivalents of discontinued operations at end of year - - - 20,395 - 20,395 Cash and equivalents of continuing operations at end of year $ 4,137 $ - $ - $ 86,955 $ (20,609) $ 70,483 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 Parent Non- Company Subsidiary Subsidiary Guarantor Consolidating (In millions) Guarantor Issuer Guarantor Subsidiaries adjustments Consolidated Cash flows – operating activities Cash from (used for) operating activities - continuing operations $ (2,483) $ - $ - $ 147,449 $ (128,933) $ 16,033 Cash from (used for) operating activities - discontinued operations 5,855 - - 5,794 27 11,676 Cash from (used for) operating activities 3,372 - - 153,243 (128,906) 27,709 Cash flows – investing activities Cash from (used for) investing activities – continuing operations (1,410) - - (403,870) 424,509 19,229 Cash from (used for) investing activities – discontinued operations - - - (24,263) - (24,263) Cash from (used for) investing activities (1,410) - - (428,133) 424,509 (5,034) Cash flows – financing activities Cash from (used for) financing activities – continuing operations (5,641) - - 272,150 (307,421) (40,912) Cash from (used for) financing activities – discontinued operations - - - 23,956 - 23,956 Cash from (used for) financing activities (5,641) - - 296,106 (307,421) (16,956) Effect of currency exchange rate changes on cash and equivalents - - - (3,492) - (3,492) Increase (decrease) in cash and equivalents (3,679) - - 17,721 (11,818) 2,224 Cash and equivalents at beginning of year 8,499 - - 90,678 (10,385) 88,792 Cash and equivalents at end of year 4,820 - - 108,400 (22,203) 91,017 Less cash and equivalents of discontinued operations at end of year - - - 20,991 - 20,991 Cash and equivalents of continuing operations at end of year $ 4,820 $ - $ - $ 87,408 $ (22,203) $ 70,025 |
Supplemental Information (Postr
Supplemental Information (Postretirement Benefit Plans) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Asset allocation | ASSET ALLOCATION Other pension plans Principal retiree Principal pension plans (weighted average) benefit plans 2016 2016 2016 2016 2016 2016 Target Actual Target Actual Target Actual December 31 allocation allocation allocation allocation allocation allocation Equity securities 18 - 58 % 46 % 39 % 41 % 35 - 75 % 59 % Debt securities (including cash equivalents) 11 - 61 33 30 41 11 - 46 26 Private equities 6 - 16 10 3 4 0 - 25 11 Real estate 3 - 13 7 9 8 0 - 12 1 Other investments 3 - 13 4 19 6 0 - 10 3 |
Estimated future benefit payments | ESTIMATED FUTURE BENEFIT PAYMENTS 2022 - (In millions) 2017 2018 2019 2020 2021 2026 Principal pension plans $ 3,450 $ 3,595 $ 3,695 $ 3,790 $ 3,865 $ 20,455 Other pension plans 785 795 805 815 830 4,400 Principal retiree benefit plans 600 580 560 535 520 2,245 |
Cost of postretirement benefit plans and changes in other comprehensive income | 2016 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME Principal Total Principal Other retiree postretirement pension pension benefit (In millions) benefit plans plans plans plans Cost of postretirement benefit plans $ 4,112 $ 3,623 $ 374 $ 115 Changes in other comprehensive income Prior service cost (credit) – current year (61) - (54) (7) Net actuarial loss (gain) – current year 4,038 2,317 1,989 (268) Net curtailment/gain (loss) (50) (31) (19) - Prior service credit (cost) amortization (140) (303) (1) 164 Net actuarial gain (loss) amortization (2,655) (2,449) (256) 50 Total changes in other comprehensive income 1,132 (466) 1,659 (61) Cost of postretirement benefit plans and changes in other comprehensive income $ 5,244 $ 3,157 $ 2,033 $ 54 |
Other pension plans and principal retiree benefit plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Cost of benefit plans | COST OF BENEFIT PLANS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2014 2016 2015 2014 Service cost for benefits earned $ 462 $ 416 $ 403 $ 123 $ 145 $ 164 Prior service cost (credit) amortization 1 - 6 (164) (8) 353 Expected return on plan assets (1,034) (881) (789) (43) (48) (50) Interest cost on benefit obligations 670 555 587 249 335 424 Net actuarial loss (gain) amortization 256 289 205 (50) (25) (150) Curtailment loss (gain) 19 (6) - - (225) (a) 48 Benefit plans cost $ 374 $ 373 $ 412 $ 115 $ 174 $ 789 (a) Gain principally resulting from life insurance amendment. |
Assumptions used to measure pension benefit obligations | ASSUMPTIONS USED TO MEASURE BENEFIT OBLIGATIONS Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 2.58 % 3.33 % 3.53 % 3.75 % 3.93 % 3.89 % Compensation increases 3.48 3.32 3.60 3.80 3.80 4.10 Initial healthcare trend rate N/A N/A N/A 6.00 (a) 6.00 6.00 (a) For 2016 , ultimately declining to 5 % for 2030 and thereafter . |
Assumptions used to measure pension costs | ASSUMPTIONS USED TO MEASURE BENEFIT COST Other pension plans (weighted average) Principal retiree benefit plans December 31 2016 2015 2014 2016 2015 2014 Discount rate 3.33 % 3.53 % 4.39 % 3.93 % (a) 3.89 % (a) 4.61 % (a) Expected return on assets 6.36 6.95 6.92 7.00 7.00 7.00 (a) Weighted average discount rates of 3.86 %, 3.92 % and 4.47 % were used for determination of costs in 2016 , 2015 and 2014 , respectively. |
Benefit obligations | BENEFIT OBLIGATIONS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2016 2015 Balance at January 1 $ 21,618 $ 15,589 $ 6,757 $ 10,703 Service cost for benefits earned 462 416 123 145 Interest cost on benefit obligations 670 555 249 335 Participant contributions 43 15 51 50 Plan amendments (54) (12) (7) (3,291) (a) Actuarial loss (gain) 2,993 (b) (406) (b) (291) (c) (444) (b) Benefits paid (842) (576) (603) (691) Acquisitions (dispositions)/ other - net (98) 6,859 (d) 10 (50) Exchange rate adjustments (2,249) (822) - - Balance at December 31(e) $ 22,543 $ 21,618 $ 6,289 $ 6,757 Principally related to plan amendments affecting post-65 retiree health and retiree life insurance for certain production participants. Primarily associated with discount rate changes. Primarily associated with lower costs from new healthcare supplier contracts. Substantially all related to Alstom acquisition. The benefit obligation for retiree health plans was $ 4,366 million and $ 4,838 million at December 31, 2016 and 2015 , respectively. |
Fair value of plan assets | Other pension plans Principal retiree benefit plans December 31 (in millions) 2016 2015 2016 2015 Equity securities U.S. equity securities $ 666 $ 667 $ 187 $ 203 Non-U.S. equity securities 6,337 6,323 152 162 Debt securities Fixed income and cash investment funds 6,049 6,258 30 84 U.S. corporate 319 242 38 52 Other debt securities 577 551 82 93 Private equities 627 703 61 75 Real estate 1,449 1,358 4 6 Other investments 1,067 1,266 21 20 Total plan assets $ 17,091 $ 17,368 $ 575 $ 695 |
Changes in level 3 investments | FAIR VALUE OF PLAN ASSETS Other pension plans Principal retiree benefit plans (In millions) 2016 2015 2016 2015 Balance at January 1 $ 17,368 $ 12,386 $ 695 $ 813 Actual gain on plan assets 1,743 381 22 22 Employer contributions 795 549 410 501 Participant contributions 43 15 51 50 Benefits paid (842) (576) (603) (691) Acquisitions (dispositions) / other - net (81) 5,207 (a) - - Exchange rate adjustments (1,935) (594) - - Balance at December 31 $ 17,091 $ 17,368 $ 575 $ 695 (a) Substantially all related to Alstom acquisition. |
Supplemental Information (Deriv
Supplemental Information (Derivatives) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Derivative Instruments [Abstract] | |
Fair value of derivatives | FAIR VALUE OF DERIVATIVES 2016 2015 December 31 (in millions) Assets Liabilities Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 3,106 $ 210 $ 4,132 $ 158 Currency exchange contracts 402 624 1,109 1,383 Other contracts - - - - 3,508 834 5,241 1,541 Derivatives not accounted for as hedges Interest rate contracts 62 20 119 44 Currency exchange contracts 1,778 4,011 1,715 4,048 Other contracts 119 17 315 49 1,958 4,048 2,149 4,141 Gross derivatives recognized in statement of financial position Gross derivatives 5,467 4,883 7,391 5,681 Gross accrued interest 768 (24) 1,001 (13) 6,234 4,859 8,392 5,668 Amounts offset in statement of financial position Netting adjustments(a) (3,097) (3,094) (4,326) (4,326) Cash collateral(b) (2,025) (1,355) (1,784) (642) (5,121) (4,449) (6,110) (4,968) Net derivatives recognized in statement of financial position Net derivatives 1,113 410 2,282 700 Amounts not offset in statement of financial position Securities held as collateral(c) (442) - (1,277) - Net amount $ 671 $ 410 $ 1,005 $ 700 (a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amo unts include fair value adjustments related to our own and counterparty non-performance risk. At December 31, 2016 and December 31, 2015 , t he cumulative adjustment for non-performance risk was $ (3) million and insignificant , respectively. (b) Excluded excess cash collateral received and posted of $ 6 million and $ 177 million at December 31, 2016 , respect ively, and $ 48 million and $ 379 million at December 31, 2015 , respectively. (c) Excluded excess securities collateral received of zero and $ 107 million at December 31, 2016 and December 31, 2015 , respectively. |
Cash flow hedges | CASH FLOW HEDGE ACTIVITY Gain (loss) reclassified Gain (loss) recognized in AOCI from AOCI into earnings (In millions) 2016 2015 2016 2015 Interest rate contracts $ 6 $ (1) $ (79) $ (130) Currency exchange contracts (281) (907) (282) (784) Commodity contracts - (5) (2) (4) Total(a) $ (274) $ (913) $ (364) $ (918) (a) Gain (loss) is recorded in “GE Capital revenues from services” , “I nterest and other financial charges” , and “O ther costs and expenses” in our Statement of Earnings when reclassified . |
Quarterly Information (unaudi66
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Information [Abstract] | |
Quaterly Information | First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2016 2015 2016 2015 2016 2015 2016 2015 Consolidated operations Earnings (loss) from continuing operations $ 415 $ (4,673) $ 3,363 $ 1,813 $ 2,056 $ 1,915 $ 3,659 $ 2,645 Earnings (loss) from discontinued operations (308) (8,936) (541) (2,947) (105) 629 - 3,758 Net earnings (loss) 107 (13,608) 2,823 (1,134) 1,951 2,545 3,659 6,403 Less net earnings (loss) attributable to noncontrolling interests (121) (35) (86) 225 (76) 39 (8) 103 Net earnings (loss) attributable to the Company $ 228 $ (13,573) $ 2,908 $ (1,360) $ 2,027 $ 2,506 $ 3,667 $ 6,301 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 0.03 $ (0.45) $ 0.36 $ 0.17 $ 0.23 $ 0.19 $ 0.39 $ 0.26 Basic earnings (loss) per share 0.03 (0.45) 0.36 0.17 0.24 0.19 0.39 0.26 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (0.03) (0.90) (0.06) (0.30) (0.01) 0.05 - 0.38 Basic earnings (loss) per share (0.03) (0.90) (0.06) (0.30) (0.01) 0.05 - 0.38 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (0.01) (1.35) 0.30 (0.13) 0.22 0.25 0.39 0.64 Basic earnings (loss) per share (0.01) (1.35) 0.30 (0.13) 0.22 0.25 0.40 0.64 Selected data GE Sales of goods and services $ 25,407 $ 23,839 $ 28,150 $ 26,141 $ 26,934 $ 25,612 $ 30,345 $ 30,614 Gross profit from sales 5,516 5,514 6,192 6,033 6,388 6,275 7,027 7,556 GE Capital Total revenues 2,885 2,866 2,771 2,690 2,600 2,660 2,649 2,585 Earnings (loss) from continuing operations attributable to the Company (603) (5,721) (448) (332) 59 (154) 397 (1,447) |
Operating Segment Table - MDA (
Operating Segment Table - MDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | $ 2,649 | $ 2,600 | $ 2,771 | $ 2,885 | $ 2,585 | $ 2,660 | $ 2,690 | $ 2,866 | $ 123,693 | $ 117,386 | $ 117,184 | $ 113,245 | $ 112,588 |
Interest and other financial charges | (5,025) | (3,463) | (2,723) | ||||||||||
Benefit (provision) for income taxes | 464 | (6,485) | (773) | ||||||||||
Earnings (loss) from continuing operations attributable to GE common shareowners | 397 | 59 | (448) | (603) | (1,447) | (154) | (332) | (5,721) | 9,128 | 1,663 | 9,535 | 7,618 | 8,646 |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | (1) | 312 | 157 | 36 | 53 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 0 | $ (105) | $ (541) | $ (308) | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | (954) | (7,495) | 5,855 | 5,475 | 5,047 |
Net Income (Loss) Available to Common Stockholders, Basic | 8,176 | (6,145) | 15,233 | 13,057 | 13,641 | ||||||||
GE | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 113,676 | 100,700 | 109,546 | ||||||||||
Interest and other financial charges | (2,026) | (1,706) | (1,579) | (1,333) | (1,353) | ||||||||
Benefit (provision) for income taxes | (967) | (1,506) | (1,634) | (1,667) | (2,013) | ||||||||
Earnings (loss) from continuing operations attributable to GE common shareowners | 9,128 | 1,663 | 9,535 | 7,618 | 8,646 | ||||||||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (952) | (7,807) | 5,698 | 5,439 | 4,995 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 8,176 | (6,145) | 15,233 | ||||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 124,061 | 119,597 | 121,047 | 114,650 | 113,816 | ||||||||
Operating Income (Loss) | 16,347 | 9,983 | 18,973 | 16,621 | 16,731 | ||||||||
Interest and other financial charges | (2,026) | (1,706) | (1,579) | (1,333) | (1,353) | ||||||||
Benefit (provision) for income taxes | (967) | (1,506) | (1,634) | (1,667) | (2,013) | ||||||||
Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 0 | 0 | 0 | ||||||||||
Power | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 26,187 | 20,728 | 19,802 | ||||||||||
Power | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 26,827 | 21,490 | 20,580 | 19,315 | 20,364 | ||||||||
Operating Income (Loss) | 4,979 | 4,502 | 4,486 | 4,328 | 4,368 | ||||||||
Power | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 640 | 762 | 778 | ||||||||||
Renewable Energy | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 9,022 | 6,261 | 6,386 | ||||||||||
Renewable Energy | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 9,033 | 6,273 | 6,399 | 4,824 | 7,373 | ||||||||
Operating Income (Loss) | 576 | 431 | 694 | 485 | 914 | ||||||||
Renewable Energy | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 11 | 12 | 14 | ||||||||||
Oil & Gas | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 12,515 | 16,063 | 18,683 | ||||||||||
Oil & Gas | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 12,898 | 16,450 | 19,085 | 17,341 | 15,539 | ||||||||
Operating Income (Loss) | 1,392 | 2,427 | 2,758 | 2,357 | 2,064 | ||||||||
Oil & Gas | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 383 | 387 | 402 | ||||||||||
Aviation | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 25,530 | 24,242 | 23,298 | ||||||||||
Aviation | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 26,261 | 24,660 | 23,990 | 21,911 | 19,994 | ||||||||
Operating Income (Loss) | 6,115 | 5,507 | 4,973 | 4,345 | 3,747 | ||||||||
Aviation | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 730 | 418 | 692 | ||||||||||
Healthcare | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 18,276 | 17,633 | 18,293 | ||||||||||
Healthcare | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 18,291 | 17,639 | 18,299 | 18,200 | 18,290 | ||||||||
Operating Income (Loss) | 3,161 | 2,882 | 3,047 | 3,048 | 2,920 | ||||||||
Healthcare | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 15 | 7 | 6 | ||||||||||
Transporation | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 4,713 | 5,932 | 5,652 | ||||||||||
Transporation | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 4,713 | 5,933 | 5,650 | 5,885 | 5,608 | ||||||||
Operating Income (Loss) | 1,064 | 1,273 | 1,130 | 1,166 | 1,031 | ||||||||
Transporation | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 1 | 1 | (2) | ||||||||||
Energy Connections & Lighting | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 14,074 | 15,329 | 14,812 | ||||||||||
Energy Connections & Lighting | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 15,133 | 16,351 | 15,724 | 15,907 | 15,379 | ||||||||
Operating Income (Loss) | 311 | 944 | 677 | 491 | 442 | ||||||||
Energy Connections & Lighting | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 1,059 | 1,021 | 912 | ||||||||||
GE Industrial | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 110,316 | 106,188 | 106,926 | ||||||||||
GE Industrial | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 113,156 | 108,796 | 109,727 | 103,383 | 102,548 | ||||||||
Operating Income (Loss) | 17,598 | 17,966 | 17,764 | 16,220 | 15,487 | ||||||||
GE Industrial | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 2,839 | 2,608 | 2,801 | ||||||||||
Capital | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 9,617 | 9,650 | 10,283 | ||||||||||
Interest and other financial charges | (3,790) | (2,301) | (1,638) | ||||||||||
Benefit (provision) for income taxes | 1,431 | (4,979) | 861 | ||||||||||
Capital | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 10,905 | 10,801 | 11,320 | 11,267 | 11,268 | ||||||||
Operating Income (Loss) | (1,251) | (7,983) | 1,209 | 401 | 1,245 | ||||||||
Capital | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 1,288 | 1,151 | 1,037 | ||||||||||
Corporate | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | 3,760 | 1,548 | (25) | ||||||||||
Interest and other financial charges | (1,234) | (1,162) | (1,085) | ||||||||||
Benefit (provision) for income taxes | (967) | (1,506) | (1,634) | ||||||||||
Corporate | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | (368) | (2,211) | (3,863) | (1,405) | (1,228) | ||||||||
Corporate | Eliminations | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenues and other income | (4,127) | (3,759) | (3,838) | ||||||||||
Operating Income (Loss) | $ (4,226) | $ (5,108) | $ (6,225) | $ (6,002) | $ (4,719) |
Summary of Significant Accoun68
Summary of Significant Accounting Policies (Accounting Policies) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Change [Line Items] | ||||
Provision for income taxes | $ (464) | $ 6,485 | $ 773 | |
Variable Interest Entity Nonconsolidated Carrying Amount Assets And Liabilities Net | 6,110 | |||
Net Assets And Noncontrolling Interest Decreases From Deconsolidation | $ 123 | |||
Deferred Compensation, Share-based Payments [Members] | ||||
Accounting Change [Line Items] | ||||
Provision for income taxes | $ (41) | (97) | ||
Excess Tax Benefit From Share Based Compensation Operating Activities | (59) | (137) | ||
Excess Tax Benefit From Share Based Compensation Financing Activities | $ (59) | $ (137) |
Businesses Held for Sale and 69
Businesses Held for Sale and Discontinued Operations (Assets and Liabilities of Businesses Held for Sale) (Details) - USD ($) $ in Millions | Jul. 01, 2016 | Jun. 06, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 30, 2016 | Dec. 03, 2015 |
Assets | |||||||||
Current receivables | $ 24,076 | $ 27,022 | |||||||
Contract asset | 25,162 | 21,156 | |||||||
Assets of businesses held for sale | 14,815 | 120,951 | |||||||
Liabilities | |||||||||
Progress collections and price adjustments accrued | 16,760 | 15,776 | |||||||
Liabilities of businesses held for sale | 4,158 | 46,487 | |||||||
Additional disclosures | |||||||||
Proceeds from sale of business | 5,357 | 2,283 | $ 630 | ||||||
Preferred stock, value, issued | 6 | 6 | $ 0 | $ 5,944 | |||||
Held for sale | |||||||||
Assets | |||||||||
Current receivables | 366 | 79 | |||||||
Inventories | 211 | 583 | |||||||
Property, plant and equipment - net | 632 | 1,208 | |||||||
Goodwill | 212 | 370 | |||||||
Other Intangible Assets - Net | 123 | 162 | |||||||
Contract asset | 125 | 0 | |||||||
Other | 76 | 416 | |||||||
Assets of businesses held for sale | 1,745 | 2,818 | |||||||
Liabilities | |||||||||
Accounts payable(a) | 190 | 503 | |||||||
Progress collections and price adjustments accrued | 141 | 0 | |||||||
Other current liabilities | 133 | 325 | |||||||
Other | 192 | 33 | |||||||
Liabilities of businesses held for sale | 656 | $ 861 | |||||||
Held for sale | GEAM | |||||||||
Additional disclosures | |||||||||
Proceeds from sale of business | $ 437 | ||||||||
Additional proceeds from sale | 330 | ||||||||
Assets Under Management Carrying Amount | $ 100,000 | ||||||||
Gain (loss) on sale of business net of tax | $ 260 | ||||||||
Held for sale | Business at Aviation [Member] | |||||||||
Assets | |||||||||
Assets of businesses held for sale | $ 601 | ||||||||
Liabilities | |||||||||
Liabilities of businesses held for sale | 58 | ||||||||
Additional disclosures | |||||||||
Pre tax gain (loss) on sale of business | 120 | ||||||||
Gain (loss) on sale of business net of tax | $ 145 | (50) | |||||||
Held for sale | Appliances | |||||||||
Additional disclosures | |||||||||
Proceeds from sale of business | $ 5,568 | ||||||||
Gain (loss) on sale of business net of tax | 1,825 | ||||||||
Held for sale | NBCU LLC | |||||||||
Additional disclosures | |||||||||
Pre tax gain (loss) on sale of business | $ 450 | ||||||||
Held for sale | Water | |||||||||
Assets | |||||||||
Assets of businesses held for sale | 1,617 | ||||||||
Liabilities | |||||||||
Liabilities of businesses held for sale | $ 656 | ||||||||
Held for sale | Financing Receivable | Appliances | |||||||||
Additional disclosures | |||||||||
Proceeds from sale of business | $ 773 |
Businesses Held for Sale and 70
Businesses Held for Sale and Discontinued Operations (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operations | |||||||||||||
Total revenues and other income (loss) | $ 2,968 | $ 23,003 | $ 31,136 | ||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (162) | 887 | 6,615 | ||||||||||
Benefit (provision) for income taxes | 460 | (791) | (776) | ||||||||||
Earnings (Loss) from Discontinued Operations, Net of Taxes | 298 | 96 | 5,839 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | (750) | (6,612) | 14 | ||||||||||
Benefit (provision) for income taxes | (502) | (979) | 1 | ||||||||||
Gain (loss) on disposal, net of taxes | (1,252) | (7,591) | 15 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 0 | $ (105) | $ (541) | $ (308) | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 |
Assets | |||||||||||||
Cash and cash equivalents | 1,429 | 20,395 | 1,429 | 20,395 | |||||||||
Financing receivables - net | 0 | 3,205 | 0 | 3,205 | |||||||||
Assets of discontinued operations | 14,815 | 120,951 | 14,815 | 120,951 | |||||||||
Liabilities | |||||||||||||
Liabilities of discontinued operations | 4,158 | 46,487 | 4,158 | 46,487 | |||||||||
Additional information abstract | |||||||||||||
Other Liabilities | 22,912 | 23,611 | 22,912 | 23,611 | |||||||||
GE Capital Exit Plan | |||||||||||||
Assets | |||||||||||||
Deferred income taxes | 2,779 | 2,779 | |||||||||||
Guarantees [Member] | |||||||||||||
Additional information abstract | |||||||||||||
Other Commitment | 2,638 | 2,638 | |||||||||||
Other Liabilities | 285 | 285 | |||||||||||
Discontinued operations | |||||||||||||
Disposal | |||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,495) | 5,855 | ||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 1,429 | 20,395 | 1,429 | 20,395 | |||||||||
Investment securities | 2,626 | 8,478 | 2,626 | 8,478 | |||||||||
Financing receivables - net | 0 | 3,205 | 0 | 3,205 | |||||||||
Other receivables | 310 | 1,221 | 310 | 1,221 | |||||||||
Property, plant and equipment - net | 274 | 7,537 | 274 | 7,537 | |||||||||
Goodwill | 67 | 7,764 | 67 | 7,764 | |||||||||
Other Intangible Assets - Net | 5 | 80 | 5 | 80 | |||||||||
Deferred income taxes | 487 | 2,447 | 487 | 2,447 | |||||||||
Financing receivables held for sale | 8,547 | 69,847 | 8,547 | 69,847 | |||||||||
Valuation allowance on disposal group | (726) | (6,374) | (726) | (6,374) | |||||||||
Other | 1,797 | 6,350 | 1,797 | 6,350 | |||||||||
Assets of discontinued operations | 14,815 | 120,951 | 14,815 | 120,951 | |||||||||
Liabilities | |||||||||||||
Short-term borrowings | 3 | 739 | 3 | 739 | |||||||||
Accounts payable | 164 | 2,870 | 164 | 2,870 | |||||||||
Non-recourse borrowings | 1,519 | 3,994 | 1,519 | 3,994 | |||||||||
Bank deposits | 529 | 25,613 | 529 | 25,613 | |||||||||
Long-term borrowings | 25 | 730 | 25 | 730 | |||||||||
All other liabilities | 1,652 | 11,053 | 1,652 | 11,053 | |||||||||
Deferred income taxes | 221 | 1,437 | 221 | 1,437 | |||||||||
Other | 45 | 52 | 45 | 52 | |||||||||
Liabilities of discontinued operations | $ 4,158 | $ 46,487 | 4,158 | 46,487 | |||||||||
Discontinued operations | GE Capital Exit Plan | |||||||||||||
Operations | |||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | $ (911) | $ (6,038) | $ 6,472 |
Businesses Held for Sale and 71
Businesses Held for Sale and Discontinued Operations (Discontinued Operations by Business) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operations | |||||||||||||
Revenues and other income (loss) | $ 2,968 | $ 23,003 | $ 31,136 | ||||||||||
Provision for losses on financing receivables | 0 | 0 | 0 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,797 | 2,605 | 2,530 | ||||||||||
Other costs and expenses | 982 | 2,608 | 1,115 | ||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (162) | 887 | 6,615 | ||||||||||
Benefit (provision) for income taxes | 460 | (791) | (776) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | 298 | 96 | 5,839 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | (750) | (6,612) | 14 | ||||||||||
Benefit (provision) for income taxes | (502) | (979) | 1 | ||||||||||
Gain (loss) on disposal, net of taxes | (1,252) | (7,591) | 15 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 0 | $ (105) | $ (541) | $ (308) | $ 3,758 | $ 629 | $ (2,947) | $ (8,936) | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 |
Additional disclosures | |||||||||||||
Current tax benefit (provision) | (1,278) | 6,103 | 1,655 | ||||||||||
Deferred income taxes | 814 | 383 | (882) | ||||||||||
U.S Federal current tax benefit (provision) | (2,646) | 1,549 | (122) | ||||||||||
GE Capital | |||||||||||||
Operations | |||||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,861 | 2,737 | 2,660 | ||||||||||
Other costs and expenses | 1,013 | 2,647 | 1,159 | ||||||||||
Disposal | |||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,485) | 5,860 | ||||||||||
Additional disclosures | |||||||||||||
Current tax benefit (provision) | (1,138) | 2,796 | (455) | ||||||||||
Deferred income taxes | (293) | 2,183 | (406) | ||||||||||
Discontinued operations | |||||||||||||
Disposal | |||||||||||||
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,495) | 5,855 | ||||||||||
Discontinued operations | GE Capital Exit Plan [Member] | |||||||||||||
Operations | |||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (911) | (6,038) | 6,472 | ||||||||||
Discontinued operations | GE Capital Exit Plan [Member] | Consumer | |||||||||||||
Operations | |||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 652 | 2,670 | 3,752 | ||||||||||
Discontinued operations | GE Capital Exit Plan [Member] | CLL | |||||||||||||
Operations | |||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (1,436) | (6,996) | 2,279 | ||||||||||
Discontinued operations | GE Capital Exit Plan [Member] | Real Estate | |||||||||||||
Operations | |||||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (130) | (1,486) | 778 | ||||||||||
Discontinued operations | GE Capital | |||||||||||||
Additional disclosures | |||||||||||||
Current tax benefit (provision) | 945 | (6,834) | (925) | ||||||||||
Deferred income taxes | 1,224 | (6,245) | 80 | ||||||||||
U.S Federal current tax benefit (provision) | (988) | 5,073 | 154 | ||||||||||
Discontinued operations | GE Capital | Consumer | |||||||||||||
Operations | |||||||||||||
Revenues and other income (loss) | 1,168 | 11,690 | 15,023 | ||||||||||
Interest expense | (180) | (2,081) | (2,611) | ||||||||||
Selling, general and administrative expenses | (522) | (3,940) | (4,572) | ||||||||||
Cost of services sold | 0 | (1) | 0 | ||||||||||
Provision for losses on financing receivables | 1 | (5,029) | (3,544) | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (3) | (12) | (18) | ||||||||||
Other costs and expenses | (89) | (392) | (388) | ||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | 375 | 236 | 3,891 | ||||||||||
Benefit (provision) for income taxes | (171) | (878) | (736) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | 204 | (642) | 3,155 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | 273 | 2,739 | 0 | ||||||||||
Benefit (provision) for income taxes | (607) | 363 | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | (334) | 3,102 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (130) | 2,460 | 3,155 | ||||||||||
Discontinued operations | GE Capital | CLL | |||||||||||||
Operations | |||||||||||||
Revenues and other income (loss) | 1,732 | 10,580 | 13,413 | ||||||||||
Interest expense | (518) | (2,365) | (3,069) | ||||||||||
Selling, general and administrative expenses | (1,585) | (3,576) | (3,598) | ||||||||||
Cost of services sold | 0 | (1,735) | (3,859) | ||||||||||
Provision for losses on financing receivables | (2) | (1,753) | (456) | ||||||||||
Other costs and expenses | (89) | (127) | (135) | ||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (463) | 1,024 | 2,296 | ||||||||||
Benefit (provision) for income taxes | 319 | (186) | (487) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (144) | 838 | 1,808 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | (971) | (8,013) | 0 | ||||||||||
Benefit (provision) for income taxes | 43 | (698) | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | (928) | (8,711) | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,072) | (7,873) | 1,808 | ||||||||||
Discontinued operations | GE Capital | Real Estate | |||||||||||||
Operations | |||||||||||||
Revenues and other income (loss) | 79 | 911 | 2,969 | ||||||||||
Interest expense | (42) | (457) | (1,079) | ||||||||||
Selling, general and administrative expenses | (112) | (444) | (484) | ||||||||||
Cost of services sold | 0 | (5) | 0 | ||||||||||
Provision for losses on financing receivables | 0 | 5 | 86 | ||||||||||
Other costs and expenses | (3) | (158) | (712) | ||||||||||
Earnings (loss) from discontinued operations before income taxes, attributable to the company | (78) | (149) | 780 | ||||||||||
Benefit (provision) for income taxes | 70 | 168 | 224 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (8) | 19 | 1,003 | ||||||||||
Disposal | |||||||||||||
Gain (loss) on disposal before income taxes | (52) | (1,338) | 0 | ||||||||||
Benefit (provision) for income taxes | 62 | (639) | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | 10 | (1,977) | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 2 | $ (1,958) | $ 1,003 |
Investment Securities (Investme
Investment Securities (Investment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | $ 40,665 | $ 28,783 | |
Gross unrealized gains | 3,917 | 3,599 | |
Gross unrealized losses | (269) | (409) | |
Investments | 44,313 | 31,973 | |
Eliminations | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | (4) | (4) | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Investments | (4) | (4) | |
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 104 | 139 | |
Gross unrealized gains | 34 | 14 | |
Gross unrealized losses | (1) | (2) | |
Investments | [1] | 137 | 151 |
GE | Corporate - U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1 | 2 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Investments | 2 | 3 | |
GE | Corporate - Non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 0 | 1 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Investments | 0 | 1 | |
GE | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 49 | 49 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Investments | 49 | 49 | |
GE | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 54 | 87 | |
Gross unrealized gains | 34 | 13 | |
Gross unrealized losses | (1) | (2) | |
Investments | 86 | 98 | |
GE Capital | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 40,565 | 28,648 | |
Gross unrealized gains | 3,883 | 3,585 | |
Gross unrealized losses | (268) | (407) | |
Investments | 44,180 | 31,827 | |
GE Capital | Corporate - U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 20,048 | 19,971 | |
Gross unrealized gains | 3,081 | 2,669 | |
Gross unrealized losses | (85) | (285) | |
Investments | 23,044 | 22,355 | |
GE Capital | State and municipal | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 3,916 | 3,910 | |
Gross unrealized gains | 412 | 407 | |
Gross unrealized losses | (92) | (73) | |
Investments | 4,236 | 4,245 | |
GE Capital | Mortgage and Asset-backed | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 2,787 | 2,995 | |
Gross unrealized gains | 111 | 157 | |
Gross unrealized losses | (37) | (35) | |
Investments | 2,861 | 3,116 | |
GE Capital | Corporate - Non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 11,917 | 759 | |
Gross unrealized gains | 98 | 96 | |
Gross unrealized losses | (27) | (9) | |
Investments | 11,987 | 846 | |
GE Capital | Government - non-U.S. | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,137 | 279 | |
Gross unrealized gains | 127 | 136 | |
Gross unrealized losses | (2) | 0 | |
Investments | 1,262 | 415 | |
GE Capital | U.S. Government and federal agency | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 656 | 623 | |
Gross unrealized gains | 33 | 104 | |
Gross unrealized losses | (25) | 0 | |
Investments | 664 | 727 | |
GE Capital | Available-for-sale Securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 105 | 112 | |
Gross unrealized gains | 22 | 16 | |
Gross unrealized losses | (1) | (4) | |
Investments | $ 126 | $ 123 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Investment Securities (Invest73
Investment Securities (Investments, by type and length in continuous loss position) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | $ 9,098 | $ 4,273 |
Gross unrealized losses, less than 12 months | (157) | (269) |
Estimated fair value, 12 months or more | 663 | 686 |
Gross unrealized losses, 12 months or more | (111) | (140) |
Corporate - U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 1,692 | 2,966 |
Gross unrealized losses, less than 12 months | (55) | (218) |
Estimated fair value, 12 months or more | 359 | 433 |
Gross unrealized losses, 12 months or more | (30) | (67) |
State and municipal | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 674 | 494 |
Gross unrealized losses, less than 12 months | (27) | (20) |
Estimated fair value, 12 months or more | 158 | 155 |
Gross unrealized losses, 12 months or more | (64) | (53) |
Mortgage-backed Securities, Residential, Subprime, Financing Receivable [Member] | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Debt securities, Estimated fair value | 50 | |
Mortgage and Asset-backed | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 822 | 719 |
Gross unrealized losses, less than 12 months | (21) | (20) |
Estimated fair value, 12 months or more | 132 | 84 |
Gross unrealized losses, 12 months or more | (16) | (16) |
Corporate - Non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 5,352 | 56 |
Gross unrealized losses, less than 12 months | (26) | (4) |
Estimated fair value, 12 months or more | 14 | 14 |
Gross unrealized losses, 12 months or more | (1) | (4) |
Government - non-U.S. | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 313 | |
Gross unrealized losses, less than 12 months | (2) | |
Estimated fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
U.S. Government and federal agency | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 236 | |
Gross unrealized losses, less than 12 months | (25) | |
Estimated fair value, 12 months or more | 0 | |
Gross unrealized losses, 12 months or more | 0 | |
Equity securities | ||
Available-for-sale Securities Estimated Fair Value And Gross Unrealized Losses [Abstract] | ||
Estimated fair value, less than 12 months | 9 | 36 |
Gross unrealized losses, less than 12 months | (1) | (6) |
Estimated fair value, 12 months or more | 0 | 0 |
Gross unrealized losses, 12 months or more | $ 0 | $ 0 |
Investment Securities (Impairme
Investment Securities (Impairments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pre-tax, Other-Than-Temporary Impairments on Investment Securities | |||
Total pre tax, OTTI recognized | $ 31 | $ 64 | $ 316 |
Less: pre-tax, OTTI recognized in AOCI | 0 | 0 | (4) |
Pre-tax, OTTI recognized in earnings | 31 | 64 | 312 |
Other Than Temporary Impairment Related To Equity Securities | $ 11 | $ 5 | $ 219 |
Investment Securities (Contract
Investment Securities (Contractual maturities) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Amortized cost | |
Within one year | $ 7,139 |
After one year through five years | 7,947 |
After five years through ten years | 4,996 |
After ten years | 17,641 |
Estimated fair value | |
Within one year | 7,148 |
After one year through five years | 8,124 |
After five years through ten years | 5,410 |
After ten years | $ 20,562 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gain Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total | $ 6 | $ 41 | $ (231) |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 1,718 | 5,746 | 1,898 |
GE | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains | 11 | 7 | 3 |
Losses, including impairments | (12) | (36) | (218) |
Total | (2) | (29) | (215) |
GE Capital | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Gains | 50 | 121 | 87 |
Losses, including impairments | (43) | (51) | (104) |
Total | $ 7 | $ 70 | $ (16) |
Current Receivables (Details)
Current Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | $ 24,935 | $ 27,538 | ||
Less allowance for losses | (858) | (515) | ||
Total | 24,076 | 27,022 | ||
Accounts receivable, related parties, current | 14 | 17 | ||
Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 7,688 | 6,675 | ||
Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,903 | 2,336 | ||
Oil & Gas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 4,259 | 4,958 | ||
Aviation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 3,542 | 4,133 | ||
Healthcare | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 3,996 | 4,022 | ||
Transporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 377 | 609 | ||
Energy Connections & Lighting | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,716 | 4,432 | ||
Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 454 | 372 | ||
GE | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 13,562 | 15,209 | ||
Less allowance for losses | (847) | (502) | ||
Total | [1] | 12,715 | 14,707 | |
Current receivables from sale of goods and services to customers | 8,927 | 10,535 | ||
Current receivables from sale of goods and services to US government agencies | $ 299 | $ 251 | ||
Percentage of sales of goods and services to US government | 3.00% | 4.00% | 3.00% | |
Accounts receivable, related parties, current | $ 12,304 | $ 13,041 | ||
GE | Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 3,632 | 4,377 | ||
GE | Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,293 | 1,418 | ||
GE | Oil & Gas | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,478 | 2,764 | ||
GE | Aviation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,731 | 1,876 | ||
GE | Healthcare | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 2,068 | 1,943 | ||
GE | Transporation | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 186 | 193 | ||
GE | Energy Connections & Lighting | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | 1,675 | 2,173 | ||
GE | Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable Gross Current | $ 499 | $ 464 | ||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory | ||
Raw materials and work in process | $ 12,636 | $ 13,415 |
Finished goods | 8,798 | 8,265 |
Unbilled shipments | 536 | 628 |
Inventory, Gross, Total | 21,971 | 22,308 |
Revaluation to LIFO | 383 | 207 |
Total inventories | 22,354 | $ 22,515 |
Alstom Acquisition | ||
Inventory | ||
Total inventories | $ 4,298 |
GE Capital Financing Receivab79
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net | $ 12,242 | $ 12,052 |
Intersegment Activity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net | 12,942 | 12,892 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net of deferred income | 21,101 | 20,115 |
Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net of deferred income | 4,998 | 4,969 |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net of deferred income | 26,099 | 25,084 |
Allowance for losses | (58) | (81) |
Financing receivables, net | 26,041 | 25,003 |
GE Capital | Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net of deferred income | 21,101 | 20,115 |
GE Capital | Financing Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing receivables, net of deferred income | $ 4,998 | $ 4,969 |
GE Capital Financing Receivab80
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables (Net Investment in Financing Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable | ||
Financing Leases | ||
Total minimum lease payments receivables | $ 5,466 | $ 5,901 |
Less principal and interest on third-party nonrecourse debt | (1,053) | (1,482) |
Net rentals receivable | 4,412 | 4,419 |
Estimated unguaranteed residual value of leased assets | 1,985 | 2,057 |
Deferred income | (1,400) | (1,507) |
Loans and leases receivable, Gross | 4,998 | 4,969 |
Direct Financing Leases | ||
Total minimum lease payments receivables | 3,274 | 3,251 |
Less principal and interest on third-party nonrecourse debt | 0 | 0 |
Net rentals receivable | 3,274 | 3,251 |
Estimated unguaranteed residual value of leased assets | 927 | 928 |
Deferred income | (909) | (913) |
Investment in financing leases, net of deferred income | 3,292 | 3,266 |
Initial direct costs on direct financing leases | 30 | 24 |
Leveraged Leases | ||
Total minimum lease payments receivables | 2,191 | 2,649 |
Less Principal and interest on third-party nonrecourse debt | (1,053) | (1,482) |
Net rentals receivable | 1,138 | 1,167 |
Estimated unguaranteed residual value of leased assets | 1,058 | 1,129 |
Deferred income | (491) | (593) |
Investment in financing leases, net of deferred income | 1,706 | 1,703 |
Pre-tax income | 74 | 61 |
Income tax | 28 | 23 |
GE Capital | ||
Financing Leases | ||
Loans and leases receivable, Gross | 26,099 | 25,084 |
GE Capital | Financing Receivable | ||
Financing Leases | ||
Loans and leases receivable, Gross | $ 4,998 | $ 4,969 |
GE Capital Financing Receivab81
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables (Contractual Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,017 | $ 12,853 | |
2,018 | 1,718 | |
2,019 | 2,327 | |
2,020 | 1,149 | |
2,021 | 1,114 | |
2022 and later | 1,940 | |
Financing receivables, net of deferred income | 21,101 | $ 20,115 |
Net Rentals Receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
2,017 | 851 | |
2,018 | 845 | |
2,019 | 685 | |
2,020 | 528 | |
2,021 | 398 | |
2022 and later | 1,106 | |
Financing receivables, net of deferred income | 4,412 | |
GE Capital | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | 26,099 | 25,084 |
GE Capital | Loans receivable [Member] | ||
Contractual Obligation, Fiscal Year Maturity [Abstract] | ||
Financing receivables, net of deferred income | $ 21,101 | $ 20,115 |
GE Capital Financing Receivab82
GE Capital Financing Receivables and Allowance for Losses on Financing Receivables (Credit Quality) (Details) - GE Capital - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Impaired Loans [Abstract] | ||
Impaired loans classified as Troubled debt restructuring (TDR) | $ 176 | |
Impaired Financing Receivable, Recorded Investment | 262 | $ 175 |
Greater than 90 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 407 | $ 201 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 90 Days | 1.60% | 0.80% |
Greater than 30 days past due [Member] | ||
Past Due Financing Receivables | ||
Financing receivable investment past due | $ 811 | $ 622 |
Percent of Financing Receivable, Recorded Investment, Past Due Over 30 Days | 3.10% | 2.50% |
Nonaccrual Financing Receivables [Member] | ||
Nonaccrual Financing Receivables | ||
Nonaccrual loans | $ 322 | $ 256 |
Percent Financing Receivable, Recorded Investment, Nonaccrual Status | 1.20% | 1.00% |
Amount of nonaccrual loans currently paying in accordance with contractual terms | $ 68 |
Property, Plant and Equipment83
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 85,875 | $ 90,022 | |
Property, plant and equipment - net | 50,518 | 54,095 | |
Eliminations | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | (925) | (939) | |
Property, plant and equipment - net | (809) | (831) | |
Equipment leased to others | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 1,457 | 1,024 | |
GE | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 38,615 | 39,812 | |
Property, plant and equipment - net | [1] | 19,103 | 20,145 |
GE | Land and improvements | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 932 | 888 | |
Property, plant and equipment - net | $ 910 | 870 | |
Depreciable lives-new (in years) | 8 years | ||
GE | Buildings, structures and related equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 9,680 | 10,050 | |
Property, plant and equipment - net | $ 6,016 | 5,440 | |
GE | Buildings, structures and related equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 40 years | ||
GE | Buildings, structures and related equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 8 years | ||
GE | Machinery and equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 24,596 | 24,515 | |
Property, plant and equipment - net | $ 9,369 | 9,986 | |
GE | Machinery and equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 20 years | ||
GE | Machinery and equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 4 years | ||
GE | Leasehold costs and manufacturing plant under construction | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 3,407 | 4,359 | |
Property, plant and equipment - net | $ 2,809 | 3,849 | |
GE | Leasehold costs and manufacturing plant under construction | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 10 years | ||
GE | Leasehold costs and manufacturing plant under construction | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 1 year | ||
GE Capital | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 48,185 | 51,149 | |
Property, plant and equipment - net | 32,225 | 34,781 | |
GE Capital | Equipment leased to others | Aircraft | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | 47,360 | 50,339 | |
Property, plant and equipment - net | $ 31,786 | 34,316 | |
GE Capital | Equipment leased to others | Aircraft | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 20 years | ||
GE Capital | Equipment leased to others | Aircraft | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 15 years | ||
GE Capital | Equipment leased to others | All other | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 587 | 543 | |
Property, plant and equipment - net | $ 371 | 364 | |
GE Capital | Equipment leased to others | All other | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 35 years | ||
GE Capital | Equipment leased to others | All other | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 3 years | ||
GE Capital | Land and improvements buildings structures and related equipment | |||
Property, Plant and Equipment | |||
Property, Plant and Equipment, Gross | $ 238 | 267 | |
Property, plant and equipment - net | $ 68 | $ 101 | |
GE Capital | Land and improvements buildings structures and related equipment | Upper Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 10 years | ||
GE Capital | Land and improvements buildings structures and related equipment | Lower Limit | |||
Property, Plant and Equipment | |||
Depreciable lives-new (in years) | 1 year | ||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Property, Plant and Equipment84
Property, Plant and Equipment (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment | |||
Original cost | $ 85,875 | $ 90,022 | |
Impairment of Long-Lived Assets Held-for-use | 99 | 168 | |
Depreciation and amortization | 4,997 | 4,847 | $ 4,953 |
Property, plant and equipment - net | 50,518 | 54,095 | |
GE Capital | |||
Property, Plant and Equipment | |||
Original cost | 48,185 | 51,149 | |
Amortization of Leased Asset | 2,231 | 2,266 | $ 2,386 |
Property, plant and equipment - net | 32,225 | 34,781 | |
Equipment leased to others | |||
Property, Plant and Equipment | |||
Original cost | 1,457 | 1,024 | |
Accumulated depreciation and amortization | $ (147) | $ (83) |
Property, Plant and Equipment85
Property, Plant and Equipment (Noncancellable Future Rental Schedule) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Operating Leases Future Minimum Payments Receivable [Abstract] | |
2,017 | $ 3,684 |
2,018 | 3,307 |
2,019 | 2,912 |
2,020 | 2,575 |
2,021 | 2,144 |
2022 and later | 6,338 |
Total | $ 20,961 |
Acquisitions, Goodwill and Ot86
Acquisitions, Goodwill and Other Intangible Assets (Aquisitions) (Details) € in Millions, $ in Millions | Aug. 16, 2016USD ($) | May 10, 2016USD ($) | Feb. 25, 2016EUR (€) | Nov. 02, 2015EUR (€) | Nov. 02, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 08, 2016USD ($) | Nov. 17, 2016USD ($) | Nov. 09, 2016USD ($) | Sep. 14, 2016 | Nov. 02, 2015USD ($) | Jan. 30, 2015USD ($) |
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 70,438 | $ 65,526 | $ 53,207 | |||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 2,271 | 12,027 | $ 2,091 | |||||||||||
Liabilities for Pension and Other Employee Related Cost | 43,780 | 40,487 | ||||||||||||
Business acquisition date | Nov. 2, 2015 | Nov. 2, 2015 | ||||||||||||
Alstom Acquisition | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Cash And Equivalents | € 1,600 | 1,766 | $ 1,765 | |||||||||||
Current Receivables | 4,064 | |||||||||||||
Inventories | 4,663 | |||||||||||||
Property Plant And Equipment | 2,782 | |||||||||||||
Goodwill | 17,304 | 13,500 | ||||||||||||
Other Intangible Assets | 4,370 | 5,200 | ||||||||||||
All other assets, net(a) | 3,673 | |||||||||||||
Total Assets | 38,622 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Accounts Payable | 1,908 | |||||||||||||
Progress Collections | 2,919 | |||||||||||||
Accrued Contract Liabilities | 10,714 | |||||||||||||
Unfavorable Customer Contract Liabilities | 2,720 | 1,100 | ||||||||||||
All Other Liabilities(b) | 7,658 | |||||||||||||
Total Liabilities | 23,199 | |||||||||||||
Redeemable Noncontrolling Interest Equity Fair Value Approximate | 2,900 | |||||||||||||
Fair Value of Redeemable Noncontrolling Interests | 2,921 | |||||||||||||
Fair Value of Noncontrolling Interest | 612 | $ 3,600 | ||||||||||||
Fair Value of Other Noncontrolling Interest | $ 700 | |||||||||||||
Total Purchase Price | 11,890 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | € 9,200 | $ 10,124 | 10,124 | |||||||||||
Total Consideration for Acquired Businesses | $ 13,700 | |||||||||||||
Net Deferred Tax Assets | 156 | |||||||||||||
Non-U.S. Loss Carry Forward | 52 | |||||||||||||
Indemnification Receivables | 76 | |||||||||||||
Liabilities for Unrecognized Income Tax Benefits | 859 | |||||||||||||
Liabilities for Pension and Other Employee Related Cost | $ 772 | |||||||||||||
Business acquisition date | Nov. 2, 2015 | |||||||||||||
Business Combination Provisional Information Initial Accounting Incomplete Adjustments Abstract | ||||||||||||||
Derivative Contracts | $ 335 | |||||||||||||
Inventories | (130) | |||||||||||||
Legal Reserves | 990 | |||||||||||||
Aged Accounts Receivable | (175) | |||||||||||||
Project related costs such as warranty provisions and liquidating damages | 665 | |||||||||||||
Other Noncontrolling Interest | $ (55) | |||||||||||||
Number of joint ventures | 3 | |||||||||||||
Alstom Acquisition | Alstom Gas Turbine and Power Systems | ||||||||||||||
Financial Information For Discontinued Operations | ||||||||||||||
Proceeds from divestiture of businesses and interests in affiliates | € | € 120 | |||||||||||||
A reduction in the book value of assets | $ (405) | |||||||||||||
Number of years to make payments for purchase | 5 | |||||||||||||
Disposal Date | Feb. 25, 2016 | |||||||||||||
Alstom Acquisition | Grid Technology and Renewable Energy JV [Member] | ||||||||||||||
Limited Partners Capital Account [Abstract] | ||||||||||||||
Investment Interest Redemption Period Earliest Date | 9/1/2018 | |||||||||||||
Investment Interest Redemption Period Latest Date | 9/30/2019 | |||||||||||||
Annual accretion rate | 3.00% | |||||||||||||
Alstom Acquisition | Global Nuclear and French Steam Power JV [Member] | ||||||||||||||
Limited Partners Capital Account [Abstract] | ||||||||||||||
Investment Interest Redemption Period Earliest Date | 1/1/2022 | |||||||||||||
Investment Interest Redemption Period Latest Date | 3/31/2023 | |||||||||||||
Annual accretion rate | 2.00% | |||||||||||||
Alstom Acquisition | Renewable Energy JV | ||||||||||||||
Limited Partners Capital Account [Abstract] | ||||||||||||||
Investment Interest Redemption Period Earliest Date | 5/1/2016 | |||||||||||||
Investment Interest Redemption Period Latest Date | 5/31/2019 | |||||||||||||
Annual accretion rate | 3.00% | |||||||||||||
Doosan Acquisition | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 170 | |||||||||||||
Other Intangible Assets | 35 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Total Purchase Price | $ 250 | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 220 | |||||||||||||
Date of entry into transaction agreement | May 10, 2016 | |||||||||||||
Business acquisition date | Aug. 16, 2016 | |||||||||||||
Equity interest in acquiree | 80.00% | |||||||||||||
Remaining equity interest in acquiree | 20.00% | |||||||||||||
Doosan Acquisition | Earliest date [Member] | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Business acquisition date | Jan. 1, 2017 | |||||||||||||
Doosan Acquisition | Latest date [Member] | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Business acquisition date | Jun. 30, 2017 | |||||||||||||
Milestone Acquisition | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 730 | |||||||||||||
Other Intangible Assets | 345 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Total Purchase Price | $ 1,750 | |||||||||||||
Business acquisition date | Jan. 30, 2015 | |||||||||||||
Meridium Acquisition | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 350 | |||||||||||||
Other Intangible Assets | 165 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 370 | |||||||||||||
Business acquisition date | Sep. 14, 2016 | |||||||||||||
Equity interest in acquiree | 26.00% | |||||||||||||
Remaining equity interest in acquiree | 74.00% | |||||||||||||
ArcamAB | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 495 | |||||||||||||
Other Intangible Assets | 95 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Total Purchase Price | $ 422 | |||||||||||||
Business acquisition date | Nov. 17, 2016 | |||||||||||||
Equity interest in acquiree | 14.30% | |||||||||||||
Remaining equity interest in acquiree | 76.20% | |||||||||||||
Concept Laser | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 550 | |||||||||||||
Other Intangible Assets | 170 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Total Purchase Price | $ 573 | |||||||||||||
Business acquisition date | Dec. 8, 2016 | |||||||||||||
Equity interest in acquiree | 75.00% | |||||||||||||
Remaining equity interest in acquiree | 25.00% | |||||||||||||
Financial Information For Discontinued Operations | ||||||||||||||
Number of years to make payments for purchase | 1 | |||||||||||||
Bit Stew | ||||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets [Abstract] | ||||||||||||||
Goodwill | $ 110 | |||||||||||||
Other Intangible Assets | 50 | |||||||||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities [Abstract] | ||||||||||||||
Total Purchase Price | $ 129 | |||||||||||||
Business acquisition date | Nov. 9, 2016 | |||||||||||||
Equity interest in acquiree | 11.00% | |||||||||||||
Remaining equity interest in acquiree | 89.00% |
Acquisitions, Goodwill and Ot87
Acquisitions, Goodwill and Other Intangible Assets (Baker Hughes) (Details) $ / shares in Units, $ in Billions | Oct. 31, 2016USD ($)$ / shares |
Baker Hughes [Member] | |
Business Acquisition [Line Items] | |
Special one-time cash dividend for BH shareholders | $ / shares | $ 17.5 |
GE Baker Hughes - new company | |
Business Acquisition [Line Items] | |
Date of entry into transaction agreement | Oct. 31, 2016 |
GE Baker Hughes - new company | Oil And Gas [Member] | |
Business Acquisition [Line Items] | |
Contribution to new partnership | $ | $ 7.4 |
Equity interest | 62.50% |
GE Baker Hughes - new company | Baker Hughes [Member] | |
Business Acquisition [Line Items] | |
Equity interest | 37.50% |
Acquisitions, Goodwill and Ot88
Acquisitions, Goodwill and Other Intangible Assets (Changes in Goodwill Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | $ 65,526 | $ 53,207 |
Acquisitions | 5,911 | 14,287 |
Dispositions, currency exchange and other | (1,000) | (1,968) |
Goodwill, Ending Balance | 70,438 | 65,526 |
Goodwill, Period Increase (Decrease) | 4,912 | 12,319 |
Power | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 16,736 | 7,769 |
Acquisitions | 3,347 | 9,582 |
Dispositions, currency exchange and other | (268) | (615) |
Goodwill, Ending Balance | 19,816 | 16,736 |
Renewable Energy | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 2,580 | 984 |
Acquisitions | (46) | 1,631 |
Dispositions, currency exchange and other | (27) | (35) |
Goodwill, Ending Balance | 2,507 | 2,580 |
Oil & Gas | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 10,594 | 10,572 |
Acquisitions | 0 | 22 |
Dispositions, currency exchange and other | (231) | 0 |
Goodwill, Ending Balance | 10,363 | 10,594 |
Aviation | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 8,567 | 8,952 |
Acquisitions | 1,045 | 0 |
Dispositions, currency exchange and other | (158) | (385) |
Goodwill, Ending Balance | 9,455 | 8,567 |
Healthcare | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 17,353 | 17,532 |
Acquisitions | 191 | 11 |
Dispositions, currency exchange and other | (120) | (190) |
Goodwill, Ending Balance | 17,424 | 17,353 |
Transporation | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 851 | 887 |
Acquisitions | 41 | 0 |
Dispositions, currency exchange and other | 6 | (36) |
Goodwill, Ending Balance | 899 | 851 |
Energy Connections & Lighting | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 6,441 | 4,796 |
Acquisitions | 846 | 2,314 |
Dispositions, currency exchange and other | (420) | (669) |
Goodwill, Ending Balance | 6,868 | 6,441 |
Capital | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 2,370 | 1,680 |
Acquisitions | 0 | 728 |
Dispositions, currency exchange and other | (1) | (37) |
Goodwill, Ending Balance | 2,368 | 2,370 |
Corporate | ||
Changes in Goodwill Balances | ||
Goodwill, Beginning Balance | 34 | 34 |
Acquisitions | 487 | 0 |
Dispositions, currency exchange and other | 218 | 0 |
Goodwill, Ending Balance | $ 739 | $ 34 |
Acquisitions, Goodwill and Ot89
Acquisitions, Goodwill and Other Intangible Assets (Goodwill Impairment) (Details) $ in Millions | Jul. 01, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015 | Dec. 31, 2014USD ($) |
Goodwill [Line Items] | |||||
Goodwill Impairment Test Date | 1-Jul | ||||
Goodwill | $ 70,438 | $ 65,526 | $ 53,207 | ||
Number of reporting units | 4 | ||||
Upper Limit | |||||
Goodwill [Line Items] | |||||
Fair Value Inputs Discount Rate | 16.50% | ||||
Lower Limit | |||||
Goodwill [Line Items] | |||||
Fair Value Inputs Discount Rate | 9.50% | ||||
Energy Financial Services | |||||
Goodwill [Line Items] | |||||
Percentage of Fair value in Excess of Carrying amount | 2.00% | 12.00% | 13.00% | ||
Implied Fair Value Of Goodwill Exceeding Carrying Value Of Goodwill | $ 670 | ||||
New Date Of Annual Goodwill Impairment Test | 1-Oct-16 | ||||
Hydro | |||||
Goodwill [Line Items] | |||||
Percentage Of Total Company Goodwill | 1.00% | ||||
Goodwill | $ 899 | ||||
Grid | |||||
Goodwill [Line Items] | |||||
Percentage of Fair value in Excess of Carrying amount | 3.00% | ||||
Percentage Of Total Company Goodwill | 6.00% | ||||
Goodwill | $ 4,405 | ||||
New Date Of Annual Goodwill Impairment Test | 12/1/2016 | ||||
Power Conversion | |||||
Goodwill [Line Items] | |||||
Reporting units impacted by acqusition of Alstom | 2 | ||||
Reporting units added after acquisition of Alstom | 2 | ||||
Percentage of Fair value in Excess of Carrying amount | 8.00% | ||||
Percentage Of Total Company Goodwill | 1.00% | ||||
Goodwill | $ 987 | ||||
New Date Of Annual Goodwill Impairment Test | 12/1/2016 |
Acquisitions, Goodwill and Ot90
Acquisitions, Goodwill and Other Intangible Assets (Other Intangible Assets, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization | $ 16,336 | $ 17,688 |
Indefinite-lived intangible assets(a) | 100 | 109 |
Total | 16,436 | $ 17,797 |
Additions to intangible assets subject to amortization | $ 2,313 |
Acquisitions, Goodwill and Ot91
Acquisitions, Goodwill and Other Intangible Assets (Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | $ 27,781 | $ 28,098 | |
Accumulated amortization | (11,444) | (10,408) | |
Net | 16,336 | 17,688 | |
Estimated 5-Year Consolidation Amortization [Abstract] | |||
2,017 | 2,058 | ||
2,018 | 1,947 | ||
2,019 | 1,846 | ||
2,020 | 1,666 | ||
2,021 | 1,519 | ||
GE | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Amortization Expense related to Intangible Assets subject to amortization | 1,704 | 1,505 | $ 1,386 |
GE Capital | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Amortization Expense related to Intangible Assets subject to amortization | 131 | 148 | $ 84 |
Run-Off Insurance Operations | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Adjustments related to Present Value of Future Profits | 241 | 266 | |
Customer-related | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | 9,172 | 9,758 | |
Accumulated amortization | (2,408) | (2,113) | |
Net | 6,764 | 7,645 | |
Finite-Lived Intangible Assets Acquired | $ 387 | ||
Finite-Lived Intangible Assets, Useful Life Average | 15 years 3 months 20 days | ||
Patents and technology | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | $ 8,693 | 8,543 | |
Accumulated amortization | (3,325) | (3,096) | |
Net | 5,368 | 5,447 | |
Finite-Lived Intangible Assets Acquired | $ 804 | ||
Finite-Lived Intangible Assets, Useful Life Average | 12 years 4 months 26 days | ||
Capitalized software | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | $ 7,652 | 7,375 | |
Accumulated amortization | (4,538) | (4,136) | |
Net | 3,114 | 3,239 | |
Finite-Lived Intangible Assets Acquired | $ 1,107 | ||
Finite-Lived Intangible Assets, Useful Life Average | 5 years | ||
Trademarks | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | $ 1,165 | 1,337 | |
Accumulated amortization | (307) | (282) | |
Net | 858 | 1,055 | |
Finite-Lived Intangible Assets Acquired | $ 11 | ||
Finite-Lived Intangible Assets, Useful Life Average | 7 years 2 months 13 days | ||
Lease valuations | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | $ 143 | 167 | |
Accumulated amortization | (59) | (22) | |
Net | 84 | 145 | |
Present value of future profits(a) | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | 684 | 651 | |
Accumulated amortization | (684) | (651) | |
Net | 0 | 0 | |
All other | |||
Intangible Assets Subject To Amortization [Line Items] | |||
Gross carrying amount | 273 | 267 | |
Accumulated amortization | (124) | (108) | |
Net | 149 | $ 159 | |
Finite-Lived Intangible Assets Acquired | $ 3 | ||
Finite-Lived Intangible Assets, Useful Life Average | 3 years |
Contract Assets (Details)
Contract Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Contract Assets [Line Items] | |||
Contract asset | $ 25,162 | $ 21,156 | |
Investments [Abstract] | |||
Assets held for sale | 1,745 | 2,818 | |
Billings in excess of revenue | 3,750 | 2,602 | |
Derivative instruments | 1,113 | 2,282 | |
All other assets | 27,176 | 36,797 | |
Other Assets | |||
Investments [Abstract] | |||
All other assets | 27,176 | 36,797 | |
Other Assets | Eliminations | |||
Investments [Abstract] | |||
All other assets | 561 | (1,097) | |
GE | |||
Investments [Abstract] | |||
Assets held for sale | [1] | 1,629 | 2,818 |
All other assets | [1] | 12,007 | 12,813 |
GE | Other Assets | |||
Investments [Abstract] | |||
Long-term investments and receivables, net | 2,433 | 2,310 | |
Derivative instruments | 313 | 733 | |
Other | 5,055 | 5,544 | |
All other assets | 12,007 | 12,813 | |
GE | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 3,574 | 3,582 | |
Other investments | 631 | 644 | |
All other assets | 4,205 | 4,226 | |
GE Capital | |||
Investments [Abstract] | |||
Assets held for sale | 0 | 0 | |
All other assets | 14,608 | 25,081 | |
GE Capital | Other Assets | |||
Investments [Abstract] | |||
Derivative instruments | 32 | 549 | |
Advances to suppliers | 1,632 | 1,809 | |
Deferred acquistion costs | 558 | 544 | |
Other | 2,337 | 3,010 | |
All other assets | 14,608 | 25,081 | |
GE Capital | Other Assets | Investments [Member] | |||
Investments [Abstract] | |||
Associated companies - other assets | 8,124 | 8,373 | |
Assets held for sale | 2,361 | 857 | |
Time deposits | 0 | 10,386 | |
Other investments | 122 | 97 | |
All other assets | 10,607 | 19,713 | |
GE Capital | Prepaid Insurance and Taxes | |||
Investments [Abstract] | |||
Other | 3,320 | 3,494 | |
GE Capital | Other - Deferred Charges [Member] | |||
Investments [Abstract] | |||
Other | $ 789 | $ 1,030 | |
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 30,714 | $ 49,860 | |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | 105,080 | 144,659 | |
Total short-term borrowings and long-term borrowings | 136,210 | 197,602 | |
Non Recourse Borrowings Of Consolidated Securitization Entities | 417 | 3,083 | |
Funding secured by real estate, aircraft and other collateral | 2,466 | ||
Eliminations | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | (13,212) | (18,549) | |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | (47,173) | (67,128) | |
Current Portion Of Long Term Borrowings | Trust Assets Unconditionally Guaranteed by GE | |||
Long-term Borrowings [Abstract] | |||
Non Recourse Borrowings Of Consolidated Securitization Entities | $ 320 | $ 918 | |
Non-Recourse Borrowings | |||
Long-term Borrowings [Abstract] | |||
Non-recourse borrowings average rate | 2.23% | 1.00% | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2017 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2018 | ||
GE | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | [1],[2] | $ 20,482 | $ 19,792 |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | [1],[2] | 58,810 | 83,309 |
Non Recourse Borrowings Of Consolidated Securitization Entities | [2] | 0 | 0 |
GE | Trust Assets Unconditionally Guaranteed by GE | |||
Long-term Borrowings [Abstract] | |||
Subordinated debentures | $ 719 | 2,587 | |
Percentage Ownership | 100.00% | ||
GE | Commercial Paper | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 1,500 | $ 500 | |
Short-term Debt, Weighted Average Interest Rate | 0.60% | 0.15% | |
GE | Current Portion Of Long Term Borrowings | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 17,109 | $ 17,770 | |
Short-term Debt, Weighted Average Interest Rate | 3.16% | 2.10% | |
GE | Senior Notes | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 54,396 | $ 72,471 | |
Long-term Debt, Weighted Average Interest Rate | 3.35% | 3.23% | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2018 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2054 | ||
GE | Subordinated Notes | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 2,768 | $ 2,940 | |
Long-term Debt, Weighted Average Interest Rate | 3.73% | 3.68% | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2021 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2037 | ||
GE | Subordinated Debentures | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 719 | $ 6,600 | |
Long-term Debt, Weighted Average Interest Rate | 6.12% | 6.14% | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2067 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2067 | ||
GE | Other Borrowings | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 928 | $ 1,298 | |
GE | Other Borrowings | Guaranteed investment contracts | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | 1,874 | 1,522 | |
GE | Assumed Debt of Subsidary Excluded | |||
Long-term Borrowings [Abstract] | |||
Total short-term borrowings and long-term borrowings | 20,512 | ||
GE Capital | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | [1] | 23,443 | 48,617 |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | [1] | 93,443 | 128,478 |
Non Recourse Borrowings Of Consolidated Securitization Entities | 417 | 3,083 | |
GE Capital | Commercial Paper | US | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 5,002 | $ 650 | |
Short-term Debt, Weighted Average Interest Rate | 0.59% | 0.46% | |
GE Capital | Commercial Paper | Non U.S. | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 0 | $ 4,351 | |
Short-term Debt, Weighted Average Interest Rate | 0.00% | 0.01% | |
GE Capital | Current Portion Of Long Term Borrowings | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | $ 6,517 | $ 24,969 | |
Short-term Debt, Weighted Average Interest Rate | 1.64% | 4.28% | |
GE Capital | Intercompany Payable To GE | |||
Long-term Borrowings [Abstract] | |||
Total short-term borrowings and long-term borrowings | $ 58,780 | $ 84,704 | |
Changes in total of short-term borrowings and long-term borrowings | 1,329 | ||
GE Capital | Intercompany Payable To GE | Eliminations | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | 11,696 | 17,642 | |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | 47,084 | 67,062 | |
GE Capital | Senior Notes | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 44,131 | $ 59,107 | |
Long-term Debt, Weighted Average Interest Rate | 2.45% | 2.54% | |
Debt Instrument, Maturity Date Range, Start | Jan. 1, 2018 | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2039 | ||
GE Capital | Subordinated Notes | |||
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | $ 236 | $ 251 | |
Long-term Debt, Weighted Average Interest Rate | 0.00% | ||
GE Capital | Non-Recourse Borrowings | |||
Long-term Borrowings [Abstract] | |||
Funding secured by real estate, aircraft and other collateral | 1,419 | $ 1,534 | |
GE Capital | Other Borrowings | |||
Short-term Borrowings [Abstract] | |||
Short-term borrowings | 229 | 1,005 | |
Long-term Borrowings [Abstract] | |||
Total long-term borrowings | 1,992 | 2,058 | |
Funding secured by real estate, aircraft and other collateral | $ 2,665 | $ 2,679 | |
[1] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. The short-term borrowings were $ 11,696 million (which includes a loan amount of $ 1,329 million from GE Capital to GE) and $17,642 million and t he long-term borrowings were $47,084 million and $67,062 million at December 31 , 2016 and December 31, 2015, respectively. See Note 10 for additional information. | ||
[2] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Borrowings (GE Capital Debt Exc
Borrowings (GE Capital Debt Exchange) (Details) - USD ($) $ in Millions | Oct. 26, 2016 | Oct. 26, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 02, 2015 | |
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 30,714 | $ 49,860 | ||||
Total long-term borrowings | 105,080 | 144,659 | ||||
Total short-term borrowings and long-term borrowings | 136,210 | 197,602 | ||||
Outstanding notes being tendered for exchange and settled | $ 19,600 | $ 35,999 | ||||
Outstanding principal | 31,154 | |||||
Premium | $ 4,846 | |||||
Debt Instrument, Maturity Date | Apr. 15, 2016 | |||||
GE Capital | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | [1] | 23,443 | 48,617 | |||
Total long-term borrowings | [1] | 93,443 | 128,478 | |||
GE Capital | Intercompany Payable To GE | ||||||
Debt Instrument [Line Items] | ||||||
Total short-term borrowings and long-term borrowings | 58,780 | $ 84,704 | ||||
Changes in total of short-term borrowings and long-term borrowings | 1,329 | |||||
GE Capital | Intercompany Payable To GE | Borrowings Assumed By GE | ||||||
Debt Instrument [Line Items] | ||||||
Total short-term borrowings and long-term borrowings | 64,800 | $ 92,537 | ||||
GE Capital | Intercompany Payable To GE | Borrowings Guaranteed By GE | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term borrowings | $ 47,476 | |||||
GE Capital | Six Months Notes due 4/15/2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 16,372 | |||||
[1] | On December 2, 2015, senior unsecured notes and commercial paper was assumed by GE upon its merger with GE Capital resulting in an intercompany payable to GE. The short-term borrowings were $ 11,696 million (which includes a loan amount of $ 1,329 million from GE Capital to GE) and $17,642 million and t he long-term borrowings were $47,084 million and $67,062 million at December 31 , 2016 and December 31, 2015, respectively. See Note 10 for additional information. |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Millions, £ in Billions | Oct. 26, 2016GBP (£) | Oct. 26, 2016USD ($) | Oct. 26, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Short-term borrowings | $ 30,714 | $ 49,860 | |||
Outstanding notes being tendered for exchange and settled | $ 19,600 | $ 35,999 | |||
Notes at 0.964% | |||||
Debt Instrument [Line Items] | |||||
Outstanding notes being tendered for exchange and settled | $ 15,300 | ||||
Debt conversion, converted instrument, rate | 0.964% | 0.964% | |||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |||
Notes at 1.363% | |||||
Debt Instrument [Line Items] | |||||
Outstanding notes being tendered for exchange and settled | £ | £ 0.8 | ||||
Debt conversion, converted instrument, rate | 1.363% | 1.363% | |||
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |||
Notes at 2.342% | |||||
Debt Instrument [Line Items] | |||||
Outstanding notes being tendered for exchange and settled | $ 6,100 | ||||
Debt conversion, converted instrument, rate | 2.342% | 2.342% | |||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,020 | 2,020 | |||
Notes at 3.373% | |||||
Debt Instrument [Line Items] | |||||
Outstanding notes being tendered for exchange and settled | $ 2,000 | ||||
Debt conversion, converted instrument, rate | 3.373% | 3.373% | |||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,025 | 2,025 | |||
Notes at 4.418% | |||||
Debt Instrument [Line Items] | |||||
Outstanding notes being tendered for exchange and settled | $ 11,500 | ||||
Debt conversion, converted instrument, rate | 4.418% | 4.418% | |||
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,035 | 2,035 | |||
Borrowings Reclassification Related To Unamortized Debt Issuance Costs [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term borrowings | 33 | ||||
Long-term borrowings | 641 | ||||
Unamortized Debt Issuance Costs | $ 674 |
Borrowings (Liquidity) (Details
Borrowings (Liquidity) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Borrowings Assumed By GE | |
Long-term Debt, Fiscal Year Maturity | |
Banks Extending Committed Credit Lines | 36 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000,000,000 |
Fixed And Floating Rate Notes | $ 498,000,000,000 |
Option Exercise Date | 20,900,000,000 |
Revolving credit | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000,000 |
Revolving credit | Borrowings Assumed By GE | |
Long-term Debt, Fiscal Year Maturity | |
Line of Credit Facility, Maximum Borrowing Capacity | 24,500,000,000 |
GE | |
Long-term Debt, Fiscal Year Maturity | |
2,017 | 17,109,000,000 |
2,018 | 7,899,000,000 |
2,019 | 3,787,000,000 |
2,020 | 6,996,000,000 |
2,021 | 4,708,000,000 |
GE Capital | |
Long-term Debt, Fiscal Year Maturity | |
2,017 | 6,517,000,000 |
2,018 | 5,578,000,000 |
2,019 | 4,111,000,000 |
2,020 | 11,107,000,000 |
2,021 | 2,131,000,000 |
GE Capital | Borrowings Assumed By GE | |
Long-term Debt, Fiscal Year Maturity | |
2,017 | 13,024,000,000 |
2,018 | 7,709,000,000 |
2,019 | 3,729,000,000 |
2,020 | 6,223,000,000 |
2,021 | 4,672,000,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000,000,000 |
Investment Contracts Insuranc97
Investment Contracts Insurance Liabilities And Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total | $ 26,086 | $ 25,692 | |||
Reinsurance Recoverables Gross | $ 295 | $ 240 | $ 250 | ||
Minimum [Member] | |||||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 3.00% | ||||
Maximum [Member] | |||||
Life Insurance Benefits Net Level Premium Method Using Estimated Yields | 8.50% | ||||
Consolidation, Eliminations [Member] | |||||
Total | (460) | $ (463) | |||
Parent [Member] | |||||
Liability for Future Policy Benefits, Life | 18,741 | 18,555 | |||
Investment contracts | 2,813 | 2,955 | |||
Other Investment Contracts | 4,992 | 4,646 | |||
Total | $ 26,546 | 26,155 | |||
Reinsurance Recoverables Allowance | $ 1,880 | $ 1,742 |
Postretirement Benefit Plans (P
Postretirement Benefit Plans (Pension Benefits Narratives and Pension Plan Participants) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)NumberOfParticipants | |
GE pension plan | |
Postretirement Benefit Plan Participants [Abstract] | |
Active employees | 61,000 |
Vested former employees | 168,000 |
Retirees and beneficiaries | 238,000 |
Other pension plans | |
Postretirement Benefit Plan Participants [Abstract] | |
Active employees | 33,000 |
Vested former employees | 59,000 |
Retirees and beneficiaries | 60,000 |
Number of US and Non US Pension Plans | 49 |
Minimum US and non-US other pension plans with pension assets or obligations | $ | 50 |
Principal retiree benefit plans | |
Postretirement Benefit Plan Participants [Abstract] | |
Retirees and dependents | 187,000 |
Benefit obligation decrease due to the plan amendments | $ | $ 3,300 |
Postretirement Benefit Plans (C
Postretirement Benefit Plans (Cost of Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) amortization | $ 303 | ||
Pension plans costs | 4,112 | ||
Principal pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 1,237 | $ 1,424 | $ 1,205 |
Prior service cost (credit) amortization | 303 | 205 | 214 |
Expected return on plan assets | (3,336) | (3,302) | (3,190) |
Interest cost on benefit obligation | 2,939 | 2,778 | 2,745 |
Net actuarial loss amortization | 2,449 | 3,288 | 2,565 |
Curtailment loss (gain) | 31 | 105 | 65 |
Pension plans costs | 3,623 | 4,498 | 3,604 |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 462 | 416 | 403 |
Prior service cost (credit) amortization | 1 | 0 | 6 |
Expected return on plan assets | (1,034) | (881) | (789) |
Interest cost on benefit obligation | 670 | 555 | 587 |
Net actuarial loss amortization | 256 | 289 | 205 |
Curtailment loss (gain) | 19 | (6) | 0 |
Pension plans costs | 374 | 373 | 412 |
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 123 | 145 | 164 |
Prior service cost (credit) amortization | (164) | (8) | 353 |
Expected return on plan assets | 43 | 48 | (50) |
Interest cost on benefit obligation | 249 | 335 | 424 |
Net actuarial loss amortization | (50) | (25) | (150) |
Curtailment loss (gain) | 0 | (225) | 48 |
Pension plans costs | $ 115 | $ 174 | $ 789 |
Postretirement Benefit Plans (A
Postretirement Benefit Plans (Acturial Assumptions) (Details) - Principal pension plans | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Actuarial Assumptions [Abstract] | |||
Discount rate - pension benefit obligation | 4.11% | 4.38% | 4.02% |
Compensation increases | 3.80% | 3.80% | 4.10% |
Discount rate - benefit cost | 4.38% | 4.02% | 4.85% |
Expected return on assets | 7.50% | 7.50% | 7.50% |
Postretirement Benefit Plans (F
Postretirement Benefit Plans (Funding Policy Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other pension plans | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 910 | |||
Employer contributions | $ 795 | $ 549 | ||
Total plan assets | 17,091 | 17,368 | $ 12,386 | |
Benefits paid | (842) | (576) | ||
Other pension plans | Measured using NAV [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Total plan assets | $ 4,669 | $ 4,213 | ||
Actual allocation | 0.07% | 0.06% | ||
Other pension plans | Measured using NAV [Member] | Equity Securities [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.07% | 0.06% | ||
Other pension plans | Measured using NAV [Member] | Fixed Income And Cash Investment Funds [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.04% | 0.03% | ||
Other pension plans | Measured using NAV [Member] | Alternative Investments [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.16% | 0.15% | ||
Other pension plans | Measured not using NAV practical expedient [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Total plan assets | $ 135 | $ 169 | ||
Principal retiree benefit plans | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 460 | |||
Employer contributions | 410 | 501 | ||
Total plan assets | 575 | 695 | 813 | |
Benefits paid | $ (603) | (691) | ||
Principal retiree benefit plans | Equity Securities [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 59.00% | |||
Principal retiree benefit plans | Measured using NAV [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Total plan assets | $ 2,016 | 160 | ||
GE Supplementary Pension Plan [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 250 | |||
Employer contributions | 222 | |||
Principal pension plans | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Employer contributions | 552 | 233 | ||
Total plan assets | 45,893 | 45,720 | $ 48,280 | |
Benefits paid | $ 3,386 | 3,255 | ||
Principal pension plans | Equity Securities [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 46.00% | |||
Principal pension plans | Measured using NAV [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Total plan assets | $ 16,894 | $ 15,430 | ||
Principal pension plans | Measured using NAV [Member] | Equity Securities [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.12% | 0.10% | ||
Principal pension plans | Measured using NAV [Member] | Fixed Income And Cash Investment Funds [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.08% | 0.07% | ||
Principal pension plans | Measured using NAV [Member] | Alternative Investments [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Actual allocation | 0.17% | 0.17% | ||
Principal pension plans | Measured not using NAV practical expedient [Member] | ||||
GE Defined Benefit Plan Estimated Future Employer Contributions [Abstract] | ||||
Total plan assets | $ 2,504 | $ 2,492 |
Postretirement Benefit Plans102
Postretirement Benefit Plans (Projected Benefit Obligation and Accumulated Postretirement Benefit Obligation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Projected Benefit Obligation [Abstract] | |||
Actuarial loss (gain) | $ 2,449 | ||
Prior service cost (credit) amortization | 303 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated future amortization of net actuarial loss | 2,840 | ||
Future amortization of prior service cost (credit) | 295 | ||
Principal pension plans | |||
Projected Benefit Obligation [Abstract] | |||
Beginning balance | 68,722 | $ 70,735 | |
Service cost for benefits earned | 1,237 | 1,424 | $ 1,205 |
Interest cost on benefit obligation | 2,939 | 2,778 | 2,745 |
Participant contributions | 115 | 155 | |
Plan amendments | 0 | 902 | |
Actuarial loss (gain) | 1,874 | (4,017) | |
Benefits paid | (3,386) | (3,255) | |
Dispositions | 0 | 0 | |
Ending balance | 71,501 | 68,722 | 70,735 |
Fair value of plan assets | 45,893 | 45,720 | 48,280 |
Prior service cost (credit) amortization | 303 | 205 | 214 |
Other pension plans | |||
Projected Benefit Obligation [Abstract] | |||
Beginning balance | 21,618 | 15,589 | |
Service cost for benefits earned | 462 | 416 | 403 |
Interest cost on benefit obligation | 670 | 555 | 587 |
Participant contributions | 43 | 15 | |
Plan amendments | (54) | (12) | |
Actuarial loss (gain) | 2,993 | (406) | |
Benefits paid | 842 | 576 | |
Ending balance | 22,543 | 21,618 | 15,589 |
Fair value of plan assets | 17,091 | 17,368 | 12,386 |
Prior service cost (credit) amortization | 1 | 0 | 6 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated future amortization of net actuarial loss | 520 | ||
Future amortization of prior service cost (credit) | 5 | ||
GE supplemental employee pension plan | |||
Projected Benefit Obligation [Abstract] | |||
Funded status of plan | 6,531 | 6,099 | |
Principal retiree benefit plans | |||
Projected Benefit Obligation [Abstract] | |||
Beginning balance | 6,757 | 10,703 | |
Service cost for benefits earned | 123 | 145 | 164 |
Interest cost on benefit obligation | 249 | 335 | 424 |
Participant contributions | 51 | 50 | |
Plan amendments | (7) | (3,291) | |
Actuarial loss (gain) | (291) | (444) | |
Benefits paid | 603 | 691 | |
Ending balance | 6,289 | 6,757 | 10,703 |
Fair value of plan assets | 575 | 695 | 813 |
Prior service cost (credit) amortization | (164) | $ (8) | $ 353 |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year [Abstract] | |||
Estimated future amortization of net actuarial loss | 80 | ||
Future amortization of prior service cost (credit) | $ 170 |
Postretirement Benefit Plans103
Postretirement Benefit Plans (Pension Plan Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | $ 44,313 | $ 31,973 |
Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 3,244 | 3,186 |
Other investments | 1,783 | 2,202 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 45,720 | 48,280 |
Actual gain (loss) on plan assets | 2,892 | 307 |
Employer contributions | 552 | 233 |
Participant contributions | 115 | 155 |
Benefits paid | 3,386 | 3,255 |
Ending balance | 45,893 | 45,720 |
Fixed income and cash investment funds | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 4,897 | 3,252 |
Corporate - U.S. | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 5,252 | 5,529 |
Other debt securities | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 5,066 | 5,131 |
Private equities | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | 4,492 | 4,885 |
US | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 12,130 | 12,447 |
Non US | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | $ 9,029 | $ 9,088 |
Postretirement Benefit Plans104
Postretirement Benefit Plans (Amounts Included in Shareowner's Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Future amortization of prior service cost (credit) | $ 295 | |
Principal pension plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | 1,138 | $ 1,473 |
Net actuarial loss (gain) | 16,664 | 16,795 |
Total | 17,802 | 18,268 |
Other pension plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | (88) | (29) |
Net actuarial loss (gain) | 4,800 | 3,080 |
Total | 4,712 | 3,051 |
Future amortization of prior service cost (credit) | 5 | |
Principal retiree benefit plans | ||
Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Period Increase Decrease [Abstract] | ||
Prior service cost (credit) | (2,975) | (3,132) |
Net actuarial loss (gain) | (682) | (464) |
Total | (3,657) | $ (3,596) |
Future amortization of prior service cost (credit) | $ 170 |
All Other Liabilities (Details)
All Other Liabilities (Details) $ in Millions | Dec. 31, 2016USD ($) |
All Other Liabilities [Abstract] | |
Accrual for Environmental Loss Contingencies | $ 1,767 |
Income Taxes (Provision for Inc
Income Taxes (Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
(Benefit) Provision For Income Taxes [Abstract] | |||||
Current tax expense (benefit) | $ (1,278) | $ 6,103 | $ 1,655 | ||
Deferred Income Tax Expense (Benefit) | 814 | 383 | (882) | ||
Total | (464) | 6,485 | 773 | ||
GE | |||||
(Benefit) Provision For Income Taxes [Abstract] | |||||
Current tax expense (benefit) | (140) | 3,307 | 2,110 | ||
Deferred Income Tax Expense (Benefit) | 1,107 | (1,800) | (476) | ||
Total | 967 | 1,506 | 1,634 | $ 1,667 | $ 2,013 |
GE Capital | |||||
(Benefit) Provision For Income Taxes [Abstract] | |||||
Current tax expense (benefit) | (1,138) | 2,796 | (455) | ||
Deferred Income Tax Expense (Benefit) | (293) | 2,183 | (406) | ||
Total | $ (1,431) | $ (4,979) | $ 861 |
Income Taxes (Earnings from Ope
Income Taxes (Earnings from Operations and Provision for Income Taxes) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S Earnings | $ 2,145 | $ (309) | $ 3,176 |
Non-U.S. earning | 6,885 | 8,495 | 7,087 |
Earnings (loss) from continuing operations | 9,030 | 8,186 | 10,263 |
Current And Deferred Income Tax Benefit Provision For Income Taxes [Abstract] | |||
U.S Federal current tax benefit (provision) | (2,646) | 1,549 | (122) |
U.S Federal Deferred | (754) | 492 | 261 |
Non- U.S Current | 1,730 | 4,867 | 2,035 |
Non- U.S Deferred | 1,239 | (121) | (982) |
Other | (33) | (302) | (419) |
Benefit (provision) for income taxes | (464) | 6,485 | 773 |
Cumulative earning of non-U.S affiliates reinvested indefinitely | $ 82,000 | $ 104,000 | $ 119,000 |
Number of income tax returns filed annually | 6,000 | ||
Number of global taxing jurisdictions | 300 | ||
Percentage of change in effective tax rate | 5.30% | 4.40% | |
Percentage of change in effective tax rate due to GE Capital Exit Plan | 77.30% |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
US federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GE Capital in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | (23.70%) | 54.10% | (17.70%) |
US business credits | (4.50%) | (4.70%) | (3.30%) |
All other - net | (11.90%) | (5.20%) | (6.50%) |
Total income tax reconciliation items | (40.10%) | 44.20% | (27.50%) |
Actual income tax rate | (5.10%) | 79.20% | 7.50% |
Reconciliation change related to deductible stock losses | (7.70%) | (4.20%) | |
GE | |||
Income Tax Contingency [Line Items] | |||
US federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GE Capital in before-tax earnings of GE | 4.50% | 82.40% | (4.80%) |
Tax on global activities including exports | (20.80%) | (52.80%) | (12.00%) |
US business credits | (0.90%) | (4.10%) | (1.00%) |
All other - net | (7.90%) | (14.20%) | (2.50%) |
Total income tax reconciliation items | (25.10%) | 11.30% | (20.30%) |
Actual income tax rate | 9.90% | 46.30% | 14.70% |
Reconciliation change related to deductible stock losses | (7.10%) | (7.10%) | |
GE Capital | |||
Income Tax Contingency [Line Items] | |||
US federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
Inclusion of after-tax earnings of GE Capital in before-tax earnings of GE | 0.00% | 0.00% | 0.00% |
Tax on global activities including exports | 4.90% | (224.50%) | (72.00%) |
US business credits | 15.70% | 9.20% | (34.50%) |
All other - net | 14.70% | (1.50%) | (55.90%) |
Total income tax reconciliation items | 35.30% | (216.80%) | (162.40%) |
Actual income tax rate | 70.30% | (181.80%) | (127.40%) |
Income Taxes (Balance of unreco
Income Taxes (Balance of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||
Unrecognized tax benefits | $ 4,692 | $ 6,778 | $ 5,619 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 2,886 | 4,723 | |
Accrued interest on unrecognized tax benefits | 615 | 805 | |
Accrued penalties on unrecognized tax benefits | 118 | 98 | |
Benefit (provision) for income taxes | 464 | (6,485) | $ (773) |
Lower Limit | |||
Income Tax Disclosure [Line Items] | |||
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | 0 | 0 | |
Upper Limit | |||
Income Tax Disclosure [Line Items] | |||
Portion that, if recognized, would reduce tax expense and effective tax rate | 500 | 200 | |
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months lower limit | $ 600 | 700 | |
GE Capital Exit Plan [Member] | |||
Income Tax Disclosure [Line Items] | |||
Benefit (provision) for income taxes | (6,327) | ||
Income tax reconciliation repatriation of foreign earnings | 3,548 | ||
Deferred income taxes asset | 2,779 | ||
Foreign Earnings Repatriated | $ 10,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||
Income Tax Examination Description | final settlement with government for tax loss from 2003 disposition of ERC | ||
IRS | Lower Limit | |||
Income Tax Examination [Line Items] | |||
Income Tax Examination Year Under Examination by Internal Revenue Service | 2,012 | 2,010 | |
IRS | Upper Limit | |||
Income Tax Examination [Line Items] | |||
Income Tax Examination Year Under Examination by Internal Revenue Service | 2,013 | 2,011 |
Income Taxes (Reconciliation111
Income Taxes (Reconciliation of the beginning and ending amounts of unrecognized tax benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||
Opening Balance | $ 6,778 | $ 5,619 | |
Additions for tax positions of current year | 248 | 720 | |
Additions for tax positions of prior years | 521 | 1,296 | |
Reductions for tax positions of prior years | 2,016 | 754 | |
Settlements with tax authorities | 823 | 70 | |
Expiration on the statute of limitations | 16 | 33 | |
Income tax penalties | (4) | (4) | $ (45) |
Interest on tax deficiencies | (105) | 48 | (68) |
Closing Balance | $ 4,692 | 6,778 | $ 5,619 |
Alstom Acquisition [Member] | |||
Income Tax Disclosure [Line Items] | |||
Additions for tax positions of prior years | 1,054 | ||
Unrecognized tax benefits that would not affect effective tax rate | $ 445 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Taxes) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | $ 26,199 | $ 25,182 |
Deferred tax liabilities | 24,366 | 22,077 |
Net deferred income assets (liability) | 1,833 | 3,105 |
GE | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | 21,106 | 20,539 |
Deferred tax liabilities | 14,440 | 12,873 |
Net deferred income assets (liability) | 6,666 | 7,666 |
GE Capital | ||
Income Tax Disclosure [Line Items] | ||
Deferred tax assets | 5,093 | 4,643 |
Deferred tax liabilities | 9,926 | 9,204 |
Net deferred income assets (liability) | $ (4,833) | $ (4,561) |
Income Taxes (Principal Compone
Income Taxes (Principal Components of Our Net Asset (Liability) Representing Deferred Income Tax Balances) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | $ 2,767 | |
Net deferred income tax liability | 1,833 | $ 3,105 |
Expires within three years | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 6 | |
Expires after three years and before twenty years | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 472 | |
May be carried indefinitely | ||
Components of Deferred Tax Assets and Liabilities | ||
Non-U.S. loss carryforwards | 2,289 | |
GE | ||
Components of Deferred Tax Assets and Liabilities | ||
Principal pension plans | 8,963 | 8,051 |
Other noncurrent compensation and benefits | 4,230 | 4,133 |
Provision for expenses | 2,633 | 2,827 |
Retiree insurance plans | 2,000 | 2,122 |
Non-U.S. loss carryforwards | 1,444 | 1,940 |
Contract assets | 6,677 | 5,143 |
Intangible assets | 2,962 | 3,192 |
Depreciation | 1,755 | 1,688 |
Investment in global subsidiaries | 899 | 915 |
Other - net | (311) | (469) |
Net deferred income tax liability | 6,666 | 7,666 |
GE | Valuation Allowance | ||
Components of Deferred Tax Assets and Liabilities | ||
Valuation allowance | 2,450 | 2,184 |
GE Capital | ||
Components of Deferred Tax Assets and Liabilities | ||
Operating leases | 3,582 | 3,863 |
Financing leases | 1,632 | 1,665 |
Energy investments | 1,410 | 1,276 |
Non-U.S. loss carryforwards | 1,323 | 2,262 |
Intangible assets | 125 | 103 |
Investment in global subsidiaries | 343 | (5) |
Other - net | 936 | 79 |
Net deferred income tax liability | (4,833) | (4,561) |
GE Capital | Valuation Allowance | ||
Components of Deferred Tax Assets and Liabilities | ||
Valuation allowance | $ 391 | $ 109 |
Shareowners' Equity (Roll forwa
Shareowners' Equity (Roll forward schedule) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 03, 2015 | Dec. 31, 2013 | |||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Preferred stock, value, issued | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 0 | $ 5,944,000,000 | |||||||||||
Common Stock, Value, Issued | 702,000,000 | 702,000,000 | 702,000,000 | 702,000,000 | 702,000,000 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | $ (16,529,000,000) | $ (18,172,000,000) | (16,529,000,000) | (18,172,000,000) | (9,119,000,000) | ||||||||||||
Other Comprehensive Income (Loss), before Reclassifications | (4,602,000,000) | (3,312,000,000) | (12,088,000,000) | ||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 2,533,000,000 | 4,956,000,000 | 3,035,000,000 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (2,069,000,000) | 1,644,000,000 | (9,053,000,000) | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) Ending balance | (18,598,000,000) | (16,529,000,000) | (18,598,000,000) | (16,529,000,000) | (18,172,000,000) | ||||||||||||
Other Capital [Abstract] | |||||||||||||||||
Additional Paid in Capital, Beginning Balance | 37,613,000,000 | 32,889,000,000 | 37,613,000,000 | 32,889,000,000 | 32,494,000,000 | ||||||||||||
Gains (losses) on treasury stock dispositions and other | 389,000,000 | (4,724,000,000) | (396,000,000) | ||||||||||||||
Additional Paid in Capital, Ending Balance | 37,224,000,000 | 37,613,000,000 | 37,224,000,000 | 37,613,000,000 | 32,889,000,000 | ||||||||||||
Retained Earnings [Abstract] | |||||||||||||||||
Retained Earnings (Accumulated Deficit), Beginning Balance | 140,020,000,000 | 155,333,000,000 | 140,020,000,000 | 155,333,000,000 | 149,051,000,000 | ||||||||||||
Net Income (Loss) Attributable to Parent | 3,667,000,000 | $ 2,027,000,000 | $ 2,908,000,000 | 228,000,000 | 6,301,000,000 | $ 2,506,000,000 | $ (1,360,000,000) | (13,573,000,000) | 8,831,000,000 | (6,126,000,000) | 15,233,000,000 | ||||||
Dividends | (9,054,000,000) | (9,161,000,000) | (8,948,400,000) | ||||||||||||||
Redemption value adjustment | (266,000,000) | (25,000,000) | (2,000,000) | ||||||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 139,532,000,000 | 140,020,000,000 | 139,532,000,000 | 140,020,000,000 | 155,333,000,000 | ||||||||||||
Common Stock Held In Treasury [Abstract] | |||||||||||||||||
Treasury Stock, Value, Beginning Balance | $ (63,539,000,000) | $ (42,593,000,000) | (63,539,000,000) | (42,593,000,000) | (42,561,000,000) | ||||||||||||
Purchases | (22,073,000,000) | (23,762,000,000) | (1,950,000,000) | ||||||||||||||
Dispositions | 2,574,000,000 | 2,816,000,000 | 1,917,000,000 | ||||||||||||||
Treasury Stock, Value, Ending Balance | (83,038,000,000) | (63,539,000,000) | (83,038,000,000) | (63,539,000,000) | (42,593,000,000) | ||||||||||||
Equity [Abstract] | |||||||||||||||||
Equity ending balance | 75,828,000,000 | 98,274,000,000 | 75,828,000,000 | 98,274,000,000 | 128,159,000,000 | $ 130,566,000,000 | |||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,663,000,000 | [1] | 1,864,000,000 | [1] | 1,663,000,000 | [1] | 1,864,000,000 | [1] | 8,674,000,000 | $ 6,217,000,000 | |||||||
Total equity balance | $ 77,491,000,000 | $ 100,138,000,000 | $ 77,491,000,000 | $ 100,138,000,000 | $ 136,833,000,000 | ||||||||||||
[1] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (Shares of
Shareowners' Equity (Shares of GE Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 17, 2008 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 20, 2016 | Dec. 03, 2015 | Dec. 31, 2013 | ||
Shares of Preferred Stock | |||||||||
Preferred stock, shares issued | 5,944,250 | 5,944,250 | |||||||
Preferred stock, value, issued | $ 6 | $ 6 | $ 0 | $ 5,944 | |||||
Preferred Stock, Shares Outstanding | 5,944,250 | 5,944,250 | 50,000 | ||||||
Purchases | $ 22,073 | $ 23,762 | $ 1,950 | ||||||
Gains Losses On Treasury Stock Dispositions And Other Additional Paid In Capital During Period | (389) | 4,724 | 396 | ||||||
Noncontrolling interests | 1,663 | [1] | 1,864 | [1] | 8,674 | $ 6,217 | |||
Class of Stock | |||||||||
Initial Fixed Interest Rate Of Preferred Stock | 4.07% | ||||||||
Preferred stock | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | $ 5,283 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 1 | ||||||||
Preferred Stock Shares Authorized | 50,000,000 | ||||||||
Number Of Common Stock Shares Warrants Can Purchase | 134,831,460 | ||||||||
Common stock | |||||||||
Shares of Preferred Stock | |||||||||
Cumulative Percentage Of Dividends On Preferred Stock | 0.10% | ||||||||
Series A | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | $ 2,687 | $ 2,778 | |||||||
Series B | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | 2,008 | 2,073 | |||||||
Series C | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | 999 | $ 1,094 | |||||||
Series D | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | $ 5,694 | ||||||||
Class of Stock | |||||||||
Initial Fixed Interest Rate Of Preferred Stock | 5.00% | ||||||||
GE Capital | |||||||||
Shares of Preferred Stock | |||||||||
Preferred stock, value, issued | $ 6 | 6 | |||||||
Noncontrolling interests | $ 285 | 486 | |||||||
GE Capital | Preferred stock | |||||||||
Shares of Preferred Stock | |||||||||
Gains Losses On Treasury Stock Dispositions And Other Additional Paid In Capital During Period | 4,949 | ||||||||
Synchrony Financial | |||||||||
Shares of Preferred Stock | |||||||||
Gains Losses On Treasury Stock Dispositions And Other Additional Paid In Capital During Period | $ 440 | ||||||||
Synchrony Financial | Common stock | |||||||||
Shares of Preferred Stock | |||||||||
Purchases | $ (20,383) | ||||||||
[1] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (Shares 116
Shareowners' Equity (Shares of GE Preferred Stock - Other) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 20, 2016 | Dec. 03, 2015 | |
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | $ 6 | $ 6 | $ 0 | $ 5,944 | |
Preferred stock, shares issued | 5,944,250 | 5,944,250 | |||
Average dividend rate | 6.44% | ||||
Quarterly dividends paid by GECC to GE | $ 20,118 | $ 4,311 | $ 3,000 | ||
Dividends preferred stock cash | 332 | 8 | |||
Accretion of dividends | 232 | ||||
Dividends preferred stock total | 656 | $ 18 | |||
Series A, B and C | |||||
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | $ 5,000 | ||||
Dividends preferred stock cash | 37 | ||||
Series A | |||||
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | $ 2,687 | 2,778 | |||
Preferred stock outstanding | 91 | ||||
Series B | |||||
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | 2,008 | 2,073 | |||
Preferred stock outstanding | 64 | ||||
Series C | |||||
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | 999 | $ 1,094 | |||
Preferred stock outstanding | 95 | ||||
Series D | |||||
Class Of Stock [Line Items] | |||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | $ 5,694 | ||||
Accretion of dividends | 129 | ||||
Dividends preferred stock total | $ 195 |
Shareowners' Equity (Shares 117
Shareowners' Equity (Shares of GE Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 10, 2015 |
Shares Of GE Common Stock | |||||
Payments for repurchase of common stock | $ (22,581) | $ (2,709) | $ (2,211) | ||
Stock repurchased during period | (671,366,809) | 725,800,000 | 109,800,000 | 73,600,000 | |
Repurchase program amount to be repurchased | $ 50,000 | ||||
Value of stock repurchased during period | $ 22,005 | $ 3,320 | $ 1,901 | ||
Issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | ||
In treasury | (2,951,227,000) | (2,314,553,000) | (1,636,461,000) | ||
Common Stock, Shares, Outstanding | 8,742,614,000 | 9,379,288,000 | 10,057,380,000 | ||
Common stock, shares authorized | 13,200,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.06 | ||||
Synchrony Financial | |||||
Shares Of GE Common Stock | |||||
Issued | 705,270,833 |
Shareowners' Equity (Accumulate
Shareowners' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Capitalization Equity Line Items | ||||
Adjustment To Reclass Unrealized Gains To Offset Deferred Acquisition Costs And Present Value Of Future Profits | $ 57 | $ (611) | $ 960 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (16,529) | (18,172) | (9,119) | |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | 157 | |||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (4,602) | (3,312) | (12,088) | |
Benefit (provision) for income taxes | 464 | (6,485) | (773) | |
Other comprehensive income, net of tax | (2,083) | 1,575 | (9,066) | $ (9,066) |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 14 | 69 | 13 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | (18,598) | (16,529) | (18,172) | (9,119) |
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | 460 | 1,013 | 307 | |
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | 170 | (486) | 562 | |
OCI before reclassification tax | 84 | (270) | 352 | |
Benefit (provision) for income taxes | (30) | 36 | (85) | |
Reclassification from OCI net of deferred taxes | (34) | 67 | (146) | |
Other comprehensive income, net of tax | 203 | (553) | 708 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 11 | 1 | (2) | |
Accumulated Other Comprehensive Income (Loss) Ending balance | 674 | 460 | 1,013 | 307 |
Currency Translation Adjustment | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (5,499) | (2,428) | 283 | |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | (2,428) | |||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (1,606) | (4,932) | (2,600) | |
OCI before reclassification tax | 719 | 1,348 | (129) | |
Benefit (provision) for income taxes | (241) | 1,489 | (213) | |
Reclassification from OCI net of deferred taxes | (294) | (1,794) | 129 | |
Other comprehensive income, net of tax | (1,311) | (3,137) | (2,730) | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | (6) | 66 | 19 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | (6,816) | (5,499) | (2,428) | 283 |
Cash Flow Hedge | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (80) | (180) | (414) | |
Accumulated Other Comprehensive Income (Loss) beg bal - adj | (180) | |||
Other comprehensive income (OCI) before reclassifications - net of deferred taxes | (234) | (732) | (609) | |
OCI before reclassification tax | (41) | (21) | 22 | |
Benefit (provision) for income taxes | (37) | (86) | (34) | |
Reclassification from OCI net of deferred taxes | (327) | (831) | (844) | |
Other comprehensive income, net of tax | 93 | 99 | 234 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss) Ending balance | 12 | (80) | (180) | (414) |
Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Accumulated Other Comprehensive Income (Loss) Beginning balance | (11,410) | (16,578) | (9,296) | |
Other comprehensive income, net of tax | (1,068) | 5,165 | (7,278) | |
Prior Service credit (costs)- net of deferred taxes | 128 | 1,541 | 396 | |
Net actuarial gain (loss), Tax | (1,062) | 647 | (5,332) | |
Net actuarial gain (loss) - net of deferred taxes | (3,074) | 1,227 | (9,849) | |
Prior service credit (costs), tax | 46 | 859 | 219 | |
Net curtailment/settlement, tax | 12 | (42) | 41 | |
Net curtailment/settlement - net of deferred taxes | 19 | (76) | 72 | |
Prior service cost amortization, tax | 84 | 103 | 241 | |
Prior service cost amortization - net of deferred taxes | 62 | 100 | 349 | |
Net actuarial loss amortization, tax | 870 | 1,199 | 859 | |
Net actuarial loss amortization - net of deferred taxes | 1,797 | 2,373 | 1,753 | |
Less Other comprehensive income (loss) attributable to noncontrolling interests | 9 | 3 | (3) | |
Accumulated Other Comprehensive Income (Loss) Ending balance | $ (12,469) | $ (11,410) | $ (16,578) | $ (9,296) |
Shareowners' Equity (Reclass Ou
Shareowners' Equity (Reclass Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | $ 4,005 | $ 2,227 | $ 778 | ||||||||||
Benefit (provision) for income taxes | 464 | (6,485) | (773) | ||||||||||
Net earnings (loss) | $ 3,659 | $ 1,951 | $ 2,823 | $ 107 | $ 6,403 | $ 2,545 | $ (1,134) | $ (13,608) | 8,540 | (5,795) | 15,345 | ||
Financial Services Revenue | 9,297 | 9,350 | 9,648 | ||||||||||
Interest and other financial charges | (5,025) | (3,463) | (2,723) | ||||||||||
Prior service cost amortization | (303) | ||||||||||||
Earnings (loss) from continuing operations before income taxes | 9,030 | 8,186 | 10,263 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 | ||||||||
Currency Translation Adjustment | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | (241) | 1,489 | (213) | ||||||||||
Cash Flow Hedge | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | (37) | (86) | (34) | ||||||||||
Reclassification out of AOCI | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Net earnings (loss) | (2,533) | (4,956) | (3,035) | ||||||||||
Reclassification out of AOCI | Currency Translation Adjustment | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | 241 | (1,489) | 213 | ||||||||||
Net earnings (loss) | (294) | (1,794) | 129 | ||||||||||
Gain (loss) on disposition of business | (535) | (305) | (85) | ||||||||||
Reclassification out of AOCI | Currency Translation Adjustment | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Benefit (provision) for income taxes | (241) | 1,506 | (213) | ||||||||||
Gain (loss) on disposition of business | (453) | (224) | (51) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | (38) | 13 | 22 | ||||||||||
Benefit (provision) for income taxes | 37 | 86 | 34 | ||||||||||
Net earnings (loss) | (327) | (831) | (844) | ||||||||||
Interest Income (Expense), Net | (79) | (130) | (234) | ||||||||||
Earnings (loss) from continuing operations before income taxes | (364) | (918) | (878) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Financial Services Revenue | (182) | (758) | (607) | ||||||||||
Interest and other financial charges | 65 | 43 | 59 | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Interest Rate Contracts | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | (79) | (130) | (234) | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Currency Exchange Contracts | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | 247 | 801 | 666 | ||||||||||
Reclassification out of AOCI | Cash Flow Hedge | Other Contract [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Interest and other financial charges | 38 | (13) | (22) | ||||||||||
Reclassification out of AOCI | Pension Plans | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Net earnings (loss) | (1,878) | (2,397) | (2,174) | ||||||||||
Curtailment gain (loss) | (31) | 118 | (113) | ||||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | (2,667) | (3,572) | (2,612) | ||||||||||
Prior service cost amortization | 146 | 203 | 590 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (2,844) | (3,657) | (3,315) | ||||||||||
Benefit (provision) for income taxes | 966 | 1,260 | 1,141 | ||||||||||
Reclassification out of AOCI | Available-for-sale Securities | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | (63) | 103 | (231) | ||||||||||
Benefit (provision) for income taxes | 30 | (36) | 85 | ||||||||||
Net earnings (loss) | (34) | 67 | (146) | ||||||||||
Reclassification out of AOCI | Available-for-sale Securities | Discontinued Operations [Member] | |||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||||
Other Income | (70) | 61 | 0 | ||||||||||
Benefit (provision) for income taxes | $ (32) | $ 30 | $ (3) |
Shareowners' Equity (Noncontrol
Shareowners' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 03, 2015 | |||
Noncontrolling Interest [Line Items] | ||||||
Preferred stock value (5,944,250 shares outstanding at December 31, 2016 and December 31, 2015) | $ 6 | $ 6 | $ 0 | $ 5,944 | ||
Changes To Noncontrolling Interest | ||||||
Beginning balance | 1,864 | [1] | 8,674 | 6,217 | ||
Net earnings (loss) | (46) | 377 | 183 | |||
GECC preferred stock | 0 | (4,949) | 0 | |||
GECC preferred stock dividend | 0 | (311) | (322) | |||
Dividends | (72) | (43) | (74) | |||
Dispositions | (216) | 189 | (81) | |||
Synchrony Financial IPO | 0 | (2,840) | 2,393 | |||
AOCI and other | 134 | 767 | 358 | |||
Ending balance | 1,663 | [1] | $ 1,864 | [1] | $ 8,674 | |
GEAM | ||||||
Changes To Noncontrolling Interest | ||||||
Dispositions | 123 | |||||
Alstom Acquisition | ||||||
Changes To Noncontrolling Interest | ||||||
Ending balance | 695 | |||||
ArcamAB [Member] | ||||||
Changes To Noncontrolling Interest | ||||||
Ending balance | $ 155 | |||||
[1] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. |
Shareowners' Equity (RNCI) (Det
Shareowners' Equity (RNCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest balance at January 1 | $ 2,972 | $ 98 | $ 178 |
Net earnings | (244) | (46) | (71) |
Dividends | (17) | (11) | (12) |
Redemption value adjustment | (266) | (25) | (2) |
Other(a) | 49 | 2,906 | 1 |
Redeemable noncontrolling interest ending balance | 3,025 | 2,972 | $ 98 |
Alstom Acquisition | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest balance at January 1 | 2,875 | ||
Redeemable noncontrolling interest ending balance | $ 2,875 | ||
Concept Laser | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest ending balance | $ 204 |
Shareowners' Equity (Other) (De
Shareowners' Equity (Other) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Apr. 10, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accelerated Share Repurchases [Line Items] | |||||
Repurchase program amount to be repurchased | $ 50,000 | ||||
Accelerated share repurchases initial delivery of shares | 59,177,215 | ||||
Common stock shares issued | 11,693,841,000 | 11,693,841,000 | 11,693,841,000 | ||
Treasury stock value | $ 83,038 | $ 63,539 | $ 42,593 | $ 42,561 | |
Repurchase Agreements [Member] | |||||
Accelerated Share Repurchases [Line Items] | |||||
Repurchase program amount to be repurchased | 11,370 | ||||
Accelerated share repurchases settlement payment or receipt | $ 2,200 | ||||
Common stock shares issued | 370,824,000 | ||||
Treasury stock value | $ 1,870 | ||||
Unsettled contract determined to be forward contract indexed to issuers equity | $ 330 | ||||
Remaining shares related to ASR received | 10,773,050 |
Other Stock-related Informat123
Other Stock-related Information (Share-Based Compensation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Share Based Compensation [Line Items] | |||
Compensation expense for unrecognized unvested awards | $ 427 | ||
Compensation expense for unrecognized unvested awards next year | 118 | ||
Stock options exercisable | 723 | ||
Stock vested in 2016 - intrinsic value | 137 | ||
Stock vested - fair value | 3,984 | ||
Non-vested stock outstanding - intrinsic | $ 564 | ||
Stock Options, Additional Disclosures [Abstract] | |||
Expected option life (in years) | 6 years 6 months | ||
Weighted average of amortized over the remaining vested period of stock options | 2 years | ||
Restricted Stock, Additional Disclosures [Abstract] | |||
Weighted average amortized over the remaining vesting period of unvested restricted stock | 2 years | ||
Other Information [Abstract] | |||
Income Tax Benefit from Compensation Expense | $ 274 | $ 148 | $ 147 |
Excess of actual tax deductions over amounts assumed recognized in shareowners equity | 0 | 167 | 86 |
Stock Option | |||
Schedule Of Share Based Compensation [Line Items] | |||
Compensation expense | $ 207 | $ 234 | $ 215 |
Stock options exercised | 56,973 | 65,764 | 30,433 |
Stock options granted | 30,948 | ||
Stock options exercisable | 301,952 | ||
Stock options outstanding | 420,303 | ||
Weighted average grant date fair value | $ 3.61 | $ 4.64 | $ 5.26 |
Stock Options, Additional Disclosures [Abstract] | |||
Risk free interest rate | 1.43% | 2.00% | 2.30% |
Dividend yield | 3.362% | 3.40% | 3.10% |
Expected volatility rate | 20.00% | 25.00% | 26.00% |
Expected option life (in years) | 6 years 10 months | 7 years 4 months | |
Weighted average grant date market price of GE stock | $ 29.63 | $ 25.79 | $ 26.11 |
Dilutive effect on earnings per share from continuing operations | $ 0.01 | ||
Dilutive Effect Percentage On Earnings Per Share From Continuing Operations | 1.00% | ||
Weighted average strike price of awards granted in 2016 | $ 29.63 | ||
Weighted average strike price of stock options outstanding | 22.29 | ||
Weighted average strike price of stock options exercisable | $ 20.73 | ||
Cash received from stock options exercised | $ 1,037 | $ 1,098 | $ 439 |
Restricted Stock Units | |||
Schedule Of Share Based Compensation [Line Items] | |||
Compensation expense | 90 | $ 72 | $ 56 |
Compensation expense for unrecognized unvested awards | 346 | ||
Compensation expense for unrecognized unvested awards next year | $ 75 | ||
Stock options granted | 8,933 | ||
Weighted average grant date fair value | $ 30.2 | $ 26.74 | $ 26.08 |
Restricted Stock, Additional Disclosures [Abstract] | |||
Non-vested restricted stock outstanding | 17,859 | ||
Weighed average grant date fair value of non-vested stock | $ 27.72 | ||
Stock units vested | 4,427 | 3,899 | 3,305 |
Performance Shares | |||
Schedule Of Share Based Compensation [Line Items] | |||
Compensation expense | $ 11 |
Other Income (Details)
Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Associated companies | $ 0 | $ 0 | $ 0 |
Other Income | 4,005 | 2,227 | 778 |
Eliminations | |||
Other Income | (87) | 62 | 71 |
GE | |||
Purchases and sales of business interests | 3,701 | 1,020 | 188 |
Licensing and royalty income | 175 | 168 | 288 |
Associated companies | 76 | 45 | 176 |
Net interest and investment income | 167 | 65 | (77) |
Other items | (27) | 868 | 132 |
Other Income | $ 4,092 | $ 2,165 | $ 707 |
Earnings Per Share Informati125
Earnings Per Share Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amount attributable to the Company: | |||||||||||
Earnings (loss) from continuing operations for per-share calculation, Diluted | $ 9,759 | $ 1,680 | $ 9,523 | ||||||||
Preferred stock dividends declared, Diluted | (656) | (18) | 0 | ||||||||
Earnings from continuing operations attributable to common shareowners for per-share calculation, Diluted | 9,103 | 1,662 | 9,523 | ||||||||
Earnings (loss) from discontinued operations for per-share calculation, Diluted | (955) | (7,795) | 5,691 | ||||||||
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Diluted | 8,152 | (6,135) | 15,213 | ||||||||
Earnings (loss) from continuing operations for per-share calculation, basic | 9,765 | 1,679 | 9,523 | ||||||||
Preferred stock dividends | (656) | (18) | 0 | ||||||||
Earnings from continuing operations attributable to common shareowners for per share calculation basic | 9,109 | 1,661 | 9,523 | ||||||||
Earnings (loss) from discontinued operations for per-share calculation, basic | (950) | (7,795) | 5,691 | ||||||||
Net earnings (loss) attributable to GE common shareowners for per-share calculation, Basic | $ 8,158 | $ (6,135) | $ 15,212 | ||||||||
Average equivalent shares | |||||||||||
Shares of GE common stock outstanding, Diluted | 9,025,000,000 | 9,944,000,000 | 10,045,000,000 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Diluted | 105,000,000 | 72,000,000 | 78,000,000 | ||||||||
Total average equivalent shares, Diluted | 9,130,000,000 | 10,016,000,000 | 10,123,000,000 | ||||||||
Shares of GE common stock outstanding, Basic | 9,025,000,000 | 9,944,000,000 | 10,045,000,000 | ||||||||
Employee compensation-related shares (including stock options) and warrants, Basic | 0 | 0 | 0 | ||||||||
Total average equivalent shares, Basic | 9,025,000,000 | 9,944,000,000 | 10,045,000,000 | ||||||||
Per-share amounts | |||||||||||
Earnings (loss) from continuing operations-Diluted | $ 0.39 | $ 0.23 | $ 0.36 | $ 0.03 | $ 0.26 | $ 0.19 | $ 0.17 | $ (0.45) | $ 1 | $ 0.17 | $ 0.94 |
Earnings (loss) from discontinued operations-Diluted | 0 | (0.01) | (0.06) | (0.03) | 0.38 | 0.05 | (0.3) | (0.9) | (0.1) | (0.78) | 0.56 |
Net earnings (loss)-Diluted | 0.39 | 0.22 | 0.3 | (0.01) | 0.64 | 0.25 | (0.13) | (1.35) | 0.89 | (0.61) | 1.5 |
Earnings (loss) from continuing operations-Basic | 0.39 | 0.24 | 0.36 | 0.03 | 0.26 | 0.19 | 0.17 | (0.45) | 1.01 | 0.17 | 0.95 |
Earnings (loss) from discontinued operations-Basic | 0 | (0.01) | (0.06) | (0.03) | 0.38 | 0.05 | (0.3) | (0.9) | (0.11) | (0.78) | 0.57 |
Net earnings (loss)-Basic | $ 0.4 | $ 0.22 | $ 0.3 | $ (0.01) | $ 0.64 | $ 0.25 | $ (0.13) | $ (1.35) | $ 0.9 | $ (0.62) | $ 1.51 |
Outstanding anti-dilutive stock awards not included in computation of diluted earnings per share | 22,000,000 | 97,000,000 | 98,000,000 | ||||||||
Accelerated share repurchases initial delivery of shares | 59,177,215 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Cumulative Gain (Loss) Adjustment For Non Performance Risk | $ (3) | |
Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 44,658 | $ 33,512 |
Liabilities | 1,577 | 1,895 |
Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 434 | 713 |
Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,143 | 1,182 |
Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 345 | 1,281 |
Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | |
Corporate - U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 23,046 | 22,358 |
State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,236 | 4,245 |
Mortgage and Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,861 | 3,116 |
Corporate - Non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 11,987 | 847 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 12 | |
Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,262 | 415 |
U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 714 | 776 |
Fair Value Of Securities Transferred Between Level 1 And Level 2 | 50 | |
Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 208 | 216 |
Level 1 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 188 | 260 |
Liabilities | 0 | 0 |
Level 1 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 1 | Corporate - U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Mortgage and Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 1 | Corporate - Non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 12 |
Level 1 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 5 |
Level 1 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 49 |
Level 1 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 188 | 194 |
Level 2 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 45,163 | 35,331 |
Liabilities | 6,024 | 6,860 |
Level 2 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 4,880 | 5,677 |
Level 2 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 1,143 | 1,182 |
Level 2 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 5,444 | 7,312 |
Level 2 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Level 2 | Corporate - U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 19,647 | 19,351 |
Level 2 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,163 | 4,215 |
Level 2 | Mortgage and Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 2,852 | 3,084 |
Level 2 | Corporate - Non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 11,299 | 544 |
Level 2 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 1,262 | 410 |
Level 2 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 482 | 404 |
Level 2 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 14 | 9 |
Level 3 | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 4,429 | 4,033 |
Liabilities | 2 | 4 |
Level 3 | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 2 | 4 |
Level 3 | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 23 | 79 |
Level 3 | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 259 | |
Level 3 | Corporate - U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 3,399 | 3,006 |
Level 3 | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 73 | 30 |
Level 3 | Mortgage and Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 9 | 32 |
Level 3 | Corporate - Non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 688 | 290 |
Level 3 | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 232 | 323 |
Level 3 | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 6 | 13 |
Netting Adjustment | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (5,121) | (6,110) |
Liabilities | (4,449) | (4,968) |
Netting Adjustment | Recurring | Derivative liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | (4,449) | (4,968) |
Netting Adjustment | Recurring | Other Liabilities | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Netting Adjustment | Recurring | Derivatives | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | (5,121) | (6,110) |
Netting Adjustment | Recurring | Other Assets | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | |
Netting Adjustment | Corporate - U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | State and municipal | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Mortgage and Asset-backed | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Corporate - Non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Government - non-U.S. | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | U.S. Government and federal agency | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | 0 | 0 |
Netting Adjustment | Equity | Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements (Change
Fair Value Measurements (Changes in Level 3 Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Cash Accruals Not Included In Schedule Assets Measured For Fair Value On Recurring Basis | $ 0 | $ 13 | $ 0 | $ 13 |
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 4,042 | 4,175 | ||
Net realized/unrealized gains (losses) included in earnings | (7) | 19 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 51 | (128) | ||
Purchases | 974 | 370 | ||
Sales | (152) | (187) | ||
Settlements | (226) | (161) | ||
Transfers into Level 3 | 35 | 51 | ||
Transfers out of Level 3 | (290) | (98) | ||
Changes in Level 3, ending balance | 4,427 | 4,042 | 4,427 | 4,042 |
Net change in unrealized gains (losses) relating to instruments still held | (21) | 27 | ||
Level 3 | Recurring | Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 88 | 29 | ||
Net realized/unrealized gains (losses) included in earnings | (18) | 25 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 1 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (59) | (6) | ||
Transfers into Level 3 | 0 | 40 | ||
Transfers out of Level 3 | 8 | 0 | ||
Changes in Level 3, ending balance | 21 | 88 | 21 | 88 |
Net change in unrealized gains (losses) relating to instruments still held | (21) | 22 | ||
Level 3 | Recurring | Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 259 | 277 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 8 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Sales | 0 | (26) | ||
Settlements | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (259) | 0 | ||
Changes in Level 3, ending balance | 0 | 259 | 0 | 259 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 5 | ||
Level 3 | Corporate - U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 3,006 | 3,053 | ||
Net realized/unrealized gains (losses) included in earnings | 9 | 3 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 137 | (165) | ||
Purchases | 468 | 362 | ||
Sales | (70) | (80) | ||
Settlements | (155) | (137) | ||
Transfers into Level 3 | 32 | 0 | ||
Transfers out of Level 3 | (29) | (30) | ||
Changes in Level 3, ending balance | 3,399 | 3,006 | 3,399 | 3,006 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | State and municipal | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 30 | 58 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | (2) | ||
Purchases | 43 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | (9) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (17) | ||
Changes in Level 3, ending balance | 73 | 30 | 73 | 30 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Mortgage and Asset-backed | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 32 | 146 | ||
Net realized/unrealized gains (losses) included in earnings | (19) | (19) | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 1 | (9) | ||
Purchases | 0 | 0 | ||
Sales | 0 | (32) | ||
Settlements | (6) | (4) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (49) | ||
Changes in Level 3, ending balance | 9 | 32 | 9 | 32 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Corporate - Non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 290 | 337 | ||
Net realized/unrealized gains (losses) included in earnings | 28 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | (6) | ||
Purchases | 461 | 9 | ||
Sales | (82) | (49) | ||
Settlements | (1) | (1) | ||
Transfers into Level 3 | 2 | 0 | ||
Transfers out of Level 3 | (10) | 0 | ||
Changes in Level 3, ending balance | 688 | 290 | 688 | 290 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Government - non-U.S. | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 0 | 2 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | |||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 0 | |||
Purchases | 0 | |||
Sales | 0 | |||
Settlements | 0 | |||
Transfers into Level 3 | 0 | |||
Transfers out of Level 3 | (2) | |||
Changes in Level 3, ending balance | 0 | 0 | ||
Net change in unrealized gains (losses) relating to instruments still held | 0 | |||
Level 3 | U.S. Government and federal agency | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 323 | 266 | ||
Net realized/unrealized gains (losses) included in earnings | 0 | 0 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | (90) | 58 | ||
Purchases | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (1) | (1) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | 232 | 323 | 232 | 323 |
Net change in unrealized gains (losses) relating to instruments still held | 0 | 0 | ||
Level 3 | Equity | Recurring | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Changes in Level 3, beginning balance | 13 | 9 | ||
Net realized/unrealized gains (losses) included in earnings | (7) | 2 | ||
Net realized/unrealized gains (losses) included in accumulated other comprehensive income | 2 | (5) | ||
Purchases | 0 | 0 | ||
Sales | (1) | 0 | ||
Settlements | (2) | (4) | ||
Transfers into Level 3 | 0 | 10 | ||
Transfers out of Level 3 | 0 | 0 | ||
Changes in Level 3, ending balance | $ 6 | $ 13 | 6 | 13 |
Net change in unrealized gains (losses) relating to instruments still held | $ 0 | $ 0 |
Fair Value Measurements (Non-Re
Fair Value Measurements (Non-Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-lived assets | $ 99 | $ 168 |
Non-recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (254) | (2,177) |
Non-recurring | Financing Receivables and Loans Held For Sale | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (14) | (69) |
Non-recurring | Cost and Equity Method Investments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (44) | (506) |
Non-recurring | Long Lived Assets, Including Real Estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (196) | (1,603) |
Non-recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 0 | 0 |
Cost and equity method investments | 0 | 1 |
Long-lived assets | 17 | 2 |
Assets Fair Value Disclosure | 17 | 3 |
Non-recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing receivables and loans held for sale | 30 | 154 |
Cost and equity method investments | 103 | 436 |
Long-lived assets | 1,055 | 882 |
Assets Fair Value Disclosure | $ 1,189 | $ 1,471 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - USD ($) $ in Millions | Jul. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 9.50% | |||
Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 16.50% | |||
Level 3 | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Individually Insignificant Recurring Fair Value Measurements | $ 32 | |||
Individually Insignificant Nonrecurring Fair Value Measurements | $ 2 | 80 | ||
Level 3 | Recurring | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,427 | 4,042 | $ 4,175 | |
Level 3 | Recurring | Corporate - U.S. | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,399 | 3,006 | 3,053 | |
Level 3 | Recurring | Corporate - U.S. | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 809 | $ 834 | ||
Level 3 | Recurring | Corporate - U.S. | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 1.40% | 1.70% | ||
Level 3 | Recurring | Corporate - U.S. | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 17.40% | 14.10% | ||
Level 3 | Recurring | Corporate - U.S. | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 8.10% | 8.60% | ||
Level 3 | Recurring | State and Municipal Debt | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 20 | |||
Level 3 | Recurring | State and Municipal Debt | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 3.70% | |||
Level 3 | Recurring | State and Municipal Debt | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 3.70% | |||
Level 3 | Recurring | State and Municipal Debt | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 3.70% | |||
Level 3 | Recurring | Mortgage and Asset-backed | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 9 | $ 32 | 146 | |
Level 3 | Recurring | Mortgage and Asset-backed | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 1 | $ 31 | ||
Level 3 | Recurring | Mortgage and Asset-backed | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 2.70% | 5.00% | ||
Level 3 | Recurring | Mortgage and Asset-backed | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 6.90% | 12.00% | ||
Level 3 | Recurring | Mortgage and Asset-backed | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 4.30% | 10.50% | ||
Level 3 | Recurring | Corporate - Non-U.S. | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 688 | $ 290 | $ 337 | |
Level 3 | Recurring | Corporate - Non-U.S. | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 236 | |||
Level 3 | Recurring | Corporate - Non-U.S. | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 6.50% | |||
Level 3 | Recurring | Corporate - Non-U.S. | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 14.00% | |||
Level 3 | Recurring | Corporate - Non-U.S. | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 7.50% | |||
Level 3 | Recurring | Other Financial Assets | Income Approach, Market Comparables | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 259 | |||
Level 3 | Recurring | Other Financial Assets | Income Approach, Market Comparables | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
EBITDA Multiple | 6.1 | |||
Capitalization Rate | 7.80% | |||
Level 3 | Recurring | Other Financial Assets | Income Approach, Market Comparables | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
EBITDA Multiple | 15 | |||
Capitalization Rate | 7.80% | |||
Level 3 | Recurring | Other Financial Assets | Income Approach, Market Comparables | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
EBITDA Multiple | 9.9 | |||
Capitalization Rate | 7.80% | |||
Level 3 | Non-recurring | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | 103 | $ 436 | ||
Assets Fair Value Disclosure Nonrecurring | 379 | 122 | ||
Level 3 | Non-recurring | Financing Receivables and Loans Held For Sale | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 30 | $ 146 | ||
Level 3 | Non-recurring | Financing Receivables and Loans Held For Sale | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 2.50% | 6.50% | ||
Level 3 | Non-recurring | Financing Receivables and Loans Held For Sale | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 30.00% | 30.00% | ||
Level 3 | Non-recurring | Financing Receivables and Loans Held For Sale | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 20.30% | 10.70% | ||
Level 3 | Non-recurring | Cost and Equity Method Investments | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 94 | $ 293 | ||
Level 3 | Non-recurring | Cost and Equity Method Investments | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 9.00% | 9.50% | ||
Level 3 | Non-recurring | Cost and Equity Method Investments | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 30.00% | 35.00% | ||
Level 3 | Non-recurring | Cost and Equity Method Investments | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 11.80% | 14.40% | ||
Level 3 | Non-recurring | Long Lived Assets | Income Approach | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Investments, Fair Value Disclosure | $ 683 | $ 830 | ||
Level 3 | Non-recurring | Long Lived Assets | Income Approach | Lower Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 2.50% | 1.80% | ||
Level 3 | Non-recurring | Long Lived Assets | Income Approach | Upper Limit | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 20.00% | 11.70% | ||
Level 3 | Non-recurring | Long Lived Assets | Income Approach | Weighted Average | ||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||
Discount Rate | 10.40% | 10.50% |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Oct. 26, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments [Line Items] | |||
Borrowings (debt assumed) | $ 136,210 | $ 197,602 | |
Debt Instrument, Maturity Date | Apr. 15, 2016 | ||
GE | Carrying amount | |||
Financial Instruments [Line Items] | |||
Investments and notes receivable | 1,526 | 1,104 | |
Borrowings | 19,184 | 18,397 | |
GE | Carrying amount | Intersegment Elimination [Member] | Intercompany Payable To GE | |||
Financial Instruments [Line Items] | |||
Borrowings (debt assumed) | 60,109 | 84,704 | |
GE | Estimated fair value | |||
Financial Instruments [Line Items] | |||
Investments and notes receivable | 1,595 | 1,174 | |
Borrowings | 19,923 | 18,954 | |
Accrued interest | 115 | 116 | |
GE | Estimated fair value | Intercompany Payable To GE | |||
Financial Instruments [Line Items] | |||
Accrued interest | 803 | 1,006 | |
GE | Estimated fair value | Intersegment Elimination [Member] | Intercompany Payable To GE | |||
Financial Instruments [Line Items] | |||
Borrowings (debt assumed) | 66,998 | 92,231 | |
GE Capital | |||
Financial Instruments [Line Items] | |||
Fair value of Borrowings, Increase (Decrease), Due to Hedges Included in Borrowings | (2,397) | (3,001) | |
GE Capital | Intercompany Payable To GE | |||
Financial Instruments [Line Items] | |||
Borrowings (debt assumed) | 58,780 | 84,704 | |
Short-term borrowings | 1,329 | ||
GE Capital | Carrying amount | |||
Financial Instruments [Line Items] | |||
Loans | 21,060 | 20,061 | |
Time deposits | 0 | 10,386 | |
Other commercial mortgages | 1,410 | 1,381 | |
Loans held for sale | 473 | 342 | |
Other financial instruments | 121 | 94 | |
Borrowings | 58,523 | 95,474 | |
Investment contracts | 2,813 | 2,955 | |
GE Capital | Estimated fair value | |||
Financial Instruments [Line Items] | |||
Loans | 20,830 | 19,774 | |
Time deposits | 0 | 10,386 | |
Other commercial mortgages | 1,472 | 1,447 | |
Loans held for sale | 473 | 342 | |
Other financial instruments | 150 | 110 | |
Borrowings | 62,024 | 99,396 | |
Investment contracts | 3,277 | 3,441 | |
Accrued interest | $ 775 | $ 1,103 |
Financial Instruments (Notional
Financial Instruments (Notional Amount of Loan Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Ordinary course of business lending commitments | $ 687 | $ 531 |
Unused revolving credit lines | 238 | 279 |
Excluded investment commitments | $ 522 | $ 782 |
Financial Instruments (Securiti
Financial Instruments (Securities Repurchase and Reverse Repurchase Arrangements) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative Instrument Detail [Abstract] | |
Reverse Repurchase Agreements Maturities | 90 days |
Securities for Reverse Repurchase Agreements | $ 6.9 |
Financial Instruments (Forms of
Financial Instruments (Forms of Hedging) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||||
Shareowners' equity (increase) decrease | $ 274 | $ 913 | ||
Earnings (loss) effect of derivatives | (364) | (918) | ||
Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | (274) | (911) | ||
Shareowners' equity (increase) decrease | 274 | 913 | ||
Net effect on earnings (loss) (hedge ineffectiveness) | 1 | 2 | ||
Earnings (loss) effect of derivatives | (364) | (918) | ||
Fair Value Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | 170 | (151) | ||
Adjustment to carrying amount of hedged debt increase (decrease) | (433) | 75 | ||
Earnings (loss) related to hedge ineffectiveness | (263) | (75) | ||
Net Investment Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | 2,458 | 4,022 | ||
Fair value of derivatives increase (decrease) for NIH | 639 | 4,871 | ||
Fair value of non-derivatives (increase) decrease | 1,819 | (849) | ||
Shareowners' equity (increase) decrease | (2,376) | (4,131) | ||
Earnings (loss) (spot-forward difference on derivatives) | 82 | (109) | ||
Earnings (loss) effect of derivatives | (528) | 4,547 | ||
Net Investment Hedges [Member] | Discontinued operations | ||||
Derivative [Line Items] | ||||
Earnings (loss) effect of derivatives | $ 0 | $ 0 | (529) | 4,549 |
Economic Hedges [Member] | ||||
Derivative [Line Items] | ||||
Fair value of derivatives increase (decrease) | (2,456) | (2,720) | ||
Adjustment to carrying amount of hedged debt increase (decrease) | 2,107 | 2,543 | ||
Earnings (loss) effect of derivatives | $ (348) | $ (177) |
Financial Instruments (Notio134
Financial Instruments (Notional Amount of Derivatives) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Notional Disclosures [Abstract] | ||
Derivative assets | $ 5,467 | $ 7,391 |
Derivative liabilities | (4,883) | (5,681) |
Accrued Interest | 792 | 1,014 |
Cash collateral assets | (672) | (1,141) |
Derivative Net | 703 | 1,583 |
Securities held as collateral | (442) | (1,277) |
Net carrying amount | 262 | $ 306 |
Derivative, Notional Amount | $ 181 |
Financial Instruments (Effects
Financial Instruments (Effects of Derivatives on Earnings) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on underlying | $ 274 | $ 913 |
Total effect on earnings | (528) | (359) |
Earnings (loss) effect of derivatives | (364) | (918) |
Cash Flow Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (274) | (911) |
Effect on underlying | 274 | 913 |
Effect on earnings (Cash flow hedges) | 1 | 2 |
Earnings (loss) effect of derivatives | (364) | (918) |
Fair Value Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | 170 | (151) |
Effect on underlying (Fair value hedges) | (433) | 75 |
Effect on earnings (Fair value hedges) | (263) | (75) |
Net Investment Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | 2,458 | 4,022 |
Effect on underlying | (2,376) | (4,131) |
Effect on earnings (Net investment hedges) | 82 | (109) |
Earnings (loss) effect of derivatives | (528) | 4,547 |
Economic Hedges [Member] | ||
Derivative Instruments and Hedging Activities [Line Items] | ||
Effect on hedging instrument | (2,456) | (2,720) |
Effect on underlying (Fair value hedges) | 2,107 | 2,543 |
Earnings (loss) effect of derivatives | $ (348) | $ (177) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 06, 2016 | ||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | $ 12,242 | $ 12,052 | $ 12,242 | $ 12,052 | |||||||||||
Investment securities (Note 3) | 44,313 | 31,973 | 44,313 | 31,973 | |||||||||||
Other Assets | 27,176 | 36,797 | 27,176 | 36,797 | |||||||||||
Non-recourse borrowings of consolidated securitization entities | 417 | 3,083 | 417 | 3,083 | |||||||||||
Other Liabilities | 22,912 | 23,611 | 22,912 | 23,611 | |||||||||||
Total revenues of consolidated VIEs | 2,649 | $ 2,600 | $ 2,771 | $ 2,885 | 2,585 | $ 2,660 | $ 2,690 | $ 2,866 | 123,693 | 117,386 | $ 117,184 | $ 113,245 | $ 112,588 | ||
Appliances | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Current Receivables | 737 | 737 | $ 773 | ||||||||||||
Consolidated VIE | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 1,035 | 882 | 1,035 | 882 | |||||||||||
Current Receivables | 727 | 3,891 | 727 | 3,891 | |||||||||||
Investment securities (Note 3) | 982 | 1,404 | 982 | 1,404 | |||||||||||
Other Assets | 3,361 | 3,574 | 3,361 | 3,574 | |||||||||||
Assets VIE | 6,105 | 9,751 | 6,105 | 9,751 | |||||||||||
Borrowings | 819 | 1,181 | 819 | 1,181 | |||||||||||
Non-recourse borrowings | 417 | 3,083 | 417 | 3,083 | |||||||||||
Other Liabilities | 3,317 | 3,557 | 3,317 | 3,557 | |||||||||||
Liabilities VIE | 4,553 | 7,821 | 4,553 | 7,821 | |||||||||||
Total revenues of consolidated VIEs | 0 | 714 | 1,141 | 1,638 | 1,457 | ||||||||||
Cost of sales and services sold | 0 | 242 | 692 | 1,232 | 823 | ||||||||||
Alstom Acquisition | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Assets VIE | 14,460 | 11,536 | 14,460 | 11,536 | |||||||||||
Liabilities VIE | 9,922 | 8,739 | 9,922 | 8,739 | |||||||||||
Redeemable noncontrolling interest in joint venture | 2,709 | 2,859 | |||||||||||||
Consolidated Securitization Entities [Member] | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Commingled cash amounts owed to CSEs | 1,117 | 1,093 | 1,117 | 1,093 | |||||||||||
Commingled cash receivable from CSEs | 5 | 7 | 5 | 7 | |||||||||||
Industrial Equipment Joint Venture [Member] | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Assets VIE | 0 | 0 | |||||||||||||
Liabilities VIE | 0 | 0 | |||||||||||||
Power Generating And Leasing [Member] | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Assets VIE | 0 | 0 | |||||||||||||
Liabilities VIE | 131 | 131 | |||||||||||||
Insurance Entities [Member] | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Assets VIE | 0 | 0 | |||||||||||||
Liabilities VIE | 0 | 0 | |||||||||||||
GE | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | [1] | 0 | 0 | 0 | 0 | ||||||||||
Investment securities (Note 3) | [1] | 137 | 151 | 137 | 151 | ||||||||||
Other Assets | [1] | 12,007 | 12,813 | 12,007 | 12,813 | ||||||||||
Non-recourse borrowings of consolidated securitization entities | [1] | 0 | 0 | 0 | 0 | ||||||||||
Other Liabilities | [1] | 17,506 | 16,217 | 17,506 | 16,217 | ||||||||||
Total revenues of consolidated VIEs | 113,676 | 100,700 | 109,546 | ||||||||||||
GE | Consolidated VIE | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 0 | 0 | 0 | 0 | |||||||||||
Current Receivables | 57 | 385 | 57 | 385 | |||||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||||
Other Assets | 492 | 2,482 | 492 | 2,482 | |||||||||||
Assets VIE | 549 | 2,867 | 549 | 2,867 | |||||||||||
Borrowings | 1 | 221 | 1 | 221 | |||||||||||
Non-recourse borrowings | 0 | 0 | 0 | 0 | |||||||||||
Other Liabilities | 457 | 2,289 | 457 | 2,289 | |||||||||||
Liabilities VIE | 458 | 2,510 | 458 | 2,510 | |||||||||||
GE Capital | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 26,041 | 25,003 | 26,041 | 25,003 | |||||||||||
Investment securities (Note 3) | 44,180 | 31,827 | 44,180 | 31,827 | |||||||||||
Other Assets | 14,608 | 25,081 | 14,608 | 25,081 | |||||||||||
Non-recourse borrowings of consolidated securitization entities | 417 | 3,083 | 417 | 3,083 | |||||||||||
Other Liabilities | 7,430 | 9,351 | 7,430 | 9,351 | |||||||||||
Total revenues of consolidated VIEs | 2,649 | $ 2,600 | $ 2,771 | 2,885 | 2,585 | $ 2,660 | $ 2,690 | $ 2,866 | 10,905 | 10,801 | $ 11,320 | $ 11,267 | $ 11,268 | ||
GE Capital | Current Receivables(a) | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 0 | 0 | 0 | 0 | |||||||||||
Current Receivables | 0 | 3,506 | 0 | 3,506 | |||||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||||
Other Assets | 0 | 24 | 0 | 24 | |||||||||||
Assets VIE | 0 | 3,530 | 0 | 3,530 | |||||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||||
Non-recourse borrowings | 0 | 3,022 | 0 | 3,022 | |||||||||||
Other Liabilities | 0 | 34 | 0 | 34 | |||||||||||
Liabilities VIE | 0 | 3,056 | 0 | 3,056 | |||||||||||
GE Capital | Customer Notes Receivable(b) | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 0 | 0 | 0 | 0 | |||||||||||
Current Receivables | 670 | 0 | 670 | 0 | |||||||||||
Investment securities (Note 3) | 0 | 0 | 0 | 0 | |||||||||||
Other Assets | 1,122 | 0 | 1,122 | 0 | |||||||||||
Assets VIE | 1,792 | 0 | 1,792 | 0 | |||||||||||
Borrowings | 0 | 0 | 0 | 0 | |||||||||||
Non-recourse borrowings | 401 | 0 | 401 | 0 | |||||||||||
Other Liabilities | 1,378 | 0 | 1,378 | 0 | |||||||||||
Liabilities VIE | 1,779 | 0 | 1,779 | 0 | |||||||||||
GE Capital | Other | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Financing receivables, net | 1,035 | 882 | 1,035 | 882 | |||||||||||
Current Receivables | 0 | 0 | 0 | 0 | |||||||||||
Investment securities (Note 3) | 982 | 1,404 | 982 | 1,404 | |||||||||||
Other Assets | 1,747 | 1,068 | 1,747 | 1,068 | |||||||||||
Assets VIE | 3,764.4 | 3,354 | 3,764.4 | 3,354 | |||||||||||
Borrowings | 818 | 960 | 818 | 960 | |||||||||||
Non-recourse borrowings | 16 | 61 | 16 | 61 | |||||||||||
Other Liabilities | 1,482 | 1,234 | 1,482 | 1,234 | |||||||||||
Liabilities VIE | $ 2,316 | $ 2,255 | $ 2,316 | $ 2,255 | |||||||||||
Oil & Gas Joint Venture | Consolidated VIE | |||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||
Assets VIE | 1,240 | ||||||||||||||
Liabilities VIE | $ 1,284 | ||||||||||||||
[1] | Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis. See Note 1. |
Variable Interest Entities (Unc
Variable Interest Entities (Unconsolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Financing receivables | $ 12,242 | $ 12,052 |
Total | 6,077 | |
Investment in Unconsolidated VIEs [Member] | ||
Variable Interest Entity [Line Items] | ||
Total investment in unconsolidated VIEs | $ 6,346 | $ 787 |
Receivables Facility (Details)
Receivables Facility (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Receivable [Line Items] | |||
Receivable facility start year | 2,002 | ||
Year of consolidation within Receivable Facility | 2,010 | ||
Change in GE Capital financing receivables | $ (200) | $ (1,043) | $ (1,260) |
GE Capital | |||
Receivable [Line Items] | |||
Change in GE Capital financing receivables | 1,279 | (226) | $ 161 |
Revolving credit | |||
Receivable [Line Items] | |||
Total facility size | 3,000 | ||
Customer receivables sold and outstanding | 2,575 | $ 3,506 | |
Revolving credit | GE Capital | |||
Receivable [Line Items] | |||
DPP due to GE Capital | 483 | ||
Change in GE Capital financing receivables | $ (2,092) |
Commitments, Guarantees, Pro139
Commitments, Guarantees, Product Warranties and Other Loss Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantor [Abstract] | |||
Other Liabilities | $ 22,912 | $ 23,611 | |
Product Warranties | |||
Beginning Balance | 1,723 | 1,199 | $ 1,370 |
Current-year provisions | 791 | 649 | 593 |
Expenditures | (729) | (718) | (714) |
Other Product Warranty Liability Changes | 135 | 593 | (50) |
Ending Balance | 1,920 | 1,723 | $ 1,199 |
Alstom Acquisition [Member] | |||
Product Warranties | |||
Other Product Warranty Liability Changes | $ 634 | ||
Aviation | |||
Commitments | |||
Financial assistance commitment | 2,230 | ||
Indemnification Agreement | |||
Guarantor [Abstract] | |||
Residual value guarantee | 222 | ||
Liability for arrangements | 7 | ||
Other Commitment | 973 | ||
Other Liabilities | 228 | ||
Credit Support | |||
Guarantor [Abstract] | |||
Liability for arrangements | 44 | ||
Other Commitment | 1,352 | ||
Guarantor | |||
Guarantor [Abstract] | |||
Other Commitment | 2,638 | ||
Other Liabilities | 285 | ||
Aircraft with GE engines | GECAS | |||
Commitments | |||
Long-term purchase commitment | 32,958 | ||
Used aircrafts | GECAS | |||
Commitments | |||
Long-term purchase commitment | $ 1,275 |
Commitments, Guarantees, Pro140
Commitments, Guarantees, Product Warranties and Other Loss Contingencies (WMC Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financial Information For Discontinued Operations [Line Items] | ||
Pending claims, end of period | $ 6,516 | |
WMC | ||
Financial Information For Discontinued Operations [Line Items] | ||
Reserve, beginning of period | 875 | $ 809 |
Provision | 91 | 212 |
Claim resolutions | (340) | (146) |
Reserve, end of period | $ 626 | $ 875 |
Commitments, Guarantees, Pro141
Commitments, Guarantees, Product Warranties and Other Loss Contingencies (WMC) (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016USD ($)SecuritizationsLawsuits | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Financial Information For Businesses Held For Sale [Line Items] | |||||
Adjustment For Pending Claims For Unmet Representations And Warranties | $ 5,456 | $ 8,047 | |||
Lawsuit Relating To Representations And Warranties Amount Of Mortgages | 1,060 | 2,887 | |||
Revenues and other income (loss) | 2,968 | 23,003 | $ 31,136 | ||
Earnings (loss) from discontinued operations, net of taxes | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 |
Pending claims, end of period | $ 6,516 | ||||
Date of lawsuit filing | Jan07 | ||||
WMC | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Adjustment For Pending Claims For Unmet Representations And Warranties | $ 249 | ||||
Number Of Securitizations Related To Lawsuits Involving repurchase Claims On Loans In Which Adverse Parties Are Securitization Trustees | Securitizations | 11 | ||||
Revenues and other income (loss) | $ (8) | (184) | (291) | ||
Earnings (loss) from discontinued operations, net of taxes | $ (52) | $ (146) | $ (199) | ||
Number Of Lawsuits Involving Repurchase Claims On Loans | Lawsuits | 10 | ||||
WMC | ResCap Liquidating Trust [Member] | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Date of lawsuit filing | 23-Jan-17 | ||||
Date of bankruptcy filing | May 1, 2012 | ||||
Proceeds from sale of loans | $ 840 | ||||
WMC | Lower Limit | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Increase to Reserve for Claims For Unmet Representations And Warranties | 0 | ||||
WMC | Upper Limit | |||||
Financial Information For Businesses Held For Sale [Line Items] | |||||
Increase to Reserve for Claims For Unmet Representations And Warranties | $ 500 |
Commitments, Guarantees, Pro142
Commitments, Guarantees, Product Warranties and Other Loss Contingencies (Legacy and Environmental Matters) (Details) € in Millions, $ in Millions | Nov. 02, 2015 | Dec. 31, 2016EUR (€) | Dec. 31, 2014USD ($) |
Commitments, Guarantees and Product Warranties [Abstract] | |||
Business Acquisition Effective Date Of Acquisition | Nov. 2, 2015 | ||
Business Acquisition Name Of Acquired Entity | Thermal, Renewables and Grid businesses | ||
Loss Contingency [Abstract] | |||
Loss contingency lawsuit filing date | Jan07 | ||
Loss contingency name of plaintiff | European Commission | ||
Loss contingency name of defendant | Alstom | for this push | |
Loss contingency allegations | participating in a gas insulated switchgear cartel from 1988-2004 | multiple violations of the Foreign Corrupt Practices Act | |
Initial amount of fine | € 65 | ||
Final amount of fine paid | € 59 | ||
Settlement amount | $ | $ 772 | ||
Settlement agreement date | Dec14 | ||
Reserves for environmental remediation | 1,772,000,000 |
Intercompany Transactions (Deta
Intercompany Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 6,099 | $ 11,856 | $ 16,033 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 62,613 | 61,613 | 19,229 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (89,920) | (69,547) | (40,912) |
Combined | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 28,408 | 17,891 | 21,434 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 58,134 | 59,516 | 17,252 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (107,750) | (73,484) | (44,340) |
GE Current Receivables Sold To GE Capital | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 697 | (856) | (1,882) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (230) | 1,261 | 1,730 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (467) | (405) | 152 |
GE Capital Dividends To GE | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (20,095) | (4,300) | (3,000) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 20,095 | 4,300 | 3,000 |
GE Capital Short-Term Loan to GE [Member] | |||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 1,329 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (1,329) | 0 | 0 |
Other Reclassifications and Eliminations | |||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (2,911) | (879) | (519) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 3,380 | 836 | 247 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | $ (469) | $ 42 | $ 276 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | $ 2,649 | $ 2,600 | $ 2,771 | $ 2,885 | $ 2,585 | $ 2,660 | $ 2,690 | $ 2,866 | $ 123,693 | $ 117,386 | $ 117,184 | $ 113,245 | $ 112,588 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 9,030 | 8,186 | 10,263 | |||||||||||||||
Net earnings (loss) | 3,659 | $ 1,951 | $ 2,823 | $ 107 | 6,403 | $ 2,545 | $ (1,134) | $ (13,608) | 8,540 | (5,795) | 15,345 | |||||||
Benefit (provision) for income taxes | (464) | 6,485 | 773 | |||||||||||||||
Interest And Other Financial Charges | 5,025 | 3,463 | 2,723 | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 365,183 | [1] | 493,071 | [1] | 365,183 | [1] | 493,071 | [1] | 653,931 | |||||||||
Financing receivables, net | 12,242 | 12,052 | 12,242 | 12,052 | ||||||||||||||
Depreciation and Amortization | 6,836 | 6,499 | 6,421 | |||||||||||||||
Property Plant and Equipment Additions | 7,305 | 13,911 | 7,247 | |||||||||||||||
Property, plant and equipment - net | 50,518 | 54,095 | 50,518 | 54,095 | ||||||||||||||
Total liabilities | [1] | 284,668 | 389,961 | 284,668 | 389,961 | |||||||||||||
Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 26,187 | 20,728 | 19,802 | |||||||||||||||
Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 9,022 | 6,261 | 6,386 | |||||||||||||||
Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 12,515 | 16,063 | 18,683 | |||||||||||||||
Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 25,530 | 24,242 | 23,298 | |||||||||||||||
Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 18,276 | 17,633 | 18,293 | |||||||||||||||
Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 4,713 | 5,932 | 5,652 | |||||||||||||||
Energy Connections & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 14,074 | 15,329 | 14,812 | |||||||||||||||
GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 110,316 | 106,188 | 106,926 | |||||||||||||||
Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 9,617 | 9,650 | 10,283 | |||||||||||||||
Benefit (provision) for income taxes | (1,431) | 4,979 | (861) | |||||||||||||||
Interest And Other Financial Charges | 3,790 | 2,301 | 1,638 | |||||||||||||||
Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 3,760 | 1,548 | (25) | |||||||||||||||
Benefit (provision) for income taxes | 967 | 1,506 | 1,634 | |||||||||||||||
Interest And Other Financial Charges | 1,234 | 1,162 | 1,085 | |||||||||||||||
Operating Segments [Member] | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 124,061 | 119,597 | 121,047 | 114,650 | 113,816 | |||||||||||||
Benefit (provision) for income taxes | 967 | 1,506 | 1,634 | 1,667 | 2,013 | |||||||||||||
Interest And Other Financial Charges | 2,026 | 1,706 | 1,579 | 1,333 | 1,353 | |||||||||||||
Operating Segments [Member] | Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 26,827 | 21,490 | 20,580 | 19,315 | 20,364 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 55,474 | 51,908 | 55,474 | 51,908 | 26,698 | |||||||||||||
Depreciation and Amortization | 1,130 | 712 | 563 | |||||||||||||||
Property Plant and Equipment Additions | 769 | 2,122 | 578 | |||||||||||||||
Operating Segments [Member] | Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 9,033 | 6,273 | 6,399 | 4,824 | 7,373 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 8,794 | 9,468 | 8,794 | 9,468 | 3,572 | |||||||||||||
Depreciation and Amortization | 37 | 116 | 113 | |||||||||||||||
Property Plant and Equipment Additions | 166 | 999 | 41 | |||||||||||||||
Operating Segments [Member] | Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 12,898 | 16,450 | 19,085 | 17,341 | 15,539 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 24,615 | 26,126 | 24,615 | 26,126 | 27,329 | |||||||||||||
Depreciation and Amortization | 529 | 596 | 585 | |||||||||||||||
Property Plant and Equipment Additions | 284 | 422 | 656 | |||||||||||||||
Operating Segments [Member] | Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 26,261 | 24,660 | 23,990 | 21,911 | 19,994 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 38,899 | 34,524 | 38,899 | 34,524 | 33,716 | |||||||||||||
Depreciation and Amortization | 900 | 855 | 824 | |||||||||||||||
Property Plant and Equipment Additions | 1,328 | 1,260 | 1,197 | |||||||||||||||
Operating Segments [Member] | Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 18,291 | 17,639 | 18,299 | 18,200 | 18,290 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 28,639 | 28,162 | 28,639 | 28,162 | 29,227 | |||||||||||||
Depreciation and Amortization | 785 | 799 | 843 | |||||||||||||||
Property Plant and Equipment Additions | 432 | 284 | 405 | |||||||||||||||
Operating Segments [Member] | Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 4,713 | 5,933 | 5,650 | 5,885 | 5,608 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 4,288 | 4,368 | 4,288 | 4,368 | 4,449 | |||||||||||||
Depreciation and Amortization | 159 | 179 | 169 | |||||||||||||||
Property Plant and Equipment Additions | 108 | 202 | 128 | |||||||||||||||
Operating Segments [Member] | Energy Connections & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 15,133 | 16,351 | 15,724 | 15,907 | 15,379 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 17,858 | 21,587 | 17,858 | 21,587 | 15,536 | |||||||||||||
Depreciation and Amortization | 441 | 426 | 548 | |||||||||||||||
Property Plant and Equipment Additions | 354 | 1,348 | 535 | |||||||||||||||
Operating Segments [Member] | GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 113,156 | 108,796 | 109,727 | 103,383 | 102,548 | |||||||||||||
Operating Segments [Member] | Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 10,905 | 10,801 | 11,320 | 11,267 | 11,268 | |||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | 187,804 | 316,069 | 187,804 | 316,069 | 502,204 | |||||||||||||
Depreciation and Amortization | 2,515 | 2,584 | 2,612 | |||||||||||||||
Property Plant and Equipment Additions | 3,769 | 7,570 | 3,818 | |||||||||||||||
Operating Segments [Member] | Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | (368) | (2,211) | (3,863) | $ (1,405) | $ (1,228) | |||||||||||||
Eliminations | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 0 | 0 | 0 | |||||||||||||||
Eliminations | Power | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 640 | 762 | 778 | |||||||||||||||
Eliminations | Renewable Energy | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 11 | 12 | 14 | |||||||||||||||
Eliminations | Oil & Gas | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 383 | 387 | 402 | |||||||||||||||
Eliminations | Aviation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 730 | 418 | 692 | |||||||||||||||
Eliminations | Healthcare | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 15 | 7 | 6 | |||||||||||||||
Eliminations | Transporation | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 1 | 1 | (2) | |||||||||||||||
Eliminations | Energy Connections & Lighting | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 1,059 | 1,021 | 912 | |||||||||||||||
Eliminations | GE Industrial | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 2,839 | 2,608 | 2,801 | |||||||||||||||
Eliminations | Capital | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | 1,288 | 1,151 | 1,037 | |||||||||||||||
Eliminations | Corporate | ||||||||||||||||||
Earnings [Abstract] | ||||||||||||||||||
Total revenues and other income | (4,127) | (3,759) | (3,838) | |||||||||||||||
Statement of Financial Position [Abstract] | ||||||||||||||||||
Assets | $ (1,187) | $ 858 | (1,187) | 858 | 11,201 | |||||||||||||
Depreciation and Amortization | 341 | 231 | 164 | |||||||||||||||
Property Plant and Equipment Additions | $ 94 | $ (297) | $ (111) | |||||||||||||||
[1] | Our consolidated assets at December 31, 2016 included total assets of $6,332 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $1,722 million and investment securities of $982 million wit hin continuing operations and assets of discontinued operations of $692 million. Our consolidated liabilities at December 31, 2016 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included no n-recourse borrowings of consolidated securitization entities (CSEs) of $(417) million within continuing operations. See Note 21. |
Cash Flows Information (Details
Cash Flows Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 10, 2015 | |
All other operating activities | ||||
All other operating activities | $ (12,655) | $ 7,160 | $ 5,318 | |
Cash recovered (paid) during the year for income taxes | (7,469) | (2,486) | (2,955) | |
Current tax expense (benefit) | (1,278) | 6,103 | 1,655 | |
Net dispositions (purchases) of GE shares for treasury | ||||
Open market purchases under share repurchase program(e) | (22,581) | (2,709) | (2,211) | |
Other purchases | (399) | (58) | (49) | |
Dispositions | 1,550 | 1,668 | 1,042 | |
Net dispositions (purchases) of GE shares for treasury | (21,429) | (1,099) | (1,218) | |
Stock repurchase program authorized amount to be repurchased | $ 50,000 | |||
Net decrease (increase) in GE Capital financing receivables | ||||
Net decrease (increase) in GE Capital financing receivables | 200 | 1,043 | 1,260 | |
All other investing activities | ||||
All other investing activities | 2,212 | (5,013) | 23,410 | |
Repayments and other reductions (maturities longer than 90 days) | ||||
Repayments and other debt reductions (maturities longer than 90 days) | (58,768) | (47,038) | (38,410) | |
All Other financing activities [Abstract] | ||||
All other financing activities | (1,274) | (1,605) | (652) | |
Repurchase Agreements [Member] | ||||
Net dispositions (purchases) of GE shares for treasury | ||||
Stock repurchase program authorized amount to be repurchased | 11,370 | |||
GE | ||||
All other operating activities | ||||
(Gains) losses on purchases and sales of business interests(a) | (3,701) | (1,020) | (188) | |
Contract assets (net)(b) | (3,929) | (1,919) | (1,572) | |
Income taxes(c) | (2,752) | 1,671 | 773 | |
Interest charges | 275 | 380 | 332 | |
Principal pension plan | 3,071 | 4,265 | 3,368 | |
Other | (402) | (1,294) | 260 | |
All other operating activities | (7,438) | 2,083 | 2,973 | |
Cash recovered (paid) during the year for income taxes | (2,612) | (1,636) | (1,337) | |
Current tax expense (benefit) | (140) | 3,307 | 2,110 | |
Net dispositions (purchases) of GE shares for treasury | ||||
Net dispositions (purchases) of GE shares for treasury | (21,429) | (1,099) | (1,218) | |
Net decrease (increase) in GE Capital financing receivables | ||||
Net decrease (increase) in GE Capital financing receivables | 0 | 0 | 0 | |
All other investing activities | ||||
All other investing activities | (2,392) | (1,308) | (1,062) | |
Repayments and other reductions (maturities longer than 90 days) | ||||
Repayments and other debt reductions (maturities longer than 90 days) | (4,156) | (2,190) | (323) | |
All Other financing activities [Abstract] | ||||
All other financing activities | (273) | 203 | 346 | |
GE | Employer Contribution [Member] | ||||
All other operating activities | ||||
Principal pension plan | (552) | (233) | (236) | |
GE | Pension costs | ||||
All other operating activities | ||||
Principal pension plan | 3,623 | 4,498 | 3,604 | |
GE | Appliances | ||||
All other operating activities | ||||
(Gains) losses on purchases and sales of business interests(a) | (3,136) | |||
GE | GEAM | ||||
All other operating activities | ||||
(Gains) losses on purchases and sales of business interests(a) | (398) | |||
Principal pension plan | (330) | |||
GE | Signaling | ||||
All other operating activities | ||||
(Gains) losses on purchases and sales of business interests(a) | (623) | |||
GE Capital | ||||
All other operating activities | ||||
Cash collateral on derivative contracts | (428) | (1,936) | 738 | |
Increase (decrease) in other liabilities | (2,616) | 4,860 | (3,331) | |
Other | (10) | 2,163 | 5,073 | |
All other operating activities | (3,054) | 5,087 | 2,480 | |
Cash recovered (paid) during the year for income taxes | (4,857) | (850) | (1,618) | |
Current tax expense (benefit) | (1,138) | 2,796 | (455) | |
Net dispositions (purchases) of GE shares for treasury | ||||
Net dispositions (purchases) of GE shares for treasury | 0 | 0 | 0 | |
Net decrease (increase) in GE Capital financing receivables | ||||
Increase in loans to customers | (65,055) | (65,306) | (64,843) | |
Principal collections from customers - loans | 60,375 | 60,292 | 60,764 | |
Investment in equipment for financing leases | (690) | (417) | (535) | |
Principal collections from customers - financing leases | 856 | 734 | 841 | |
Sales of financing receivables | 3,235 | 4,923 | 3,612 | |
Net decrease (increase) in GE Capital financing receivables | (1,279) | 226 | (161) | |
All other investing activities | ||||
Purchases of investment securities | (18,588) | (7,790) | (2,008) | |
Dispositions and maturities of investment securities | 7,343 | 9,587 | 2,723 | |
Decrease (increase) in other assets - investments | 9,202 | (1,439) | (287) | |
Other(f) | 3,682 | (5,048) | 24,146 | |
All other investing activities | 1,639 | (4,690) | 24,574 | |
Repayments and other reductions (maturities longer than 90 days) | ||||
Short-term (91 to 365 days) | (44,519) | (42,110) | (36,919) | |
Long-term (longer than one year) | (13,418) | (2,455) | (864) | |
Principal payments - non-recourse, leveraged leases | (348) | (283) | (304) | |
Repayments and other debt reductions (maturities longer than 90 days) | (58,285) | (44,848) | (38,087) | |
All Other financing activities [Abstract] | ||||
Proceeds from sale of investment contracts | 19 | 163 | 322 | |
Redemption of investment contracts | (346) | (1,235) | (1,113) | |
Other | (800) | (290) | 112 | |
All other financing activities | $ (1,127) | $ (1,362) | $ (679) |
Cost Information (R&D) (Details
Cost Information (R&D) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Income Statement Elements [Line Items] | |||
R&D expense | $ 5,466 | $ 5,278 | $ 5,273 |
Customer funded R&D | (611) | (803) | (721) |
Partner funded R&D | (73) | (226) | (319) |
Aviation [Member] | |||
Supplemental Income Statement Elements [Line Items] | |||
R&D expense | 1,595 | 1,893 | 1,965 |
Healthcare [Member] | |||
Supplemental Income Statement Elements [Line Items] | |||
R&D expense | 938 | 905 | 817 |
Power [Member] | |||
Supplemental Income Statement Elements [Line Items] | |||
R&D expense | 695 | 721 | 641 |
Corporate [Member] | |||
Supplemental Income Statement Elements [Line Items] | |||
R&D expense | $ 2,238 | $ 1,759 | $ 1,850 |
Cost Information (Collaborative
Cost Information (Collaborative Arrangements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Cost of Goods Sold | $ 62,440 | $ 59,905 | $ 61,257 |
Cost of Services | 25,043 | 22,788 | 22,447 |
Collaborative Arrangement | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Cost of Goods Sold | 2,482 | 2,736 | 2,660 |
Cost of Services | $ 1,080 | $ 788 | $ 873 |
Cost Information (Rental Expens
Cost Information (Rental Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases [Abstract] | |||
Rental expense under operating leases | $ 1,493 | $ 1,196 | $ 1,256 |
Amounts payable over the next five years | |||
2,017 | 798 | ||
2,018 | 722 | ||
2,019 | 621 | ||
2,020 | 524 | ||
2,021 | 427 | ||
Eliminations | |||
Operating Leases [Abstract] | |||
Rental expense under operating leases | (126) | (169) | (223) |
Amounts payable over the next five years | |||
2,017 | (171) | ||
2,018 | (155) | ||
2,019 | (143) | ||
2,020 | (138) | ||
2,021 | (130) | ||
Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense under operating leases | 1,619 | 1,365 | 1,479 |
Amounts payable over the next five years | |||
2,017 | 969 | ||
2,018 | 877 | ||
2,019 | 763 | ||
2,020 | 661 | ||
2,021 | 557 | ||
GE | |||
Operating Leases [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 5,012 | ||
GE | Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense under operating leases | 1,528 | 1,258 | 1,356 |
Amounts payable over the next five years | |||
2,017 | 942 | ||
2,018 | 854 | ||
2,019 | 742 | ||
2,020 | 640 | ||
2,021 | 537 | ||
GE Capital | |||
Operating Leases [Abstract] | |||
Minimum rental commitments under noncancellable operating leases | 302 | ||
GE Capital | Operating Segments | |||
Operating Leases [Abstract] | |||
Rental expense under operating leases | 91 | $ 107 | $ 123 |
Amounts payable over the next five years | |||
2,017 | 27 | ||
2,018 | 23 | ||
2,019 | 22 | ||
2,020 | 21 | ||
2,021 | $ 20 |
Guarantor Financial Informat149
Guarantor Financial Information (Narrative) (Details) $ in Millions, £ in Billions | Oct. 26, 2016GBP (£) | Oct. 26, 2016USD ($) | Oct. 26, 2015USD ($) |
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | $ 19,600 | $ 35,999 | |
Notes at 0.964% | |||
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | $ 15,300 | ||
Debt conversion, converted instrument, rate | 0.964% | 0.964% | |
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |
Notes at 1.363% | |||
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | £ | £ 0.8 | ||
Debt conversion, converted instrument, rate | 1.363% | 1.363% | |
Debt Conversion Converted Instrument Expiration Or Due Month and Year | Apr. 30, 2016 | Apr. 30, 2016 | |
Notes at 2.342% | |||
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | $ 6,100 | ||
Debt conversion, converted instrument, rate | 2.342% | 2.342% | |
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,020 | 2,020 | |
Notes at 3.373% | |||
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | $ 2,000 | ||
Debt conversion, converted instrument, rate | 3.373% | 3.373% | |
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,025 | 2,025 | |
Notes at 4.418% | |||
Debt Instrument [Line Items] | |||
Outstanding notes being tendered for exchange and settled | $ 11,500 | ||
Debt conversion, converted instrument, rate | 4.418% | 4.418% | |
Debt Conversion Converted Instrument Expiration Or Due Date Year | 2,035 | 2,035 |
Guarantor Financial Informat150
Guarantor Financial Information (Statement of Earnings) (Unaudited) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues and other income | |||||||||||||
Sales of goods and services | $ 30,345 | $ 26,934 | $ 28,150 | $ 25,407 | $ 30,614 | $ 25,612 | $ 26,141 | $ 23,839 | $ 110,391 | $ 105,809 | $ 106,758 | ||
Other income | 4,005 | 2,227 | 778 | ||||||||||
Equity in earnings (loss) | 0 | 0 | 0 | ||||||||||
GE Capital earnings from continuing operations | 9,297 | 9,350 | 9,648 | ||||||||||
Total revenues and other income | 2,649 | 2,600 | 2,771 | 2,885 | 2,585 | 2,660 | 2,690 | 2,866 | 123,693 | 117,386 | 117,184 | $ 113,245 | $ 112,588 |
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | 5,025 | 3,463 | 2,723 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,797 | 2,605 | 2,530 | ||||||||||
Other costs and expenses | 106,842 | 103,132 | 101,668 | ||||||||||
Total Costs and Expenses | 114,663 | 109,200 | 106,921 | ||||||||||
Earnings (loss) from continuing operations | 9,030 | 8,186 | 10,263 | ||||||||||
Benefit (provision) for income taxes | 464 | (6,485) | (773) | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | 3,659 | 2,056 | 3,363 | 415 | 2,645 | 1,915 | 1,813 | (4,673) | 9,494 | 1,700 | 9,490 | ||
Earnings (loss) from discontinued operations, net of taxes | 0 | (105) | (541) | (308) | 3,758 | 629 | (2,947) | (8,936) | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 |
Net earnings (loss) | 3,659 | 1,951 | 2,823 | 107 | 6,403 | 2,545 | (1,134) | (13,608) | 8,540 | (5,795) | 15,345 | ||
Less net earnings (loss) attributable to noncontrolling interests | (8) | (76) | (86) | (121) | 103 | 39 | 225 | (35) | (291) | 332 | 112 | ||
Net earnings (loss) attributable to the Company | $ 3,667 | $ 2,027 | $ 2,908 | $ 228 | $ 6,301 | $ 2,506 | $ (1,360) | $ (13,573) | 8,831 | (6,126) | 15,233 | ||
Other comprehensive income (loss) | (2,069) | 1,644 | (9,053) | ||||||||||
Comprehensive income (loss) attributable to the Company | 6,762 | (4,483) | 6,180 | ||||||||||
Parent Company Guarantor (General Electric) | |||||||||||||
Revenues and other income | |||||||||||||
Sales of goods and services | 40,315 | 43,945 | 44,511 | ||||||||||
Other income | 10,949 | 2,725 | 1,722 | ||||||||||
Equity in earnings (loss) | 1,397 | 1,815 | 10,510 | ||||||||||
GE Capital earnings from continuing operations | 0 | 0 | 0 | ||||||||||
Total revenues and other income | 52,661 | 48,485 | 56,743 | ||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | 3,505 | 3,127 | 3,014 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | ||||||||||
Other costs and expenses | 41,972 | 45,308 | 46,128 | ||||||||||
Total Costs and Expenses | 45,478 | 48,435 | 49,142 | ||||||||||
Earnings (loss) from continuing operations | 7,183 | 50 | 7,601 | ||||||||||
Benefit (provision) for income taxes | 2,539 | 1,314 | 1,777 | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | 9,723 | 1,364 | 9,378 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (891) | (7,490) | 5,855 | ||||||||||
Net earnings (loss) | 8,831 | (6,126) | 15,233 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Net earnings (loss) attributable to the Company | 8,831 | (6,126) | 15,233 | ||||||||||
Other comprehensive income (loss) | (2,069) | 1,644 | (9,053) | ||||||||||
Comprehensive income (loss) attributable to the Company | 6,762 | (4,483) | 6,180 | ||||||||||
Subsidiary Issuer (GE Capital) | |||||||||||||
Revenues and other income | |||||||||||||
Sales of goods and services | 0 | 0 | 0 | ||||||||||
Other income | 0 | 0 | 0 | ||||||||||
Equity in earnings (loss) | 0 | 0 | 0 | ||||||||||
GE Capital earnings from continuing operations | 897 | 250 | 0 | ||||||||||
Total revenues and other income | 897 | 250 | 0 | ||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | 831 | 232 | 0 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | ||||||||||
Other costs and expenses | 0 | 0 | 0 | ||||||||||
Total Costs and Expenses | 831 | 232 | 0 | ||||||||||
Earnings (loss) from continuing operations | 66 | 18 | 0 | ||||||||||
Benefit (provision) for income taxes | (10) | (2) | 0 | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | 56 | 15 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | 0 | 0 | 0 | ||||||||||
Net earnings (loss) | 56 | 15 | 0 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Net earnings (loss) attributable to the Company | 56 | 15 | 0 | ||||||||||
Other comprehensive income (loss) | (12) | 12 | 0 | ||||||||||
Comprehensive income (loss) attributable to the Company | 44 | 27 | 0 | ||||||||||
Subsidiary Guarantor (Subsidiary) | |||||||||||||
Revenues and other income | |||||||||||||
Sales of goods and services | 0 | 0 | 0 | ||||||||||
Other income | 0 | 0 | 0 | ||||||||||
Equity in earnings (loss) | 1,542 | 437 | 0 | ||||||||||
GE Capital earnings from continuing operations | 1,419 | (460) | 0 | ||||||||||
Total revenues and other income | 2,961 | (23) | 0 | ||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | 2,567 | 284 | 0 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 0 | 0 | 0 | ||||||||||
Other costs and expenses | 143 | 3 | 0 | ||||||||||
Total Costs and Expenses | 2,711 | 287 | 0 | ||||||||||
Earnings (loss) from continuing operations | 250 | (310) | 0 | ||||||||||
Benefit (provision) for income taxes | (105) | (9) | 0 | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | 145 | (319) | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,927) | 483 | 0 | ||||||||||
Net earnings (loss) | (1,782) | 164 | 0 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Net earnings (loss) attributable to the Company | (1,782) | 164 | 0 | ||||||||||
Other comprehensive income (loss) | 1,126 | 1,377 | 0 | ||||||||||
Comprehensive income (loss) attributable to the Company | (657) | 1,542 | 0 | ||||||||||
Non Guarantor Subsidiaries | |||||||||||||
Revenues and other income | |||||||||||||
Sales of goods and services | 152,047 | 139,158 | 137,034 | ||||||||||
Other income | 63,363 | 31,146 | 22,416 | ||||||||||
Equity in earnings (loss) | 116,897 | 389,796 | 53,841 | ||||||||||
GE Capital earnings from continuing operations | 12,994 | 36,909 | 50,749 | ||||||||||
Total revenues and other income | 345,301 | 597,009 | 264,040 | ||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | 5,429 | 9,037 | 11,395 | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | 2,863 | 2,748 | 2,678 | ||||||||||
Other costs and expenses | 165,382 | 160,472 | 155,133 | ||||||||||
Total Costs and Expenses | 173,674 | 172,257 | 169,206 | ||||||||||
Earnings (loss) from continuing operations | 171,627 | 424,752 | 94,833 | ||||||||||
Benefit (provision) for income taxes | (1,911) | (11,426) | (4,181) | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | 169,717 | 413,326 | 90,652 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | 351 | (738) | (27) | ||||||||||
Net earnings (loss) | 170,067 | 412,588 | 90,625 | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | (149) | 249 | 2,893 | ||||||||||
Net earnings (loss) attributable to the Company | 170,216 | 412,339 | 87,733 | ||||||||||
Other comprehensive income (loss) | (3,393) | (4,843) | (2,787) | ||||||||||
Comprehensive income (loss) attributable to the Company | 166,823 | 407,496 | 84,946 | ||||||||||
Consolidation adjustments | |||||||||||||
Revenues and other income | |||||||||||||
Sales of goods and services | (81,971) | (77,294) | (74,786) | ||||||||||
Other income | (70,308) | (31,644) | (23,360) | ||||||||||
Equity in earnings (loss) | (119,836) | (392,048) | (64,351) | ||||||||||
GE Capital earnings from continuing operations | (6,012) | (27,349) | (41,101) | ||||||||||
Total revenues and other income | (278,127) | (528,335) | (203,598) | ||||||||||
Costs and Expenses [Abstract] | |||||||||||||
Interest and other financial charges | (7,308) | (9,216) | (11,686) | ||||||||||
Investment Contracts Insurance Losses And Insurance Annuity Benefits | (67) | (143) | (148) | ||||||||||
Other costs and expenses | (100,656) | (102,651) | (99,593) | ||||||||||
Total Costs and Expenses | (108,030) | (112,011) | (111,427) | ||||||||||
Earnings (loss) from continuing operations | (170,097) | (416,324) | (92,171) | ||||||||||
Benefit (provision) for income taxes | (49) | 3,639 | 1,631 | ||||||||||
Earnings (loss) from continuing operations attributable to the Company | (170,146) | (412,686) | (90,540) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | 1,514 | 250 | 27 | ||||||||||
Net earnings (loss) | (168,632) | (412,436) | (90,513) | ||||||||||
Less net earnings (loss) attributable to noncontrolling interests | (142) | 82 | (2,781) | ||||||||||
Net earnings (loss) attributable to the Company | (168,490) | (412,518) | (87,733) | ||||||||||
Other comprehensive income (loss) | 2,279 | 3,454 | 2,787 | ||||||||||
Comprehensive income (loss) attributable to the Company | $ (166,211) | $ (409,065) | $ (84,946) |
Guarantor Financial Informat151
Guarantor Financial Information (Statement of Financial Position) (Unaudited) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Assets [Abstract] | ||||||||
Cash and equivalents | $ 48,129 | $ 70,483 | ||||||
Investments | 44,313 | 31,973 | ||||||
Receivables - net | 42,263 | 45,856 | ||||||
Inventories | 22,354 | 22,515 | ||||||
Property, plant and equipment - net | 50,518 | 54,095 | ||||||
Investment in subsidiaries | 0 | 0 | ||||||
Goodwill and intangible assets | 86,875 | 83,323 | ||||||
Other assets | 55,917 | 63,876 | ||||||
Assets of discontinued operations | 14,815 | 120,951 | ||||||
Total assets | 365,183 | [1] | 493,071 | [1] | $ 653,931 | |||
Liabilities [Abstract] | ||||||||
Short-term borrowings | 30,714 | 49,860 | ||||||
Accounts payable | 14,435 | 13,680 | ||||||
Other current liabilities | 36,431 | 41,540 | ||||||
Long term and non-recourse borrowings | 105,496 | 147,742 | ||||||
Other liabilities | 93,434 | 90,651 | ||||||
Liabilities of discontinued operations | 4,158 | 46,487 | ||||||
Total liabilities | [1] | 284,668 | 389,961 | |||||
Redeemable noncontrolling interest | 3,025 | 2,972 | 98 | $ 178 | $ 178 | |||
Total GE shareowners' equity | 75,828 | 98,274 | 128,159 | 130,566 | ||||
Noncontrolling interests | 1,663 | [2] | 1,864 | [2] | 8,674 | $ 6,217 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 77,491 | 100,138 | $ 136,833 | |||||
Liabilities and Equity | 365,183 | 493,071 | ||||||
Parent Company Guarantor (General Electric) | ||||||||
Assets [Abstract] | ||||||||
Cash and equivalents | 2,558 | 4,137 | ||||||
Investments | 1 | 14 | ||||||
Receivables - net | 63,620 | 88,696 | ||||||
Inventories | 4,654 | 5,447 | ||||||
Property, plant and equipment - net | 5,768 | 6,540 | ||||||
Investment in subsidiaries | 272,685 | 274,471 | ||||||
Goodwill and intangible assets | 8,128 | 7,793 | ||||||
Other assets | 14,692 | 15,732 | ||||||
Assets of discontinued operations | 0 | 0 | ||||||
Total assets | 372,107 | 402,828 | ||||||
Liabilities [Abstract] | ||||||||
Short-term borrowings | 167,089 | 145,051 | ||||||
Accounts payable | 5,412 | 6,096 | ||||||
Other current liabilities | 11,072 | 14,482 | ||||||
Long term and non-recourse borrowings | 68,983 | 97,471 | ||||||
Other liabilities | 43,722 | 41,455 | ||||||
Liabilities of discontinued operations | 0 | 0 | ||||||
Total liabilities | 296,279 | 304,555 | ||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||
Total GE shareowners' equity | 75,828 | 98,274 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 75,828 | 98,274 | ||||||
Liabilities and Equity | 372,107 | 402,828 | ||||||
Subsidiary Issuer (GE Capital) | ||||||||
Assets [Abstract] | ||||||||
Cash and equivalents | 0 | 0 | ||||||
Investments | 0 | 0 | ||||||
Receivables - net | 17,157 | 33,232 | ||||||
Inventories | 0 | 0 | ||||||
Property, plant and equipment - net | 0 | 0 | ||||||
Investment in subsidiaries | 0 | 0 | ||||||
Goodwill and intangible assets | 0 | 0 | ||||||
Other assets | 44 | 11 | ||||||
Assets of discontinued operations | 0 | 0 | ||||||
Total assets | 17,202 | 33,242 | ||||||
Liabilities [Abstract] | ||||||||
Short-term borrowings | 1 | 16,204 | ||||||
Accounts payable | 0 | 0 | ||||||
Other current liabilities | 33 | 0 | ||||||
Long term and non-recourse borrowings | 16,486 | 16,423 | ||||||
Other liabilities | 511 | 488 | ||||||
Liabilities of discontinued operations | 0 | 0 | ||||||
Total liabilities | 17,030 | 33,115 | ||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||
Total GE shareowners' equity | 171 | 127 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 171 | 127 | ||||||
Liabilities and Equity | 17,202 | 33,242 | ||||||
Subsidiary Guarantor (Subsidiary) | ||||||||
Assets [Abstract] | ||||||||
Cash and equivalents | 3 | 0 | ||||||
Investments | 0 | 0 | ||||||
Receivables - net | 30,470 | 69,306 | ||||||
Inventories | 0 | 0 | ||||||
Property, plant and equipment - net | 0 | 0 | ||||||
Investment in subsidiaries | 80,481 | 78,505 | ||||||
Goodwill and intangible assets | 0 | 0 | ||||||
Other assets | 39 | 915 | ||||||
Assets of discontinued operations | 0 | 0 | ||||||
Total assets | 110,992 | 148,725 | ||||||
Liabilities [Abstract] | ||||||||
Short-term borrowings | 46,432 | 71,862 | ||||||
Accounts payable | 0 | 0 | ||||||
Other current liabilities | 117 | 17 | ||||||
Long term and non-recourse borrowings | 34,389 | 46,392 | ||||||
Other liabilities | 481 | 224 | ||||||
Liabilities of discontinued operations | 0 | 0 | ||||||
Total liabilities | 81,419 | 118,495 | ||||||
Redeemable noncontrolling interest | 0 | 0 | ||||||
Total GE shareowners' equity | 29,573 | 30,230 | ||||||
Noncontrolling interests | 0 | 0 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 29,573 | 30,230 | ||||||
Liabilities and Equity | 110,992 | 148,725 | ||||||
Non Guarantor Subsidiaries | ||||||||
Assets [Abstract] | ||||||||
Cash and equivalents | 46,994 | 86,955 | ||||||
Investments | 47,394 | 40,886 | ||||||
Receivables - net | 79,401 | 75,909 | ||||||
Inventories | 21,076 | 19,762 | ||||||
Property, plant and equipment - net | 46,366 | 56,808 | ||||||
Investment in subsidiaries | 492,674 | 405,686 | ||||||
Goodwill and intangible assets | 42,074 | 61,412 | ||||||
Other assets | 201,276 | 247,611 | ||||||
Assets of discontinued operations | 0 | 0 | ||||||
Total assets | 977,255 | 995,029 | ||||||
Liabilities [Abstract] | ||||||||
Short-term borrowings | 25,919 | 60,601 | ||||||
Accounts payable | 47,366 | 37,636 | ||||||
Other current liabilities | 25,095 | 34,903 | ||||||
Long term and non-recourse borrowings | 68,912 | 105,801 | ||||||
Other liabilities | 58,376 | 57,996 | ||||||
Liabilities of discontinued operations | 0 | 0 | ||||||
Total liabilities | 225,667 | 296,937 | ||||||
Redeemable noncontrolling interest | 2,223 | 2,888 | ||||||
Total GE shareowners' equity | 747,719 | 693,589 | ||||||
Noncontrolling interests | 1,647 | 1,616 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 749,366 | 695,204 | ||||||
Liabilities and Equity | 977,255 | 995,029 | ||||||
Consolidation adjustments | ||||||||
Assets [Abstract] | ||||||||
Cash and equivalents | (1,426) | (20,609) | ||||||
Investments | (3,082) | (8,927) | ||||||
Receivables - net | (148,385) | (221,286) | ||||||
Inventories | (3,377) | (2,694) | ||||||
Property, plant and equipment - net | (1,615) | (9,253) | ||||||
Investment in subsidiaries | (845,840) | (758,662) | ||||||
Goodwill and intangible assets | 36,673 | 14,118 | ||||||
Other assets | (160,134) | (200,392) | ||||||
Assets of discontinued operations | 14,815 | 120,951 | ||||||
Total assets | (1,112,372) | (1,086,754) | ||||||
Liabilities [Abstract] | ||||||||
Short-term borrowings | (208,727) | (243,858) | ||||||
Accounts payable | (38,343) | (30,052) | ||||||
Other current liabilities | 114 | (7,861) | ||||||
Long term and non-recourse borrowings | (83,273) | (118,345) | ||||||
Other liabilities | (9,656) | (9,513) | ||||||
Liabilities of discontinued operations | 4,158 | 46,487 | ||||||
Total liabilities | (335,727) | (363,141) | ||||||
Redeemable noncontrolling interest | 802 | 84 | ||||||
Total GE shareowners' equity | (777,463) | (723,946) | ||||||
Noncontrolling interests | 16 | 248 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (777,447) | (723,697) | ||||||
Liabilities and Equity | $ (1,112,372) | $ (1,086,754) | ||||||
[1] | Our consolidated assets at December 31, 2016 included total assets of $6,332 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets included current receivables and net financing receivables of $1,722 million and investment securities of $982 million wit hin continuing operations and assets of discontinued operations of $692 million. Our consolidated liabilities at December 31, 2016 included liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities included no n-recourse borrowings of consolidated securitization entities (CSEs) of $(417) million within continuing operations. See Note 21. | |||||||
[2] | Included AOCI attributable to noncontrolling interests of $(278) million and $(264) million at December 31, 2016 and December 31, 2015 , respectively. |
Guarantor Financial Informat152
Guarantor Financial Information (Statement of Financial Position - Paranthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Guarantee Obligations [Line Items] | |||
Cash and equivalents | $ 48,129 | $ 70,483 | |
Guarantor | Investment in subsidiaries | |||
Guarantee Obligations [Line Items] | |||
Cash and equivalents | $ 25,900 | 40,100 | |
Guarantor | Discontinued operations | Investment in subsidiaries | |||
Guarantee Obligations [Line Items] | |||
Net assets | $ 21,600 | $ 58,600 |
Guarantor Financial Informat153
Guarantor Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | $ 6,099 | $ 11,856 | $ 16,033 |
Cash from (used for) operating activities - discontinued operations | (6,343) | 8,034 | 11,676 |
Cash from (used for) operating activities | (244) | 19,891 | 27,709 |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | 62,613 | 61,613 | 19,229 |
Cash from (used for) investing activities - discontinued operations | (13,412) | (2,125) | (24,263) |
Cash from (used for) investing activities | 49,202 | 59,488 | (5,034) |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | (89,920) | (69,547) | (40,912) |
Cash from (used for) financing activities - discontinued operations | 789 | (6,507) | 23,956 |
Cash from (used for) financing activities | (89,131) | (76,054) | (16,956) |
Effect of currency exchange rate changes on cash and equivalents | (1,146) | (3,464) | (3,492) |
Increase (decrease) in cash and equivalents | (41,319) | (138) | 2,224 |
Cash and equivalents at beginning of year | 90,879 | 91,017 | 88,792 |
Cash and equivalents at December 31 | 49,558 | 90,879 | 91,017 |
Less cash and equivalents of discontinued operations at December 31 | 1,429 | 20,395 | 20,991 |
Cash and equivalents of continuing operations at December 31 | 48,129 | 70,483 | 70,025 |
Parent Company Guarantor (General Electric) | |||
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | (4,966) | 13,587 | (2,483) |
Cash from (used for) operating activities - discontinued operations | (891) | (7,490) | 5,855 |
Cash from (used for) operating activities | (5,858) | 6,097 | 3,372 |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | 14,158 | 7,106 | (1,410) |
Cash from (used for) investing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) investing activities | 14,158 | 7,106 | (1,410) |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | (9,879) | (13,886) | (5,641) |
Cash from (used for) financing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) financing activities | (9,879) | (13,886) | (5,641) |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and equivalents | (1,578) | (683) | (3,679) |
Cash and equivalents at beginning of year | 4,137 | 4,820 | 8,499 |
Cash and equivalents at December 31 | 2,558 | 4,137 | 4,820 |
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 |
Cash and equivalents of continuing operations at December 31 | 2,558 | 4,137 | 4,820 |
Subsidiary Issuer (GE Capital) | |||
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | (10) | 68 | 0 |
Cash from (used for) operating activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) operating activities | (10) | 68 | 0 |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | 16,384 | (248) | 0 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) investing activities | 16,384 | (248) | 0 |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | (16,374) | 180 | 0 |
Cash from (used for) financing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) financing activities | (16,374) | 180 | 0 |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and equivalents | 0 | 0 | 0 |
Cash and equivalents at beginning of year | 0 | 0 | |
Cash and equivalents at December 31 | 0 | 0 | 0 |
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 |
Cash and equivalents of continuing operations at December 31 | 0 | 0 | 0 |
Subsidiary Guarantor (Subsidiary) | |||
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | (52) | 631 | 0 |
Cash from (used for) operating activities - discontinued operations | 0 | (30) | 0 |
Cash from (used for) operating activities | (52) | 601 | 0 |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | 35,443 | (601) | 0 |
Cash from (used for) investing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) investing activities | 35,443 | (601) | 0 |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | (35,388) | 0 | 0 |
Cash from (used for) financing activities - discontinued operations | 0 | 0 | 0 |
Cash from (used for) financing activities | (35,388) | 0 | 0 |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and equivalents | 3 | 0 | 0 |
Cash and equivalents at beginning of year | 0 | 0 | |
Cash and equivalents at December 31 | 3 | 0 | 0 |
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 |
Cash and equivalents of continuing operations at December 31 | 3 | 0 | 0 |
Non Guarantor Subsidiaries | |||
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | 162,918 | 433,479 | 147,449 |
Cash from (used for) operating activities - discontinued operations | (5,039) | 27,533 | 5,794 |
Cash from (used for) operating activities | 157,880 | 461,013 | 153,243 |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | 72,205 | (493,933) | (403,870) |
Cash from (used for) investing activities - discontinued operations | (13,412) | 5,854 | (24,263) |
Cash from (used for) investing activities | 58,794 | (488,079) | (428,133) |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | (275,243) | 67,063 | 272,150 |
Cash from (used for) financing activities - discontinued operations | 789 | (37,582) | 23,956 |
Cash from (used for) financing activities | (274,454) | 29,481 | 296,106 |
Effect of currency exchange rate changes on cash and equivalents | (1,146) | (3,464) | (3,492) |
Increase (decrease) in cash and equivalents | (58,927) | (1,049) | 17,721 |
Cash and equivalents at beginning of year | 107,351 | 108,400 | 90,678 |
Cash and equivalents at December 31 | 48,423 | 107,351 | 108,400 |
Less cash and equivalents of discontinued operations at December 31 | 1,429 | 20,395 | 20,991 |
Cash and equivalents of continuing operations at December 31 | 46,994 | 86,955 | 87,408 |
Consolidation adjustments | |||
Cash flows - operating activities | |||
Cash from (used for) operating activities - continuing operations | (151,791) | (435,909) | (128,933) |
Cash from (used for) operating activities - discontinued operations | (413) | (11,979) | 27 |
Cash from (used for) operating activities | (152,204) | (447,888) | (128,906) |
Cash flows - investing activities | |||
Cash from (used for) investing activities - continuing operations | (75,577) | 549,289 | 424,509 |
Cash from (used for) investing activities - discontinued operations | 0 | (7,979) | 0 |
Cash from (used for) investing activities | (75,577) | 541,310 | 424,509 |
Cash flows - financing activities | |||
Cash from (used for) financing activities - continuing operations | 246,964 | (122,904) | (307,421) |
Cash from (used for) financing activities - discontinued operations | 0 | 31,075 | 0 |
Cash from (used for) financing activities | 246,964 | (91,829) | (307,421) |
Effect of currency exchange rate changes on cash and equivalents | 0 | 0 | 0 |
Increase (decrease) in cash and equivalents | 19,183 | 1,594 | (11,818) |
Cash and equivalents at beginning of year | (20,609) | (22,203) | (10,385) |
Cash and equivalents at December 31 | (1,426) | (20,609) | (22,203) |
Less cash and equivalents of discontinued operations at December 31 | 0 | 0 | 0 |
Cash and equivalents of continuing operations at December 31 | $ (1,426) | $ (20,609) | $ (22,203) |
Supplemental Information (Po154
Supplemental Information (Postretirement Benefit Plans - Cost of Benefit Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service cost (credit) amortization | $ 303 | ||
Pension plans costs | 4,112 | ||
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 123 | $ 145 | $ 164 |
Prior service cost (credit) amortization | (164) | (8) | 353 |
Expected return on plan assets | 43 | 48 | (50) |
Interest cost on benefit obligation | 249 | 335 | 424 |
Net actuarial loss (gain) amortization | (50) | (25) | (150) |
Curtailment loss (gain) | 0 | (225) | 48 |
Pension plans costs | 115 | 174 | 789 |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 462 | 416 | 403 |
Prior service cost (credit) amortization | 1 | 0 | 6 |
Expected return on plan assets | (1,034) | (881) | (789) |
Interest cost on benefit obligation | 670 | 555 | 587 |
Net actuarial loss (gain) amortization | 256 | 289 | 205 |
Curtailment loss (gain) | 19 | (6) | 0 |
Pension plans costs | $ 374 | $ 373 | $ 412 |
Number of US and Non US Pension Plans | 49 | ||
Minimum US and non-US other pension plans with pension assets or obligations | 50 |
Supplemental Information (Po155
Supplemental Information (Postretirement Benefit Plans - Assumption Used in Benefit Calculations) (Details) - Weighted Average | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Principal retiree benefit plans | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - pension benefit obligation | 3.75% | 3.93% | 3.89% |
Compensation increases | 3.80% | 3.80% | 4.10% |
Initial healthcare trend rate | 6.00% | 6.00% | 6.00% |
Discount rate - benefit cost | 3.93% | 3.89% | 4.61% |
Expected return on assets | 7.00% | 7.00% | 7.00% |
Other pension plans | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - pension benefit obligation | 2.58% | 3.33% | 3.53% |
Compensation increases | 3.48% | 3.32% | 3.60% |
Discount rate - benefit cost | 3.33% | 3.53% | 4.39% |
Expected return on assets | 6.36% | 6.95% | 6.92% |
Retiree health plans | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate - benefit cost | 3.86% | 3.92% | 4.47% |
Supplemental Information (Po156
Supplemental Information (Postretirement Benefit Plans - Benefit Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Actuarial loss (gain) | $ 2,449 | ||
Other pension plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | 21,618 | $ 15,589 | |
Service cost for benefits earned | 462 | 416 | $ 403 |
Interest cost on benefit obligation | 670 | 555 | 587 |
Participant contributions | 43 | 15 | |
Plan amendments | (54) | (12) | |
Actuarial loss (gain) | 2,993 | (406) | |
Benefits paid | (842) | (576) | |
Acquisitions (dispositions)-net | (98) | 6,859 | |
Exchange rate adjustments | (2,249) | (822) | |
Ending balance | 22,543 | 21,618 | 15,589 |
Principal retiree benefit plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | 6,757 | 10,703 | |
Service cost for benefits earned | 123 | 145 | 164 |
Interest cost on benefit obligation | 249 | 335 | 424 |
Participant contributions | 51 | 50 | |
Plan amendments | (7) | (3,291) | |
Actuarial loss (gain) | (291) | (444) | |
Benefits paid | (603) | (691) | |
Acquisitions (dispositions)-net | 10 | (50) | |
Exchange rate adjustments | 0 | 0 | |
Ending balance | 6,289 | 6,757 | $ 10,703 |
Retiree health plans | |||
Defined Benefit Plan, Benefit Obligations [Abstract] | |||
Beginning balance | 4,838 | ||
Ending balance | $ 4,366 | $ 4,838 |
Supplemental Information (Po157
Supplemental Information (Postretirement Benefit Plans - Composition of Plan Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Investments | $ 44,313 | $ 31,973 |
Other pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 1,449 | 1,358 |
Other investments | 1,067 | 1,266 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 17,368 | 12,386 |
Actual gain on plan assets | 1,743 | 381 |
Employer contributions | 795 | 549 |
Participant contributions | 43 | 15 |
Benefits paid | (842) | (576) |
Acquisitions (dispositions) / other-net | (81) | 5,207 |
Exchange rate adjustments | (1,935) | (594) |
Ending balance | 17,091 | 17,368 |
Other pension plans | Fixed income and cash investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 6,049 | 6,258 |
Other pension plans | Corporate - U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 319 | 242 |
Other pension plans | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 577 | 551 |
Other pension plans | Private equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 627 | 703 |
Investments | 627 | 703 |
Other pension plans | Non US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 6,337 | 6,323 |
Other pension plans | US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 666 | 667 |
Other pension plans | Measured using NAV [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other investments | $ 4,669 | $ 4,213 |
Actual allocation | 0.07% | 0.06% |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | $ 4,213 | |
Ending balance | $ 4,669 | $ 4,213 |
Other pension plans | Measured using NAV [Member] | Fixed income and cash investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.04% | 0.03% |
Other pension plans | Measured using NAV [Member] | Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.16% | 0.15% |
Other pension plans | Measured not using NAV practical expedient [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other investments | $ 135 | $ 169 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 169 | |
Ending balance | 135 | 169 |
Principal retiree benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Real estate | 4 | 6 |
Other investments | 21 | 20 |
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 695 | 813 |
Actual gain on plan assets | 22 | 22 |
Employer contributions | 410 | 501 |
Participant contributions | 51 | 50 |
Benefits paid | (603) | (691) |
Acquisitions (dispositions) / other-net | 0 | 0 |
Exchange rate adjustments | 0 | 0 |
Ending balance | 575 | 695 |
Principal retiree benefit plans | Fixed income and cash investment funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 30 | 84 |
Principal retiree benefit plans | Corporate - U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 38 | 52 |
Principal retiree benefit plans | Other debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 82 | 93 |
Principal retiree benefit plans | Private equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Debt securities | 61 | 75 |
Investments | $ 61 | 75 |
Actual allocation | 11.00% | |
Principal retiree benefit plans | Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 3.00% | |
Principal retiree benefit plans | Non US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | $ 152 | 162 |
Principal retiree benefit plans | US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equity securities | 187 | 203 |
Principal retiree benefit plans | Measured using NAV [Member] | ||
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 160 | |
Ending balance | 2,016 | 160 |
Retiree health plans | Measured using NAV [Member] | ||
Defined Benefit Plan Change In Fair Value Of Plan Assets RollForward [Abstract] | ||
Beginning balance | 160 | |
Ending balance | $ 133 | $ 160 |
Supplemental Information (Po158
Supplemental Information (Postretirement Benefit Plans - Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Principal pension plans | Equity securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 18.00% | |
Target plan asset allocations range maximum | 58.00% | |
Actual allocation | 46.00% | |
Principal pension plans | Debt securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 11.00% | |
Target plan asset allocations range maximum | 61.00% | |
Actual allocation | 33.00% | |
Principal pension plans | Private equities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 6.00% | |
Target plan asset allocations range maximum | 16.00% | |
Actual allocation | 10.00% | |
Principal pension plans | Real estate | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 3.00% | |
Target plan asset allocations range maximum | 13.00% | |
Actual allocation | 7.00% | |
Principal pension plans | Other investments | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 3.00% | |
Target plan asset allocations range maximum | 13.00% | |
Actual allocation | 4.00% | |
Other pension plans | Equity securities | Weighted Average | ||
Asset Allocation | ||
Target allocations | 39.00% | |
Actual allocation | 41.00% | |
Other pension plans | Debt securities | Weighted Average | ||
Asset Allocation | ||
Target allocations | 30.00% | |
Actual allocation | 41.00% | |
Other pension plans | Private equities | Weighted Average | ||
Asset Allocation | ||
Target allocations | 3.00% | |
Actual allocation | 4.00% | |
Other pension plans | Real estate | Weighted Average | ||
Asset Allocation | ||
Target allocations | 9.00% | |
Actual allocation | 8.00% | |
Other pension plans | Other investments | Weighted Average | ||
Asset Allocation | ||
Target allocations | 19.00% | |
Actual allocation | 6.00% | |
Principal retiree benefit plans | Equity securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 35.00% | |
Target plan asset allocations range maximum | 75.00% | |
Actual allocation | 59.00% | |
Principal retiree benefit plans | Debt securities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 11.00% | |
Target plan asset allocations range maximum | 46.00% | |
Actual allocation | 26.00% | |
Principal retiree benefit plans | Private equities | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 25.00% | |
Actual allocation | 11.00% | |
Principal retiree benefit plans | Real estate | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 12.00% | |
Actual allocation | 1.00% | |
Principal retiree benefit plans | Other investments | ||
Asset Allocation | ||
Target plan asset allocations range minimum | 0.00% | |
Target plan asset allocations range maximum | 10.00% | |
Actual allocation | 3.00% | |
GE pension plan | ||
Asset Allocation | ||
Maximum percentage of fair value of trust assets that can be qualifying employer securites and qualifying employee real property | 10.00% | |
Percentage of GE securities of GE Penion Trust assets | 2.10% | 3.70% |
Maximum percentage of total GE Pension Plan assets that can be sector concentration of assets | 15.00% |
Supplemental Information (Po159
Supplemental Information (Postretirement Benefit Plans - Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,017 | $ 3,450 |
2,018 | 3,595 |
2,019 | 3,695 |
2,020 | 3,790 |
2,021 | 3,865 |
2022-2026 | 20,455 |
Other pension plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,017 | 785 |
2,018 | 795 |
2,019 | 805 |
2,020 | 815 |
2,021 | 830 |
2022-2026 | 4,400 |
Principal retiree benefit plans | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity | |
2,017 | 600 |
2,018 | 580 |
2,019 | 560 |
2,020 | 535 |
2,021 | 520 |
2022-2026 | $ 2,245 |
Supplemental Information (Po160
Supplemental Information (Postretirement Benefit Plans - Cost of Postretirement Benefit Plans and Changes in OCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | $ 4,112 | ||
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost (credit) - current year | (61) | ||
Net actuarial loss (gain) - current year (a) | 4,038 | ||
Net curtailment / gain (loss) | (50) | ||
Prior service credit (cost) amortization | (140) | ||
Net actuarial gain (loss) amortization | (2,655) | ||
Total changes in other comprehensive income | (1,132) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | 5,244 | ||
Principal pension plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 3,623 | $ 4,498 | $ 3,604 |
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost (credit) - current year | 0 | ||
Net actuarial loss (gain) - current year (a) | 2,317 | ||
Net curtailment / gain (loss) | (31) | ||
Prior service credit (cost) amortization | (303) | ||
Net actuarial gain (loss) amortization | (2,449) | ||
Total changes in other comprehensive income | 466 | ||
Cost of postretirement benefit plans and changes in other comprehensive income | 3,157 | ||
Other pension plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 374 | $ 373 | $ 412 |
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost (credit) - current year | (54) | ||
Net actuarial loss (gain) - current year (a) | 1,989 | ||
Net curtailment / gain (loss) | (19) | ||
Prior service credit (cost) amortization | (1) | ||
Net actuarial gain (loss) amortization | (256) | ||
Total changes in other comprehensive income | (1,659) | ||
Cost of postretirement benefit plans and changes in other comprehensive income | 2,033 | ||
Principal retiree benefit plans | |||
Defined Benefit Plan Benefit Obligations [Line Items] | |||
Cost of postretirement benefit plans | 115 | ||
Changes In Other Comprehensive Income [Abstract] | |||
Prior service cost (credit) - current year | (7) | ||
Net actuarial loss (gain) - current year (a) | (268) | ||
Net curtailment / gain (loss) | 0 | ||
Prior service credit (cost) amortization | 164 | ||
Net actuarial gain (loss) amortization | 50 | ||
Total changes in other comprehensive income | 61 | ||
Cost of postretirement benefit plans and changes in other comprehensive income | $ 54 |
Supplemental Information (De161
Supplemental Information (Derivatives and Hedging) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 5,467 | $ 7,391 |
Derivative liabilities | 4,883 | 5,681 |
Netting adjustment of derivative gross asset | (3,097) | (4,326) |
Netting adjustment of derivative gross liability | (3,094) | (4,326) |
Cash collateral assets | (672) | (1,141) |
Net derivative assets | 1,113 | 2,282 |
Net derivative liabilities | 410 | 700 |
Cumulative gain (loss) adjustment for non performance risk | (3) | |
Excluded excess cash collateral received | 6 | 48 |
Excluded excess cash collateral posted | 177 | 379 |
Excluded excess securities collateral received | 107 | |
Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,508 | 5,241 |
Derivative liabilities | 834 | 1,541 |
Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,958 | 2,149 |
Derivative liabilities | 4,048 | 4,141 |
Interest Rate Contracts | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,106 | 4,132 |
Derivative liabilities | 210 | 158 |
Interest Rate Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 62 | 119 |
Derivative liabilities | 20 | 44 |
Currency Exchange Contracts | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 402 | 1,109 |
Derivative liabilities | 624 | 1,383 |
Currency Exchange Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,778 | 1,715 |
Derivative liabilities | 4,011 | 4,048 |
Other Contracts | Derivatives Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other Contracts | Derivatives Not Accounted For As Hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 119 | 315 |
Derivative liabilities | 17 | 49 |
Gross Accrued Interest [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 768 | 1,001 |
Derivative liabilities | (24) | (13) |
Gross Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 6,234 | 8,392 |
Derivative liabilities | 4,859 | 5,668 |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (5,121) | (6,110) |
Derivative liabilities | (4,449) | (4,968) |
Cash collateral assets | (2,025) | (1,784) |
Cash collateral liabilities | (1,355) | (642) |
Securities Pledged as Collateral [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | (442) | (1,277) |
Derivative liabilities | 0 | 0 |
Net Derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 671 | 1,005 |
Derivative liabilities | $ 410 | $ 700 |
Supplemental Information (De162
Supplemental Information (Derivatives and Hedging - Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (274) | $ (913) |
Gain (loss) reclassified from AOCI into earnings | (364) | $ (918) |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | 40 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 83 | |
Maximum term of hedged forecasted transactions | 16 years | 17 years |
Cash Flow Hedges [Member] | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | $ (274) | $ (913) |
Gain (loss) reclassified from AOCI into earnings | (364) | (918) |
Interest Rate Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | 6 | (1) |
Gain (loss) reclassified from AOCI into earnings | (79) | (130) |
Currency Exchange Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | (281) | (907) |
Gain (loss) reclassified from AOCI into earnings | (282) | (784) |
Commodity Contracts | ||
Summary Of Cash Flow Hedge Activity [Line Items] | ||
Gain (loss) recognized in AOCI | 0 | (5) |
Gain (loss) reclassified from AOCI into earnings | $ (2) | $ (4) |
Supplemental Information (De163
Supplemental Information (Derivatives and Hedging - Counterparty Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Securities held as collateral | $ 442 | $ 1,277 |
Cash collateral | 672 | 1,141 |
Total fair value of collateral | 2,466 | |
Collateral Already Posted, Aggregate Fair Value | 1,355 | |
Exposure to counterparties including interest net collateral excluding embedded derivatives | 496 | |
Derivative liability after collateral and outstanding interest payments excluding embedded derivatives | 385 | |
Amounts Offset In Statement Of Financial Position [Member] | ||
Derivative, Credit Risk Related Contingent Features [Abstract] | ||
Cash collateral | $ 2,025 | $ 1,784 |
Quarterly Information (Unaud164
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings [Abstract] | |||||||||||||
Earnings (loss) from continuing operations | $ 3,659 | $ 2,056 | $ 3,363 | $ 415 | $ 2,645 | $ 1,915 | $ 1,813 | $ (4,673) | $ 9,494 | $ 1,700 | $ 9,490 | ||
Losses from discontinued operations, net of tax | 0 | (105) | (541) | (308) | 3,758 | 629 | (2,947) | (8,936) | (954) | (7,495) | 5,855 | $ 5,475 | $ 5,047 |
Net earnings (loss) | 3,659 | 1,951 | 2,823 | 107 | 6,403 | 2,545 | (1,134) | (13,608) | 8,540 | (5,795) | 15,345 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | (8) | (76) | (86) | (121) | 103 | 39 | 225 | (35) | (291) | 332 | 112 | ||
Net Income (Loss) Attributable to Parent | $ 3,667 | $ 2,027 | $ 2,908 | $ 228 | $ 6,301 | $ 2,506 | $ (1,360) | $ (13,573) | 8,831 | (6,126) | 15,233 | ||
Preferred stock dividends declared | 656 | 18 | 0 | ||||||||||
Net earnings (loss) attributable to GE common shareowners | $ 8,176 | $ (6,145) | $ 15,233 | 13,057 | 13,641 | ||||||||
Earnings From Continuing Operations Per Share [Abstract] | |||||||||||||
Diluted earnings (loss) per share | $ 0.39 | $ 0.23 | $ 0.36 | $ 0.03 | $ 0.26 | $ 0.19 | $ 0.17 | $ (0.45) | $ 1 | $ 0.17 | $ 0.94 | ||
Earnings (loss) from continuing operations-Basic | 0.39 | 0.24 | 0.36 | 0.03 | 0.26 | 0.19 | 0.17 | (0.45) | 1.01 | 0.17 | 0.95 | ||
Earnings Per Share Discontinued Operations | |||||||||||||
Earnings (loss) from discontinued operations-Diluted | 0 | (0.01) | (0.06) | (0.03) | 0.38 | 0.05 | (0.3) | (0.9) | (0.1) | (0.78) | 0.56 | ||
Earnings (loss) from discontinued operations-Basic | 0 | (0.01) | (0.06) | (0.03) | 0.38 | 0.05 | (0.3) | (0.9) | (0.11) | (0.78) | 0.57 | ||
Earnings Per Share [Abstract] | |||||||||||||
Diluted earnings (loss) per share | 0.39 | 0.22 | 0.3 | (0.01) | 0.64 | 0.25 | (0.13) | (1.35) | 0.89 | (0.61) | 1.5 | ||
Basic earnings (loss) per share | $ 0.4 | $ 0.22 | $ 0.3 | $ (0.01) | $ 0.64 | $ 0.25 | $ (0.13) | $ (1.35) | $ 0.9 | $ (0.62) | $ 1.51 | ||
Sales of goods and services | $ 30,345 | $ 26,934 | $ 28,150 | $ 25,407 | $ 30,614 | $ 25,612 | $ 26,141 | $ 23,839 | $ 110,391 | $ 105,809 | $ 106,758 | ||
Gross profit from sales | 7,027 | 6,388 | 6,192 | 5,516 | 7,556 | 6,275 | 6,033 | 5,514 | |||||
Total revenues and other income | 2,649 | 2,600 | 2,771 | 2,885 | 2,585 | 2,660 | 2,690 | 2,866 | 123,693 | 117,386 | 117,184 | 113,245 | 112,588 |
Net earnings (loss) from continuing operations attributable to GE common shareowners | 397 | 59 | (448) | (603) | (1,447) | (154) | (332) | (5,721) | 9,128 | 1,663 | 9,535 | 7,618 | 8,646 |
GE | |||||||||||||
Earnings [Abstract] | |||||||||||||
Earnings (loss) from continuing operations | 8,849 | 1,746 | 9,485 | ||||||||||
Losses from discontinued operations, net of tax | (952) | (7,807) | 5,698 | 5,439 | 4,995 | ||||||||
Net earnings (loss) | 7,896 | (6,061) | 15,182 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (279) | 83 | (50) | ||||||||||
Net Income (Loss) Attributable to Parent | 8,176 | (6,145) | 15,233 | ||||||||||
Preferred stock dividends declared | 0 | 0 | 0 | ||||||||||
Net earnings (loss) attributable to GE common shareowners | 8,176 | (6,145) | 15,233 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Total revenues and other income | 113,676 | 100,700 | 109,546 | ||||||||||
Net earnings (loss) from continuing operations attributable to GE common shareowners | 9,128 | 1,663 | 9,535 | 7,618 | 8,646 | ||||||||
GE Capital | |||||||||||||
Earnings [Abstract] | |||||||||||||
Earnings (loss) from continuing operations | (606) | (7,718) | 1,537 | ||||||||||
Losses from discontinued operations, net of tax | (954) | (7,485) | 5,860 | ||||||||||
Net earnings (loss) | (1,560) | (15,202) | 7,397 | ||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (12) | 248 | 162 | ||||||||||
Net Income (Loss) Attributable to Parent | (1,548) | (15,450) | 7,234 | ||||||||||
Preferred stock dividends declared | 656 | 330 | 322 | ||||||||||
Net earnings (loss) attributable to GE common shareowners | (2,204) | (15,780) | 6,912 | ||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Total revenues and other income | 2,649 | 2,600 | 2,771 | 2,885 | 2,585 | 2,660 | 2,690 | 2,866 | 10,905 | 10,801 | 11,320 | $ 11,267 | $ 11,268 |
Net earnings (loss) from continuing operations attributable to GE common shareowners | $ 397 | $ 59 | $ (448) | $ (603) | $ (1,447) | $ (154) | $ (332) | $ (5,721) | $ (1,251) | $ (7,983) | $ 1,209 |