COVER
COVER | 6 Months Ended |
Jun. 30, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 001-00035 |
Entity Registrant Name | GENERAL ELECTRIC CO |
Entity Central Index Key | 0000040545 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | 5 Necco Street |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02210 |
City Area Code | 617 |
Local Phone Number | 443-3000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 8,781,303,049 |
Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $0.06 per share |
Trading Symbol | GE |
Security Exchange Name | NYSE |
0.375% Notes Due 2022 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.375% Notes due 2022 |
Trading Symbol | GE 22A |
Security Exchange Name | NYSE |
1.250% Notes Due 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2023 |
Trading Symbol | GE 23E |
Security Exchange Name | NYSE |
0.875% Notes Due 2025 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.875% Notes due 2025 |
Trading Symbol | GE 25 |
Security Exchange Name | NYSE |
1.875% Notes Due 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2027 |
Trading Symbol | GE 27E |
Security Exchange Name | NYSE |
1.500% Notes Due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | GE 29 |
Security Exchange Name | NYSE |
7.5% Guaranteed Subordinated Notes Due 2035 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 |
Trading Symbol | GE /35 |
Security Exchange Name | NYSE |
2.125% Notes Due 2037 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.125% Notes due 2037 |
Trading Symbol | GE 37 |
Security Exchange Name | NYSE |
STATEMENT OF EARNINGS (LOSS) (U
STATEMENT OF EARNINGS (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Total revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 |
Costs and expenses | ||||
Cost of sales | 13,618 | 13,633 | 26,156 | 28,059 |
Selling, general and administrative expenses | 2,866 | 3,068 | 5,757 | 6,129 |
Research and development | 604 | 611 | 1,165 | 1,335 |
Interest and other financial charges | 488 | 561 | 987 | 1,122 |
Debt extinguishment costs | 1,416 | 205 | 1,416 | 205 |
Insurance losses and annuity benefits | 483 | 564 | 1,038 | 1,199 |
Goodwill impairments (Note 8) | 0 | 877 | 0 | 877 |
Non-operating benefit costs | 517 | 598 | 947 | 1,216 |
Other costs and expenses | 30 | 65 | 62 | 90 |
Total costs and expenses | 20,023 | 20,181 | 37,529 | 40,232 |
Other income (Note 23) | 706 | 2,078 | 1,332 | 8,947 |
Earnings (loss) from continuing operations before income taxes | (1,037) | (1,298) | (799) | 5,010 |
Benefit (provision) for income taxes | 466 | 160 | 325 | 106 |
Earnings (loss) from continuing operations | (571) | (1,138) | (474) | 5,116 |
Earnings (loss) from discontinued operations, net of taxes | (564) | (993) | (3,458) | (1,015) |
Net earnings (loss) | (1,135) | (2,132) | (3,933) | 4,101 |
Less net earnings (loss) attributable to noncontrolling interests | (3) | (145) | 1 | (111) |
Net earnings (loss) attributable to the Company | (1,131) | (1,987) | (3,934) | 4,212 |
Preferred stock dividends | (57) | (192) | (129) | (235) |
Net earnings (loss) attributable to GE common shareholders | (1,188) | (2,179) | (4,062) | 3,977 |
Amounts attributable to GE common shareholders | ||||
Earnings (loss) from continuing operations | (571) | (1,138) | (474) | 5,116 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (3) | (145) | 1 | (108) |
Earnings (loss) from continuing operations attributable to the Company | (568) | (994) | (476) | 5,224 |
Preferred stock dividends | (57) | (192) | (129) | (235) |
Earnings (loss) from continuing operations attributable to GE common shareholders | (624) | (1,185) | (604) | 4,989 |
Earnings (loss) from discontinued operations, net of taxes | (564) | (993) | (3,458) | (1,015) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | 0 | (2) |
Net earnings (loss) attributable to GE common shareholders | $ (1,188) | $ (2,179) | $ (4,062) | $ 3,977 |
Earnings (loss) per share from continuing operations (Note 18) | ||||
Diluted earnings (loss) per share (in dollars per share) | $ (0.07) | $ (0.15) | $ (0.07) | $ 0.55 |
Basic earnings (loss) per share (in dollars per share) | (0.07) | (0.15) | (0.07) | 0.55 |
Net earnings (loss) per share (Note 18) | ||||
Diluted earnings (loss) per share (in dollars per share) | (0.14) | (0.26) | (0.46) | 0.44 |
Basic earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.26) | $ (0.46) | $ 0.44 |
Goods | ||||
Revenues | ||||
Sales | $ 11,105 | $ 10,720 | $ 21,453 | $ 23,059 |
Costs and expenses | ||||
Cost of sales | 9,086 | 9,787 | 17,765 | 19,717 |
Services | ||||
Revenues | ||||
Sales | 6,365 | 5,329 | 12,332 | 11,780 |
Costs and expenses | ||||
Cost of sales | 4,532 | 3,846 | 8,391 | 8,342 |
GE Capital revenues from services | ||||
Revenues | ||||
Total revenues | 810 | 756 | 1,612 | 1,455 |
GE Capital | ||||
Revenues | ||||
Total revenues | 858 | 861 | 1,736 | 1,698 |
Costs and expenses | ||||
Selling, general and administrative expenses | 106 | 114 | 222 | 263 |
Research and development | 0 | 0 | 0 | 0 |
Interest and other financial charges | 250 | 283 | 540 | 554 |
Debt extinguishment costs | 771 | 143 | 771 | 143 |
Insurance losses and annuity benefits | 494 | 577 | 1,061 | 1,230 |
Goodwill impairments (Note 8) | 0 | 0 | 0 | 0 |
Non-operating benefit costs | 0 | 2 | (3) | 4 |
Other costs and expenses | 46 | 113 | 88 | 146 |
Total costs and expenses | 1,672 | 1,237 | 2,689 | 2,351 |
Other income (Note 23) | 0 | 0 | 0 | 0 |
Earnings (loss) from continuing operations before income taxes | (814) | (376) | (953) | (653) |
Benefit (provision) for income taxes | 238 | 94 | 245 | 227 |
Earnings (loss) from continuing operations | (575) | (282) | (709) | (426) |
Earnings (loss) from discontinued operations, net of taxes | (568) | (983) | (3,462) | (991) |
Net earnings (loss) | (1,143) | (1,266) | (4,171) | (1,417) |
Less net earnings (loss) attributable to noncontrolling interests | (2) | 2 | (4) | 2 |
Net earnings (loss) attributable to the Company | (1,141) | (1,268) | (4,166) | (1,418) |
Preferred stock dividends | 0 | (192) | (41) | (235) |
Net earnings (loss) attributable to GE common shareholders | (1,141) | (1,459) | (4,207) | (1,653) |
Amounts attributable to GE common shareholders | ||||
Earnings (loss) from continuing operations | (575) | (282) | (709) | (426) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (2) | 2 | (4) | 2 |
Earnings (loss) from continuing operations attributable to the Company | (573) | (284) | (704) | (428) |
Preferred stock dividends | 0 | (192) | (41) | (235) |
Earnings (loss) from continuing operations attributable to GE common shareholders | (573) | (476) | (745) | (663) |
Earnings (loss) from discontinued operations, net of taxes | (568) | (983) | (3,462) | (991) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | 0 | 0 |
Net earnings (loss) attributable to GE common shareholders | (1,141) | (1,459) | (4,207) | (1,653) |
GE Capital | Goods | ||||
Revenues | ||||
Sales | 0 | 0 | 0 | 0 |
Costs and expenses | ||||
Cost of sales | 0 | 0 | 0 | 0 |
GE Capital | Services | ||||
Revenues | ||||
Sales | 0 | 0 | 0 | 0 |
Costs and expenses | ||||
Cost of sales | 5 | 5 | 10 | 10 |
GE Capital | GE Capital revenues from services | ||||
Revenues | ||||
Total revenues | 858 | 861 | 1,736 | 1,698 |
GE Industrial | ||||
Revenues | ||||
Total revenues | 17,487 | 16,066 | 33,816 | 34,910 |
Costs and expenses | ||||
Selling, general and administrative expenses | 2,770 | 2,979 | 5,536 | 5,928 |
Research and development | 604 | 611 | 1,165 | 1,335 |
Interest and other financial charges | 261 | 333 | 528 | 703 |
Debt extinguishment costs | 645 | 63 | 645 | 63 |
Insurance losses and annuity benefits | 0 | 0 | 0 | 0 |
Goodwill impairments (Note 8) | 0 | 877 | 0 | 877 |
Non-operating benefit costs | 517 | 596 | 950 | 1,212 |
Other costs and expenses | 0 | 0 | 0 | 0 |
Total costs and expenses | 18,428 | 19,105 | 35,001 | 38,238 |
Other income (Note 23) | 717 | 2,116 | 1,339 | 8,990 |
Earnings (loss) from continuing operations before income taxes | (224) | (922) | 154 | 5,663 |
Benefit (provision) for income taxes | 228 | 66 | 80 | (121) |
Earnings (loss) from continuing operations | 4 | (856) | 234 | 5,542 |
Earnings (loss) from discontinued operations, net of taxes | 4 | (10) | 4 | (24) |
Net earnings (loss) | 8 | (866) | 238 | 5,518 |
Less net earnings (loss) attributable to noncontrolling interests | (1) | (147) | 6 | (113) |
Net earnings (loss) attributable to the Company | 9 | (720) | 232 | 5,631 |
Preferred stock dividends | (57) | 0 | (88) | 0 |
Net earnings (loss) attributable to GE common shareholders | (47) | (720) | 145 | 5,631 |
Amounts attributable to GE common shareholders | ||||
Earnings (loss) from continuing operations | 4 | (856) | 234 | 5,542 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (1) | (147) | 6 | (110) |
Earnings (loss) from continuing operations attributable to the Company | 5 | (710) | 229 | 5,652 |
Preferred stock dividends | (57) | 0 | (88) | 0 |
Earnings (loss) from continuing operations attributable to GE common shareholders | (51) | (710) | 141 | 5,652 |
Earnings (loss) from discontinued operations, net of taxes | 4 | (10) | 4 | (24) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 | 0 | (2) |
Net earnings (loss) attributable to GE common shareholders | (47) | (720) | 145 | 5,631 |
GE Industrial | Goods | ||||
Revenues | ||||
Sales | 11,109 | 10,728 | 21,458 | 23,087 |
Costs and expenses | ||||
Cost of sales | 9,091 | 9,796 | 17,770 | 19,745 |
GE Industrial | Services | ||||
Revenues | ||||
Sales | 6,378 | 5,337 | 12,358 | 11,823 |
Costs and expenses | ||||
Cost of sales | 4,540 | 3,849 | 8,407 | 8,375 |
GE Industrial | GE Capital revenues from services | ||||
Revenues | ||||
Total revenues | $ 0 | $ 0 | $ 0 | $ 0 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Cash, cash equivalents and restricted cash | [1] | $ 22,460 | $ 36,530 |
Investment securities (Note 3) | 6,134 | 7,319 | |
Current receivables (Note 4) | 15,190 | 16,691 | |
Financing receivables – net (Note 5) | 316 | 326 | |
Inventories, including deferred inventory costs (Note 6) | 17,016 | 15,890 | |
Other GE Capital receivables | 1,363 | 1,549 | |
Receivable from GE Capital | 0 | 0 | |
Current contract assets (Note 10) | 5,431 | 5,764 | |
All other current assets (Note 11) | 1,315 | 1,109 | |
Assets of discontinued operations (Note 2) | 33,186 | 0 | |
Current assets | 102,411 | 85,180 | |
Investment securities (Note 3) | 42,665 | 42,549 | |
Other GE Capital receivables | 4,672 | 4,661 | |
Property, plant and equipment – net (Note 7) | 16,169 | 16,699 | |
Receivable from GE Capital | 0 | 0 | |
Goodwill (Note 8) | 25,491 | 25,524 | |
Other intangible assets – net (Note 8) | 9,460 | 9,671 | |
Contract and other deferred assets (Note 10) | 6,131 | 5,888 | |
All other assets (Note 11) | 12,640 | 11,038 | |
Deferred income taxes (Note 16) | 14,864 | 14,253 | |
Assets of discontinued operations (Note 2) | 3,057 | 40,749 | |
Total assets | 237,559 | 256,211 | |
Short-term borrowings (Note 12) | 4,293 | 4,713 | |
Short-term borrowings assumed by GE (Note 12) | 0 | 0 | |
Accounts payable and equipment project accruals | 16,653 | 16,458 | |
Progress collections and deferred income (Note 10) | 17,201 | 18,371 | |
All other current liabilities (Note 15) | 13,569 | 15,071 | |
Liabilities of discontinued operations (Note 2) | 4,922 | 0 | |
Current liabilities | 56,639 | 54,613 | |
Deferred income (Note 10) | 1,779 | 1,801 | |
Long-term borrowings (Note 12) | 59,231 | 70,189 | |
Long-term borrowings assumed by GE (Note 12) | 0 | 0 | |
Insurance liabilities and annuity benefits (Note 13) | 40,795 | 42,191 | |
Non-current compensation and benefits | 28,805 | 29,677 | |
All other liabilities (Note 15) | 15,245 | 15,484 | |
Liabilities of discontinued operations (Note 2) | 17 | 5,182 | |
Total liabilities | 202,512 | 219,138 | |
Preferred stock (5,939,875 shares outstanding at both June 30, 2021 and December 31, 2020) | 6 | 6 | |
Common stock (8,781,303,049 and 8,765,492,645 shares outstanding at June 30, 2021 and December 31, 2020, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (7,820) | (9,749) | |
Other capital | 34,032 | 34,307 | |
Retained earnings | 87,993 | 92,247 | |
Less common stock held in treasury | (81,425) | (81,961) | |
Total GE shareholders’ equity | 33,487 | 35,552 | |
Noncontrolling interests | 1,560 | 1,522 | |
Total equity | 35,047 | 37,073 | |
Total liabilities and equity | 237,559 | 256,211 | |
GE Capital | |||
Cash, cash equivalents and restricted cash | 6,870 | 13,322 | |
Investment securities (Note 3) | 0 | 0 | |
Current receivables (Note 4) | 0 | 0 | |
Financing receivables – net (Note 5) | 1,632 | 4,172 | |
Inventories, including deferred inventory costs (Note 6) | 0 | 0 | |
Other GE Capital receivables | 1,706 | 3,280 | |
Receivable from GE Capital | 0 | 0 | |
Current contract assets (Note 10) | 0 | 0 | |
All other current assets (Note 11) | 360 | 543 | |
Assets of discontinued operations (Note 2) | 33,186 | 0 | |
Current assets | 43,754 | 21,317 | |
Investment securities (Note 3) | 42,555 | 42,515 | |
Other GE Capital receivables | 5,091 | 5,076 | |
Property, plant and equipment – net (Note 7) | 251 | 271 | |
Receivable from GE Capital | 0 | 0 | |
Goodwill (Note 8) | 0 | 0 | |
Other intangible assets – net (Note 8) | 35 | 39 | |
Contract and other deferred assets (Note 10) | 0 | 0 | |
All other assets (Note 11) | 4,375 | 3,354 | |
Deferred income taxes (Note 16) | 5,051 | 5,099 | |
Assets of discontinued operations (Note 2) | 2,926 | 40,587 | |
Total assets | 104,038 | 118,257 | |
Short-term borrowings (Note 12) | 1,568 | 1,963 | |
Short-term borrowings assumed by GE (Note 12) | 1,495 | 2,432 | |
Accounts payable and equipment project accruals | 778 | 918 | |
Progress collections and deferred income (Note 10) | 0 | 0 | |
All other current liabilities (Note 15) | 1,243 | 2,288 | |
Liabilities of discontinued operations (Note 2) | 4,922 | 0 | |
Current liabilities | 10,006 | 7,602 | |
Deferred income (Note 10) | 0 | 0 | |
Long-term borrowings (Note 12) | 28,295 | 30,803 | |
Long-term borrowings assumed by GE (Note 12) | 13,500 | 16,780 | |
Insurance liabilities and annuity benefits (Note 13) | 41,212 | 42,565 | |
Non-current compensation and benefits | 307 | 379 | |
All other liabilities (Note 15) | 362 | 539 | |
Liabilities of discontinued operations (Note 2) | (106) | 5,058 | |
Total liabilities | 93,578 | 103,726 | |
Preferred stock (5,939,875 shares outstanding at both June 30, 2021 and December 31, 2020) | 0 | 6 | |
Common stock (8,781,303,049 and 8,765,492,645 shares outstanding at June 30, 2021 and December 31, 2020, respectively) | 5 | 0 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (801) | (804) | |
Other capital | 17,944 | 17,835 | |
Retained earnings | (6,870) | (2,663) | |
Less common stock held in treasury | 0 | 0 | |
Total GE shareholders’ equity | 10,277 | 14,373 | |
Noncontrolling interests | 183 | 159 | |
Total equity | 10,460 | 14,531 | |
Total liabilities and equity | 104,038 | 118,257 | |
GE Industrial | |||
Cash, cash equivalents and restricted cash | 15,591 | 23,209 | |
Investment securities (Note 3) | 6,134 | 7,319 | |
Current receivables (Note 4) | 14,324 | 13,442 | |
Financing receivables – net (Note 5) | 0 | 0 | |
Inventories, including deferred inventory costs (Note 6) | 17,016 | 15,890 | |
Other GE Capital receivables | 0 | 0 | |
Receivable from GE Capital | 1,495 | 2,432 | |
Current contract assets (Note 10) | 5,431 | 5,764 | |
All other current assets (Note 11) | 1,024 | 835 | |
Assets of discontinued operations (Note 2) | 0 | 0 | |
Current assets | 61,015 | 68,892 | |
Investment securities (Note 3) | 112 | 36 | |
Other GE Capital receivables | 0 | 0 | |
Property, plant and equipment – net (Note 7) | 15,921 | 16,433 | |
Receivable from GE Capital | 13,500 | 16,780 | |
Goodwill (Note 8) | 25,491 | 25,524 | |
Other intangible assets – net (Note 8) | 9,425 | 9,632 | |
Contract and other deferred assets (Note 10) | 6,131 | 5,921 | |
All other assets (Note 11) | 8,604 | 7,948 | |
Deferred income taxes (Note 16) | 9,813 | 9,154 | |
Assets of discontinued operations (Note 2) | 131 | 144 | |
Total assets | 150,143 | 160,462 | |
Short-term borrowings (Note 12) | 1,373 | 918 | |
Short-term borrowings assumed by GE (Note 12) | 1,495 | 2,432 | |
Accounts payable and equipment project accruals | 16,358 | 16,380 | |
Progress collections and deferred income (Note 10) | 17,228 | 18,371 | |
All other current liabilities (Note 15) | 12,790 | 14,131 | |
Liabilities of discontinued operations (Note 2) | 0 | 0 | |
Current liabilities | 49,245 | 52,232 | |
Deferred income (Note 10) | 1,779 | 1,801 | |
Long-term borrowings (Note 12) | 14,258 | 19,428 | |
Long-term borrowings assumed by GE (Note 12) | 16,678 | 19,957 | |
Insurance liabilities and annuity benefits (Note 13) | 0 | 0 | |
Non-current compensation and benefits | 28,491 | 29,291 | |
All other liabilities (Note 15) | 14,984 | 15,072 | |
Liabilities of discontinued operations (Note 2) | 123 | 139 | |
Total liabilities | 125,557 | 137,921 | |
Preferred stock (5,939,875 shares outstanding at both June 30, 2021 and December 31, 2020) | 6 | 6 | |
Common stock (8,781,303,049 and 8,765,492,645 shares outstanding at June 30, 2021 and December 31, 2020, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (7,019) | (8,945) | |
Other capital | 16,083 | 16,466 | |
Retained earnings | 94,863 | 94,910 | |
Less common stock held in treasury | (81,425) | (81,961) | |
Total GE shareholders’ equity | 23,210 | 21,179 | |
Noncontrolling interests | 1,376 | 1,363 | |
Total equity | 24,586 | 22,542 | |
Total liabilities and equity | $ 150,143 | $ 160,462 | |
[1] | Excluded $1,020 million and $455 million at June 30, 2021 and December 31, 2020, respectively, in Insurance, which is subject to regulatory restrictions. This balance is included in All other assets. See Note 11 for further information. |
STATEMENT OF FINANCIAL POSITI_2
STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, shares outstanding | 5,939,875 | 5,939,875 |
Common stock, shares outstanding | 8,781,303,049 | 8,765,492,645 |
GE | GE Capital | ||
Restricted cash subject to regulatory restrictions | $ 1,020 | $ 455 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows – operating activities | ||
Net earnings (loss) | $ (3,933) | $ 4,101 |
(Earnings) loss from discontinued operations | 3,458 | 1,015 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 935 | 921 |
Amortization of intangible assets (Note 8) | 589 | 617 |
Goodwill impairments (Note 8) | 0 | 877 |
(Gains) losses on purchases and sales of business interests (Note 23) | 2 | (12,425) |
(Gains) losses on equity securities (Note 23) | (694) | 4,018 |
Principal pension plans cost (Note 14) | 1,329 | 1,798 |
Principal pension plans employer contributions | (154) | (144) |
Other postretirement benefit plans (net) | (497) | (488) |
Provision (benefit) for income taxes | (325) | (106) |
Cash recovered (paid) during the year for income taxes | (837) | (622) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 942 | (190) |
Decrease (increase) in inventories, including deferred inventory costs | (1,330) | (838) |
Decrease (increase) in current contract assets | 307 | 647 |
Increase (decrease) in accounts payable and equipment project accruals | 200 | (1,912) |
Increase (decrease) in progress collections and current deferred income | (1,321) | (575) |
All other operating activities | (1,664) | 886 |
Cash from (used for) operating activities – continuing operations | (2,991) | (2,421) |
Cash from (used for) operating activities – discontinued operations | 1,550 | 1,026 |
Cash from (used for) operating activities | (1,441) | (1,395) |
Cash flows – investing activities | ||
Additions to property, plant and equipment | (599) | (1,002) |
Dispositions of property, plant and equipment | 105 | 105 |
Additions to internal-use software | (49) | (98) |
Net decrease (increase) in financing receivables | 21 | (160) |
Proceeds from principal business dispositions | 1 | 20,821 |
Net cash from (payments for) principal businesses purchased | (27) | (7) |
Sales of retained ownership interests | 1,706 | 0 |
Net (purchases) dispositions of GE Capital investment securities | (1,109) | (1,334) |
All other investing activities | 1,468 | 1,355 |
Cash from (used for) investing activities – continuing operations | 1,517 | 19,680 |
Cash from (used for) investing activities – discontinued operations | (1,623) | (1,238) |
Cash from (used for) investing activities | (106) | 18,442 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (359) | (3,412) |
Newly issued debt (maturities longer than 90 days) | 358 | 14,228 |
Repayments and other debt reductions (maturities longer than 90 days) | (10,106) | (21,909) |
Dividends paid to shareholders | (292) | (324) |
All other financing activities | (1,610) | (623) |
Cash from (used for) financing activities – continuing operations | (12,008) | (12,040) |
Cash from (used for) financing activities – discontinued operations | 2 | 41 |
Cash from (used for) financing activities | (12,006) | (11,998) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (37) | (217) |
Increase (decrease) in cash, cash equivalents and restricted cash | (13,591) | 4,831 |
Cash, cash equivalents and restricted cash at beginning of year | 37,608 | 37,077 |
Cash, cash equivalents and restricted cash at June 30 | 24,018 | 41,908 |
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | 537 | 587 |
Cash, cash equivalents and restricted cash of continuing operations at June 30 | 23,480 | 41,322 |
GE Capital | ||
Cash flows – operating activities | ||
Net earnings (loss) | (4,171) | (1,417) |
(Earnings) loss from discontinued operations | 3,462 | 991 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 13 | 13 |
Amortization of intangible assets (Note 8) | 8 | 5 |
Goodwill impairments (Note 8) | 0 | 0 |
(Gains) losses on purchases and sales of business interests (Note 23) | 0 | 0 |
(Gains) losses on equity securities (Note 23) | (14) | 33 |
Principal pension plans cost (Note 14) | 0 | 0 |
Principal pension plans employer contributions | 0 | 0 |
Other postretirement benefit plans (net) | (29) | (17) |
Provision (benefit) for income taxes | (245) | (227) |
Cash recovered (paid) during the year for income taxes | (21) | (72) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 0 | 0 |
Decrease (increase) in inventories, including deferred inventory costs | 0 | 0 |
Decrease (increase) in current contract assets | 0 | 0 |
Increase (decrease) in accounts payable and equipment project accruals | (3) | 1 |
Increase (decrease) in progress collections and current deferred income | 0 | 0 |
All other operating activities | (1,552) | 578 |
Cash from (used for) operating activities – continuing operations | (2,553) | (111) |
Cash from (used for) operating activities – discontinued operations | 1,545 | 1,000 |
Cash from (used for) operating activities | (1,008) | 889 |
Cash flows – investing activities | ||
Additions to property, plant and equipment | 0 | 0 |
Dispositions of property, plant and equipment | 0 | 0 |
Additions to internal-use software | (2) | (3) |
Net decrease (increase) in financing receivables | 3,057 | 49 |
Proceeds from principal business dispositions | 0 | 0 |
Net cash from (payments for) principal businesses purchased | 0 | 0 |
Sales of retained ownership interests | 0 | 0 |
Net (purchases) dispositions of GE Capital investment securities | (1,109) | (1,334) |
All other investing activities | 1,498 | 9,953 |
Cash from (used for) investing activities – continuing operations | 3,444 | 8,665 |
Cash from (used for) investing activities – discontinued operations | (1,618) | (1,207) |
Cash from (used for) investing activities | 1,826 | 7,458 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (177) | (205) |
Newly issued debt (maturities longer than 90 days) | 359 | 6,797 |
Repayments and other debt reductions (maturities longer than 90 days) | (5,967) | (17,296) |
Dividends paid to shareholders | (41) | (232) |
All other financing activities | (953) | (368) |
Cash from (used for) financing activities – continuing operations | (6,778) | (11,305) |
Cash from (used for) financing activities – discontinued operations | 2 | 41 |
Cash from (used for) financing activities | (6,776) | (11,264) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (15) | (62) |
Increase (decrease) in cash, cash equivalents and restricted cash | (5,972) | (2,979) |
Cash, cash equivalents and restricted cash at beginning of year | 14,400 | 19,460 |
Cash, cash equivalents and restricted cash at June 30 | 8,427 | 16,480 |
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | 537 | 587 |
Cash, cash equivalents and restricted cash of continuing operations at June 30 | 7,890 | 15,893 |
GE Industrial | ||
Cash flows – operating activities | ||
Net earnings (loss) | 238 | 5,518 |
(Earnings) loss from discontinued operations | (4) | 24 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 922 | 916 |
Amortization of intangible assets (Note 8) | 581 | 611 |
Goodwill impairments (Note 8) | 0 | 877 |
(Gains) losses on purchases and sales of business interests (Note 23) | 2 | (12,424) |
(Gains) losses on equity securities (Note 23) | (680) | 3,986 |
Principal pension plans cost (Note 14) | 1,329 | 1,798 |
Principal pension plans employer contributions | (154) | (144) |
Other postretirement benefit plans (net) | (468) | (471) |
Provision (benefit) for income taxes | (80) | 121 |
Cash recovered (paid) during the year for income taxes | (815) | (550) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | (1,217) | 434 |
Decrease (increase) in inventories, including deferred inventory costs | (1,273) | (799) |
Decrease (increase) in current contract assets | 307 | 647 |
Increase (decrease) in accounts payable and equipment project accruals | 77 | (3,353) |
Increase (decrease) in progress collections and current deferred income | (1,283) | (575) |
All other operating activities | (5) | 121 |
Cash from (used for) operating activities – continuing operations | (2,522) | (3,266) |
Cash from (used for) operating activities – discontinued operations | 5 | 26 |
Cash from (used for) operating activities | (2,517) | (3,240) |
Cash flows – investing activities | ||
Additions to property, plant and equipment | (599) | (1,002) |
Dispositions of property, plant and equipment | 105 | 105 |
Additions to internal-use software | (47) | (95) |
Net decrease (increase) in financing receivables | 0 | 0 |
Proceeds from principal business dispositions | 1 | 20,480 |
Net cash from (payments for) principal businesses purchased | (27) | (7) |
Sales of retained ownership interests | 1,706 | 0 |
Net (purchases) dispositions of GE Capital investment securities | 0 | 0 |
All other investing activities | 127 | 207 |
Cash from (used for) investing activities – continuing operations | 1,266 | 19,689 |
Cash from (used for) investing activities – discontinued operations | (5) | (30) |
Cash from (used for) investing activities | 1,261 | 19,659 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (1,276) | (3,512) |
Newly issued debt (maturities longer than 90 days) | 0 | 7,431 |
Repayments and other debt reductions (maturities longer than 90 days) | (4,139) | (12,113) |
Dividends paid to shareholders | (263) | (176) |
All other financing activities | (661) | (83) |
Cash from (used for) financing activities – continuing operations | (6,339) | (8,453) |
Cash from (used for) financing activities – discontinued operations | 0 | 1 |
Cash from (used for) financing activities | (6,339) | (8,453) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (23) | (155) |
Increase (decrease) in cash, cash equivalents and restricted cash | (7,618) | 7,811 |
Cash, cash equivalents and restricted cash at beginning of year | 23,209 | 17,617 |
Cash, cash equivalents and restricted cash at June 30 | 15,591 | 25,428 |
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at June 30 | $ 15,591 | $ 25,428 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ (1,135) | $ (2,132) | $ (3,933) | $ 4,101 |
Less net earnings (loss) attributable to noncontrolling interests | (3) | (145) | 1 | (111) |
Net earnings (loss) attributable to the Company | (1,131) | (1,987) | (3,934) | 4,212 |
Other comprehensive income (loss) | ||||
Investment securities | (1) | 27 | (19) | (14) |
Currency translation adjustments | 130 | (57) | 240 | 78 |
Cash flow hedges | 27 | 53 | 90 | (158) |
Benefit plans | 914 | 604 | 1,619 | 1,640 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | (2) | 2 | 1 | 7 |
Other comprehensive income (loss) attributable to the Company | 1,073 | 625 | 1,929 | 1,539 |
Comprehensive income (loss) | (64) | (1,505) | (2,003) | 5,647 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (5) | (143) | 2 | (104) |
Comprehensive income (loss) attributable to the Company | $ (58) | $ (1,362) | $ (2,005) | $ 5,751 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Accumulated other comprehensive income (loss) | Investment securities | Currency translation adjustments | Cash flow hedges | Benefit plans | Other capital | Retained earnings | Common stock held in treasury | Changes in accountingRetained earnings |
Beginning balance at Dec. 31, 2019 | $ (11,732) | $ 34,405 | $ 87,732 | $ (82,797) | $ (175) | |||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | $ (14) | $ 75 | $ (158) | $ 1,636 | ||||||
Gains (losses) on treasury stock dispositions | (412) | |||||||||
Stock-based compensation | 216 | |||||||||
Other changes | 83 | |||||||||
Net earnings (loss) attributable to the Company | $ 4,212 | 4,212 | ||||||||
Dividends and other transactions with shareholders | (581) | |||||||||
Purchases | (22) | |||||||||
Dispositions | 498 | |||||||||
Ending balance at Jun. 30, 2020 | 35,254 | (10,194) | 47 | (4,743) | (109) | (5,387) | 34,292 | 91,188 | (82,320) | |
Beginning balance at Mar. 31, 2020 | (10,819) | 34,296 | 93,615 | (82,516) | 0 | |||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | 27 | (58) | 53 | 604 | ||||||
Gains (losses) on treasury stock dispositions | (163) | |||||||||
Stock-based compensation | 111 | |||||||||
Other changes | 48 | |||||||||
Net earnings (loss) attributable to the Company | (1,987) | (1,987) | ||||||||
Dividends and other transactions with shareholders | (439) | |||||||||
Purchases | (8) | |||||||||
Dispositions | 204 | |||||||||
Ending balance at Jun. 30, 2020 | 35,254 | (10,194) | 47 | (4,743) | (109) | (5,387) | 34,292 | 91,188 | (82,320) | |
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
Common stock issued | ||||||||||
GE shareholders' equity balance | 33,674 | |||||||||
Noncontrolling interests balance (Note 17) | 1,579 | |||||||||
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
GE shareholders' equity balance | 35,552 | |||||||||
Noncontrolling interests balance (Note 17) | 1,522 | |||||||||
Beginning balance at Dec. 31, 2020 | 37,073 | (9,749) | 34,307 | 92,247 | (81,961) | 0 | ||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | (19) | 240 | 90 | 1,618 | ||||||
Gains (losses) on treasury stock dispositions | (493) | |||||||||
Stock-based compensation | 213 | |||||||||
Other changes | 5 | |||||||||
Net earnings (loss) attributable to the Company | (3,934) | (3,934) | ||||||||
Dividends and other transactions with shareholders | (320) | |||||||||
Purchases | (82) | |||||||||
Dispositions | 618 | |||||||||
Ending balance at Jun. 30, 2021 | 35,047 | (7,820) | 41 | (4,146) | 62 | (3,777) | 34,032 | 87,993 | (81,425) | |
Beginning balance at Mar. 31, 2021 | (8,893) | 34,042 | 89,276 | (81,548) | $ 0 | |||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | (1) | 132 | 27 | 914 | ||||||
Gains (losses) on treasury stock dispositions | (110) | |||||||||
Stock-based compensation | 107 | |||||||||
Other changes | (8) | |||||||||
Net earnings (loss) attributable to the Company | (1,131) | (1,131) | ||||||||
Dividends and other transactions with shareholders | (152) | |||||||||
Purchases | (45) | |||||||||
Dispositions | 168 | |||||||||
Ending balance at Jun. 30, 2021 | 35,047 | $ (7,820) | $ 41 | $ (4,146) | $ 62 | $ (3,777) | $ 34,032 | $ 87,993 | $ (81,425) | |
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
Common stock issued | ||||||||||
GE shareholders' equity balance | 33,487 | |||||||||
Noncontrolling interests balance (Note 17) | $ 1,560 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. We present our financial statements in a three-column format, which allows investors to see our GE industrial operations separately from our financial services operations. We believe that this provides useful supplemental information to our consolidated financial statements. To the extent that we have transactions between GE Industrial and GE Capital, these transactions are made on arms-length terms, are reported in the respective columns of our financial statements and are eliminated in consolidation. See Note 22 for further information. Our consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The severity, magnitude and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a decrease in the carrying amount of our tax assets, or an increase in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, businesses classified as held for sale, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. We have reclassified certain prior-period amounts to conform to the current-period’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to the consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. The accompanying consolidated financial statements and notes are unaudited. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. On March 31, 2020, we completed the sale of our BioPharma business within our Healthcare segment for total consideration of $21,112 million (after certain working capital adjustments) and incurred $185 million of cash payments directly associated with the transaction. In the first half of 2020, we recognized a pre-tax gain of $12,341 million ($11,199 million after-tax) in our consolidated Statement of Earnings (Loss). DISCONTINUED OPERATIONS primarily comprise our GE Capital Aviation Services (GECAS) business, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with the dispositions of certain GE Capital and GE Industrial businesses. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented. GECAS. On March 9, 2021 we entered into an agreement with AerCap Holdings N.V. (AerCap) to combine our GECAS business with AerCap. GE will receive total consideration consisting of $23,905 million cash subject to contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at $5,710 million based on AerCap’s closing share price of $51.21 on June 30, 2021 and $1,000 million paid in AerCap notes and/or cash upon closing at AerCap's option. As a result, we have reclassified GECAS' results to discontinued operations for all periods presented and recognized a non-cash after-tax loss of $3,869 million in discontinued operations in the first half of 2021. Given the economics of GECAS accrue to AerCap in conjunction with the transaction, the net impact of GECAS (loss on sale and operations) could change materially, mainly due to fluctuations in AerCap's closing share price. While AerCap shareholders have approved the transaction, completion remains subject to regulatory approvals and other customary closing conditions. After completion of the transaction, we will elect to prospectively measure our investment in AerCap at fair value and expect to have continuing involvement with AerCap, primarily through our ownership interest and ongoing sales or leases of products and services. Bank BPH . The mortgage portfolio in Poland (Bank BPH) comprises floating rate residential mortgages, 86% of which are indexed to or denominated in foreign currencies (primarily Swiss francs). At June 30, 2021, the total portfolio had a carrying value of $1,991 million with a 1.86% 90-day delinquency rate and an average loan to value ratio of approximately 59.7%. The portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields as well as estimates with respect to ongoing litigation in Poland related to foreign currency-denominated mortgages and other factors. Earnings from discontinued operations for the six months ended June 30, 2021 included $278 million non-cash pre-tax charges, reflecting estimates with respect to ongoing litigation as well as market yields, primarily in the first quarter of 2021. Future changes in the estimated legal liabilities or market yields could result in further losses related to these loans in future reporting periods. See Note 21 for further information. Baker Hughes (BKR). We have continuing involvement with BKR primarily through our remaining interest, ongoing purchases and sales of products and services, transition services that we provide to BKR, as well as an aeroderivative joint venture (JV) we formed with BKR in the fourth quarter of 2019. The JV is jointly controlled by GE and BKR and is consolidated by GE due to the significance of our investment in BKR. For the six months ended June 30, 2021, we had sales of $331 million and purchases of $130 million with BKR for products and services outside of the JV. We collected net cash of $206 million from BKR related to sales, purchases and transition services. In the first half of 2021, we had sales of $237 million to BKR for products and services from the JV, and we collected cash of $300 million. When our investment in BKR is reduced to below 20%, we will deconsolidate the JV. A deconsolidation of the JV is not expected to have a material impact on GE Industrial Cash from operating activities (CFOA). In addition, in the first half of 2021, we received $28 million of repayments on the promissory note receivable from BKR and dividends of $104 million on our investment. RESULTS OF DISCONTINUED OPERATIONS Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Operations GE Capital revenues from services $ 902 $ 1,055 $ 1,535 $ 2,065 Cost of goods and services sold (8) (840) (376) (1,387) Other income, costs and expenses (311) (1,248) (697) (1,709) Earnings (loss) of discontinued operations before income taxes $ 583 $ (1,033) $ 462 $ (1,031) Benefit (provision) for income taxes (50) 49 (79) 30 Earnings (loss) of discontinued operations, net of taxes(a) $ 533 $ (984) $ 384 $ (1,001) Disposal Gain (loss) on disposal before income taxes $ (1,133) $ (10) $ (3,835) $ (13) Benefit (provision) for income taxes 37 — (7) — Gain (loss) on disposal, net of taxes(b) $ (1,097) $ (10) $ (3,842) $ (13) Earnings (loss) from discontinued operations, net of taxes $ (564) $ (993) $ (3,458) $ (1,015) (a) Included $496 million and $(1,024) million from GECAS operations, including zero and $838 million of depreciation and amortization, for the three months ended June 30, 2021 and 2020, respectively. Included $673 million and $(869) million from GECAS operations, including $359 million and $1,384 million of depreciation and amortization, for the six months ended June 30, 2021 and 2020, respectively. Depreciation and amortization ceased on March 10, 2021. (b) Loss for the three months ended June 30, 2021 was primarily driven by GECAS due to a decrease in fair value of AerCap common stock to be received of $840 million and an increase in GECAS net assets of $440 million attributable to income from operations, partially offset by associated income tax benefit. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS June 30, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 31 $ — Financing receivables - net 2,102 — Other GE Capital receivables 1,989 — Property, plant, and equipment - net 28,407 — Valuation allowance on disposal group classified as discontinued operations (3,709) — All other current assets 4,366 — Total current assets of discontinued operations 33,186 — Cash, cash equivalents and restricted cash 506 623 Financing receivables - net — 2,710 Other GE Capital receivables 57 1,844 Financing receivables held for sale (Polish mortgage portfolio) 1,991 2,461 Property, plant, and equipment - net 96 28,429 All other assets 405 4,683 Assets of discontinued operations(a) $ 36,244 $ 40,749 Deferred income taxes $ 2,274 $ — Accounts payable and all other liabilities 2,648 — Total current liabilities of discontinued operations 4,922 — Deferred income taxes — 2,172 Accounts payable and all other liabilities(b) 17 3,010 Liabilities of discontinued operations(a) $ 4,939 $ 5,182 (a) Included $33,186 million and $37,199 million of assets and $4,922 million and $4,997 million of liabilities for GECAS as of June 30, 2021 and December 31, 2020, respectively. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We have adopted the fair value option for our investment in BKR (comprising 267.7 million shares with approximately 26% ownership and a promissory note receivable as of June 30, 2021), which is recorded as Equity securities with readily determinable fair values. We classify investment securities as current or non-current based on our intent regarding the usage of proceeds from those investments. Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. June 30, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (Baker Hughes) $ 6,134 $ — $ — $ 6,134 $ 7,319 $ — $ — $ 7,319 Current investment securities $ 6,134 $ — $ — $ 6,134 $ 7,319 $ — $ — $ 7,319 Debt U.S. corporate $ 24,455 $ 5,703 $ (26) $ 30,133 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,631 372 (2) 3,001 2,283 458 (1) 2,740 State and municipal 3,316 780 (4) 4,091 3,387 878 (9) 4,256 Mortgage and asset-backed 3,685 161 (38) 3,808 3,652 171 (71) 3,752 Government and agencies 1,137 137 (2) 1,273 1,169 184 — 1,353 Other equity 360 — — 360 218 — — 218 Non-current investment securities $ 35,583 $ 7,153 $ (71) $ 42,665 $ 34,313 $ 8,342 $ (106) $ 42,549 Total $ 41,717 $ 7,153 $ (71) $ 48,800 $ 41,632 $ 8,342 $ (106) $ 49,868 The amortized cost of debt securities as of June 30, 2021 excludes accrued interest of $416 million, which is reported in current Other GE Capital receivables. The estimated fair value of investment securities at June 30, 2021 decreased since December 31, 2020, primarily due to higher market yields and the sale of BKR shares, partially offset by new investments in our Insurance business and the mark-to-market effect on our remaining interest in BKR. Total estimated fair value of debt securities in an unrealized loss position were $2,336 million and $1,765 million, of which $495 million and $165 million had gross unrealized losses of $(38) million and $(20) million and had been in a loss position for 12 months or more at June 30, 2021 and December 31, 2020, respectively. Gross unrealized losses of $(71) million at June 30, 2021 included $(26) million related to U.S. corporate securities and $(35) million related to commercial mortgage-backed securities (CMBS). The majority of our CMBS in an unrealized loss position have received investment-grade credit ratings from the major rating agencies and are collateralized by pools of commercial mortgage loans on real estate. Net unrealized gains (losses) for equity securities with readily determinable fair values, which are recorded in Other income within continuing operations, were $408 million and $1,929 million for the three months ended and $646 million and $(3,843) million for the six months ended June 30, 2021 and 2020, respectively. Proceeds from debt and equity securities sales, early redemptions by issuers and principal payments on the BKR promissory note totaled $1,618 million and $1,450 million for the three months ended and $2,951 million and $2,705 million for the six months ended June 30, 2021 and 2020, respectively. Gross realized gains on debt securities were $14 million and $82 million for the three months ended and $43 million and $128 million for the six months ended June 30, 2021 and 2020, respectively. Gross realized losses and impairments on debt securities were insignificant and $(34) million for the three months ended and insignificant and $(44) million for the six months ended June 30, 2021 and 2020, respectively. Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at June 30, 2021 are as follows: Amortized Estimated Within one year $ 745 $ 755 After one year through five years 3,236 3,544 After five years through ten years 6,410 7,557 After ten years 21,147 26,642 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. Substantially all our equity securities are classified within Level 1 and our debt securities are primarily classified within Level 2, as their valuation is determined based on significant observable inputs. Investments with a fair value of $5,718 million and $5,866 million are classified within Level 3, as significant inputs to the valuation model are unobservable at June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021 and 2020, there were no significant transfers into or out of Level 3. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Customer receivables $ 12,188 $ 13,459 $ 11,323 $ 9,841 Sundry receivables(a)(b) 4,115 4,395 4,112 4,763 Allowance for credit losses(c) (1,113) (1,164) (1,110) (1,161) Total current receivables $ 15,190 $ 16,691 $ 14,324 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through our active receivables facilities. The balance of the deferred purchase price held by GE Capital as of June 30, 2021 and December 31, 2020 was $485 million and $413 million, respectively. (c) GE Industrial allowance for credit losses decreased primarily due to write-offs and foreign currency impact, partially offset by net new provisions of $102 million. Sales of GE Industrial current customer receivables. Effective April 1, 2021, the Company discontinued the majority of its factoring programs. Sales to GE Capital occurring after March 31, 2021 are only in connection with our remaining unconsolidated receivables facility described below. Customer receivables held by GE Capital and third parties were $3,134 million and $2,582 million, respectively, at March 31, 2021. When GE Industrial sells customer receivables to GE Capital or third parties, it accelerates the receipt of cash that would otherwise have been collected from customers. In any given period, the amount of cash received from sales of customer receivables compared to the cash GE Industrial would have otherwise collected had those customer receivables not been sold represents the cash generated or used in the period relating to this activity. GE Industrial sales of customer receivables to GE Capital or third parties are made on arms-length terms and any discount related to time value of money is recognized by GE Industrial when the customer receivables are sold. In our Statement of Cash Flows, receivables purchased and retained by GE Capital are reflected as cash from operating activities at GE Industrial, primarily as cash used for investing activities at GE Capital and are eliminated in consolidation. Collections on receivables purchased by GE Capital are reflected primarily as cash from investing activities at GE Capital and are reclassified to cash from operating activities in consolidation. As of June 30, 2021 and 2020, GE Industrial sold approximately 21% and 45%, respectively, of its gross customer receivables to GE Capital or third parties. Activity related to customer receivables sold by GE Industrial is as follows: 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 9,783 — 16,964 — GE Industrial sales to third parties — 453 — 515 GE Capital sales to third parties (6,763) 6,763 (9,914) 9,914 Collections and other (5,859) (8,077) (6,825) (13,289) Reclassification from long-term customer receivables 86 — 170 — Balance at June 30 $ 865 (a) $ 2,131 (b) $ 3,482 (a) $ 3,897 (a) At June 30, 2021 and 2020, $439 million and $661 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the six months ended June 30, 2021 and 2020. (b) Included $1,936 million in our active unconsolidated receivables facility at June 30, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term customer receivables(a) $ 593 $ 585 $ 579 $ 474 Long-term sundry receivables(b) 1,675 1,748 1,979 2,097 Allowance for credit losses (138) (142) (138) (142) Total long-term receivables $ 2,130 $ 2,191 $ 2,420 $ 2,430 (a) As of June 30, 2021 and December 31, 2020, GE Capital held $14 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e., GE Industrial retains all or some risk of default). (b) Includes supplier advances, revenue sharing programs receivables, other non-income based tax receivables and certain intercompany balances that eliminate upon consolidation. UNCONSOLIDATED RECEIVABLES FACILITIES . GE Capital has one active revolving receivables facility, under which customer receivables purchased from GE Industrial are sold to third parties. In this facility, which has a program size of $2,000 million as of June 30, 2021, upon the sale of receivables, we receive proceeds of cash and deferred purchase price and the Company’s remaining risk with respect to the sold receivables is limited to the balance of the deferred purchase price. Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Six months ended June 30 2021 2020 Customer receivables sold to receivables facilities $ 5,334 $ 7,662 Total cash purchase price for customer receivables 5,011 7,222 Cash collections re-invested to purchase customer receivables 4,468 6,435 Non-cash increases to deferred purchase price $ 288 $ 390 Cash payments received on deferred purchase price 217 274 |
FINANCING RECEIVABLES AND ALLOW
FINANCING RECEIVABLES AND ALLOWANCES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES AND ALLOWANCES | NOTE 5. FINANCING RECEIVABLES AND ALLOWANCES Consolidated GE Capital June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Loans, net of deferred income $ 347 $ 359 $ 1,645 $ 4,182 Allowance for losses (31) (32) (12) (10) Current financing receivables – net $ 316 $ 326 $ 1,632 $ 4,172 We manage our GE Capital financing receivables portfolio using delinquency data as key performance indicators. At June 30, 2021 and December 31, 2020, financing receivables over 30 days past due were 3.1% and 2.8% and 90 days past due were 2.2% and 1.7%, respectively. GE Capital financing receivables that comprise receivables purchased from GE Industrial are reclassified to either Current receivables or All other assets in our consolidated Statement of Financial Position. To the extent these receivables are purchased with full or limited recourse, they are excluded from the delinquency above. See Note 4 for further information. |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 6. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS June 30, 2021 December 31, 2020 Raw materials and work in process $ 8,393 $ 7,937 Finished goods 6,184 5,654 Deferred inventory costs(a) 2,439 2,299 Inventories, including deferred inventory costs $ 17,016 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7. PROPERTY, PLANT AND EQUIPMENT June 30, 2021 December 31, 2020 Original cost $ 32,274 $ 32,098 Less accumulated depreciation and amortization (18,858) (18,251) Right-of-use operating lease assets 2,753 2,852 Property, plant and equipment – net $ 16,169 $ 16,699 Consolidated depreciation and amortization on property, plant and equipment was $483 million and $460 million for the three months ended June 30, 2021 and 2020, respectively, and $935 million and $921 million for the six months ended June 30, 2021 and 2020, respectively. Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL January 1, 2021 Acquisitions Currency exchange Balance at Aviation $ 9,247 $ — $ (52) $ 9,195 Healthcare 11,855 45 (5) 11,894 Renewable Energy 3,401 — (22) 3,379 Power 146 — — 145 Corporate 876 — 2 877 Total $ 25,524 $ 45 $ (78) $ 25,491 In assessing the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates, we consider all available evidence, including (i) the results of our impairment testing from the most recent testing date, (ii) downward revisions to internal forecasts or decreases in market multiples, if any, and (iii) declines in market capitalization. In the first half of 2021, we did not identify any reporting units that required an interim impairment test. However, we continue to monitor the operating results and cash flow forecasts of our Additive reporting unit in our Aviation segment as the fair value of this reporting unit was not significantly in excess of its carrying value. At June 30, 2021, our Additive reporting unit had goodwill of $240 million. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 9. REVENUES. The equipment and services revenues classification in the table below is consistent with our segment MD&A presentation. EQUIPMENT & SERVICES REVENUES Three months ended June 30 2021 2020 Equipment Services Total Equipment Services Total Aviation $ 1,865 $ 2,974 $ 4,840 $ 1,938 $ 2,446 $ 4,384 Healthcare 2,257 2,197 4,454 2,050 1,843 3,893 Renewable Energy 3,305 745 4,049 2,722 783 3,505 Power 1,071 3,224 4,295 1,488 2,669 4,156 Corporate items and industrial eliminations (195) 44 (151) 9 120 129 Total GE Industrial revenues $ 8,302 $ 9,185 $ 17,487 $ 8,206 $ 7,860 $ 16,066 Six months ended June 30 2021 2020 Equipment Services Total Equipment Services Total Aviation $ 3,712 $ 6,120 $ 9,832 $ 4,302 $ 6,975 $ 11,276 Healthcare 4,484 4,278 8,761 4,749 3,872 8,620 Renewable Energy 6,148 1,149 7,297 5,298 1,401 6,698 Power 2,312 5,904 8,216 2,994 5,187 8,181 Corporate items and industrial eliminations (383) 93 (290) (39) 174 135 Total GE Industrial revenues $ 16,273 $ 17,543 $ 33,816 $ 17,303 $ 17,608 $ 34,910 REVENUES Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Commercial Engines & Services $ 3,115 $ 2,519 $ 6,469 $ 7,631 Military 1,041 1,161 1,997 2,121 Systems & Other 684 703 1,366 1,524 Aviation $ 4,840 $ 4,384 $ 9,832 $ 11,276 Healthcare Systems $ 3,915 $ 3,523 $ 7,740 $ 6,971 Pharmaceutical Diagnostics 539 370 1,021 820 BioPharma — — — 830 Healthcare $ 4,454 $ 3,893 $ 8,761 $ 8,620 Onshore Wind $ 2,883 $ 2,487 $ 5,001 $ 4,612 Grid Solutions equipment and services 776 812 1,571 1,652 Hydro 194 151 359 330 Offshore Wind and Hybrid Solutions 196 54 366 105 Renewable Energy $ 4,049 $ 3,505 $ 7,297 $ 6,698 Gas Power $ 3,049 $ 3,077 $ 5,878 $ 5,936 Steam Power 831 763 1,537 1,571 Power Conversion, Nuclear and other 415 316 800 674 Power $ 4,295 $ 4,156 $ 8,216 $ 8,181 Corporate items and industrial eliminations (151) 129 (290) 135 Total GE Industrial revenues $ 17,487 $ 16,066 $ 33,816 $ 34,910 Capital 858 861 1,736 1,698 GE Capital-GE Industrial eliminations $ (66) $ (123) $ (154) $ (314) Consolidated revenues $ 18,279 $ 16,805 $ 35,397 $ 36,294 |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | NOTE 10. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME Contract and other deferred assets decreased $91 million in the six months ended June 30, 2021 primarily due to increases in customer advances and other and the timing of revenue recognition ahead of billing milestones on long-term equipment contracts, partially offset by a decrease in long-term service agreements. Our long-term service agreements decreased primarily due to billings of $4,719 million, offset by revenues recognized of $4,472 million, a net unfavorable change in estimated profitability of $251 million at Aviation and a net favorable change in estimated profitability of $56 million at Power. June 30, 2021 Aviation Healthcare Renewable Energy Power Other Total Revenues in excess of billings $ 2,397 $ — $ — $ 5,433 $ — $ 7,829 Billings in excess of revenues (5,528) — — (1,404) — (6,931) Long-term service agreements $ (3,131) $ — $ — $ 4,029 $ — $ 898 Short-term and other service agreements 315 179 97 117 20 729 Equipment contract revenues 45 287 1,341 1,897 233 3,804 Current contract assets $ (2,771) $ 466 $ 1,438 $ 6,043 $ 253 $ 5,431 Nonrecurring engineering costs 2,460 33 33 18 — 2,544 Customer advances and other 2,611 127 — 848 — 3,587 Non-current contract and other deferred assets $ 5,071 $ 160 $ 33 $ 867 $ — $ 6,131 Total contract and other deferred assets $ 2,300 $ 626 $ 1,471 $ 6,910 $ 254 $ 11,561 December 31, 2020 Revenues in excess of billings $ 3,072 $ — $ — $ 5,282 $ — $ 8,354 Billings in excess of revenues (5,375) — — (1,640) — (7,015) Long-term service agreements $ (2,304) $ — $ — $ 3,642 $ — $ 1,338 Short-term and other service agreements 282 173 106 129 29 719 Equipment contract revenues 59 306 1,127 2,015 201 3,707 Current contract assets $ (1,963) $ 479 $ 1,233 $ 5,786 $ 229 $ 5,764 Nonrecurring engineering costs 2,409 31 34 16 — 2,490 Customer advances and other 2,481 128 — 822 (32) 3,398 Non-current contract and other deferred assets $ 4,889 $ 159 $ 34 $ 838 $ (32) $ 5,888 Total contract and other deferred assets $ 2,927 $ 638 $ 1,268 $ 6,623 $ 197 $ 11,653 Progress collections and deferred income decreased $1,191 million primarily due to the timing of revenue recognition in excess of new collections received, primarily at Renewable Energy and Aviation. Revenues recognized for contracts included in a liability position at the beginning of the year were $9,778 million and $6,870 million for the six months ended June 30, 2021 and 2020, respectively. June 30, 2021 Aviation Healthcare Renewable Energy Power Other Total Progress collections on equipment contracts $ 181 $ — $ 1,607 $ 5,085 $ — $ 6,873 Other progress collections 4,234 443 3,341 373 83 8,475 Current deferred income 141 1,385 212 24 91 1,853 Progress collections and deferred income $ 4,557 $ 1,828 $ 5,160 $ 5,483 $ 174 $ 17,201 Non-current deferred income 874 568 203 125 9 1,779 Total Progress collections and deferred income $ 5,431 $ 2,396 $ 5,363 $ 5,607 $ 184 $ 18,981 December 31, 2020 Progress collections on equipment contracts $ 214 $ — $ 1,229 $ 4,918 $ — $ 6,362 Other progress collections 4,623 414 4,604 458 152 10,252 Current deferred income 132 1,309 194 17 105 1,757 Progress collections and deferred income $ 4,969 $ 1,724 $ 6,028 $ 5,393 $ 257 $ 18,371 Non-current deferred income 898 564 214 116 10 1,801 Total Progress collections and deferred income $ 5,867 $ 2,288 $ 6,241 $ 5,509 $ 267 $ 20,172 |
ALL OTHER ASSETS
ALL OTHER ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | NOTE 11. ALL OTHER ASSETS. All other current assets and All other assets primarily include equity method and other investments, long-term customer and sundry receivables (see Note 4), cash and cash equivalents in our run-off insurance operations and prepaid taxes and other deferred charges. Consolidated All other non-current assets increased $1,602 million in the six months ended June 30, 2021, primarily due to increases in pension surplus of $732 million driven primarily by remeasurement related to freezing the UK pension plans, Insurance cash and cash equivalents of $565 million (see Note 13) and equity method and other investments of $306 million. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 12. BORROWINGS June 30, 2021 December 31, 2020 Current portion of long-term borrowings $ 1,021 $ 36 Current portion of long-term borrowings assumed by GE Industrial 1,495 2,432 Other 352 882 Total GE Industrial short-term borrowings $ 2,869 $ 3,350 Current portion of long-term borrowings $ 1,394 $ 788 Intercompany payable to GE Industrial 1,495 2,432 Non-recourse borrowings of consolidated securitization entities 68 892 Other 107 283 Total GE Capital short-term borrowings $ 3,063 $ 4,395 Eliminations (1,638) (3,033) Total short-term borrowings $ 4,293 $ 4,713 Senior notes $ 13,858 $ 18,994 Senior notes assumed by GE Industrial 14,884 18,178 Subordinated notes assumed by GE Industrial 1,793 1,779 Other 401 435 Total GE Industrial long-term borrowings $ 30,935 $ 39,386 Senior notes $ 27,611 $ 30,132 Subordinated notes 160 189 Intercompany payable to GE Industrial 13,500 16,780 Other 524 483 Total GE Capital long-term borrowings $ 41,796 $ 47,584 Eliminations (13,500) (16,780) Total long-term borrowings $ 59,231 $ 70,189 Total borrowings $ 63,524 $ 74,902 At June 30, 2021, the outstanding GE Capital borrowings that had been assumed by GE Industrial as part of the GE Capital Exit Plan was $18,173 million ($1,495 million short-term and $16,678 million long-term), for which GE Industrial has an offsetting Receivable from GE Capital of $14,996 million. The difference of $3,177 million in long-term borrowings represents the amount of borrowings GE Capital had funded with available cash to GE Industrial via intercompany loans in lieu of GE Industrial issuing borrowings externally. At June 30, 2021, total GE Industrial borrowings of $18,808 million comprised GE Industrial-issued borrowings of $15,631 million and intercompany loans from GE Capital to GE Industrial of $3,177 million as described above. GE Industrial has 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 issued by GE Capital. This guarantee applied to $27,518 million and $28,503 million of GE Capital debt at June 30, 2021 and December 31, 2020, respectively. In the second quarter of 2021, GE Industrial completed a tender offer to purchase $4,114 million in aggregate principal amount of certain GE Industrial unsecured debt, comprising $201 million of 2.700% Notes due 2022, $752 million of 4.250% Notes due 2040, $377 million of 4.125% Notes due 2042, $311 million of 4.500% Notes due 2044 and $2,473 million of 4.350% Notes due 2050. The total cash consideration paid for these purchases was $4,756 million and the total carrying amount of the purchased notes was $4,084 million, resulting in a total pre-tax loss of $645 million. In addition to the purchase price, GE Industrial paid any accrued and unpaid interest on the purchased notes through the date of purchase. In the second quarter of 2021, GE Capital completed a tender offer to purchase a total of $2,879 million in aggregate principal amount of certain senior unsecured debt, comprising $23 million of 4.650% Notes due 2021, $56 million of 3.150% Notes due 2022, $75 million of 3.100% Notes due 2023, $503 million of 6.150% Notes due 2037, $1,400 million of 5.875% Notes due 2038 and $823 million of 6.875% Notes due 2039. The total cash consideration paid for these purchases was $3,940 million and the carrying amount of the purchased notes was $3,191 million, resulting in a total pre-tax loss of $771 million. In addition to the purchase price, GE Capital paid any accrued and unpaid interest on the purchased notes through the date of purchase. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 6 Months Ended |
Jun. 30, 2021 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations generated revenues of $803 million and $786 million and profit (loss) of $192 million and $114 million for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, revenues were $1,578 million and $1,402 million and profit (loss) was $308 million and $21 million, respectivel y. These operations were supported by assets of $51,810 million and $50,824 million at June 30, 2021 and December 31, 2020, respectively. A summary of our insurance contracts is presented below: June 30, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 17,042 $ 9,013 $ 188 $ 7,028 $ 33,271 Claim reserves 4,368 270 990 — 5,628 Investment contracts — 999 982 — 1,981 Unearned premiums and other 15 189 127 — 332 21,426 10,472 2,287 7,028 41,212 Eliminations — — (417) — (417) Total $ 21,426 $ 10,472 $ 1,870 $ 7,028 $ 40,795 December 31, 2020 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 1,068 — 5,736 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 21,346 10,705 2,354 8,160 42,565 Eliminations — — (374) — (374) Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Accumulated other comprehensive income (loss) (AOCI) in our consolidated Statement of Earnings (Loss). The decrease in Other adjustments of $1,132 million is a result of the decline in unrealized gains on investment securities. Claim reserves included incurred claims of $799 million and $945 million, of which insignificant amounts related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation for the six months ended June 30, 2021 and 2020, respectively. Paid claims were $866 million and $888 million in the six months ended June 30, 2021 and 2020, respectively. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 14. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of our postretirement benefit plans. The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our consolidated Statement of Earnings (Loss). PRINCIPAL PENSION PLANS Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Service cost for benefits earned $ 58 $ 192 $ 122 $ 345 Prior service cost amortization 7 37 14 74 Expected return on plan assets (762) (748) (1,525) (1,496) Interest cost on benefit obligations 490 589 976 1,176 Net actuarial loss amortization 878 851 1,742 1,699 Benefit plans cost $ 671 $ 921 $ 1,329 $ 1,798 Principal retiree benefit plans income was $42 million and $22 million for the three months ended June 30, 2021 and 2020, and $82 million and $54 million for the six months ended June 30, 2021 and 2020, respectively. Other pension plans cost was $37 million and $2 million for the three months ended June 30, 2021 and 2020 and $13 million and $9 million for the six months ended June 30, 2021 and 2020, respectively, which includes a curtailment loss of $77 million in 2021 resulting from freezing the UK pension plans, as announced on June 10, 2021. We also have a defined contribution plan for eligible U.S. employees that provides employer contributions. Defined contribution plan costs were $113 million and $87 million for the three months ended June 30, 2021 and 2020 and $221 million and $182 million for the six months ended June 30, 2021 and 2020, respectively. |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities [Abstract] | |
CURRENT AND ALL OTHER LIABILITIES | NOTE 15. CURRENT AND ALL OTHER LIABILITIES. All other current liabilities and All other liabilities primarily includes liabilities for customer sales allowances, equipment project and commercial liabilities, loss contracts, employee compensation and benefits, income taxes payable and uncertain tax positions, operating lease liabilities (see Note 7), environmental, health and safety remediations and product warranties (see Note 21). GE Industrial All other current liabilities decreased $1,341 million in the six months ended June 30, 2021, primarily due to decreases in liabilities due to GE Capital of $813 million, employee compensation and benefit liabilities of $214 million and taxes payable of $200 million. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16. INCOME TAXES. Our consolidated effective income tax rate was 40.7% and (2.1)% during the six months ended June 30, 2021 and 2020, respectively. The tax rate for 2021 reflects a tax benefit on a pre-tax loss. The negative rate for 2020 reflects a tax benefit on pre-tax income. The rate for 2021 is higher than the U.S. statutory rate on the loss primarily due to a tax benefit associated with an internal restructuring to recognize historical losses due to the decrease in fair value. This was partially offset by the cost of global activities, including the base erosion and global intangible minimum tax provisions. During the second quarter of 2021, the United Kingdom enacted changes to tax law including an increase in tax rates. This resulted in an increase in the value of the company's deferred tax assets. However, as a result of changes in the new tax law, the company is restructuring operations resulting in incremental tax liabilities that largely offset the increase in deferred tax assets. The rate for 2020 is lower than the U.S. statutory rate primarily due to the lower tax rate on the sale of our BioPharma business. The tax rate on the BioPharma sale was low because the gain outside the U.S. was taxed at lower than 21% and because we recorded $633 million of the tax associated with preparatory steps for the transaction in the fourth quarter of 2019. This was partially offset by a non-deductible goodwill impairment charge associated with our Additive business within our Aviation segment and by the cost of global activities, including the base erosion and global intangible minimum tax provisions. The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 2016-2018. The United Kingdom tax authority (the UK Government) disallowed interest deductions claimed by GE Capital for the years 2004-2015 that could result in a potential impact of approximately $1.1 billion, which includes a possible assessment of tax and reduction of deferred tax assets, not including interest and penalties. We are contesting the disallowance. The UK Government is seeking to set aside a 2005 tax settlement agreement, alleging that GE misstated or omitted relevant facts. In October 2019, the UK Government asserted three new claims of fraudulent misrepresentation, only one of which the Business and Property Court allowed to go forward. In April 2021, the UK Court of Appeal ruled that the equitable portion of that claim was time barred. The UK Government has petitioned the UK Supreme Court to hear an appeal related to the time barred decision, which the UK Supreme Court granted in July 2021. The main case remains scheduled for trial this fall in the Business and Property Court and may (depending on the outcome of the trial) be subject to further proceedings in the UK tax tribunal. We comply with all applicable tax laws and judicial doctrines of the United Kingdom and believe that the entire benefit is more likely than not to be sustained on its technical merits. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 17. SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Beginning balance $ 42 $ 20 $ 60 $ 61 AOCI before reclasses – net of taxes of $2, $8, $(4) and $7(a) 7 34 (22) 41 Reclasses from AOCI – net of taxes of $(2), $(2) $2 and $(14) (8) (7) 3 (55) AOCI (1) 27 (19) (14) Less AOCI attributable to noncontrolling interests — — — — Investment securities AOCI ending balance $ 41 $ 47 $ 41 $ 47 Beginning balance $ (4,278) $ (4,685) $ (4,386) $ (4,818) AOCI before reclasses – net of taxes of $1, $25, $(56) and $20 130 (58) 240 (613) Reclasses from AOCI – net of taxes of $—, $—, $— and $—(b) — 1 — 691 AOCI 130 (57) 240 78 Less AOCI attributable to noncontrolling interests (2) 1 — 3 Currency translation adjustments AOCI ending balance $ (4,146) $ (4,743) $ (4,146) $ (4,743) Beginning balance $ 34 $ (163) $ (28) $ 49 AOCI before reclasses – net of taxes of $(10), $(24), $(6) and $(69) 32 40 71 (222) Reclasses from AOCI – net of taxes of $(1), $(1), $9 and $8(b) (5) 13 18 64 AOCI 27 53 90 (158) Less AOCI attributable to noncontrolling interests — — — — Cash flow hedges AOCI ending balance $ 62 $ (109) $ 62 $ (109) Beginning balance $ (4,691) $ (5,991) $ (5,395) $ (7,024) AOCI before reclasses – net of taxes of $26, $(2), $(21) and $28 157 (74) 173 145 Reclasses from AOCI – net of taxes of $206, $187, $400 and $426(b) 757 678 1,446 1,495 AOCI 914 604 1,619 1,640 Less AOCI attributable to noncontrolling interests — — 1 3 Benefit plans AOCI ending balance $ (3,777) $ (5,387) $ (3,777) $ (5,387) AOCI at June 30 $ (7,820) $ (10,194) $ (7,820) $ (10,194) Dividends declared per common share $ 0.01 $ 0.01 $ 0.02 $ 0.02 (a) Included adjustments of $(1,144) million and $(2,229) million for the three months ended June 30, 2021 and 2020, respectively and $894 million and $(962) million for the six months ended June 30, 2021 and 2020, respectively, related to insurance liabilities and annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment security gains been realized. See Note 13 for further information. (b) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, for the six months ended June 30, 2020, related to the sale of our BioPharma business within our Healthcare segment. For information on our preferred stock issuances, please refer to our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Redeemable noncontrolling interests, presented within All other liabilities in our consolidated Statement of Financial Position, include common shares issued by our affiliates that are redeemable at the option of the holder of those interests and amounted to $457 million and $487 million as of June 30, 2021 and December 31, 2020, respectively. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION Three months ended June 30 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ (568) $ (568) $ (994) $ (994) Preferred stock dividends (57) (57) (192) (192) Accretion of redeemable noncontrolling interests, net of tax(a) (2) (2) (135) (135) Earnings from continuing operations attributable to common shareholders (626) (626) (1,321) (1,321) Earnings (loss) from discontinued operations (564) (564) (994) (994) Net earnings (loss) attributable to GE common shareholders (1,190) (1,190) (2,314) (2,314) Shares of GE common stock outstanding 8,780 8,780 8,750 8,750 Employee compensation-related shares (including stock options) — — — — Total average equivalent shares 8,780 8,780 8,750 8,750 Earnings per share from continuing operations $ (0.07) $ (0.07) $ (0.15) $ (0.15) Earnings (loss) per share from discontinued operations (0.06) (0.06) (0.11) (0.11) Net earnings (loss) per share (0.14) (0.14) (0.26) (0.26) Potentially dilutive securities(b) 324 459 Six months ended June 30 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ (476) $ (476) $ 5,212 $ 5,212 Preferred stock dividends (129) (129) (235) (235) Accretion of redeemable noncontrolling interests, net of tax(a) — — (135) (135) Earnings from continuing operations attributable to common shareholders (604) (604) 4,841 4,841 Earnings (loss) from discontinued operations (3,458) (3,458) (1,009) (1,009) Net earnings attributable to GE common shareholders (4,062) (4,062) 3,832 3,832 Shares of GE common stock outstanding 8,775 8,775 8,746 8,746 Employee compensation-related shares (including stock options) — — 6 — Total average equivalent shares 8,775 8,775 8,752 8,746 Earnings from continuing operations $ (0.07) $ (0.07) $ 0.55 $ 0.55 Loss from discontinued operations (0.39) (0.39) (0.12) (0.12) Net earnings (0.46) (0.46) 0.44 0.44 Potentially dilutive securities(b) 351 440 (a) Represents accretion adjustment of redeemable noncontrolling interests in our Additive business within our Aviation segment. (b) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 19. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,897 $ 3,088 $ 2,904 $ 3,125 Liabilities Borrowings (Note 12) 63,524 74,087 74,902 86,001 Investment contracts (Note 13) 1,981 2,402 2,049 2,547 Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. Total gross notional was $99,270 million ($44,300 million in GE Capital and $54,970 million in GE Industrial) and $95,647 million ($45,445 million in GE Capital and $50,202 million in GE Industrial) at June 30, 2021 and December 31, 2020, respectively. GE Capital notional relates primarily to managing interest rate and currency risk between financial assets and liabilities, and GE Industrial notional relates primarily to managing currency risk. FAIR VALUE OF DERIVATIVES June 30, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 26,643 $ 1,413 $ 22 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,637 156 53 7,387 164 125 Derivatives accounted for as hedges $ 33,280 $ 1,568 $ 75 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 272 $ 6 $ — $ 346 $ 8 $ (1) Currency exchange contracts 63,498 680 802 65,379 767 918 Other contracts 2,219 361 7 2,036 218 71 Derivatives not accounted for as hedges $ 65,990 $ 1,048 $ 809 $ 67,761 $ 993 $ 989 Gross derivatives $ 99,270 $ 2,616 $ 884 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (576) $ (571) $ (647) $ (647) Cash collateral adjustments (1,342) (62) (1,935) (104) Net derivatives recognized in statement of financial position $ 698 $ 251 $ 487 $ 369 Net accrued interest $ 88 $ (2) $ — $ — Securities held as collateral (2) — (2) — Net amount $ 783 $ 249 $ 484 $ 369 It is standard market practice to post or receive cash collateral with our derivative counterparties in order to minimize counterparty exposure. Included in GE Capital Cash, cash equivalents and restricted cash was total net cash collateral received on derivatives of $1,551 million (comprising $2,198 million received and $647 million posted) at June 30, 2021 and $3,289 million (comprising $4,203 million received and $914 million posted) at December 31, 2020. Of these amounts, $773 million and $1,968 million at June 30, 2021 and December 31, 2020, respectively, were received on interest rate derivatives traded through clearing houses, which are recorded as a reduction of derivative assets. Also included in total net cash collateral received are amounts presented as cash collateral adjustments in the table above, amounts related to accrued interest on interest rate derivatives presented as a reduction of Net accrued interest of $58 million and $292 million at June 30, 2021 and December 31, 2020, respectively, and excess net cash collateral posted of $560 million (comprising $8 million received and $568 million posted) at June 30, 2021, and $802 million (comprising $3 million received and $805 million posted) at December 31, 2020, which are excluded from cash collateral adjustments in the table above. Fair value of derivatives in our consolidated Statement of Financial Position excludes accrued interest. FAIR VALUE HEDGES. We use derivatives to hedge the effects of interest rate and currency exchange rate changes on our borrowings. Interest rate risk on our borrowings relates to ongoing interest payments on our debt and interest rate risk associated with future debt tenders. At June 30, 2021, the cumulative amount of hedging adjustments of $4,038 million (including $2,341 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $29,121 million. At June 30, 2020, the cumulative amount of hedging adjustments of $6,503 million (including $2,342 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $34,983 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings. CASH FLOW HEDGES. Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction occurs. The gain (loss) recognized in AOCI was $(5) million and $53 million for the three months ended June 30, 2021 and 2020, respectively and $31 million and $(260) million for the six months ended June 30, 2021 and 2020, respectively. These amounts were primarily related to currency exchange and interest rate contracts. The total amount in AOCI related to cash flow hedges of forecasted transactions was a $51 million gain at June 30, 2021. We expect to reclassify $12 million of gain to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. For all periods presented we recognized an immaterial amount related to hedged forecasted transactions and firm commitments that did not occur by the end of the originally specified period. At June 30, 2021 and 2020, the maximum term of derivative instruments that hedge forecasted transactions was 14 years and 15 years, respectively. NET INVESTMENT HEDGES. For these hedges, the portion of the fair value changes of the derivatives or debt instruments that relates to changes in spot currency exchange rates is recorded in a separate component of AOCI. The portion of the fair value changes of the derivatives related to differences between spot and forward rates is recorded in earnings each period. The amounts recorded in AOCI affect earnings if the hedged investment is sold, substantially liquidated, or control is lost. The total gain (loss) recognized in AOCI on hedging instruments for the three months ended June 30, 2021 and 2020 was $(173) million and $(90) million, and for the six months ended June 30, 2021 and 2020 was $99 million and $68 million, respectively, predominantly from foreign currency debt. For all periods presented we recognized an immaterial amount excluded from assessment and recognized in earnings. The carrying value of foreign currency debt designated as net investment hedges was $8,226 million and $7,743 million at June 30, 2021 and 2020, respectively. No amount was reclassified from AOCI into earnings for both the three and six months ended June 30, 2021 and 2020, respectively. The table below presents the effect of our derivative financial instruments in the consolidated Statement of Earnings (Loss): Three months ended June 30, 2021 Three months ended June 30, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 18,279 $ 13,618 $ 488 $ 2,866 $ 706 $ 16,805 $ 13,633 $ 561 $ 3,068 $ 2,078 Total effect of cash flow hedges $ 22 $ (3) $ (14) $ — $ — $ 15 $ (13) $ (12) $ (2) $ — Hedged items $ (658) $ (122) Derivatives designated as hedging instruments 630 109 Total effect of fair value hedges $ (27) $ (12) Interest rate contracts $ 1 $ — $ 55 $ — $ — $ (2) $ — $ (4) $ — $ — Currency exchange contracts 99 5 — 55 (51) (95) 16 — 104 (32) Other — — — 57 102 — — — 97 11 Total effect of derivatives not designated as hedges $ 100 $ 5 $ 55 $ 112 $ 51 $ (97) $ 16 $ (4) $ 201 $ (21) Six months ended June 30, 2021 Six months ended June 30, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 35,397 $ 26,156 $ 987 $ 5,757 $ 1,332 $ 36,294 $ 28,059 $ 1,122 $ 6,129 $ 8,947 Total effect of cash flow hedges $ — $ (6) $ (22) $ 1 $ — $ (6) $ (38) $ (23) $ (5) $ — Hedged items $ 1,186 $ (2,601) Derivatives designated as hedging instruments (1,269) 2,620 Total effect of fair value hedges $ (83) $ 19 Interest rate contracts $ 2 $ — $ 46 $ — $ (1) $ (28) $ — $ (13) $ — $ — Currency exchange contracts 403 4 — 114 (12) (616) 29 — 159 (21) Other — — — 112 121 — — — (63) (11) Total effect of derivatives not designated as hedges $ 405 $ 4 $ 46 $ 226 $ 108 $ (644) $ 29 $ (13) $ 95 $ (32) The gain (loss) of amount excluded for cash flow hedges was $10 million and $7 million for the three months ended June 30, 2021 and 2020, respectively, and $(6) million and $22 million for the six months ended June 30, 2021 and 2020, respectively. This amount is recognized primarily in Revenues in our consolidated Statement of Earnings (Loss). COUNTERPARTY CREDIT RISK. We manage the risk that counterparties will default and not make payments to us according to the terms of our agreements on an individual counterparty basis. Where we have agreed to netting of derivative exposures with a counterparty, we net our exposures with that counterparty and apply the value of collateral posted to us to determine the exposure. We actively monitor these net exposures against defined limits and take appropriate actions in response, including requiring additional collateral. Our exposures to counterparties (including accrued interest), net of collateral we held, was $682 million and $392 million at June 30, 2021 and December 31, 2020, respectively. Counterparties' exposures to our derivative liability (including accrued interest), net of collateral posted by us, was $182 million and $307 million at June 30, 2021 and December 31, 2020, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 20. VARIABLE INTEREST ENTITIES. In addition to the two VIEs detailed in Note 4, in our consolidated Statement of Financial Position, we have assets of $1,849 million and $1,733 million and liabilities of $521 million and $657 million, inclusive of intercompany eliminations, at June 30, 2021 and December 31, 2020, respectively, from other consolidated VIEs. These entities were created to help our customers facilitate or finance the purchase of GE goods and services and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Substantially all the assets of our consolidated VIEs at June 30, 2021 can only be used to settle the liabilities of those VIEs. |
COMMITMENTS, GUARANTEES, PRODUC
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | NOTE 21. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. GE Capital had total investment commitments of $3,047 million at June 30, 2021. The commitments primarily comprise project financing investments in thermal and wind energy projects of $571 million and investments by our run-off insurance operations in investment securities and other assets of $2,476 million, and included within these commitments are obligations to make investments in unconsolidated VIEs of $413 million and $2,339 million, respectively. See Note 20 for further information. As of June 30, 2021, in our Aviation segment, we have committed to provide financing assistance of $2,276 million of future customer acquisitions of aircraft equipped with our engines. Commitments - Discontinued Operations. The GECAS business within discontinued operations has placed multiple-year orders for various Boeing, Airbus and other aircraft manufacturers with list prices approximating $25,676 million, excluding pre-delivery payments made in advance (including 261 new aircraft with estimated delivery dates of 15% in 2021, 14% in 2022 and 71% in 2023 through 2027) and secondary orders with airlines for used aircraft approximating $1,270 million (including 27 used aircraft with estimated delivery dates of 52% in 2021, 37% in 2022 and 11% in 2023) at June 30, 2021. When GECAS purchases aircraft, it is at contractual price, which is usually less than the aircraft manufacturer's list price. As of June 30, 2021, GECAS has made $2,633 million of pre-delivery payments to aircraft manufacturers. GUARANTEES. Credit Support and Indemnification Agreements - Continuing Operations. For further information on credit support and indemnification agreements for continuing operations, see our Annual Report on Form 10-K for the year ended December 31, 2020. Indemnification agreements - Discontinued Operations. At June 30, 2021, we have provided specific indemnities to buyers of GE Capital's assets that, in the aggregate, represent a maximum potential claim of $581 million with related reserves of $70 million. 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. The liability for product warranties was $1,933 million and $2,054 million at June 30, 2021 and December 31, 2020, respectively. LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 23 in our Annual Report on Form 10-K for the year ended December 31, 2020 and Note 21 in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021; refer to those discussions for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy matters. On November 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 in the United States to multiple violations of the Foreign Corrupt Practices Act and paid a criminal 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, including the previously reported legal proceedings in Slovenia that are described below. The reserve balance was $673 million and $858 million at June 30, 2021 and December 31, 2020, respectively, with the reduction driven primarily by cash payment in connection with the Šoštanj settlement described below. 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 consistent 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, and at this time we are unable to develop a meaningful estimate of the range of reasonably possible additional losses beyond the amount of this reserve. Damages sought may include 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 and related matters include the way cooperation is assessed 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, political and social influences within each jurisdiction, and tax consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and related matters could exceed the amount provided. In connection with alleged improper payments by Alstom relating to contracts won in 2006 and 2008 for work on a state-owned power plant in Šoštanj, Slovenia, the power plant owner in January 2017 filed an arbitration claim for damages of approximately $430 million before the International Chamber of Commerce Court of Arbitration in Vienna, Austria. In February 2017, a government investigation in Slovenia of the same underlying conduct proceeded to an investigative phase overseen by a judge of the Celje District Court. In September 2020, the relevant Alstom legacy entity was served with an indictment, which we had anticipated as we are working with the parties to resolve these matters. In March 2021, GE reached a settlement of the arbitration claim with the power plant owner for a mix of cash and services valued by the plant owner at approximately $307 million. In June 2021, GE entered a plea agreement with a judge of the Celje District Court with respect to the indictment of the relevant Alstom legacy entity, including a fine of approximately $27 million. Shareholder and related lawsuits . Since February 2018, multiple shareholder derivative lawsuits have been filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). Four shareholder derivative lawsuits are currently pending: the Bennett case, which was filed in Massachusetts state court; and the Cuker, Lindsey and Priest/Tola cases, which were filed in New York state court. These lawsuits have alleged violations of securities laws, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control and gross mismanagement, although the specific matters underlying the allegations in the lawsuits have varied. The allegations in the Bennett, Lindsey and Priest/Tola cases relate to substantially the same facts as those underlying the Hachem securities class action described in our Annual Report on Form 10-K for the year ended December 31, 2020, and the allegations in the Cuker case relate to alleged corruption in China. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Bennett case has been stayed pending final resolution of another shareholder derivative lawsuit (the Gammel case) that was previously dismissed. In July 2021, the court granted GE's motion to dismiss the Cuker complaint. The Lindsey case has been stayed by agreement of the parties. GE filed a motion to dismiss the Priest/Tola complaint in March 2021. In October 2018, a putative class action (the Houston case) was filed in New York state court naming as defendants GE, certain GE subsidiaries and current and former GE executive officers and employees. It alleges violations of Sections 11, 12 and 15 of the Securities Act of 1933 and seeks damages on behalf of purchasers of senior notes issued in 2016 and rescission of transactions involving those notes. This case was stayed pending resolution of the motion to dismiss the Hachem case. In April 2021, the plaintiffs filed an amended complaint, and GE in June 2021 filed a motion to dismiss that complaint. In February 2019, a securities action (the Touchstone case) was filed in the U.S. District Court for the Southern District of New York naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Section 1707.43 of the Ohio Securities Act and common law fraud based on alleged misstatements regarding insurance reserves, GE Power’s revenue recognition practices related to long-term service agreements, GE’s acquisition of Alstom, and the goodwill recognized in connection with that transaction. The lawsuit seeks damages on behalf of six institutional investors who purchased GE common stock between August 1, 2014 and October 30, 2018 and rescission of those purchases. This case was stayed pending resolution of the motion to dismiss the Hachem case. In May 2021, the plaintiffs filed an amended complaint, and GE in June 2021 filed a motion to dismiss that complaint. Bank BPH. As previously reported, GE Capital’s subsidiary Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency denominated mortgage loans in various courts throughout Poland. At June 30, 2021, approximately 86% of the Bank BPH portfolio is indexed to or denominated in foreign currencies (primarily Swiss francs), and the total portfolio had a carrying value of $1,991 million. We continue to observe an increase in the number of lawsuits being brought against Bank BPH and other banks in Poland, and we expect this to continue in future reporting periods. We estimate potential losses for Bank BPH in connection with borrower litigation cases that are pending by recording legal reserves, as well as in connection with potential future cases or other adverse developments as part of our ongoing valuation of the Bank BPH portfolio, which we record at the lower of cost or fair value, less cost to sell. At June 30, 2021, the total amount of such estimated losses was $490 million. We update our assumptions underlying the amount of estimated losses based primarily on the number of lawsuits filed and estimated to be filed in the future, whether liability will be established in lawsuits and the nature of the remedy ordered by courts if liability is established. We expect the trends we have previously reported of an increasing number of lawsuits being filed, more findings of liability and more severe remedies being ordered against Polish banks (including Bank BPH) to continue in future reporting periods, although Bank BPH is unable at this time to develop a meaningful estimate of reasonably possible losses associated with active and inactive Bank BPH mortgage loans beyond the amounts currently recorded. Additional factors may also affect our estimated losses over time, including: potentially significant judicial decisions or binding resolutions by the European Court of Justice (ECJ) or the Polish Supreme Court, including a binding resolution anticipated to be considered by the Polish Supreme Court later this year; the impact of any of these or other future or recent decisions or resolutions (including the ECJ decision in April 2021 on a case involving a Bank BPH mortgage loan, and the Polish Supreme Court binding resolution delivered verbally in May 2021 with written reasoning issued in July 2021) on how Polish courts will interpret and apply the law in particular cases and how borrower behavior may change in response, neither of which are known immediately upon the issuance of a decision or resolution; uncertainty related to a proposal by the Chairman of the Polish Financial Supervisory Authority in December 2020 that banks voluntarily offer borrowers an opportunity to convert their foreign currency denominated mortgage loans to Polish zlotys using an exchange rate applicable at the date of loan origination, and about the approaches that other Polish banks, regulators and other government authorities are adopting or will adopt in response to this proposal; uncertainty arising from investigations of the Polish Office of Competition and Consumer Protection (UOKiK), including a UOKiK decision in December 2020 which found that certain foreign exchange clauses that appear in certain of Bank BPH’s mortgage loan agreements are unfair contractual terms under Polish law. Future adverse developments related to any of the foregoing, or other developments such as actions by regulators or other governmental authorities could have a material adverse effect on Bank BPH and the carrying value of its mortgage loan portfolio and could result in significant losses beyond the amount that we currently estimate. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. For further information about environmental, health and safety matters, see our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. |
INTERCOMPANY TRANSACTIONS
INTERCOMPANY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
INTERCOMPANY TRANSACTIONS | NOTE 22. INTERCOMPANY TRANSACTIONS. Presented below is a walk of intercompany eliminations from the combined GE Industrial and GE Capital totals to the consolidated cash flows for continuing operations. Six months ended June 30, 2021 Six months ended June 30, 2020 Cash from (used for): Operating activities Investing activities Financing activities Operating activities Investing activities Financing activities Combined GE Industrial and GE Capital cash flows $ (5,075) $ 4,710 $ (13,117) $ (3,377) $ 28,354 $ (19,758) GE Industrial current receivables sold to GE Capital(a) 2,210 (2,845) 635 (452) 270 183 GE Industrial long-term receivables sold to GE Capital 83 (83) — 177 (177) — Supply chain finance programs 135 (135) — 1,457 (1,457) — Repayment of GE Capital loans by GE Industrial — — — — (7,500) 7,500 Other reclassifications and eliminations (344) (131) 474 (225) 190 36 Consolidated cash flows $ (2,991) $ 1,517 $ (12,008) $ (2,421) $ 19,680 $ (12,040) (a) Included the elimination of $3,020 million and $7,512 million payments to GE Industrial for receivables purchased and retained by GE Capital and the related reclassification to CFOA of $5,230 million and $7,060 million due to GE Capital collections and other activity in our consolidated statement of cash flows for the six months ended June 30, 2021 and 2020, respectively. Cash payments received on the Receivable facility deferred purchase price are reflected as Cash from investing activities in the GE Capital and Consolidated columns of our consolidated Statement of Cash Flows. Sales of customer receivables from GE Industrial to GE Capital are classified as Cash from operating activities in the GE Industrial column of our Statement of Cash Flows. See Note 4 for further information. |
OTHER INCOME
OTHER INCOME | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | NOTE 23. OTHER INCOME Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Purchases and sales of business interests(a) $ (5) $ 52 $ (2) $ 12,424 Licensing and royalty income 39 31 87 73 Equity method income 38 31 54 69 Net interest and investment income (loss)(b) 602 1,955 1,041 (3,677) Other items 43 48 159 101 GE Industrial $ 717 $ 2,116 $ 1,339 $ 8,990 Eliminations (10) (38) (7) (43) Total $ 706 $ 2,078 $ 1,332 $ 8,947 (a) Included a pre-tax gain of $12,341 million ($11,199 million after-tax) on the sale of BioPharma for the six months ended June 30, 2020. See Note 2 for further information. (b) Included a pre-tax realized and unrealized gain of $373 million ($298 million after-tax) and a pre-tax unrealized gain of $1,846 million ($1,552 million after-tax) for the three months ended June 30, 2021 and 2020, respectively, and a pre-tax realized and unrealized gain of $668 million ($485 million after-tax) and a pre-tax unrealized loss of $3,865 million ($3,080 million after-tax) for the six months ended June 30, 2021 and 2020, respectively, related to our interest in Baker Hughes. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020, for further information regarding our determination of Industrial and Capital segment profit for continuing operations, and for our allocations of corporate costs to our segments. SUMMARY OF REPORTABLE SEGMENTS Three months ended June 30 Six months ended June 30 2021 2020 V % 2021 2020 V % Aviation $ 4,840 $ 4,384 10 % $ 9,832 $ 11,276 (13) % Healthcare 4,454 3,893 14 % 8,761 8,620 2 % Renewable Energy 4,049 3,505 16 % 7,297 6,698 9 % Power 4,295 4,156 3 % 8,216 8,181 — % Capital 858 861 — % 1,736 1,698 2 % Total segment revenues 18,496 16,799 10 % 35,842 36,473 (2) % Corporate items and eliminations (217) 6 U (445) (179) U Consolidated revenues $ 18,279 $ 16,805 9 % $ 35,397 $ 36,294 (2) % Aviation $ 176 $ (687) F $ 818 $ 316 F Healthcare 801 506 58 % 1,500 1,373 9 % Renewable Energy (99) (251) 61 % (333) (578) 42 % Power 299 (50) F 212 (180) F Capital (573) (476) (20) % (745) (663) (12) % Total segment profit (loss) 604 (957) F 1,451 268 F Corporate items and eliminations 23 1,575 (99) % 75 7,698 (99) % GE Industrial goodwill impairments — (877) F — (877) F GE Industrial interest and other financial charges (261) (333) 22 % (528) (703) 25 % GE Industrial debt extinguishment costs (645) (63) U (645) (63) U GE Industrial non-operating benefit costs (517) (596) 13 % (950) (1,212) 22 % GE Industrial benefit (provision) for income taxes 228 66 F 80 (121) F GE Industrial preferred stock dividends (57) — U (88) — U Earnings (loss) from continuing operations attributable to GE common shareholders (624) (1,185) 47 % (604) 4,989 U Earnings (loss) from discontinued operations, net of taxes (564) (993) 43 % (3,458) (1,015) U Less net earnings (loss) attributable to noncontrolling interests, discontinued operations — — — % — (2) F Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (564) (993) 43 % (3,458) (1,012) U Consolidated net earnings (loss) attributable to the GE common shareholders $ (1,188) $ (2,179) 45 % $ (4,062) $ 3,977 U |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | We present our financial statements in a three-column format, which allows investors to see our GE industrial operations separately from our financial services operations. We believe that this provides useful supplemental information to our consolidated financial statements. To the extent that we have transactions between GE Industrial and GE Capital, these transactions are made on arms-length terms, are reported in the respective columns of our financial statements and are eliminated in consolidation. See Note 22 for further information. Our consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The severity, magnitude and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a decrease in the carrying amount of our tax assets, or an increase in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, businesses classified as held for sale, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. |
Reclassifications | We have reclassified certain prior-period amounts to conform to the current-period’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to the consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial Information for Discontinued Operations | RESULTS OF DISCONTINUED OPERATIONS Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Operations GE Capital revenues from services $ 902 $ 1,055 $ 1,535 $ 2,065 Cost of goods and services sold (8) (840) (376) (1,387) Other income, costs and expenses (311) (1,248) (697) (1,709) Earnings (loss) of discontinued operations before income taxes $ 583 $ (1,033) $ 462 $ (1,031) Benefit (provision) for income taxes (50) 49 (79) 30 Earnings (loss) of discontinued operations, net of taxes(a) $ 533 $ (984) $ 384 $ (1,001) Disposal Gain (loss) on disposal before income taxes $ (1,133) $ (10) $ (3,835) $ (13) Benefit (provision) for income taxes 37 — (7) — Gain (loss) on disposal, net of taxes(b) $ (1,097) $ (10) $ (3,842) $ (13) Earnings (loss) from discontinued operations, net of taxes $ (564) $ (993) $ (3,458) $ (1,015) (a) Included $496 million and $(1,024) million from GECAS operations, including zero and $838 million of depreciation and amortization, for the three months ended June 30, 2021 and 2020, respectively. Included $673 million and $(869) million from GECAS operations, including $359 million and $1,384 million of depreciation and amortization, for the six months ended June 30, 2021 and 2020, respectively. Depreciation and amortization ceased on March 10, 2021. (b) Loss for the three months ended June 30, 2021 was primarily driven by GECAS due to a decrease in fair value of AerCap common stock to be received of $840 million and an increase in GECAS net assets of $440 million attributable to income from operations, partially offset by associated income tax benefit. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS June 30, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 31 $ — Financing receivables - net 2,102 — Other GE Capital receivables 1,989 — Property, plant, and equipment - net 28,407 — Valuation allowance on disposal group classified as discontinued operations (3,709) — All other current assets 4,366 — Total current assets of discontinued operations 33,186 — Cash, cash equivalents and restricted cash 506 623 Financing receivables - net — 2,710 Other GE Capital receivables 57 1,844 Financing receivables held for sale (Polish mortgage portfolio) 1,991 2,461 Property, plant, and equipment - net 96 28,429 All other assets 405 4,683 Assets of discontinued operations(a) $ 36,244 $ 40,749 Deferred income taxes $ 2,274 $ — Accounts payable and all other liabilities 2,648 — Total current liabilities of discontinued operations 4,922 — Deferred income taxes — 2,172 Accounts payable and all other liabilities(b) 17 3,010 Liabilities of discontinued operations(a) $ 4,939 $ 5,182 (a) Included $33,186 million and $37,199 million of assets and $4,922 million and $4,997 million of liabilities for GECAS as of June 30, 2021 and December 31, 2020, respectively. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | June 30, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (Baker Hughes) $ 6,134 $ — $ — $ 6,134 $ 7,319 $ — $ — $ 7,319 Current investment securities $ 6,134 $ — $ — $ 6,134 $ 7,319 $ — $ — $ 7,319 Debt U.S. corporate $ 24,455 $ 5,703 $ (26) $ 30,133 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,631 372 (2) 3,001 2,283 458 (1) 2,740 State and municipal 3,316 780 (4) 4,091 3,387 878 (9) 4,256 Mortgage and asset-backed 3,685 161 (38) 3,808 3,652 171 (71) 3,752 Government and agencies 1,137 137 (2) 1,273 1,169 184 — 1,353 Other equity 360 — — 360 218 — — 218 Non-current investment securities $ 35,583 $ 7,153 $ (71) $ 42,665 $ 34,313 $ 8,342 $ (106) $ 42,549 Total $ 41,717 $ 7,153 $ (71) $ 48,800 $ 41,632 $ 8,342 $ (106) $ 49,868 |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at June 30, 2021 are as follows: Amortized Estimated Within one year $ 745 $ 755 After one year through five years 3,236 3,544 After five years through ten years 6,410 7,557 After ten years 21,147 26,642 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Receivables | CURRENT RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Customer receivables $ 12,188 $ 13,459 $ 11,323 $ 9,841 Sundry receivables(a)(b) 4,115 4,395 4,112 4,763 Allowance for credit losses(c) (1,113) (1,164) (1,110) (1,161) Total current receivables $ 15,190 $ 16,691 $ 14,324 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through our active receivables facilities. The balance of the deferred purchase price held by GE Capital as of June 30, 2021 and December 31, 2020 was $485 million and $413 million, respectively. 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 9,783 — 16,964 — GE Industrial sales to third parties — 453 — 515 GE Capital sales to third parties (6,763) 6,763 (9,914) 9,914 Collections and other (5,859) (8,077) (6,825) (13,289) Reclassification from long-term customer receivables 86 — 170 — Balance at June 30 $ 865 (a) $ 2,131 (b) $ 3,482 (a) $ 3,897 (a) At June 30, 2021 and 2020, $439 million and $661 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the six months ended June 30, 2021 and 2020. (b) Included $1,936 million in our active unconsolidated receivables facility at June 30, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term customer receivables(a) $ 593 $ 585 $ 579 $ 474 Long-term sundry receivables(b) 1,675 1,748 1,979 2,097 Allowance for credit losses (138) (142) (138) (142) Total long-term receivables $ 2,130 $ 2,191 $ 2,420 $ 2,430 (a) As of June 30, 2021 and December 31, 2020, GE Capital held $14 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e., GE Industrial retains all or some risk of default). Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Six months ended June 30 2021 2020 Customer receivables sold to receivables facilities $ 5,334 $ 7,662 Total cash purchase price for customer receivables 5,011 7,222 Cash collections re-invested to purchase customer receivables 4,468 6,435 Non-cash increases to deferred purchase price $ 288 $ 390 Cash payments received on deferred purchase price 217 274 Consolidated GE Capital June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Loans, net of deferred income $ 347 $ 359 $ 1,645 $ 4,182 Allowance for losses (31) (32) (12) (10) Current financing receivables – net $ 316 $ 326 $ 1,632 $ 4,172 |
FINANCING RECEIVABLES AND ALL_2
FINANCING RECEIVABLES AND ALLOWANCES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Financing Receivables, Net | CURRENT RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Customer receivables $ 12,188 $ 13,459 $ 11,323 $ 9,841 Sundry receivables(a)(b) 4,115 4,395 4,112 4,763 Allowance for credit losses(c) (1,113) (1,164) (1,110) (1,161) Total current receivables $ 15,190 $ 16,691 $ 14,324 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through our active receivables facilities. The balance of the deferred purchase price held by GE Capital as of June 30, 2021 and December 31, 2020 was $485 million and $413 million, respectively. 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 9,783 — 16,964 — GE Industrial sales to third parties — 453 — 515 GE Capital sales to third parties (6,763) 6,763 (9,914) 9,914 Collections and other (5,859) (8,077) (6,825) (13,289) Reclassification from long-term customer receivables 86 — 170 — Balance at June 30 $ 865 (a) $ 2,131 (b) $ 3,482 (a) $ 3,897 (a) At June 30, 2021 and 2020, $439 million and $661 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the six months ended June 30, 2021 and 2020. (b) Included $1,936 million in our active unconsolidated receivables facility at June 30, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Long-term customer receivables(a) $ 593 $ 585 $ 579 $ 474 Long-term sundry receivables(b) 1,675 1,748 1,979 2,097 Allowance for credit losses (138) (142) (138) (142) Total long-term receivables $ 2,130 $ 2,191 $ 2,420 $ 2,430 (a) As of June 30, 2021 and December 31, 2020, GE Capital held $14 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e., GE Industrial retains all or some risk of default). Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Six months ended June 30 2021 2020 Customer receivables sold to receivables facilities $ 5,334 $ 7,662 Total cash purchase price for customer receivables 5,011 7,222 Cash collections re-invested to purchase customer receivables 4,468 6,435 Non-cash increases to deferred purchase price $ 288 $ 390 Cash payments received on deferred purchase price 217 274 Consolidated GE Capital June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Loans, net of deferred income $ 347 $ 359 $ 1,645 $ 4,182 Allowance for losses (31) (32) (12) (10) Current financing receivables – net $ 316 $ 326 $ 1,632 $ 4,172 |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2021 December 31, 2020 Raw materials and work in process $ 8,393 $ 7,937 Finished goods 6,184 5,654 Deferred inventory costs(a) 2,439 2,299 Inventories, including deferred inventory costs $ 17,016 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | June 30, 2021 December 31, 2020 Original cost $ 32,274 $ 32,098 Less accumulated depreciation and amortization (18,858) (18,251) Right-of-use operating lease assets 2,753 2,852 Property, plant and equipment – net $ 16,169 $ 16,699 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill Balances | GOODWILL January 1, 2021 Acquisitions Currency exchange Balance at Aviation $ 9,247 $ — $ (52) $ 9,195 Healthcare 11,855 45 (5) 11,894 Renewable Energy 3,401 — (22) 3,379 Power 146 — — 145 Corporate 876 — 2 877 Total $ 25,524 $ 45 $ (78) $ 25,491 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | EQUIPMENT & SERVICES REVENUES Three months ended June 30 2021 2020 Equipment Services Total Equipment Services Total Aviation $ 1,865 $ 2,974 $ 4,840 $ 1,938 $ 2,446 $ 4,384 Healthcare 2,257 2,197 4,454 2,050 1,843 3,893 Renewable Energy 3,305 745 4,049 2,722 783 3,505 Power 1,071 3,224 4,295 1,488 2,669 4,156 Corporate items and industrial eliminations (195) 44 (151) 9 120 129 Total GE Industrial revenues $ 8,302 $ 9,185 $ 17,487 $ 8,206 $ 7,860 $ 16,066 Six months ended June 30 2021 2020 Equipment Services Total Equipment Services Total Aviation $ 3,712 $ 6,120 $ 9,832 $ 4,302 $ 6,975 $ 11,276 Healthcare 4,484 4,278 8,761 4,749 3,872 8,620 Renewable Energy 6,148 1,149 7,297 5,298 1,401 6,698 Power 2,312 5,904 8,216 2,994 5,187 8,181 Corporate items and industrial eliminations (383) 93 (290) (39) 174 135 Total GE Industrial revenues $ 16,273 $ 17,543 $ 33,816 $ 17,303 $ 17,608 $ 34,910 REVENUES Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Commercial Engines & Services $ 3,115 $ 2,519 $ 6,469 $ 7,631 Military 1,041 1,161 1,997 2,121 Systems & Other 684 703 1,366 1,524 Aviation $ 4,840 $ 4,384 $ 9,832 $ 11,276 Healthcare Systems $ 3,915 $ 3,523 $ 7,740 $ 6,971 Pharmaceutical Diagnostics 539 370 1,021 820 BioPharma — — — 830 Healthcare $ 4,454 $ 3,893 $ 8,761 $ 8,620 Onshore Wind $ 2,883 $ 2,487 $ 5,001 $ 4,612 Grid Solutions equipment and services 776 812 1,571 1,652 Hydro 194 151 359 330 Offshore Wind and Hybrid Solutions 196 54 366 105 Renewable Energy $ 4,049 $ 3,505 $ 7,297 $ 6,698 Gas Power $ 3,049 $ 3,077 $ 5,878 $ 5,936 Steam Power 831 763 1,537 1,571 Power Conversion, Nuclear and other 415 316 800 674 Power $ 4,295 $ 4,156 $ 8,216 $ 8,181 Corporate items and industrial eliminations (151) 129 (290) 135 Total GE Industrial revenues $ 17,487 $ 16,066 $ 33,816 $ 34,910 Capital 858 861 1,736 1,698 GE Capital-GE Industrial eliminations $ (66) $ (123) $ (154) $ (314) Consolidated revenues $ 18,279 $ 16,805 $ 35,397 $ 36,294 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | June 30, 2021 Aviation Healthcare Renewable Energy Power Other Total Revenues in excess of billings $ 2,397 $ — $ — $ 5,433 $ — $ 7,829 Billings in excess of revenues (5,528) — — (1,404) — (6,931) Long-term service agreements $ (3,131) $ — $ — $ 4,029 $ — $ 898 Short-term and other service agreements 315 179 97 117 20 729 Equipment contract revenues 45 287 1,341 1,897 233 3,804 Current contract assets $ (2,771) $ 466 $ 1,438 $ 6,043 $ 253 $ 5,431 Nonrecurring engineering costs 2,460 33 33 18 — 2,544 Customer advances and other 2,611 127 — 848 — 3,587 Non-current contract and other deferred assets $ 5,071 $ 160 $ 33 $ 867 $ — $ 6,131 Total contract and other deferred assets $ 2,300 $ 626 $ 1,471 $ 6,910 $ 254 $ 11,561 December 31, 2020 Revenues in excess of billings $ 3,072 $ — $ — $ 5,282 $ — $ 8,354 Billings in excess of revenues (5,375) — — (1,640) — (7,015) Long-term service agreements $ (2,304) $ — $ — $ 3,642 $ — $ 1,338 Short-term and other service agreements 282 173 106 129 29 719 Equipment contract revenues 59 306 1,127 2,015 201 3,707 Current contract assets $ (1,963) $ 479 $ 1,233 $ 5,786 $ 229 $ 5,764 Nonrecurring engineering costs 2,409 31 34 16 — 2,490 Customer advances and other 2,481 128 — 822 (32) 3,398 Non-current contract and other deferred assets $ 4,889 $ 159 $ 34 $ 838 $ (32) $ 5,888 Total contract and other deferred assets $ 2,927 $ 638 $ 1,268 $ 6,623 $ 197 $ 11,653 June 30, 2021 Aviation Healthcare Renewable Energy Power Other Total Progress collections on equipment contracts $ 181 $ — $ 1,607 $ 5,085 $ — $ 6,873 Other progress collections 4,234 443 3,341 373 83 8,475 Current deferred income 141 1,385 212 24 91 1,853 Progress collections and deferred income $ 4,557 $ 1,828 $ 5,160 $ 5,483 $ 174 $ 17,201 Non-current deferred income 874 568 203 125 9 1,779 Total Progress collections and deferred income $ 5,431 $ 2,396 $ 5,363 $ 5,607 $ 184 $ 18,981 December 31, 2020 Progress collections on equipment contracts $ 214 $ — $ 1,229 $ 4,918 $ — $ 6,362 Other progress collections 4,623 414 4,604 458 152 10,252 Current deferred income 132 1,309 194 17 105 1,757 Progress collections and deferred income $ 4,969 $ 1,724 $ 6,028 $ 5,393 $ 257 $ 18,371 Non-current deferred income 898 564 214 116 10 1,801 Total Progress collections and deferred income $ 5,867 $ 2,288 $ 6,241 $ 5,509 $ 267 $ 20,172 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | June 30, 2021 December 31, 2020 Current portion of long-term borrowings $ 1,021 $ 36 Current portion of long-term borrowings assumed by GE Industrial 1,495 2,432 Other 352 882 Total GE Industrial short-term borrowings $ 2,869 $ 3,350 Current portion of long-term borrowings $ 1,394 $ 788 Intercompany payable to GE Industrial 1,495 2,432 Non-recourse borrowings of consolidated securitization entities 68 892 Other 107 283 Total GE Capital short-term borrowings $ 3,063 $ 4,395 Eliminations (1,638) (3,033) Total short-term borrowings $ 4,293 $ 4,713 Senior notes $ 13,858 $ 18,994 Senior notes assumed by GE Industrial 14,884 18,178 Subordinated notes assumed by GE Industrial 1,793 1,779 Other 401 435 Total GE Industrial long-term borrowings $ 30,935 $ 39,386 Senior notes $ 27,611 $ 30,132 Subordinated notes 160 189 Intercompany payable to GE Industrial 13,500 16,780 Other 524 483 Total GE Capital long-term borrowings $ 41,796 $ 47,584 Eliminations (13,500) (16,780) Total long-term borrowings $ 59,231 $ 70,189 Total borrowings $ 63,524 $ 74,902 |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance contracts is presented below: June 30, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 17,042 $ 9,013 $ 188 $ 7,028 $ 33,271 Claim reserves 4,368 270 990 — 5,628 Investment contracts — 999 982 — 1,981 Unearned premiums and other 15 189 127 — 332 21,426 10,472 2,287 7,028 41,212 Eliminations — — (417) — (417) Total $ 21,426 $ 10,472 $ 1,870 $ 7,028 $ 40,795 December 31, 2020 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 1,068 — 5,736 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 21,346 10,705 2,354 8,160 42,565 Eliminations — — (374) — (374) Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Accumulated other comprehensive income (loss) (AOCI) in our consolidated Statement of Earnings (Loss). The decrease in Other adjustments of $1,132 million is a result of the decline in unrealized gains on investment securities. |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Effect on Operations of Pension Plans | PRINCIPAL PENSION PLANS Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Service cost for benefits earned $ 58 $ 192 $ 122 $ 345 Prior service cost amortization 7 37 14 74 Expected return on plan assets (762) (748) (1,525) (1,496) Interest cost on benefit obligations 490 589 976 1,176 Net actuarial loss amortization 878 851 1,742 1,699 Benefit plans cost $ 671 $ 921 $ 1,329 $ 1,798 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Shareowners' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Beginning balance $ 42 $ 20 $ 60 $ 61 AOCI before reclasses – net of taxes of $2, $8, $(4) and $7(a) 7 34 (22) 41 Reclasses from AOCI – net of taxes of $(2), $(2) $2 and $(14) (8) (7) 3 (55) AOCI (1) 27 (19) (14) Less AOCI attributable to noncontrolling interests — — — — Investment securities AOCI ending balance $ 41 $ 47 $ 41 $ 47 Beginning balance $ (4,278) $ (4,685) $ (4,386) $ (4,818) AOCI before reclasses – net of taxes of $1, $25, $(56) and $20 130 (58) 240 (613) Reclasses from AOCI – net of taxes of $—, $—, $— and $—(b) — 1 — 691 AOCI 130 (57) 240 78 Less AOCI attributable to noncontrolling interests (2) 1 — 3 Currency translation adjustments AOCI ending balance $ (4,146) $ (4,743) $ (4,146) $ (4,743) Beginning balance $ 34 $ (163) $ (28) $ 49 AOCI before reclasses – net of taxes of $(10), $(24), $(6) and $(69) 32 40 71 (222) Reclasses from AOCI – net of taxes of $(1), $(1), $9 and $8(b) (5) 13 18 64 AOCI 27 53 90 (158) Less AOCI attributable to noncontrolling interests — — — — Cash flow hedges AOCI ending balance $ 62 $ (109) $ 62 $ (109) Beginning balance $ (4,691) $ (5,991) $ (5,395) $ (7,024) AOCI before reclasses – net of taxes of $26, $(2), $(21) and $28 157 (74) 173 145 Reclasses from AOCI – net of taxes of $206, $187, $400 and $426(b) 757 678 1,446 1,495 AOCI 914 604 1,619 1,640 Less AOCI attributable to noncontrolling interests — — 1 3 Benefit plans AOCI ending balance $ (3,777) $ (5,387) $ (3,777) $ (5,387) AOCI at June 30 $ (7,820) $ (10,194) $ (7,820) $ (10,194) Dividends declared per common share $ 0.01 $ 0.01 $ 0.02 $ 0.02 (a) Included adjustments of $(1,144) million and $(2,229) million for the three months ended June 30, 2021 and 2020, respectively and $894 million and $(962) million for the six months ended June 30, 2021 and 2020, respectively, related to insurance liabilities and annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment security gains been realized. See Note 13 for further information. (b) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, for the six months ended June 30, 2020, related to the sale of our BioPharma business within our Healthcare segment. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended June 30 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ (568) $ (568) $ (994) $ (994) Preferred stock dividends (57) (57) (192) (192) Accretion of redeemable noncontrolling interests, net of tax(a) (2) (2) (135) (135) Earnings from continuing operations attributable to common shareholders (626) (626) (1,321) (1,321) Earnings (loss) from discontinued operations (564) (564) (994) (994) Net earnings (loss) attributable to GE common shareholders (1,190) (1,190) (2,314) (2,314) Shares of GE common stock outstanding 8,780 8,780 8,750 8,750 Employee compensation-related shares (including stock options) — — — — Total average equivalent shares 8,780 8,780 8,750 8,750 Earnings per share from continuing operations $ (0.07) $ (0.07) $ (0.15) $ (0.15) Earnings (loss) per share from discontinued operations (0.06) (0.06) (0.11) (0.11) Net earnings (loss) per share (0.14) (0.14) (0.26) (0.26) Potentially dilutive securities(b) 324 459 Six months ended June 30 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ (476) $ (476) $ 5,212 $ 5,212 Preferred stock dividends (129) (129) (235) (235) Accretion of redeemable noncontrolling interests, net of tax(a) — — (135) (135) Earnings from continuing operations attributable to common shareholders (604) (604) 4,841 4,841 Earnings (loss) from discontinued operations (3,458) (3,458) (1,009) (1,009) Net earnings attributable to GE common shareholders (4,062) (4,062) 3,832 3,832 Shares of GE common stock outstanding 8,775 8,775 8,746 8,746 Employee compensation-related shares (including stock options) — — 6 — Total average equivalent shares 8,775 8,775 8,752 8,746 Earnings from continuing operations $ (0.07) $ (0.07) $ 0.55 $ 0.55 Loss from discontinued operations (0.39) (0.39) (0.12) (0.12) Net earnings (0.46) (0.46) 0.44 0.44 Potentially dilutive securities(b) 351 440 (a) Represents accretion adjustment of redeemable noncontrolling interests in our Additive business within our Aviation segment. (b) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated Fair Value of Assets and Liabilities | The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. June 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,897 $ 3,088 $ 2,904 $ 3,125 Liabilities Borrowings (Note 12) 63,524 74,087 74,902 86,001 Investment contracts (Note 13) 1,981 2,402 2,049 2,547 |
Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES June 30, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 26,643 $ 1,413 $ 22 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,637 156 53 7,387 164 125 Derivatives accounted for as hedges $ 33,280 $ 1,568 $ 75 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 272 $ 6 $ — $ 346 $ 8 $ (1) Currency exchange contracts 63,498 680 802 65,379 767 918 Other contracts 2,219 361 7 2,036 218 71 Derivatives not accounted for as hedges $ 65,990 $ 1,048 $ 809 $ 67,761 $ 993 $ 989 Gross derivatives $ 99,270 $ 2,616 $ 884 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (576) $ (571) $ (647) $ (647) Cash collateral adjustments (1,342) (62) (1,935) (104) Net derivatives recognized in statement of financial position $ 698 $ 251 $ 487 $ 369 Net accrued interest $ 88 $ (2) $ — $ — Securities held as collateral (2) — (2) — Net amount $ 783 $ 249 $ 484 $ 369 |
Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES June 30, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 26,643 $ 1,413 $ 22 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,637 156 53 7,387 164 125 Derivatives accounted for as hedges $ 33,280 $ 1,568 $ 75 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 272 $ 6 $ — $ 346 $ 8 $ (1) Currency exchange contracts 63,498 680 802 65,379 767 918 Other contracts 2,219 361 7 2,036 218 71 Derivatives not accounted for as hedges $ 65,990 $ 1,048 $ 809 $ 67,761 $ 993 $ 989 Gross derivatives $ 99,270 $ 2,616 $ 884 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (576) $ (571) $ (647) $ (647) Cash collateral adjustments (1,342) (62) (1,935) (104) Net derivatives recognized in statement of financial position $ 698 $ 251 $ 487 $ 369 Net accrued interest $ 88 $ (2) $ — $ — Securities held as collateral (2) — (2) — Net amount $ 783 $ 249 $ 484 $ 369 |
Effects of Derivatives on Earnings | The table below presents the effect of our derivative financial instruments in the consolidated Statement of Earnings (Loss): Three months ended June 30, 2021 Three months ended June 30, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 18,279 $ 13,618 $ 488 $ 2,866 $ 706 $ 16,805 $ 13,633 $ 561 $ 3,068 $ 2,078 Total effect of cash flow hedges $ 22 $ (3) $ (14) $ — $ — $ 15 $ (13) $ (12) $ (2) $ — Hedged items $ (658) $ (122) Derivatives designated as hedging instruments 630 109 Total effect of fair value hedges $ (27) $ (12) Interest rate contracts $ 1 $ — $ 55 $ — $ — $ (2) $ — $ (4) $ — $ — Currency exchange contracts 99 5 — 55 (51) (95) 16 — 104 (32) Other — — — 57 102 — — — 97 11 Total effect of derivatives not designated as hedges $ 100 $ 5 $ 55 $ 112 $ 51 $ (97) $ 16 $ (4) $ 201 $ (21) Six months ended June 30, 2021 Six months ended June 30, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 35,397 $ 26,156 $ 987 $ 5,757 $ 1,332 $ 36,294 $ 28,059 $ 1,122 $ 6,129 $ 8,947 Total effect of cash flow hedges $ — $ (6) $ (22) $ 1 $ — $ (6) $ (38) $ (23) $ (5) $ — Hedged items $ 1,186 $ (2,601) Derivatives designated as hedging instruments (1,269) 2,620 Total effect of fair value hedges $ (83) $ 19 Interest rate contracts $ 2 $ — $ 46 $ — $ (1) $ (28) $ — $ (13) $ — $ — Currency exchange contracts 403 4 — 114 (12) (616) 29 — 159 (21) Other — — — 112 121 — — — (63) (11) Total effect of derivatives not designated as hedges $ 405 $ 4 $ 46 $ 226 $ 108 $ (644) $ 29 $ (13) $ 95 $ (32) |
INTERCOMPANY TRANSACTIONS (Tabl
INTERCOMPANY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Intercompany Eliminations | Presented below is a walk of intercompany eliminations from the combined GE Industrial and GE Capital totals to the consolidated cash flows for continuing operations. Six months ended June 30, 2021 Six months ended June 30, 2020 Cash from (used for): Operating activities Investing activities Financing activities Operating activities Investing activities Financing activities Combined GE Industrial and GE Capital cash flows $ (5,075) $ 4,710 $ (13,117) $ (3,377) $ 28,354 $ (19,758) GE Industrial current receivables sold to GE Capital(a) 2,210 (2,845) 635 (452) 270 183 GE Industrial long-term receivables sold to GE Capital 83 (83) — 177 (177) — Supply chain finance programs 135 (135) — 1,457 (1,457) — Repayment of GE Capital loans by GE Industrial — — — — (7,500) 7,500 Other reclassifications and eliminations (344) (131) 474 (225) 190 36 Consolidated cash flows $ (2,991) $ 1,517 $ (12,008) $ (2,421) $ 19,680 $ (12,040) |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Three months ended June 30 Six months ended June 30 2021 2020 2021 2020 Purchases and sales of business interests(a) $ (5) $ 52 $ (2) $ 12,424 Licensing and royalty income 39 31 87 73 Equity method income 38 31 54 69 Net interest and investment income (loss)(b) 602 1,955 1,041 (3,677) Other items 43 48 159 101 GE Industrial $ 717 $ 2,116 $ 1,339 $ 8,990 Eliminations (10) (38) (7) (43) Total $ 706 $ 2,078 $ 1,332 $ 8,947 (a) Included a pre-tax gain of $12,341 million ($11,199 million after-tax) on the sale of BioPharma for the six months ended June 30, 2020. See Note 2 for further information. (b) Included a pre-tax realized and unrealized gain of $373 million ($298 million after-tax) and a pre-tax unrealized gain of $1,846 million ($1,552 million after-tax) for the three months ended June 30, 2021 and 2020, respectively, and a pre-tax realized and unrealized gain of $668 million ($485 million after-tax) and a pre-tax unrealized loss of $3,865 million ($3,080 million after-tax) for the six months ended June 30, 2021 and 2020, respectively, related to our interest in Baker Hughes. |
SEGMENT OPERATIONS (Tables)
SEGMENT OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | SUMMARY OF REPORTABLE SEGMENTS Three months ended June 30 Six months ended June 30 2021 2020 V % 2021 2020 V % Aviation $ 4,840 $ 4,384 10 % $ 9,832 $ 11,276 (13) % Healthcare 4,454 3,893 14 % 8,761 8,620 2 % Renewable Energy 4,049 3,505 16 % 7,297 6,698 9 % Power 4,295 4,156 3 % 8,216 8,181 — % Capital 858 861 — % 1,736 1,698 2 % Total segment revenues 18,496 16,799 10 % 35,842 36,473 (2) % Corporate items and eliminations (217) 6 U (445) (179) U Consolidated revenues $ 18,279 $ 16,805 9 % $ 35,397 $ 36,294 (2) % Aviation $ 176 $ (687) F $ 818 $ 316 F Healthcare 801 506 58 % 1,500 1,373 9 % Renewable Energy (99) (251) 61 % (333) (578) 42 % Power 299 (50) F 212 (180) F Capital (573) (476) (20) % (745) (663) (12) % Total segment profit (loss) 604 (957) F 1,451 268 F Corporate items and eliminations 23 1,575 (99) % 75 7,698 (99) % GE Industrial goodwill impairments — (877) F — (877) F GE Industrial interest and other financial charges (261) (333) 22 % (528) (703) 25 % GE Industrial debt extinguishment costs (645) (63) U (645) (63) U GE Industrial non-operating benefit costs (517) (596) 13 % (950) (1,212) 22 % GE Industrial benefit (provision) for income taxes 228 66 F 80 (121) F GE Industrial preferred stock dividends (57) — U (88) — U Earnings (loss) from continuing operations attributable to GE common shareholders (624) (1,185) 47 % (604) 4,989 U Earnings (loss) from discontinued operations, net of taxes (564) (993) 43 % (3,458) (1,015) U Less net earnings (loss) attributable to noncontrolling interests, discontinued operations — — — % — (2) F Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (564) (993) 43 % (3,458) (1,012) U Consolidated net earnings (loss) attributable to the GE common shareholders $ (1,188) $ (2,179) 45 % $ (4,062) $ 3,977 U |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Disposed of by sale - BioPharma - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | $ 21,112 | ||
Cash payments associated with transaction | $ 185 | ||
Pre-tax gain on sale | $ 12,341 | ||
Gain on sale, after tax | $ 11,199 |
BUSINESSES HELD FOR SALE AND _4
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 09, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Total portfolio carrying value | $ 237,559 | $ 237,559 | $ 256,211 | |||
Discontinued operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Loss on disposal, net of taxes | $ 1,097 | $ 10 | $ 3,842 | $ 13 | ||
GECAS | Discontinued operations | AerCap | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration | $ 23,905 | |||||
Consideration, stock transaction (in shares) | 111.5 | |||||
Ownership interest after disposal | 46.00% | |||||
Consideration, stock transaction | $ 5,710 | |||||
Share price (in dollars per share) | $ 51.21 | $ 51.21 | ||||
Consideration received in notes | $ 1,000 | |||||
Loss on disposal, net of taxes | $ 3,869 | |||||
Bank BPH | Bank BPH | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Percentage indexed to or denominated in foreign currencies | 86.00% | 86.00% | ||||
Total portfolio carrying value | $ 1,991 | $ 1,991 | ||||
Percent of financing receivables over 90 days past due | 1.86% | 1.86% | ||||
Average loan to value ratio | 59.70% | |||||
Pre-tax non-cash charges | $ 278 | |||||
Baker Hughes excluding joint venture | Investee | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales of products and services | 331 | |||||
Purchases of products and services | 130 | |||||
Net cash collected from affiliate | 206 | |||||
Baker Hughes | Investee | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Dividends received | 104 | |||||
Baker Hughes | Investee | Promissory note receivable | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Cash collected from affiliate | 28 | |||||
Baker Hughes | Aeroderivative Joint Venture | Investee | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Sales of products and services | 237 | |||||
Cash collected from affiliate | $ 300 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disposal | |||||
Earnings (loss) from discontinued operations, net of taxes | $ (564,000,000) | $ (993,000,000) | $ (3,458,000,000) | $ (1,015,000,000) | |
Assets | |||||
Total current assets of discontinued operations | 33,186,000,000 | 33,186,000,000 | $ 0 | ||
Liabilities | |||||
Total current liabilities of discontinued operations | 4,922,000,000 | 4,922,000,000 | 0 | ||
Discontinued operations | |||||
Operations | |||||
GE Capital revenues from services | 902,000,000 | 1,055,000,000 | 1,535,000,000 | 2,065,000,000 | |
Cost of goods and services sold | (8,000,000) | (840,000,000) | (376,000,000) | (1,387,000,000) | |
Other income, costs and expenses | (311,000,000) | (1,248,000,000) | (697,000,000) | (1,709,000,000) | |
Earnings (loss) of discontinued operations before income taxes | 583,000,000 | (1,033,000,000) | 462,000,000 | (1,031,000,000) | |
Benefit (provision) for income taxes | (50,000,000) | 49,000,000 | (79,000,000) | 30,000,000 | |
Earnings (loss) of discontinued operations, net of taxes | 533,000,000 | (984,000,000) | 384,000,000 | (1,001,000,000) | |
Disposal | |||||
Gain (loss) on disposal before income taxes | (1,133,000,000) | (10,000,000) | (3,835,000,000) | (13,000,000) | |
Benefit (provision) for income taxes | 37,000,000 | 0 | (7,000,000) | 0 | |
Gain (loss) on disposal, net of taxes | (1,097,000,000) | (10,000,000) | (3,842,000,000) | (13,000,000) | |
Earnings (loss) from discontinued operations, net of taxes | (564,000,000) | (993,000,000) | (3,458,000,000) | (1,015,000,000) | |
Assets | |||||
Cash, cash equivalents and restricted cash | 31,000,000 | 31,000,000 | 0 | ||
Financing receivables - net | 2,102,000,000 | 2,102,000,000 | 0 | ||
Other GE Capital receivables | 1,989,000,000 | 1,989,000,000 | 0 | ||
Property, plant, and equipment - net | 28,407,000,000 | 28,407,000,000 | 0 | ||
Valuation allowance on disposal group classified as discontinued operations | (3,709,000,000) | (3,709,000,000) | 0 | ||
All other current assets | 4,366,000,000 | 4,366,000,000 | 0 | ||
Total current assets of discontinued operations | 33,186,000,000 | 33,186,000,000 | 0 | ||
Cash, cash equivalents and restricted cash | 506,000,000 | 506,000,000 | 623,000,000 | ||
Financing receivables - net | 0 | 0 | 2,710,000,000 | ||
Other GE Capital receivables | 57,000,000 | 57,000,000 | 1,844,000,000 | ||
Financing receivables held for sale (Polish mortgage portfolio) | 1,991,000,000 | 1,991,000,000 | 2,461,000,000 | ||
Property, plant, and equipment - net | 96,000,000 | 96,000,000 | 28,429,000,000 | ||
All other assets | 405,000,000 | 405,000,000 | 4,683,000,000 | ||
Assets of discontinued operations | 36,244,000,000 | 36,244,000,000 | 40,749,000,000 | ||
Liabilities | |||||
Deferred income taxes | 2,274,000,000 | 2,274,000,000 | 0 | ||
Accounts payable and all other liabilities | 2,648,000,000 | 2,648,000,000 | 0 | ||
Total current liabilities of discontinued operations | 4,922,000,000 | 4,922,000,000 | 0 | ||
Deferred income taxes | 0 | 0 | 2,172,000,000 | ||
Accounts payable and all other liabilities | 17,000,000 | 17,000,000 | 3,010,000,000 | ||
Liabilities of discontinued operations | 4,939,000,000 | 4,939,000,000 | 5,182,000,000 | ||
Discontinued operations | GECAS | |||||
Operations | |||||
Earnings (loss) of discontinued operations, net of taxes | 496,000,000 | (1,024,000,000) | 673,000,000 | (869,000,000) | |
Disposal | |||||
Depreciation and amortization | 0 | $ 838,000,000 | 359,000,000 | $ 1,384,000,000 | |
Provision for loss on disposal, decrease in fair value | 840,000,000 | ||||
Loss on disposal, adjustment, increase in net assets | 440,000,000 | ||||
Assets | |||||
Assets of discontinued operations | 33,186,000,000 | 33,186,000,000 | 37,199,000,000 | ||
Liabilities | |||||
Liabilities of discontinued operations | 4,922,000,000 | 4,922,000,000 | 4,997,000,000 | ||
GE Capital Exit Plan | Discontinued operations | |||||
Liabilities | |||||
Discontinued operations, intercompany tax receivables | $ 817,000,000 | $ 817,000,000 | $ 704,000,000 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Accrued interest | $ 416 | $ 416 | |||
Debt securities in unrealized loss position, total | 2,336 | 2,336 | $ 1,765 | ||
Debt securities in unrealized loss position, 12 months or more | 495 | 495 | 165 | ||
Gross unrealized losses, 12 months or more | (38) | (38) | (20) | ||
Gross unrealized losses | (71) | (71) | (106) | ||
Net unrealized gains (losses) recorded to earnings | 408 | $ 1,929 | 646 | $ (3,843) | |
Proceeds from investment securities sales and early redemptions by issuers | 1,618 | 1,450 | 2,951 | 2,705 | |
Debt securities, realized gain | 14 | 82 | 43 | 128 | |
Debt securities, realized losses and impairments | 0 | (34) | 0 | (44) | |
Equity securities without readily determinable fair values | 329 | 329 | 274 | ||
Fair value adjustments, including impairment | $ 28 | (53) | $ 31 | (145) | |
Baker Hughes | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Remaining interest (in shares) | 267.7 | 267.7 | |||
Ownership percentage | 26.00% | 26.00% | |||
Net unrealized gains (losses) recorded to earnings | $ 1,846 | $ (3,865) | |||
Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments with a fair value | $ 5,718 | $ 5,718 | 5,866 | ||
U.S. corporate | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gross unrealized losses | (26) | (26) | $ (26) | ||
CMBS | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gross unrealized losses | $ (35) | $ (35) |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity (Baker Hughes) | $ 6,134 | $ 7,319 |
Current investment securities | 6,134 | 7,319 |
Gross unrealized gains | 7,153 | 8,342 |
Gross unrealized losses | (71) | (106) |
Other equity | 360 | 218 |
Non-current investment securities, amortized cost | 35,583 | 34,313 |
Non-current investment securities, gross unrealized gains | 7,153 | 8,342 |
Non-current investment securities, gross unrealized losses | (71) | (106) |
Non-current investment securities, estimated fair value | 42,665 | 42,549 |
Amortized cost | 41,717 | 41,632 |
Estimated fair value | 48,800 | 49,868 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 24,455 | 23,604 |
Gross unrealized gains | 5,703 | 6,651 |
Gross unrealized losses | (26) | (26) |
Estimated fair value | 30,133 | 30,230 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,631 | 2,283 |
Gross unrealized gains | 372 | 458 |
Gross unrealized losses | (2) | (1) |
Estimated fair value | 3,001 | 2,740 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 3,316 | 3,387 |
Gross unrealized gains | 780 | 878 |
Gross unrealized losses | (4) | (9) |
Estimated fair value | 4,091 | 4,256 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 3,685 | 3,652 |
Gross unrealized gains | 161 | 171 |
Gross unrealized losses | (38) | (71) |
Estimated fair value | 3,808 | 3,752 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,137 | 1,169 |
Gross unrealized gains | 137 | 184 |
Gross unrealized losses | (2) | 0 |
Estimated fair value | $ 1,273 | $ 1,353 |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Jun. 30, 2021USD ($) |
Amortized cost | |
Within one year | $ 745 |
After one year through five years | 3,236 |
After five years through ten years | 6,410 |
After ten years | 21,147 |
Estimated fair value | |
Within one year | 755 |
After one year through five years | 3,544 |
After five years through ten years | 7,557 |
After ten years | $ 26,642 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 12,188 | $ 13,459 |
Sundry receivables | 4,115 | 4,395 |
Allowance for credit losses | (1,113) | (1,164) |
Total current receivables | 15,190 | 16,691 |
Decrease in allowance for credit losses | 102 | |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
DPP balance | 485 | 413 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 11,323 | 9,841 |
Sundry receivables | 4,112 | 4,763 |
Allowance for credit losses | (1,110) | (1,161) |
Total current receivables | $ 14,324 | $ 13,442 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Sales of GE Current Customer Receivables, Narrative (Details) - GE Industrial - Current Receivables - USD ($) $ in Millions | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of receivables sold | 21.00% | 45.00% | |||
GE Capital | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customer receivables | $ 865 | $ 3,482 | $ 3,134 | $ 3,618 | $ 3,087 |
Third Parties | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Customer receivables | $ 2,131 | $ 3,897 | $ 2,582 | $ 2,992 | $ 6,757 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Sales of GE Current Customer Receivables (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Current Receivables | Third Parties | Receivables Facility One | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at end of period | $ 1,936 | |
GE Industrial | Current Receivables | GE Capital | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | 3,618 | $ 3,087 |
GE sales | 9,783 | 16,964 |
GE Capital sales to third parties | (6,763) | (9,914) |
Collections and other | (5,859) | (6,825) |
Reclassification from long-term customer receivables | 86 | 170 |
Balance at end of period | 865 | 3,482 |
GE Industrial | Current Receivables | Third Parties | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | 2,992 | 6,757 |
GE sales | 453 | 515 |
GE Capital sales to third parties | 6,763 | 9,914 |
Collections and other | (8,077) | (13,289) |
Reclassification from long-term customer receivables | 0 | 0 |
Balance at end of period | 2,131 | 3,897 |
GE Industrial | Current Receivables with Recourse | GE Capital | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at end of period | $ 439 | $ 661 |
CURRENT AND LONG-TERM RECEIVA_6
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term customer receivables | $ 593 | $ 585 |
Long-term sundry receivables | 1,675 | 1,748 |
Allowance for credit losses | (138) | (142) |
Total long-term receivables | 2,130 | 2,191 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term customer receivables | 579 | 474 |
Long-term sundry receivables | 1,979 | 2,097 |
Allowance for credit losses | (138) | (142) |
Total long-term receivables | 2,420 | 2,430 |
GE Capital | GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total long-term receivables | $ 14 | $ 111 |
CURRENT AND LONG-TERM RECEIVA_7
CURRENT AND LONG-TERM RECEIVABLES - Unconsolidated Receivables Facilities (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)receivable_facility | Jun. 30, 2020USD ($) | |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of receivables facility | receivable_facility | 1 | |
Third Parties | GE Industrial | Current Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables sold to receivables facilities | $ 5,334 | $ 7,662 |
Total cash purchase price for customer receivables | 5,011 | 7,222 |
Cash collections re-invested to purchase customer receivables | 4,468 | 6,435 |
Non-cash increases to deferred purchase price | 288 | 390 |
Cash payments received on deferred purchase price | 217 | $ 274 |
Receivables Facility One | GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Facility program size | $ 2,000 |
CURRENT AND LONG-TERM RECEIVA_8
CURRENT AND LONG-TERM RECEIVABLES - Consolidated Securitization Entities (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)entity | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 237,559 | $ 256,211 |
Liabilities | 202,512 | 219,138 |
Consolidated VIE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | 1,849 | 1,733 |
Liabilities | $ 521 | 657 |
Consolidated VIE | GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of VIEs | entity | 2 | |
Consolidated VIE | GE Capital | Receivables | Current Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 384 | 1,489 |
Consolidated VIE | GE Capital | Receivables | Noncurrent Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | 9 | 93 |
Consolidated VIE | GE Capital | Debt | Debt Facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Liabilities | $ 68 | $ 892 |
FINANCING RECEIVABLES AND ALL_3
FINANCING RECEIVABLES AND ALLOWANCES - Schedule of Financing Receivables, Net (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred income | $ 347 | $ 359 |
Allowance for losses | (31) | (32) |
Current financing receivables – net | 316 | 326 |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred income | 1,645 | 4,182 |
Allowance for losses | (12) | (10) |
Current financing receivables – net | $ 1,632 | $ 4,172 |
FINANCING RECEIVABLES AND ALL_4
FINANCING RECEIVABLES AND ALLOWANCES - Narrative (Details) - GE Capital | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of financing receivables over 30 days past due | 3.10% | 2.80% |
Percent of financing receivables over 90 days past due | 2.20% | 1.70% |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 8,393 | $ 7,937 |
Finished goods | 6,184 | 5,654 |
Deferred inventory costs | 2,439 | 2,299 |
Inventories, including deferred inventory costs | $ 17,016 | $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 32,274 | $ 32,098 |
Less accumulated depreciation and amortization | (18,858) | (18,251) |
Right-of-use operating lease assets | 2,753 | 2,852 |
Property, plant and equipment – net | $ 16,169 | $ 16,699 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment – net | Property, plant and equipment – net |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Consolidated depreciation and amortization on property, plant and equipment | $ 483 | $ 460 | $ 935 | $ 921 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 15) | All other liabilities (Note 15) | All other liabilities (Note 15) | ||
Lease liabilities | $ 3,051 | $ 3,051 | $ 3,195 | ||
Lease expense | 258 | $ 285 | 539 | $ 579 | |
GE Industrial | |||||
Property, Plant and Equipment [Line Items] | |||||
Lease liabilities | $ 2,993 | $ 2,993 | $ 3,133 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill | |
Balance at beginning of period | $ 25,524 |
Acquisitions | 45 |
Currency exchange and other | (78) |
Balance at end of period | 25,491 |
Operating Segments | Aviation | |
Goodwill | |
Balance at beginning of period | 9,247 |
Acquisitions | 0 |
Currency exchange and other | (52) |
Balance at end of period | 9,195 |
Operating Segments | Healthcare | |
Goodwill | |
Balance at beginning of period | 11,855 |
Acquisitions | 45 |
Currency exchange and other | (5) |
Balance at end of period | 11,894 |
Operating Segments | Renewable Energy | |
Goodwill | |
Balance at beginning of period | 3,401 |
Acquisitions | 0 |
Currency exchange and other | (22) |
Balance at end of period | 3,379 |
Operating Segments | Power | |
Goodwill | |
Balance at beginning of period | 146 |
Acquisitions | 0 |
Currency exchange and other | 0 |
Balance at end of period | 145 |
Corporate | |
Goodwill | |
Balance at beginning of period | 876 |
Acquisitions | 0 |
Currency exchange and other | 2 |
Balance at end of period | $ 877 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||||
Goodwill | $ 25,491 | $ 25,491 | $ 25,524 | ||
Intangible assets | 9,460 | 9,460 | $ 9,671 | ||
Amortization of intangible assets | 288 | $ 299 | 589 | $ 617 | |
Patents and Technology | |||||
Goodwill [Line Items] | |||||
Intangible assets acquired | 304 | ||||
Operating Segments | Additive Reporting Unit | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 240 | $ 240 |
REVENUES - Equipment and Servic
REVENUES - Equipment and Services Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 |
GE Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 17,487 | 16,066 | 33,816 | 34,910 |
GE Industrial | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,302 | 8,206 | 16,273 | 17,303 |
GE Industrial | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9,185 | 7,860 | 17,543 | 17,608 |
Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,496 | 16,799 | 35,842 | 36,473 |
Operating segments | GE Industrial | Aviation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,840 | 4,384 | 9,832 | 11,276 |
Operating segments | GE Industrial | Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,454 | 3,893 | 8,761 | 8,620 |
Operating segments | GE Industrial | Renewable Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,049 | 3,505 | 7,297 | 6,698 |
Operating segments | GE Industrial | Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,295 | 4,156 | 8,216 | 8,181 |
Operating segments | GE Industrial | Equipment | Aviation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,865 | 1,938 | 3,712 | 4,302 |
Operating segments | GE Industrial | Equipment | Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,257 | 2,050 | 4,484 | 4,749 |
Operating segments | GE Industrial | Equipment | Renewable Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,305 | 2,722 | 6,148 | 5,298 |
Operating segments | GE Industrial | Equipment | Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,071 | 1,488 | 2,312 | 2,994 |
Operating segments | GE Industrial | Services | Aviation | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,974 | 2,446 | 6,120 | 6,975 |
Operating segments | GE Industrial | Services | Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,197 | 1,843 | 4,278 | 3,872 |
Operating segments | GE Industrial | Services | Renewable Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 745 | 783 | 1,149 | 1,401 |
Operating segments | GE Industrial | Services | Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,224 | 2,669 | 5,904 | 5,187 |
Corporate items and industrial eliminations | GE Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (151) | 129 | (290) | 135 |
Corporate items and industrial eliminations | GE Industrial | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | (195) | 9 | (383) | (39) |
Corporate items and industrial eliminations | GE Industrial | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 44 | $ 120 | $ 93 | $ 174 |
REVENUES - Sub-Segment Revenues
REVENUES - Sub-Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 |
GE Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 17,487 | 16,066 | 33,816 | 34,910 |
Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 18,496 | 16,799 | 35,842 | 36,473 |
Operating segments | GE Industrial | Aviation | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 4,840 | 4,384 | 9,832 | 11,276 |
Operating segments | GE Industrial | Aviation | Commercial Engines & Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 3,115 | 2,519 | 6,469 | 7,631 |
Operating segments | GE Industrial | Aviation | Military | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 1,041 | 1,161 | 1,997 | 2,121 |
Operating segments | GE Industrial | Aviation | Systems & Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 684 | 703 | 1,366 | 1,524 |
Operating segments | GE Industrial | Healthcare | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 4,454 | 3,893 | 8,761 | 8,620 |
Operating segments | GE Industrial | Healthcare | Healthcare Systems | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 3,915 | 3,523 | 7,740 | 6,971 |
Operating segments | GE Industrial | Healthcare | Pharmaceutical Diagnostics | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 539 | 370 | 1,021 | 820 |
Operating segments | GE Industrial | Healthcare | BioPharma | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 0 | 0 | 0 | 830 |
Operating segments | GE Industrial | Renewable Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 4,049 | 3,505 | 7,297 | 6,698 |
Operating segments | GE Industrial | Renewable Energy | Onshore Wind | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 2,883 | 2,487 | 5,001 | 4,612 |
Operating segments | GE Industrial | Renewable Energy | Grid Solutions equipment and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 776 | 812 | 1,571 | 1,652 |
Operating segments | GE Industrial | Renewable Energy | Hydro | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 194 | 151 | 359 | 330 |
Operating segments | GE Industrial | Renewable Energy | Offshore Wind and Hybrid Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 196 | 54 | 366 | 105 |
Operating segments | GE Industrial | Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 4,295 | 4,156 | 8,216 | 8,181 |
Operating segments | GE Industrial | Power | Gas Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 3,049 | 3,077 | 5,878 | 5,936 |
Operating segments | GE Industrial | Power | Steam Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 831 | 763 | 1,537 | 1,571 |
Operating segments | GE Industrial | Power | Power Conversion, Nuclear and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 415 | 316 | 800 | 674 |
Operating segments | Capital | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | 858 | 861 | 1,736 | 1,698 |
Corporate items and industrial eliminations | GE Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | (151) | 129 | (290) | 135 |
Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Consolidated revenues | $ (66) | $ (123) | $ (154) | $ (314) |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligation (Details) $ in Millions | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 227,465 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | 44,097 |
Services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 183,368 |
REVENUES - Remaining Performa_2
REVENUES - Remaining Performance Obligation (Percentage and Period) (Details) | Jun. 30, 2021 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 56.00% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 83.00% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 97.00% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 13.00% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 44.00% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 66.00% |
Performance obligations expected to be satisfied, expected timing | 10 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2037-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 82.00% |
Performance obligations expected to be satisfied, expected timing | 15 years |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in contract and other deferred assets | $ (91) | |
Revenue recognized included in contract liability | 9,778 | $ 6,870 |
Renewable Energy and Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in progress collections and deferred income due to timing of revenue recognition | (1,191) | |
Long-term | Services | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (4,719) | |
Revenues recognized | 4,472 | |
Long-term | Services | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | (251) | |
Long-term | Services | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ 56 |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 5,431 | $ 5,764 |
Non-current contract and other deferred assets | 6,131 | 5,888 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,431 | 5,764 |
Non-current contract and other deferred assets | 6,131 | 5,921 |
Operating Segments | GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,431 | 5,764 |
Nonrecurring engineering costs | 2,544 | 2,490 |
Customer advances and other | 3,587 | 3,398 |
Non-current contract and other deferred assets | 6,131 | 5,888 |
Total contract and other deferred assets | 11,561 | 11,653 |
Operating Segments | GE Industrial | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 7,829 | 8,354 |
Billings in excess of revenues | (6,931) | (7,015) |
Operating Segments | GE Industrial | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 898 | 1,338 |
Operating Segments | GE Industrial | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 729 | 719 |
Operating Segments | GE Industrial | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 3,804 | 3,707 |
Operating Segments | GE Industrial | Aviation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (2,771) | (1,963) |
Nonrecurring engineering costs | 2,460 | 2,409 |
Customer advances and other | 2,611 | 2,481 |
Non-current contract and other deferred assets | 5,071 | 4,889 |
Total contract and other deferred assets | 2,300 | 2,927 |
Operating Segments | GE Industrial | Aviation | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,397 | 3,072 |
Billings in excess of revenues | (5,528) | (5,375) |
Operating Segments | GE Industrial | Aviation | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (3,131) | (2,304) |
Operating Segments | GE Industrial | Aviation | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 315 | 282 |
Operating Segments | GE Industrial | Aviation | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 45 | 59 |
Operating Segments | GE Industrial | Healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 466 | 479 |
Nonrecurring engineering costs | 33 | 31 |
Customer advances and other | 127 | 128 |
Non-current contract and other deferred assets | 160 | 159 |
Total contract and other deferred assets | 626 | 638 |
Operating Segments | GE Industrial | Healthcare | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 179 | 173 |
Operating Segments | GE Industrial | Healthcare | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 287 | 306 |
Operating Segments | GE Industrial | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,438 | 1,233 |
Nonrecurring engineering costs | 33 | 34 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 33 | 34 |
Total contract and other deferred assets | 1,471 | 1,268 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 97 | 106 |
Operating Segments | GE Industrial | Renewable Energy | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,341 | 1,127 |
Operating Segments | GE Industrial | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 6,043 | 5,786 |
Nonrecurring engineering costs | 18 | 16 |
Customer advances and other | 848 | 822 |
Non-current contract and other deferred assets | 867 | 838 |
Total contract and other deferred assets | 6,910 | 6,623 |
Operating Segments | GE Industrial | Power | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,433 | 5,282 |
Billings in excess of revenues | (1,404) | (1,640) |
Operating Segments | GE Industrial | Power | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 4,029 | 3,642 |
Operating Segments | GE Industrial | Power | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 117 | 129 |
Operating Segments | GE Industrial | Power | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,897 | 2,015 |
Operating Segments | GE Industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 253 | 229 |
Nonrecurring engineering costs | 0 | 0 |
Customer advances and other | 0 | (32) |
Non-current contract and other deferred assets | 0 | (32) |
Total contract and other deferred assets | 254 | 197 |
Operating Segments | GE Industrial | Other | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Other | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Other | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 20 | 29 |
Operating Segments | GE Industrial | Other | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 233 | $ 201 |
CONTRACT AND OTHER DEFERRED A_5
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Progress Collections and Deferred Income (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Capitalized Contract Cost [Line Items] | ||
Progress collections and deferred income | $ 17,201 | $ 18,371 |
Non-current deferred income | 1,779 | 1,801 |
GE Industrial | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections and deferred income | 17,228 | 18,371 |
Non-current deferred income | 1,779 | 1,801 |
Operating Segments | GE Industrial | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 1,853 | 1,757 |
Progress collections and deferred income | 17,201 | 18,371 |
Non-current deferred income | 1,779 | 1,801 |
Total Progress collections and deferred income | 18,981 | 20,172 |
Operating Segments | GE Industrial | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,873 | 6,362 |
Operating Segments | GE Industrial | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 8,475 | 10,252 |
Operating Segments | GE Industrial | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 141 | 132 |
Progress collections and deferred income | 4,557 | 4,969 |
Non-current deferred income | 874 | 898 |
Total Progress collections and deferred income | 5,431 | 5,867 |
Operating Segments | GE Industrial | Aviation | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 181 | 214 |
Operating Segments | GE Industrial | Aviation | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,234 | 4,623 |
Operating Segments | GE Industrial | Healthcare | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 1,385 | 1,309 |
Progress collections and deferred income | 1,828 | 1,724 |
Non-current deferred income | 568 | 564 |
Total Progress collections and deferred income | 2,396 | 2,288 |
Operating Segments | GE Industrial | Healthcare | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 443 | 414 |
Operating Segments | GE Industrial | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 212 | 194 |
Progress collections and deferred income | 5,160 | 6,028 |
Non-current deferred income | 203 | 214 |
Total Progress collections and deferred income | 5,363 | 6,241 |
Operating Segments | GE Industrial | Renewable Energy | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 1,607 | 1,229 |
Operating Segments | GE Industrial | Renewable Energy | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 3,341 | 4,604 |
Operating Segments | GE Industrial | Power | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 24 | 17 |
Progress collections and deferred income | 5,483 | 5,393 |
Non-current deferred income | 125 | 116 |
Total Progress collections and deferred income | 5,607 | 5,509 |
Operating Segments | GE Industrial | Power | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,085 | 4,918 |
Operating Segments | GE Industrial | Power | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 373 | 458 |
Operating Segments | GE Industrial | Other | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 91 | 105 |
Progress collections and deferred income | 174 | 257 |
Non-current deferred income | 9 | 10 |
Total Progress collections and deferred income | 184 | 267 |
Operating Segments | GE Industrial | Other | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Operating Segments | GE Industrial | Other | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 83 | $ 152 |
ALL OTHER ASSETS (Details)
ALL OTHER ASSETS (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Increase in other non-current assets | $ 1,602 |
Increase in pension surplus | 732 |
Increase in insurance cash and cash equivalents | 565 |
Increase in insurance equity method and other investments | $ 306 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term borrowings | ||
Total short-term borrowings | $ 4,293 | $ 4,713 |
Eliminations | (1,638) | (3,033) |
Long-term borrowings | ||
Total long-term borrowings | 59,231 | 70,189 |
Eliminations | (13,500) | (16,780) |
Total borrowings | 63,524 | 74,902 |
GE Industrial | ||
Short-term borrowings | ||
Total short-term borrowings | 2,869 | 3,350 |
Long-term borrowings | ||
Total long-term borrowings | 30,935 | 39,386 |
GE Industrial | Senior notes | ||
Long-term borrowings | ||
Total long-term borrowings | 13,858 | 18,994 |
GE Industrial | Senior notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 14,884 | 18,178 |
GE Industrial | Subordinated notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 1,793 | 1,779 |
GE Industrial | Other | ||
Long-term borrowings | ||
Total long-term borrowings | 401 | 435 |
GE Industrial | Current portion of long-term borrowings | ||
Short-term borrowings | ||
Total short-term borrowings | 1,021 | 36 |
GE Industrial | Current portion of long-term borrowings assumed by GE | ||
Short-term borrowings | ||
Total short-term borrowings | 1,495 | 2,432 |
GE Industrial | Other | ||
Short-term borrowings | ||
Total short-term borrowings | 352 | 882 |
GE Capital | ||
Short-term borrowings | ||
Total short-term borrowings | 3,063 | 4,395 |
Long-term borrowings | ||
Total long-term borrowings | 41,796 | 47,584 |
GE Capital | Senior notes | ||
Long-term borrowings | ||
Total long-term borrowings | 27,611 | 30,132 |
GE Capital | Subordinated notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 160 | 189 |
GE Capital | Intercompany payable to GE | ||
Long-term borrowings | ||
Total long-term borrowings | 13,500 | 16,780 |
GE Capital | Other | ||
Long-term borrowings | ||
Total long-term borrowings | 524 | 483 |
GE Capital | Current portion of long-term borrowings | ||
Short-term borrowings | ||
Total short-term borrowings | 1,394 | 788 |
GE Capital | Intercompany payable to GE | ||
Short-term borrowings | ||
Total short-term borrowings | 1,495 | 2,432 |
GE Capital | Other | ||
Short-term borrowings | ||
Total short-term borrowings | 107 | 283 |
GE Capital | Non-recourse borrowings of consolidated securitization entities | ||
Short-term borrowings | ||
Total short-term borrowings | $ 68 | $ 892 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | |||||
Short-term borrowings assumed by GE | $ 0 | $ 0 | $ 0 | ||
Long-term borrowings assumed by GE | 0 | 0 | 0 | ||
Loss on extinguishment of debt, before tax | 1,416 | $ 205 | 1,416 | $ 205 | |
GE Capital | |||||
Guarantor Obligations [Line Items] | |||||
Receivable from related parties | 14,996 | 14,996 | |||
GE Industrial | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | 18,808 | 18,808 | |||
Short-term borrowings assumed by GE | 1,495 | 1,495 | 2,432 | ||
Long-term borrowings assumed by GE | 16,678 | 16,678 | 19,957 | ||
Loss on extinguishment of debt, before tax | 645 | 63 | 645 | 63 | |
GE Industrial | GE Issued Borrowings | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | 15,631 | 15,631 | |||
GE Industrial | Intercompany Loan | GE Capital | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | 3,177 | 3,177 | |||
GE Capital | |||||
Guarantor Obligations [Line Items] | |||||
Short-term borrowings assumed by GE | 1,495 | 1,495 | 2,432 | ||
Long-term borrowings assumed by GE | 13,500 | 13,500 | 16,780 | ||
Loss on extinguishment of debt, before tax | 771 | $ 143 | 771 | $ 143 | |
GE Capital | Non-recourse borrowings of consolidated securitization entities | |||||
Guarantor Obligations [Line Items] | |||||
Debt assumed by GE upon merger | 27,518 | 27,518 | $ 28,503 | ||
GE Capital | GE Capital Exit Plan | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | 18,173 | 18,173 | |||
Short-term borrowings assumed by GE | 1,495 | 1,495 | |||
Long-term borrowings assumed by GE | 16,678 | 16,678 | |||
Unsecured debt | GE Capital | Purchased Notes | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | 3,191 | 3,191 | |||
Purchased notes | 2,879 | 2,879 | |||
Cash consideration paid for debt purchases | 3,940 | ||||
Loss on extinguishment of debt, before tax | 771 | ||||
Unsecured debt | GE Capital | 4.650% Notes due 2021 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 23 | $ 23 | |||
Debt interest rate | 4.65% | 4.65% | |||
Unsecured debt | GE Capital | 3.150% Notes due 2022 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 56 | $ 56 | |||
Debt interest rate | 3.15% | 3.15% | |||
Unsecured debt | GE Capital | 3.100% Notes due 2023 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 75 | $ 75 | |||
Debt interest rate | 3.10% | 3.10% | |||
Unsecured debt | GE Capital | 6.150% Notes due 2037 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 503 | $ 503 | |||
Debt interest rate | 6.15% | 6.15% | |||
Unsecured debt | GE Capital | 5.875% Notes due 2038 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 1,400 | $ 1,400 | |||
Debt interest rate | 5.875% | 5.875% | |||
Unsecured debt | GE Capital | 6.875% Notes due 2039 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 823 | $ 823 | |||
Debt interest rate | 6.875% | 6.875% | |||
Unsecured debt | GE Industrial | Purchased Notes | |||||
Guarantor Obligations [Line Items] | |||||
Total borrowings | $ 4,084 | $ 4,084 | |||
Purchased notes | 4,114 | 4,114 | |||
Cash consideration paid for debt purchases | 4,756 | ||||
Loss on extinguishment of debt, before tax | 645 | ||||
Unsecured debt | GE Industrial | 2.700% Notes Due 2022 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 201 | $ 201 | |||
Debt interest rate | 2.70% | 2.70% | |||
Unsecured debt | GE Industrial | 4.250% Notes due 2040 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 752 | $ 752 | |||
Debt interest rate | 4.25% | 4.25% | |||
Unsecured debt | GE Industrial | 4.125% Notes due 2042 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 377 | $ 377 | |||
Debt interest rate | 4.125% | 4.125% | |||
Unsecured debt | GE Industrial | 4.500% Notes due 2044 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 311 | $ 311 | |||
Debt interest rate | 4.50% | 4.50% | |||
Unsecured debt | GE Industrial | 4.350% Notes due 2050 | |||||
Guarantor Obligations [Line Items] | |||||
Purchased notes | $ 2,473 | $ 2,473 | |||
Debt interest rate | 4.35% | 4.35% |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 | |
Assets | 237,559 | 237,559 | $ 256,211 | ||
Claims incurred | 799 | 945 | |||
Paid claims | 866 | 888 | |||
Reinsurance recoverables, allowances | 1,566 | 1,566 | 1,510 | ||
Reinsurance recoverables, net | 2,596 | 2,596 | 2,552 | ||
Run-off Insurance Operations | GE Capital | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | 803 | 786 | 1,578 | 1,402 | |
Gross profit (loss) | 192 | $ 114 | 308 | $ 21 | |
Assets | $ 51,810 | $ 51,810 | $ 50,824 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | $ 33,271 | $ 34,482 |
Claim reserves | 5,628 | 5,736 |
Investment contracts | 1,981 | 2,049 |
Unearned premiums and other | 332 | 298 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 41,212 | 42,565 |
Eliminations | (417) | (374) |
Total | 40,795 | 42,191 |
Other adjustments | 7,028 | 8,160 |
Decrease in insurance liabilities and annuity benefits | 1,132 | |
Long-term care | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 17,042 | 16,934 |
Claim reserves | 4,368 | 4,393 |
Investment contracts | 0 | 0 |
Unearned premiums and other | 15 | 19 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 21,426 | 21,346 |
Total | 21,426 | 21,346 |
Structured settlement annuities & life | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 9,013 | 9,207 |
Claim reserves | 270 | 275 |
Investment contracts | 999 | 1,034 |
Unearned premiums and other | 189 | 189 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 10,472 | 10,705 |
Total | 10,472 | 10,705 |
Other contracts | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 188 | 181 |
Claim reserves | 990 | 1,068 |
Investment contracts | 982 | 1,016 |
Unearned premiums and other | 127 | 89 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 2,287 | 2,354 |
Eliminations | (417) | (374) |
Total | $ 1,870 | $ 1,980 |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)category | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)category | Jun. 30, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of categories | category | 3 | 3 | ||
Defined contribution plan costs | $ 113 | $ 87 | $ 221 | $ 182 |
Principal retiree benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | (42) | (22) | (82) | (54) |
Other pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | $ 37 | $ 2 | 13 | $ 9 |
Curtailment loss | $ 77 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | $ 58 | $ 192 | $ 122 | $ 345 |
Prior service cost amortization | 7 | 37 | 14 | 74 |
Expected return on plan assets | (762) | (748) | (1,525) | (1,496) |
Interest cost on benefit obligations | 490 | 589 | 976 | 1,176 |
Net actuarial loss amortization | 878 | 851 | 1,742 | 1,699 |
Plans cost (income) | $ 671 | $ 921 | $ 1,329 | $ 1,798 |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | |
Decrease other current liabilities | $ 1,341 |
Decrease in employee compensation and benefit liabilities | 214 |
Decrease in taxes payable | 200 |
GE Capital | |
Subsidiary or Equity Method Investee [Line Items] | |
Decrease other current liabilities | $ 813 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 40.70% | (2.10%) | |
Tax associated with preparatory steps for the transaction | $ 633 | ||
GE Capital | Foreign Tax Authority | Her Majesty's Revenue and Customs (HMRC) | |||
Income Tax Contingency [Line Items] | |||
Potential impact on disallowance of interest deductions | $ 1,100 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | $ 37,073 | |||
Ending balance | $ 35,047 | $ 35,254 | $ 35,047 | $ 35,254 |
Dividends declared per common share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.02 |
Adjustments to investment securities before reclassifications | $ (1,144) | $ (2,229) | $ 894 | $ (962) |
Accumulated other comprehensive income (loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (8,893) | (10,819) | (9,749) | (11,732) |
Ending balance | (7,820) | (10,194) | (7,820) | (10,194) |
Investment securities including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | 42 | 20 | 60 | 61 |
AOCI before reclass, net of taxes | 7 | 34 | (22) | 41 |
Reclass from AOCI, net of taxes | (8) | (7) | 3 | (55) |
Other comprehensive income (loss) | (1) | 27 | (19) | (14) |
AOCI before reclass, taxes | 2 | 8 | (4) | 7 |
Reclass from AOCI, taxes | (2) | (2) | 2 | (14) |
Investment securities attributable to noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Investment securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | (1) | 27 | (19) | (14) |
Ending balance | 41 | 47 | 41 | 47 |
Currency translation adjustments including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (4,278) | (4,685) | (4,386) | (4,818) |
AOCI before reclass, net of taxes | 130 | (58) | 240 | (613) |
Reclass from AOCI, net of taxes | 0 | 1 | 0 | 691 |
Other comprehensive income (loss) | 130 | (57) | 240 | 78 |
AOCI before reclass, taxes | 1 | 25 | (56) | 20 |
Reclass from AOCI, taxes | 0 | 0 | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | (2) | 1 | 0 | 3 |
Currency translation adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 132 | (58) | 240 | 75 |
Ending balance | (4,146) | (4,743) | (4,146) | (4,743) |
Cash flow hedges including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | 34 | (163) | (28) | 49 |
AOCI before reclass, net of taxes | 32 | 40 | 71 | (222) |
Reclass from AOCI, net of taxes | (5) | 13 | 18 | 64 |
Other comprehensive income (loss) | 27 | 53 | 90 | (158) |
AOCI before reclass, taxes | (10) | (24) | (6) | (69) |
Reclass from AOCI, taxes | (1) | (1) | 9 | 8 |
Cash flow hedges attributable to noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Cash flow hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 27 | 53 | 90 | (158) |
Ending balance | 62 | (109) | 62 | (109) |
Benefit plans including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (4,691) | (5,991) | (5,395) | (7,024) |
AOCI before reclass, net of taxes | 157 | (74) | 173 | 145 |
Reclass from AOCI, net of taxes | 757 | 678 | 1,446 | 1,495 |
Other comprehensive income (loss) | 914 | 604 | 1,619 | 1,640 |
AOCI before reclass, taxes | 26 | (2) | (21) | 28 |
Reclass from AOCI, taxes | 206 | 187 | 400 | 426 |
Benefit plans attributable to noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 0 | 0 | 1 | 3 |
Benefit plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | 914 | 604 | 1,618 | 1,636 |
Ending balance | $ (3,777) | (5,387) | $ (3,777) | $ (5,387) |
BioPharma | Benefit plans including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Reclass from AOCI, net of taxes | 836 | |||
Currency translation, net of taxes | $ 688 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Redeemable noncontrolling interests | $ 457 | $ 487 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Diluted | ||||
Earnings from continuing operations for per-share calculation | $ (568) | $ (994) | $ (476) | $ 5,212 |
Preferred stock dividends | (57) | (192) | (129) | (235) |
Accretion of redeemable noncontrolling interests, net of tax | (2) | (135) | 0 | (135) |
Earnings from continuing operations attributable to common shareowners for per-share calculation | (626) | (1,321) | (604) | 4,841 |
Earnings (loss) from discontinued operations for per-share calculation | (564) | (994) | (3,458) | (1,009) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation | $ (1,190) | $ (2,314) | $ (4,062) | $ 3,832 |
Employee compensation-related shares (including stock options) (in shares) | 0 | 0 | 0 | 6 |
Total average equivalent shares (in shares) | 8,780 | 8,750 | 8,775 | 8,752 |
Earnings per share from continuing operations (in dollars per share) | $ (0.07) | $ (0.15) | $ (0.07) | $ 0.55 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.06) | (0.11) | (0.39) | (0.12) |
Net earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.26) | $ (0.46) | $ 0.44 |
Potentially dilutive securities | 324 | 459 | 351 | 440 |
Basic | ||||
Earnings from continuing operations for per-share calculation | $ (568) | $ (994) | $ (476) | $ 5,212 |
Preferred stock dividends | (57) | (192) | (129) | (235) |
Accretion of redeemable noncontrolling interests, net of tax | (2) | (135) | 0 | (135) |
Earnings from continuing operations attributable to common shareowners for per-share calculation | (626) | (1,321) | (604) | 4,841 |
Earnings (loss) from discontinued operations for per-share calculation | (564) | (994) | (3,458) | (1,009) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation | $ (1,190) | $ (2,314) | $ (4,062) | $ 3,832 |
Total average equivalent shares (in shares) | 8,780 | 8,750 | 8,775 | 8,746 |
Earnings per share from continuing operations (in dollars per share) | $ (0.07) | $ (0.15) | $ (0.07) | $ 0.55 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.06) | (0.11) | (0.39) | (0.12) |
Net earnings (loss) per share (in dollars per share) | $ (0.14) | $ (0.26) | $ (0.46) | $ 0.44 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Liabilities | ||
Borrowings (Note 12) | $ 63,524 | $ 74,902 |
Investment contracts (Note 13) | 1,981 | 2,049 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,897 | 2,904 |
Liabilities | ||
Borrowings (Note 12) | 63,524 | 74,902 |
Investment contracts (Note 13) | 1,981 | 2,049 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 3,088 | 3,125 |
Liabilities | ||
Borrowings (Note 12) | 74,087 | 86,001 |
Investment contracts (Note 13) | $ 2,402 | $ 2,547 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives and Hedging, Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total gross notional amount | $ 99,270 | $ 95,647 |
Cash collateral received | 8 | 3 |
Cash collateral posted | 568 | 805 |
Net accrued interest | 58 | 292 |
Net cash collateral posted | 560 | 802 |
GE Industrial | ||
Derivative [Line Items] | ||
Total gross notional amount | 54,970 | 50,202 |
GE Capital | ||
Derivative [Line Items] | ||
Total gross notional amount | 44,300 | 45,445 |
Net cash collateral received on derivatives | 1,551 | 3,289 |
Cash collateral received | 2,198 | 4,203 |
Cash collateral posted | 647 | 914 |
GE Capital | Interest rate contracts | ||
Derivative [Line Items] | ||
Net cash collateral received on derivatives | $ 773 | $ 1,968 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Notional | $ 99,270 | $ 95,647 |
All other assets | ||
Gross derivatives | 2,616 | 3,069 |
Netting and credit adjustments | (576) | (647) |
Cash collateral adjustments | (1,342) | (1,935) |
Net derivatives recognized in statement of financial position | 698 | 487 |
Net accrued interest | 88 | 0 |
Securities held as collateral | (2) | (2) |
Net amount | 783 | 484 |
All other liabilities | ||
Gross derivatives | 884 | 1,121 |
Netting and credit adjustments | (571) | (647) |
Cash collateral adjustments | (62) | (104) |
Net derivatives recognized in statement of financial position | 251 | 369 |
Net accrued interest | (2) | 0 |
Securities held as collateral | 0 | 0 |
Net amount | 249 | 369 |
Derivatives accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 33,280 | 27,886 |
All other assets | ||
Gross derivatives | 1,568 | 2,076 |
All other liabilities | ||
Gross derivatives | 75 | 132 |
Derivatives accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 26,643 | 20,500 |
All other assets | ||
Gross derivatives | 1,413 | 1,912 |
All other liabilities | ||
Gross derivatives | 22 | 7 |
Derivatives accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 6,637 | 7,387 |
All other assets | ||
Gross derivatives | 156 | 164 |
All other liabilities | ||
Gross derivatives | 53 | 125 |
Derivatives not accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 65,990 | 67,761 |
All other assets | ||
Gross derivatives | 1,048 | 993 |
All other liabilities | ||
Gross derivatives | 809 | 989 |
Derivatives not accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 272 | 346 |
All other assets | ||
Gross derivatives | 6 | 8 |
All other liabilities | ||
Gross derivatives | 0 | (1) |
Derivatives not accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 63,498 | 65,379 |
All other assets | ||
Gross derivatives | 680 | 767 |
All other liabilities | ||
Gross derivatives | 802 | 918 |
Derivatives not accounted for as hedges | Other contracts | ||
Derivative [Line Items] | ||
Gross Notional | 2,219 | 2,036 |
All other assets | ||
Gross derivatives | 361 | 218 |
All other liabilities | ||
Gross derivatives | $ 7 | $ 71 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Jun. 30, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 4,038 | $ 6,503 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 2,341 | 2,342 |
Hedged liability | $ 29,121 | $ 34,983 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gain (loss) recognized in AOCI | $ (5) | $ 53 | $ 31 | $ (260) |
Pre-tax gain (loss) in AOCI related to cash flow hedges of forecasted transactions | 51 | |||
Gain expected to be transferred to earnings as an expense | $ 12 | |||
Maximum term of hedged forecasted transactions | 14 years | 15 years |
FINANCIAL INSTRUMENTS - Net Inv
FINANCIAL INSTRUMENTS - Net Investment Hedges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Gain (loss) recognized in AOCI on hedging instruments | $ (173,000,000) | $ (90,000,000) | $ 99,000,000 | $ 68,000,000 |
Reclassified from AOCI into earnings, investment hedges | 0 | 0 | 0 | 0 |
Foreign currency debt | ||||
Derivative [Line Items] | ||||
Carrying value designated as net investment hedges | $ 8,226,000,000 | $ 7,743,000,000 | $ 8,226,000,000 | $ 7,743,000,000 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 |
Cost of sales | 13,618 | 13,633 | 26,156 | 28,059 |
Interest and other financial charges | 488 | 561 | 987 | 1,122 |
SG&A | 2,866 | 3,068 | 5,757 | 6,129 |
Other income (Note 23) | 706 | 2,078 | 1,332 | 8,947 |
Fair Value Hedges | ||||
Gain (loss) excluded for cash flow hedges | 10 | 7 | (6) | 22 |
Revenues | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total effect of cash flow hedges | 22 | 15 | 0 | (6) |
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 100 | (97) | 405 | (644) |
Cost of sales | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total effect of cash flow hedges | (3) | (13) | (6) | (38) |
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 5 | 16 | 4 | 29 |
Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total effect of cash flow hedges | (14) | (12) | (22) | (23) |
Fair Value Hedges | ||||
Hedged items | (658) | (122) | 1,186 | (2,601) |
Derivatives designated as hedging instruments | 630 | 109 | (1,269) | 2,620 |
Total effect of fair value hedges | (27) | (12) | (83) | 19 |
Total effect of derivatives not designated as hedges | 55 | (4) | 46 | (13) |
SG&A | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total effect of cash flow hedges | 0 | (2) | 1 | (5) |
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 112 | 201 | 226 | 95 |
Other Income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total effect of cash flow hedges | 0 | 0 | 0 | 0 |
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 51 | (21) | 108 | (32) |
Interest rate contracts | Revenues | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 1 | (2) | 2 | (28) |
Interest rate contracts | Cost of sales | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Interest rate contracts | Interest Expense | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 55 | (4) | 46 | (13) |
Interest rate contracts | SG&A | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Interest rate contracts | Other Income | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | (1) | 0 |
Currency exchange contracts | Revenues | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 99 | (95) | 403 | (616) |
Currency exchange contracts | Cost of sales | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 5 | 16 | 4 | 29 |
Currency exchange contracts | Interest Expense | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Currency exchange contracts | SG&A | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 55 | 104 | 114 | 159 |
Currency exchange contracts | Other Income | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | (51) | (32) | (12) | (21) |
Other | Revenues | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Other | Cost of sales | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Other | Interest Expense | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 0 | 0 | 0 | 0 |
Other | SG&A | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | 57 | 97 | 112 | (63) |
Other | Other Income | ||||
Fair Value Hedges | ||||
Total effect of derivatives not designated as hedges | $ 102 | $ 11 | $ 121 | $ (11) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net amount | $ 249 | $ 369 |
Counterparty credit risk | ||
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | 682 | 392 |
Net amount | $ 182 | $ 307 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)entity | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets | $ 237,559 | $ 256,211 |
Liabilities | 202,512 | 219,138 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,849 | 1,733 |
Liabilities | 521 | 657 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 3,910 | 3,230 |
Unconsolidated VIEs | EFS | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,334 | 1,141 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 2,350 | $ 1,833 |
GE Capital | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Number of VIEs | entity | 2 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)aircraft | |
GE Capital | Investment Commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,047 |
GE Capital | Thermal and Wind Energy Projects | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 571 |
GE Capital | Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 2,476 |
GE Capital | Thermal and Wind Energy Projects, Unconsolidated VIE Investment Commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 413 |
GE Capital | Run-off Insurance Operations, Unconsolidated VIE Investment Commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 2,339 |
Aviation | |
Long-term Purchase Commitment [Line Items] | |
Financial assistance commitment | 2,276 |
GECAS | Aircraft with GE Engines | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 25,676 |
Advances for pre-delivery payments | $ 2,633 |
GECAS | New Aircraft | |
Long-term Purchase Commitment [Line Items] | |
Number of aircrafts for delivery | aircraft | 261 |
Percentage of aircrafts to be delivered in first year | 15.00% |
Percentage of aircrafts to be delivered in second year | 14.00% |
Percentage of aircrafts to be delivered in third year and thereafter | 71.00% |
GECAS | Used Aircraft | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 1,270 |
Number of aircrafts for delivery | aircraft | 27 |
Percentage of aircrafts to be delivered in first year | 52.00% |
Percentage of aircrafts to be delivered in second year | 37.00% |
Percentage of aircrafts to be delivered in third year | 11.00% |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) - Indemnification agreements $ in Millions | Jun. 30, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Maximum potential claim | $ 581 |
Related reserves | $ 70 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 1,933 | $ 2,054 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) € in Millions, $ in Millions | 1 Months Ended | |||||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2017USD ($) | Nov. 30, 2015significant_case | Dec. 31, 2014USD ($) | Jan. 31, 2007EUR (€) | Dec. 31, 2020USD ($) | Nov. 02, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 430 | |||||||
Alstom Legacy Matters | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of significant cases involving anti-competitive activities and improper payments | significant_case | 2 | |||||||
Damages sought | € | € 65 | |||||||
Reduced fine | € | € 59 | |||||||
Amount paid | $ 27 | $ 307 | $ 772 | |||||
Reserve established for legal and compliance matters | $ 673 | $ 858 | $ 858 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits (Details) | Jun. 30, 2021claim |
Shareholder Derivative Lawsuits | |
Loss Contingencies [Line Items] | |
Number of pending lawsuits | 4 |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total portfolio carrying value | $ 237,559 | $ 256,211 |
Bank BPH | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Percentage indexed to or denominated in foreign currencies | 86.00% | |
Total portfolio carrying value | $ 1,991 | |
Estimate loss | $ 490 |
INTERCOMPANY TRANSACTIONS (Deta
INTERCOMPANY TRANSACTIONS (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Operating activities | $ (2,991) | $ (2,421) |
Investing activities | 1,517 | 19,680 |
Financing activities | (12,008) | (12,040) |
Combined GE Industrial and GE Capital cash flows | ||
Related Party Transaction [Line Items] | ||
Operating activities | (5,075) | (3,377) |
Investing activities | 4,710 | 28,354 |
Financing activities | (13,117) | (19,758) |
Combined GE Industrial and GE Capital cash flows | GE current receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Operating activities | 2,210 | (452) |
Investing activities | (2,845) | 270 |
Financing activities | 635 | 183 |
Combined GE Industrial and GE Capital cash flows | GE Industrial long-term receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Operating activities | 83 | 177 |
Investing activities | (83) | (177) |
Financing activities | 0 | 0 |
Combined GE Industrial and GE Capital cash flows | Supply chain finance programs | ||
Related Party Transaction [Line Items] | ||
Operating activities | 135 | 1,457 |
Investing activities | (135) | (1,457) |
Financing activities | 0 | 0 |
Combined GE Industrial and GE Capital cash flows | Repayment of GE Capital loans by GE Industrial | ||
Related Party Transaction [Line Items] | ||
Operating activities | 0 | 0 |
Investing activities | 0 | (7,500) |
Financing activities | 0 | 7,500 |
Combined GE Industrial and GE Capital cash flows | Affiliated Entity | GE current receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Volume of current receivables sold to related party | 3,020 | 7,512 |
Collections on current receivables sold to related party | 5,230 | 7,060 |
Other reclassifications and eliminations | ||
Related Party Transaction [Line Items] | ||
Operating activities | (344) | (225) |
Investing activities | (131) | 190 |
Financing activities | $ 474 | $ 36 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total | $ 706 | $ 2,078 | $ 1,332 | $ 8,947 |
Pre-tax realized and unrealized gain (loss) | 694 | (4,018) | ||
Pre-tax unrealized gain (loss) | 408 | 1,929 | 646 | (3,843) |
BioPharma | Disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain on sale | 12,341 | |||
Gain on sale, after tax | 11,199 | |||
GE | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Purchases and sales of business interests | (5) | 52 | (2) | 12,424 |
Sales | 39 | 31 | 87 | 73 |
Equity method income | 38 | 31 | 54 | 69 |
Net interest and investment income (loss) | 602 | 1,955 | 1,041 | (3,677) |
Other items | 43 | 48 | 159 | 101 |
Total | 717 | 2,116 | 1,339 | 8,990 |
Eliminations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total | (10) | (38) | (7) | (43) |
Baker Hughes | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax realized and unrealized gain (loss) | 373 | 668 | ||
After-tax realized and unrealized gain (loss) | $ 298 | $ 485 | ||
Pre-tax unrealized gain (loss) | 1,846 | (3,865) | ||
After-tax unrealized gain (loss) | $ 1,552 | $ (3,080) |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 18,279 | $ 16,805 | $ 35,397 | $ 36,294 |
Revenues, V% | 9.00% | (2.00%) | ||
GE goodwill impairments | $ 0 | (877) | $ 0 | (877) |
GE interest and other financial charges | (488) | (561) | (987) | (1,122) |
Debt extinguishment costs | 1,416 | 205 | 1,416 | 205 |
GE non-operating benefit costs | (517) | (598) | (947) | (1,216) |
GE Industrial benefit (provision) for income taxes | 466 | 160 | 325 | 106 |
Preferred stock dividends | (57) | (192) | (129) | (235) |
Earnings (loss) from continuing operations attributable to GE common shareholders | $ (624) | (1,185) | (604) | 4,989 |
Earnings (loss) from continuing operations attributable to GE common shareholders, V% | 47.00% | |||
Earnings (loss) from discontinued operations, net of taxes | $ (564) | (993) | (3,458) | (1,015) |
Earnings (loss) from discontinued operations, net of taxes, V% | 43.00% | |||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | $ 0 | 0 | 0 | (2) |
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest | $ (564) | (993) | (3,458) | (1,012) |
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest, V% | 43.00% | |||
Net earnings (loss) attributable to GE common shareholders | $ (1,188) | (2,179) | (4,062) | 3,977 |
Net earnings (loss) attributable to the GE common shareholders, V% | 45.00% | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 18,496 | 16,799 | $ 35,842 | 36,473 |
Revenues, V% | 10.00% | (2.00%) | ||
Segment profit (loss) | $ 604 | (957) | $ 1,451 | 268 |
Operating Segments | Aviation | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,840 | 4,384 | $ 9,832 | 11,276 |
Revenues, V% | 10.00% | (13.00%) | ||
Segment profit (loss) | $ 176 | (687) | $ 818 | 316 |
Operating Segments | Healthcare | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,454 | 3,893 | $ 8,761 | 8,620 |
Revenues, V% | 14.00% | 2.00% | ||
Segment profit (loss) | $ 801 | 506 | $ 1,500 | 1,373 |
Segment profit (loss), V% | 58.00% | 9.00% | ||
Operating Segments | Renewable Energy | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,049 | 3,505 | $ 7,297 | 6,698 |
Revenues, V% | 16.00% | 9.00% | ||
Segment profit (loss) | $ (99) | (251) | $ (333) | (578) |
Segment profit (loss), V% | 61.00% | 42.00% | ||
Operating Segments | Power | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,295 | 4,156 | $ 8,216 | 8,181 |
Revenues, V% | 3.00% | 0.00% | ||
Segment profit (loss) | $ 299 | (50) | $ 212 | (180) |
Operating Segments | Capital | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 858 | 861 | $ 1,736 | 1,698 |
Revenues, V% | 0.00% | 2.00% | ||
Segment profit (loss) | $ (573) | (476) | $ (745) | (663) |
Segment profit (loss), V% | (20.00%) | (12.00%) | ||
Corporate Items and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (217) | 6 | $ (445) | (179) |
Segment profit (loss) | $ 23 | 1,575 | $ 75 | 7,698 |
Segment profit (loss), V% | (99.00%) | (99.00%) | ||
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
GE goodwill impairments | $ 0 | (877) | $ 0 | (877) |
GE interest and other financial charges | $ (261) | (333) | $ (528) | (703) |
GE interest and other financial charges, V% | 22.00% | 25.00% | ||
Debt extinguishment costs | $ (645) | (63) | $ (645) | (63) |
GE non-operating benefit costs | $ (517) | (596) | $ (950) | (1,212) |
GE non-operating benefit costs, V% | 13.00% | 22.00% | ||
GE Industrial benefit (provision) for income taxes | $ 228 | 66 | $ 80 | (121) |
Preferred stock dividends | $ (57) | $ 0 | $ (88) | $ 0 |