Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 001-00035 | ||
Entity Registrant Name | GENERAL ELECTRIC COMPANY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 116.5 | ||
Entity Common Stock, Shares Outstanding | 1,099,321,882 | ||
Documents Incorporated by Reference | The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May 4, 2022, is incorporated by reference into Part III to the extent described therein. | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Central Index Key | 0000040545 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | GE | ||
Security Exchange Name | NYSE | ||
0.375% Notes Due 2022 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.375% Notes due 2022 | ||
Trading Symbol | GE 22A | ||
Security Exchange Name | NYSE | ||
1.250% Notes Due 2023 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.250% Notes due 2023 | ||
Trading Symbol | GE 23E | ||
Security Exchange Name | NYSE | ||
0.875% Notes Due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.875% Notes due 2025 | ||
Trading Symbol | GE 25 | ||
Security Exchange Name | NYSE | ||
1.875% Notes Due 2027 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.875% Notes due 2027 | ||
Trading Symbol | GE 27E | ||
Security Exchange Name | NYSE | ||
1.500% Notes Due 2029 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.500% Notes due 2029 | ||
Trading Symbol | GE 29 | ||
Security Exchange Name | NYSE | ||
7.5% Guaranteed Subordinated Notes Due 2035 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 | ||
Trading Symbol | GE /35 | ||
Security Exchange Name | NYSE | ||
2.125% Notes Due 2037 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.125% Notes due 2037 | ||
Trading Symbol | GE 37 | ||
Security Exchange Name | NYSE |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended | 24 Months Ended |
Dec. 31, 2021 | Dec. 31, 2020 | |
Audit Information [Abstract] | ||
Auditor Name | DELOITTE & TOUCHE LLP | KPMG LLP |
Auditor Firm ID | 34 | 185 |
Auditor Location | Boston, Massachusetts | Boston, Massachusetts |
STATEMENT OF EARNINGS (LOSS)
STATEMENT OF EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Insurance revenues (Note 11) | $ 3,106 | $ 2,865 | $ 2,802 |
Total revenues (Note 23) | 74,196 | 75,833 | 90,221 |
Costs and expenses | |||
Selling, general and administrative expenses | 11,707 | 12,592 | 13,806 |
Research and development | 2,497 | 2,565 | 3,118 |
Interest and other financial charges | 1,876 | 2,068 | 2,927 |
Debt extinguishment costs (Note 10) | 6,524 | 301 | 256 |
Insurance losses and annuity benefits (Note 11) | 2,283 | 2,397 | 3,294 |
Goodwill impairments (Note 7) | 0 | 877 | 1,486 |
Non-operating benefit costs | 1,782 | 2,430 | 2,839 |
Other costs and expenses | 136 | 159 | 176 |
Total costs and expenses | 80,702 | 81,259 | 92,754 |
Other income (Note 18) | 2,823 | 11,396 | 2,479 |
Earnings (loss) from continuing operations before income taxes | (3,683) | 5,970 | (54) |
Benefit (provision) for income taxes (Note 14) | 286 | 487 | (552) |
Earnings (loss) from continuing operations | (3,396) | 6,457 | (606) |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (3,195) | (911) | (4,306) |
Net earnings (loss) | (6,591) | 5,546 | (4,912) |
Less net earnings (loss) attributable to noncontrolling interests | (71) | (158) | 66 |
Net earnings (loss) attributable to the Company | (6,520) | 5,704 | (4,979) |
Preferred stock dividends | (237) | (474) | (460) |
Net earnings (loss) attributable to GE common shareholders | (6,757) | 5,230 | (5,439) |
Amounts attributable to GE common shareholders | |||
Earnings (loss) from continuing operations | (3,396) | 6,457 | (606) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (71) | (158) | 7 |
Earnings (loss) from continuing operations attributable to the Company | (3,325) | 6,615 | (613) |
Preferred stock dividends | (237) | (474) | (460) |
Earnings (loss) from continuing operations attributable to GE common shareholders | (3,562) | 6,141 | (1,073) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | (3,195) | (911) | (4,366) |
Net earnings (loss) attributable to GE common shareholders | $ (6,757) | $ 5,230 | $ (5,439) |
Earnings (loss) per share from continuing operations (Note 17) | |||
Diluted earnings (loss) per share (in dollars per share) | $ (3.25) | $ 5.46 | $ (0.98) |
Basic earnings (loss) per share (in dollars per share) | (3.25) | 5.46 | (0.98) |
Net earnings (loss) per share (Note 17) | |||
Diluted earnings (loss) per share (in dollars per share) | (6.16) | 4.63 | (4.99) |
Basic earnings (loss) per share (in dollars per share) | $ (6.16) | $ 4.63 | $ (4.99) |
Equipment | |||
Revenues | |||
Sales | $ 34,200 | $ 37,584 | $ 42,811 |
Costs and expenses | |||
Cost of sales | 31,399 | 35,242 | 37,572 |
Services | |||
Revenues | |||
Sales | 36,890 | 35,385 | 44,608 |
Costs and expenses | |||
Cost of sales | $ 22,497 | $ 22,629 | $ 27,280 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | |||
Cash, cash equivalents and restricted cash | [1] | $ 15,770 | $ 36,530 |
Investment securities (Note 3) | 12,297 | 7,319 | |
Current receivables (Note 4) | 15,620 | 16,691 | |
Inventories, including deferred inventory costs (Note 5) | 15,847 | 15,890 | |
Current contract assets (Note 8) | 4,881 | 5,764 | |
All other current assets (Note 9) | 1,933 | 2,659 | |
Current assets | 66,348 | 84,853 | |
Investment securities (Note 3) | 42,209 | 42,549 | |
Property, plant and equipment – net (Note 6) | 15,609 | 16,699 | |
Goodwill (Note 7) | 26,182 | 25,524 | |
Other intangible assets – net (Note 7) | 9,330 | 9,671 | |
Contract and other deferred assets (Note 8) | 6,124 | 5,888 | |
All other assets (Note 9) | 19,040 | 16,025 | |
Deferred income taxes (Note 14) | 10,855 | 14,253 | |
Assets of discontinued operations (Note 2) | 3,177 | 40,749 | |
Total assets | 198,874 | 256,211 | |
Short-term borrowings (Note 10) | 4,361 | 4,713 | |
Accounts payable and equipment project accruals | 16,243 | 16,458 | |
Progress collections and deferred income (Note 8) | 17,372 | 18,371 | |
All other current liabilities (Note 13) | 13,977 | 15,071 | |
Current liabilities | 51,953 | 54,613 | |
Deferred income (Note 8) | 1,989 | 1,801 | |
Long-term borrowings (Note 10) | 30,824 | 70,189 | |
Insurance liabilities and annuity benefits (Note 11) | 37,166 | 42,191 | |
Non-current compensation and benefits | 21,202 | 29,677 | |
All other liabilities (Note 13) | 13,240 | 14,781 | |
Liabilities of discontinued operations (Note 2) | 887 | 5,886 | |
Total liabilities | 157,262 | 219,138 | |
Preferred stock (5,939,875 shares outstanding at both December 31, 2021 and December 31, 2020) | 6 | 6 | |
Common stock (1,099,027,213 and 1,095,686,581 shares outstanding at December 31, 2021 and December 31, 2020, respectively) | [2] | 15 | 702 |
Accumulated other comprehensive income (loss) – net attributable to GE | 1,582 | (9,749) | |
Other capital | 34,691 | 34,307 | |
Retained earnings | 85,110 | 92,247 | |
Less common stock held in treasury | (81,093) | (81,961) | |
Total GE shareholders’ equity | 40,310 | 35,552 | |
Noncontrolling interests (Note 15) | 1,302 | 1,522 | |
Total equity | 41,612 | 37,073 | |
Total liabilities and equity | $ 198,874 | $ 256,211 | |
[1] | Excluded $353 million and $455 million at December 31, 2021 and December 31, 2020, respectively, in our run-off Insurance business, which is subject to regulatory restrictions. This balance is included in All other assets. See Note 9 for further information. | ||
[2] | Reduction of $687 million in common stock represents the change in par value of issued shares from $0.06 to $0.01 with the offsetting change in Other capital. |
STATEMENT OF FINANCIAL POSITI_2
STATEMENT OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Preferred stock, shares outstanding | 5,939,875 | 5,939,875 |
Common stock, shares outstanding | 1,099,027,213 | 1,095,686,581 |
Restricted cash subject to regulatory restrictions | $ 353 | $ 455 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.06 |
Common Stock | ||
Decrease in equity balance | $ 687 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows – operating activities | |||
Net earnings (loss) | $ (6,591) | $ 5,546 | $ (4,912) |
(Earnings) loss from discontinued operations | 3,195 | 911 | 4,306 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | |||
Depreciation and amortization of property, plant and equipment | 1,871 | 2,128 | 2,018 |
Amortization of intangible assets | 1,138 | 1,336 | 1,523 |
Goodwill impairments (Note 7) | 0 | 877 | 1,486 |
(Gains) losses on purchases and sales of business interests (Note 18) | 40 | (12,469) | 14 |
(Gains) losses on equity securities (Note 18) | (1,656) | 2,085 | (696) |
Debt extinguishment costs (Note 10) | 6,524 | 301 | 256 |
Principal pension plans cost (Note 12) | 2,650 | 3,559 | 3,878 |
Principal pension plans employer contributions (Note 12) | (326) | (2,806) | (298) |
Other postretirement benefit plans (net) (Note 12) | (1,144) | (893) | (1,228) |
Provision (benefit) for income taxes (Note 14) | (286) | (487) | 552 |
Cash recovered (paid) during the year for income taxes | (1,165) | (1,441) | (1,950) |
Changes in operating working capital: | |||
Decrease (increase) in current receivables | (177) | (1,319) | (2,851) |
Decrease (increase) in inventories, including deferred inventory costs | (702) | 1,105 | (1,581) |
Decrease (increase) in current contract assets | 1,031 | 1,631 | 891 |
Increase (decrease) in accounts payable and equipment project accruals | (2) | (582) | 2,679 |
Increase (decrease) in progress collections and current deferred income | (1,052) | (247) | 1,476 |
Financial services derivatives net collateral/settlement | (1,143) | 1,897 | 1,278 |
All other operating activities | (1,317) | (109) | 2,000 |
Cash from (used for) operating activities – continuing operations | 888 | 1,025 | 8,838 |
Cash from (used for) operating activities – discontinued operations | 2,444 | 2,543 | (104) |
Cash from (used for) operating activities | 3,332 | 3,568 | 8,734 |
Cash flows – investing activities | |||
Additions to property, plant and equipment | (1,250) | (1,579) | (2,216) |
Dispositions of property, plant and equipment | 167 | 203 | 379 |
Additions to internal-use software | (111) | (151) | (282) |
Proceeds from sale of discontinued operations | 22,356 | 0 | 5,864 |
Proceeds from principal business dispositions | 1 | 20,562 | 1,124 |
Net cash from (payments for) principal businesses purchased | (1,550) | (85) | (68) |
Sales of retained ownership interests | 4,145 | 417 | 3,383 |
Net (purchases) dispositions of insurance investment securities | (1,290) | (1,352) | (1,600) |
All other investing activities | 1,237 | 1,280 | 5,613 |
Cash from (used for) investing activities – continuing operations | 23,705 | 19,297 | 12,197 |
Cash from (used for) investing activities – discontinued operations | (2,397) | (2,626) | (3,220) |
Cash from (used for) investing activities | 21,308 | 16,671 | 8,977 |
Cash flows – financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (710) | (4,168) | 280 |
Newly issued debt (maturities longer than 90 days) | 364 | 15,028 | 2,185 |
Repayments and other debt reductions (maturities longer than 90 days) | (36,521) | (29,632) | (16,307) |
Dividends paid to shareholders | (575) | (648) | (649) |
Cash paid for debt extinguishment costs | (7,196) | (335) | (255) |
All other financing activities | (658) | (6) | (941) |
Cash from (used for) financing activities – continuing operations | (45,296) | (19,762) | (15,686) |
Cash from (used for) financing activities – discontinued operations | 119 | (90) | (446) |
Cash from (used for) financing activities | (45,177) | (19,852) | (16,133) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (213) | 145 | (50) |
Increase (decrease) in cash, cash equivalents and restricted cash | (20,750) | 531 | 1,529 |
Cash, cash equivalents and restricted cash at beginning of year | 37,608 | 37,077 | 35,548 |
Cash, cash equivalents and restricted cash at December 31 | 16,859 | 37,608 | 37,077 |
Less cash, cash equivalents and restricted cash of discontinued operations at December 31 | 736 | 623 | 774 |
Cash, cash equivalents and restricted cash of continuing operations at December 31 | 16,123 | 36,985 | 36,303 |
Supplemental disclosure of cash flows information | |||
Cash paid during the year for interest | $ (2,536) | $ (2,976) | $ (4,101) |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ (6,591) | $ 5,546 | $ (4,912) |
Less net earnings (loss) attributable to noncontrolling interests | (71) | (158) | 66 |
Net earnings (loss) attributable to the Company | (6,520) | 5,704 | (4,979) |
Other comprehensive income (loss) | |||
Currency translation adjustments | (174) | 435 | 1,275 |
Benefit plans | 9,044 | 1,632 | 1,229 |
Investment securities and cash flow hedges | 2,466 | (78) | 136 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | 5 | 6 | (40) |
Other comprehensive income (loss) attributable to the Company | 11,330 | 1,984 | 2,681 |
Comprehensive income (loss) | 4,745 | 7,536 | (2,272) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (66) | (152) | 26 |
Comprehensive income (loss) attributable to the Company | $ 4,810 | $ 7,688 | $ (2,297) |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Accumulated other comprehensive income (loss) | Currency translation adjustments | Benefit plans | Investment securities and cash flow hedges | Other capital | Retained earnings | Common stock held in treasury | Changes in accountingRetained earnings | |
Beginning balance at Dec. 31, 2018 | $ (14,414) | $ (25) | $ 35,504 | $ 93,109 | $ (83,925) | $ 368 | ||||
Increase (decrease) in shareholders' equity | ||||||||||
Other comprehensive income (loss) | $ 1,315 | $ 1,231 | 135 | |||||||
Purchases | (57) | |||||||||
Dispositions | (925) | 1,186 | ||||||||
Stock-based compensation | 475 | |||||||||
Other changes | (649) | |||||||||
Net earnings (loss) attributable to the Company | $ (4,979) | (4,979) | ||||||||
Dividends and other transactions with shareholders | (766) | |||||||||
Ending balance at Dec. 31, 2019 | 29,861 | (11,732) | (4,818) | (7,024) | 109 | 34,405 | 87,732 | (82,797) | (175) | |
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
Increase (decrease) in shareholders' equity | ||||||||||
GE shareholders' equity balance | 28,316 | |||||||||
Noncontrolling interests balance | 1,545 | |||||||||
Other comprehensive income (loss) | 433 | 1,628 | (78) | |||||||
Purchases | (28) | |||||||||
Dispositions | (703) | 864 | ||||||||
Stock-based compensation | 429 | |||||||||
Other changes | 176 | |||||||||
Net earnings (loss) attributable to the Company | 5,704 | 5,704 | ||||||||
Dividends and other transactions with shareholders | (1,014) | |||||||||
Ending balance at Dec. 31, 2020 | 37,073 | (9,749) | (4,386) | (5,395) | 32 | 34,307 | 92,247 | (81,961) | $ 0 | |
Preferred stock issued | 6 | |||||||||
Common stock issued | [1] | 702 | ||||||||
Increase (decrease) in shareholders' equity | ||||||||||
GE shareholders' equity balance | 35,552 | |||||||||
Noncontrolling interests balance | 1,522 | |||||||||
Other comprehensive income (loss) | (177) | 9,041 | 2,466 | |||||||
Purchases | (107) | |||||||||
Dispositions | (740) | 974 | ||||||||
Stock-based compensation | 429 | |||||||||
Other changes | 696 | |||||||||
Net earnings (loss) attributable to the Company | (6,520) | (6,520) | ||||||||
Dividends and other transactions with shareholders | (617) | |||||||||
Ending balance at Dec. 31, 2021 | 41,612 | $ 1,582 | $ (4,562) | $ 3,646 | $ 2,498 | $ 34,691 | $ 85,110 | $ (81,093) | ||
Preferred stock issued | 6 | |||||||||
Common stock issued | [1] | 15 | ||||||||
Increase (decrease) in shareholders' equity | ||||||||||
GE shareholders' equity balance | 40,310 | |||||||||
Noncontrolling interests balance | $ 1,302 | |||||||||
[1] | Reduction of $687 million in common stock represents the change in par value of issued shares from $0.06 to $0.01 with the offsetting change in Other capital. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FINANCIAL STATEMENT PRESENTATION. On November 1, 2021, we completed the combination of our GE Capital Aviation Services (GECAS) business with AerCap Holdings N.V. (AerCap). Upon completion of this transaction, in order to focus on our core industrial businesses of Aviation, Healthcare, Renewable Energy and Power, we voluntarily transitioned from three-column to simpler one-column financial statement reporting for all periods presented. Previously, we presented our financial statements in a three-column format, which allowed investors to see our industrial operations separately from our financial services operations (GE Capital). Moving to one-column consolidated financial statements reflects the reduction in size of our financial services portfolio as a result of various strategic actions taken over recent years. We also made these related reporting changes for all periods presented: • began presenting the results of the remainder of our former Capital segment, including Energy Financial Services (EFS) and our run-off insurance operations, within Corporate. • reclassified amounts related to our EFS, Working Capital Solutions (WCS) and Treasury businesses from our formerly captioned GE Capital revenues from services to Other income to align with our industrial segment presentation of derivative, equity method and other investment income. There was no change to the presentation of our run-off Insurance revenues and, consequently, our run-off Insurance revenues are now presented as a separate line in our Statement of Earnings (Loss). • reclassified our formerly captioned Financing receivables and Other GE Capital receivables to All other assets to further simplify our Statement of Financial Position given the reduction of these balances over time in relation to consolidated total assets. • ceased referring to GE Industrial, a term formerly defined as the adding together of all industrial affiliates giving effect to the elimination of transactions among such affiliates. • redefined the basis on which profit is determined for the remainder of our former Capital segment which is now reported within Corporate. Previously, Interest and other financial charges, income taxes, non-operating benefit costs and preferred stock dividends were included in determining our former Capital segment profit (which we sometimes referred to as net earnings). To align with our industrial segments, these items are now excluded in determining profit for all businesses reported within Corporate except EFS, which will continue to be reported on a net earnings basis given the integral nature of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) in relation to its business model. In addition, effective December 31, 2021, we have changed the way we present sales of spare parts, upgrade equipment and other aftermarket goods that are used in the provision of our services in our Statement of Earnings (Loss) to conform with the way we manage the businesses and have historically presented them in MD&A and other related notes. Specifically, we now consistently present sales of spare parts used in a service arrangement as part of Sales of services and the related costs as Costs of services sold. While this presentation change has no impact on Total revenues or Total costs and expenses, including the timing of revenue recognition, Sales of services now includes $11,425 million, $11,823 million and $16,058 million of revenues and Cost of services sold now includes $5,776 million, $6,751 million and $8,269 million of costs for the years ended December 31, 2021, 2020 and 2019, respectively, for tangible products primarily attributable to spare part sales at our Aviation and Power segments. Our 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, financial position and cash flows. 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 change in the carrying amount of our tax assets and liabilities, or a change 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-year amounts to conform to the current-year’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 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. CONSOLIDATION. Our financial statements consolidate all of our affiliates, entities where we have a controlling financial interest, most often because we hold a majority voting interest, or where we are required to apply the variable interest entity (VIE) model because we have the power to direct the most economically significant activities of entities. We reevaluate whether we have a controlling financial interest in all entities when our rights and interests change. REVENUES FROM THE SALE OF EQUIPMENT. Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power generation equipment, long-term construction projects and military development contracts on an over-time basis as we customize the customer's equipment during the manufacturing or integration process and obtain right to payment for work performed. We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs incurred to date relative to our estimate of total expected costs. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. Performance Obligations Satisfied at a Point in Time. We recognize revenue on agreements for non-customized equipment including commercial aircraft engines, healthcare equipment and other goods we manufacture on a standardized basis for sale to the market at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (i.e., time between shipment and delivery). Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer. Our billing terms for these point-in-time equipment contracts generally coincide with delivery to the customer; however, within certain businesses, we receive progress collections from customers for large equipment purchases, to generally reserve production slots. REVENUES FROM THE SALE OF SERVICES. Consistent with our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) discussion and the way we manage our businesses, we refer to sales under service agreements, which includes both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. See Note 8 for further information. Performance Obligations Satisfied Over Time. We enter into long-term service agreements with our customers primarily within our Aviation and Power segments. These agreements require us to provide preventative maintenance, overhauls, and standby "warranty-type" services that include certain levels of assurance regarding asset performance and uptime throughout the contract periods, which generally range from 5 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision (e.g., equipment upgrade). We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at pre-determined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) or upon the occurrence of a major maintenance event within the contract, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. We also enter into long-term services agreements in our Healthcare and Renewable Energy segments. Revenues are recognized for these arrangements on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to routine maintenance and as needed equipment repairs. We generally invoice periodically as services are provided. Performance Obligations Satisfied at a Point in Time. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenues and bill our customers at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. COLLABORATIVE ARRANGEMENTS. Our Aviation business enters into collaborative arrangements and joint ventures with manufacturers and suppliers of components used to build and maintain certain engines. Under these arrangements, GE and its collaborative partners share in the risks and rewards of these programs through various revenue, cost and profit sharing payment structures. GE recognizes revenue and costs for these arrangements based on the scope of work GE is responsible for transferring to its customers. GE’s payments to participants are primarily recorded as either cost of services sold ($2,125 million, $2,407 million and $3,517 million for the years ended December 31, 2021, 2020 and 2019, respectively) or as cost of equipment sold ($751 million, $1,093 million and $1,396 million for the years ended December 31, 2021, 2020 and 2019, respectively). Our most significant collaborative arrangement is with Safran Aircraft engines, a subsidiary of Safran Group of France, which sells LEAP and CFM56 engines through CFM International, a jointly owned non-consolidated company. GE makes substantial sales of parts and services to CFM International based on arms-length terms. INSURANCE REVENUES. Insurance revenues is comprised primarily of premiums and investment income related to our run-off Insurance business. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. CASH, CASH EQUIVALENTS AND RESTRICTED CASH. Debt securities and money market instruments with original maturities of three months or less are included in cash, cash equivalents and restricted cash unless classified as available-for-sale investment securities. Restricted cash primarily comprised funds restricted in connection with certain ongoing litigation matters and amounted to $317 million and $408 million at December 31, 2021 and December 31, 2020, respectively. INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes and adjustments related to our insurance liabilities. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to earnings. Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. We regularly review investment securities for impairment. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate qualitative criteria, such as the financial health of and specific prospects for the issuer, to determine whether we do not expect to recover the amortized cost basis of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to contain an expected credit loss, and we record the difference between the security’s amortized cost basis and its recoverable amount in earnings as an allowance for credit loss and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is considered impaired, and we recognize the entire difference between the security’s amortized cost basis and its fair value in earnings. See Note 3 for further information. CURRENT RECEIVABLES. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding amount, less allowance for losses. We regularly monitor the recoverability of our receivables. See Note 4 for further information. ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables, contract assets and financing receivables arising from revenue transactions, as well as commercial mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses (CECL) inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses. INVENTORIES. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined on a first-in, first-out (FIFO) basis. See Note 5 for further information. PROPERTY, PLANT AND EQUIPMENT. The cost of property, plant and equipment is generally depreciated on a straight-line basis over its estimated economic life. See Note 6 for further information. LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. For other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. See Note 7 for further information. DERIVATIVES AND HEDGING. We use derivatives to manage a variety of risks, including risks related to interest rates, foreign exchange, certain equity investments and commodity prices. Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue applying hedge accounting to that relationship prospectively. Fair values of both the derivative instrument and the hedged item are calculated using internal valuation models incorporating market-based assumptions, subject to third-party confirmation, as applicable. See Note 20 for further information. DEFERRED INCOME TAXES. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established. Deferred taxes, as needed, are provided for our investment in affiliates and associated companies when we plan to remit those earnings. See Note 14 for further information. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Liabilities for traditional long-duration insurance contracts include both future policy benefit reserves and claims reserves. Future policy benefit reserves represent the present value of future policy benefits less the present value of future gross premiums based on actuarial assumptions. Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. Claim reserves are established when a claim is incurred or is estimated to have been incurred and represent our best estimate of the present value of the ultimate obligations for future claim payments and claim adjustments expenses. 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 offsetting after-tax reduction to net unrealized gains recorded in other comprehensive income. Reinsurance recoverables are recorded when we cede insurance risk to third parties but are not relieved from our primary obligation to policyholders and cedents. When losses on ceded risks give rise to claims for recovery, we establish allowances for probable losses on such receivables from reinsurers as required. See Note 11 for further information. 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. We use a December 31 measurement date for these plans. On our Statement of Financial Position, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. Those estimated future payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded in a separate component of equity each period. These differences are amortized into earnings over the remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan. See Note 12 for further information. LOSS CONTINGENCIES. Loss contingencies are uncertain and unresolved matters that arise in the ordinary course of business and result from events or actions by others that have the potential to result in a future loss. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory investigations and proceedings, product quality and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. See Note 22 for further information. SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable. RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 19 for further information. Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3. Equity securities with readily determinable fair values . These publicly traded equity securities are valued using quoted prices and are included in Level 1. Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Investments in private equity, real estate and collective funds held within our pension plans . Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 12 for further information. NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the f |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. On December 1, 2021, we completed the sale of GE's share of our boiler manufacturing business in China in our Power segment. In connection with the transaction, we recorded a loss on the disposal of this business of $170 million in Other income in our Statement of Earnings (Loss). See Note 18 for further information. 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. As a result, in 2020, we recognized a pre-tax gain of $12,362 million ($11,213 million after-tax) in our Statement of Earnings (Loss). DISCONTINUED OPERATIONS primarily comprise our GE Capital Aviation Services (GECAS) business, discontinued in 2021, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GECAS. On November 1, 2021 we completed the combination of our GECAS business with AerCap for total consideration consisting of $22,583 million subject to future closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at approximately $6,583 million based on AerCap’s closing share price of $59.04 on October 29, 2021, and a $1,000 million AerCap senior note with an interest rate of 1.899% and a maturity date of November 1, 2025. In connection with the closing of the transaction, the Company recorded a non-cash pre-tax loss of $3,312 million ($3,882 million after-tax) in discontinued operations. Additionally, we have elected to prospectively measure our investment in AerCap at fair value and expect to fully monetize our stake over time. We have continuing involvement with AerCap, primarily through our ownership interest, ongoing sales or leases of products and services, and transition services that we provide to AerCap. For the year ended December 31, 2021, we had direct and indirect sales of $29 million and purchases of $22 million with AerCap, primarily related to engine sales through airframers and engine leases, respectively. Baker Hughes (BKR). In September 2019, we reduced our ownership percentage in Baker Hughes from 50.2% to 36.8%. As a result, we deconsolidated our Baker Hughes segment and recognized a loss of $8,715 million ($8,238 million after-tax) in discontinued operations. 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 a 50-50 joint venture between GE and BKR and was consolidated by GE due to the significance of our investment in BKR. In the fourth quarter of 2021, our investment in BKR fell below 20%, and we deconsolidated the JV. We recognized a pre-tax gain of $71 million in continuing operations in Other income in our Statement of Earnings (Loss) as a result of deconsolidation. For the year ended December 31, 2021, we had sales of $716 million and purchases of $218 million with BKR for products and services outside of the JV. We collected net cash of $631 million from BKR related to sales, purchases and transition services. For the year ended December 31, 2021, we had sales of $364 million to BKR for products and services from the JV, and we collected cash of $489 million. The deconsolidation of the JV is not expected to have a material impact on Cash from operating activities (CFOA). In addition, for the year ended December 31, 2021, we received $39 million of repayments on the promissory note receivable from BKR and dividends of $173 million on our investment. Transportation. In February 2019, we completed the spin-off and subsequent merger of our Transportation business with Wabtec. As a result, we recorded a gain of $3,471 million ($2,508 million after-tax) in discontinued operations. Bank BPH . The mortgage portfolio in Poland (Bank BPH) comprises floating rate residential mortgages, 87% of which are indexed to or denominated in foreign currencies (primarily Swiss francs). At December 31, 2021, the total portfolio had a carrying value, net of reserves, of $1,799 million with a 2.05% 90-day delinquency rate and an average loan to value ratio of approximately 58.0%. 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. Loss from discontinued operations for the year ended December 31, 2021 included $509 million non-cash pre-tax charges, reflecting estimates with respect to ongoing litigation as well as market yields. To ensure appropriate capital levels, during the fourth quarter of 2021, we made a capital contribution of $360 million into Bank BPH. Future changes in the estimated legal liabilities or market yields could result in further losses and capital contributions related to these loans in future reporting periods. See Note 22 for further information. RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2021 GECAS Baker Hughes Transportation Other Total Total revenues $ — $ — $ — $ — $ — Cost of equipment and services sold (398) — — — (398) Other income, costs and expenses 1,992 (10) (6) (584) 1,393 — Earnings (loss) of discontinued operations before income taxes 1,594 (10) (6) (584) 995 Benefit (provision) for income taxes (258) 2 (1) (78) (335) Earnings (loss) of discontinued operations, net of taxes(a) 1,336 (8) (6) (662) 660 Gain (loss) on disposal before income taxes (3,312) 4 — 61 (3,246) Benefit (provision) for income taxes (570) — — (38) (608) Gain (loss) on disposal, net of taxes (3,882) 4 — 23 (3,855) Earnings (loss) from discontinued operations, net of taxes $ (2,546) $ (4) $ (6) $ (639) $ (3,195) For the year ended December 31, 2020 Total revenues $ — $ — $ — $ — $ — Cost of equipment and services sold (2,555) — — — (2,555) Other income, costs and expenses 1,781 2 — (197) 1,586 — Earnings (loss) of discontinued operations before income taxes (773) 2 1 (197) (968) Benefit (provision) for income taxes (13) (13) 9 105 89 Earnings (loss) of discontinued operations, net of taxes(a) (786) (10) 9 (93) (879) Gain (loss) on disposal before income taxes — (23) (12) 3 (31) Benefit (provision) for income taxes — — — (1) (1) Gain (loss) on disposal, net of taxes — (23) (12) 2 (32) Earnings (loss) from discontinued operations, net of taxes $ (786) $ (33) $ (2) $ (90) $ (911) For the year ended December 31, 2019 GECAS Baker Hughes Transportation Other Total Total revenues $ — $ 16,047 $ 550 $ — $ 16,598 Cost of equipment and services sold (2,069) (13,317) (478) — (15,863) Other income, costs and expenses 3,272 (2,390) (18) (208) 656 Earnings (loss) of discontinued operations before income taxes 1,204 340 54 (208) 1,390 Benefit (provision) for income taxes (175) (176) (15) 344 (21) Earnings (loss) of discontinued operations, net of taxes(a) 1,029 165 39 135 1,369 Gain (loss) on disposal before income taxes — (8,715) 3,471 61 (5,183) Benefit (provision) for income taxes — 477 (963) (5) (491) Gain (loss) on disposal, net of taxes — (8,238) 2,508 56 (5,675) Earnings (loss) from discontinued operations, net of taxes $ 1,029 $ (8,074) $ 2,547 $ 191 $ (4,306) (a) Earnings (loss) of discontinued operations from GECAS operations included $359 million, $2,545 million and $2,048 million of depreciation and amortization for the years ended December 31, 2021, 2020 and 2019, respectively. GECAS depreciation and amortization ceased on March 10, 2021. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS December 31, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 736 $ 623 Financing receivables - net — 2,710 Financing receivables held for sale (Polish mortgage portfolio) 1,799 2,461 Property, plant, and equipment - net 88 28,429 All other assets 554 6,527 Assets of discontinued operations(a) $ 3,177 $ 40,749 Deferred income taxes — 2,172 Accounts payable and all other liabilities 887 3,714 Liabilities of discontinued operations(a) $ 887 $ 5,886 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 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. On November 1, 2021, we received 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) and an AerCap senior note as partial consideration in conjunction with the GECAS transaction, for which we have adopted the fair value option. Our investment in BKR comprises 166.6 million shares (approximately 16% ownership interest) as of December 31, 2021. Both our AerCap and BKR investments are 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. December 31, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity and note (AerCap) $ — $ — $ — $ 8,287 $ — $ — $ — $ — Equity (Baker Hughes) — — — 4,010 — — — 7,319 Current investment securities $ — $ — $ — $ 12,297 $ — $ — $ — $ 7,319 Debt U.S. corporate $ 25,182 $ 5,502 $ (33) $ 30,652 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,361 343 (4) 2,701 2,283 458 (1) 2,740 State and municipal 2,639 573 (6) 3,205 3,387 878 (9) 4,256 Mortgage and asset-backed 3,950 117 (47) 4,019 3,652 171 (71) 3,752 Government and agencies 1,086 104 (2) 1,188 1,169 184 — 1,353 Other equity 443 — — 443 218 — — 218 Non-current investment securities $ 35,662 $ 6,639 $ (92) $ 42,209 $ 34,313 $ 8,342 $ (106) $ 42,549 The amortized cost of debt securities excludes accrued interest of $415 million and $414 million as of December 31, 2021 and 2020, respectively, which is reported in All other current assets. The estimated fair value of investment securities at December 31, 2021 increased since December 31, 2020, primarily due to the classification of our new equity interest in AerCap within investment securities and new insurance investments, partially offset by the sales of BKR shares and higher market yields. Total estimated fair value of debt securities in an unrealized loss position were $3,446 million and $1,765 million, of which $644 million and $165 million had gross unrealized losses of $(42) million and $(20) million and had been in a loss position for 12 months or more at December 31, 2021 and 2020, respectively. Gross unrealized losses of $(92) million at December 31, 2021 included $(33) million related to U.S. corporate securities and $(32) 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 $1,656 million, $(1,670) million and $800 million for the years ended December 31, 2021, 2020 and 2019, respectively. Proceeds from debt and equity securities sales, early redemptions by issuers and principal payments on the BKR promissory note totaled $6,666 million, $5,060 million and $7,967 million for the years ended December 31, 2021, 2020 and 2019, respectively. Gross realized gains on debt securities were $69 million, $173 million and $114 million for the years ended December 31, 2021, 2020 and 2019, respectively. Gross realized losses and impairments on debt securities were $(11) million, $(68) million and $(60) million for the years ended December 31, 2021, 2020 and 2019, respectively. Our run-off Insurance business cash flows are subject to regulatory restrictions. Associated purchases, dispositions and maturities of investment securities are as follows: For the years ended December 31 2021 2020 Purchases of investment securities $ (4,286) $ (6,031) Dispositions and maturities of investment securities 2,997 4,679 Net (purchases) dispositions of insurance investment securities $ (1,290) $ (1,352) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2021 are as follows: Amortized cost Estimated fair value Within one year $ 358 $ 363 After one year through five years 3,475 3,778 After five years through ten years 6,278 7,287 After ten years 21,158 26,318 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES December 31 2021 2020 Aviation $ 4,476 $ 4,417 Healthcare 3,033 2,336 Renewable Energy 1,847 2,401 Power 3,490 3,995 Corporate 233 310 Customer receivables $ 13,079 $ 13,459 Non-income based tax receivables 1,222 1,346 Revenue sharing program receivables 1,166 1,038 Supplier advances 596 676 Deferred purchase price on receivables facility — 413 Receivables from disposed businesses 148 242 Other sundry receivables 483 678 Sundry receivables 3,615 4,395 Allowance for credit losses(a) (1,074) (1,164) Total current receivables $ 15,620 $ 16,691 (a) Allowance for credit losses decreased primarily due to write-offs and foreign currency impact, partially offset by net new provisions of $150 million. Sales of current customer receivables. Effective April 1, 2021, we discontinued the majority of our factoring programs and subsequently announced the discontinuation of our remaining unconsolidated receivables facility effective in the fourth quarter of 2021. The remaining balance related to these discontinued programs was $161 million as of December 31, 2021. As shown in the table below, WCS no longer holds any GE business receivables. Customer receivables held by WCS and third parties were $3,134 million and $2,582 million, respectively, at March 31, 2021. When GE businesses sell customer receivables to WCS or third parties, they accelerate 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 would have otherwise collected had those customer receivables not been sold represents the cash generated or used in the period relating to this activity. As of December 31, 2020, GE businesses sold approximately 40% of their gross customer receivables to WCS or third parties. Separately from the factoring programs that have been discontinued, the Company from time to time sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. Activity related to customer receivables sold by GE businesses is as follows: WCS Third Parties WCS Third Parties 2021 2020 Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE businesses sales to WCS 13,773 — 32,869 — GE businesses sales to third parties — 1,415 (a) — 863 WCS sales to third parties (10,816) 10,816 (18,654) 18,654 Collections and other (6,676) (15,062) (14,004) (23,283) Reclassification from long-term customer receivables 100 — 321 — Balance at December 31 $ — $ 161 $ 3,618 $ 2,992 (a) Related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. LONG-TERM RECEIVABLES December 31 2021 2020 Long-term customer receivables $ 521 $ 585 Financing receivables 592 713 Supplier advances 309 351 Non-income based tax receivables 245 244 Receivables from disposed businesses 150 230 Sundry receivables 440 569 Allowance for credit losses (160) (174) Total long-term receivables $ 2,097 $ 2,518 UNCONSOLIDATED RECEIVABLES FACILITIES . In the fourth quarter of 2021, we discontinued our one remaining revolving receivables facility, under which customer receivables purchased from GE businesses were sold to third parties. Upon the sale of receivables, we received proceeds of cash and deferred purchase price and the Company’s remaining risk with respect to the sold receivables was limited to the balance of the deferred purchase price. As a result of our termination and settlement of the facility, there are no remaining receivables in the facility and the balance of our deferred purchase price was reduced to zero. Activity related to our unconsolidated receivables facilities is included in the WCS sales to third parties line in the sales of GE businesses current customer receivables table above and is as follows: For the years ended December 31 2021 2020 Customer receivables sold to receivables facilities $ 9,324 $ 13,591 Collections and other on receivables sold to receivables facilities 11,371 15,515 Total cash purchase price for customer receivables 8,683 13,031 Cash collections re-invested to purchase customer receivables 7,920 11,567 Non-cash increases to deferred purchase price $ 608 $ 481 Cash payments received on deferred purchase price 597 489 |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS December 31, 2021 December 31, 2020 Raw materials and work in process $ 8,710 $ 7,937 Finished goods 4,927 5,654 Deferred inventory costs(a) 2,210 2,299 Inventories, including deferred inventory costs $ 15,847 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES Depreciable lives Original Cost Net Carrying Value December 31 (in years) 2021 2020 2021 2020 Land and improvements 8 $ 585 $ 602 $ 576 $ 592 Buildings, structures and related equipment 8 - 40 8,311 8,295 3,728 3,841 Machinery and equipment 4 - 20 21,036 21,151 7,356 7,968 Leasehold costs and manufacturing plant under construction 1 - 10 1,971 2,051 1,343 1,447 ROU operating lease assets 2,606 2,852 Property, plant and equipment - net $ 31,904 $ 32,098 $ 15,609 $ 16,699 In the third quarter of 2020, we recognized a non-cash pre-tax impairment charge of $316 million related to property, plant and equipment at our Steam business within our Power segment due to our announcement to exit the new build coal power market. We determined the fair value of these assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses in our Statement of Earnings (Loss). Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were OPERATING LEASE EXPENSE 2021 2020 2019 Long-term (fixed) $ 770 $ 827 $ 893 Long-term (variable) 119 143 175 Short-term 192 206 201 Total operating lease expense $ 1,081 $ 1,176 $ 1,269 MATURITY OF LEASE LIABILITIES 2022 2023 2024 2025 2026 Thereafter Total Undiscounted lease payments $ 729 $ 620 $ 504 $ 353 $ 262 $ 821 $ 3,289 Less: imputed interest 442 Total lease liability as of December 31, 2021 $ 2,848 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES 2021 2020 2019 Operating cash flows used for operating leases $ 834 $ 835 $ 961 Right-of-use assets obtained in exchange for new lease liabilities 603 594 739 Weighted-average remaining lease term 7.2 years 6.7 years 7.1 years Weighted-average discount rate 4.0 % 4.6 % 4.9 % |
ACQUISITIONS, GOODWILL AND OTHE
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS ACQUISITIONS. On December 21, 2021 our Healthcare business acquired BK Medical, a leader in surgical ultrasound imaging and guidance technology, for $1,455 million. The preliminary purchase price allocation resulted in goodwill of approximately $1,020 million and amortizable intangible assets of approximately $393 million. The allocation of the purchase price will be finalized upon completion of post-closing procedures. CHANGES IN GOODWILL BALANCES 2020 2021 Balance at December 31, 2019 Acquisitions Impairments Currency exchange and other Balance at December 31, 2020 Acquisitions Currency exchange and other Balance at December 31, 2021 Aviation $ 9,859 $ — $ (877) $ 266 $ 9,247 $ — $ (234) $ 9,013 Healthcare 11,728 89 — 37 11,855 1,064 (40) 12,879 Renewable Energy 3,290 — — 111 3,401 — (169) 3,231 Power 145 — — — 146 — (1) 145 Corporate(a) 873 — — 2 876 43 (4) 914 Total $ 25,895 $ 90 $ (877) $ 417 $ 25,524 $ 1,106 $ (448) $ 26,182 (a) Corporate balance at December 31, 2021 and 2020 comprises our Digital business. In the fourth quarter of 2021, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values. In the second quarter of 2020, we recognized a non-cash goodwill impairment loss in our Additive reporting unit in our Aviation segment of $877 million in the caption Goodwill impairments in our Statement of Earnings (Loss). Determining the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. 2021 2020 INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31 Useful lives Gross carrying Accumulated Net Gross carrying Accumulated Net Customer-related(a) 3-35 $ 6,400 $ (3,250) $ 3,150 $ 6,765 $ (3,350) $ 3,415 Patents and technology 2-25 8,592 (4,361) 4,230 8,191 (4,135) 4,056 Capitalized software 3-10 5,764 (3,999) 1,765 5,822 (3,836) 1,986 Trademarks & other 3-50 449 (313) 136 541 (328) 213 Total $ 21,205 $ (11,923) $ 9,282 $ 21,319 $ (11,648) $ 9,671 (a) Balance includes payments made to our customers, primarily within our Aviation business. Substantially all other intangible assets are subject to amortization. Intangible assets decreased $388 million in 2021, primarily as a result of amortization partially offset by the acquisition of patents and technology and capitalized software mainly at Aviation and Healthcare of $945 million. Consolidated amortization expense was $1,138 million, $1,336 million and $1,523 million for the years ended December 31, 2021, 2020 and 2019, respectively. In the third quarter of 2020, we recognized a non-cash pre-tax impairment charge of $113 million related to intangible assets at our Steam business within our Power segment due to our announcement to exit the new build coal power market. We determined the fair value of these intangible assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses in our Statement of Earnings (Loss). Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION 2022 2023 2024 2025 2026 Estimated annual pre-tax amortization $ 1,234 $ 1,158 $ 1,075 $ 999 $ 925 During 2021, we recorded additions to intangible assets subject to amortization of $1,008 million with a weighted-average amortizable period of 9.0 years, including patents and technology of $639 million, with a weighted-average amortizable period of 10.4 years. |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME Contract and other deferred assets decreased $647 million in the year ended December 31, 2021 primarily due to decreased long-term service agreements and the timing of billing milestones ahead of revenue recognition on long-term equipment contracts, partially offset by increased customer advances and other. Our long-term service agreements decreased primarily due to billings of $9,967 million, offset by revenues recognized of $9,480 million, a net unfavorable change in estimated profitability of $321 million at Aviation and a net favorable change in estimated profitability of $44 million at Power. December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,478 $ — $ — $ 5,495 $ — $ 7,972 Billings in excess of revenues (5,731) — — (1,614) — (7,346) Long-term service agreements $ (3,253) $ — $ — $ 3,880 $ — $ 627 Short-term and other service agreements 340 166 87 80 20 692 Equipment contract revenues 33 287 1,297 1,709 236 3,562 Current contract assets $ (2,881) $ 453 $ 1,384 $ 5,669 $ 256 $ 4,881 Nonrecurring engineering costs 2,479 31 28 12 — 2,550 Customer advances and other 2,620 154 — 801 — 3,574 Non-current contract and other deferred assets $ 5,099 $ 184 $ 28 $ 813 $ — $ 6,124 Total contract and other deferred assets $ 2,218 $ 637 $ 1,412 $ 6,482 $ 256 $ 11,005 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. Progress collections represent cash received from customers under ordinary commercial payment terms in advance of delivery. Progress collections on equipment contracts primarily comprise milestone payments received from customers prior to the manufacture and delivery of customized equipment orders. Other progress collections primarily comprise down payments from customers to reserve production slots for standardized inventory orders such as advance payments from customers when they place orders for wind turbines and blades within our Renewable Energy segment and payments from airframers and airlines for install and spare engines, respectively, within our Aviation segment. Progress collections and deferred income decreased $811 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 $14,569 million and $12,712 million for the years ended December 31, 2021 and 2020, respectively. December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total Progress collections on equipment contracts $ 142 $ — $ 1,843 $ 5,198 $ — $ 7,183 Other progress collections 4,469 522 2,866 385 111 8,354 Current deferred income 170 1,336 198 33 99 1,835 Progress collections and deferred income $ 4,782 $ 1,858 $ 4,907 $ 5,615 $ 210 $ 17,372 Non-current deferred income 1,090 592 194 110 3 1,989 Total Progress collections and deferred income $ 5,871 $ 2,450 $ 5,101 $ 5,725 $ 213 $ 19,361 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 | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | NOTE 9. ALL OTHER ASSETS December 31 2021 2020 Derivative instruments (Note 20) $ 684 $ 487 Assets held for sale 208 212 Prepaid taxes and deferred charges 341 408 Cash collateral on derivatives 76 812 Accrued interest and investment income 426 538 Other 199 202 All other current assets $ 1,933 $ 2,659 Equity method and other investments 7,840 6,383 Long-term receivables (Note 4) 2,097 2,518 Prepaid taxes and deferred charges 800 800 Insurance receivables 4,705 4,661 Insurance cash and cash equivalents(a) 353 455 Pension surplus 2,784 843 Other 461 366 All other non-current assets $ 19,040 $ 16,025 Total All other assets $ 20,973 $ 18,684 (a) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. Equity method investments . Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in All other assets on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenues in our Statement of Earnings (Loss). See Note 1 for further information. Equity method investment balance Equity method income (loss) December 31 2021 2020 2021 2020 2019 Aviation $ 2,000 $ 2,032 $ 58 $ (41) $ 204 Healthcare 223 251 27 7 19 Renewable Energy 739 724 39 13 (2) Power 977 576 23 43 (4) Corporate(a) 3,451 2,517 68 23 48 Total consolidated $ 7,391 $ 6,100 $ 215 $ 46 $ 265 (a) Equity method investments within Corporate include investments held by EFS of $1,943 million and $1,816 million and held by our run-off insurance operations of $1,480 million and $669 million as of December 31, 2021 and 2020, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 10. BORROWINGS December 31 2021 2020 Amount Average Rate Amount Average Rate Current portion of long-term borrowings Senior notes issued by GE $ 1,249 1.39 % $ 36 5.03 % Senior and subordinated notes assumed by GE 1,645 2.05 % 2,432 3.49 % Senior notes issued by GE Capital 1,370 0.63 % 788 1.58 % Other 97 1,457 Total short-term borrowings $ 4,361 $ 4,713 Maturities Amount Average Rate Amount Average Rate Senior notes issued by GE 2023-2050 $ 5,373 2.87 % $ 18,994 2.90 % Senior and subordinated notes assumed by GE 2023-2055 11,306 3.73 % 19,957 3.25 % Senior notes issued by GE Capital 2023-2042 13,274 4.26 % 30,320 3.41 % Other 870 917 Total long-term borrowings $ 30,824 $ 70,189 Total borrowings $ 35,186 $ 74,902 The Company has provided a full and unconditional guarantee on the payment of the principal and interest on all senior and subordinated outstanding long-term debt securities issued by subsidiaries of GE Capital. This guarantee applied to $13,719 million and $28,503 million of senior notes and other debt issued by GE Capital at December 31, 2021 and December 31, 2020, respectively. In the second quarter of 2021, we completed a debt tender to repurchase a total of $7,275 million of debt, comprising $4,084 million of GE-issued debt with maturities ranging from 2022 through 2050, and $3,191 million of GE assumed debt with maturities ranging from 2021 through 2039. In the fourth quarter of 2021, we completed a debt tender to repurchase a total of $25,350 million of debt, comprised of $7,744 million of GE-issued debt with maturities ranging from 2022 through 2050, $4,718 million of GE assumed debt with maturities ranging from 2022 through 2040 and $12,888 million of GE Capital issued debt with maturities ranging from 2022 through 2039. See Note 20 for further information about borrowings and associated interest rate swaps. Long-term debt maturities over the next five years follow. 2022 2023 2024 2025 2026 Debt issued by GE $ 1,249 $ 482 $ 175 $ 905 $ 31 Debt assumed by GE 1,645 1,627 498 236 1,137 Debt issued by GE Capital 1,370 (a) 1,297 111 700 159 (a) Fixed and floating rate notes of $309 million contain put options with exercise dates in 2022, which have final maturity beyond 2036. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 11. 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 (net of eliminations) generated revenues of $3,106 million, $2,865 million and $2,802 million, profit (loss) of $566 million, $197 million and $(821) million and net earnings (loss) of $444 million, $143 million and $(663) million for the years ended December 31, 2021, 2020 and 2019, respectively. These operations were supported by assets of $49,894 million and $50,067 million at December 31, 2021 and 2020, respectively. A summary of our insurance contracts is presented below: December 31, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 17,097 $ 8,902 $ 188 $ 3,394 $ 29,581 Claim reserves 4,546 258 585 — 5,389 Investment contracts — 955 954 — 1,909 Unearned premiums and other 15 184 89 — 287 Total $ 21,658 $ 10,299 $ 1,815 $ 3,394 $ 37,166 December 31, 2020 Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 694 — 5,362 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) The decrease in Other adjustments of $4,766 million is a result of the higher margin resulting from the 2021 premium deficiency test and the decline in unrealized gains on investment securities. Claim reserve activity included incurred claims of $1,699 million, $1,801 million and $1,873 million, of which $(46) million, $(1) million and $(36) million related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation in the years ended December 31, 2021, 2020 and 2019, respectively. Paid claims were $1,709 million, $1,728 million and $1,626 million in the years ended December 31, 2021, 2020 and 2019, respectively. Reinsurance recoveries are recorded as a reduction of insurance losses and annuity benefits in our Statement of Earnings (Loss) and amounted to $351 million, $350 million and $362 million for the years ended December 31, 2021, 2020 and 2019, respectively. Reinsurance recoverables, net of allowances of $1,654 million and $1,510 million, are included in non-current All other assets in our Statement of Financial Position, and amounted to $2,651 million and $2,552 million at December 31, 2021 and 2020, respectively. The vast majority of our remaining net reinsurance recoverables are secured by assets held in a trust for which we are the beneficiary. 2021 Premium Deficiency Testing . We completed our annual premium deficiency testing in the aggregate across our run-off insurance portfolio in the third quarter of 2021. The results of our testing indicated a significant increase in the positive margin to approximately 11% of the related future policy benefit reserves recorded at September 30, 2021. As a result, the assumptions updated in connection with the premium deficiency recognized in 2019 remain locked-in and will remain so unless another premium deficiency occurs in the future. We also noted our projections as of third quarter 2021 indicate the present value of projected earnings in each future year to be positive, and,therefore, no further adjustments to our future policy benefit reserves were required at this time. C onsidering the results of the 2021 premium deficiency test which resulted in a margin, any future net adverse changes in our assumptions may reduce the margin or result in a premium deficiency requiring an increase to future policy benefit reserves. Any future net favorable changes to these assumptions could result in a lower projected present value of future cash flows and additional margin in our premium deficiency test and higher income over the remaining duration of the portfolio, including higher investment income. Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities and, therefore, may affect the amount or timing of capital contributions that may be required to our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. The 2021 premium deficiency testing described above was performed on a GAAP basis. The adverse impact on our statutory additional actuarial reserves (AAR) arising from our revised assumptions in 2017, including the collectability of reinsurance recoverables, is expected to require approximately $14,500 million additional capital contributions to our run-off insurance operations in 2018—2024. For statutory accounting purposes, the Kansas Insurance Department (KID) approved our request for a permitted accounting practice to recognize the 2017 AAR increase over a seven-year period. We provided capital contributions to our insurance subsidiaries of $2,000 million, $2,000 million, $1,900 million and $3,500 million in the first quarters of 2021, 2020, 2019 and 2018, respectively. We expect to provide further capital contributions of approximately $5,500 million through 2024 (of which approximately $2,000 million is expected to be contributed in the first quarter of 2022 pending completion of our December 31, 2021 statutory reporting process, which includes asset adequacy testing), subject to ongoing monitoring by KID. GE is a party to capital maintenance agreements with its run-off insurance subsidiaries under which GE is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 12. POSTRETIREMENT BENEFIT PLANS PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS. 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. Smaller pension plans with pension assets or obligations less than $50 million and other retiree benefit plans are not presented. We use a December 31 measurement date for these plans. DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Pension Plan Covers U.S. participants ~177,000 retirees and beneficiaries, ~88,500 vested former employees and ~24,500 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level. This plan has been closed to new participants since 2012. Benefits for ~20,000 employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced 10/2019). GE Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees This plan is unfunded. We pay benefits from company cash. The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for ~700 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans 41 U.S. and non-U.S. pension plans with pension assets or obligations greater than $50 million Covers ~57,500 retirees and beneficiaries, ~48,000 vested former employees and ~17,500 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates. Principal Retiree Benefit Plans Provides health and life insurance benefits to certain eligible participants Covers U.S. participants ~161,000 retirees and dependents and ~22,000 active employees We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion. Participants share in the cost of the healthcare benefits. FUNDING STATUS BY PLAN TYPE Benefit Obligation Fair Value of Assets Deficit/(Surplus) 2021 2020 2021 2020 2021 2020 Principal Pension Plans: GE Pension Plan (subject to regulatory funding) $ 65,073 $ 68,945 $ 60,990 $ 58,843 $ 4,083 $ 10,102 GE Supplementary Pension Plan (not subject to regulatory funding) 7,226 7,353 — — 7,226 7,353 72,299 76,298 60,990 58,843 11,309 17,455 Other Pension Plans: Subject to regulatory funding 19,698 21,793 22,280 21,283 (2,582) 510 Not subject to regulatory funding 2,558 2,865 210 223 2,348 2,642 Principal retiree benefit plans (not subject to regulatory funding) 4,308 5,019 42 134 4,266 4,885 Total plans subject to regulatory funding 84,771 90,738 83,270 80,126 1,501 10,612 Total plans not subject to regulatory funding 14,092 15,237 252 357 13,840 14,880 Total plans $ 98,863 $ 105,975 $ 83,522 $ 80,483 $ 15,341 $ 25,492 FUNDING. The Employee Retirement Income Security Act (ERISA) determines minimum pension funding requirements in the U.S. In December 2020, we made a discretionary contribution of $2,500 million to the GE Pension Plan. No additional contributions were required or made during 2021 and based on our current assumptions, we do not anticipate having to make additional required contributions to the plan in the near future. On an ERISA basis, our estimate is that the GE Pension Plan was 107% and 94% funded at January 1, 2022 and 2021 respectively. The ERISA funded status is higher than the GAAP funded status (94% and 85% funded for 2021 and 2020 respectively) primarily because the ERISA prescribed interest rate for determining liabilities is calculated using a long-term average interest rate. We expect to pay approximately $350 million for benefit payments under our GE Supplementary Pension Plan and administrative expenses of our principal pension plans and expect to contribute approximately $175 million to other pension plans in 2022. We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion. We expect to contribute approximately $380 million in 2022 to fund such benefits. ACTIONS. We announced that pension benefits for approximately 2,700 United Kingdom (UK) participants will be frozen effective January 1, 2022. We also announced that pension benefits for approximately 800 Canadian participants will be frozen effective December 31, 2023. These transactions are reflected as a curtailment loss in 2021. In December 2020, we transferred obligations of $1,706 million from the GE Pension Plan, representing the benefits of approximately 70,000 of GE’s retirees and beneficiaries, to a third-party insurance company by irrevocably committing to purchase group annuity contracts. The transaction was funded directly by the assets of the plan and is reflected as a settlement. COST OF OUR BENEFITS PLANS 2021 2020 2019 AND ASSUMPTIONS Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income) Service cost - operating $ 237 $ 233 $ 44 $ 657 $ 243 $ 59 $ 654 $ 246 $ 58 Interest cost 1,951 383 103 2,350 422 150 2,780 542 202 Expected return on plan assets (3,049) (1,194) — (2,993) (1,082) (11) (3,428) (1,144) (21) Amortization of net loss (gain) 3,483 403 (79) 3,399 434 (82) 3,439 319 (118) Amortization of prior service cost (credit) 28 (3) (236) 146 1 (234) 135 3 (232) Curtailment / settlement loss (gain) — 76 — — 12 — 349 13 (38) Non-operating $ 2,413 $ (335) $ (212) $ 2,902 $ (213) $ (177) $ 3,275 $ (267) $ (207) Net periodic expense (income) $ 2,650 $ (102) $ (168) $ 3,559 $ 30 $ (118) $ 3,929 $ (21) $ (149) Weighted-average benefit obligations assumptions Discount rate 2.94 % 1.93 % 2.64 % 2.61 % 1.44 % 2.15 % 3.36 % 1.97 % 3.05 % Compensation increases 3.05 2.35 2.63 2.95 3.06 2.82 2.95 3.16 3.75 Initial healthcare trend rate(a) N/A N/A 5.70 N/A N/A 5.90 N/A N/A 5.90 Weighted-average benefit cost assumptions Discount rate(b) 2.61 1.44 2.15 3.36 1.97 3.05 4.07 2.75 4.12 Expected rate of return on plan assets 6.25 5.69 1.25 6.25 6.10 7.00 6.75 6.76 7.00 (a) For 2021, ultimately declining to 5% for 2030 and thereafter. (b) Weighted average 2019 discount rate for principal pension was 4.07%. Discount rate was 4.34% for January 1, 2019 through September 30, 2019 and then changed to 3.24% for the remainder of 2019 due to the remeasurement of the plans. We expect 2022 net periodic benefit income for principal pension, other pension and principal retiree benefit plans to be about $40 million, which is a decrease of approximately $2,420 million in costs from 2021. The decrease is primarily due to expiration of the period over which some large losses from earlier years were being amortized and lower overall amortization of net actuarial losses as a result of actuarial and investment gains during 2021. The components of net periodic benefit costs, other than the service cost component, are included in Non-operating benefit costs in our Statement of Earnings (Loss). PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) 2021 2020 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligations Balance at January 1 $ 76,298 $ 24,658 $ 5,019 $ 71,756 $ 22,921 $ 5,160 Service cost 237 233 44 657 243 59 Interest cost 1,951 383 103 2,350 422 150 Participant contributions 15 24 60 69 28 63 Plan amendments — (1) — — 27 (7) Actuarial loss (gain) - net (2,448) (a) (1,561) (a) (446) 7,057 (a) 1,927 (a) 85 Benefits paid (3,754) (998) (472) (3,885) (1,062) (491) Curtailments — (74) — — (69) — Settlements — — — (1,706) (b) — — Dispositions/ acquisitions / other - net — (188) — — (335) — Exchange rate adjustments — (220) — — 556 — Balance at December 31 $ 72,299 (c) $ 22,256 $ 4,308 (d) $ 76,298 (c) $ 24,658 $ 5,019 (d) Change in plan assets Balance at January 1 58,843 21,506 134 52,633 19,142 289 Actual gain (loss) on plan assets 5,559 1,602 41 8,926 2,542 (22) Employer contributions 327 594 279 2,806 509 295 Participant contributions 15 24 60 69 28 63 Benefits paid (3,754) (998) (472) (3,885) (1,062) (491) Settlements — — — (1,706) (b) — — Dispositions/ acquisitions / other - net — (138) — — (59) — Exchange rate adjustments — (100) — — 406 — Balance at December 31 $ 60,990 $ 22,490 $ 42 $ 58,843 $ 21,506 $ 134 Funded status - surplus (deficit) $ (11,309) $ 234 $ (4,266) $ (17,455) $ (3,152) $ (4,885) Amounts recorded in Non-current assets - other — 2,898 — — 845 — Current liabilities - other (337) (107) (362) (315) (106) (330) Non-current liabilities - compensation and benefits (10,972) (2,557) (3,904) (17,140) (3,891) (4,555) Net amount recorded $ (11,309) $ 234 $ (4,266) $ (17,455) $ (3,152) $ (4,885) Amounts recorded in Accumulated other comprehensive loss (income) Prior service cost (credit) (109) (52) (1,912) (80) 19 (2,148) Net loss (gain) (2,754) 2,012 (1,042) 5,687 4,582 (633) Total recorded in Accumulated other comprehensive loss (income) $ (2,863) $ 1,960 $ (2,954) $ 5,607 $ 4,601 $ (2,781) (a) Principally associated with discount rate changes. (b) Irrevocable commitment to purchase group annuity contracts from a third-party insurance company in December 2020. (c) The benefit obligation for the GE Supplementary Pension Plan, which is an unfunded plan, was $7,226 million and $7,353 million at year-end 2021 and 2020, respectively. (d) The benefit obligation for retiree health plans was $2,548 million and $3,094 million at December 31, 2021 and 2020, respectively. ASSUMPTIONS USED IN CALCULATIONS. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of participants and expectation of mortality improvement. Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense. The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and amortized into earnings in subsequent periods. The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation, as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given our asset allocation. Based on our analysis, we have assumed a 6.25% long-term expected return on the GE Pension Plan assets for cost recognition in 2021 and 2020, as compared to 6.75% in 2019. For 2022 cost recognition, we have assumed a 6.00% long-term expected return for the GE Pension Plan assets. The Society of Actuaries issued new mortality improvement tables in 2021 and 2020. We updated mortality assumptions in the U.S. accordingly. These changes in assumptions increased the December 31, 2021 U.S. pension and retiree benefit plans' obligations by $278 million and decreased the December 31, 2020 obligations by $180 million. The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a fixed subsidy and therefore are not subject to healthcare inflation. We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences between our actual results and what we assumed are recorded in Accumulated other comprehensive income each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable. For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year’s gains and losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor amortization method. SENSITIVITIES TO KEY ASSUMPTIONS. Fluctuations in discount rates can significantly impact pension cost and obligations. A 25 basis point decrease in discount rate would increase principal pension plan cost in the following year by about $205 million and would increase the principal pension plan projected benefit obligation at year-end by about $2,300 million. The deficit sensitivity to the discount rate is lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the plan's asset allocation. A 50 basis point decrease in the expected return on assets would increase principal pension plan cost in the following year by about $260 million. THE COMPOSITION OF OUR PLAN ASSETS. The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. 2021 2020 Principal pension Other pension Principal pension Other pension Global equities $ 7,778 $ 3,589 $ 5,552 $ 3,674 Debt securities Fixed income and cash investment funds 7,665 10,527 6,831 10,003 U.S. corporate(a) 10,324 468 8,512 410 Other debt securities(b) 7,331 492 5,505 440 Real estate 2,510 89 2,274 81 Private equities and other investments 1,515 943 490 499 Total 37,123 16,108 29,164 15,107 Plan assets measured at net asset value Global equities 9,517 1,172 16,259 1,415 Debt securities 5,269 1,287 5,445 1,268 Real estate 1,408 2,126 1,324 1,978 Private equities and other investments 7,673 1,797 6,651 1,738 Total plan assets at fair value $ 60,990 $ 22,490 $ 58,843 $ 21,506 (a) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. Plan assets that were measured at fair value using NAV as practical expedient were excluded from the fair value hierarchy. GE Pension Plan investments with a fair value of $3,872 million and $2,721 million at December 31, 2021 and 2020, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $12,377 million and $9,922 million at December 31, 2021 and 2020, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $20,942 million and $16,514 million at December 31, 2021 and 2020, respectively were classified within Level 2 and relate to primarily debt securities. Other pension plans investments with a fair value of $138 million and $97 million at December 31, 2021 and 2020, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $1,312 million and $1,721 million at December 31, 2021 and 2020, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $13,802 million and $12,869 million at December 31, 2021 and 2020, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments with a fair value of $42 million and $134 million at December 31, 2021 and 2020, respectively, comprised equity and debt securities which are considered Level 1 and 2. There were no Level 3 principal retiree benefit plan investments held in 2021 and 2020. ASSET ALLOCATION OF PENSION PLANS 2021 Target allocation 2021 Actual allocation Principal Pension Other Pension (weighted average) Principal Pension Other Pension (weighted average) Global equities 20.0 - 38.0 % 21 % 28 % 22 % Debt securities (including cash equivalents) 29.0 - 75.5 58 51 57 Real estate 0.5 - 10.5 9 6 10 Private equities & other investments 4.5 - 26.5 12 15 11 Plan fiduciaries of the GE Pension Plan set investment policies and strategies for the GE Pension Trust and oversee its investment allocation, which includes selecting investment managers and setting long-term strategic targets. The plan fiduciaries' primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet the plan's near-term benefit payment and other cash needs. The plan has incorporated de-risking objectives and liability hedging programs as part of its long-term investment strategy. The plan utilizes a combination of long-dated corporate bonds, treasuries, strips and derivatives to implement its investment strategies as well as for hedging asset and liability risks. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. GE securities represented 0.6% of the GE Pension Trust assets at December 31, 2021 and 2020. The GE Pension Plan has a broadly diversified portfolio of investments in equities, fixed income, private equities and real estate; these investments are both U.S. and non-U.S. in nature. ANNUALIZED RETURNS 1 year 5 years 10 years 25 years GE Pension Plan 9.7 % 10.3 % 9.0 % 7.6 % EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS Principal pension Other pension Principal retiree benefit 2022 $ 3,800 $ 950 $ 410 2023 3,835 930 390 2024 3,860 930 365 2025 3,880 960 350 2026 3,895 970 335 2027-2031 19,445 5,070 1,440 DEFINED CONTRIBUTION PLAN. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $418 million, $318 million and $355 million for the years ended December 31, 2021, 2020, and 2019, respectively. COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME For the years ended December 31 2021 2020 2019 (Pre-tax) Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans $ 2,650 $ (102) $ (168) $ 3,559 $ 30 $ (118) $ 3,929 $ (21) $ (149) Changes in other comprehensive loss (income) Prior service cost (credit) - current year — (1) — — 27 (7) (42) (17) (23) Net loss (gain) - current year (4,959) (2,104) (488) 1,124 529 119 971 1,592 240 Reclassifications out of AOCI Curtailment / settlement gain (loss) — (68) — — (3) — (353) (12) 4 Dispositions — (68) — — (166) — — (340) — Amortization of net gain (loss) (3,483) (403) 79 (3,399) (434) 82 (3,439) (319) 118 Amortization of prior service credit (cost) (28) 3 236 (146) (1) 234 (135) (3) 232 Total changes in other comprehensive loss (income) (8,470) (2,641) (173) (2,421) (48) 428 (2,998) 901 571 Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) $ (5,820) $ (2,743) $ (341) $ 1,138 $ (18) $ 310 $ 931 $ 880 $ 422 |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
CURRENT AND ALL OTHER LIABILITIES | NOTE 13. CURRENT AND ALL OTHER LIABILITIES December 31 2021 2020 Sales allowances, equipment projects and other commercial liabilities $ 5,638 $ 5,123 Product warranties (Note 22) 1,091 1,197 Employee compensation and benefit liabilities 4,677 4,838 Interest payable 276 793 Taxes payable 500 463 Environmental, health and safety liabilities (Note 22) 386 359 Derivative instruments (Note 20) 212 369 Other 1,196 1,931 All other current liabilities $ 13,977 $ 15,071 Sales allowances, equipment projects and other commercial liabilities $ 2,451 $ 2,543 Product warranties (Note 22) 800 857 Operating lease liabilities (Note 6) 2,848 3,195 Uncertain and other income taxes and related liabilities 3,041 3,385 Alstom legacy legal matters (Note 22) 567 858 Environmental, health and safety liabilities (Note 22) 2,274 2,210 Redeemable noncontrolling interests (Note 15) 148 487 Interest payable 179 382 Other 934 863 All other non-current liabilities $ 13,240 $ 14,781 Total All other liabilities $ 27,217 $ 29,852 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 14. INCOME TAXES . GE files a consolidated U.S. federal income tax return which enables GE's businesses to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made to GE's businesses for tax reductions and from GE's businesses for tax increases . Our businesses are subject to regulation under a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2021 2020 2019 U.S. earnings (loss) $ (2,959) $ (4,823) $ 1,032 Non-U.S. earnings (loss) (724) 10,793 (1,086) Total $ (3,683) $ 5,970 $ (54) PROVISION (BENEFIT) FOR INCOME TAXES 2021 2020 2019 Current U.S. Federal $ (1,347) $ 865 $ (22) Non - U.S. 1,154 1,276 1,832 U.S. State (85) 152 (373) Deferred U.S. Federal (567) (1,898) (1,047) Non - U.S. 608 (810) 59 U.S. State (50) (72) 103 Total $ (286) $ (487) $ 552 Income taxes paid were $1,330 million, $1,291 million and $2,228 million for the years ended December 31, 2021, 2020 and 2019, respectively, including payments reported in discontinued operations. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE 2021 2020 2019 Amount Rate Amount Rate Amount Rate U.S. federal statutory income tax rate $ (773) 21.0 % $ 1,254 21.0 % $ (11) 21.0 % Tax on global activities including exports 155 (4.2) (47) (0.8) 505 (935.2) U.S. business credits(a) (189) 5.1 (169) (2.8) (259) 479.6 Debt tender and related valuation allowances 940 (25.5) — — — — Deductible stock and restructuring losses (583) 15.8 (203) (3.4) (144) 266.7 Sale of Biopharma business (5) 0.1 (1,447) (24.2) 633 (1,172.2) Goodwill impairments — — 184 3.1 299 (553.7) All other – net(b)(c) 169 (4.5) (59) (1.1) (471) 871.6 487 (13.2) (1,741) (29.2) 563 (1,043.2) Actual income tax rate $ (286) 7.8 % $ (487) (8.2) % $ 552 (1,022.2) % (a) U.S. general business credits, primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (b) For the year ended December 31, 2020, included $(140) million for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2014-2015. For the year ended December 31, 2019, included $(378) million for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2012-2013. (c) Included for each period, the expense or benefit for U.S. state taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect. UNRECOGNIZED TAX POSITIONS. Annually, we file over 3,000 income tax returns in over 270 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2018. In December 2020, the IRS completed the audit of our consolidated U.S. income tax returns for 2014-2015. The Company recognized a continuing operations benefit of $140 million plus an additional net interest benefit of $96 million. In addition, the Company recorded a benefit in discontinued operations of $130 million of tax benefits and $25 million of net interest benefits. In June 2019, the IRS completed the audit of our consolidated U.S. income tax returns for 2012-2013. The Company recognized a continuing operations tax benefit of $378 million plus an additional net interest benefit of $107 million. The Company recorded an additional non-cash benefit in discontinued operations of $332 million of tax benefits and $46 million of net interest benefits. See Note 2 for further information. In September 2021, GE resolved its dispute with the United Kingdom tax authority, HM Revenue & Customs (HMRC) in connection with interest deductions claimed by GE Capital for the years 2004-2015. As previously disclosed, HMRC had proposed to disallow interest deductions with a potential impact of approximately $1,100 million, which included a possible assessment of tax and reduction of deferred tax assets, not including interest and penalties. As part of the settlement, GE and HMRC agreed that a portion of the interest deductions claimed were disallowed, with no fault or blame attributed to either party. The resolution concluded the dispute in its entirety without interest or penalties. The adjustments result in no current tax payment to HMRC, but a deferred tax charge of $112 million as part of discontinued operations as a result of a reduction of available tax attributes, which had previously been recorded as deferred tax assets. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months were: UNRECOGNIZED TAX BENEFITS December 31 2021 2020 2019 Unrecognized tax benefits $ 4,224 $ 4,191 $ 4,169 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 3,351 2,986 2,701 Accrued interest on unrecognized tax benefits 597 628 722 Accrued penalties on unrecognized tax benefits 146 179 195 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-250 0-350 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-200 0-250 0-650 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION 2021 2020 2019 Balance at January 1 $ 4,191 $ 4,169 $ 5,563 Additions for tax positions of the current year 396 836 403 Additions for tax positions of prior years 327 326 500 Reductions for tax positions of prior years(a) (585) (863) (1,927) Settlements with tax authorities (33) (127) (155) Expiration of the statute of limitations (71) (151) (214) Balance at December 31 $ 4,224 $ 4,191 $ 4,169 (a) For 2019, reductions included $710 million related to the completion of the 2012-2013 IRS audit and $442 million related to the deconsolidation of Baker Hughes. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2021, 2020 and 2019, $17 million, $(30) million and $(93) million of interest expense (income), respectively, and $(29) million, $(13) million and $20 million of tax expense (income) related to penalties, respectively, were recognized in our Statement of Earnings (Loss). DEFERRED INCOME TAXES. As part of the Tax Cuts and Jobs Act of 2017 (U.S. tax reform), the U.S. has enacted a minimum tax on foreign earnings (global intangible low tax income). We have not made an accrual for the deferred tax aspects of this provision. We also have not provided deferred taxes on cumulative net earnings of non-U.S. affiliates and associated companies of approximately $12 billion that have been reinvested indefinitely. Given U.S. tax reform, substantially all of our prior unrepatriated net earnings were subject to U.S. tax and accordingly we expect to have the ability to repatriate available non-U.S. cash without additional federal tax cost, and any foreign withholding tax on a repatriation to the U.S. would potentially be partially offset by a U.S. foreign tax credit. However, because most of these earnings have been reinvested in active non-U.S. business operations, as of December 31, 2021, we have not decided to repatriate these earnings to the U.S. It is not practicable to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. In December 2021, the Company announced plans to form three public companies focused on aviation, healthcare and energy. Planning for and execution of this separation will result in tax including potentially tax on changes in indefinite reinvestment outside the U.S. The impact of a change in reinvestment will be recorded when there is a specific change in ability and intent to reinvest earnings. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 31 2021 2020 Total assets $ 11,587 $ 14,972 Total liabilities (732) (719) Net deferred income tax asset (liability) $ 10,855 $ 14,253 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 2021 2020 Deferred tax assets Accrued expenses and reserves $ 2,635 $ 2,667 Principal pension plans 2,375 3,666 Progress collections and deferred income 1,830 1,921 Insurance company loss reserves 1,700 1,684 Deferred expenses 1,597 1,647 Other compensation and benefits 1,397 2,149 Non-U.S. loss carryforwards(a) 1,354 1,793 Principal retiree benefit plans 896 1,026 Capital losses 554 582 Contract Assets 263 (460) Other(b) 775 817 Total deferred tax assets 15,376 17,492 Deferred tax liabilities Investment in global operations (1,775) (1,289) Investment securities (1,278) (969) Depreciation (299) (126) Other (1,169) (855) Total deferred tax liabilities (4,521) (3,239) Net deferred income tax asset (liability) $ 10,855 $ 14,253 (a) Net of valuation allowances of $7,081 million and $6,199 million as of December 31, 2021 and 2020, respectively. Of the net deferred tax asset as of December 31, 2021 of $1,354 million, $25 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2022 through December 31, 2024; $417 million relates to net operating losses that expire in various years ending from December 31, 2025 through December 31, 2041 and $912 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,653 million and $1,119 million as of December 31, 2021 and 2020, respectively. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 15. SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 2021 2020 2019 Beginning balance $ (4,386) $ (4,818) $ (6,134) AOCI before reclasses – net of taxes of $(91), $(25) and $(98) (104) (255) 41 Reclasses from AOCI – net of taxes of $87, $0 and $(9)(a)(b) (71) 691 1,234 AOCI (174) 435 1,275 Less AOCI attributable to noncontrolling interests 2 2 (40) Currency translation adjustments AOCI $ (4,562) $ (4,386) $ (4,818) Beginning balance $ (5,395) $ (7,024) $ (8,254) AOCI before reclasses – net of taxes of $1,643, $(283) and $(418) 6,225 (1,256) (2,097) Reclasses from AOCI – net of taxes of $793, $805 and $915(a)(b) 2,819 2,888 3,325 AOCI 9,044 1,632 1,228 Less AOCI attributable to noncontrolling interests 3 4 (2) Benefit plans AOCI $ 3,646 $ (5,395) $ (7,024) Beginning balance $ 32 $ 109 $ (25) AOCI before reclasses – net of taxes of $615, $21 and $38(c) 2,422 (39) 118 Reclasses from AOCI – net of taxes of $23, $(25) and $(9)(a) 44 (39) 17 AOCI 2,466 (78) 135 Investment securities and cash flow hedges AOCI $ 2,498 $ 32 $ 109 AOCI at December 31 $ 1,582 $ (9,749) $ (11,732) Dividends declared per common share $ 0.32 $ 0.32 $ 0.32 (a) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, in 2020, related to the sale of our BioPharma business within our Healthcare segment. (b) Currency translation and benefit plan gains and losses included $1,343 million, including currency translation of $1,066 million, net of taxes, in 2019 earnings (loss) from discontinued operations related to deconsolidation of Baker Hughes. (c) Included adjustments of $3,535 million, $(1,979) million and $(2,693) million in 2021, 2020 and 2019, 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 11 for further information. Preferred stock outstanding comprises $5,694 million of GE Series D preferred stock, in addition to $245 million of existing GE Series A, B and C preferred stock. The total carrying value of GE preferred stock at December 31, 2021 was $5,935 million and will increase to $5,940 million by the respective call dates through periodic accretion. Dividends on GE preferred stock are payable semi-annually in June and December and accretion is recorded on a quarterly basis. Dividends on GE preferred stock totaled $237 million, including cash dividends of $220 million, $474 million, including cash dividends of $295 million, and $460 million, including cash dividends of $295 million, for the years ended December 31, 2021, 2020 and 2019, respectively. On January 21, 2021, the GE Series D preferred stock became callable and its dividends converted from 5% fixed rate to 3-month LIBOR plus 3.33%. As of the filing date of this Form 10-K for the year ended December 31, 2021, the GE Series D preferred stock has not been called. GE has 50 million authorized shares of preferred stock ($1.00 par value), of which 5,939,875 shares are outstanding as of December 31, 2021, 2020 and 2019. GE's authorized common stock consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. To facilitate settlement of employee compensation programs, we repurchased shares of 0.5 million and 0.1 million, for a total of $35.8 million and $15.3 million for the years ended December 31, 2021 and 2020, respectively. Redeemable noncontrolling interests , presented within All other liabilities in our 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 $148 million and $487 million as of December 31, 2021 and 2020, respectively. The decrease of $339 million was primarily due to a redeemable noncontrolling interest in our Aviation segment, which was converted into a mandatorily redeemable instrument and reclassified to All other current liabilities. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 16. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2007 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest, and performance share awards are earned, we issue shares from treasury stock. Where applicable, the disclosures below have been adjusted to reflect the 1-for-8 reverse stock split effective July 30, 2021. Stock options provide employees the opportunity to purchase GE shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three WEIGHTED AVERAGE GRANT DATE FAIR VALUE 2021 2020 2019 Stock options $ 40.64 $ 28.64 $ 27.84 RSUs 104.98 63.28 80.96 PSUs/Performance shares 108.51 63.28 85.84 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 1.1%, 1.0%, and 2.5%, dividend yields of 0.3%, 0.4%, and 0.4%, expected volatility of 40%, 36%, and 33%, expected lives of 6.2 years, 6.1 years, and 6.0 years, and strike prices of $105.12, $84.48, and $80.00 for 2021, 2020, and 2019, respectively. STOCK-BASED COMPENSATION ACTIVITY Stock options RSUs Shares (in thousands) Weighted average exercise price Weighted average contractual term (in years) Intrinsic value (in millions) Shares (in thousands) Weighted average grant date fair value Weighted average contractual term (in years) Intrinsic value (in millions) Outstanding at January 1, 2021 50,046 $ 145.26 7,561 $ 72.35 Granted 494 105.12 2,972 104.98 Exercised (1,252) 74.19 (1,639) 97.91 Forfeited (933) 80.31 (837) 82.81 Expired (9,941) 159.46 N/A N/A Outstanding at December 31, 2021 38,414 $ 144.97 4.2 $ 193 8,057 $ 77.90 1.6 $ 761 Exercisable at December 31, 2021 33,551 153.11 3.6 148 N/A N/A N/A N/A Expected to vest 4,557 $ 88.70 7.9 $ 42 6,830 $ 78.75 1.5 $ 645 Total outstanding PSUs and performance shares at December 31, 2021 were 3,215 thousand shares with a weighted average fair value of $75.66. The intrinsic value and weighted average contractual term of PSUs and performance shares outstanding were $304 million and 2.3 years, respectively. 2021 2020 2019 Compensation expense (after-tax)(a)(b) $ 361 $ 353 $ 400 Cash received from stock options exercised 93 6 69 Intrinsic value of stock options exercised and RSU/PSUs vested 217 81 154 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2021 was $491 million, which will be amortized over a weighted average period of 1.1 years. (b) Income tax benefit recognized in earnings was $9 million, $10 million and $20 million in 2021, 2020, and 2019, respectively. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 17. EARNINGS PER SHARE INFORMATION. In the second quarter of 2021, we announced that we would proceed with the 1-for-8 reverse stock split, as approved by shareholders, and filed an amendment to our certificate of incorporation to effectuate the reverse stock split after the close of trading on July 30, 2021. GE common stock began trading on a split-adjusted basis on August 2, 2021. Our shares of outstanding common stock and earnings per share calculation have been retroactively restated for all periods presented. (Earnings for per-share calculation, 2021 2020 2019 per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Earnings from continuing operations $ (3,326) $ (3,326) $ 6,601 $ 6,601 $ (614) $ (614) Preferred stock dividends (237) (237) (474) (474) (460) (460) Accretion of redeemable noncontrolling interests, net of tax(a) (9) (9) (151) (151) — — Earnings from continuing operations attributable to GE common shareholders (3,571) (3,571) 5,975 5,975 (1,074) (1,074) Earnings (loss) from discontinued operations (3,195) (3,195) (909) (909) (4,367) (4,367) Net earnings attributable to GE common shareholders (6,766) (6,766) 5,066 5,066 (5,440) (5,440) Shares of GE common stock outstanding 1,098 1,098 1,094 1,094 1,091 1,091 Employee compensation-related shares (including stock options) — — 1 — — — Total average equivalent shares 1,098 1,098 1,095 1,094 1,091 1,091 Earnings (loss) from continuing operations $ (3.25) $ (3.25) $ 5.46 $ 5.46 $ (0.98) $ (0.98) Earnings (loss) from discontinued operations (2.91) (2.91) (0.83) (0.83) (4.00) (4.00) Net earnings (loss) (6.16) (6.16) 4.63 4.63 (4.99) (4.99) Potentially dilutive securities(b) 41 56 55 (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. |
OTHER INCOME
OTHER INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | NOTE 18. OTHER INCOME 2021 2020 2019 Purchases and sales of business interests(a) $ (40) $ 12,468 $ 3 Licensing and royalty income 192 161 256 Equity method income (96) 7 264 Net interest and investment income (loss)(b) 2,270 (1,447) 1,507 Other items 497 207 449 Total other income $ 2,823 $ 11,396 $ 2,479 (a) Included a pre-tax loss of $170 million on the sale of our boiler manufacturing business in China in 2021. Included a pre-tax gain of $12,362 million on the sale of BioPharma in 2020. Included a pre-tax gain of $224 million on the sale of ServiceMax partially offset by charges to the valuation allowance on businesses classified as held for sale of $245 million in 2019. See Note 2 for further information. (b) Included a pre-tax realized and unrealized gain of $938 million, pre-tax realized and unrealized loss of $2,037 million and pre-tax unrealized gain of $793 million related to our interest in Baker Hughes in 2021, 2020 and 2019, respectively. Included a pre-tax unrealized gain of $711 million related to our interest in AerCap in 2021. Included interest income associated with customer advances of $167 million, $146 million and $143 million in 2021, 2020 and 2019, respectively. See Notes 3, 8 and 24 for further information. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 19. FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in AerCap and Baker Hughes, and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3(a) Netting Net balance(b) December 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Investment securities $ 11,434 $ 7,319 $ 35,849 $ 36,684 $ 7,222 $ 5,866 $ — $ — $ 54,506 $ 49,869 Derivatives — — 1,357 3,061 17 8 (691) (2,582) 684 487 Total assets $ 11,434 $ 7,319 $ 37,207 $ 39,745 $ 7,239 $ 5,874 $ (691) $ (2,582) $ 55,189 $ 50,356 Derivatives $ — $ — $ 891 $ 1,114 $ 1 $ 7 $ (681) $ (752) $ 212 $ 369 Other(c) — — 863 780 — — — — 863 780 Total liabilities $ — $ — $ 1,754 $ 1,894 $ 1 $ 7 $ (681) $ (752) $ 1,075 $ 1,149 (a) Included $4,228 million of U.S. corporate debt securities, $1,427 million of Mortgage and asset-backed debt securities, and the $993 million AerCap note at December 31, 2021. Included $4,185 million of U.S. corporate debt securities and $976 million of Mortgage and asset-backed debt securities at December 31, 2020. (b) See Notes 3 and 20 for further information on the composition of our investment securities and derivative portfolios. (c) Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. (d) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income. Balance at Net realized/unrealized gains(losses)(a) Purchases(b) Sales & Settlements Transfers Transfers Balance at 2021 Investment securities $ 5,866 $ (261) $ 2,589 $ (943) $ 6 $ (35) $ 7,222 2020 Investment securities $ 5,210 $ 357 $ 1,301 $ (958) $ 2 $ (45) $ 5,866 (a) Primarily included net unrealized gains (losses) of $(288) million and $323 million in Other comprehensive income for the years ended December 31, 2021 and 2020, respectively. (b) Included $1,084 million and $745 million of Mortgage and asset-backed debt securities for the years ended December 31, 2021 and 2020, respectively, and the $1,000 million AerCap senior note received as partial consideration on the completion of the GECAS transaction. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 20. 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. December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,706 $ 2,853 $ 2,904 $ 3,125 Liabilities Borrowings (Note 10) $ 35,186 $ 41,207 $ 74,902 $ 86,001 Investment contracts (Note 11) 1,909 2,282 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. We use derivatives to manage currency risks related to foreign exchange, and interest rate and currency risk between financial assets and liabilities, and certain equity investments and commodity prices. We use cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes, net investment hedges to hedge investments in foreign operations as well as fair value hedges to hedge the effects of interest rate and currency changes on debt it has issued. We also use derivatives not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. We use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVES December 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 2,071 $ 75 $ 4 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 7,214 114 122 7,387 164 125 Derivatives accounted for as hedges $ 9,285 $ 188 $ 126 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 1,369 $ 5 $ 1 $ 346 $ 8 $ (1) Currency exchange contracts 64,097 794 756 65,379 767 918 Other contracts 1,674 387 10 2,036 218 71 Derivatives not accounted for as hedges $ 67,140 $ 1,186 $ 767 $ 67,761 $ 993 $ 989 Gross derivatives $ 76,425 $ 1,374 $ 893 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (637) $ (639) $ (647) $ (647) Cash collateral adjustments (54) (42) (1,935) (104) Net derivatives recognized in statement of financial position $ 684 $ 212 $ 487 $ 369 Net accrued interest $ 10 $ 5 $ — $ — Securities held as collateral (2) — (2) — Net amount $ 691 $ 217 $ 484 $ 369 In conjunction with the completion of the debt tender in the fourth quarter of 2021, we terminated a significant portion of interest rate contracts that were in fair value hedge relationships with our borrowings. It is standard market practice to post or receive cash collateral with our derivative counterparties in order to minimize counterparty exposure. Included in cash, cash equivalents and restricted cash was total net cash collateral received on derivatives of $66 million (comprising $176 million received and $110 million posted) at December 31, 2021 and $3,289 million (comprising $4,203 million received and $914 million posted) at December 31, 2020. Of these amounts, $84 million and $1,968 million at December 31, 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 $11 million and $292 million at December 31, 2021 and December 31, 2020, respectively, and excess net cash collateral posted of $41 million (comprising $27 million received and $68 million posted) at December 31, 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 HEDGES. We use derivatives to hedge the effects of interest rate and currency exchange rate changes on our borrowings. At December 31, 2021, the cumulative amount of hedging adjustments of $2,072 million (including $2,073 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $16,819 million. At December 31, 2020, the cumulative amount of hedging adjustments of $5,687 million (including $2,248 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $29,374 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings. CASH FLOW HEDGES AND NET INVESTMENT HEDGES. Gain (loss) recognized in AOCI 2021 2020 2019 Cash flow hedges(a) $ (86) $ (61) $ 25 Net investment hedges(b) 487 (675) 120 (a) Primarily related to currency exchange and interest rate contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,061 million and $8,348 million at December 31, 2021 and 2020, respectively. The total reclassified from AOCI into earnings was $(87) million, zero, and $7 million for the years ended December 31, 2021, 2020 and 2019, respectively. 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 total amount in AOCI related to cash flow hedges of forecasted transactions was a $14 million loss at December 31, 2021. We expect to reclassify $17 million of gain to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. The total reclassified from AOCI into earnings was $(79) million, $(7) million, and $(60) million for the years ended December 31, 2021, 2020 and 2019, respectively. At December 31, 2021, the maximum term of derivative instruments that hedge forecasted transactions was approximately 13 years. The table below presents the gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): 2021 2020 Revenues Debt Extinguishment Costs Interest Expense SG&A Other(a) Revenues Debt Extinguishment Costs Interest Expense SG&A Other(a) $ 74,196 $ 6,524 $ 1,876 $ 11,707 $ 56,719 $ 75,833 $ 301 $ 2,068 $ 12,592 $ 69,267 Effect of cash flow hedges $ 27 $ — $ (40) $ 1 $ (67) $ 15 $ — $ (40) $ 1 $ 17 Hedged items $ 70 $ 1,413 $ — $ (1,775) Derivatives designated as hedging instruments (66) (1,549) — 1,743 Effect of fair value hedges $ 3 $ (135) $ — $ (31) Interest rate contracts(a) $ 1 $ 52 $ (3) $ — $ (1) $ (1) $ — $ (11) $ — $ (18) Currency exchange contracts (6) (16) (18) (127) 44 — — — 129 (293) Other — — — 183 193 — — — 86 (46) Effect of derivatives not designated as hedges $ (5) $ 35 $ (22) $ 56 $ 235 $ (1) $ — $ (11) $ 215 $ (357) (a) Amounts are inclusive of cost of sales and other income. COUNTERPARTY CREDIT RISK. Our exposures to counterparties (including accrued interest), net of collateral we held, was $564 million and $392 million at December 31, 2021 and December 31, 2020, respectively. Counterparties' exposures to our derivative liability (including accrued interest), net of collateral posted by us, was $159 million and $307 million at December 31, 2021 and December 31, 2020, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 21. VARIABLE INTEREST ENTITIES. In addition to the two VIEs detailed in Note 4, in our Statement of Financial Position, we have assets of $491 million and $1,733 million and liabilities of $206 million and $657 million, at December 31, 2021 and 2020, respectively, from other consolidated VIEs. The decline in assets and liabilities is primarily driven by the deconsolidation of our aeroderivative JV and the reduction of the deferred purchase price related to the discontinuation of our remaining unconsolidated receivables facility. These entities were created to help our customers facilitate or finance the purchase of GE equipment and services and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. |
COMMITMENTS, GUARANTEES, PRODUC
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | NOTE 22. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. We had total investment commitments of $3,130 million at December 31, 2021. The commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,069 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $2,996 million. See Note 21 for further information. As of December 31, 2021, in our Aviation segment, we have committed to provide financing assistance of $2,058 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. At December 31, 2021, we were committed under the following guarantee arrangements: Credit support. At December 31, 2021, we have provided $1,252 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. The liability for such credit support was $42 million. Indemnification agreements - Continuing Operations. At December 31, 2021, we have $965 million of indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $95 million. Indemnification agreements - Discontinued Operations. At December 31, 2021, we have provided specific indemnities to buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $562 million with related reserves of $93 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. An analysis of changes in the liability for product warranties follows. 2021 2020 2019 Balance at January 1 $ 2,054 $ 2,165 $ 2,192 Current-year provisions 862 788 713 Expenditures (945) (913) (715) Other changes (81) 14 (26) Balance at December 31 $ 1,891 $ 2,054 $ 2,165 LEGAL MATTERS. 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 legal matters. In November 2015, we acquired the Thermal, Renewables and Grid businesses from Alstom, which prior to the acquisition was the subject of significant cases involving anti-competitive activities and improper payments. 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 cases in various jurisdictions, including the previously reported legal proceedings in Slovenia that are described below. The reserve balance was $567 million and $858 million at December 31, 2021 and December 31, 2020, respectively. The decrease in the reserve balance during 2021 was driven primarily by the cash payment in connection with the Šoštanj settlement described below. Allegations in these cases 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 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. 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 disgorgement, fines and/or 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 September 2020, the relevant Alstom legacy entity was served with an indictment, which we had anticipated as we had been 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 and December 2021, respectively, GE entered a plea agreement with a judge of the Celje District Court with respect to the indictment of the relevant Alstom legacy entity, and GE reached a related settlement with the European Investment Bank; the plea and settlement include total payments of approximately $34 million. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws have been filed against GE and certain affiliated individuals and consolidated into a single action currently pending in the U.S. District Court for the Southern District of New York (the Hachem case). In October 2019, the lead plaintiff filed a fifth amended consolidated class action complaint naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 related to insurance reserves and accounting for long-term service agreements and seeks damages on behalf of shareholders who acquired GE stock between February 27, 2013 and January 23, 2018. GE filed a motion to dismiss in December 2019. In January 2021, the court granted defendants’ motion to dismiss as to the majority of the claims. Specifically, the court dismissed all claims related to insurance reserves, as well as all claims related to accounting for long-term service agreements, with the exception of certain claims about historic disclosures related to factoring in the Power business that survive as to GE and its former CFO Jeffrey S. Bornstein. All other individual defendants have been dismissed from the case. In addition, the court denied the plaintiffs’ request to amend their complaint again. 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). 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. Two shareholder derivative lawsuits are currently pending: the Lindsey and Priest/Tola cases, which were filed in New York state court. The allegations in these two cases relate to substantially the same facts as those underlying the Hachem case. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Lindsey case has been stayed by agreement of the parties, and GE filed a motion to dismiss the Priest/Tola complaint in March 2021. In July 2018, a putative class action (the Mahar case) was filed in New York state court naming as defendants GE, former GE executive officers, a former member of GE’s Board of Directors and KPMG. It alleged violations of Sections 11, 12 and 15 of the Securities Act of 1933 based on alleged misstatements related to insurance reserves and performance of GE’s business segments in GE Stock Direct Plan registration statements and documents incorporated therein by reference and seeks damages on behalf of shareholders who acquired GE stock between July 20, 2015 and July 19, 2018 through the GE Stock Direct Plan. In February 2019, this case was dismissed. In March 2019, plaintiffs filed an amended derivative complaint naming the same defendants. In April 2019, GE filed a motion to dismiss the amended complaint. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Hachem case. In November 2019, the plaintiffs moved to re-argue to challenge the stay, and GE cross-moved to re-argue the denial of the motion to dismiss and filed a notice of appeal. The court denied both motions for re-argument, and in November 2020, the Appellate Division First Department affirmed the court's denial of GE's motion to dismiss. In January 2021, GE filed a motion for leave to appeal to the New York Court of Appeals, and that motion was denied in March 2021. 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 has been 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. As previously reported by Baker Hughes, in March 2019, two derivative lawsuits were filed in the Delaware Court of Chancery naming as defendants GE, directors of Baker Hughes (including former members of GE’s Board of Directors and current and former GE executive officers) and Baker Hughes (as nominal defendant), and the court issued an order consolidating these two actions (the Schippnick case). The complaint as amended in May 2019 alleges, among other things, that GE and the Baker Hughes directors breached their fiduciary duties, and that GE was unjustly enriched by entering into transactions and agreements related to GE's sales of approximately 12% of its ownership interest in Baker Hughes in November 2018. The complaint seeks declaratory relief, disgorgement of profits, an award of damages, pre- and post-judgment interest and attorneys’ fees and costs. In May 2019, the plaintiffs voluntarily dismissed their claims against the directors who were members of the Baker Hughes Conflicts Committee and a former Baker Hughes director. In October 2019, the Court denied the remaining defendants’ motions to dismiss, except with respect to the unjust enrichment claim against GE, which has been dismissed. In November 2019, the defendants filed their answer to the complaint, and a special litigation committee of the Baker Hughes Board of Directors moved for an order staying all proceedings in this action pending completion of the committee's investigation of the allegations and claims asserted in the complaint. In October 2020, the special litigation committee filed a report with the Court recommending that the derivative action be terminated. In January 2021, the special committee filed a motion to terminate the action. Other GE Retirement Savings Plan class actions. Four putative class action lawsuits have been filed regarding the oversight of the GE RSP, and those class actions have been consolidated into a single action in the U.S. District Court for the District of Massachusetts. The consolidated complaint names as defendants GE, GE Asset Management, current and former GE and GE Asset Management executive officers and employees who served on fiduciary bodies responsible for aspects of the GE RSP during the class period. Like similar lawsuits that have been brought against other companies in recent years, this action alleges that the defendants breached their fiduciary duties under ERISA in their oversight of the GE RSP, principally by retaining five proprietary funds that plaintiffs allege were underperforming as investment options for plan participants and by charging higher management fees than some alternative funds. The plaintiffs seek unspecified damages on behalf of a class of GE RSP participants and beneficiaries from September 26, 2011 through the date of any judgment. In August and December 2018, the court issued orders dismissing one count of the complaint and denying GE's motion to dismiss the remaining counts. We believe we have defenses to the claims and are responding accordingly. Bank BPH. As previously reported, 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 December 31, 2021, approximately 87% of the Bank BPH portfolio is indexed to or denominated in foreign currencies (primarily Swiss francs), and the total portfolio had a carrying value, net of reserves, of $1,799 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. The total amount of such estimated losses was $755 million and $315 million at December 31, 2021 and December 31, 2020, respectively. 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. The increase in the amount of estimated losses during 2021 was driven primarily by increases in the number of lawsuits estimated to be filed in the future and increased findings of liability. 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; 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 various settlement strategies or other approaches that Polish banks have adopted or will adopt, or that Bank BPH may adopt in the future, in response to this proposal or other factors, and the approaches that regulators and other government authorities will adopt in response; and uncertainty arising from investigations of the Polish Office of Competition and Consumer Protection (UOKiK), including existing or anticipated UOKiK decisions resulting from those investigations. Future adverse developments related to any of the foregoing, or other adverse developments such as actions by regulators or other governmental authorities, likely would have a material adverse effect on Bank BPH and the carrying value of its mortgage loan portfolio as well as result in additional required capital contributions to Bank BPH or significant losses beyond the amounts that we currently estimate. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS . Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws and nuclear decommissioning regulations. We have obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup described below, and may incur additional liabilities in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged worker exposure to asbestos or other hazardous materials. Liabilities for environmental remediation, nuclear decommissioning and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims were $2,660 million and $2,569 million at December 31, 2021 and 2020, respectively. As previously reported, in 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. Following the EPA’s release in September 2015 of an intended final remediation decision, GE and the EPA engaged in mediation and the first step of the dispute resolution process contemplated by the consent decree. In October 2016, the EPA issued its final decision pursuant to the consent decree, which GE and several other interested parties appealed to the EPA’s Environmental Appeals Board (EAB). The EAB issued its decision in January 2018, affirming parts of the EPA’s decision and granting relief to GE on certain significant elements of its challenge. The EAB remanded the decision back to the EPA to address those elements and reissue a revised final remedy, and the EPA convened a mediation process with GE and interested stakeholders. In February 2020, the EPA announced an agreement between the EPA and many of the mediation stakeholders, including GE, concerning a revised Housatonic River remedy. Based on the mediated resolution, the EPA solicited public comment on a draft permit and issued the final revised permit effective in January 2021. In March 2021, two local environmental advocacy groups filed a joint petition to the EAB challenging portions of the revised permit, and EPA and GE are defending that appeal. As of December 31, 2021, and based on its assessment of current facts and circumstances and its defenses, GE believes that it has recorded adequate reserves to cover future obligations associated with the proposed final remedy. Expenditures for site remediation, nuclear decommissioning and worker exposure claims amounted to approximately $193 million, $180 million and $236 million for the years ended December 31, 2021, 2020 and 2019, respectively. We presently expect that such expenditures will be approximately $350 million and $250 million in 2022 and 2023, respectively. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | SEGMENT OPERATIONS. Segment revenues include sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer (CEO), to assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions, and certain litigation settlements. See the Corporate section for further information about costs excluded from segment profit. Segment profit excludes results reported as discontinued operations and the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. *Non-GAAP Financial Measure Interest and other financial charges, income taxes and non-operating benefit costs are excluded in determining segment profit. Other income is included in segment profit. Interest and other financial charges and income taxes for EFS are included within Corporate costs. Certain corporate costs, including those related to shared services, employee benefits, and information technology, are allocated to our segments based on usage or their relative net cost of operations. SUMMARY OF REPORTABLE SEGMENTS 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare 17,725 18,009 19,942 Renewable Energy 15,697 15,666 15,337 Power 16,903 17,589 18,625 Total segment revenues 71,635 73,306 86,778 Corporate 2,561 2,528 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit (loss) 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred stock dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for discussions of segment results for the years ended December 31, 2020 versus 2019. NOTE 23. OPERATING SEGMENTS BASIS FOR PRESENTATION. Our operating businesses are organized based on the nature of markets and customers. Segment accounting policies are the same as described and referenced in Note 1. Segment results for our financial services businesses reflect the discrete tax effect of transactions. A description of our operating segments as of December 31, 2021 can be found in the Segment Operations section within MD&A. REVENUES Total revenues Intersegment revenues External revenues Years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 $ 1,036 $ 1,445 $ 758 $ 20,274 $ 20,597 $ 32,117 Healthcare 17,725 18,009 19,942 1 1 — 17,724 18,008 19,942 Renewable Energy 15,697 15,666 15,337 138 142 139 15,559 15,523 15,198 Power 16,903 17,589 18,625 345 352 357 16,558 17,237 18,267 Corporate 2,561 2,528 3,442 (1,520) (1,941) (1,254) 4,081 4,468 4,696 Total $ 74,196 $ 75,833 $ 90,221 $ — $ — $ — $ 74,196 $ 75,833 $ 90,221 Years ended December 31 2021 2020 2019 Equipment Services Total Equipment Services Total Equipment Services Total Aviation $ 7,531 $ 13,780 $ 21,310 $ 8,582 $ 13,460 $ 22,042 $ 12,737 $ 20,138 $ 32,875 Healthcare 9,104 8,620 17,725 9,992 8,017 18,009 11,585 8,357 19,942 Renewable Energy 13,224 2,473 15,697 12,859 2,807 15,666 12,267 3,069 15,337 Power 5,035 11,868 16,903 6,707 10,883 17,589 6,247 12,378 18,625 Total segment revenues $ 34,894 $ 36,741 $ 71,635 $ 38,140 $ 35,166 $ 73,306 $ 42,837 $ 43,942 $ 86,778 SEGMENT REVENUES Years ended December 31 2021 2020 2019 Commercial Engines & Services $ 14,360 $ 14,479 $ 24,769 Military 4,136 4,572 4,389 Systems & Other 2,814 2,991 3,718 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare Systems $ 15,694 $ 15,387 $ 14,648 Pharmaceutical Diagnostics 2,031 1,792 2,005 BioPharma — 830 3,289 Healthcare $ 17,725 $ 18,009 $ 19,942 Onshore Wind $ 11,026 $ 10,881 $ 10,421 Grid Solutions equipment and services 3,207 3,585 4,016 Hydro, Offshore Wind and Hybrid Solutions 1,464 1,200 900 Renewable Energy $ 15,697 $ 15,666 $ 15,337 Gas Power $ 12,080 $ 12,655 $ 13,122 Steam Power 3,241 3,557 4,021 Power Conversion, Nuclear and other 1,582 1,378 1,482 Power $ 16,903 $ 17,589 $ 18,625 Total segment revenues $ 71,635 $ 73,306 $ 86,778 Corporate $ 2,561 $ 2,528 $ 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Year ended December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 9,675 $ 7,229 $ 7,275 $ 6,186 $ 2,473 $ 32,838 Non-U.S. Europe 3,920 3,702 3,651 3,621 52 14,946 China region 2,419 2,700 464 1,145 16 6,744 Asia (excluding China region) 1,758 2,345 1,959 2,090 (45) 8,107 Americas 1,310 923 1,009 1,239 (4) 4,476 Middle East and Africa 2,228 826 1,340 2,622 69 7,085 Total Non-U.S. $ 11,635 $ 10,496 $ 8,422 $ 10,717 $ 88 $ 41,358 Total geographic revenues $ 21,310 $ 17,725 $ 15,697 $ 16,903 $ 2,561 $ 74,196 Non-U.S. revenues as a % of total revenues 55 % 59 % 54 % 63 % 56 % Year ended December 31, 2020 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 11,239 $ 7,611 $ 7,846 $ 6,186 $ 2,336 $ 35,217 Non-U.S. Europe 4,288 3,952 3,047 2,895 159 14,342 China region 2,078 2,455 1,156 1,253 35 6,978 Asia (excluding China region) 1,842 2,264 1,484 2,707 (55) 8,241 Americas 882 879 819 1,483 1 4,064 Middle East and Africa 1,713 848 1,314 3,064 52 6,991 Total Non-U.S. $ 10,803 $ 10,398 $ 7,820 $ 11,403 $ 192 $ 40,616 Total geographic revenues $ 22,042 $ 18,009 $ 15,666 $ 17,589 $ 2,528 $ 75,833 Non-U.S. revenues as a % of total revenues 49 % 58 % 50 % 65 % 54 % Year ended December 31, 2019 U.S. $ 13,384 $ 8,526 $ 7,413 $ 5,992 $ 3,648 $ 38,963 Non-U.S. Europe 7,452 4,132 2,925 3,140 (131) 17,519 China region 3,050 2,747 698 974 (27) 7,442 Asia (excluding China region) 3,591 2,690 2,038 3,044 (102) 11,260 Americas 1,593 1,056 1,064 1,915 (31) 5,597 Middle East and Africa 3,805 792 1,198 3,560 86 9,441 Total Non-U.S. $ 19,491 $ 11,416 $ 7,924 $ 12,633 $ (206) $ 51,258 Total geographic revenues $ 32,875 $ 19,942 $ 15,337 $ 18,625 $ 3,442 $ 90,221 Non-U.S. revenues as a % of total revenues 59 % 57 % 52 % 68 % 57 % REMAINING PERFORMANCE OBLIGATION. As of December 31, 2021, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $239,820 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $45,065 million of which 53%, 77% and 98% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $194,755 million of which 10%, 41%, 63% and 80% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. Total sales of equipment and services to agencies of the U.S. Government were 6%, 7% and 5% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Within our Aviation segment, defense-related sales were 5%, 6% and 4% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. PROFIT AND EARNINGS For the years ended December 31 2021 2020 2019 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. Assets Property, plant and Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 38,298 $ 38,634 $ 41,083 $ 445 $ 737 $ 1,031 $ 1,074 $ 1,142 $ 1,150 Healthcare 24,770 22,229 30,503 278 256 395 641 628 702 Renewable Energy 14,804 15,927 15,935 349 302 455 432 413 425 Power 23,569 24,453 26,731 189 245 277 692 749 880 Corporate(b) 94,256 114,220 110,309 25 40 58 168 531 384 Total continuing $ 195,697 $ 215,463 $ 224,562 $ 1,286 $ 1,579 $ 2,216 $ 3,009 $ 3,464 $ 3,541 (a) Additions to property, plant and equipment include amounts relating to principal businesses purchased. (b) Included deferred income taxes that are presented as assets for purposes of our Statement of Financial Position presentation. We classify certain assets that cannot meaningfully be associated with specific geographic areas as “Other Global” for this purpose. December 31 2021 2020 U.S. $ 130,956 $ 139,768 Non-U.S. Europe 42,213 50,121 Asia 11,534 12,974 Americas 6,406 7,084 Other Global 4,588 5,516 Total Non-U.S. $ 64,741 $ 75,695 Total assets (Continuing operations) $ 195,697 $ 215,463 The decrease in continuing assets in 2021 was primarily driven by lower volume and the impact of COVID-19, higher net repayment of borrowings, and funding of the GE Pension Plan. Property, plant and equipment – net associated with operations based in the United States were $8,411 million and $9,077 million at December 31, 2021 and 2020, respectively. Property, plant and equipment – net associated with operations based outside the United States were $7,198 million and $7,622 million at December 31, 2021 and 2020, respectively. |
SUMMARIZED FINANCIAL INFORMATIO
SUMMARIZED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SUMMARIZED FINANCIAL INFORMATION | NOTE 24. SUMMARIZED FINANCIAL INFORMATION . We account for our remaining interest in Baker Hughes (comprising 166.6 million shares with approximately 16% ownership interest as of December 31, 2021) at fair value. As of November 3, 2021, our investment in BKR ownership reduced below 20%, and as a result, we no longer have significant influence in BKR. The fair value of our interest in Baker Hughes at December 31, 2021 and 2020 was $4,010 million and $7,319 million, respectively. We recognized a realized and unrealized pre-tax gain of $938 million ($696 million after-tax) based on a share price of $24.06, a realized and unrealized pre-tax loss of $2,037 million ($1,562 million after-tax) based on a share price of $20.85 and a pre-tax unrealized gain of $793 million ($626 million after-tax) based on a share price of $25.63 for the years ended December 31, 2021, 2020 and 2019, respectively. The 2021 gain and 2020 loss included a $129 million pre-tax derivative gain and a $54 million pre-tax derivative loss, respectively, associated with the forward sale of Baker Hughes shares pursuant to our previously announced program to monetize our Baker Hughes position. During the years ended December 31, 2021 and 2020, we completed forward sales of 183 million and 28 million shares and received proceeds of $4,145 million and $417 million, respectively. In February 2022, we completed a forward sale of 50 million shares and received proceeds of $1,302 million. See Notes 2 and 3 for further information. Summarized financial information of Baker Hughes is as follows. For the years ended December 31 2021(a) 2020 2019(b) Revenues $ 16,997 $ 20,705 $ 7,751 Gross Profit 3,276 3,199 1,558 Net income (loss) (546) (15,761) 120 Net income (loss) attributable to the entity (407) (9,940) 60 (a) Financial information is from January 1, 2021 to November 3, 2021 (date investment in BKR reduced below 20%). (b) Financial information is from September 16, 2019 (date of deconsolidation) to December 31, 2019. As of December 31 2021(a) 2020 Current $ — $ 16,455 Noncurrent — 21,552 Total assets $ — $ 38,007 Current $ — $ 10,227 Noncurrent — 9,538 Total liabilities $ — $ 19,765 Noncontrolling interests $ — $ 5,349 (a) As of November 3, 2021 (date investment in BKR reduced below 20%). As a result, we no longer have significant influence in BKR. On November 1, 2021, we received 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) and an AerCap senior note as partial consideration in conjunction with the GECAS transaction, for which we have adopted the fair value option. The fair value of our interest in AerCap, including the note, at December 31, 2021 was $8,287 million. See Notes 2 and 3 for further information. Given AerCap summarized financial information is not available as of the date of this filing, this information will be reported on a lag in future periods beginning in 2022. Baker Hughes and AerCap are SEC registrants with separate filing requirements, and their respective financial information can be obtained from www.sec.gov. |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | NOTE 25. QUARTERLY INFORMATION (UNAUDITED) First quarter Second quarter Third quarter Fourth quarter (Per-share amounts in dollars) 2021 2020 2021 2020 2021 2020 2021 2020 Total revenues $ 17,071 $ 19,380 $ 18,253 $ 16,811 $ 18,569 $ 18,609 $ 20,303 $ 21,033 Sales of equipment and services 16,316 18,791 17,470 16,048 17,813 17,866 19,492 20,264 Cost of equipment and services sold 12,538 14,426 13,618 13,633 13,401 14,042 14,338 15,770 Earnings (loss) from continuing operations 97 6,254 (571) (1,138) 582 (1,137) (3,504) 2,479 Earnings (loss) from discontinued operations (2,894) (21) (564) (993) 602 (58) (339) 161 Net earnings (loss) (2,798) 6,233 (1,135) (2,132) 1,184 (1,195) (3,843) 2,640 Less net earnings (loss) attributable to noncontrolling interests 5 34 (3) (145) (73) (51) 1 3 Net earnings (loss) attributable to the Company $ (2,802) $ 6,199 $ (1,131) $ (1,987) $ 1,257 $ (1,144) $ (3,843) $ 2,636 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 0.02 $ 5.63 $ (0.57) $ (1.21) $ 0.54 $ (1.04) $ (3.24) $ 2.05 Basic earnings (loss) per share 0.02 5.64 (0.57) (1.21) 0.54 (1.04) (3.24) 2.07 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (2.62) (0.02) (0.51) (0.91) 0.54 (0.05) (0.31) 0.13 Basic earnings (loss) per share (2.64) (0.02) (0.51) (0.91) 0.55 (0.05) (0.31) 0.14 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (2.60) 5.61 (1.08) (2.12) 1.08 (1.09) (3.55) 2.19 Basic earnings (loss) per share (2.62) 5.62 (1.08) (2.12) 1.09 (1.09) (3.55) 2.22 Dividends declared 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings (loss). As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings (loss) for the respective quarters. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Segment revenues include sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer (CEO), to assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions, and certain litigation settlements. See the Corporate section for further information about costs excluded from segment profit. Segment profit excludes results reported as discontinued operations and the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. *Non-GAAP Financial Measure Interest and other financial charges, income taxes and non-operating benefit costs are excluded in determining segment profit. Other income is included in segment profit. Interest and other financial charges and income taxes for EFS are included within Corporate costs. Certain corporate costs, including those related to shared services, employee benefits, and information technology, are allocated to our segments based on usage or their relative net cost of operations. SUMMARY OF REPORTABLE SEGMENTS 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare 17,725 18,009 19,942 Renewable Energy 15,697 15,666 15,337 Power 16,903 17,589 18,625 Total segment revenues 71,635 73,306 86,778 Corporate 2,561 2,528 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit (loss) 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred stock dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for discussions of segment results for the years ended December 31, 2020 versus 2019. NOTE 23. OPERATING SEGMENTS BASIS FOR PRESENTATION. Our operating businesses are organized based on the nature of markets and customers. Segment accounting policies are the same as described and referenced in Note 1. Segment results for our financial services businesses reflect the discrete tax effect of transactions. A description of our operating segments as of December 31, 2021 can be found in the Segment Operations section within MD&A. REVENUES Total revenues Intersegment revenues External revenues Years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 $ 1,036 $ 1,445 $ 758 $ 20,274 $ 20,597 $ 32,117 Healthcare 17,725 18,009 19,942 1 1 — 17,724 18,008 19,942 Renewable Energy 15,697 15,666 15,337 138 142 139 15,559 15,523 15,198 Power 16,903 17,589 18,625 345 352 357 16,558 17,237 18,267 Corporate 2,561 2,528 3,442 (1,520) (1,941) (1,254) 4,081 4,468 4,696 Total $ 74,196 $ 75,833 $ 90,221 $ — $ — $ — $ 74,196 $ 75,833 $ 90,221 Years ended December 31 2021 2020 2019 Equipment Services Total Equipment Services Total Equipment Services Total Aviation $ 7,531 $ 13,780 $ 21,310 $ 8,582 $ 13,460 $ 22,042 $ 12,737 $ 20,138 $ 32,875 Healthcare 9,104 8,620 17,725 9,992 8,017 18,009 11,585 8,357 19,942 Renewable Energy 13,224 2,473 15,697 12,859 2,807 15,666 12,267 3,069 15,337 Power 5,035 11,868 16,903 6,707 10,883 17,589 6,247 12,378 18,625 Total segment revenues $ 34,894 $ 36,741 $ 71,635 $ 38,140 $ 35,166 $ 73,306 $ 42,837 $ 43,942 $ 86,778 SEGMENT REVENUES Years ended December 31 2021 2020 2019 Commercial Engines & Services $ 14,360 $ 14,479 $ 24,769 Military 4,136 4,572 4,389 Systems & Other 2,814 2,991 3,718 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare Systems $ 15,694 $ 15,387 $ 14,648 Pharmaceutical Diagnostics 2,031 1,792 2,005 BioPharma — 830 3,289 Healthcare $ 17,725 $ 18,009 $ 19,942 Onshore Wind $ 11,026 $ 10,881 $ 10,421 Grid Solutions equipment and services 3,207 3,585 4,016 Hydro, Offshore Wind and Hybrid Solutions 1,464 1,200 900 Renewable Energy $ 15,697 $ 15,666 $ 15,337 Gas Power $ 12,080 $ 12,655 $ 13,122 Steam Power 3,241 3,557 4,021 Power Conversion, Nuclear and other 1,582 1,378 1,482 Power $ 16,903 $ 17,589 $ 18,625 Total segment revenues $ 71,635 $ 73,306 $ 86,778 Corporate $ 2,561 $ 2,528 $ 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Year ended December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 9,675 $ 7,229 $ 7,275 $ 6,186 $ 2,473 $ 32,838 Non-U.S. Europe 3,920 3,702 3,651 3,621 52 14,946 China region 2,419 2,700 464 1,145 16 6,744 Asia (excluding China region) 1,758 2,345 1,959 2,090 (45) 8,107 Americas 1,310 923 1,009 1,239 (4) 4,476 Middle East and Africa 2,228 826 1,340 2,622 69 7,085 Total Non-U.S. $ 11,635 $ 10,496 $ 8,422 $ 10,717 $ 88 $ 41,358 Total geographic revenues $ 21,310 $ 17,725 $ 15,697 $ 16,903 $ 2,561 $ 74,196 Non-U.S. revenues as a % of total revenues 55 % 59 % 54 % 63 % 56 % Year ended December 31, 2020 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 11,239 $ 7,611 $ 7,846 $ 6,186 $ 2,336 $ 35,217 Non-U.S. Europe 4,288 3,952 3,047 2,895 159 14,342 China region 2,078 2,455 1,156 1,253 35 6,978 Asia (excluding China region) 1,842 2,264 1,484 2,707 (55) 8,241 Americas 882 879 819 1,483 1 4,064 Middle East and Africa 1,713 848 1,314 3,064 52 6,991 Total Non-U.S. $ 10,803 $ 10,398 $ 7,820 $ 11,403 $ 192 $ 40,616 Total geographic revenues $ 22,042 $ 18,009 $ 15,666 $ 17,589 $ 2,528 $ 75,833 Non-U.S. revenues as a % of total revenues 49 % 58 % 50 % 65 % 54 % Year ended December 31, 2019 U.S. $ 13,384 $ 8,526 $ 7,413 $ 5,992 $ 3,648 $ 38,963 Non-U.S. Europe 7,452 4,132 2,925 3,140 (131) 17,519 China region 3,050 2,747 698 974 (27) 7,442 Asia (excluding China region) 3,591 2,690 2,038 3,044 (102) 11,260 Americas 1,593 1,056 1,064 1,915 (31) 5,597 Middle East and Africa 3,805 792 1,198 3,560 86 9,441 Total Non-U.S. $ 19,491 $ 11,416 $ 7,924 $ 12,633 $ (206) $ 51,258 Total geographic revenues $ 32,875 $ 19,942 $ 15,337 $ 18,625 $ 3,442 $ 90,221 Non-U.S. revenues as a % of total revenues 59 % 57 % 52 % 68 % 57 % REMAINING PERFORMANCE OBLIGATION. As of December 31, 2021, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $239,820 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $45,065 million of which 53%, 77% and 98% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $194,755 million of which 10%, 41%, 63% and 80% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. Total sales of equipment and services to agencies of the U.S. Government were 6%, 7% and 5% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. Within our Aviation segment, defense-related sales were 5%, 6% and 4% of total revenues for the years ended December 31, 2021, 2020 and 2019, respectively. PROFIT AND EARNINGS For the years ended December 31 2021 2020 2019 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. Assets Property, plant and Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 38,298 $ 38,634 $ 41,083 $ 445 $ 737 $ 1,031 $ 1,074 $ 1,142 $ 1,150 Healthcare 24,770 22,229 30,503 278 256 395 641 628 702 Renewable Energy 14,804 15,927 15,935 349 302 455 432 413 425 Power 23,569 24,453 26,731 189 245 277 692 749 880 Corporate(b) 94,256 114,220 110,309 25 40 58 168 531 384 Total continuing $ 195,697 $ 215,463 $ 224,562 $ 1,286 $ 1,579 $ 2,216 $ 3,009 $ 3,464 $ 3,541 (a) Additions to property, plant and equipment include amounts relating to principal businesses purchased. (b) Included deferred income taxes that are presented as assets for purposes of our Statement of Financial Position presentation. We classify certain assets that cannot meaningfully be associated with specific geographic areas as “Other Global” for this purpose. December 31 2021 2020 U.S. $ 130,956 $ 139,768 Non-U.S. Europe 42,213 50,121 Asia 11,534 12,974 Americas 6,406 7,084 Other Global 4,588 5,516 Total Non-U.S. $ 64,741 $ 75,695 Total assets (Continuing operations) $ 195,697 $ 215,463 The decrease in continuing assets in 2021 was primarily driven by lower volume and the impact of COVID-19, higher net repayment of borrowings, and funding of the GE Pension Plan. Property, plant and equipment – net associated with operations based in the United States were $8,411 million and $9,077 million at December 31, 2021 and 2020, respectively. Property, plant and equipment – net associated with operations based outside the United States were $7,198 million and $7,622 million at December 31, 2021 and 2020, respectively. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
FINANCIAL STATEMENT PRESENTATION | FINANCIAL STATEMENT PRESENTATION. On November 1, 2021, we completed the combination of our GE Capital Aviation Services (GECAS) business with AerCap Holdings N.V. (AerCap). Upon completion of this transaction, in order to focus on our core industrial businesses of Aviation, Healthcare, Renewable Energy and Power, we voluntarily transitioned from three-column to simpler one-column financial statement reporting for all periods presented. Previously, we presented our financial statements in a three-column format, which allowed investors to see our industrial operations separately from our financial services operations (GE Capital). Moving to one-column consolidated financial statements reflects the reduction in size of our financial services portfolio as a result of various strategic actions taken over recent years. We also made these related reporting changes for all periods presented: • began presenting the results of the remainder of our former Capital segment, including Energy Financial Services (EFS) and our run-off insurance operations, within Corporate. • reclassified amounts related to our EFS, Working Capital Solutions (WCS) and Treasury businesses from our formerly captioned GE Capital revenues from services to Other income to align with our industrial segment presentation of derivative, equity method and other investment income. There was no change to the presentation of our run-off Insurance revenues and, consequently, our run-off Insurance revenues are now presented as a separate line in our Statement of Earnings (Loss). • reclassified our formerly captioned Financing receivables and Other GE Capital receivables to All other assets to further simplify our Statement of Financial Position given the reduction of these balances over time in relation to consolidated total assets. • ceased referring to GE Industrial, a term formerly defined as the adding together of all industrial affiliates giving effect to the elimination of transactions among such affiliates. • redefined the basis on which profit is determined for the remainder of our former Capital segment which is now reported within Corporate. Previously, Interest and other financial charges, income taxes, non-operating benefit costs and preferred stock dividends were included in determining our former Capital segment profit (which we sometimes referred to as net earnings). To align with our industrial segments, these items are now excluded in determining profit for all businesses reported within Corporate except EFS, which will continue to be reported on a net earnings basis given the integral nature of Production Tax Credits (PTCs) and Investment Tax Credits (ITCs) in relation to its business model. In addition, effective December 31, 2021, we have changed the way we present sales of spare parts, upgrade equipment and other aftermarket goods that are used in the provision of our services in our Statement of Earnings (Loss) to conform with the way we manage the businesses and have historically presented them in MD&A and other related notes. Specifically, we now consistently present sales of spare parts used in a service arrangement as part of Sales of services and the related costs as Costs of services sold. While this presentation change has no impact on Total revenues or Total costs and expenses, including the timing of revenue recognition, Sales of services now includes $11,425 million, $11,823 million and $16,058 million of revenues and Cost of services sold now includes $5,776 million, $6,751 million and $8,269 million of costs for the years ended December 31, 2021, 2020 and 2019, respectively, for tangible products primarily attributable to spare part sales at our Aviation and Power segments. Our 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, financial position and cash flows. 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 change in the carrying amount of our tax assets and liabilities, or a change 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-year amounts to conform to the current-year’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 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. |
CONSOLIDATION | CONSOLIDATION. Our financial statements consolidate all of our affiliates, entities where we have a controlling financial interest, most often because we hold a majority voting interest, or where we are required to apply the variable interest entity (VIE) model because we have the power to direct the most economically significant activities of entities. We reevaluate whether we have a controlling financial interest in all entities when our rights and interests change. |
REVENUES FROM THE SALE OF EQUIPMENT AND SALE OF SERVICES | REVENUES FROM THE SALE OF EQUIPMENT. Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power generation equipment, long-term construction projects and military development contracts on an over-time basis as we customize the customer's equipment during the manufacturing or integration process and obtain right to payment for work performed. We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs incurred to date relative to our estimate of total expected costs. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. Performance Obligations Satisfied at a Point in Time. We recognize revenue on agreements for non-customized equipment including commercial aircraft engines, healthcare equipment and other goods we manufacture on a standardized basis for sale to the market at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (i.e., time between shipment and delivery). Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer. Our billing terms for these point-in-time equipment contracts generally coincide with delivery to the customer; however, within certain businesses, we receive progress collections from customers for large equipment purchases, to generally reserve production slots. REVENUES FROM THE SALE OF SERVICES. Consistent with our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) discussion and the way we manage our businesses, we refer to sales under service agreements, which includes both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. See Note 8 for further information. Performance Obligations Satisfied Over Time. We enter into long-term service agreements with our customers primarily within our Aviation and Power segments. These agreements require us to provide preventative maintenance, overhauls, and standby "warranty-type" services that include certain levels of assurance regarding asset performance and uptime throughout the contract periods, which generally range from 5 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision (e.g., equipment upgrade). We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at pre-determined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) or upon the occurrence of a major maintenance event within the contract, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. We also enter into long-term services agreements in our Healthcare and Renewable Energy segments. Revenues are recognized for these arrangements on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to routine maintenance and as needed equipment repairs. We generally invoice periodically as services are provided. Performance Obligations Satisfied at a Point in Time. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenues and bill our customers at the point in time that the customer obtains control of the good, which is at the point in time we deliver the spare part to the customer. |
COLLABORATIVE ARRANGEMENTS | COLLABORATIVE ARRANGEMENTS. Our Aviation business enters into collaborative arrangements and joint ventures with manufacturers and suppliers of components used to build and maintain certain engines. Under these arrangements, GE and its collaborative partners share in the risks and rewards of these programs through various revenue, cost and profit sharing payment structures. GE recognizes revenue and costs for these arrangements based on the scope of work GE is responsible for transferring to its customers. |
INSURANCE REVENUES | INSURANCE REVENUES. Insurance revenues is comprised primarily of premiums and investment income related to our run-off Insurance business. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense. |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH. Debt securities and money market instruments with original maturities of three months or less are included in cash, cash equivalents and restricted cash unless classified as available-for-sale investment securities. |
INVESTMENT SECURITIES | INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes and adjustments related to our insurance liabilities. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to earnings. Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. |
CURRENT RECEIVABLES | CURRENT RECEIVABLES. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding amount, less allowance for losses. We regularly monitor the recoverability of our receivables. |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables, contract assets and financing receivables arising from revenue transactions, as well as commercial mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses (CECL) inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required. |
INVENTORIES | INVENTORIES. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined on a first-in, first-out (FIFO) basis. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT. The cost of property, plant and equipment is generally depreciated on a straight-line basis over its estimated economic life. |
LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS | LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING. We use derivatives to manage a variety of risks, including risks related to interest rates, foreign exchange, certain equity investments and commodity prices. Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue applying hedge accounting to that relationship prospectively. Fair values of both the derivative instrument and the hedged item are calculated using internal valuation models incorporating market-based assumptions, subject to third-party confirmation, as applicable. |
DEFERRED INCOME TAXES | DEFERRED INCOME TAXES. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established. Deferred taxes, as needed, are provided for our investment in affiliates and associated companies when we plan to remit those earnings. |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | INSURANCE LIABILITIES AND ANNUITY BENEFITS. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Liabilities for traditional long-duration insurance contracts include both future policy benefit reserves and claims reserves. Future policy benefit reserves represent the present value of future policy benefits less the present value of future gross premiums based on actuarial assumptions. Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. Claim reserves are established when a claim is incurred or is estimated to have been incurred and represent our best estimate of the present value of the ultimate obligations for future claim payments and claim adjustments expenses. 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 offsetting after-tax reduction to net unrealized gains recorded in other comprehensive income. |
POSTRETIREMENT BENEFIT PLANS | 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. We use a December 31 measurement date for these plans. On our Statement of Financial Position, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. Those estimated future payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded in a separate component of equity each period. These differences are amortized into earnings over the remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan. |
LOSS CONTINGENCIES | LOSS CONTINGENCIES. Loss contingencies are uncertain and unresolved matters that arise in the ordinary course of business and result from events or actions by others that have the potential to result in a future loss. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory investigations and proceedings, product quality and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. |
SUPPLY CHAIN FINANCE PROGRAMS | SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable. RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 19 for further information. Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3. Equity securities with readily determinable fair values . These publicly traded equity securities are valued using quoted prices and are included in Level 1. Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Investments in private equity, real estate and collective funds held within our pension plans . Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 12 for further information. NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the fair value of the underlying collateral, impaired equity securities without readily determinable fair value, equity method investments and long-lived assets, and remeasured retained investments in formerly consolidated subsidiaries upon a change in control that results in the deconsolidation of that subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs. Equity investments without readily determinable fair value and Associated companies. Equity investments without readily determinable fair value and associated companies are valued using market observable data such as transaction prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources or a combination of these approaches as appropriate. These investments are generally included in Level 3. Long-lived Assets . Fair values of long-lived assets are primarily derived internally and are based on observed sales transactions for similar assets. In other instances for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adjustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of time and the occurrence of market events since receipt of the information. |
ACCOUNTING CHANGES | ACCOUNTING CHANGES. On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The ASU removes certain exceptions from the guidance in ASC 740 related to intra-period tax allocations, interim calculations and the recognition of deferred tax liabilities for outside basis differences and clarifies and simplifies several other aspects of accounting for income taxes. Different transition methods apply to the various income tax simplifications. For the changes requiring a retrospective or modified retrospective transition, the adoption of the new standard did not have a material impact to our financial statements. On January 1, 2020, we adopted ASU No. 2016-13, Financial Instruments - Credit Losses . ASU 2016-13 requires us to prospectively record an allowance for credit losses for the current expected credit losses inherent in the asset over its expected life, replacing the incurred loss model that recognized losses only when they became probable and estimable. We recorded a $221 million increase in our allowance for credit losses and a $175 million decrease to retained earnings, net of tax, reflecting the cumulative effect on retained earnings. |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial Information for Discontinued Operations | RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2021 GECAS Baker Hughes Transportation Other Total Total revenues $ — $ — $ — $ — $ — Cost of equipment and services sold (398) — — — (398) Other income, costs and expenses 1,992 (10) (6) (584) 1,393 — Earnings (loss) of discontinued operations before income taxes 1,594 (10) (6) (584) 995 Benefit (provision) for income taxes (258) 2 (1) (78) (335) Earnings (loss) of discontinued operations, net of taxes(a) 1,336 (8) (6) (662) 660 Gain (loss) on disposal before income taxes (3,312) 4 — 61 (3,246) Benefit (provision) for income taxes (570) — — (38) (608) Gain (loss) on disposal, net of taxes (3,882) 4 — 23 (3,855) Earnings (loss) from discontinued operations, net of taxes $ (2,546) $ (4) $ (6) $ (639) $ (3,195) For the year ended December 31, 2020 Total revenues $ — $ — $ — $ — $ — Cost of equipment and services sold (2,555) — — — (2,555) Other income, costs and expenses 1,781 2 — (197) 1,586 — Earnings (loss) of discontinued operations before income taxes (773) 2 1 (197) (968) Benefit (provision) for income taxes (13) (13) 9 105 89 Earnings (loss) of discontinued operations, net of taxes(a) (786) (10) 9 (93) (879) Gain (loss) on disposal before income taxes — (23) (12) 3 (31) Benefit (provision) for income taxes — — — (1) (1) Gain (loss) on disposal, net of taxes — (23) (12) 2 (32) Earnings (loss) from discontinued operations, net of taxes $ (786) $ (33) $ (2) $ (90) $ (911) For the year ended December 31, 2019 GECAS Baker Hughes Transportation Other Total Total revenues $ — $ 16,047 $ 550 $ — $ 16,598 Cost of equipment and services sold (2,069) (13,317) (478) — (15,863) Other income, costs and expenses 3,272 (2,390) (18) (208) 656 Earnings (loss) of discontinued operations before income taxes 1,204 340 54 (208) 1,390 Benefit (provision) for income taxes (175) (176) (15) 344 (21) Earnings (loss) of discontinued operations, net of taxes(a) 1,029 165 39 135 1,369 Gain (loss) on disposal before income taxes — (8,715) 3,471 61 (5,183) Benefit (provision) for income taxes — 477 (963) (5) (491) Gain (loss) on disposal, net of taxes — (8,238) 2,508 56 (5,675) Earnings (loss) from discontinued operations, net of taxes $ 1,029 $ (8,074) $ 2,547 $ 191 $ (4,306) (a) Earnings (loss) of discontinued operations from GECAS operations included $359 million, $2,545 million and $2,048 million of depreciation and amortization for the years ended December 31, 2021, 2020 and 2019, respectively. GECAS depreciation and amortization ceased on March 10, 2021. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS December 31, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 736 $ 623 Financing receivables - net — 2,710 Financing receivables held for sale (Polish mortgage portfolio) 1,799 2,461 Property, plant, and equipment - net 88 28,429 All other assets 554 6,527 Assets of discontinued operations(a) $ 3,177 $ 40,749 Deferred income taxes — 2,172 Accounts payable and all other liabilities 887 3,714 Liabilities of discontinued operations(a) $ 887 $ 5,886 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | December 31, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity and note (AerCap) $ — $ — $ — $ 8,287 $ — $ — $ — $ — Equity (Baker Hughes) — — — 4,010 — — — 7,319 Current investment securities $ — $ — $ — $ 12,297 $ — $ — $ — $ 7,319 Debt U.S. corporate $ 25,182 $ 5,502 $ (33) $ 30,652 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,361 343 (4) 2,701 2,283 458 (1) 2,740 State and municipal 2,639 573 (6) 3,205 3,387 878 (9) 4,256 Mortgage and asset-backed 3,950 117 (47) 4,019 3,652 171 (71) 3,752 Government and agencies 1,086 104 (2) 1,188 1,169 184 — 1,353 Other equity 443 — — 443 218 — — 218 Non-current investment securities $ 35,662 $ 6,639 $ (92) $ 42,209 $ 34,313 $ 8,342 $ (106) $ 42,549 |
Schedule of Cash Flows Associated Investment Securities | Our run-off Insurance business cash flows are subject to regulatory restrictions. Associated purchases, dispositions and maturities of investment securities are as follows: For the years ended December 31 2021 2020 Purchases of investment securities $ (4,286) $ (6,031) Dispositions and maturities of investment securities 2,997 4,679 Net (purchases) dispositions of insurance investment securities $ (1,290) $ (1,352) |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2021 are as follows: Amortized cost Estimated fair value Within one year $ 358 $ 363 After one year through five years 3,475 3,778 After five years through ten years 6,278 7,287 After ten years 21,158 26,318 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Receivables | CURRENT RECEIVABLES December 31 2021 2020 Aviation $ 4,476 $ 4,417 Healthcare 3,033 2,336 Renewable Energy 1,847 2,401 Power 3,490 3,995 Corporate 233 310 Customer receivables $ 13,079 $ 13,459 Non-income based tax receivables 1,222 1,346 Revenue sharing program receivables 1,166 1,038 Supplier advances 596 676 Deferred purchase price on receivables facility — 413 Receivables from disposed businesses 148 242 Other sundry receivables 483 678 Sundry receivables 3,615 4,395 Allowance for credit losses(a) (1,074) (1,164) Total current receivables $ 15,620 $ 16,691 WCS Third Parties WCS Third Parties 2021 2020 Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE businesses sales to WCS 13,773 — 32,869 — GE businesses sales to third parties — 1,415 (a) — 863 WCS sales to third parties (10,816) 10,816 (18,654) 18,654 Collections and other (6,676) (15,062) (14,004) (23,283) Reclassification from long-term customer receivables 100 — 321 — Balance at December 31 $ — $ 161 $ 3,618 $ 2,992 (a) Related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. LONG-TERM RECEIVABLES December 31 2021 2020 Long-term customer receivables $ 521 $ 585 Financing receivables 592 713 Supplier advances 309 351 Non-income based tax receivables 245 244 Receivables from disposed businesses 150 230 Sundry receivables 440 569 Allowance for credit losses (160) (174) Total long-term receivables $ 2,097 $ 2,518 Activity related to our unconsolidated receivables facilities is included in the WCS sales to third parties line in the sales of GE businesses current customer receivables table above and is as follows: For the years ended December 31 2021 2020 Customer receivables sold to receivables facilities $ 9,324 $ 13,591 Collections and other on receivables sold to receivables facilities 11,371 15,515 Total cash purchase price for customer receivables 8,683 13,031 Cash collections re-invested to purchase customer receivables 7,920 11,567 Non-cash increases to deferred purchase price $ 608 $ 481 Cash payments received on deferred purchase price 597 489 |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2021 December 31, 2020 Raw materials and work in process $ 8,710 $ 7,937 Finished goods 4,927 5,654 Deferred inventory costs(a) 2,210 2,299 Inventories, including deferred inventory costs $ 15,847 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciable lives Original Cost Net Carrying Value December 31 (in years) 2021 2020 2021 2020 Land and improvements 8 $ 585 $ 602 $ 576 $ 592 Buildings, structures and related equipment 8 - 40 8,311 8,295 3,728 3,841 Machinery and equipment 4 - 20 21,036 21,151 7,356 7,968 Leasehold costs and manufacturing plant under construction 1 - 10 1,971 2,051 1,343 1,447 ROU operating lease assets 2,606 2,852 Property, plant and equipment - net $ 31,904 $ 32,098 $ 15,609 $ 16,699 |
Summary of Operating Lease Expense | OPERATING LEASE EXPENSE 2021 2020 2019 Long-term (fixed) $ 770 $ 827 $ 893 Long-term (variable) 119 143 175 Short-term 192 206 201 Total operating lease expense $ 1,081 $ 1,176 $ 1,269 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES 2021 2020 2019 Operating cash flows used for operating leases $ 834 $ 835 $ 961 Right-of-use assets obtained in exchange for new lease liabilities 603 594 739 Weighted-average remaining lease term 7.2 years 6.7 years 7.1 years Weighted-average discount rate 4.0 % 4.6 % 4.9 % |
Schedule of Maturity of Lease Liabilities | MATURITY OF LEASE LIABILITIES 2022 2023 2024 2025 2026 Thereafter Total Undiscounted lease payments $ 729 $ 620 $ 504 $ 353 $ 262 $ 821 $ 3,289 Less: imputed interest 442 Total lease liability as of December 31, 2021 $ 2,848 |
ACQUISITIONS, GOODWILL AND OT_2
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill Balances | CHANGES IN GOODWILL BALANCES 2020 2021 Balance at December 31, 2019 Acquisitions Impairments Currency exchange and other Balance at December 31, 2020 Acquisitions Currency exchange and other Balance at December 31, 2021 Aviation $ 9,859 $ — $ (877) $ 266 $ 9,247 $ — $ (234) $ 9,013 Healthcare 11,728 89 — 37 11,855 1,064 (40) 12,879 Renewable Energy 3,290 — — 111 3,401 — (169) 3,231 Power 145 — — — 146 — (1) 145 Corporate(a) 873 — — 2 876 43 (4) 914 Total $ 25,895 $ 90 $ (877) $ 417 $ 25,524 $ 1,106 $ (448) $ 26,182 |
Intangible Assets Subject to Amortization | 2021 2020 INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31 Useful lives Gross carrying Accumulated Net Gross carrying Accumulated Net Customer-related(a) 3-35 $ 6,400 $ (3,250) $ 3,150 $ 6,765 $ (3,350) $ 3,415 Patents and technology 2-25 8,592 (4,361) 4,230 8,191 (4,135) 4,056 Capitalized software 3-10 5,764 (3,999) 1,765 5,822 (3,836) 1,986 Trademarks & other 3-50 449 (313) 136 541 (328) 213 Total $ 21,205 $ (11,923) $ 9,282 $ 21,319 $ (11,648) $ 9,671 (a) Balance includes payments made to our customers, primarily within our Aviation business. |
Estimated 5 Year Consolidation Amortization | Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION 2022 2023 2024 2025 2026 Estimated annual pre-tax amortization $ 1,234 $ 1,158 $ 1,075 $ 999 $ 925 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,478 $ — $ — $ 5,495 $ — $ 7,972 Billings in excess of revenues (5,731) — — (1,614) — (7,346) Long-term service agreements $ (3,253) $ — $ — $ 3,880 $ — $ 627 Short-term and other service agreements 340 166 87 80 20 692 Equipment contract revenues 33 287 1,297 1,709 236 3,562 Current contract assets $ (2,881) $ 453 $ 1,384 $ 5,669 $ 256 $ 4,881 Nonrecurring engineering costs 2,479 31 28 12 — 2,550 Customer advances and other 2,620 154 — 801 — 3,574 Non-current contract and other deferred assets $ 5,099 $ 184 $ 28 $ 813 $ — $ 6,124 Total contract and other deferred assets $ 2,218 $ 637 $ 1,412 $ 6,482 $ 256 $ 11,005 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 December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total Progress collections on equipment contracts $ 142 $ — $ 1,843 $ 5,198 $ — $ 7,183 Other progress collections 4,469 522 2,866 385 111 8,354 Current deferred income 170 1,336 198 33 99 1,835 Progress collections and deferred income $ 4,782 $ 1,858 $ 4,907 $ 5,615 $ 210 $ 17,372 Non-current deferred income 1,090 592 194 110 3 1,989 Total Progress collections and deferred income $ 5,871 $ 2,450 $ 5,101 $ 5,725 $ 213 $ 19,361 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 (Tables)
ALL OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of All Other Assets | December 31 2021 2020 Derivative instruments (Note 20) $ 684 $ 487 Assets held for sale 208 212 Prepaid taxes and deferred charges 341 408 Cash collateral on derivatives 76 812 Accrued interest and investment income 426 538 Other 199 202 All other current assets $ 1,933 $ 2,659 Equity method and other investments 7,840 6,383 Long-term receivables (Note 4) 2,097 2,518 Prepaid taxes and deferred charges 800 800 Insurance receivables 4,705 4,661 Insurance cash and cash equivalents(a) 353 455 Pension surplus 2,784 843 Other 461 366 All other non-current assets $ 19,040 $ 16,025 Total All other assets $ 20,973 $ 18,684 (a) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. |
Equity Method Investments | Equity method investment balance Equity method income (loss) December 31 2021 2020 2021 2020 2019 Aviation $ 2,000 $ 2,032 $ 58 $ (41) $ 204 Healthcare 223 251 27 7 19 Renewable Energy 739 724 39 13 (2) Power 977 576 23 43 (4) Corporate(a) 3,451 2,517 68 23 48 Total consolidated $ 7,391 $ 6,100 $ 215 $ 46 $ 265 (a) Equity method investments within Corporate include investments held by EFS of $1,943 million and $1,816 million and held by our run-off insurance operations of $1,480 million and $669 million as of December 31, 2021 and 2020, respectively. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | December 31 2021 2020 Amount Average Rate Amount Average Rate Current portion of long-term borrowings Senior notes issued by GE $ 1,249 1.39 % $ 36 5.03 % Senior and subordinated notes assumed by GE 1,645 2.05 % 2,432 3.49 % Senior notes issued by GE Capital 1,370 0.63 % 788 1.58 % Other 97 1,457 Total short-term borrowings $ 4,361 $ 4,713 Maturities Amount Average Rate Amount Average Rate Senior notes issued by GE 2023-2050 $ 5,373 2.87 % $ 18,994 2.90 % Senior and subordinated notes assumed by GE 2023-2055 11,306 3.73 % 19,957 3.25 % Senior notes issued by GE Capital 2023-2042 13,274 4.26 % 30,320 3.41 % Other 870 917 Total long-term borrowings $ 30,824 $ 70,189 Total borrowings $ 35,186 $ 74,902 |
Schedule of Maturities of Long-term Debt | Long-term debt maturities over the next five years follow. 2022 2023 2024 2025 2026 Debt issued by GE $ 1,249 $ 482 $ 175 $ 905 $ 31 Debt assumed by GE 1,645 1,627 498 236 1,137 Debt issued by GE Capital 1,370 (a) 1,297 111 700 159 (a) Fixed and floating rate notes of $309 million contain put options with exercise dates in 2022, which have final maturity beyond 2036. |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance contracts is presented below: December 31, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 17,097 $ 8,902 $ 188 $ 3,394 $ 29,581 Claim reserves 4,546 258 585 — 5,389 Investment contracts — 955 954 — 1,909 Unearned premiums and other 15 184 89 — 287 Total $ 21,658 $ 10,299 $ 1,815 $ 3,394 $ 37,166 December 31, 2020 Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 694 — 5,362 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) The decrease in Other adjustments of $4,766 million is a result of the higher margin resulting from the 2021 premium deficiency test and the decline in unrealized gains on investment securities. |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Description Postretirement Benefit Plans | DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Pension Plan Covers U.S. participants ~177,000 retirees and beneficiaries, ~88,500 vested former employees and ~24,500 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level. This plan has been closed to new participants since 2012. Benefits for ~20,000 employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced 10/2019). GE Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees This plan is unfunded. We pay benefits from company cash. The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for ~700 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans 41 U.S. and non-U.S. pension plans with pension assets or obligations greater than $50 million Covers ~57,500 retirees and beneficiaries, ~48,000 vested former employees and ~17,500 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates. Principal Retiree Benefit Plans Provides health and life insurance benefits to certain eligible participants Covers U.S. participants ~161,000 retirees and dependents and ~22,000 active employees We fund retiree health benefits on a pay-as-you-go basis and the retiree life insurance trust at our discretion. Participants share in the cost of the healthcare benefits. |
Funded Status | FUNDING STATUS BY PLAN TYPE Benefit Obligation Fair Value of Assets Deficit/(Surplus) 2021 2020 2021 2020 2021 2020 Principal Pension Plans: GE Pension Plan (subject to regulatory funding) $ 65,073 $ 68,945 $ 60,990 $ 58,843 $ 4,083 $ 10,102 GE Supplementary Pension Plan (not subject to regulatory funding) 7,226 7,353 — — 7,226 7,353 72,299 76,298 60,990 58,843 11,309 17,455 Other Pension Plans: Subject to regulatory funding 19,698 21,793 22,280 21,283 (2,582) 510 Not subject to regulatory funding 2,558 2,865 210 223 2,348 2,642 Principal retiree benefit plans (not subject to regulatory funding) 4,308 5,019 42 134 4,266 4,885 Total plans subject to regulatory funding 84,771 90,738 83,270 80,126 1,501 10,612 Total plans not subject to regulatory funding 14,092 15,237 252 357 13,840 14,880 Total plans $ 98,863 $ 105,975 $ 83,522 $ 80,483 $ 15,341 $ 25,492 PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) 2021 2020 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligations Balance at January 1 $ 76,298 $ 24,658 $ 5,019 $ 71,756 $ 22,921 $ 5,160 Service cost 237 233 44 657 243 59 Interest cost 1,951 383 103 2,350 422 150 Participant contributions 15 24 60 69 28 63 Plan amendments — (1) — — 27 (7) Actuarial loss (gain) - net (2,448) (a) (1,561) (a) (446) 7,057 (a) 1,927 (a) 85 Benefits paid (3,754) (998) (472) (3,885) (1,062) (491) Curtailments — (74) — — (69) — Settlements — — — (1,706) (b) — — Dispositions/ acquisitions / other - net — (188) — — (335) — Exchange rate adjustments — (220) — — 556 — Balance at December 31 $ 72,299 (c) $ 22,256 $ 4,308 (d) $ 76,298 (c) $ 24,658 $ 5,019 (d) Change in plan assets Balance at January 1 58,843 21,506 134 52,633 19,142 289 Actual gain (loss) on plan assets 5,559 1,602 41 8,926 2,542 (22) Employer contributions 327 594 279 2,806 509 295 Participant contributions 15 24 60 69 28 63 Benefits paid (3,754) (998) (472) (3,885) (1,062) (491) Settlements — — — (1,706) (b) — — Dispositions/ acquisitions / other - net — (138) — — (59) — Exchange rate adjustments — (100) — — 406 — Balance at December 31 $ 60,990 $ 22,490 $ 42 $ 58,843 $ 21,506 $ 134 Funded status - surplus (deficit) $ (11,309) $ 234 $ (4,266) $ (17,455) $ (3,152) $ (4,885) Amounts recorded in Non-current assets - other — 2,898 — — 845 — Current liabilities - other (337) (107) (362) (315) (106) (330) Non-current liabilities - compensation and benefits (10,972) (2,557) (3,904) (17,140) (3,891) (4,555) Net amount recorded $ (11,309) $ 234 $ (4,266) $ (17,455) $ (3,152) $ (4,885) Amounts recorded in Accumulated other comprehensive loss (income) Prior service cost (credit) (109) (52) (1,912) (80) 19 (2,148) Net loss (gain) (2,754) 2,012 (1,042) 5,687 4,582 (633) Total recorded in Accumulated other comprehensive loss (income) $ (2,863) $ 1,960 $ (2,954) $ 5,607 $ 4,601 $ (2,781) (a) Principally associated with discount rate changes. (b) Irrevocable commitment to purchase group annuity contracts from a third-party insurance company in December 2020. (c) The benefit obligation for the GE Supplementary Pension Plan, which is an unfunded plan, was $7,226 million and $7,353 million at year-end 2021 and 2020, respectively. (d) The benefit obligation for retiree health plans was $2,548 million and $3,094 million at December 31, 2021 and 2020, respectively. |
Cost of Benefits Plans and Assumptions | COST OF OUR BENEFITS PLANS 2021 2020 2019 AND ASSUMPTIONS Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income) Service cost - operating $ 237 $ 233 $ 44 $ 657 $ 243 $ 59 $ 654 $ 246 $ 58 Interest cost 1,951 383 103 2,350 422 150 2,780 542 202 Expected return on plan assets (3,049) (1,194) — (2,993) (1,082) (11) (3,428) (1,144) (21) Amortization of net loss (gain) 3,483 403 (79) 3,399 434 (82) 3,439 319 (118) Amortization of prior service cost (credit) 28 (3) (236) 146 1 (234) 135 3 (232) Curtailment / settlement loss (gain) — 76 — — 12 — 349 13 (38) Non-operating $ 2,413 $ (335) $ (212) $ 2,902 $ (213) $ (177) $ 3,275 $ (267) $ (207) Net periodic expense (income) $ 2,650 $ (102) $ (168) $ 3,559 $ 30 $ (118) $ 3,929 $ (21) $ (149) Weighted-average benefit obligations assumptions Discount rate 2.94 % 1.93 % 2.64 % 2.61 % 1.44 % 2.15 % 3.36 % 1.97 % 3.05 % Compensation increases 3.05 2.35 2.63 2.95 3.06 2.82 2.95 3.16 3.75 Initial healthcare trend rate(a) N/A N/A 5.70 N/A N/A 5.90 N/A N/A 5.90 Weighted-average benefit cost assumptions Discount rate(b) 2.61 1.44 2.15 3.36 1.97 3.05 4.07 2.75 4.12 Expected rate of return on plan assets 6.25 5.69 1.25 6.25 6.10 7.00 6.75 6.76 7.00 (a) For 2021, ultimately declining to 5% for 2030 and thereafter. (b) Weighted average 2019 discount rate for principal pension was 4.07%. Discount rate was 4.34% for January 1, 2019 through September 30, 2019 and then changed to 3.24% for the remainder of 2019 due to the remeasurement of the plans. |
Composition of Plan Assets | The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. 2021 2020 Principal pension Other pension Principal pension Other pension Global equities $ 7,778 $ 3,589 $ 5,552 $ 3,674 Debt securities Fixed income and cash investment funds 7,665 10,527 6,831 10,003 U.S. corporate(a) 10,324 468 8,512 410 Other debt securities(b) 7,331 492 5,505 440 Real estate 2,510 89 2,274 81 Private equities and other investments 1,515 943 490 499 Total 37,123 16,108 29,164 15,107 Plan assets measured at net asset value Global equities 9,517 1,172 16,259 1,415 Debt securities 5,269 1,287 5,445 1,268 Real estate 1,408 2,126 1,324 1,978 Private equities and other investments 7,673 1,797 6,651 1,738 Total plan assets at fair value $ 60,990 $ 22,490 $ 58,843 $ 21,506 (a) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. |
Asset Allocation | ASSET ALLOCATION OF PENSION PLANS 2021 Target allocation 2021 Actual allocation Principal Pension Other Pension (weighted average) Principal Pension Other Pension (weighted average) Global equities 20.0 - 38.0 % 21 % 28 % 22 % Debt securities (including cash equivalents) 29.0 - 75.5 58 51 57 Real estate 0.5 - 10.5 9 6 10 Private equities & other investments 4.5 - 26.5 12 15 11 |
Schedule of Defined Benefit Plan Annual Returns | ANNUALIZED RETURNS 1 year 5 years 10 years 25 years GE Pension Plan 9.7 % 10.3 % 9.0 % 7.6 % |
Estimated Future Benefit Payments | EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS Principal pension Other pension Principal retiree benefit 2022 $ 3,800 $ 950 $ 410 2023 3,835 930 390 2024 3,860 930 365 2025 3,880 960 350 2026 3,895 970 335 2027-2031 19,445 5,070 1,440 |
Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income | COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME For the years ended December 31 2021 2020 2019 (Pre-tax) Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans $ 2,650 $ (102) $ (168) $ 3,559 $ 30 $ (118) $ 3,929 $ (21) $ (149) Changes in other comprehensive loss (income) Prior service cost (credit) - current year — (1) — — 27 (7) (42) (17) (23) Net loss (gain) - current year (4,959) (2,104) (488) 1,124 529 119 971 1,592 240 Reclassifications out of AOCI Curtailment / settlement gain (loss) — (68) — — (3) — (353) (12) 4 Dispositions — (68) — — (166) — — (340) — Amortization of net gain (loss) (3,483) (403) 79 (3,399) (434) 82 (3,439) (319) 118 Amortization of prior service credit (cost) (28) 3 236 (146) (1) 234 (135) (3) 232 Total changes in other comprehensive loss (income) (8,470) (2,641) (173) (2,421) (48) 428 (2,998) 901 571 Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) $ (5,820) $ (2,743) $ (341) $ 1,138 $ (18) $ 310 $ 931 $ 880 $ 422 |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Current and All Other Liabilities | December 31 2021 2020 Sales allowances, equipment projects and other commercial liabilities $ 5,638 $ 5,123 Product warranties (Note 22) 1,091 1,197 Employee compensation and benefit liabilities 4,677 4,838 Interest payable 276 793 Taxes payable 500 463 Environmental, health and safety liabilities (Note 22) 386 359 Derivative instruments (Note 20) 212 369 Other 1,196 1,931 All other current liabilities $ 13,977 $ 15,071 Sales allowances, equipment projects and other commercial liabilities $ 2,451 $ 2,543 Product warranties (Note 22) 800 857 Operating lease liabilities (Note 6) 2,848 3,195 Uncertain and other income taxes and related liabilities 3,041 3,385 Alstom legacy legal matters (Note 22) 567 858 Environmental, health and safety liabilities (Note 22) 2,274 2,210 Redeemable noncontrolling interests (Note 15) 148 487 Interest payable 179 382 Other 934 863 All other non-current liabilities $ 13,240 $ 14,781 Total All other liabilities $ 27,217 $ 29,852 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
(Benefit) Provision for Income Taxes | EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2021 2020 2019 U.S. earnings (loss) $ (2,959) $ (4,823) $ 1,032 Non-U.S. earnings (loss) (724) 10,793 (1,086) Total $ (3,683) $ 5,970 $ (54) PROVISION (BENEFIT) FOR INCOME TAXES 2021 2020 2019 Current U.S. Federal $ (1,347) $ 865 $ (22) Non - U.S. 1,154 1,276 1,832 U.S. State (85) 152 (373) Deferred U.S. Federal (567) (1,898) (1,047) Non - U.S. 608 (810) 59 U.S. State (50) (72) 103 Total $ (286) $ (487) $ 552 |
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE 2021 2020 2019 Amount Rate Amount Rate Amount Rate U.S. federal statutory income tax rate $ (773) 21.0 % $ 1,254 21.0 % $ (11) 21.0 % Tax on global activities including exports 155 (4.2) (47) (0.8) 505 (935.2) U.S. business credits(a) (189) 5.1 (169) (2.8) (259) 479.6 Debt tender and related valuation allowances 940 (25.5) — — — — Deductible stock and restructuring losses (583) 15.8 (203) (3.4) (144) 266.7 Sale of Biopharma business (5) 0.1 (1,447) (24.2) 633 (1,172.2) Goodwill impairments — — 184 3.1 299 (553.7) All other – net(b)(c) 169 (4.5) (59) (1.1) (471) 871.6 487 (13.2) (1,741) (29.2) 563 (1,043.2) Actual income tax rate $ (286) 7.8 % $ (487) (8.2) % $ 552 (1,022.2) % (a) U.S. general business credits, primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (b) For the year ended December 31, 2020, included $(140) million for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2014-2015. For the year ended December 31, 2019, included $(378) million for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2012-2013. |
Unrecognized Tax Benefits | The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months were: UNRECOGNIZED TAX BENEFITS December 31 2021 2020 2019 Unrecognized tax benefits $ 4,224 $ 4,191 $ 4,169 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 3,351 2,986 2,701 Accrued interest on unrecognized tax benefits 597 628 722 Accrued penalties on unrecognized tax benefits 146 179 195 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-250 0-350 0-700 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-200 0-250 0-650 (a) Some portion of such reduction may be reported as discontinued operations. |
Unrecognized Tax Benefits Reconciliation | UNRECOGNIZED TAX BENEFITS RECONCILIATION 2021 2020 2019 Balance at January 1 $ 4,191 $ 4,169 $ 5,563 Additions for tax positions of the current year 396 836 403 Additions for tax positions of prior years 327 326 500 Reductions for tax positions of prior years(a) (585) (863) (1,927) Settlements with tax authorities (33) (127) (155) Expiration of the statute of limitations (71) (151) (214) Balance at December 31 $ 4,224 $ 4,191 $ 4,169 |
Components of Net Deferred Income Tax Asset (Liability) | The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 31 2021 2020 Total assets $ 11,587 $ 14,972 Total liabilities (732) (719) Net deferred income tax asset (liability) $ 10,855 $ 14,253 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 2021 2020 Deferred tax assets Accrued expenses and reserves $ 2,635 $ 2,667 Principal pension plans 2,375 3,666 Progress collections and deferred income 1,830 1,921 Insurance company loss reserves 1,700 1,684 Deferred expenses 1,597 1,647 Other compensation and benefits 1,397 2,149 Non-U.S. loss carryforwards(a) 1,354 1,793 Principal retiree benefit plans 896 1,026 Capital losses 554 582 Contract Assets 263 (460) Other(b) 775 817 Total deferred tax assets 15,376 17,492 Deferred tax liabilities Investment in global operations (1,775) (1,289) Investment securities (1,278) (969) Depreciation (299) (126) Other (1,169) (855) Total deferred tax liabilities (4,521) (3,239) Net deferred income tax asset (liability) $ 10,855 $ 14,253 (a) Net of valuation allowances of $7,081 million and $6,199 million as of December 31, 2021 and 2020, respectively. Of the net deferred tax asset as of December 31, 2021 of $1,354 million, $25 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2022 through December 31, 2024; $417 million relates to net operating losses that expire in various years ending from December 31, 2025 through December 31, 2041 and $912 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,653 million and $1,119 million as of December 31, 2021 and 2020, respectively. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 2021 2020 2019 Beginning balance $ (4,386) $ (4,818) $ (6,134) AOCI before reclasses – net of taxes of $(91), $(25) and $(98) (104) (255) 41 Reclasses from AOCI – net of taxes of $87, $0 and $(9)(a)(b) (71) 691 1,234 AOCI (174) 435 1,275 Less AOCI attributable to noncontrolling interests 2 2 (40) Currency translation adjustments AOCI $ (4,562) $ (4,386) $ (4,818) Beginning balance $ (5,395) $ (7,024) $ (8,254) AOCI before reclasses – net of taxes of $1,643, $(283) and $(418) 6,225 (1,256) (2,097) Reclasses from AOCI – net of taxes of $793, $805 and $915(a)(b) 2,819 2,888 3,325 AOCI 9,044 1,632 1,228 Less AOCI attributable to noncontrolling interests 3 4 (2) Benefit plans AOCI $ 3,646 $ (5,395) $ (7,024) Beginning balance $ 32 $ 109 $ (25) AOCI before reclasses – net of taxes of $615, $21 and $38(c) 2,422 (39) 118 Reclasses from AOCI – net of taxes of $23, $(25) and $(9)(a) 44 (39) 17 AOCI 2,466 (78) 135 Investment securities and cash flow hedges AOCI $ 2,498 $ 32 $ 109 AOCI at December 31 $ 1,582 $ (9,749) $ (11,732) Dividends declared per common share $ 0.32 $ 0.32 $ 0.32 (a) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, in 2020, related to the sale of our BioPharma business within our Healthcare segment. (b) Currency translation and benefit plan gains and losses included $1,343 million, including currency translation of $1,066 million, net of taxes, in 2019 earnings (loss) from discontinued operations related to deconsolidation of Baker Hughes. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Weighted Average Grant Date Fair Value | WEIGHTED AVERAGE GRANT DATE FAIR VALUE 2021 2020 2019 Stock options $ 40.64 $ 28.64 $ 27.84 RSUs 104.98 63.28 80.96 PSUs/Performance shares 108.51 63.28 85.84 |
Stock-Based Compensation Activity | STOCK-BASED COMPENSATION ACTIVITY Stock options RSUs Shares (in thousands) Weighted average exercise price Weighted average contractual term (in years) Intrinsic value (in millions) Shares (in thousands) Weighted average grant date fair value Weighted average contractual term (in years) Intrinsic value (in millions) Outstanding at January 1, 2021 50,046 $ 145.26 7,561 $ 72.35 Granted 494 105.12 2,972 104.98 Exercised (1,252) 74.19 (1,639) 97.91 Forfeited (933) 80.31 (837) 82.81 Expired (9,941) 159.46 N/A N/A Outstanding at December 31, 2021 38,414 $ 144.97 4.2 $ 193 8,057 $ 77.90 1.6 $ 761 Exercisable at December 31, 2021 33,551 153.11 3.6 148 N/A N/A N/A N/A Expected to vest 4,557 $ 88.70 7.9 $ 42 6,830 $ 78.75 1.5 $ 645 |
Schedule of Compensation Expense | 2021 2020 2019 Compensation expense (after-tax)(a)(b) $ 361 $ 353 $ 400 Cash received from stock options exercised 93 6 69 Intrinsic value of stock options exercised and RSU/PSUs vested 217 81 154 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2021 was $491 million, which will be amortized over a weighted average period of 1.1 years. (b) Income tax benefit recognized in earnings was $9 million, $10 million and $20 million in 2021, 2020, and 2019, respectively. |
Schedule of Cash Proceeds and Intrinsic Value | 2021 2020 2019 Compensation expense (after-tax)(a)(b) $ 361 $ 353 $ 400 Cash received from stock options exercised 93 6 69 Intrinsic value of stock options exercised and RSU/PSUs vested 217 81 154 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2021 was $491 million, which will be amortized over a weighted average period of 1.1 years. (b) Income tax benefit recognized in earnings was $9 million, $10 million and $20 million in 2021, 2020, and 2019, respectively. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | (Earnings for per-share calculation, 2021 2020 2019 per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Earnings from continuing operations $ (3,326) $ (3,326) $ 6,601 $ 6,601 $ (614) $ (614) Preferred stock dividends (237) (237) (474) (474) (460) (460) Accretion of redeemable noncontrolling interests, net of tax(a) (9) (9) (151) (151) — — Earnings from continuing operations attributable to GE common shareholders (3,571) (3,571) 5,975 5,975 (1,074) (1,074) Earnings (loss) from discontinued operations (3,195) (3,195) (909) (909) (4,367) (4,367) Net earnings attributable to GE common shareholders (6,766) (6,766) 5,066 5,066 (5,440) (5,440) Shares of GE common stock outstanding 1,098 1,098 1,094 1,094 1,091 1,091 Employee compensation-related shares (including stock options) — — 1 — — — Total average equivalent shares 1,098 1,098 1,095 1,094 1,091 1,091 Earnings (loss) from continuing operations $ (3.25) $ (3.25) $ 5.46 $ 5.46 $ (0.98) $ (0.98) Earnings (loss) from discontinued operations (2.91) (2.91) (0.83) (0.83) (4.00) (4.00) Net earnings (loss) (6.16) (6.16) 4.63 4.63 (4.99) (4.99) Potentially dilutive securities(b) 41 56 55 (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. |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | 2021 2020 2019 Purchases and sales of business interests(a) $ (40) $ 12,468 $ 3 Licensing and royalty income 192 161 256 Equity method income (96) 7 264 Net interest and investment income (loss)(b) 2,270 (1,447) 1,507 Other items 497 207 449 Total other income $ 2,823 $ 11,396 $ 2,479 (a) Included a pre-tax loss of $170 million on the sale of our boiler manufacturing business in China in 2021. Included a pre-tax gain of $12,362 million on the sale of BioPharma in 2020. Included a pre-tax gain of $224 million on the sale of ServiceMax partially offset by charges to the valuation allowance on businesses classified as held for sale of $245 million in 2019. See Note 2 for further information. (b) Included a pre-tax realized and unrealized gain of $938 million, pre-tax realized and unrealized loss of $2,037 million and pre-tax unrealized gain of $793 million related to our interest in Baker Hughes in 2021, 2020 and 2019, respectively. Included a pre-tax unrealized gain of $711 million related to our interest in AerCap in 2021. Included interest income associated with customer advances of $167 million, $146 million and $143 million in 2021, 2020 and 2019, respectively. See Notes 3, 8 and 24 for further information. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3(a) Netting Net balance(b) December 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Investment securities $ 11,434 $ 7,319 $ 35,849 $ 36,684 $ 7,222 $ 5,866 $ — $ — $ 54,506 $ 49,869 Derivatives — — 1,357 3,061 17 8 (691) (2,582) 684 487 Total assets $ 11,434 $ 7,319 $ 37,207 $ 39,745 $ 7,239 $ 5,874 $ (691) $ (2,582) $ 55,189 $ 50,356 Derivatives $ — $ — $ 891 $ 1,114 $ 1 $ 7 $ (681) $ (752) $ 212 $ 369 Other(c) — — 863 780 — — — — 863 780 Total liabilities $ — $ — $ 1,754 $ 1,894 $ 1 $ 7 $ (681) $ (752) $ 1,075 $ 1,149 (a) Included $4,228 million of U.S. corporate debt securities, $1,427 million of Mortgage and asset-backed debt securities, and the $993 million AerCap note at December 31, 2021. Included $4,185 million of U.S. corporate debt securities and $976 million of Mortgage and asset-backed debt securities at December 31, 2020. (b) See Notes 3 and 20 for further information on the composition of our investment securities and derivative portfolios. (c) Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. |
Schedule of Changes in Level 3 Instruments | Balance at Net realized/unrealized gains(losses)(a) Purchases(b) Sales & Settlements Transfers Transfers Balance at 2021 Investment securities $ 5,866 $ (261) $ 2,589 $ (943) $ 6 $ (35) $ 7,222 2020 Investment securities $ 5,210 $ 357 $ 1,301 $ (958) $ 2 $ (45) $ 5,866 (a) Primarily included net unrealized gains (losses) of $(288) million and $323 million in Other comprehensive income for the years ended December 31, 2021 and 2020, respectively. (b) Included $1,084 million and $745 million of Mortgage and asset-backed debt securities for the years ended December 31, 2021 and 2020, respectively, and the $1,000 million AerCap senior note received as partial consideration on the completion of the GECAS transaction. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,706 $ 2,853 $ 2,904 $ 3,125 Liabilities Borrowings (Note 10) $ 35,186 $ 41,207 $ 74,902 $ 86,001 Investment contracts (Note 11) 1,909 2,282 2,049 2,547 |
Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES December 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 2,071 $ 75 $ 4 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 7,214 114 122 7,387 164 125 Derivatives accounted for as hedges $ 9,285 $ 188 $ 126 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 1,369 $ 5 $ 1 $ 346 $ 8 $ (1) Currency exchange contracts 64,097 794 756 65,379 767 918 Other contracts 1,674 387 10 2,036 218 71 Derivatives not accounted for as hedges $ 67,140 $ 1,186 $ 767 $ 67,761 $ 993 $ 989 Gross derivatives $ 76,425 $ 1,374 $ 893 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (637) $ (639) $ (647) $ (647) Cash collateral adjustments (54) (42) (1,935) (104) Net derivatives recognized in statement of financial position $ 684 $ 212 $ 487 $ 369 Net accrued interest $ 10 $ 5 $ — $ — Securities held as collateral (2) — (2) — Net amount $ 691 $ 217 $ 484 $ 369 |
Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES December 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 2,071 $ 75 $ 4 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 7,214 114 122 7,387 164 125 Derivatives accounted for as hedges $ 9,285 $ 188 $ 126 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 1,369 $ 5 $ 1 $ 346 $ 8 $ (1) Currency exchange contracts 64,097 794 756 65,379 767 918 Other contracts 1,674 387 10 2,036 218 71 Derivatives not accounted for as hedges $ 67,140 $ 1,186 $ 767 $ 67,761 $ 993 $ 989 Gross derivatives $ 76,425 $ 1,374 $ 893 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (637) $ (639) $ (647) $ (647) Cash collateral adjustments (54) (42) (1,935) (104) Net derivatives recognized in statement of financial position $ 684 $ 212 $ 487 $ 369 Net accrued interest $ 10 $ 5 $ — $ — Securities held as collateral (2) — (2) — Net amount $ 691 $ 217 $ 484 $ 369 |
Effects of Derivatives on AOCI | Gain (loss) recognized in AOCI 2021 2020 2019 Cash flow hedges(a) $ (86) $ (61) $ 25 Net investment hedges(b) 487 (675) 120 |
Effects of Derivatives on Earnings | The table below presents the gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): 2021 2020 Revenues Debt Extinguishment Costs Interest Expense SG&A Other(a) Revenues Debt Extinguishment Costs Interest Expense SG&A Other(a) $ 74,196 $ 6,524 $ 1,876 $ 11,707 $ 56,719 $ 75,833 $ 301 $ 2,068 $ 12,592 $ 69,267 Effect of cash flow hedges $ 27 $ — $ (40) $ 1 $ (67) $ 15 $ — $ (40) $ 1 $ 17 Hedged items $ 70 $ 1,413 $ — $ (1,775) Derivatives designated as hedging instruments (66) (1,549) — 1,743 Effect of fair value hedges $ 3 $ (135) $ — $ (31) Interest rate contracts(a) $ 1 $ 52 $ (3) $ — $ (1) $ (1) $ — $ (11) $ — $ (18) Currency exchange contracts (6) (16) (18) (127) 44 — — — 129 (293) Other — — — 183 193 — — — 86 (46) Effect of derivatives not designated as hedges $ (5) $ 35 $ (22) $ 56 $ 235 $ (1) $ — $ (11) $ 215 $ (357) (a) Amounts are inclusive of cost of sales and other income. |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | An analysis of changes in the liability for product warranties follows. 2021 2020 2019 Balance at January 1 $ 2,054 $ 2,165 $ 2,192 Current-year provisions 862 788 713 Expenditures (945) (913) (715) Other changes (81) 14 (26) Balance at December 31 $ 1,891 $ 2,054 $ 2,165 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | REVENUES Total revenues Intersegment revenues External revenues Years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 $ 1,036 $ 1,445 $ 758 $ 20,274 $ 20,597 $ 32,117 Healthcare 17,725 18,009 19,942 1 1 — 17,724 18,008 19,942 Renewable Energy 15,697 15,666 15,337 138 142 139 15,559 15,523 15,198 Power 16,903 17,589 18,625 345 352 357 16,558 17,237 18,267 Corporate 2,561 2,528 3,442 (1,520) (1,941) (1,254) 4,081 4,468 4,696 Total $ 74,196 $ 75,833 $ 90,221 $ — $ — $ — $ 74,196 $ 75,833 $ 90,221 |
Classification of Equipment and Services Revenues | Years ended December 31 2021 2020 2019 Equipment Services Total Equipment Services Total Equipment Services Total Aviation $ 7,531 $ 13,780 $ 21,310 $ 8,582 $ 13,460 $ 22,042 $ 12,737 $ 20,138 $ 32,875 Healthcare 9,104 8,620 17,725 9,992 8,017 18,009 11,585 8,357 19,942 Renewable Energy 13,224 2,473 15,697 12,859 2,807 15,666 12,267 3,069 15,337 Power 5,035 11,868 16,903 6,707 10,883 17,589 6,247 12,378 18,625 Total segment revenues $ 34,894 $ 36,741 $ 71,635 $ 38,140 $ 35,166 $ 73,306 $ 42,837 $ 43,942 $ 86,778 SEGMENT REVENUES Years ended December 31 2021 2020 2019 Commercial Engines & Services $ 14,360 $ 14,479 $ 24,769 Military 4,136 4,572 4,389 Systems & Other 2,814 2,991 3,718 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare Systems $ 15,694 $ 15,387 $ 14,648 Pharmaceutical Diagnostics 2,031 1,792 2,005 BioPharma — 830 3,289 Healthcare $ 17,725 $ 18,009 $ 19,942 Onshore Wind $ 11,026 $ 10,881 $ 10,421 Grid Solutions equipment and services 3,207 3,585 4,016 Hydro, Offshore Wind and Hybrid Solutions 1,464 1,200 900 Renewable Energy $ 15,697 $ 15,666 $ 15,337 Gas Power $ 12,080 $ 12,655 $ 13,122 Steam Power 3,241 3,557 4,021 Power Conversion, Nuclear and other 1,582 1,378 1,482 Power $ 16,903 $ 17,589 $ 18,625 Total segment revenues $ 71,635 $ 73,306 $ 86,778 Corporate $ 2,561 $ 2,528 $ 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Year ended December 31, 2021 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 9,675 $ 7,229 $ 7,275 $ 6,186 $ 2,473 $ 32,838 Non-U.S. Europe 3,920 3,702 3,651 3,621 52 14,946 China region 2,419 2,700 464 1,145 16 6,744 Asia (excluding China region) 1,758 2,345 1,959 2,090 (45) 8,107 Americas 1,310 923 1,009 1,239 (4) 4,476 Middle East and Africa 2,228 826 1,340 2,622 69 7,085 Total Non-U.S. $ 11,635 $ 10,496 $ 8,422 $ 10,717 $ 88 $ 41,358 Total geographic revenues $ 21,310 $ 17,725 $ 15,697 $ 16,903 $ 2,561 $ 74,196 Non-U.S. revenues as a % of total revenues 55 % 59 % 54 % 63 % 56 % Year ended December 31, 2020 Aviation Healthcare Renewable Energy Power Corporate Total U.S. $ 11,239 $ 7,611 $ 7,846 $ 6,186 $ 2,336 $ 35,217 Non-U.S. Europe 4,288 3,952 3,047 2,895 159 14,342 China region 2,078 2,455 1,156 1,253 35 6,978 Asia (excluding China region) 1,842 2,264 1,484 2,707 (55) 8,241 Americas 882 879 819 1,483 1 4,064 Middle East and Africa 1,713 848 1,314 3,064 52 6,991 Total Non-U.S. $ 10,803 $ 10,398 $ 7,820 $ 11,403 $ 192 $ 40,616 Total geographic revenues $ 22,042 $ 18,009 $ 15,666 $ 17,589 $ 2,528 $ 75,833 Non-U.S. revenues as a % of total revenues 49 % 58 % 50 % 65 % 54 % Year ended December 31, 2019 U.S. $ 13,384 $ 8,526 $ 7,413 $ 5,992 $ 3,648 $ 38,963 Non-U.S. Europe 7,452 4,132 2,925 3,140 (131) 17,519 China region 3,050 2,747 698 974 (27) 7,442 Asia (excluding China region) 3,591 2,690 2,038 3,044 (102) 11,260 Americas 1,593 1,056 1,064 1,915 (31) 5,597 Middle East and Africa 3,805 792 1,198 3,560 86 9,441 Total Non-U.S. $ 19,491 $ 11,416 $ 7,924 $ 12,633 $ (206) $ 51,258 Total geographic revenues $ 32,875 $ 19,942 $ 15,337 $ 18,625 $ 3,442 $ 90,221 Non-U.S. revenues as a % of total revenues 59 % 57 % 52 % 68 % 57 % |
Reconciliation of Profit and Earnings | PROFIT AND EARNINGS For the years ended December 31 2021 2020 2019 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. |
Assets, PPE Additions, and Depreciation and Amortization | Assets Property, plant and Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 2021 2020 2019 2021 2020 2019 2021 2020 2019 Aviation $ 38,298 $ 38,634 $ 41,083 $ 445 $ 737 $ 1,031 $ 1,074 $ 1,142 $ 1,150 Healthcare 24,770 22,229 30,503 278 256 395 641 628 702 Renewable Energy 14,804 15,927 15,935 349 302 455 432 413 425 Power 23,569 24,453 26,731 189 245 277 692 749 880 Corporate(b) 94,256 114,220 110,309 25 40 58 168 531 384 Total continuing $ 195,697 $ 215,463 $ 224,562 $ 1,286 $ 1,579 $ 2,216 $ 3,009 $ 3,464 $ 3,541 (a) Additions to property, plant and equipment include amounts relating to principal businesses purchased. (b) Included deferred income taxes that are presented as assets for purposes of our Statement of Financial Position presentation. |
Assets by Geographic Areas | We classify certain assets that cannot meaningfully be associated with specific geographic areas as “Other Global” for this purpose. December 31 2021 2020 U.S. $ 130,956 $ 139,768 Non-U.S. Europe 42,213 50,121 Asia 11,534 12,974 Americas 6,406 7,084 Other Global 4,588 5,516 Total Non-U.S. $ 64,741 $ 75,695 Total assets (Continuing operations) $ 195,697 $ 215,463 |
SUMMARIZED FINANCIAL INFORMAT_2
SUMMARIZED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Associated Companies Summarized Financial Information | Summarized financial information of Baker Hughes is as follows. For the years ended December 31 2021(a) 2020 2019(b) Revenues $ 16,997 $ 20,705 $ 7,751 Gross Profit 3,276 3,199 1,558 Net income (loss) (546) (15,761) 120 Net income (loss) attributable to the entity (407) (9,940) 60 (a) Financial information is from January 1, 2021 to November 3, 2021 (date investment in BKR reduced below 20%). (b) Financial information is from September 16, 2019 (date of deconsolidation) to December 31, 2019. As of December 31 2021(a) 2020 Current $ — $ 16,455 Noncurrent — 21,552 Total assets $ — $ 38,007 Current $ — $ 10,227 Noncurrent — 9,538 Total liabilities $ — $ 19,765 Noncontrolling interests $ — $ 5,349 (a) As of November 3, 2021 (date investment in BKR reduced below 20%). As a result, we no longer have significant influence in BKR. |
QUARTERLY INFORMATION (UNAUDI_2
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information | First quarter Second quarter Third quarter Fourth quarter (Per-share amounts in dollars) 2021 2020 2021 2020 2021 2020 2021 2020 Total revenues $ 17,071 $ 19,380 $ 18,253 $ 16,811 $ 18,569 $ 18,609 $ 20,303 $ 21,033 Sales of equipment and services 16,316 18,791 17,470 16,048 17,813 17,866 19,492 20,264 Cost of equipment and services sold 12,538 14,426 13,618 13,633 13,401 14,042 14,338 15,770 Earnings (loss) from continuing operations 97 6,254 (571) (1,138) 582 (1,137) (3,504) 2,479 Earnings (loss) from discontinued operations (2,894) (21) (564) (993) 602 (58) (339) 161 Net earnings (loss) (2,798) 6,233 (1,135) (2,132) 1,184 (1,195) (3,843) 2,640 Less net earnings (loss) attributable to noncontrolling interests 5 34 (3) (145) (73) (51) 1 3 Net earnings (loss) attributable to the Company $ (2,802) $ 6,199 $ (1,131) $ (1,987) $ 1,257 $ (1,144) $ (3,843) $ 2,636 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 0.02 $ 5.63 $ (0.57) $ (1.21) $ 0.54 $ (1.04) $ (3.24) $ 2.05 Basic earnings (loss) per share 0.02 5.64 (0.57) (1.21) 0.54 (1.04) (3.24) 2.07 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share (2.62) (0.02) (0.51) (0.91) 0.54 (0.05) (0.31) 0.13 Basic earnings (loss) per share (2.64) (0.02) (0.51) (0.91) 0.55 (0.05) (0.31) 0.14 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share (2.60) 5.61 (1.08) (2.12) 1.08 (1.09) (3.55) 2.19 Basic earnings (loss) per share (2.62) 5.62 (1.08) (2.12) 1.09 (1.09) (3.55) 2.22 Dividends declared 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 |
SEGMENT OPERATIONS (Tables)
SEGMENT OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | SUMMARY OF REPORTABLE SEGMENTS 2021 2020 2019 Aviation $ 21,310 $ 22,042 $ 32,875 Healthcare 17,725 18,009 19,942 Renewable Energy 15,697 15,666 15,337 Power 16,903 17,589 18,625 Total segment revenues 71,635 73,306 86,778 Corporate 2,561 2,528 3,442 Total revenues $ 74,196 $ 75,833 $ 90,221 Aviation $ 2,882 $ 1,229 $ 6,812 Healthcare 2,966 3,060 3,737 Renewable Energy (795) (715) (791) Power 726 274 291 Total segment profit (loss) 5,778 3,848 10,049 Corporate(a) 892 8,061 (2,537) Goodwill impairments — (877) (1,486) Interest and other financial charges (1,813) (2,018) (2,826) Debt extinguishment costs (6,524) (301) (256) Non-operating benefit costs (1,782) (2,430) (2,839) Benefit (provision) for income taxes 124 333 (718) Preferred stock dividends (237) (474) (460) Earnings (loss) from continuing operations attributable to GE common shareholders (3,562) 6,141 (1,073) Earnings (loss) from discontinued operations attributable to GE common shareholders (3,195) (911) (4,366) Net earnings (loss) attributable to GE common shareholders $ (6,757) $ 5,230 $ (5,439) (a) Includes interest and other financial charges of $63 million, $50 million and $101 million and benefit for income taxes of $162 million, $154 million and $166 million related to EFS within Corporate for the years ended December 31, 2021, 2020, and 2019, respectively. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Financial Statement Presentation and Revenues from Sale of Services (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Sales | $ 19,492 | $ 17,813 | $ 17,470 | $ 16,316 | $ 20,264 | $ 17,866 | $ 16,048 | $ 18,791 | |||
Cost of sales | $ 14,338 | $ 13,401 | $ 13,618 | $ 12,538 | $ 15,770 | $ 14,042 | $ 13,633 | $ 14,426 | |||
Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales | $ 36,890 | $ 35,385 | $ 44,608 | ||||||||
Cost of sales | 22,497 | 22,629 | 27,280 | ||||||||
Services | Reclassification adjustment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales | 11,425 | 11,823 | 16,058 | ||||||||
Cost of sales | 5,776 | 6,751 | 8,269 | ||||||||
Equipment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales | 34,200 | 37,584 | 42,811 | ||||||||
Cost of sales | 31,399 | 35,242 | 37,572 | ||||||||
Equipment | Reclassification adjustment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Sales | (11,425) | (11,823) | (16,058) | ||||||||
Cost of sales | $ (5,776) | $ (6,751) | $ (8,269) | ||||||||
Satisfied Over Time | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Performance obligation, description of timing | 5 to 25 years |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Collaborative Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 14,338 | $ 13,401 | $ 13,618 | $ 12,538 | $ 15,770 | $ 14,042 | $ 13,633 | $ 14,426 | |||
Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 22,497 | $ 22,629 | $ 27,280 | ||||||||
Equipment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | 31,399 | 35,242 | 37,572 | ||||||||
Collaborative Arrangement | Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | 2,125 | 2,407 | 3,517 | ||||||||
Collaborative Arrangement | Equipment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 751 | $ 1,093 | $ 1,396 |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 317 | $ 408 |
BASIS OF PRESENTATION AND SUM_6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Changes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase in allowance for credit losses | $ 1,074 | $ 1,164 | |
Decrease to retained earnings | $ (85,110) | $ (92,247) | |
Cumulative effect adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Increase in allowance for credit losses | $ 221 | ||
Decrease to retained earnings | $ 175 |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Disposed of by sale, not discontinued operations - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Boiler manufacturing buisness | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale | $ (170) | $ (170) | ||
BioPharma | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale | $ 12,362 | |||
Consideration | $ 21,112 | |||
Cash payments associated with transaction | 185 | |||
Gain (loss) on sale, after tax | $ 11,213 |
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 | Nov. 01, 2021 | Oct. 29, 2021 | Aug. 31, 2019 | Sep. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Total portfolio carrying value | $ 198,874 | $ 198,874 | $ 256,211 | ||||||
AerCap | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Equity securities, ownership percentage | 46.00% | ||||||||
Aeroderivative Joint Venture | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 50.00% | ||||||||
Gain on deconsolidation of investment | 71 | ||||||||
Discontinued operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (loss) on disposal before income taxes | (3,246) | (31) | $ (5,183) | ||||||
Gain (loss) on disposal, net of taxes | (3,855) | (32) | (5,675) | ||||||
GECAS | Discontinued operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Cash consideration | $ 22,583 | ||||||||
Consideration, stock transaction (in shares) | 111.5 | ||||||||
Consideration, stock transaction | $ 6,583 | ||||||||
Share price (in dollars per share) | $ 59.04 | ||||||||
Consideration received in notes | $ 1,000 | ||||||||
Debt interest rate | 1.899% | ||||||||
Gain (loss) on disposal before income taxes | (3,312) | 0 | 0 | ||||||
Gain (loss) on disposal, net of taxes | $ (3,882) | 0 | 0 | ||||||
GECAS | Discontinued operations | AerCap | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration, stock transaction (in shares) | 111.5 | ||||||||
Baker Hughes | Discontinued operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration, stock transaction (in shares) | 166.6 | ||||||||
Gain (loss) on disposal before income taxes | $ (8,715) | $ 4 | (23) | (8,715) | |||||
Gain (loss) on disposal, net of taxes | $ (8,238) | 4 | (23) | (8,238) | |||||
Baker Hughes | Discontinued operations | BHGE LLC | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership interest, before transaction | 50.20% | ||||||||
Ownership interest, after transaction | 36.80% | ||||||||
Transportation | Discontinued operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (loss) on disposal before income taxes | $ 3,471 | 0 | (12) | 3,471 | |||||
Gain (loss) on disposal, net of taxes | $ 2,508 | 0 | $ (12) | $ 2,508 | |||||
Baker Hughes | Aeroderivative Joint Venture | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Ownership percentage | 50.00% | ||||||||
AerCap | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Discontinued operations after disposal, sales of product and services | 29 | ||||||||
Discontinued operations after disposal, purchases of products and services | 22 | ||||||||
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 | 716 | ||||||||
Purchases of products and services | 218 | ||||||||
Net cash collected from affiliate | 631 | ||||||||
Baker Hughes | Investee | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Dividends received | 173 | ||||||||
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 | 39 | ||||||||
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 | 364 | ||||||||
Net cash collected from affiliate | $ 489 | ||||||||
Bank BPH | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Capital contribution | $ 360 | ||||||||
Bank BPH | Discontinued operations | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Percentage indexed to or denominated in foreign currencies | 87.00% | 87.00% | |||||||
Total portfolio carrying value | $ 1,799 | $ 1,799 | |||||||
Percent of financing receivables over 90 days past due | 2.05% | 2.05% | |||||||
Average loan to value ratio | 58.00% | ||||||||
Pre-tax non-cash charges | $ 509 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ (339) | $ 602 | $ (564) | $ (2,894) | $ 161 | $ (58) | $ (993) | $ (21) | $ (3,195) | $ (911) | $ (4,306) | ||
Discontinued operations | |||||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Total revenues | 0 | 0 | 16,598 | ||||||||||
Cost of equipment and services sold | (398) | (2,555) | (15,863) | ||||||||||
Other income, costs and expenses | 1,393 | 1,586 | 656 | ||||||||||
Earnings (loss) of discontinued operations before income taxes | 995 | (968) | 1,390 | ||||||||||
Benefit (provision) for income taxes | (335) | 89 | (21) | ||||||||||
Earnings (loss) of discontinued operations, net of taxes | 660 | (879) | 1,369 | ||||||||||
Gain (loss) on disposal before income taxes | (3,246) | (31) | (5,183) | ||||||||||
Benefit (provision) for income taxes | (608) | (1) | (491) | ||||||||||
Gain (loss) on disposal, net of taxes | (3,855) | (32) | (5,675) | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (3,195) | (911) | (4,306) | ||||||||||
Assets | |||||||||||||
Cash, cash equivalents and restricted cash | 736 | 623 | 736 | 623 | |||||||||
Financing receivables - net | 0 | 2,710 | 0 | 2,710 | |||||||||
Financing receivables held for sale (Polish mortgage portfolio) | 1,799 | 2,461 | 1,799 | 2,461 | |||||||||
Property, plant, and equipment - net | 88 | 28,429 | 88 | 28,429 | |||||||||
All other assets | 554 | 6,527 | 554 | 6,527 | |||||||||
Assets of discontinued operations | 3,177 | 40,749 | 3,177 | 40,749 | |||||||||
Liabilities | |||||||||||||
Deferred income taxes | 0 | 2,172 | 0 | 2,172 | |||||||||
Accounts payable and all other liabilities | 887 | 3,714 | 887 | 3,714 | |||||||||
Liabilities of discontinued operations | 887 | 5,886 | 887 | 5,886 | |||||||||
Discontinued operations | GECAS | |||||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||
Cost of equipment and services sold | (398) | (2,555) | (2,069) | ||||||||||
Other income, costs and expenses | 1,992 | 1,781 | 3,272 | ||||||||||
Earnings (loss) of discontinued operations before income taxes | 1,594 | (773) | 1,204 | ||||||||||
Benefit (provision) for income taxes | (258) | (13) | (175) | ||||||||||
Earnings (loss) of discontinued operations, net of taxes | 1,336 | (786) | 1,029 | ||||||||||
Gain (loss) on disposal before income taxes | (3,312) | 0 | 0 | ||||||||||
Benefit (provision) for income taxes | (570) | 0 | 0 | ||||||||||
Gain (loss) on disposal, net of taxes | (3,882) | 0 | 0 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | (2,546) | (786) | 1,029 | ||||||||||
Depreciation and amortization | 359 | 2,545 | 2,048 | ||||||||||
Assets | |||||||||||||
Assets of discontinued operations | 0 | 37,199 | 0 | 37,199 | |||||||||
Liabilities | |||||||||||||
Liabilities of discontinued operations | $ 0 | $ 4,997 | 0 | 4,997 | |||||||||
Discontinued operations | Baker Hughes | |||||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Total revenues | 0 | 0 | 16,047 | ||||||||||
Cost of equipment and services sold | 0 | 0 | (13,317) | ||||||||||
Other income, costs and expenses | (10) | 2 | (2,390) | ||||||||||
Earnings (loss) of discontinued operations before income taxes | (10) | 2 | 340 | ||||||||||
Benefit (provision) for income taxes | 2 | (13) | (176) | ||||||||||
Earnings (loss) of discontinued operations, net of taxes | (8) | (10) | 165 | ||||||||||
Gain (loss) on disposal before income taxes | $ (8,715) | 4 | (23) | (8,715) | |||||||||
Benefit (provision) for income taxes | 0 | 0 | 477 | ||||||||||
Gain (loss) on disposal, net of taxes | $ (8,238) | 4 | (23) | (8,238) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (4) | (33) | (8,074) | ||||||||||
Discontinued operations | Transportation | |||||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Total revenues | 0 | 0 | 550 | ||||||||||
Cost of equipment and services sold | 0 | 0 | (478) | ||||||||||
Other income, costs and expenses | (6) | 0 | (18) | ||||||||||
Earnings (loss) of discontinued operations before income taxes | (6) | 1 | 54 | ||||||||||
Benefit (provision) for income taxes | (1) | 9 | (15) | ||||||||||
Earnings (loss) of discontinued operations, net of taxes | (6) | 9 | 39 | ||||||||||
Gain (loss) on disposal before income taxes | $ 3,471 | 0 | (12) | 3,471 | |||||||||
Benefit (provision) for income taxes | 0 | 0 | (963) | ||||||||||
Gain (loss) on disposal, net of taxes | $ 2,508 | 0 | (12) | 2,508 | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (6) | (2) | 2,547 | ||||||||||
Discontinued operations | Other | |||||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||
Cost of equipment and services sold | 0 | 0 | 0 | ||||||||||
Other income, costs and expenses | (584) | (197) | (208) | ||||||||||
Earnings (loss) of discontinued operations before income taxes | (584) | (197) | (208) | ||||||||||
Benefit (provision) for income taxes | (78) | 105 | 344 | ||||||||||
Earnings (loss) of discontinued operations, net of taxes | (662) | (93) | 135 | ||||||||||
Gain (loss) on disposal before income taxes | 61 | 3 | 61 | ||||||||||
Benefit (provision) for income taxes | (38) | (1) | (5) | ||||||||||
Gain (loss) on disposal, net of taxes | 23 | 2 | 56 | ||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ (639) | $ (90) | $ 191 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | Nov. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Accrued interest, current | $ 415 | $ 414 | ||
Debt securities in unrealized loss position, total | 3,446 | 1,765 | ||
Debt securities in unrealized loss position, 12 months or more | 644 | 165 | ||
Gross unrealized losses, 12 months or more | (42) | (20) | ||
Gross unrealized losses | (92) | (106) | ||
Net unrealized gains (losses) recorded to earnings | 1,656 | (1,670) | $ 800 | |
Proceeds from investment securities sales and early redemptions by issuers | 6,666 | 5,060 | 7,967 | |
Debt securities, realized gain | 69 | 173 | 114 | |
Debt securities, realized losses and impairments | (11) | (68) | (60) | |
Equity securities without readily determinable fair values | 441 | 274 | ||
Fair value adjustments, including impairment | 46 | (141) | 7 | |
AerCap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities, ownership percentage | 46.00% | |||
Net unrealized gains (losses) recorded to earnings | $ 711 | |||
Baker Hughes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities, ownership percentage | 16.00% | |||
Net unrealized gains (losses) recorded to earnings | $ 793 | |||
Discontinued operations | GECAS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Consideration, stock transaction (in shares) | 111.5 | |||
Discontinued operations | GECAS | AerCap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Consideration, stock transaction (in shares) | 111.5 | |||
Discontinued operations | Baker Hughes | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Consideration, stock transaction (in shares) | 166.6 | |||
U.S. corporate | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross unrealized losses | $ (33) | $ (26) | ||
CMBS | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross unrealized losses | $ (32) |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity, amortized cost | $ 0 | $ 0 |
Equity | 12,297 | 7,319 |
Gross unrealized gains | 6,639 | 8,342 |
Gross unrealized losses | (92) | (106) |
Other equity | 443 | 218 |
Non-current investment securities, amortized cost | 35,662 | 34,313 |
Non-current investment securities, estimated fair value | 42,209 | 42,549 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity, amortized cost | 0 | 0 |
Equity | 8,287 | 0 |
Baker Hughes | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity, amortized cost | 0 | 0 |
Equity | 4,010 | 7,319 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 25,182 | 23,604 |
Gross unrealized gains | 5,502 | 6,651 |
Gross unrealized losses | (33) | (26) |
Estimated fair value | 30,652 | 30,230 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,361 | 2,283 |
Gross unrealized gains | 343 | 458 |
Gross unrealized losses | (4) | (1) |
Estimated fair value | 2,701 | 2,740 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,639 | 3,387 |
Gross unrealized gains | 573 | 878 |
Gross unrealized losses | (6) | (9) |
Estimated fair value | 3,205 | 4,256 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 3,950 | 3,652 |
Gross unrealized gains | 117 | 171 |
Gross unrealized losses | (47) | (71) |
Estimated fair value | 4,019 | 3,752 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,086 | 1,169 |
Gross unrealized gains | 104 | 184 |
Gross unrealized losses | (2) | 0 |
Estimated fair value | $ 1,188 | $ 1,353 |
INVESTMENT SECURITIES - Net (Pu
INVESTMENT SECURITIES - Net (Purchases) Dispositions of Investment Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Purchases of investment securities | $ (4,286) | $ (6,031) | |
Dispositions and maturities of investment securities | 2,997 | 4,679 | |
Net (purchases) dispositions of insurance investment securities | $ (1,290) | $ (1,352) | $ (1,600) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Amortized cost | |
Within one year | $ 358 |
After one year through five years | 3,475 |
After five years through ten years | 6,278 |
After ten years | 21,158 |
Estimated fair value | |
Within one year | 363 |
After one year through five years | 3,778 |
After five years through ten years | 7,287 |
After ten years | $ 26,318 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 13,079,000,000 | $ 13,459,000,000 |
Non-income based tax receivables | 1,222,000,000 | 1,346,000,000 |
Revenue sharing program receivables | 1,166,000,000 | 1,038,000,000 |
Supplier advances | 596,000,000 | 676,000,000 |
Deferred purchase price on receivables facility | 0 | 413,000,000 |
Receivables from disposed businesses | 148,000,000 | 242,000,000 |
Other sundry receivables | 483,000,000 | 678,000,000 |
Sundry receivables | 3,615,000,000 | 4,395,000,000 |
Allowance for credit losses | (1,074,000,000) | (1,164,000,000) |
Total current receivables | 15,620,000,000 | 16,691,000,000 |
Decrease in allowance for credit losses | 150,000,000 | |
Operating segments | Aviation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 4,476,000,000 | 4,417,000,000 |
Operating segments | Healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 3,033,000,000 | 2,336,000,000 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 1,847,000,000 | 2,401,000,000 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 3,490,000,000 | 3,995,000,000 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 233,000,000 | $ 310,000,000 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Sales of GE Current Customer Receivables, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of receivables sold | 40.00% | |||
Discontinued operations | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Current receivables, discontinued programs | $ 161 | |||
WCS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 3,134 | |||
Third Parties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 2,582 | |||
Current receivables | WCS | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 3,618 | 0 | $ 3,087 | |
Current receivables | Third Parties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 2,992 | $ 161 | $ 6,757 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Sales of Current Customer Receivables (Details) - Current receivables - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
WCS | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | $ 3,618 | $ 3,087 |
GE business sales | 13,773 | 32,869 |
WCS sales to third parties | (10,816) | (18,654) |
Collections and other | (6,676) | (14,004) |
Reclassification from long-term customer receivables | 100 | 321 |
Balance at end of period | 0 | 3,618 |
Third Parties | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | 2,992 | 6,757 |
GE business sales | 1,415 | 863 |
WCS sales to third parties | 10,816 | 18,654 |
Collections and other | (15,062) | (23,283) |
Reclassification from long-term customer receivables | 0 | 0 |
Balance at end of period | $ 161 | $ 2,992 |
CURRENT AND LONG-TERM RECEIVA_6
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Long-term customer receivables | $ 521 | $ 585 |
Financing receivables | 592 | 713 |
Supplier advances | 309 | 351 |
Non-income based tax receivables | 245 | 244 |
Receivables from disposed businesses | 150 | 230 |
Sundry receivables | 440 | 569 |
Allowance for credit losses | (160) | (174) |
Total long-term receivables | $ 2,097 | $ 2,518 |
CURRENT AND LONG-TERM RECEIVA_7
CURRENT AND LONG-TERM RECEIVABLES - Unconsolidated Receivables Facilities (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021USD ($)receivable_facility | Dec. 31, 2021USD ($)receivable_facility | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred purchase price on receivables facility | $ 0 | $ 0 | $ 413,000,000 |
WCS | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of receivables facilities discontinued | receivable_facility | 1 | ||
Number of receivables facility | receivable_facility | 0 | 0 | |
Third Parties | Current receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Customer receivables sold to receivables facilities | $ 9,324,000,000 | 13,591,000,000 | |
Collections and other on receivables sold to receivables facilities | 11,371,000,000 | 15,515,000,000 | |
Total cash purchase price for customer receivables | 8,683,000,000 | 13,031,000,000 | |
Cash collections re-invested to purchase customer receivables | 7,920,000,000 | 11,567,000,000 | |
Non-cash increases to deferred purchase price | 608,000,000 | 481,000,000 | |
Cash payments received on deferred purchase price | $ 597,000,000 | $ 489,000,000 |
CURRENT AND LONG-TERM RECEIVA_8
CURRENT AND LONG-TERM RECEIVABLES - Consolidated Securitization Entities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)entity | Dec. 31, 2020USD ($)entity | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 198,874 | $ 256,211 |
Liabilities | $ 157,262 | 219,138 |
Consolidated VIE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of VIEs | entity | 2 | |
Assets | $ 491 | 1,733 |
Liabilities | $ 206 | $ 657 |
Consolidated VIE | WCS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of VIEs | entity | 2 | |
Consolidated VIE | WCS | Receivables | Current receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 1,489 | |
Consolidated VIE | WCS | Receivables | Noncurrent Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | 93 | |
Consolidated VIE | WCS | Debt | Debt Facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Liabilities | $ 892 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 8,710 | $ 7,937 |
Finished goods | 4,927 | 5,654 |
Deferred inventory costs | 2,210 | 2,299 |
Inventories, including deferred inventory costs | $ 15,847 | $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment and Depreciable Lives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 31,904 | $ 32,098 |
Right-of-use operating lease assets | 2,606 | 2,852 |
Property, plant and equipment – net | $ 15,609 | $ 16,699 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment – net | Property, plant and equipment – net |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 8 years | |
Original Cost | $ 585 | $ 602 |
Net Carrying Value | 576 | 592 |
Buildings, structures and related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | 8,311 | 8,295 |
Net Carrying Value | $ 3,728 | 3,841 |
Buildings, structures and related equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 8 years | |
Buildings, structures and related equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 40 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 21,036 | 21,151 |
Net Carrying Value | $ 7,356 | 7,968 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 4 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 20 years | |
Leasehold costs and manufacturing plant under construction | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 1,971 | 2,051 |
Net Carrying Value | $ 1,343 | $ 1,447 |
Leasehold costs and manufacturing plant under construction | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 1 year | |
Leasehold costs and manufacturing plant under construction | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 10 years |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Consolidated depreciation and amortization on property, plant and equipment | $ 1,871 | $ 2,128 | $ 2,018 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 13) | All other liabilities (Note 13) | ||
Operating lease liabilities | $ 2,848 | $ 3,195 | ||
Remaining lease terms | 14 years | |||
Power | ||||
Property, Plant and Equipment [Line Items] | ||||
Pre-tax impairment charges | $ 316 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Long-term (fixed) | $ 770 | $ 827 | $ 893 |
Long-term (variable) | 119 | 143 | 175 |
Short-term | 192 | 206 | 201 |
Total operating lease expense | $ 1,081 | $ 1,176 | $ 1,269 |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
2022 | $ 729 | |
2023 | 620 | |
2024 | 504 | |
2025 | 353 | |
2026 | 262 | |
Thereafter | 821 | |
Total undiscounted lease payments | 3,289 | |
Less: imputed interest | 442 | |
Operating lease liabilities | $ 2,848 | $ 3,195 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Operating cash flows used for operating leases | $ 834 | $ 835 | $ 961 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 603 | $ 594 | $ 739 |
Weighted-average remaining lease term | 7 years 2 months 12 days | 6 years 8 months 12 days | 7 years 1 month 6 days |
Weighted-average discount rate | 4.00% | 4.60% | 4.90% |
ACQUISITIONS, GOODWILL AND OT_3
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | Dec. 21, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||||||
Goodwill | $ 26,182 | $ 25,524 | $ 25,895 | |||
Increase (decrease) in intangible assets | (388) | |||||
Intangible assets acquired | 1,008 | |||||
Amortization of intangible assets | $ 1,138 | 1,336 | 1,523 | |||
Weighted-average amortizable period (in years) | 9 years | |||||
Power | ||||||
Goodwill [Line Items] | ||||||
Non-cash pre-tax impairment charge | $ 113 | |||||
Patents and technology and capitalized software | ||||||
Goodwill [Line Items] | ||||||
Intangible assets acquired | $ 945 | |||||
Patents and technology | ||||||
Goodwill [Line Items] | ||||||
Intangible assets acquired | $ 639 | |||||
Weighted-average amortizable period (in years) | 10 years 4 months 24 days | |||||
Operating segments | Healthcare | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 12,879 | 11,855 | 11,728 | |||
Operating segments | Healthcare | BK Medical | ||||||
Goodwill [Line Items] | ||||||
Business acquisition, consideration | $ 1,455 | |||||
Goodwill | 1,020 | |||||
Intangible assets acquired | $ 393 | |||||
Operating segments | Aviation | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 9,013 | 9,247 | 9,859 | |||
Operating segments | Power | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 145 | $ 146 | $ 145 | |||
Operating segments | Additive | Aviation | ||||||
Goodwill [Line Items] | ||||||
Non-cash pre-tax impairment charge | $ 877 |
ACQUISITIONS, GOODWILL AND OT_4
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | |||
Balance at beginning of period | $ 25,524 | $ 25,895 | |
Acquisitions | 1,106 | 90 | |
Impairments | 0 | (877) | $ (1,486) |
Currency exchange and other | (448) | 417 | |
Balance at end of period | 26,182 | 25,524 | 25,895 |
Operating segments | Aviation | |||
Goodwill | |||
Balance at beginning of period | 9,247 | 9,859 | |
Acquisitions | 0 | 0 | |
Impairments | (877) | ||
Currency exchange and other | (234) | 266 | |
Balance at end of period | 9,013 | 9,247 | 9,859 |
Operating segments | Healthcare | |||
Goodwill | |||
Balance at beginning of period | 11,855 | 11,728 | |
Acquisitions | 1,064 | 89 | |
Impairments | 0 | ||
Currency exchange and other | (40) | 37 | |
Balance at end of period | 12,879 | 11,855 | 11,728 |
Operating segments | Renewable Energy | |||
Goodwill | |||
Balance at beginning of period | 3,401 | 3,290 | |
Acquisitions | 0 | 0 | |
Impairments | 0 | ||
Currency exchange and other | (169) | 111 | |
Balance at end of period | 3,231 | 3,401 | 3,290 |
Operating segments | Power | |||
Goodwill | |||
Balance at beginning of period | 146 | 145 | |
Acquisitions | 0 | 0 | |
Impairments | 0 | ||
Currency exchange and other | (1) | 0 | |
Balance at end of period | 145 | 146 | 145 |
Corporate | |||
Goodwill | |||
Balance at beginning of period | 876 | 873 | |
Acquisitions | 43 | 0 | |
Impairments | 0 | ||
Currency exchange and other | (4) | 2 | |
Balance at end of period | $ 914 | $ 876 | $ 873 |
ACQUISITIONS, GOODWILL AND OT_5
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 21,205 | $ 21,319 |
Accumulated amortization | (11,923) | (11,648) |
Net | 9,282 | 9,671 |
Customer-related | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,400 | 6,765 |
Accumulated amortization | (3,250) | (3,350) |
Net | $ 3,150 | 3,415 |
Customer-related | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Customer-related | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 35 years | |
Patents and technology | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 8,592 | 8,191 |
Accumulated amortization | (4,361) | (4,135) |
Net | $ 4,230 | 4,056 |
Patents and technology | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 2 years | |
Patents and technology | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 25 years | |
Capitalized software | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,764 | 5,822 |
Accumulated amortization | (3,999) | (3,836) |
Net | $ 1,765 | 1,986 |
Capitalized software | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Capitalized software | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 10 years | |
Trademarks & other | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 449 | 541 |
Accumulated amortization | (313) | (328) |
Net | $ 136 | $ 213 |
Trademarks & other | Minimum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Trademarks & other | Maximum | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 50 years |
ACQUISITIONS, GOODWILL AND OT_6
ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated 5 Year Amortization (Details) $ in Millions | Dec. 31, 2021USD ($) |
Estimated annual pre-tax amortization | |
2022 | $ 1,234 |
2023 | 1,158 |
2024 | 1,075 |
2025 | 999 |
2026 | $ 925 |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in contract and other deferred assets | $ (647) | |
Revenue recognized included in contract liability | 14,569 | $ 12,712 |
Renewable Energy and Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Decrease in progress collections and deferred income due to timing of revenue recognition | 811 | |
Long-term | Services | ||
Capitalized Contract Cost [Line Items] | ||
Decrease due to billings | 9,967 | |
Revenues recognized | 9,480 | |
Long-term | Services | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | (321) | |
Long-term | Services | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ 44 |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 4,881 | $ 5,764 |
Nonrecurring engineering costs | 2,550 | 2,490 |
Customer advances and other | 3,574 | 3,398 |
Non-current contract and other deferred assets | 6,124 | 5,888 |
Total contract and other deferred assets | 11,005 | 11,653 |
Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 7,972 | 8,354 |
Billings in excess of revenues | (7,346) | (7,015) |
Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 627 | 1,338 |
Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 692 | 719 |
Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 3,562 | 3,707 |
Operating segments | Aviation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (2,881) | (1,963) |
Nonrecurring engineering costs | 2,479 | 2,409 |
Customer advances and other | 2,620 | 2,481 |
Non-current contract and other deferred assets | 5,099 | 4,889 |
Total contract and other deferred assets | 2,218 | 2,927 |
Operating segments | Aviation | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,478 | 3,072 |
Billings in excess of revenues | (5,731) | (5,375) |
Operating segments | Aviation | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (3,253) | (2,304) |
Operating segments | Aviation | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 340 | 282 |
Operating segments | Aviation | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 33 | 59 |
Operating segments | Healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 453 | 479 |
Nonrecurring engineering costs | 31 | 31 |
Customer advances and other | 154 | 128 |
Non-current contract and other deferred assets | 184 | 159 |
Total contract and other deferred assets | 637 | 638 |
Operating segments | 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 | Healthcare | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating segments | Healthcare | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 166 | 173 |
Operating segments | Healthcare | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 287 | 306 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,384 | 1,233 |
Nonrecurring engineering costs | 28 | 34 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 28 | 34 |
Total contract and other deferred assets | 1,412 | 1,268 |
Operating segments | 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 | Renewable Energy | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating segments | Renewable Energy | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 87 | 106 |
Operating segments | Renewable Energy | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,297 | 1,127 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,669 | 5,786 |
Nonrecurring engineering costs | 12 | 16 |
Customer advances and other | 801 | 822 |
Non-current contract and other deferred assets | 813 | 838 |
Total contract and other deferred assets | 6,482 | 6,623 |
Operating segments | Power | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,495 | 5,282 |
Billings in excess of revenues | (1,614) | (1,640) |
Operating segments | Power | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 3,880 | 3,642 |
Operating segments | Power | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 80 | 129 |
Operating segments | Power | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,709 | 2,015 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 256 | 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 | 256 | 197 |
Corporate | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Corporate | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Corporate | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 20 | 29 |
Corporate | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 236 | $ 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Capitalized Contract Cost [Line Items] | ||
Current deferred income | $ 1,835 | $ 1,757 |
Progress collections and deferred income | 17,372 | 18,371 |
Non-current deferred income | 1,989 | 1,801 |
Total Progress collections and deferred income | 19,361 | 20,172 |
Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 7,183 | 6,362 |
Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 8,354 | 10,252 |
Operating segments | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 170 | 132 |
Progress collections and deferred income | 4,782 | 4,969 |
Non-current deferred income | 1,090 | 898 |
Total Progress collections and deferred income | 5,871 | 5,867 |
Operating segments | Aviation | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 142 | 214 |
Operating segments | Aviation | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,469 | 4,623 |
Operating segments | Healthcare | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 1,336 | 1,309 |
Progress collections and deferred income | 1,858 | 1,724 |
Non-current deferred income | 592 | 564 |
Total Progress collections and deferred income | 2,450 | 2,288 |
Operating segments | Healthcare | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Operating segments | Healthcare | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 522 | 414 |
Operating segments | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 198 | 194 |
Progress collections and deferred income | 4,907 | 6,028 |
Non-current deferred income | 194 | 214 |
Total Progress collections and deferred income | 5,101 | 6,241 |
Operating segments | Renewable Energy | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 1,843 | 1,229 |
Operating segments | Renewable Energy | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 2,866 | 4,604 |
Operating segments | Power | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 33 | 17 |
Progress collections and deferred income | 5,615 | 5,393 |
Non-current deferred income | 110 | 116 |
Total Progress collections and deferred income | 5,725 | 5,509 |
Operating segments | Power | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,198 | 4,918 |
Operating segments | Power | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 385 | 458 |
Corporate | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 99 | 105 |
Progress collections and deferred income | 210 | 257 |
Non-current deferred income | 3 | 10 |
Total Progress collections and deferred income | 213 | 267 |
Corporate | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Corporate | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 111 | $ 152 |
ALL OTHER ASSETS - Schedule of
ALL OTHER ASSETS - Schedule of All Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Derivative instruments (Note 20) | $ 684 | $ 487 |
Assets held for sale | 208 | 212 |
Prepaid taxes and deferred charges | 341 | 408 |
Cash collateral on derivatives | 76 | 812 |
Accrued interest and investment income | 426 | 538 |
Other | 199 | 202 |
All other current assets | 1,933 | 2,659 |
Equity method and other investments | 7,840 | 6,383 |
Long-term receivables (Note 4) | 2,097 | 2,518 |
Prepaid taxes and deferred charges | 800 | 800 |
Insurance receivables | 4,705 | 4,661 |
Insurance cash and cash equivalents | 353 | 455 |
Pension surplus | 2,784 | 843 |
Other | 461 | 366 |
All other non-current assets | 19,040 | 16,025 |
Total All other assets | $ 20,973 | $ 18,684 |
ALL OTHER ASSETS - Equity Metho
ALL OTHER ASSETS - Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Entity Information [Line Items] | |||
Equity method investment balance | $ 7,391 | $ 6,100 | |
Equity method income (loss) | 215 | 46 | $ 265 |
Operating segments | Aviation | |||
Entity Information [Line Items] | |||
Equity method investment balance | 2,000 | 2,032 | |
Equity method income (loss) | 58 | (41) | 204 |
Operating segments | Healthcare | |||
Entity Information [Line Items] | |||
Equity method investment balance | 223 | 251 | |
Equity method income (loss) | 27 | 7 | 19 |
Operating segments | Renewable Energy | |||
Entity Information [Line Items] | |||
Equity method investment balance | 739 | 724 | |
Equity method income (loss) | 39 | 13 | (2) |
Operating segments | Power | |||
Entity Information [Line Items] | |||
Equity method investment balance | 977 | 576 | |
Equity method income (loss) | 23 | 43 | (4) |
Corporate | |||
Entity Information [Line Items] | |||
Equity method investment balance | 3,451 | 2,517 | |
Equity method income (loss) | 68 | 23 | $ 48 |
Corporate | EFS | |||
Entity Information [Line Items] | |||
Equity method investment balance | 1,943 | 1,816 | |
Corporate | Insurance | |||
Entity Information [Line Items] | |||
Equity method investment balance | $ 1,480 | $ 669 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term borrowings | ||
Total short-term borrowings | $ 4,361 | $ 4,713 |
Long-term borrowings | ||
Long-term borrowings and lease obligation | 30,824 | 70,189 |
Total borrowings | 35,186 | 74,902 |
Other | ||
Long-term borrowings | ||
Long-term borrowings and lease obligation | 870 | 917 |
Debt issued by GE | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | $ 5,373 | $ 18,994 |
Average Rate | 2.87% | 2.90% |
Debt assumed by GE | Senior and subordinated notes | ||
Long-term borrowings | ||
Long-term borrowings | $ 11,306 | $ 19,957 |
Average Rate | 3.73% | 3.25% |
Debt issued by GE Capital | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | $ 13,274 | $ 30,320 |
Average Rate | 4.26% | 3.41% |
Senior notes | Debt issued by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | $ 1,249 | $ 36 |
Long-term borrowings | ||
Average Rate | 1.39% | 5.03% |
Senior notes | Debt issued by GE Capital | ||
Short-term borrowings | ||
Current portion of long-term borrowings | $ 1,370 | $ 788 |
Long-term borrowings | ||
Average Rate | 0.63% | 1.58% |
Senior and subordinated notes | Debt assumed by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | $ 1,645 | $ 2,432 |
Long-term borrowings | ||
Average Rate | 2.05% | 3.49% |
Other | ||
Short-term borrowings | ||
Other | $ 97 | $ 1,457 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | |||
Purchased notes | $ 25,350 | $ 7,275 | |
Total interest payments on consolidated borrowings, 2022 | 1,245 | ||
Total interest payments on consolidated borrowings, 2023 | 1,130 | ||
Total interest payments on consolidated borrowings, 2024 | 1,081 | ||
Total interest payments on consolidated borrowings, 2025 | 1,047 | ||
Total interest payments on consolidated borrowings, 2026 | 1,009 | ||
Non-recourse borrowings of consolidated securitization entities | |||
Guarantor Obligations [Line Items] | |||
Debt assumed by GE upon merger | 13,719 | $ 28,503 | |
Debt issued by GE | |||
Guarantor Obligations [Line Items] | |||
Purchased notes | 7,744 | 4,084 | |
Debt assumed by GE | |||
Guarantor Obligations [Line Items] | |||
Purchased notes | 4,718 | $ 3,191 | |
Debt issued by GE Capital | |||
Guarantor Obligations [Line Items] | |||
Purchased notes | $ 12,888 |
BORROWINGS - Maturities of Borr
BORROWINGS - Maturities of Borrowings (Details) $ in Millions | Dec. 31, 2021USD ($) |
Senior notes | Debt issued by GE | |
Debt Instrument [Line Items] | |
2022 | $ 1,249 |
2023 | 482 |
2024 | 175 |
2025 | 905 |
2026 | 31 |
Senior notes | Debt issued by GE Capital | |
Debt Instrument [Line Items] | |
2022 | 1,370 |
2023 | 1,297 |
2024 | 111 |
2025 | 700 |
2026 | 159 |
Fixed and floating rate notes | 309 |
Senior and subordinated notes | Debt assumed by GE | |
Debt Instrument [Line Items] | |
2022 | 1,645 |
2023 | 1,627 |
2024 | 498 |
2025 | 236 |
2026 | $ 1,137 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2024 | |
Disaggregation of Revenue [Line Items] | |||||||||||||||
Insurance revenues | $ 3,106 | $ 2,865 | $ 2,802 | ||||||||||||
Net earnings (loss) | $ (3,843) | $ 1,184 | $ (1,135) | $ (2,798) | $ 2,640 | $ (1,195) | $ (2,132) | $ 6,233 | (6,591) | 5,546 | (4,912) | ||||
Assets | 198,874 | 256,211 | 198,874 | 256,211 | |||||||||||
Claims incurred | 1,699 | 1,801 | 1,873 | ||||||||||||
Prior year claims | (46) | (1) | (36) | ||||||||||||
Paid claims | 1,709 | 1,728 | 1,626 | ||||||||||||
Reinsurance recoveries | 351 | 350 | 362 | ||||||||||||
Reinsurance recoverables, allowances | 1,654 | 1,510 | 1,654 | 1,510 | |||||||||||
Reinsurance recoverables, net | $ 2,651 | 2,552 | $ 2,651 | 2,552 | |||||||||||
Margin percentage (less than) | 11.00% | 11.00% | |||||||||||||
Expected capital contributions | $ 14,500 | $ 14,500 | |||||||||||||
Expected capital contributions, future funding period | 7 years | ||||||||||||||
Capital contributions to insurance subsidiaries | $ 2,000 | $ 2,000 | $ 1,900 | $ 3,500 | |||||||||||
Statutory capital level requirement | 300.00% | 300.00% | |||||||||||||
Forecast | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Capital contributions to insurance subsidiaries | $ 2,000 | $ 5,500 | |||||||||||||
Run-off Insurance Operations | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Insurance revenues | $ 3,106 | 2,865 | 2,802 | ||||||||||||
Gross profit (loss) | 566 | 197 | (821) | ||||||||||||
Net earnings (loss) | 444 | 143 | $ (663) | ||||||||||||
Assets | $ 49,894 | $ 50,067 | $ 49,894 | $ 50,067 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | $ 29,581 | $ 34,482 |
Claim reserves | 5,389 | 5,362 |
Investment contracts | 1,909 | 2,049 |
Unearned premiums and other | 287 | 298 |
Total | 37,166 | 42,191 |
Other adjustments | 3,394 | 8,160 |
Decrease in other adjustment of insurance liabilities and annuity benefits | 4,766 | |
Long-term care | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 17,097 | 16,934 |
Claim reserves | 4,546 | 4,393 |
Investment contracts | 0 | 0 |
Unearned premiums and other | 15 | 19 |
Total | 21,658 | 21,346 |
Structured settlement annuities & life | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 8,902 | 9,207 |
Claim reserves | 258 | 275 |
Investment contracts | 955 | 1,034 |
Unearned premiums and other | 184 | 189 |
Total | 10,299 | 10,705 |
Other contracts | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 188 | 181 |
Claim reserves | 585 | 694 |
Investment contracts | 954 | 1,016 |
Unearned premiums and other | 89 | 89 |
Total | $ 1,815 | $ 1,980 |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Pension Benefits and Retiree Health and Life Benefits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)category | |
Defined Benefit Plan Disclosure [Line Items] | |
Number of categories | category | 3 |
Other pension plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Assets or obligations of U.S. and non-U.S. pension plans (greater than) | $ | $ 50 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Description of Postretirement Benefit Plans (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2020employee | Dec. 31, 2021USD ($)employeeplan | |
Principal pension plans | GE Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of retirees and beneficiaries covered | 70,000 | 177,000 |
Number of vested former employees | 88,500 | |
Number of active employees | 24,500 | |
Frozen benefit plan, number of salaried employees | plan | 20,000 | |
Principal pension plans | GE Supplementary Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Frozen benefit plan, number of executive employees | 700 | |
Other pension plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of retirees and beneficiaries covered | 57,500 | |
Number of vested former employees | 48,000 | |
Number of active employees | 17,500 | |
Number of U.S. and non-U.S. pension plans | plan | 41 | |
Assets or obligations of U.S. and non-U.S. pension plans (greater than) | $ | $ 50 | |
Principal retiree benefit plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of retirees and beneficiaries covered | 161,000 | |
Number of active employees | 22,000 |
POSTRETIREMENT BENEFIT PLANS _3
POSTRETIREMENT BENEFIT PLANS - Funding Status by Plan Type (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | $ 98,863 | $ 105,975 | |
Fair Value of Assets | 83,522 | 80,483 | |
Deficit/(Surplus) | 15,341 | 25,492 | |
Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 84,771 | 90,738 | |
Fair Value of Assets | 83,270 | 80,126 | |
Deficit/(Surplus) | 1,501 | 10,612 | |
Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 14,092 | 15,237 | |
Fair Value of Assets | 252 | 357 | |
Deficit/(Surplus) | 13,840 | 14,880 | |
Principal pension plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 72,299 | 76,298 | $ 71,756 |
Fair Value of Assets | 60,990 | 58,843 | 52,633 |
Deficit/(Surplus) | 11,309 | 17,455 | |
Principal pension plans | GE Pension Plan | Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 65,073 | 68,945 | |
Fair Value of Assets | 60,990 | 58,843 | |
Deficit/(Surplus) | 4,083 | 10,102 | |
Principal pension plans | GE Supplementary Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 7,226 | 7,353 | |
Principal pension plans | GE Supplementary Pension Plan | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 7,226 | 7,353 | |
Fair Value of Assets | 0 | 0 | |
Deficit/(Surplus) | 7,226 | 7,353 | |
Other pension plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 22,256 | 24,658 | 22,921 |
Fair Value of Assets | 22,490 | 21,506 | 19,142 |
Deficit/(Surplus) | (234) | 3,152 | |
Other pension plans | Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 19,698 | 21,793 | |
Fair Value of Assets | 22,280 | 21,283 | |
Deficit/(Surplus) | (2,582) | 510 | |
Other pension plans | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 2,558 | 2,865 | |
Fair Value of Assets | 210 | 223 | |
Deficit/(Surplus) | 2,348 | 2,642 | |
Principal retiree benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 4,308 | 5,019 | 5,160 |
Fair Value of Assets | 42 | 134 | $ 289 |
Deficit/(Surplus) | 4,266 | 4,885 | |
Principal retiree benefit plans | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 4,308 | 5,019 | |
Fair Value of Assets | 42 | 134 | |
Deficit/(Surplus) | $ 4,266 | $ 4,885 |
POSTRETIREMENT BENEFIT PLANS _4
POSTRETIREMENT BENEFIT PLANS - Funding (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 327 | $ 2,806 |
Other pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 594 | 509 |
Expected employer contributions | 175 | |
Principal retiree benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 279 | 295 |
Retiree health benefits and life insurance | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions | $ 380 | |
GE Pension Plan | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | $ 2,500 | |
Funded percentage, ERISA | 107.00% | 94.00% |
Funded percentage | 94.00% | 85.00% |
GE Supplementary Pension Plan | Principal pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected employer contributions | $ 350 |
POSTRETIREMENT BENEFIT PLANS _5
POSTRETIREMENT BENEFIT PLANS - Actions (Details) plan in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)employee | Dec. 31, 2021USD ($)employeeplan | Dec. 31, 2020USD ($) | Jan. 31, 2022employee | Jun. 30, 2021employee | |
Principal pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlements | $ | $ 0 | $ 1,706 | |||
Other pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlements | $ | $ 0 | $ 0 | |||
Number of retirees and beneficiaries | 57,500 | ||||
Other pension plans | United Kingdom | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Frozen benefit plan, number of salaried employees | 2,700 | ||||
Other pension plans | Canada | Subsequent event | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Frozen benefit plan, number of salaried employees | 800 | ||||
GE Pension Plan | Principal pension plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Frozen benefit plan, number of salaried employees | plan | 20 | ||||
Settlements | $ | $ 1,706 | ||||
Number of retirees and beneficiaries | 70,000 | 177,000 |
POSTRETIREMENT BENEFIT PLANS _6
POSTRETIREMENT BENEFIT PLANS - Cost of Benefits Plans and Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Forecast | Subsequent event | |||||
Components of expense (income) | |||||
Net periodic expense (income) | $ (40) | ||||
Weighted-average benefit cost assumptions | |||||
Decrease in net periodic benefit cost | $ 2,420 | ||||
Principal pension plans | |||||
Components of expense (income) | |||||
Service cost - operating | $ 237 | $ 657 | $ 654 | ||
Interest cost | 1,951 | 2,350 | 2,780 | ||
Expected return on plan assets | (3,049) | (2,993) | (3,428) | ||
Amortization of net loss (gain) | 3,483 | 3,399 | 3,439 | ||
Amortization of prior service cost (credit) | 28 | 146 | 135 | ||
Curtailment loss | 0 | 0 | 349 | ||
Non-operating | 2,413 | 2,902 | 3,275 | ||
Net periodic expense (income) | 2,650 | 3,559 | 3,929 | ||
Principal pension plans | GE Pension Plan | |||||
Weighted-average benefit cost assumptions | |||||
Increase (decrease) in mortality assumptions decreased benefit plan obligations | 278 | (180) | |||
Increase in principal pension plan cost assuming 25 basis point decrease in discount rate | 205 | ||||
Increase in principal pension benefit obligation assuming 25 basis point decrease in discount rate | 2,300 | ||||
Increase in principal pension plan cost assuming 50 basis point decrease in expected return on assets | 260 | ||||
Other pension plans | |||||
Components of expense (income) | |||||
Service cost - operating | 233 | 243 | 246 | ||
Interest cost | 383 | 422 | 542 | ||
Expected return on plan assets | (1,194) | (1,082) | (1,144) | ||
Amortization of net loss (gain) | 403 | 434 | 319 | ||
Amortization of prior service cost (credit) | (3) | 1 | 3 | ||
Curtailment loss | 76 | 12 | 13 | ||
Non-operating | (335) | (213) | (267) | ||
Net periodic expense (income) | (102) | 30 | (21) | ||
Principal retiree benefit plans | |||||
Components of expense (income) | |||||
Service cost - operating | 44 | 59 | 58 | ||
Interest cost | 103 | 150 | 202 | ||
Expected return on plan assets | 0 | (11) | (21) | ||
Amortization of net loss (gain) | (79) | (82) | (118) | ||
Amortization of prior service cost (credit) | (236) | (234) | (232) | ||
Curtailment loss | 0 | 0 | (38) | ||
Non-operating | (212) | (177) | (207) | ||
Net periodic expense (income) | $ (168) | $ (118) | $ (149) | ||
Weighted-average benefit obligations assumptions | |||||
Discount rate | 3.24% | 4.34% | |||
Weighted-average benefit cost assumptions | |||||
Ultimate health care cost trend rate | 5.00% | ||||
Weighted average | Principal pension plans | |||||
Weighted-average benefit obligations assumptions | |||||
Discount rate | 2.94% | 2.61% | 3.36% | ||
Compensation increases | 3.05% | 2.95% | 2.95% | ||
Weighted-average benefit cost assumptions | |||||
Discount rate | 2.61% | 3.36% | 4.07% | ||
Expected rate of return on plan assets | 6.25% | 6.25% | 6.75% | ||
Weighted average | Principal pension plans | Forecast | Subsequent event | |||||
Weighted-average benefit cost assumptions | |||||
Expected rate of return on plan assets | 6.00% | ||||
Weighted average | Other pension plans | |||||
Weighted-average benefit obligations assumptions | |||||
Discount rate | 1.93% | 1.44% | 1.97% | ||
Compensation increases | 2.35% | 3.06% | 3.16% | ||
Weighted-average benefit cost assumptions | |||||
Discount rate | 1.44% | 1.97% | 2.75% | ||
Expected rate of return on plan assets | 5.69% | 6.10% | 6.76% | ||
Weighted average | Principal retiree benefit plans | |||||
Weighted-average benefit obligations assumptions | |||||
Discount rate | 2.64% | 2.15% | 3.05% | ||
Compensation increases | 2.63% | 2.82% | 3.75% | ||
Initial healthcare trend rate | 5.70% | 5.90% | 5.90% | ||
Weighted-average benefit cost assumptions | |||||
Discount rate | 2.15% | 3.05% | 4.12% | ||
Expected rate of return on plan assets | 1.25% | 7.00% | 7.00% |
POSTRETIREMENT BENEFIT PLANS _7
POSTRETIREMENT BENEFIT PLANS - Plan Funded Status and Amounts Recorded in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligations | |||
Balance at January 1 | $ 105,975 | ||
Balance at December 31 | 98,863 | $ 105,975 | |
Change in plan assets | |||
Balance at January 1 | 80,483 | ||
Balance at December 31 | 83,522 | 80,483 | |
Funded status - surplus (deficit) | (15,341) | (25,492) | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 2,784 | 843 | |
Principal pension plans | |||
Change in benefit obligations | |||
Balance at January 1 | 76,298 | 71,756 | |
Service cost - operating | 237 | 657 | $ 654 |
Interest cost | 1,951 | 2,350 | 2,780 |
Participant contributions | 15 | 69 | |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) - net | (2,448) | 7,057 | |
Benefits paid | (3,754) | (3,885) | |
Curtailments | 0 | 0 | |
Settlements | 0 | (1,706) | |
Dispositions/ acquisitions / other - net | 0 | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 72,299 | 76,298 | 71,756 |
Change in plan assets | |||
Balance at January 1 | 58,843 | 52,633 | |
Actual gain (loss) on plan assets | 5,559 | 8,926 | |
Employer contributions | 327 | 2,806 | |
Participant contributions | 15 | 69 | |
Benefits paid | (3,754) | (3,885) | |
Settlements | 0 | (1,706) | |
Dispositions/ acquisitions / other - net | 0 | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 60,990 | 58,843 | 52,633 |
Funded status - surplus (deficit) | (11,309) | (17,455) | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current liabilities - other | (337) | (315) | |
Non-current liabilities - compensation and benefits | (10,972) | (17,140) | |
Net amount recorded | (11,309) | (17,455) | |
Prior service cost (credit) | (109) | (80) | |
Net loss (gain) | (2,754) | 5,687 | |
Total recorded in Accumulated other comprehensive loss (income) | (2,863) | 5,607 | |
Principal pension plans | GE Supplementary Pension Plan | |||
Change in benefit obligations | |||
Balance at January 1 | 7,353 | ||
Balance at December 31 | 7,226 | 7,353 | |
Other pension plans | |||
Change in benefit obligations | |||
Balance at January 1 | 24,658 | 22,921 | |
Service cost - operating | 233 | 243 | 246 |
Interest cost | 383 | 422 | 542 |
Participant contributions | 24 | 28 | |
Plan amendments | (1) | 27 | |
Actuarial loss (gain) - net | (1,561) | 1,927 | |
Benefits paid | (998) | (1,062) | |
Curtailments | (74) | (69) | |
Settlements | 0 | 0 | |
Dispositions/ acquisitions / other - net | (188) | (335) | |
Exchange rate adjustments | (220) | 556 | |
Balance at December 31 | 22,256 | 24,658 | 22,921 |
Change in plan assets | |||
Balance at January 1 | 21,506 | 19,142 | |
Actual gain (loss) on plan assets | 1,602 | 2,542 | |
Employer contributions | 594 | 509 | |
Participant contributions | 24 | 28 | |
Benefits paid | (998) | (1,062) | |
Settlements | 0 | 0 | |
Dispositions/ acquisitions / other - net | (138) | (59) | |
Exchange rate adjustments | (100) | 406 | |
Balance at December 31 | 22,490 | 21,506 | 19,142 |
Funded status - surplus (deficit) | 234 | (3,152) | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 2,898 | 845 | |
Current liabilities - other | (107) | (106) | |
Non-current liabilities - compensation and benefits | (2,557) | (3,891) | |
Net amount recorded | 234 | (3,152) | |
Prior service cost (credit) | (52) | 19 | |
Net loss (gain) | 2,012 | 4,582 | |
Total recorded in Accumulated other comprehensive loss (income) | 1,960 | 4,601 | |
Principal retiree benefit plans | |||
Change in benefit obligations | |||
Balance at January 1 | 5,019 | 5,160 | |
Service cost - operating | 44 | 59 | 58 |
Interest cost | 103 | 150 | 202 |
Participant contributions | 60 | 63 | |
Plan amendments | 0 | (7) | |
Actuarial loss (gain) - net | (446) | 85 | |
Benefits paid | (472) | (491) | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Dispositions/ acquisitions / other - net | 0 | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 4,308 | 5,019 | 5,160 |
Change in plan assets | |||
Balance at January 1 | 134 | 289 | |
Actual gain (loss) on plan assets | 41 | (22) | |
Employer contributions | 279 | 295 | |
Participant contributions | 60 | 63 | |
Benefits paid | (472) | (491) | |
Settlements | 0 | 0 | |
Dispositions/ acquisitions / other - net | 0 | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 42 | 134 | $ 289 |
Funded status - surplus (deficit) | (4,266) | (4,885) | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current liabilities - other | (362) | (330) | |
Non-current liabilities - compensation and benefits | (3,904) | (4,555) | |
Net amount recorded | (4,266) | (4,885) | |
Prior service cost (credit) | (1,912) | (2,148) | |
Net loss (gain) | (1,042) | (633) | |
Total recorded in Accumulated other comprehensive loss (income) | (2,954) | (2,781) | |
Retiree health plans | |||
Change in benefit obligations | |||
Balance at January 1 | 3,094 | ||
Balance at December 31 | $ 2,548 | $ 3,094 |
POSTRETIREMENT BENEFIT PLANS _8
POSTRETIREMENT BENEFIT PLANS - Composition of Plan Assets, Pension Plans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 83,522 | $ 80,483 | |
Principal pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 60,990 | 58,843 | $ 52,633 |
Principal pension plans | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,123 | 29,164 | |
Principal pension plans | Global equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,778 | 5,552 | |
Principal pension plans | Global equities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,517 | 16,259 | |
Principal pension plans | Fixed income and cash investment funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,665 | 6,831 | |
Principal pension plans | U.S. corporate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,324 | 8,512 | |
Principal pension plans | Other debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,331 | 5,505 | |
Principal pension plans | Debt securities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5,269 | 5,445 | |
Principal pension plans | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,510 | 2,274 | |
Principal pension plans | Real estate | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,408 | 1,324 | |
Principal pension plans | Private equities and other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,515 | 490 | |
Principal pension plans | Private equities and other investments | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,673 | 6,651 | |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,490 | 21,506 | $ 19,142 |
Other pension plans | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,108 | 15,107 | |
Other pension plans | Global equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,589 | 3,674 | |
Other pension plans | Global equities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,172 | 1,415 | |
Other pension plans | Fixed income and cash investment funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,527 | 10,003 | |
Other pension plans | U.S. corporate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 468 | 410 | |
Other pension plans | Other debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 492 | 440 | |
Other pension plans | Debt securities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,287 | 1,268 | |
Other pension plans | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 89 | 81 | |
Other pension plans | Real estate | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,126 | 1,978 | |
Other pension plans | Private equities and other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 943 | 499 | |
Other pension plans | Private equities and other investments | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,797 | $ 1,738 |
POSTRETIREMENT BENEFIT PLANS _9
POSTRETIREMENT BENEFIT PLANS - Composition of Plan Assets, Pension Plans (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 83,522 | $ 80,483 | |
Principal pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 60,990 | 58,843 | $ 52,633 |
Principal pension plans | GE Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3,872 | 2,721 | |
Principal pension plans | GE Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,377 | 9,922 | |
Principal pension plans | GE Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,942 | 16,514 | |
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 22,490 | 21,506 | 19,142 |
Other pension plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 138 | 97 | |
Other pension plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,312 | 1,721 | |
Other pension plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,802 | 12,869 | |
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 42 | $ 134 | $ 289 |
POSTRETIREMENT BENEFIT PLANS_10
POSTRETIREMENT BENEFIT PLANS - Asset Allocation (Details) | Dec. 31, 2021 |
Principal pension plans | Global equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 28.00% |
Principal pension plans | Global equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 20.00% |
Principal pension plans | Global equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 38.00% |
Principal pension plans | Debt securities (including cash equivalents) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 51.00% |
Principal pension plans | Debt securities (including cash equivalents) | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 29.00% |
Principal pension plans | Debt securities (including cash equivalents) | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 75.50% |
Principal pension plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 6.00% |
Principal pension plans | Real estate | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 0.50% |
Principal pension plans | Real estate | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 10.50% |
Principal pension plans | Private equities and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 15.00% |
Principal pension plans | Private equities and other investments | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 4.50% |
Principal pension plans | Private equities and other investments | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 26.50% |
Other pension plans | Global equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 21.00% |
Actual allocation | 22.00% |
Other pension plans | Debt securities (including cash equivalents) | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 58.00% |
Actual allocation | 57.00% |
Other pension plans | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 9.00% |
Actual allocation | 10.00% |
Other pension plans | Private equities and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 12.00% |
Actual allocation | 11.00% |
POSTRETIREMENT BENEFIT PLANS_11
POSTRETIREMENT BENEFIT PLANS - Asset Allocation (Narrative) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
GE Pension Plan | Principal pension plans | Qualifying employer securities (GE securities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets (as a percent) | 0.60% | 0.60% |
POSTRETIREMENT BENEFIT PLANS_12
POSTRETIREMENT BENEFIT PLANS - Annualized Returns (Details) - Principal pension plans - GE Pension Plan | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
1 year | 9.70% |
5 years | 10.30% |
10 years | 9.00% |
25 years | 7.60% |
POSTRETIREMENT BENEFIT PLANS_13
POSTRETIREMENT BENEFIT PLANS - Estimated Future Benefit Payments, Benefit Plans (Details) $ in Millions | Dec. 31, 2021USD ($) |
Principal pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | $ 3,800 |
2023 | 3,835 |
2024 | 3,860 |
2025 | 3,880 |
2026 | 3,895 |
2027-2031 | 19,445 |
Other pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 950 |
2023 | 930 |
2024 | 930 |
2025 | 960 |
2026 | 970 |
2027-2031 | 5,070 |
Principal retiree benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2022 | 410 |
2023 | 390 |
2024 | 365 |
2025 | 350 |
2026 | 335 |
2027-2031 | $ 1,440 |
POSTRETIREMENT BENEFIT PLANS_14
POSTRETIREMENT BENEFIT PLANS - Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Defined contribution plan costs | $ 418 | $ 318 | $ 355 |
POSTRETIREMENT BENEFIT PLANS_15
POSTRETIREMENT BENEFIT PLANS - Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Principal pension plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plans cost (income) | $ 2,650 | $ 3,559 | $ 3,929 |
Prior service cost (credit) - current year | 0 | 0 | (42) |
Net loss (gain) - current year | (4,959) | 1,124 | 971 |
Reclassifications out of AOCI | |||
Curtailment / settlement gain (loss) | 0 | 0 | (353) |
Dispositions | 0 | 0 | 0 |
Amortization of net gain (loss) | (3,483) | (3,399) | (3,439) |
Amortization of prior service credit (cost) | (28) | (146) | (135) |
Total changes in other comprehensive loss (income) | (8,470) | (2,421) | (2,998) |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | (5,820) | 1,138 | 931 |
Other pension plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plans cost (income) | (102) | 30 | (21) |
Prior service cost (credit) - current year | (1) | 27 | (17) |
Net loss (gain) - current year | (2,104) | 529 | 1,592 |
Reclassifications out of AOCI | |||
Curtailment / settlement gain (loss) | (68) | (3) | (12) |
Dispositions | (68) | (166) | (340) |
Amortization of net gain (loss) | (403) | (434) | (319) |
Amortization of prior service credit (cost) | 3 | (1) | (3) |
Total changes in other comprehensive loss (income) | (2,641) | (48) | 901 |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | (2,743) | (18) | 880 |
Principal retiree benefit plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plans cost (income) | (168) | (118) | (149) |
Prior service cost (credit) - current year | 0 | (7) | (23) |
Net loss (gain) - current year | (488) | 119 | 240 |
Reclassifications out of AOCI | |||
Curtailment / settlement gain (loss) | 0 | 0 | 4 |
Dispositions | 0 | 0 | 0 |
Amortization of net gain (loss) | 79 | 82 | 118 |
Amortization of prior service credit (cost) | 236 | 234 | 232 |
Total changes in other comprehensive loss (income) | (173) | 428 | 571 |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | $ (341) | $ 310 | $ 422 |
CURRENT AND ALL OTHER LIABILI_3
CURRENT AND ALL OTHER LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Sales allowances, equipment projects and other commercial liabilities | $ 5,638 | $ 5,123 |
Product warranties (Note 22) | 1,091 | 1,197 |
Employee compensation and benefit liabilities | 4,677 | 4,838 |
Interest payable | 276 | 793 |
Taxes payable | 500 | 463 |
Environmental, health and safety liabilities (Note 22) | 386 | 359 |
Derivative instruments (Note 20) | 212 | 369 |
Other | 1,196 | 1,931 |
All other current liabilities | 13,977 | 15,071 |
Sales allowances, equipment projects and other commercial liabilities | 2,451 | 2,543 |
Product warranties (Note 22) | 800 | 857 |
Operating lease liabilities (Note 6) | 2,848 | 3,195 |
Uncertain and other income taxes and related liabilities | 3,041 | 3,385 |
Alstom legacy legal matters (Note 22) | 567 | 858 |
Environmental, health and safety liabilities (Note 22) | 2,274 | 2,210 |
Redeemable noncontrolling interests (Note 15) | 148 | 487 |
Interest payable | 179 | 382 |
Other | 934 | 863 |
All other non-current liabilities | 13,240 | 14,781 |
Total All other liabilities | $ 27,217 | $ 29,852 |
INCOME TAXES - Consolidated Ear
INCOME TAXES - Consolidated Earnings (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. earnings (loss) | $ (2,959) | $ (4,823) | $ 1,032 |
Non-U.S. earnings (loss) | (724) | 10,793 | (1,086) |
Earnings (loss) from continuing operations before income taxes | $ (3,683) | $ 5,970 | $ (54) |
INCOME TAXES - Provision (Benef
INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current | |||
U.S. Federal | $ (1,347) | $ 865 | $ (22) |
Non - U.S. | 1,154 | 1,276 | 1,832 |
U.S. State | (85) | 152 | (373) |
Deferred | |||
U.S. Federal | (567) | (1,898) | (1,047) |
Non - U.S. | 608 | (810) | 59 |
U.S. State | (50) | (72) | 103 |
Total | $ (286) | $ (487) | $ 552 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2021USD ($)tax_returnjurisdiction | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Income taxes paid (recovered) | $ 1,330 | $ 1,291 | $ 2,228 | |||
Number of income tax returns filed annually | tax_return | 3,000 | |||||
Number of taxing jurisdictions throughout the globe where we file tax returns on an annual basis | jurisdiction | 270 | |||||
Tax benefit | 140 | 378 | ||||
Interest expense (income) | $ 17 | (30) | (93) | |||
Tax expense (income) related to penalties | (29) | $ (13) | $ 20 | |||
Undistributed earnings of foreign affiliates and associated companies | $ 12,000 | |||||
Continuing operations | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax benefit | $ 140 | $ 378 | ||||
Net interest benefits | 96 | 107 | ||||
Discontinued operations | ||||||
Income Tax Contingency [Line Items] | ||||||
Tax benefit | 130 | 332 | ||||
Net interest benefits | $ 25 | $ 46 | ||||
Her Majesty's Revenue and Customs (HMRC) | Foreign Tax Authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Potential impact on disallowance of interest deductions | $ 1,100 | |||||
Tax adjustment | $ 112 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amount | |||
U.S. federal statutory income tax rate | $ (773) | $ 1,254 | $ (11) |
Tax on global activities including exports | 155 | (47) | 505 |
U.S. business credits | (189) | (169) | (259) |
Debt tender and related valuation allowances | 940 | 0 | 0 |
Deductible stock and restructuring losses | (583) | (203) | (144) |
Sale of Biopharma business | (5) | (1,447) | 633 |
Goodwill impairments | 0 | 184 | 299 |
All other – net | 169 | (59) | (471) |
Total income tax reconciliation items | 487 | (1,741) | 563 |
Total | $ (286) | $ (487) | $ 552 |
Rate | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Tax on global activities including exports | (4.20%) | (0.80%) | (935.20%) |
U.S. business credits | 5.10% | (2.80%) | 479.60% |
Debt tender and related valuation allowances | (25.50%) | 0.00% | 0.00% |
Deductible stock and restructuring losses | 15.80% | (3.40%) | 266.70% |
Sale of Biopharma business | 0.10% | (24.20%) | (1172.20%) |
Goodwill impairments | 0.00% | 3.10% | (553.70%) |
All other – net | (4.50%) | (1.10%) | 871.60% |
Total income tax reconciliation items | (13.20%) | (29.20%) | (1043.20%) |
Actual income tax rate | 7.80% | (8.20%) | (1022.20%) |
Tax reconciliation related to resolution of IRS audit | $ (140) | $ (378) |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized tax benefits | $ 4,224 | $ 4,191 | $ 4,169 | $ 5,563 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 3,351 | 2,986 | 2,701 | |
Accrued interest on unrecognized tax benefits | 597 | 628 | 722 | |
Accrued penalties on unrecognized tax benefits | 146 | 179 | 195 | |
Minimum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 0 | 0 | 0 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | 0 | |
Maximum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 250 | 350 | 700 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | $ 200 | $ 250 | $ 650 |
INCOME TAXES - Unrecognized T_2
INCOME TAXES - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of period | $ 4,191 | $ 4,169 | $ 5,563 |
Additions for tax positions of the current year | 396 | 836 | 403 |
Additions for tax positions of prior years | 327 | 326 | 500 |
Reductions for tax positions of prior years | (585) | (863) | (1,927) |
Settlements with tax authorities | (33) | (127) | (155) |
Expiration of the statute of limitations | (71) | (151) | (214) |
Balance at end of period | $ 4,224 | $ 4,191 | 4,169 |
Discontinued operations | Baker Hughes | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Reductions for tax positions of prior years | (442) | ||
Tax Years 2012-2013 | Internal Revenue Service (IRS) | U.S. Federal | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Reductions for tax positions of prior years | $ (710) |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Total assets | $ 11,587 | $ 14,972 |
Total liabilities | (732) | (719) |
Net deferred income tax asset (liability) | $ 10,855 | $ 14,253 |
INCOME TAXES - Components of Ne
INCOME TAXES - Components of Net Deferred Income Tax Assets (Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Accrued expenses and reserves | $ 2,635 | $ 2,667 |
Principal pension plans | 2,375 | 3,666 |
Progress collections and deferred income | 1,830 | 1,921 |
Insurance company loss reserves | 1,700 | 1,684 |
Deferred expenses | 1,597 | 1,647 |
Other compensation and benefits | 1,397 | 2,149 |
Non-U.S. loss carryforwards | 1,354 | 1,793 |
Principal retiree benefit plans | 896 | 1,026 |
Capital losses | 554 | 582 |
Contract Assets | 263 | (460) |
Other | 775 | 817 |
Total deferred tax assets | 15,376 | 17,492 |
Deferred tax liabilities | ||
Investment in global operations | (1,775) | (1,289) |
Investment securities | (1,278) | (969) |
Depreciation | (299) | (126) |
Other | (1,169) | (855) |
Total deferred tax liabilities | (4,521) | (3,239) |
Net deferred income tax asset (liability) | 10,855 | 14,253 |
Valuation allowances | 7,081 | 6,199 |
Valuation allowances related to assets other than non-U.S. loss carryforwards | 1,653 | $ 1,119 |
Net Operating Loss Carryforwards Expiring in Various Years Ending from 2022 Through 2024 | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | 25 | |
Net Operating Loss Carryforwards Expiring in Various Years Ending from 2025 Through 2041 | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | 417 | |
Net Operating Loss Carryforwards That May be Carried Forward Indefinitely | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | $ 912 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ 37,073 | $ 29,861 | $ 37,073 | $ 29,861 | |||||||
Ending balance | $ 41,612 | $ 37,073 | $ 41,612 | $ 37,073 | $ 29,861 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.32 |
Adjustments to investment securities before reclassifications | $ 3,535 | $ (1,979) | $ (2,693) | ||||||||
Accumulated other comprehensive income (loss) | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ (9,749) | $ (11,732) | (9,749) | (11,732) | (14,414) | ||||||
Ending balance | $ 1,582 | $ (9,749) | 1,582 | (9,749) | (11,732) | ||||||
Currency translation adjustments including noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (4,386) | (4,818) | (4,386) | (4,818) | (6,134) | ||||||
AOCI before reclass, net of taxes | (104) | (255) | 41 | ||||||||
Reclass from AOCI, net of taxes | (71) | 691 | 1,234 | ||||||||
Other comprehensive income (loss) | (174) | 435 | 1,275 | ||||||||
Ending balance | (4,386) | (4,386) | (4,818) | ||||||||
AOCI before reclass, taxes | (91) | (25) | (98) | ||||||||
Reclass from AOCI, taxes | 87 | 0 | (9) | ||||||||
Currency translation adjustments attributable to noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Other comprehensive income (loss) | 2 | 2 | (40) | ||||||||
Currency translation adjustments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (4,386) | (4,818) | (4,386) | (4,818) | |||||||
Other comprehensive income (loss) | (177) | 433 | 1,315 | ||||||||
Ending balance | (4,562) | (4,386) | (4,562) | (4,386) | (4,818) | ||||||
Benefit plans including noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (5,395) | (7,024) | (5,395) | (7,024) | (8,254) | ||||||
AOCI before reclass, net of taxes | 6,225 | (1,256) | (2,097) | ||||||||
Reclass from AOCI, net of taxes | 2,819 | 2,888 | 3,325 | ||||||||
Other comprehensive income (loss) | 9,044 | 1,632 | 1,228 | ||||||||
Ending balance | (5,395) | (5,395) | (7,024) | ||||||||
AOCI before reclass, taxes | 1,643 | (283) | (418) | ||||||||
Reclass from AOCI, taxes | 793 | 805 | 915 | ||||||||
Benefit plans attributable to noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Other comprehensive income (loss) | 3 | 4 | (2) | ||||||||
Benefit plans | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (5,395) | (7,024) | (5,395) | (7,024) | |||||||
Other comprehensive income (loss) | 9,041 | 1,628 | 1,231 | ||||||||
Ending balance | 3,646 | (5,395) | 3,646 | (5,395) | (7,024) | ||||||
Investment securities and cash flow hedges | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ 32 | $ 109 | 32 | 109 | (25) | ||||||
AOCI before reclass, net of taxes | 2,422 | (39) | 118 | ||||||||
Reclass from AOCI, net of taxes | 44 | (39) | 17 | ||||||||
Other comprehensive income (loss) | 2,466 | (78) | 135 | ||||||||
Ending balance | $ 2,498 | $ 32 | 2,498 | 32 | 109 | ||||||
AOCI before reclass, taxes | 615 | 21 | 38 | ||||||||
Reclass from AOCI, taxes | $ 23 | (25) | (9) | ||||||||
BioPharma | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Reclass from AOCI, net of taxes | 836 | ||||||||||
Currency translation, net of taxes | $ 688 | ||||||||||
Baker Hughes | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Reclass from AOCI, net of taxes | 1,343 | ||||||||||
Currency translation, net of taxes | $ 1,066 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | ||||
Preferred stock, liquidation value | $ 5,935 | |||
Preferred stock, estimated future carrying value after accretion | 5,940 | |||
Dividends, preferred stock | 237 | $ 474 | $ 460 | |
Dividends, preferred stock, cash | $ 220 | $ 295 | $ 295 | |
Preferred stock, shares authorized | 50,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 1 | |||
Preferred stock, shares outstanding | 5,939,875 | 5,939,875 | 5,939,875 | |
Common stock, shares authorized | 1,650,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.06 | ||
Common stock, shares issued | 1,462,000,000 | |||
Stock repurchased (in shares) | 500,000 | 100,000 | ||
Stock repurchased | $ 35.8 | $ 15.3 | ||
Redeemable noncontrolling interests | 148 | $ 487 | ||
Series D Preferred Stock | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred stock, value outstanding | 5,694 | |||
Preferred stock, fixed dividend rate | 5.00% | |||
Series D Preferred Stock | LIBOR | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred stock, basis spread on variable rate | 3.33% | |||
Series A, B And C Preferred Stock | ||||
Noncontrolling Interest [Line Items] | ||||
Preferred stock, value outstanding | 245 | |||
Aviation | ||||
Noncontrolling Interest [Line Items] | ||||
Decrease in noncontrolling interest | $ 339 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions | Jul. 30, 2021 | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reverse stock split, conversion ratio | 0.125 | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Risk-free interest rate (as a percent) | 1.10% | 1.00% | 2.50% | |
Dividend yield (as a percent) | 0.30% | 0.40% | 0.40% | |
Expected volatility (as a percent) | 40.00% | 36.00% | 33.00% | |
Expected lives (in years) | 6 years 2 months 12 days | 6 years 1 month 6 days | 6 years | |
Strike price (in dollars per share) | $ 105.12 | $ 84.48 | $ 80 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSU/common stock conversion ratio | 1 | |||
Outstanding (in shares) | shares | 8,057 | 7,561 | ||
Outstanding (in dollars per share) | $ 77.90 | $ 72.35 | ||
Intrinsic value, outstanding | $ | $ 761 | |||
Weighted average remaining contractual term, outstanding | 1 year 7 months 6 days | |||
PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding (in shares) | shares | 3,215 | |||
Outstanding (in dollars per share) | $ 75.66 | |||
Intrinsic value, outstanding | $ | $ 304 | |||
Weighted average remaining contractual term, outstanding | 2 years 3 months 18 days |
SHARE-BASED COMPENSATION - Weig
SHARE-BASED COMPENSATION - Weighted Average Grant Date Fair Value (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of stock options (in dollars per share) | $ 40.64 | $ 28.64 | $ 27.84 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | 104.98 | 63.28 | 80.96 |
PSUs/Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | $ 108.51 | $ 63.28 | $ 85.84 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares, Stock options | |||
Outstanding at beginning of period (in shares) | 50,046 | ||
Granted (in shares) | 494 | ||
Exercised (in shares) | (1,252) | ||
Forfeited (in shares) | (933) | ||
Expired (in shares) | (9,941) | ||
Outstanding at end of period (in shares) | 38,414 | 50,046 | |
Exercisable (in shares) | 33,551 | ||
Expected to vest (in shares) | 4,557 | ||
Weighted average exercise price, Stock options | |||
Outstanding at beginning of period (in dollars per share) | $ 145.26 | ||
Granted (in dollars per share) | 105.12 | ||
Forfeited (in dollars per share) | 74.19 | ||
Exercised (in dollars per share) | 80.31 | ||
Expired (in dollars per share) | 159.46 | ||
Outstanding at end of period (in dollars per share) | 144.97 | $ 145.26 | |
Exercisable (in dollars per share) | 153.11 | ||
Expected to vest (in dollars per share) | $ 88.70 | ||
Weighted average contractual term (in years) | |||
Stock options, weighted average remaining contractual term, outstanding | 4 years 2 months 12 days | ||
Stock options, weighted average remaining contractual term, exercisable | 3 years 7 months 6 days | ||
Stock options, weighted average remaining contractual term, expected to vest | 7 years 10 months 24 days | ||
Intrinsic value | |||
Stock options, intrinsic value, outstanding | $ 193 | ||
Stock options, intrinsic value, exercisable | 148 | ||
Stock options, intrinsic value, expected to vest | $ 42 | ||
RSUs | |||
Shares | |||
Outstanding at beginning of period (in shares) | 7,561 | ||
Granted (in shares) | 2,972 | ||
Exercised (in shares) | (1,639) | ||
Forfeited (in shares) | (837) | ||
Outstanding at end of period (in shares) | 8,057 | 7,561 | |
Expected to vest (in shares) | 6,830 | ||
Weighted average grant date fair value | |||
Outstanding at beginning of period (in dollars per share) | $ 72.35 | ||
Granted (in dollars per share) | 104.98 | $ 63.28 | $ 80.96 |
Exercised (in dollars per share) | 97.91 | ||
Forfeited (in dollars per share) | 82.81 | ||
Outstanding at end of period (in dollars per share) | 77.90 | $ 72.35 | |
Expected to vest (in dollars per share) | $ 78.75 | ||
Weighted average contractual term (in years) | |||
Weighted average remaining contractual term, outstanding | 1 year 7 months 6 days | ||
Weighted average remaining contractual term, expected to vest | 1 year 6 months | ||
Intrinsic value | |||
Intrinsic value, outstanding | $ 761 | ||
Intrinsic value, expected to vest | $ 645 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Compensation Expense, Cash Proceeds and Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (after-tax) | $ 361 | $ 353 | $ 400 |
Intrinsic value of stock options exercised and RSU/PSUs vested | 217 | 81 | 154 |
Unrecognized compensation expense related to unvested equity awards | $ 491 | ||
Amortization period of unrecognized compensation expense | 1 year 1 month 6 days | ||
Income tax benefit recognized in earnings | $ 9 | 10 | 20 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from stock options exercised | $ 93 | $ 6 | $ 69 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) $ / shares in Units, shares in Millions, $ in Millions | Jul. 30, 2021 | Dec. 31, 2021$ / shares | Sep. 30, 2021$ / shares | Jun. 30, 2021$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Sep. 30, 2020$ / shares | Jun. 30, 2020$ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Earnings Per Share [Abstract] | ||||||||||||
Reverse stock split, conversion ratio | 0.125 | |||||||||||
Diluted | ||||||||||||
Earnings from continuing operations | $ (3,326) | $ 6,601 | $ (614) | |||||||||
Preferred stock dividends | (237) | (474) | (460) | |||||||||
Accretion of redeemable noncontrolling interests, net of tax | (9) | (151) | 0 | |||||||||
Earnings from continuing operations attributable to GE common shareholders | (3,571) | 5,975 | (1,074) | |||||||||
Earnings (loss) from discontinued operations | (3,195) | (909) | (4,367) | |||||||||
Net earnings attributable to GE common shareholders | $ (6,766) | $ 5,066 | $ (5,440) | |||||||||
Employee compensation-related shares (including stock options) (in shares) | shares | 0 | 1 | 0 | |||||||||
Total average equivalent shares (in shares) | shares | 1,098 | 1,095 | 1,091 | |||||||||
Earnings per share from continuing operations (in dollars per share) | $ / shares | $ (3.24) | $ 0.54 | $ (0.57) | $ 0.02 | $ 2.05 | $ (1.04) | $ (1.21) | $ 5.63 | $ (3.25) | $ 5.46 | $ (0.98) | |
Earnings (loss) per share from discontinued operations (in dollars per share) | $ / shares | (0.31) | 0.54 | (0.51) | (2.62) | 0.13 | (0.05) | (0.91) | (0.02) | (2.91) | (0.83) | (4) | |
Net earnings (loss) per share (in dollars per share) | $ / shares | (3.55) | 1.08 | (1.08) | (2.60) | 2.19 | (1.09) | (2.12) | 5.61 | $ (6.16) | $ 4.63 | $ (4.99) | |
Potentially dilutive securities | shares | 41 | 56 | 55 | |||||||||
Basic | ||||||||||||
Earnings from continuing operations for per-share calculation | $ (3,326) | $ 6,601 | $ (614) | |||||||||
Preferred stock dividends | (237) | (474) | (460) | |||||||||
Accretion of redeemable noncontrolling interests, net of tax | (9) | (151) | 0 | |||||||||
Earnings from continuing operations attributable to GE common shareholders | (3,571) | 5,975 | (1,074) | |||||||||
Earnings (loss) from discontinued operations | (3,195) | (909) | (4,367) | |||||||||
Net earnings attributable to GE common shareholders | $ (6,766) | $ 5,066 | $ (5,440) | |||||||||
Total average equivalent shares (in shares) | shares | 1,098 | 1,094 | 1,091 | |||||||||
Earnings per share from continuing operations (in dollars per share) | $ / shares | (3.24) | 0.54 | (0.57) | 0.02 | 2.07 | (1.04) | (1.21) | 5.64 | $ (3.25) | $ 5.46 | $ (0.98) | |
Earnings (loss) per share from discontinued operations (in dollars per share) | $ / shares | (0.31) | 0.55 | (0.51) | (2.64) | 0.14 | (0.05) | (0.91) | (0.02) | (2.91) | (0.83) | (4) | |
Net earnings (loss) per share (in dollars per share) | $ / shares | $ (3.55) | $ 1.09 | $ (1.08) | $ (2.62) | $ 2.22 | $ (1.09) | $ (2.12) | $ 5.62 | $ (6.16) | $ 4.63 | $ (4.99) |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Millions | Dec. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Purchases and sales of business interests | $ (40) | $ 12,468 | $ 3 | |
Licensing and royalty income | 192 | 161 | 256 | |
Equity method income | 215 | 46 | 265 | |
Net interest and investment income (loss) | 2,270 | (1,447) | 1,507 | |
Other items | 497 | 207 | 449 | |
Total | 2,823 | 11,396 | 2,479 | |
Valuation allowance on businesses classified as held for sale | 245 | |||
Pre-tax gain (loss) | 1,656 | (2,085) | 696 | |
Pre-tax unrealized gain (loss) | 1,656 | (1,670) | 800 | |
Investment Income, Interest | 167 | 146 | 143 | |
Nonoperating income (expense) | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity method income | (96) | 7 | 264 | |
Boiler manufacturing buisness | Disposed of by sale, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale | $ (170) | (170) | ||
BioPharma | Disposed of by sale, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale | 12,362 | |||
ServiceMax | Disposed of by sale, not discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) on sale | 224 | |||
Baker Hughes | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain (loss) | 938 | $ (2,037) | ||
Pre-tax unrealized gain (loss) | $ 793 | |||
AerCap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax unrealized gain (loss) | $ 711 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Gross derivatives | $ 1,374 | $ 3,069 |
Netting adjustment | (637) | (647) |
Net derivatives | 684 | 487 |
Liabilities | ||
Gross derivatives | 893 | 1,121 |
Netting adjustment | (639) | (647) |
Net derivative liabilities | 212 | 369 |
Recurring fair value measurements | ||
Assets | ||
Investment securities with a fair value | 54,506 | 49,869 |
Total assets | 55,189 | 50,356 |
Netting adjustment | (691) | (2,582) |
Net derivatives | 684 | 487 |
Liabilities | ||
Other | 863 | 780 |
Total liabilities | 1,075 | 1,149 |
Netting adjustment | (681) | (752) |
Net derivative liabilities | 212 | 369 |
Recurring fair value measurements | Level 1 | ||
Assets | ||
Investment securities with a fair value | 11,434 | 7,319 |
Gross derivatives | 0 | 0 |
Total assets | 11,434 | 7,319 |
Liabilities | ||
Gross derivatives | 0 | 0 |
Other | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring fair value measurements | Level 2 | ||
Assets | ||
Investment securities with a fair value | 35,849 | 36,684 |
Gross derivatives | 1,357 | 3,061 |
Total assets | 37,207 | 39,745 |
Liabilities | ||
Gross derivatives | 891 | 1,114 |
Other | 863 | 780 |
Total liabilities | 1,754 | 1,894 |
Recurring fair value measurements | Level 3 | ||
Assets | ||
Investment securities with a fair value | 7,222 | 5,866 |
Gross derivatives | 17 | 8 |
Total assets | 7,239 | 5,874 |
Liabilities | ||
Gross derivatives | 1 | 7 |
Other | 0 | 0 |
Total liabilities | 1 | 7 |
Recurring fair value measurements | Level 3 | U.S. corporate | ||
Assets | ||
Investment securities with a fair value | 4,228 | 4,185 |
Recurring fair value measurements | Level 3 | Mortgage and asset-backed | ||
Assets | ||
Investment securities with a fair value | 1,427 | $ 976 |
Recurring fair value measurements | Level 3 | Senior note | AerCap | ||
Assets | ||
Investment securities with a fair value | $ 993 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Instruments (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Net unrealized gain (losses) in other comprehensive income | $ (288) | $ 323 |
Investment securities | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Beginning balance | 5,866 | 5,210 |
Net realized/ unrealized gains (losses) included in earnings | (261) | 357 |
Purchases | 2,589 | 1,301 |
Sales and settlements | (943) | (958) |
Transfers into Level 3 | 6 | 2 |
Transfers out of Level 3 | (35) | (45) |
Ending balance | 7,222 | 5,866 |
Mortgage and asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Purchases | 1,084 | $ 745 |
Senior note | AerCap | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Purchases | $ 1,000 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Investment contracts (Note 11) | $ 1,909 | $ 2,049 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,706 | 2,904 |
Liabilities | ||
Borrowings (Note 10) | 35,186 | 74,902 |
Investment contracts (Note 11) | 1,909 | 2,049 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 2,853 | 3,125 |
Liabilities | ||
Borrowings (Note 10) | 41,207 | 86,001 |
Investment contracts (Note 11) | $ 2,282 | $ 2,547 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Notional | $ 76,425 | $ 95,647 |
All other assets | ||
Gross derivatives | 1,374 | 3,069 |
Netting and credit adjustments | (637) | (647) |
Cash collateral adjustments | (54) | (1,935) |
Net derivatives recognized in statement of financial position | 684 | 487 |
Net accrued interest | 10 | 0 |
Securities held as collateral | (2) | (2) |
Net amount | 691 | 484 |
All other liabilities | ||
Gross derivatives | 893 | 1,121 |
Netting and credit adjustments | (639) | (647) |
Cash collateral adjustments | (42) | (104) |
Net derivatives recognized in statement of financial position | 212 | 369 |
Net accrued interest | 5 | 0 |
Securities held as collateral | 0 | 0 |
Net amount | 217 | 369 |
Derivatives accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 9,285 | 27,886 |
All other assets | ||
Gross derivatives | 188 | 2,076 |
All other liabilities | ||
Gross derivatives | 126 | 132 |
Derivatives accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 2,071 | 20,500 |
All other assets | ||
Gross derivatives | 75 | 1,912 |
All other liabilities | ||
Gross derivatives | 4 | 7 |
Derivatives accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 7,214 | 7,387 |
All other assets | ||
Gross derivatives | 114 | 164 |
All other liabilities | ||
Gross derivatives | 122 | 125 |
Derivatives not accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 67,140 | 67,761 |
All other assets | ||
Gross derivatives | 1,186 | 993 |
All other liabilities | ||
Gross derivatives | 767 | 989 |
Derivatives not accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 1,369 | 346 |
All other assets | ||
Gross derivatives | 5 | 8 |
All other liabilities | ||
Gross derivatives | 1 | (1) |
Derivatives not accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 64,097 | 65,379 |
All other assets | ||
Gross derivatives | 794 | 767 |
All other liabilities | ||
Gross derivatives | 756 | 918 |
Derivatives not accounted for as hedges | Other contracts | ||
Derivative [Line Items] | ||
Gross Notional | 1,674 | 2,036 |
All other assets | ||
Gross derivatives | 387 | 218 |
All other liabilities | ||
Gross derivatives | $ 10 | $ 71 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives and Hedging, Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Cash collateral received | $ 27 | $ 3 |
Cash collateral posted | 68 | 805 |
Net accrued interest | 11 | 292 |
Net cash collateral posted | 41 | 802 |
WCS | ||
Derivative [Line Items] | ||
Net cash collateral received on derivatives | 66 | 3,289 |
Cash collateral received | 176 | 4,203 |
Cash collateral posted | 110 | 914 |
WCS | Interest rate contracts | ||
Derivative [Line Items] | ||
Net cash collateral received on derivatives | $ 84 | $ 1,968 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 2,072 | $ 5,687 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 2,073 | 2,248 |
Hedged liability | $ 16,819 | $ 29,374 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivatives on AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Gain (loss) recognized in AOCI, cash flow hedges | $ (86) | $ (61) | $ 25 |
Gain (loss) recognized in AOCI, net investment hedges | 487 | (675) | 120 |
Reclassified from AOCI into earnings, investment hedges | (87) | 0 | $ 7 |
Foreign currency debt | |||
Derivative [Line Items] | |||
Carrying value designated as net investment hedges | $ 4,061 | $ 8,348 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow and Net Investment Hedges, Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Pre-tax gain (loss) in AOCI related to cash flow hedges of forecasted transactions | $ (14) | ||
Gain expected to be transferred to earnings as an expense | 17 | ||
Gain (loss) reclassified to earnings | $ (79) | $ (7) | $ (60) |
Maximum term of hedged forecasted transactions | 13 years |
FINANCIAL INSTRUMENTS - Effec_2
FINANCIAL INSTRUMENTS - Effects of Derivatives on Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Debt extinguishment costs (Note 10) | 6,524 | 301 | 256 | ||||||||
Interest and other financial charges | 1,876 | 2,068 | 2,927 | ||||||||
SG&A | 11,707 | 12,592 | 13,806 | ||||||||
Other | 56,719 | 69,267 | |||||||||
Gain (loss) reclassified to earnings | (79) | (7) | $ (60) | ||||||||
Revenues | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) reclassified to earnings | 27 | 15 | |||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (5) | (1) | |||||||||
Debt Extinguishment Costs | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) reclassified to earnings | 0 | 0 | |||||||||
Fair Value Hedges | |||||||||||
Hedged items | 70 | ||||||||||
Derivatives designated as hedging instruments | (66) | ||||||||||
Total effect of fair value hedges | 3 | ||||||||||
Total effect of derivatives not designated as hedges | 35 | 0 | |||||||||
Interest Expense | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) reclassified to earnings | (40) | (40) | |||||||||
Fair Value Hedges | |||||||||||
Hedged items | 1,413 | (1,775) | |||||||||
Derivatives designated as hedging instruments | (1,549) | 1,743 | |||||||||
Total effect of fair value hedges | (135) | (31) | |||||||||
Total effect of derivatives not designated as hedges | (22) | (11) | |||||||||
SG&A | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) reclassified to earnings | 1 | 1 | |||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 56 | 215 | |||||||||
Other | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) reclassified to earnings | (67) | 17 | |||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 235 | (357) | |||||||||
Interest rate contracts | Revenues | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 1 | (1) | |||||||||
Interest rate contracts | Debt Extinguishment Costs | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 52 | 0 | |||||||||
Interest rate contracts | Interest Expense | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (3) | (11) | |||||||||
Interest rate contracts | SG&A | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 0 | 0 | |||||||||
Interest rate contracts | Other | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (1) | (18) | |||||||||
Currency exchange contracts | Revenues | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (6) | 0 | |||||||||
Currency exchange contracts | Debt Extinguishment Costs | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (16) | 0 | |||||||||
Currency exchange contracts | Interest Expense | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (18) | 0 | |||||||||
Currency exchange contracts | SG&A | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | (127) | 129 | |||||||||
Currency exchange contracts | Other | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 44 | (293) | |||||||||
Other | Revenues | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 0 | 0 | |||||||||
Other | Debt Extinguishment Costs | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 0 | 0 | |||||||||
Other | Interest Expense | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 0 | 0 | |||||||||
Other | SG&A | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | 183 | 86 | |||||||||
Other | Other | |||||||||||
Fair Value Hedges | |||||||||||
Total effect of derivatives not designated as hedges | $ 193 | $ (46) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net amount | $ 217 | $ 369 |
Counterparty credit risk | ||
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | 564 | 392 |
Net amount | $ 159 | $ 307 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)entity | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets | $ 198,874 | $ 256,211 |
Liabilities | $ 157,262 | 219,138 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Number of VIEs | entity | 2 | |
Assets | $ 491 | 1,733 |
Liabilities | 206 | 657 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 5,034 | 3,230 |
Unconsolidated VIEs | EFS | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,481 | 1,141 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 3,333 | $ 1,833 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Investment Commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,130 |
Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,069 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 2,996 |
Aviation | Financial Assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,058 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Dec. 31, 2021USD ($) |
Guarantee of indebtedness of others | |
Guarantor Obligations [Line Items] | |
Maximum potential claim | $ 1,252 |
Guarantee obligations, liability | 42 |
Indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum potential claim | 965 |
Guarantee obligations, liability | 95 |
Indemnification agreements | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum potential claim | 562 |
Related reserves | $ 93 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Standard Product Warranty Accrual | |||
Balance at beginning of period | $ 2,054 | $ 2,165 | $ 2,192 |
Current-year provisions | 862 | 788 | 713 |
Expenditures | (945) | (913) | (715) |
Other changes | (81) | 14 | (26) |
Balance at end of period | $ 1,891 | $ 2,054 | $ 2,165 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) - Alstom Legacy Matters € in Millions, $ in Millions | 1 Months Ended | 7 Months Ended | |||
Mar. 31, 2021USD ($) | Jan. 31, 2017EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||
Reserve established for legal and compliance matters | $ 858 | ||||
Loss contingency accrual | $ 567 | $ 858 | |||
Damages sought | € | € 430 | ||||
Settlement, amount awarded to other party | $ 307 | $ 34 |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits (Details) | Dec. 31, 2021lawsuit | Mar. 31, 2019claim | Nov. 30, 2018 |
Baker Hughes case | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | claim | 2 | ||
Other GE retirement savings plan class actions | |||
Loss Contingencies [Line Items] | |||
Number of putative class actions | lawsuit | 4 | ||
Baker Hughes | Baker Hughes case | |||
Loss Contingencies [Line Items] | |||
Ownership interest | 12.00% |
COMMITMENTS, GUARANTEES, PROD_8
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total portfolio carrying value | $ 198,874 | $ 256,211 |
Discontinued operations | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Percentage indexed to or denominated in foreign currencies | 87.00% | |
Total portfolio carrying value | $ 1,799 | |
Bank BPH | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Estimate loss | $ 755 | $ 315 |
COMMITMENTS, GUARANTEES, PROD_9
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Environmental, Health and Safety Matters (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims | $ 2,660 | $ 2,569 | |
Expenditures for site remediation, nuclear decommissioning and worker exposure claims | 193 | $ 180 | $ 236 |
Expected expenditures for site remediation, nuclear decommissioning and worker exposure claims, 2022 | 350 | ||
Expected expenditures for site remediation, nuclear decommissioning and worker exposure claims, 2023 | $ 250 |
OPERATING SEGMENTS - Reconcilia
OPERATING SEGMENTS - Reconciliation of Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,274 | 20,597 | 32,117 | ||||||||
Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,724 | 18,008 | 19,942 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,559 | 15,523 | 15,198 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,558 | 17,237 | 18,267 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 71,635 | 73,306 | 86,778 | ||||||||
Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 21,310 | 22,042 | 32,875 | ||||||||
Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,725 | 18,009 | 19,942 | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,697 | 15,666 | 15,337 | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,903 | 17,589 | 18,625 | ||||||||
Corporate items and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,561 | 2,528 | 3,442 | ||||||||
Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,520 | 1,941 | 1,254 | ||||||||
Intersegment revenues | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (1,036) | (1,445) | (758) | ||||||||
Intersegment revenues | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (1) | (1) | 0 | ||||||||
Intersegment revenues | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (138) | (142) | (139) | ||||||||
Intersegment revenues | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (345) | (352) | (357) | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 4,081 | $ 4,468 | $ 4,696 |
OPERATING SEGMENTS - Equipment
OPERATING SEGMENTS - Equipment and Services Revenues Classification (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 20,274 | 20,597 | 32,117 | ||||||||
Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 17,724 | 18,008 | 19,942 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 15,559 | 15,523 | 15,198 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 16,558 | 17,237 | 18,267 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 71,635 | 73,306 | 86,778 | ||||||||
Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 21,310 | 22,042 | 32,875 | ||||||||
Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 17,725 | 18,009 | 19,942 | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 15,697 | 15,666 | 15,337 | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 16,903 | 17,589 | 18,625 | ||||||||
Equipment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 34,894 | 38,140 | 42,837 | ||||||||
Equipment | Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 7,531 | 8,582 | 12,737 | ||||||||
Equipment | Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 9,104 | 9,992 | 11,585 | ||||||||
Equipment | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 13,224 | 12,859 | 12,267 | ||||||||
Equipment | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 5,035 | 6,707 | 6,247 | ||||||||
Services | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 36,741 | 35,166 | 43,942 | ||||||||
Services | Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 13,780 | 13,460 | 20,138 | ||||||||
Services | Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 8,620 | 8,017 | 8,357 | ||||||||
Services | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | 2,473 | 2,807 | 3,069 | ||||||||
Services | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Consolidated revenues | $ 11,868 | $ 10,883 | $ 12,378 |
OPERATING SEGMENTS - Segment Re
OPERATING SEGMENTS - Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,274 | 20,597 | 32,117 | ||||||||
Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,724 | 18,008 | 19,942 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,559 | 15,523 | 15,198 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,558 | 17,237 | 18,267 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 71,635 | 73,306 | 86,778 | ||||||||
Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 21,310 | 22,042 | 32,875 | ||||||||
Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,725 | 18,009 | 19,942 | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,697 | 15,666 | 15,337 | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,903 | 17,589 | 18,625 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,561 | 2,528 | 3,442 | ||||||||
Commercial Engines & Services | Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,360 | 14,479 | 24,769 | ||||||||
Military | Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 4,136 | 4,572 | 4,389 | ||||||||
Systems & Other | Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,814 | 2,991 | 3,718 | ||||||||
Healthcare Systems | Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,694 | 15,387 | 14,648 | ||||||||
Pharmaceutical Diagnostics | Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,031 | 1,792 | 2,005 | ||||||||
BioPharma | Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 830 | 3,289 | ||||||||
Onshore Wind | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 11,026 | 10,881 | 10,421 | ||||||||
Grid Solutions equipment and services | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,207 | 3,585 | 4,016 | ||||||||
Hydro, Offshore Wind and Hybrid Solutions | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,464 | 1,200 | 900 | ||||||||
Gas Power | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 12,080 | 12,655 | 13,122 | ||||||||
Steam Power | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,241 | 3,557 | 4,021 | ||||||||
Power Conversion, Nuclear and other | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 1,582 | $ 1,378 | $ 1,482 |
OPERATING SEGMENTS - Geographic
OPERATING SEGMENTS - Geographic Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 32,838 | 35,217 | 38,963 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,946 | 14,342 | 17,519 | ||||||||
China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 6,744 | 6,978 | 7,442 | ||||||||
Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 8,107 | 8,241 | 11,260 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 4,476 | 4,064 | 5,597 | ||||||||
Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,085 | 6,991 | 9,441 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 41,358 | $ 40,616 | $ 51,258 | ||||||||
Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 56.00% | 54.00% | 57.00% | ||||||||
Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 20,274 | $ 20,597 | $ 32,117 | ||||||||
Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,724 | 18,008 | 19,942 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,559 | 15,523 | 15,198 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,558 | 17,237 | 18,267 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 71,635 | 73,306 | 86,778 | ||||||||
Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 21,310 | 22,042 | 32,875 | ||||||||
Operating segments | Aviation | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 9,675 | 11,239 | 13,384 | ||||||||
Operating segments | Aviation | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,920 | 4,288 | 7,452 | ||||||||
Operating segments | Aviation | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,419 | 2,078 | 3,050 | ||||||||
Operating segments | Aviation | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,758 | 1,842 | 3,591 | ||||||||
Operating segments | Aviation | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,310 | 882 | 1,593 | ||||||||
Operating segments | Aviation | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,228 | 1,713 | 3,805 | ||||||||
Operating segments | Aviation | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 11,635 | $ 10,803 | $ 19,491 | ||||||||
Operating segments | Aviation | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 55.00% | 49.00% | 59.00% | ||||||||
Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 17,725 | $ 18,009 | $ 19,942 | ||||||||
Operating segments | Healthcare | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,229 | 7,611 | 8,526 | ||||||||
Operating segments | Healthcare | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,702 | 3,952 | 4,132 | ||||||||
Operating segments | Healthcare | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,700 | 2,455 | 2,747 | ||||||||
Operating segments | Healthcare | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,345 | 2,264 | 2,690 | ||||||||
Operating segments | Healthcare | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 923 | 879 | 1,056 | ||||||||
Operating segments | Healthcare | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 826 | 848 | 792 | ||||||||
Operating segments | Healthcare | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 10,496 | $ 10,398 | $ 11,416 | ||||||||
Operating segments | Healthcare | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 59.00% | 58.00% | 57.00% | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 15,697 | $ 15,666 | $ 15,337 | ||||||||
Operating segments | Renewable Energy | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 7,275 | 7,846 | 7,413 | ||||||||
Operating segments | Renewable Energy | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,651 | 3,047 | 2,925 | ||||||||
Operating segments | Renewable Energy | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 464 | 1,156 | 698 | ||||||||
Operating segments | Renewable Energy | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,959 | 1,484 | 2,038 | ||||||||
Operating segments | Renewable Energy | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,009 | 819 | 1,064 | ||||||||
Operating segments | Renewable Energy | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,340 | 1,314 | 1,198 | ||||||||
Operating segments | Renewable Energy | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 8,422 | $ 7,820 | $ 7,924 | ||||||||
Operating segments | Renewable Energy | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 54.00% | 50.00% | 52.00% | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 16,903 | $ 17,589 | $ 18,625 | ||||||||
Operating segments | Power | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 6,186 | 6,186 | 5,992 | ||||||||
Operating segments | Power | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,621 | 2,895 | 3,140 | ||||||||
Operating segments | Power | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,145 | 1,253 | 974 | ||||||||
Operating segments | Power | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,090 | 2,707 | 3,044 | ||||||||
Operating segments | Power | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,239 | 1,483 | 1,915 | ||||||||
Operating segments | Power | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,622 | 3,064 | 3,560 | ||||||||
Operating segments | Power | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 10,717 | $ 11,403 | $ 12,633 | ||||||||
Operating segments | Power | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 63.00% | 65.00% | 68.00% | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 2,561 | $ 2,528 | $ 3,442 | ||||||||
Corporate | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,473 | 2,336 | 3,648 | ||||||||
Corporate | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 52 | 159 | (131) | ||||||||
Corporate | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16 | 35 | (27) | ||||||||
Corporate | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (45) | (55) | (102) | ||||||||
Corporate | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (4) | 1 | (31) | ||||||||
Corporate | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 69 | 52 | 86 | ||||||||
Corporate | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 88 | $ 192 | $ (206) |
OPERATING SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 239,820 | ||
U.S. | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment - net | 8,411 | $ 9,077 | |
Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment - net | 7,198 | $ 7,622 | |
Equipment | |||
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 45,065 | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period One | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 53.00% | ||
Performance obligations expected to be satisfied, expected timing | 1 year | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period Two | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 77.00% | ||
Performance obligations expected to be satisfied, expected timing | 2 years | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period Three | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 98.00% | ||
Performance obligations expected to be satisfied, expected timing | 5 years | ||
Services | |||
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 194,755 | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period One | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 10.00% | ||
Performance obligations expected to be satisfied, expected timing | 1 year | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period Two | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 41.00% | ||
Performance obligations expected to be satisfied, expected timing | 5 years | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period Three | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 63.00% | ||
Performance obligations expected to be satisfied, expected timing | 10 years | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Performance Obligation Satisfaction, Period Four | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 80.00% | ||
Performance obligations expected to be satisfied, expected timing | 15 years | ||
Revenue benchmark | Agencies of the U.S. Government | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percentage) | 6.00% | 7.00% | 5.00% |
Revenue benchmark | Defense-related | Customer Concentration Risk | Aviation | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percentage) | 5.00% | 6.00% | 4.00% |
OPERATING SEGMENTS - Reconcil_2
OPERATING SEGMENTS - Reconciliation of Profit and Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Goodwill impairments | $ 0 | $ (877) | $ (1,486) |
Interest and other financial charges | (1,876) | (2,068) | (2,927) |
Debt extinguishment costs | (6,524) | (301) | (256) |
Non-operating benefit costs | (1,782) | (2,430) | (2,839) |
Benefit (provision) for income taxes | 286 | 487 | (552) |
Preferred stock dividends | (237) | (474) | (460) |
Earnings (loss) from continuing operations attributable to GE common shareholders | (3,562) | 6,141 | (1,073) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | (3,195) | (911) | (4,366) |
Net earnings (loss) attributable to GE common shareholders | (6,757) | 5,230 | (5,439) |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 5,778 | 3,848 | 10,049 |
Operating segments | Aviation | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 2,882 | 1,229 | 6,812 |
Goodwill impairments | (877) | ||
Operating segments | Healthcare | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 2,966 | 3,060 | 3,737 |
Goodwill impairments | 0 | ||
Operating segments | Renewable Energy | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | (795) | (715) | (791) |
Goodwill impairments | 0 | ||
Operating segments | Power | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 726 | 274 | 291 |
Goodwill impairments | 0 | ||
Corporate | |||
Segment Reporting Information [Line Items] | |||
Gross Profit | 892 | 8,061 | (2,537) |
Corporate | EFS | |||
Segment Reporting Information [Line Items] | |||
Interest and other financial charges | (63) | (50) | (101) |
Benefit (provision) for income taxes | 162 | 154 | 166 |
Segment reconciling items | |||
Segment Reporting Information [Line Items] | |||
Goodwill impairments | 0 | (877) | (1,486) |
Interest and other financial charges | (1,813) | (2,018) | (2,826) |
Debt extinguishment costs | (6,524) | (301) | (256) |
Non-operating benefit costs | (1,782) | (2,430) | (2,839) |
Benefit (provision) for income taxes | 124 | 333 | (718) |
Preferred stock dividends | $ (237) | $ (474) | $ (460) |
OPERATING SEGMENTS - Reconcil_3
OPERATING SEGMENTS - Reconciliation of Assets, Property, Plant and Equipment Additions and Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 198,874 | $ 256,211 | |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 195,697 | 215,463 | $ 224,562 |
Property, plant and equipment additions | 1,286 | 1,579 | 2,216 |
Depreciation and amortization | 3,009 | 3,464 | 3,541 |
Operating segments | Aviation | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 38,298 | 38,634 | 41,083 |
Property, plant and equipment additions | 445 | 737 | 1,031 |
Depreciation and amortization | 1,074 | 1,142 | 1,150 |
Operating segments | Healthcare | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 24,770 | 22,229 | 30,503 |
Property, plant and equipment additions | 278 | 256 | 395 |
Depreciation and amortization | 641 | 628 | 702 |
Operating segments | Renewable Energy | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 14,804 | 15,927 | 15,935 |
Property, plant and equipment additions | 349 | 302 | 455 |
Depreciation and amortization | 432 | 413 | 425 |
Operating segments | Power | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 23,569 | 24,453 | 26,731 |
Property, plant and equipment additions | 189 | 245 | 277 |
Depreciation and amortization | 692 | 749 | 880 |
Corporate | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 94,256 | 114,220 | 110,309 |
Property, plant and equipment additions | 25 | 40 | 58 |
Depreciation and amortization | $ 168 | $ 531 | $ 384 |
OPERATING SEGMENTS - Assets by
OPERATING SEGMENTS - Assets by Geographic Area (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Assets | $ 198,874 | $ 256,211 | |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 195,697 | 215,463 | $ 224,562 |
Continuing operations | U.S. | |||
Segment Reporting Information [Line Items] | |||
Assets | 130,956 | 139,768 | |
Continuing operations | Total Non-U.S. | |||
Segment Reporting Information [Line Items] | |||
Assets | 64,741 | 75,695 | |
Continuing operations | Europe | |||
Segment Reporting Information [Line Items] | |||
Assets | 42,213 | 50,121 | |
Continuing operations | Asia | |||
Segment Reporting Information [Line Items] | |||
Assets | 11,534 | 12,974 | |
Continuing operations | Americas | |||
Segment Reporting Information [Line Items] | |||
Assets | 6,406 | 7,084 | |
Continuing operations | Other Global | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 4,588 | $ 5,516 |
SUMMARIZED FINANCIAL INFORMAT_3
SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 11, 2022 | Nov. 01, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 03, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 29, 2021 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Pre-tax gain (loss) | $ 1,656 | $ (2,085) | $ 696 | |||||||||||||
Pre-tax unrealized gain (loss) | 1,656 | (1,670) | 800 | |||||||||||||
Sales of retained ownership interests | 4,145 | 417 | 3,383 | |||||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | 74,196 | 75,833 | 90,221 | |||||
Net earnings (loss) | (3,843) | 1,184 | (1,135) | (2,798) | 2,640 | (1,195) | (2,132) | 6,233 | (6,591) | 5,546 | (4,912) | |||||
Net earnings (loss) attributable to the Company | (3,843) | $ 1,257 | $ (1,131) | $ (2,802) | 2,636 | $ (1,144) | $ (1,987) | $ 6,199 | (6,520) | 5,704 | (4,979) | |||||
Current assets | 66,348 | 84,853 | 66,348 | 84,853 | ||||||||||||
Total assets | 198,874 | 256,211 | 198,874 | 256,211 | ||||||||||||
Current liabilities | 51,953 | 54,613 | 51,953 | 54,613 | ||||||||||||
Total liabilities | $ 157,262 | 219,138 | $ 157,262 | 219,138 | ||||||||||||
Discontinued operations | GECAS | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Share price (in dollars per share) | $ 59.04 | |||||||||||||||
Consideration, stock transaction (in shares) | 111.5 | |||||||||||||||
Baker Hughes | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Remaining interest (in shares) | 166.6 | 166.6 | ||||||||||||||
Equity securities, ownership percentage | 16.00% | |||||||||||||||
Fair value of investment | $ 4,010 | $ 7,319 | $ 4,010 | 7,319 | ||||||||||||
Pre-tax gain (loss) | 938 | (2,037) | ||||||||||||||
Net after-tax gain (loss) | $ 696 | $ (1,562) | ||||||||||||||
Pre-tax unrealized gain (loss) | 793 | |||||||||||||||
Net after-tax unrealized gain (loss) | $ 626 | |||||||||||||||
Share price (in dollars per share) | $ 24.06 | $ 20.85 | $ 25.63 | $ 24.06 | $ 20.85 | $ 25.63 | ||||||||||
Derivative gain (loss) on sale | $ 129 | $ (54) | ||||||||||||||
Shares sold (in shares) | 183 | 28 | ||||||||||||||
Sales of retained ownership interests | $ 4,145 | $ 417 | ||||||||||||||
Total revenues | $ 7,751 | $ 16,997 | 20,705 | |||||||||||||
Gross Profit | 1,558 | 3,276 | 3,199 | |||||||||||||
Net earnings (loss) | 120 | (546) | (15,761) | |||||||||||||
Net earnings (loss) attributable to the Company | $ 60 | (407) | (9,940) | |||||||||||||
Current assets | $ 16,455 | 0 | 16,455 | |||||||||||||
Noncurrent assets | 21,552 | 0 | 21,552 | |||||||||||||
Total assets | 38,007 | 0 | 38,007 | |||||||||||||
Current liabilities | 10,227 | 0 | 10,227 | |||||||||||||
Noncurrent liabilities | 9,538 | 0 | 9,538 | |||||||||||||
Total liabilities | 19,765 | 0 | 19,765 | |||||||||||||
Noncontrolling interests | $ 5,349 | $ 0 | $ 5,349 | |||||||||||||
Baker Hughes | Subsequent event | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Shares sold (in shares) | 50 | |||||||||||||||
Sales of retained ownership interests | $ 1,302 | |||||||||||||||
AerCap | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Equity securities, ownership percentage | 46.00% | |||||||||||||||
Fair value of investment | $ 8,287 | 8,287 | ||||||||||||||
Pre-tax unrealized gain (loss) | $ 711 | |||||||||||||||
AerCap | Discontinued operations | GECAS | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Consideration, stock transaction (in shares) | 111.5 |
QUARTERLY INFORMATION (UNAUDI_3
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Sales of equipment and services | 19,492 | 17,813 | 17,470 | 16,316 | 20,264 | 17,866 | 16,048 | 18,791 | |||
Cost of equipment and services sold | 14,338 | 13,401 | 13,618 | 12,538 | 15,770 | 14,042 | 13,633 | 14,426 | |||
Earnings (loss) from continuing operations | (3,504) | 582 | (571) | 97 | 2,479 | (1,137) | (1,138) | 6,254 | (3,396) | 6,457 | (606) |
Earnings (loss) from discontinued operations, net of taxes | (339) | 602 | (564) | (2,894) | 161 | (58) | (993) | (21) | (3,195) | (911) | (4,306) |
Net earnings (loss) | (3,843) | 1,184 | (1,135) | (2,798) | 2,640 | (1,195) | (2,132) | 6,233 | (6,591) | 5,546 | (4,912) |
Less net earnings (loss) attributable to noncontrolling interests | 1 | (73) | (3) | 5 | 3 | (51) | (145) | 34 | (71) | (158) | 66 |
Net earnings (loss) attributable to the Company | $ (3,843) | $ 1,257 | $ (1,131) | $ (2,802) | $ 2,636 | $ (1,144) | $ (1,987) | $ 6,199 | $ (6,520) | $ 5,704 | $ (4,979) |
Per-share amounts – earnings (loss) from continuing operations | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ (3.24) | $ 0.54 | $ (0.57) | $ 0.02 | $ 2.05 | $ (1.04) | $ (1.21) | $ 5.63 | $ (3.25) | $ 5.46 | $ (0.98) |
Basic earnings (loss) per share (in dollars per share) | (3.24) | 0.54 | (0.57) | 0.02 | 2.07 | (1.04) | (1.21) | 5.64 | (3.25) | 5.46 | (0.98) |
Per-share amounts – earnings (loss) from discontinued operations | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | (0.31) | 0.54 | (0.51) | (2.62) | 0.13 | (0.05) | (0.91) | (0.02) | (2.91) | (0.83) | (4) |
Basic earnings (loss) per share (in dollars per share) | (0.31) | 0.55 | (0.51) | (2.64) | 0.14 | (0.05) | (0.91) | (0.02) | (2.91) | (0.83) | (4) |
Per-share amounts – net earnings (loss) | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | (3.55) | 1.08 | (1.08) | (2.60) | 2.19 | (1.09) | (2.12) | 5.61 | (6.16) | 4.63 | (4.99) |
Basic earnings (loss) per share (in dollars per share) | (3.55) | 1.09 | (1.08) | (2.62) | 2.22 | (1.09) | (2.12) | 5.62 | (6.16) | 4.63 | (4.99) |
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.32 |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 20,303 | $ 18,569 | $ 18,253 | $ 17,071 | $ 21,033 | $ 18,609 | $ 16,811 | $ 19,380 | $ 74,196 | $ 75,833 | $ 90,221 |
Impairments | 0 | (877) | (1,486) | ||||||||
Interest and other financial charges | (1,876) | (2,068) | (2,927) | ||||||||
Debt extinguishment costs | (6,524) | (301) | (256) | ||||||||
Non-operating benefit costs | (1,782) | (2,430) | (2,839) | ||||||||
Benefit (provision) for income taxes | 286 | 487 | (552) | ||||||||
Preferred stock dividends | (237) | (474) | (460) | ||||||||
Earnings (loss) from continuing operations attributable to GE common shareholders | (3,562) | 6,141 | (1,073) | ||||||||
Earnings (loss) from discontinued operations attributable to GE common shareholders | (3,195) | (911) | (4,366) | ||||||||
Net earnings (loss) attributable to GE common shareholders | (6,757) | 5,230 | (5,439) | ||||||||
Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 20,274 | 20,597 | 32,117 | ||||||||
Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,724 | 18,008 | 19,942 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,559 | 15,523 | 15,198 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,558 | 17,237 | 18,267 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 71,635 | 73,306 | 86,778 | ||||||||
Segment profit (loss) | 5,778 | 3,848 | 10,049 | ||||||||
Operating segments | Aviation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 21,310 | 22,042 | 32,875 | ||||||||
Segment profit (loss) | 2,882 | 1,229 | 6,812 | ||||||||
Impairments | (877) | ||||||||||
Operating segments | Healthcare | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,725 | 18,009 | 19,942 | ||||||||
Segment profit (loss) | 2,966 | 3,060 | 3,737 | ||||||||
Impairments | 0 | ||||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,697 | 15,666 | 15,337 | ||||||||
Segment profit (loss) | (795) | (715) | (791) | ||||||||
Impairments | 0 | ||||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 16,903 | 17,589 | 18,625 | ||||||||
Segment profit (loss) | 726 | 274 | 291 | ||||||||
Impairments | 0 | ||||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,561 | 2,528 | 3,442 | ||||||||
Segment profit (loss) | 892 | 8,061 | (2,537) | ||||||||
Corporate | EFS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest and other financial charges | (63) | (50) | (101) | ||||||||
Benefit (provision) for income taxes | 162 | 154 | 166 | ||||||||
Segment reconciling items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Impairments | 0 | (877) | (1,486) | ||||||||
Interest and other financial charges | (1,813) | (2,018) | (2,826) | ||||||||
Debt extinguishment costs | (6,524) | (301) | (256) | ||||||||
Non-operating benefit costs | (1,782) | (2,430) | (2,839) | ||||||||
Benefit (provision) for income taxes | 124 | 333 | (718) | ||||||||
Preferred stock dividends | $ (237) | $ (474) | $ (460) |