COVER
COVER | 3 Months Ended |
Mar. 31, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
Document Transition Report | false |
Entity File Number | 001-00035 |
Entity Registrant Name | GENERAL ELECTRIC COMPANY |
Entity Central Index Key | 0000040545 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | 5 Necco Street |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02210 |
City Area Code | 617 |
Local Phone Number | 443-3000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,088,960,029 |
Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | GE |
Security Exchange Name | NYSE |
1.250% Notes Due 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2023 |
Trading Symbol | GE 23E |
Security Exchange Name | NYSE |
0.875% Notes Due 2025 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.875% Notes due 2025 |
Trading Symbol | GE 25 |
Security Exchange Name | NYSE |
1.875% Notes Due 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2027 |
Trading Symbol | GE 27E |
Security Exchange Name | NYSE |
1.500% Notes Due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | GE 29 |
Security Exchange Name | NYSE |
7.5% Guaranteed Subordinated Notes Due 2035 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 |
Trading Symbol | GE /35 |
Security Exchange Name | NYSE |
2.125% Notes Due 2037 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.125% Notes due 2037 |
Trading Symbol | GE 37 |
Security Exchange Name | NYSE |
STATEMENT OF EARNINGS (LOSS) (U
STATEMENT OF EARNINGS (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Insurance revenues (Note 13) | $ 791 | $ 764 |
Total revenues | 14,486 | 12,675 |
Costs and expenses | ||
Selling, general and administrative expenses | 2,142 | 2,725 |
Separation costs (Note 20) | 205 | 99 |
Research and development | 431 | 403 |
Interest and other financial charges | 269 | 387 |
Insurance losses, annuity benefits and other costs (Note 13) | 684 | 620 |
Non-operating benefit cost (income) | (385) | (105) |
Total costs and expenses | 14,075 | 13,904 |
Other income (loss) (Note 19) | 6,081 | 49 |
Earnings (loss) from continuing operations before income taxes | 6,492 | (1,180) |
Provision (benefit) for income taxes | (271) | (29) |
Earnings (loss) from continuing operations | 6,221 | (1,209) |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 1,257 | 101 |
Net earnings (loss) | 7,478 | (1,108) |
Less net earnings (loss) attributable to noncontrolling interests | (27) | 28 |
Net earnings (loss) attributable to the Company | 7,506 | (1,136) |
Preferred stock dividends and other | (145) | (52) |
Net earnings (loss) attributable to GE common shareholders | 7,360 | (1,188) |
Amounts attributable to GE common shareholders | ||
Earnings (loss) from continuing operations | 6,221 | (1,209) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (27) | 14 |
Earnings (loss) from continuing operations attributable to the Company | 6,248 | (1,224) |
Preferred stock dividends and other | (145) | (52) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 6,103 | (1,276) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 1,257 | 88 |
Net earnings (loss) attributable to GE common shareholders | $ 7,360 | $ (1,188) |
Earnings (loss) per share from continuing operations (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | $ 5.56 | $ (1.16) |
Basic earnings (loss) per share (in dollars per share) | 5.60 | (1.16) |
Net earnings (loss) per share (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | 6.71 | (1.08) |
Basic earnings (loss) per share (in dollars per share) | $ 6.76 | $ (1.08) |
Equipment | ||
Revenues | ||
Sales | $ 5,287 | $ 4,608 |
Costs and expenses | ||
Cost of sales | 5,605 | 5,148 |
Services | ||
Revenues | ||
Sales | 8,407 | 7,302 |
Costs and expenses | ||
Cost of sales | $ 5,124 | $ 4,626 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Cash, cash equivalents and restricted cash | $ 12,001 | $ 15,810 |
Investment securities (Note 3) | 12,814 | 7,609 |
Current receivables (Note 4) | 14,212 | 14,831 |
Inventories, including deferred inventory costs (Note 5) | 16,198 | 14,891 |
Current contract assets (Note 9) | 2,244 | 2,467 |
All other current assets (Note 10) | 1,464 | 1,400 |
Assets of businesses held for sale (Note 2) | 1,353 | 1,374 |
Current assets | 60,286 | 58,384 |
Investment securities (Note 3) | 38,262 | 36,027 |
Property, plant and equipment – net (Note 6) | 12,170 | 12,192 |
Goodwill (Note 7) | 13,107 | 12,999 |
Other intangible assets – net (Note 7) | 5,990 | 6,105 |
Contract and other deferred assets (Note 9) | 5,631 | 5,776 |
All other assets (Note 10) | 15,888 | 15,477 |
Deferred income taxes (Note 16) | 10,344 | 10,001 |
Assets of discontinued operations (Note 2) | 2,793 | 31,890 |
Total assets | 164,472 | 188,851 |
Short-term borrowings (Note 11) | 2,262 | 3,739 |
Accounts payable and equipment project payables (Note 12) | 15,063 | 15,399 |
Progress collections and deferred income (Note 9) | 16,586 | 16,216 |
All other current liabilities (Note 15) | 12,313 | 12,130 |
Liabilities of businesses held for sale (Note 2) | 1,953 | 1,944 |
Current liabilities | 48,177 | 49,428 |
Deferred income (Note 9) | 1,500 | 1,409 |
Long-term borrowings (Note 11) | 20,159 | 20,320 |
Insurance liabilities and annuity benefits (Note 13) | 39,082 | 36,845 |
Non-current compensation and benefits | 10,244 | 10,400 |
All other liabilities (Note 15) | 10,937 | 11,063 |
Liabilities of discontinued operations (Note 2) | 1,551 | 24,474 |
Total liabilities | 131,649 | 153,938 |
Preferred stock (Note 17) | 3 | 6 |
Common stock (Note 17) | 15 | 15 |
Accumulated other comprehensive income (loss) – net attributable to GE (Note 17) | (3,289) | (2,272) |
Other capital | 30,729 | 34,173 |
Retained earnings | 84,955 | 82,983 |
Less common stock held in treasury | (80,762) | (81,209) |
Total GE shareholders’ equity | 31,652 | 33,696 |
Noncontrolling interests | 1,171 | 1,216 |
Total equity | 32,823 | 34,912 |
Total liabilities and equity | $ 164,472 | $ 188,851 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Cash flows – operating activities | |||
Net earnings (loss) | $ 7,478 | $ (1,108) | |
(Earnings) loss from discontinued operations activities | (1,257) | (101) | |
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities | |||
Depreciation and amortization of property, plant and equipment | 367 | 403 | |
Amortization of intangible assets (Note 7) | 140 | 922 | |
(Gains) losses on purchases and sales of business interests | 52 | (15) | |
(Gains) losses on equity securities | (5,906) | 206 | |
Principal pension plans cost (Note 14) | (271) | 94 | |
Principal pension plans employer contributions | (52) | (49) | |
Other postretirement benefit plans (net) | (181) | (224) | |
Provision (benefit) for income taxes | 271 | 29 | |
Cash recovered (paid) during the year for income taxes | (172) | (24) | |
Changes in operating working capital: | |||
Decrease (increase) in current receivables | 536 | (610) | |
Decrease (increase) in inventories, including deferred inventory costs | (1,275) | (732) | |
Decrease (increase) in current contract assets | 294 | 473 | |
Increase (decrease) in accounts payable and equipment project payables | (201) | (293) | |
Increase (decrease) in progress collections and current deferred income | 205 | 173 | |
Financial services derivatives net collateral/settlement | 3 | (155) | |
All other operating activities | 125 | 89 | |
Cash from (used for) operating activities – continuing operations | 155 | (924) | |
Cash from (used for) operating activities – discontinued operations | (413) | 369 | |
Cash from (used for) operating activities | (259) | (556) | |
Cash flows – investing activities | |||
Additions to property, plant and equipment | (279) | (239) | |
Dispositions of property, plant and equipment | 7 | 28 | |
Additions to internal-use software | (20) | (22) | |
Sales of retained ownership interests | 2,025 | 1,302 | |
Net (purchases) dispositions of insurance investment securities | (1,556) | (1,344) | |
All other investing activities | 1,096 | 239 | |
Cash from (used for) investing activities – continuing operations | 1,273 | (37) | |
Cash from (used for) investing activities – discontinued operations | (3,068) | (407) | |
Cash from (used for) investing activities | (1,796) | (444) | |
Cash flows – financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 1 | 45 | |
Newly issued debt (maturities longer than 90 days) | 9 | 0 | |
Repayments and other debt reductions (maturities longer than 90 days) | (1,815) | (1,267) | |
Dividends paid to shareholders | (203) | (140) | |
Redemption of GE preferred stock | (3,000) | 0 | |
Purchases of GE common stock for treasury | (309) | (39) | |
All other financing activities | 87 | (30) | |
Cash from (used for) financing activities – continuing operations | (5,230) | (1,431) | |
Cash from (used for) financing activities – discontinued operations | 1,999 | (28) | |
Cash from (used for) financing activities | (3,232) | (1,459) | |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 65 | (75) | |
Increase (decrease) in cash, cash equivalents and restricted cash | (5,220) | (2,534) | |
Cash, cash equivalents and restricted cash at beginning of year | 19,092 | 16,859 | $ 16,859 |
Cash, cash equivalents and restricted cash at March 31 | 13,871 | 14,325 | $ 19,092 |
Less cash, cash equivalents and restricted cash of discontinued operations at March 31 | 1,180 | 1,223 | |
Cash, cash equivalents and restricted cash of continuing operations at March 31 | $ 12,691 | $ 13,101 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 7,478 | $ (1,108) | |
Less: net earnings (loss) attributable to noncontrolling interests | (27) | 28 | |
Net earnings (loss) attributable to the Company | 7,506 | (1,136) | |
Other comprehensive income (loss) | |||
Currency translation adjustments | 2,387 | (181) | |
Benefit plans | (2,319) | 240 | |
Investment securities and cash flow hedges | 706 | (2,998) | |
Long-duration insurance contracts | [1] | (1,793) | 3,682 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | (3) | (2) | |
Other comprehensive income (loss) attributable to the Company | (1,017) | 745 | |
Comprehensive income (loss) | 6,458 | (365) | |
Less: comprehensive income (loss) attributable to noncontrolling interests | (30) | 26 | |
Comprehensive income (loss) attributable to the Company | $ 6,489 | $ (391) | |
[1]Represents the net after-tax change in future policy benefit reserves and related reinsurance recoverables from updating the discount rate. See Notes 1 and 13 for further information. |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | GE shareholders' equity balance | Accumulated other comprehensive income (loss) | Currency translation adjustments | Benefit plans | Investment securities and cash flow hedges | Long-duration insurance contracts | Other capital | Retained earnings | Common stock held in treasury | Noncontrolling interest | |
Beginning balance at Dec. 31, 2021 | $ (4,860) | $ 5,172 | $ (9,109) | $ 34,691 | $ 83,286 | $ (81,093) | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||
Other comprehensive income (loss) | $ (177) | $ 238 | (2,998) | 3,682 | ||||||||
Purchases | (39) | |||||||||||
Dispositions | (396) | 459 | ||||||||||
Stock-based compensation | 91 | |||||||||||
Other changes | [1] | 5 | ||||||||||
Net earnings (loss) attributable to the Company | $ (1,136) | (1,136) | ||||||||||
Dividends and other transactions with shareholders | [2] | (141) | ||||||||||
Ending balance at Mar. 31, 2022 | 32,909 | $ 31,631 | (4,115) | (4,746) | 3,884 | 2,174 | (5,427) | 34,391 | 82,009 | (80,673) | $ 1,278 | |
Preferred stock issued | 6 | |||||||||||
Common stock issued | 15 | |||||||||||
Preferred stock issued | 6 | |||||||||||
Common stock issued | 15 | |||||||||||
Beginning balance at Dec. 31, 2022 | 34,912 | (2,272) | (1,927) | (983) | 34,173 | 82,983 | (81,209) | |||||
Increase (decrease) in shareholders' equity | ||||||||||||
Other comprehensive income (loss) | 2,388 | (2,317) | 706 | (1,793) | ||||||||
Purchases | 3,000 | (311) | ||||||||||
Dispositions | (619) | 759 | ||||||||||
Stock-based compensation | 73 | |||||||||||
Other changes | [1] | (2,898) | ||||||||||
Net earnings (loss) attributable to the Company | 7,506 | 7,506 | ||||||||||
Dividends and other transactions with shareholders | [2] | (5,534) | ||||||||||
Ending balance at Mar. 31, 2023 | 32,823 | $ 31,652 | $ (3,289) | $ (3,505) | $ 4,214 | $ (1,222) | $ (2,776) | $ 30,729 | $ 84,955 | $ (80,762) | $ 1,171 | |
Preferred stock issued | 3 | |||||||||||
Common stock issued | $ 15 | |||||||||||
[1]Included $3,000 million decrease substantially all in Other capital related to our redemption of GE Series D preferred stock in the first quarter of 2023.[2]Included $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. |
STATEMENT OF CHANGES IN SHARE_2
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) $ in Millions | Jan. 03, 2023 USD ($) |
Spinoff | GE Healthcare | |
Ownership interest disposed of | 80.10% |
Retained earnings | |
Spinoff transaction adjustment | $ 5,300 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. 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. 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. On January 3, 2023, General Electric Company (the Company or GE) completed the previously announced separation (the Separation) of its HealthCare business, into a separate, independent publicly traded company. The historical results of GE HealthCare and certain assets and liabilities included in the spin-off are now reported in GE's consolidated financial statements as discontinued operations. See Note 2 for further information. The accompanying consolidated financial statements and notes are unaudited. The results reported in these financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These financial statements should be read in conjunction with the financial statements, notes and significant accounting policies included in our Annual Report on Form 10-K for the year ended December 31, 2022. INSURANCE. 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. Insurance revenues are comprised primarily of premiums and investment income. 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, administration and surrender. Interest credited to policyholder accounts is charged to expense. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured by each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period earnings. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. As our insurance operations are in run-off, the locked-in discount rate is the discount rate used for the computation of interest accretion on future policy benefit reserves recognized in earnings. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in AOCI. As a result, changes in the current discount rate at each reporting period will be recognized as an adjustment to AOCI and not earnings each period, whereas changes relating to cash flow assumptions will be recognized in the Statement of Earnings (Loss). Reinsurance recoverables are recorded when we cede insurance risk to third parties but are not relieved from our primary obligation to policyholders and cedents. As reinsurance recoverables are recognized in a manner consistent with the future policy benefit reserves relating to the underlying reinsurance contracts, changes in reinsurance recoverables from updating the discount rate in each reporting period are also recognized in AOCI. The allowance for credit losses on reinsurance recoverables is based on the locked-in future policy benefit reserves discount rate for purposes of assessing changes in each reporting period. As such, movements in the gross reinsurance recoverable balance resulting from changes in the discount rate do not impact the allowance for credit losses. Following the recapture transaction effective in the fourth quarter of 2022, the remaining reinsurance recoverables are not material. 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. See Note 13 for further information. ADOPTIONS OF NEW ACCOUNTING STANDARDS. On January 1, 2023, we adopted Accounting Standards Update No. 2018-12 Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The new guidance for measuring the liability for future policy benefits and related reinsurance recoverable asset was adopted on a modified retrospective basis such that those balances were adjusted to conform to the new guidance at the January 1, 2021 transition date. We recognized a $7,285 million after-tax decrease in Total equity at January 1, 2021 from the effect of transition date adjustments due to adoption of the new guidance, as presented in the following table. Retained Earnings AOCI December 31, 2020 $ 92,247 $ (9,749) Liability for future policy benefits, including removal of related balances in AOCI (1,853) (8,806) Reinsurance recoverables, net of allowance for credit losses 48 3,542 Other contracts, including market risk benefits (202) (14) Effect of transition adjustments $ (2,007) $ (5,278) Adjusted balance, January 1, 2021 $ 90,240 $ (15,027) The following table summarizes the balance of and pre-tax changes to total Insurance liabilities and annuity benefits attributable to changes in the liability for future policy benefits and market risk benefits at the transition date, due to adoption of the new guidance. Long-term care Structured settlement annuities Life Other contracts(a) Other adjustments Total December 31, 2020 $ 21,378 $ 9,124 $ 517 $ 3,012 $ 8,160 $ 42,191 Change in discount rate assumptions 14,654 4,369 283 — — 19,306 Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves 1,545 39 761 — — 2,345 Adjustment for removal of related balances in AOCI — — — — (8,160) (8,160) Market risk benefits and other — — — 269 — 269 Adjusted balance, January 1, 2021 37,577 13,532 1,561 3,281 — 55,951 Less: reinsurance recoverables, net 7,036 — 15 44 — 7,095 Adjusted balance, January 1, 2021, net of reinsurance recoverables $ 30,541 $ 13,532 $ 1,546 $ 3,237 $ — $ 48,856 (a) As of December 31, 2020, includes investment contracts ($2,049 million), claim reserves related to short-duration contracts at Electric Insurance Company (EIC), net of eliminations ($399 million), and other ($564 million). EIC is a property and casualty insurance company primarily providing insurance to GE and its employees. For the liability for future policy benefits and related reinsurance recoverables, the new guidance transition adjustments are reflected in both AOCI and Retained earnings. The transition adjustment reflected in AOCI is related to the difference in the discount rate used pre-transition and the discount rate required under the new guidance, which is equivalent to an upper-medium grade fixed-income instrument yield reflecting the duration characteristics of our insurance liabilities, at January 1, 2021, and does not represent a change in our ultimate expected cash flows associated with the liability for future policy benefits or related reinsurance recoverables. The transition adjustment in AOCI also reflects removal of certain Other adjustments previously recorded in the liability for future policy benefits related to changes in net unrealized gains on investment securities. Whereas pre-transition, we annually performed premium deficiency testing in the aggregate across our run-off insurance portfolio, the new guidance requires the grouping of contracts (i.e., cohorts) at a more granular level. Due to this lower level of aggregation, combined with the conversion of our long-term care insurance claim cost projection models to first principles models, we identified certain cohorts at transition having insufficient gross premiums in our long-term care insurance portfolio. A first principles model separates morbidity assumptions such as incidence (probability of a claim), continuance (length of a claim) and utilization (percentage of the daily benefit maximum used) into individual assumptions. We also eliminated negative reserves, as required by the new guidance, on certain cohorts in our life portfolio. As a result, we increased the liability for future policy benefits and reflected this transition adjustment in Retained earnings. At the transition date, reinsurance recoverables of $4,062 million increased by $4,483 million upon remeasurement to the updated discount rate, with an offsetting adjustment ($3,542 million after-tax) recognized in AOCI. As reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsurance contracts, adjustments to the liability for future policy benefits due to the change in cash flow assumptions resulted in an increase to reinsurance recoverables of $629 million ($497 million after-tax) and an increase in the related allowance for credit losses of $569 million ($450 million after-tax), which was recorded as an adjustment to Retained earnings at the transition date. As a result, the adjusted balance of reinsurance recoverables at the transition date was $7,095 million, net of the allowance for credit losses of $2,079 million, and substantially all related to our long-term care insurance portfolio. Following the recapture transaction effective in the fourth quarter of 2022, the remaining reinsurance recoverables are not material. The new guidance is only applicable to the measurements of our long-duration insurance liabilities and related reinsurance recoverables under GAAP and does not affect the accounting for our insurance reserves or the levels of capital and surplus under statutory accounting practices. See Note 13 for further information. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. In the first quarter of 2022, we signed a non-binding memorandum of understanding to sell a portion of our Steam business within our Power segment to Électricité de France S.A. (EDF). In the fourth quarter of 2022, we signed a binding agreement for this transaction, and we expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the second half of 2023. Closing the transaction is expected to result in a significant gain. In the fourth quarter of 2022, we classified our captive industrial insurance subsidiary, with assets of $596 million and liabilities of $342 million as of March 31, 2023, into held for sale. We expect to complete the sale of this business, subject to regulatory approvals, by the first half of 2024. In connection with the expected sale, in the first quarter of 2023, we recorded a loss of $55 million in Other income (loss) in our Statement of Earnings. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE March 31, 2023 December 31, 2022 Current receivables, inventories and contract assets $ 527 $ 495 Non-current captive insurance investment securities 578 554 Property, plant and equipment and intangible assets - net 240 232 Valuation allowance on disposal group classified as held for sale (72) (17) All other assets 80 111 Assets of businesses held for sale $ 1,353 $ 1,374 Progress collections and deferred income $ 1,101 $ 1,127 Insurance liabilities and annuity benefits 340 358 Accounts payable, equipment project payables and other current liabilities 421 371 All other liabilities 90 87 Liabilities of businesses held for sale $ 1,953 $ 1,944 DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland, our GE Capital Aviation Services (GECAS) business, 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. GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The Separation was structured as a tax-free spin-off, and was achieved through GE's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of GE common stock. In connection with the Separation, the historical results of GE HealthCare and certain assets and liabilities included in the Separation are reported in GE's consolidated financial statements as discontinued operations. We have continuing involvement with GE HealthCare primarily through trademark license and transition services agreements, through which GE and GE HealthCare will continue to provide certain services to each other for a period of time following the Separation. For the three months ended March 31, 2023, we collected net cash of $160 million related to these activities. Bank BPH . The mortgage portfolio in Poland (Bank BPH) comprises floating rate residential mortgages, 86% of which are indexed to or denominated in foreign currencies (primarily Swiss francs). At March 31, 2023, the total portfolio had a carrying value, net of reserves, of $1,126 million. 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 included $175 million and $233 million non-cash pre-tax charges for the three months ended March 31, 2023 and 2022, respectively, reflecting estimates with respect to ongoing litigation as well as market yields. To ensure appropriate capital levels, during the first quarter of 2023, we made a non-cash capital contribution in the form of intercompany loan forgiveness of $198 million. We made a cash capital contribution of $530 million into Bank BPH in the twelve months ended December 31, 2022. Future changes in the estimated legal liabilities or market yields could result in further capital contributions and losses in future reporting periods beyond the amounts that we currently estimate. See Note 23 for further information. GECAS/AerCap. 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 three months ended March 31, 2023, we had direct and indirect sales of $48 million to AerCap, primarily related to engine services and sales, and purchases of $67 million from AerCap, primarily related to engine leases. We paid net cash of $88 million to AerCap related to this activity. 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 4,361 $ — $ 4,361 Cost of equipment and services sold — — — (2,679) — (2,679) Other income, costs and expenses (20) (201) (221) (1,146) (250) (1,396) Earnings (loss) of discontinued operations before income taxes (20) (201) (221) 536 (250) 286 Benefit (provision) for income taxes(a) 1,479 (1) 1,478 (150) (18) (167) Earnings (loss) of discontinued operations, net of taxes 1,459 (202) 1,257 387 (268) 119 Gain (loss) on disposal before income taxes — — — — (23) (23) Benefit (provision) for income taxes — — — — 5 5 Gain (loss) on disposal, net of taxes — — — — (18) (18) Earnings (loss) from discontinued operations, net of taxes $ 1,459 $ (202) $ 1,257 $ 387 $ (286) $ 101 (a) The tax benefit for the three months ended March 31, 2023 for GE HealthCare relates to preparatory steps for the spin-off, which resulted in taxable gain offset by a deferred tax asset and the reversal of valuation allowances for capital loss carryovers utilized against a portion of the gain. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,180 $ 2,627 Current receivables 13 3,361 Inventories, including deferred inventory costs — 2,512 Goodwill — 12,799 Other intangible assets - net — 1,520 Contract and other deferred assets — 854 Financing receivables held for sale (Polish mortgage portfolio)(a) 1,126 1,200 Property, plant, and equipment - net 69 2,379 All other assets 344 2,109 Deferred income taxes 62 2,528 Assets of discontinued operations(b) $ 2,793 $ 31,890 Accounts payable and equipment project payables $ 102 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 36 5,658 All other liabilities(a) 1,413 4,556 Liabilities of discontinued operations(b) $ 1,551 $ 24,474 (a) Included $889 million of valuation allowance against financing receivables held for sale (including $645 million related to foreign currency-denominated mortgage litigation) and $895 million of litigation reserves recorded in All other liabilities in Poland at March 31, 2023. (b) Included $133 million and $28,998 million of assets and $279 million and $23,337 million of liabilities for GE HealthCare as of March 31, 2023 and December 31, 2022, respectively. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We manage the investments in our run-off insurance operations under strict investment guidelines, including limitations on asset class concentration, single issuer exposures, asset-liability duration variances, and other factors to meet credit quality, yield, liquidity and diversification requirements associated with servicing our insurance liabilities under reasonable circumstances. This process includes consideration of various asset allocation strategies and incorporates information from several external investment advisors to improve our investment yield subject to maintaining our ability to satisfy insurance liabilities when due, as well as considering our risk-based capital requirements, regulatory constraints, and tolerance for surplus volatility. Asset allocation planning is a dynamic process that considers changes in market conditions, risk appetite, liquidity needs and other factors, which are reviewed on a periodic basis by our investment team. Our investment in GE HealthCare comprised 90.3 million shares (approximately 19.9% ownership interest) at March 31, 2023. Our investment in AerCap comprised 79.7 million ordinary shares (approximately 33% ownership interest) at March 31, 2023 and an AerCap senior note, for which we have adopted the fair value option. We sold our remaining shares in Baker Hughes (BKR) during the first quarter of 2023. Our GE HealthCare, AerCap and BKR investments are recorded as Equity securities with readily determinable fair values. Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. March 31, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 7,410 $ — $ — $ — $ — Equity and note (AerCap) — — — 5,404 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 12,814 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,760 $ 996 $ (1,781) $ 26,975 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,585 26 (243) 2,369 2,548 18 (300) 2,266 State and municipal 2,881 106 (184) 2,803 2,898 66 (241) 2,722 Mortgage and asset-backed 4,623 39 (320) 4,341 4,442 21 (290) 4,173 Government and agencies 1,641 3 (139) 1,504 1,172 2 (147) 1,026 Other equity 270 — — 270 408 — — 408 Non-current investment securities $ 39,761 $ 1,169 $ (2,668) $ 38,262 $ 38,388 $ 781 $ (3,143) $ 36,027 The amortized cost of debt securities excludes accrued interest of $490 million and $457 million at March 31, 2023 and December 31, 2022, respectively , which is reported in All other current assets. The estimated fair value of investment securities at March 31, 2023 increased since December 31, 2022, primarily due to the classification of our remaining equity interest in GE HealthCare within investment securities, new insurance investments, lower market yields and tightening credit spreads, partially offset by AerCap and BKR share sales, and the mark-to-market effect on our equity interest in AerCap. Total estimated fair value of debt securities in an unrealized loss position were $20,685 million and $21,482 million, of which $14,044 million and $3,275 million had gross unrealized losses of $(2,344) million and $(835) million and had been in a loss position for 12 months or more at March 31, 2023 and December 31, 2022, respectively. At March 31, 2023, the majority of our U.S. and Non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology, energy and insurance industries. In addition, gross unrealized losses on our Mortgage and asset-backed securities included $(194) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(125) million related to asset-backed securities. The majority of our CMBS and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not likely that we will be required to sell the investments before recovery of their amortized cost basis. Net unrealized gains (losses) for equity securities with readily determinable fair values, which are recorded in Other income (loss) within continuing operations, were $6,040 million and $(370) million for the three months ended March 31, 2023 and 2022, respectively. Proceeds from debt and equity securities sales and early redemptions by issuers totaled $3,008 million and $1,949 million for the three months ended March 31, 2023 and 2022, respectively. Gross realized gains on debt securities were $11 million and $24 million for the three months ended March 31, 2023 and 2022, respectively. Gross realized losses and impairments on debt securities were $(21) million and an insignificant amount for the three months ended March 31, 2023 and 2022, respectively. Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 1,057 $ 1,052 After one year through five years 4,762 4,753 After five years through ten years 5,726 5,793 After ten years 23,323 22,052 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. The majority of our equity securities are classified within Level 1 and the majority of our debt securities are classified within Level 2, as their valuation is determined based on significant observable inputs. Investments with a fair value of $6,379 million and $6,421 million are classified within Level 3, as significant inputs to their valuation models are unobservable at March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, there were no significant transfers into or out of Level 3. In addition to the equity securities described above, we hold $714 million and $614 million of equity securities without readily determinable fair values at March 31, 2023 and December 31, 2022, respectively, that are classified within non-current All other assets in our Statement of Financial Position. Fair value adjustments, including impairments, recorded in earnings were $9 million and $18 million for the three months ended March 31, 2023 and 2022, respectively. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES March 31, 2023 December 31, 2022 Customer receivables $ 11,123 $ 11,803 Revenue sharing program receivables(a) 1,336 1,326 Non-income based tax receivables 1,190 1,146 Supplier advances 711 691 Receivables from disposed businesses 245 115 Other sundry receivables 393 518 Allowance for credit losses(b) (787) (768) Total current receivables $ 14,212 $ 14,831 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Allowance for credit losses increased primarily due to net new provisions of $20 million, partially offset by write-offs, recoveries and foreign currency impact. March 31, 2023 December 31, 2022 Aerospace $ 7,667 $ 7,784 Renewable Energy 2,129 2,415 Power 3,940 4,229 Corporate 477 404 Total current receivables $ 14,212 $ 14,831 Sales of customer receivables. From time to time, the Company 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. The Company sold current customer receivables to third parties and subsequently collected $464 million and $347 million in the three months ended March 31, 2023 and 2022, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in Renewable Energy and Aerospace, 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. Included in the sales of customer receivables in the first quarter of 2023, was $77 million in our Gas Power business, primarily for risk mitigation purposes. LONG-TERM RECEIVABLES March 31, 2023 December 31, 2022 Long-term customer receivables(a) $ 448 $ 457 Supplier advances 279 266 Non-income based tax receivables 236 213 Financing receivables 147 82 Sundry receivables 429 400 Allowance for credit losses (182) (183) Total long-term receivables $ 1,358 $ 1,236 (a) The Company sold zero and $79 million of long-term customer receivables to third parties for the three months ended March 31, 2023 and 2022, respectively, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS March 31, 2023 December 31, 2022 Raw materials and work in process $ 10,000 $ 9,191 Finished goods 4,223 3,937 Deferred inventory costs(a) 1,975 1,764 Inventories, including deferred inventory costs $ 16,198 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES March 31, 2023 December 31, 2022 Original cost $ 26,957 $ 26,641 Less accumulated depreciation and amortization (16,640) (16,303) Right-of-use operating lease assets 1,853 1,854 Property, plant and equipment – net $ 12,170 $ 12,192 Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL January 1, 2023 Currency exchange Balance at March 31, 2023 Aerospace $ 8,835 $ 64 $ 8,899 Renewable Energy 3,201 42 3,243 Power 144 — 144 Corporate(a) 818 2 821 Total $ 12,999 $ 108 $ 13,107 (a) Corporate balance comprises our Digital business. We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In the first quarter of 2023, we did not identify any reporting units that required an interim impairment test. However, we continue to monitor the operating results and cash flow forecasts of our Digital reporting unit at Corporate and our Additive reporting unit in our Aerospace segment as the fair value of these reporting units were not significantly in excess of their carrying values based on the results of our most recent annual impairment test, performed in the fourth quarter of 2022. At March 31, 2023, our Digital and Additive reporting units had goodwill of $821 million and $244 million, respectively. Intangible assets decreased $115 million during the three months ended March 31, 2023, primarily as a result of amortization partially offset by changes in foreign exchange rates of $23 million and additions of capitalized software mainly at Aerospace of $20 million. Consolidated amortization expense was $140 million and $922 million in the three months ended March 31, 2023 and 2022, respectively. Included within consolidated amortization expense for the three months ended March 31, 2022 was a non-cash pre-tax impairment charge of $765 million. For further information on this non-cash pre-tax impairment charge, refer to our Annual Report on Form 10-K for the year ended December 31, 2022. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 8. REVENUES EQUIPMENT & SERVICES REVENUES Three months ended March 31 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 1,974 $ 5,007 $ 6,981 $ 1,654 $ 3,949 $ 5,603 Renewable Energy 2,311 527 2,837 2,173 698 2,871 Power 1,102 2,718 3,820 965 2,536 3,501 Total segment revenues $ 5,387 $ 8,252 $ 13,638 $ 4,792 $ 7,183 $ 11,975 REVENUES Three months ended March 31 2023 2022 Commercial Engines & Services $ 5,194 $ 3,853 Military 1,018 1,036 Systems & Other 770 714 Aerospace $ 6,981 $ 5,603 Onshore Wind $ 1,502 $ 1,906 Grid Solutions equipment and services 824 668 Offshore Wind, Hydro and Hybrid Solutions 511 297 Renewable Energy $ 2,837 $ 2,871 Gas Power $ 2,867 $ 2,489 Steam Power 541 636 Power Conversion, Nuclear and other 412 377 Power $ 3,820 $ 3,501 Total segment revenues $ 13,638 $ 11,975 Corporate $ 848 $ 700 Total revenues $ 14,486 $ 12,675 |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 3 Months Ended |
Mar. 31, 2023 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | NOTE 9. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME Contract and other deferred assets decreased $368 million in the three months ended March 31, 2023 primarily due to a decrease in long-term service agreements, partially offset by the timing of revenue recognition ahead of billing milestones on long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $3,155 million, partially offset by revenues recognized of $2,579 million and net favorable changes in estimated profitability of $53 million at Aerospace and net unfavorable changes in estimated profitability of $12 million at Power. March 31, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,603 $ — $ 5,317 $ — $ 7,920 Billings in excess of revenues (7,288) — (1,807) — (9,095) Long-term service agreements $ (4,685) $ — $ 3,510 $ — $ (1,176) Short-term and other service agreements 456 129 66 277 927 Equipment contract revenues 27 1,009 1,457 — 2,493 Current contract assets $ (4,203) $ 1,138 $ 5,032 $ 277 $ 2,244 Nonrecurring engineering costs(a) 2,521 19 2 — 2,542 Customer advances and other(b) 2,389 — 700 — 3,089 Non-current contract and other deferred assets $ 4,910 $ 19 $ 702 $ — $ 5,631 Total contract and other deferred assets $ 707 $ 1,157 $ 5,734 $ 277 $ 7,875 December 31, 2022 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,363 $ — $ 5,403 $ — $ 7,766 Billings in excess of revenues (6,681) — (1,763) — (8,443) Long-term service agreements $ (4,318) $ — $ 3,640 $ — $ (677) Short-term and other service agreements 391 108 56 245 799 Equipment contract revenues 42 955 1,348 — 2,345 Current contract assets $ (3,884) $ 1,063 $ 5,044 $ 245 $ 2,467 Nonrecurring engineering costs(a) 2,513 17 4 — 2,534 Customer advances and other(b) 2,519 — 724 — 3,243 Non-current contract and other deferred assets $ 5,032 $ 17 $ 728 $ — $ 5,776 Total contract and other deferred assets $ 1,148 $ 1,079 $ 5,772 $ 245 $ 8,244 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. Progress collections and deferred income increased $461 million primarily due to new collections received in excess of revenue recognition at Power and Renewable Energy, partially offset by net liquidations at Aerospace. Revenues recognized for contracts included in a liability position at the beginning of the year were $4,468 million and $3,997 million for the three months ended March 31, 2023 and 2022, respectively. March 31, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections on equipment contracts $ 90 $ 2,313 $ 4,349 $ — $ 6,751 Other progress collections 5,631 3,071 451 131 9,284 Current deferred income 216 204 12 119 550 Progress collections and deferred income $ 5,937 $ 5,588 $ 4,812 $ 249 $ 16,586 Non-current deferred income 1,183 206 98 12 1,500 Total Progress collections and deferred income $ 7,120 $ 5,794 $ 4,910 $ 262 $ 18,086 December 31, 2022 Progress collections on equipment contracts $ 74 $ 2,464 $ 3,973 $ — $ 6,511 Other progress collections 5,740 2,731 541 131 9,143 Current deferred income 233 208 13 107 562 Progress collections and deferred income $ 6,047 $ 5,404 $ 4,527 $ 238 $ 16,216 Non-current deferred income 1,110 183 104 12 1,409 Total Progress collections and deferred income $ 7,157 $ 5,586 $ 4,632 $ 250 $ 17,625 |
ALL OTHER ASSETS
ALL OTHER ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | NOTE 10. ALL OTHER ASSETS. All other current assets and All other assets primarily include equity method and other investments, long-term customer and sundry receivables (see Note 4), cash and cash equivalents and receivables in our run-off insurance operations and prepaid taxes and other deferred charges. All other non-current assets increased $412 million in the three months ended March 31, 2023, primarily due to an increase in equity method and other investments of $180 million, an increase in long-term receivables of $122 million and an increase in Insurance cash and cash equivalents of $68 million. Insurance cash and cash equivalents was $687 million and $619 million at March 31, 2023 and December 31, 2022, respectively. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 11. BORROWINGS March 31, 2023 December 31, 2022 Current portion of long-term borrowings Senior notes issued by GE $ 609 $ 464 Senior and subordinated notes assumed by GE 947 1,973 Senior notes issued by GE Capital 592 1,188 Other 114 115 Total short-term borrowings $ 2,262 $ 3,739 Senior notes issued by GE $ 4,653 $ 4,724 Senior and subordinated notes assumed by GE 8,383 8,406 Senior notes issued by GE Capital 6,262 6,289 Other 861 901 Total long-term borrowings $ 20,159 $ 20,320 Total borrowings $ 22,421 $ 24,059 |
ACCOUNTS PAYABLE AND EQUIPMENT
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES March 31, 2023 December 31, 2022 Trade payables $ 10,049 $ 10,033 Supply chain finance programs 3,454 3,689 Equipment project payables(a) 1,109 1,236 Non-income based tax payables 451 441 Accounts payable and equipment project payables $ 15,063 $ 15,399 (a) Primarily related to projects in our Power and Renewable Energy segments. We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through these third-party programs were $2,079 million and $1,856 million for the three months ended March 31, 2023 and 2022, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $791 million and $764 million, profit was $70 million and $106 million and net earnings was $54 million and $84 million for the three months ended March 31, 2023 and 2022, respectively. For the years ended December 31, 2022 and 2021 our insurance operations (net of eliminations) generated revenues of $2,957 million and $3,101 million, profit was $205 million and $798 million and net earnings was $159 million and $627 million, respectively. These operations were supported by assets of $47,981 million, $45,031 million and $56,037 million at March 31, 2023, December 31, 2022 and 2021, respectively. A summary of our insurance liabilities and annuity benefits is presented below: March 31, 2023 Long-term care Structured settlement annuities Life Other contracts(a) Total Future policy benefit reserves $ 26,054 $ 9,349 $ 1,045 $ 428 $ 36,876 Investment contracts — 846 — 821 1,667 Other — — 178 361 539 Total $ 26,054 $ 10,194 $ 1,223 $ 1,610 $ 39,082 December 31, 2022 Future policy benefit reserves $ 24,256 $ 8,860 $ 1,040 $ 437 $ 34,593 Investment contracts — 860 — 849 1,708 Other — — 178 365 544 Total $ 24,256 $ 9,720 $ 1,218 $ 1,651 $ 36,845 December 31, 2021 Long-term care Structured settlement annuities Life Other contracts(a) Total Future policy benefit reserves $ 34,644 $ 12,328 $ 1,301 $ 490 $ 48,763 Investment contracts — 950 — 907 1,857 Other — — 189 761 950 Total $ 34,644 $ 13,278 $ 1,490 $ 2,158 $ 51,570 (a) As of December 31, 2021, Other includes reserves of $325 million related to short-duration contracts at EIC, net of eliminations. The following tables summarize balances of and changes in future policy benefits reserves. March 31, 2023 March 31, 2022 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,059 $ — $ 4,828 $ 5,652 $ — $ 6,622 Beginning balance at locked-in discount rate 3,958 — 5,210 4,451 — 5,443 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience 29 — (35) (130) — 2 Adjusted beginning of year balance 3,987 — 5,175 4,321 — 5,445 Interest accrual 53 — 50 59 — 52 Net premiums collected (103) — (73) (113) — (83) Effect of foreign currency — — (23) — — 73 Ending balance at locked-in discount rate 3,937 — 5,129 4,267 — 5,487 Effect of changes in discount rate assumptions 281 — (149) 696 — 396 Balance, end of year $ 4,217 $ — $ 4,979 $ 4,963 $ — $ 5,883 Present value of expected future policy benefits Balance, beginning of year $ 28,316 $ 8,860 $ 5,868 $ 40,296 $ 12,328 $ 7,923 Beginning balance at locked-in discount rate 27,026 8,790 6,247 27,465 9,024 6,560 Effect of changes in cash flow assumptions (11) — — — — — Effect of actual variances from expected experience 30 (1) 2 (130) (3) 19 Adjusted beginning of year balance 27,046 8,789 6,250 27,335 9,021 6,579 Interest accrual 363 115 60 365 119 62 Benefit payments (309) (174) (138) (274) (162) (148) Effect of foreign currency — — (24) — — 77 Ending balance at locked-in discount rate 27,100 8,730 6,148 27,425 8,978 6,570 Effect of changes in discount rate assumptions 3,171 619 (123) 7,852 1,870 488 Balance, end of year $ 30,271 $ 9,349 $ 6,025 $ 35,277 $ 10,848 $ 7,058 Net future policy benefit reserves $ 26,054 $ 9,349 $ 1,045 $ 30,314 $ 10,848 $ 1,175 Less: Reinsurance recoverables, net of allowance for credit losses (204) — (57) (5,154) — (81) Net future policy benefit reserves, after reinsurance recoverables $ 25,850 $ 9,349 $ 988 $ 25,160 $ 10,848 $ 1,094 December 31, 2022 December 31, 2021 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 5,652 $ — $ 6,622 $ 6,397 $ — $ 7,205 Beginning balance at locked-in discount rate 4,451 — 5,443 4,822 — 5,518 Effect of changes in cash flow assumptions (9) — 91 (91) — 191 Effect of actual variances from expected experience (290) — 6 (68) — (69) Adjusted beginning of year balance 4,152 — 5,540 4,663 — 5,640 Interest accrual 223 — 203 241 — 203 Net premiums collected (417) — (357) (453) — (392) Effect of foreign currency — — (176) — — (9) Ending balance at locked-in discount rate 3,958 — 5,210 4,451 — 5,443 Effect of changes in discount rate assumptions 101 — (381) 1,201 — 1,179 Balance, end of year $ 4,059 $ — $ 4,828 $ 5,652 $ — $ 6,622 Present value of expected future policy benefits Balance, beginning of year $ 40,296 $ 12,328 $ 7,923 $ 43,974 $ 13,531 $ 8,767 Beginning balance at locked-in discount rate 27,465 9,024 6,560 27,745 9,163 6,797 Effect of changes in cash flow assumptions (413) (23) 120 (509) 58 207 Effect of actual variances from expected experience (320) (11) 40 (147) (11) (43) Adjusted beginning of year balance 26,732 8,990 6,720 27,089 9,210 6,961 Interest accrual 1,446 471 243 1,435 491 248 Benefit payments (1,152) (671) (531) (1,058) (678) (638) Effect of foreign currency — — (185) — — (10) Ending balance at locked-in discount rate 27,026 8,790 6,247 27,465 9,024 6,560 Effect of changes in discount rate assumptions 1,290 70 (380) 12,831 3,305 1,363 Balance, end of year $ 28,316 $ 8,860 $ 5,868 $ 40,296 $ 12,328 $ 7,923 Net future policy benefit reserves $ 24,256 $ 8,860 $ 1,040 $ 34,644 $ 12,328 $ 1,301 Less: Reinsurance recoverables, net of allowance for credit losses (171) — (67) (6,473) — (87) Net future policy benefit reserves, after reinsurance recoverables $ 24,085 $ 8,860 $ 973 $ 28,171 $ 12,328 $ 1,214 The Statement of Earnings (Loss) for the three months ended March 31, 2023 and 2022, included gross premiums or assessments of $214 million and $229 million and interest accretion of $435 million and $436 million, respectively. For the three months ended March 31, 2023 and 2022, gross premiums or assessments was substantially all related to long-term care of $124 million and $123 million and life of $84 million and $98 million while interest accretion was substantially all related to long-term care of $310 million and $306 million and structured settlement annuities of $115 million and $119 million, respectively. The Statement of Earnings (Loss) for the years ended December 31, 2022 and 2021, included gross premiums or assessments of $935 million and $967 million and interest accretion of $1,735 million and $1,730 million, respectively. For the years ended December 31, 2022 and 2021, gross premiums or assessments was substantially all related to long-term care of $490 million and $487 million and life of $415 million and $448 million while interest accretion was substantially all related to long-term care of $1,224 million and $1,194 million and structured settlement annuities of $471 million and $491 million, respectively. The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 Undiscounted Discounted(a) Undiscounted Discounted(a) Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care Gross premiums $ 7,924 $ 5,105 $ 8,052 $ 5,599 $ 7,985 $ 4,918 $ 8,173 $ 6,187 Benefit payments 64,944 30,271 67,254 35,277 65,217 28,316 67,516 40,296 Structured settlement annuities Benefit payments 19,745 9,349 20,482 10,848 19,936 8,860 20,666 12,328 Life Gross premiums 13,537 6,104 14,676 7,311 13,754 5,916 14,579 8,275 Benefit payments 11,800 6,025 12,709 7,058 12,020 5,868 12,702 7,923 (a) Determined using the current discount rate as of March 31, 2023 and 2022 and December 31, 2022 and 2021. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 13.2 11.2 5.3 14.6 12.2 6.1 13.0 10.7 5.0 15.5 13.2 6.3 Interest accretion rate 5.5% 5.4% 5.1% 5.5% 5.4% 5.1% 5.5% 5.4% 4.9% 5.3% 5.5% 4.8% Current discount rate 5.0% 5.0% 4.8% 4.0% 4.0% 3.8% 5.6% 5.5% 5.4% 3.1% 3.1% 2.6% (a) Duration determined using the current discount rate as of March 31, 2023 and 2022 and December 31, 2022 and 2021. We completed our annual review of future policy benefit reserves cash flow assumptions in our run-off insurance portfolio in the third quarter of 2022 and 2021. As a result of our 2022 review, we made changes to assumptions, principally related to assumed moderately higher near-term mortality related to COVID-19. Our 2021 review resulted in changes to our assumptions principally related to favorable adjustments to long-term care claim continuance and utilization, unfavorable emerging lapse experience associated with 20-year level term life policies following the end of their 20-year level premium period, and unfavorable structured settlement annuity mortality at older ages for impaired lives. Included in Insurance losses and annuity benefits in our Statement of Earnings (Loss) for the years ended December 31, 2022 and 2021 are favorable pre-tax adjustments of $404 million and $408 million, respectively, from updating the net premium ratio after updating for actual historical experience each quarter and updating of future cash flow assumptions in the third quarter of each year. Included in these amounts for the years ended December 31, 2022 and 2021, are unfavorable adjustments of $190 million and $58 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios in 2022 and our life portfolio in 2021. These adjustments are primarily attributable to adverse claim experience and delays in premium rate increase approvals in our long-term care insurance portfolio and moderately higher mortality experience and assumption changes related to COVID-19 in our life insurance portfolio. At March 31, 2023 and 2022, policyholders account balances totaled $1,921 million and $2,095 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the three months ended March 31, 2023 and 2022, are primarily attributed to surrenders, withdrawals, and benefit payments of $120 million and $115 million, partially offset by net additions from separate accounts and interest credited of $75 million and $81 million, respectively. Interest on policyholder account balances is being credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both March 31, 2023 and 2022. At December 31, 2022 and 2021, policyholders account balances totaled $1,964 million and $2,124 million. As our insurance operations are in run-off, changes in policyholder account balances for the years ended December 31, 2022 and 2021, are primarily attributed to surrenders, withdrawals, and benefit payments of $441 million and $475 million, partially offset by net additions from separate accounts and interest credited of $271 million and $326 million, respectively. Interest on policyholder account balances is being credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both December 31, 2022 and 2021. Reinsurance recoverables, net of allowances are included in non-current All other assets in our Statement of Financial Position, and amounted to $277 million, $255 million and $6,596 million at March 31, 2023 and December 31, 2022 and 2021, respectively. Allowances at March 31, 2023 and December 31, 2022 were insignificant and were $2,065 million at December 31, 2021. In the third quarter of 2022, we agreed to terminate substantially all long-term care insurance exposures previously ceded to a single reinsurance company (recapture transaction) and recorded an increase to our allowance for credit losses on such reinsurance recoverables of $350 million (pre-tax) ($276 million (after-tax)) which is unrelated to changes in claim experience or projections of future policy benefit reserves. Upon closing of the recapture transaction in the fourth quarter of 2022, we received a net portfolio of investment securities with an estimated fair value of $2,396 million in complete settlement of reinsurance recoverables previously recognized under retrocession agreements with the reinsurance company, which represented substantially all of our reinsurance recoverables balance as of September 30, 2022 and recorded an incremental loss of $55 million (pre-tax) ($43 million (after-tax)). The recapture transaction reduces both our financial and operational risks by removing the future inherent risk of collectability of reinsurance recoverables, eliminating retrocession contracts having complex terms and conditions, assuming direct control of the portfolio of investment securities held in a trust for our benefit and redeploying those assets consistent with our portfolio realignment strategy and establishing administration service standards intended to enhance claim administration and innovation efforts. The effect of the recapture agreement does not increase our long-term care insurance liabilities as under the existing retrocession agreements we were not previously relieved of our primary obligation to companies from which we originally assumed the liabilities. Statutory accounting practices, not GAAP, determine the required statutory capital levels of 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. We annually perform statutory asset adequacy testing, the results of which may affect the amount or timing of capital contributions from GE to the insurance legal entities. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department (KID), we provided a total of $13,215 million of capital contributions to our run-off insurance subsidiaries, including $1,815 million in the first quarter of 2023. In accordance with the terms of the 2018 statutory permitted accounting practice, we expect to provide the final capital contribution of approximately $1,820 million in the first quarter of 2024, pending completion of our December 31, 2023 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. See Notes 1 and 3 for further information related to our run-off insurance operations. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 14. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022 for further information about our plans before the Separation. In connection with the Separation, certain of these plans were split into three and net liabilities of approximately $4.0 billion associated with GE’s postretirement benefit plans were transferred to GE HealthCare. Information about the plans remaining with GE after the Separation is provided below. DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Energy Pension Plan and GE Aerospace Pension Plan Covers U.S. participants ~115,000 retirees and beneficiaries, ~50,000 vested former employees and ~16,500 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. Closed to new participants since 2012. Benefits for 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 October 2019). GE Energy Supplementary Pension Plan GE Aerospace Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees 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 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans(a) 35 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~42,500 retirees and beneficiaries, ~29,500 vested former employees and ~8,000 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 of Power and Renewable Energy (will be part of GE Vernova, GE's portfolio of energy businesses) and Aerospace ~93,500 retirees and dependents and ~15,500 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. (a) Plans for Power and Renewable Energy (will be part of GE Vernova) and Aerospace that reach $50 million. Plans are not removed from the presentation unless part of a disposition or plan termination. The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Earnings (Loss). PRINCIPAL PENSION PLANS Three months ended March 31 2023 2022 Service cost for benefits earned $ 21 $ 49 Expected return on plan assets (594) (786) Interest cost on benefit obligations 474 517 Net actuarial loss amortization and other (172) 363 Net periodic expense (income) (271) 143 Less discontinued operations $ — $ 49 Continuing operations – net periodic expense (income) $ (271) $ 94 Principal retiree benefit plans income was $36 million for the three months ended March 31, 2023 and $52 million, of which $33 million is from continuing operations, for the three months ended March 31, 2022. Other pension plans income was $29 million for the three months ended March 31, 2023 and $117 million, of which $89 million is from continuing operations, for the three months ended March 31, 2022. We also have a defined contribution plan for eligible U.S. employees that provides employer contributions. Defined contribution plan costs were $77 million for the three months ended March 31, 2023 and $110 million, of which $79 million is from continuing operations, for the three months ended March 31, 2022. |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
CURRENT AND ALL OTHER LIABILITIES | NOTE 15. CURRENT AND ALL OTHER LIABILITIES. All other current liabilities and All other liabilities primarily includes liabilities for customer sales allowances, equipment project and commercial liabilities, loss contracts, employee compensation and benefits, income taxes payable and uncertain tax positions, operating lease liabilities (see Note 6), environmental, health and safety remediations and product warranties (see Note 23). All other current liabilities increased $183 million in the three months ended March 31, 2023, primarily due to taxes payable of $175 million, sales discounts and allowances of $135 million and equipment projects and other commercial liabilities of $120 million partially offset by derivative instruments of $195 million. All other liabilities decreased $125 million in the three months ended March 31, 2023, primarily due to decreased equipment projects and other commercial liabilities of $181 million. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16. INCOME TAXES. Our income tax rate was 4.2% and (2.5)% for the three months ended March 31, 2023 and 2022, respectively. The low tax rate for 2023 was primarily due to the unrealized gain on our investment in GE HealthCare, which is expected to be recovered tax-free. We intend to dispose of our investment in a manner consistent with the tax-free treatment confirmed in our Internal Revenue Service (IRS) ruling in connection with the spin of GE HealthCare. This was partially offset by separation income tax costs including disallowed expenses and valuation allowances related to the spin of GE HealthCare and by losses in foreign jurisdictions that are not likely to be utilized. The tax rate for 2022 reflects a tax provision on a pre-tax loss. The rate was negative primarily due to non-tax benefited asset impairment charges, losses in foreign jurisdictions that are not likely to be utilized and the net unrealized capital loss on our interest in AerCap and Baker Hughes for which the loss could not be tax benefited. On August 16, 2022, the U.S. enacted the Inflation Reduction Act that includes a new Corporate Alternative Minimum Tax (CAMT) based upon financial statement income, an excise tax on stock buybacks and tax incentives for energy and climate initiatives, among other provisions. The new CAMT is expected to slow but not eliminate the favorable tax impact of our deferred tax assets, resulting in higher cash tax in some years that would generate future tax benefits. The impact of CAMT will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury. We currently do not expect to incur CAMT in 2023. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 17. SHAREHOLDERS’ EQUITY Three months ended March 31 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars) 2023 2022 Beginning balance $ (5,893) $ (4,569) AOCI before reclasses – net of taxes of $(5) and $90 152 (181) Reclasses from AOCI – net of taxes of $(626) and $0(a) 2,234 — AOCI 2,387 (181) Less AOCI attributable to noncontrolling interests (1) (4) Currency translation adjustments AOCI $ (3,505) $ (4,746) Beginning balance $ 6,531 $ 3,646 AOCI before reclasses – net of taxes of $(13) and $25 (84) 54 Reclasses from AOCI – net of taxes of $(594) and $55(a) (2,235) 186 AOCI (2,319) 240 Less AOCI attributable to noncontrolling interests (2) 2 Benefit plans AOCI $ 4,214 $ 3,884 Beginning balance $ (1,927) $ 5,172 AOCI before reclasses – net of taxes of $188 and $(801) 718 (2,993) Reclasses from AOCI – net of taxes of $0 and $1(a) (12) (5) AOCI 706 (2,998) Investment securities and cash flow hedges AOCI $ (1,222) $ 2,174 Beginning balance $ (983) $ (9,109) AOCI before reclasses – net of taxes of $(477) and $979 (1,793) 3,682 AOCI (1,793) 3,682 Long-duration insurance contracts AOCI $ (2,776) $ (5,427) AOCI at March 31 $ (3,289) $ (4,115) Dividends declared per common share $ 0.08 $ 0.08 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in three months ended March 31, 2023 related to the spin-off of GE HealthCare. Preferred stock. GE preferred stock shares outstanding were 2,795,444 and 5,795,444 at March 31, 2023 and December 31, 2022, respectively. We redeemed $3,000 million of GE Series D preferred stock in the first quarter of 2023. Common stock. GE common stock shares outstanding were 1,088,960,029 and 1,089,107,878 at March 31, 2023 and December 31, 2022, respectively. For further information on our common and preferred stock issuances, please refer to our Annual Report on Form 10-K for the year ended December 31, 2022. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION Three months ended March 31 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 6,242 $ 6,248 $ (1,224) $ (1,224) Preferred stock dividends and other(a) (145) (145) (52) (52) Earnings (loss) from continuing operations attributable to common shareholders 6,097 6,103 (1,276) (1,276) Earnings (loss) from discontinued operations 1,257 1,257 88 88 Net earnings (loss) attributable to GE common shareholders 7,354 7,360 (1,188) (1,188) Shares of GE common stock outstanding 1,089 1,089 1,100 1,100 Employee compensation-related shares (including stock options) 8 — — — Total average equivalent shares 1,097 1,089 1,100 1,100 Earnings (loss) per share from continuing operations $ 5.56 $ 5.60 $ (1.16) $ (1.16) Earnings (loss) per share from discontinued operations 1.15 1.15 0.08 0.08 Net earnings (loss) per share 6.71 6.76 (1.08) (1.08) Potentially dilutive securities(b) 38 43 (a) For the three months ended March 31, 2023, included $(30) million related to excise tax on preferred share redemption. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. For the three months ended March 31, 2023, application of this treatment had an insignificant effect. For the three months ended March 31, 2022, as a result of the loss from continuing operations, losses were not allocated to the participating securities. |
OTHER INCOME (LOSS)
OTHER INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS) | NOTE 19. OTHER INCOME (LOSS) Three months ended March 31 2023 2022 Licensing and royalty income $ 34 $ 57 Equity method income — 38 Investment in GE HealthCare unrealized gain (loss) 6,093 — Investment in and note with AerCap realized and unrealized gain (loss) (195) (1,736) Investment in Baker Hughes realized and unrealized gain (loss) 10 1,515 Other net interest and investment income (loss) 186 93 Other items (48) 82 Total other income (loss) $ 6,081 $ 49 Our investment in GE HealthCare comprises 90.3 million shares (approximately 19.9% ownership interest) at March 31, 2023. Our investment in AerCap comprises 79.7 million ordinary shares (approximately 33% ownership interest) at March 31, 2023 and an AerCap senior note. During the first quarter of 2023, we received total proceeds of $1,808 million from the sale of AerCap shares. During the first quarter of 2023, we received proceeds of $216 million from the sale of Baker Hughes shares and have now fully monetized our position. |
RESTRUCTURING CHARGES AND SEPAR
RESTRUCTURING CHARGES AND SEPARATION COSTS | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES AND SEPARATION COSTS | NOTE 20. RESTRUCTURING CHARGES AND SEPARATION COSTS RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. Three months ended March 31 RESTRUCTURING AND OTHER CHARGES 2023 2022 Workforce reductions $ 66 $ 13 Plant closures & associated costs and other asset write-downs 82 26 Acquisition/disposition net charges and other 12 9 Total restructuring and other charges $ 161 $ 48 Cost of equipment/services $ 36 $ 27 Selling, general and administrative expenses 125 25 Other (income) loss — (3) Total restructuring and other charges $ 161 $ 48 Aerospace $ 4 $ 5 Renewable Energy 65 6 Power 19 34 Corporate 72 3 Total restructuring and other charges $ 161 $ 48 Restructuring and other charges cash expenditures $ 137 $ 127 An analysis of changes in the liability for restructuring follows. 2023 2022 Balance at January 1 $ 977 $ 825 Additions 86 9 Payments (87) (115) Effect of foreign currency and other — (9) Balance at March 31(a) $ 976 $ 710 (a) Includes actuarial determined post-employment severance benefits reserve of $353 million and $322 million as of March 31, 2023 and 2022, respectively. Also includes $64 million reserve in discontinued operations related to a GE technology contract which is indemnified by GE HealthCare as of March 31, 2023. For the three months ended March 31, 2023, restructuring and other initiatives primarily included exit activities related to the restructuring program announced in the fourth quarter of 2022 reflecting lower Corporate shared-service and footprint needs as a result of the GE HealthCare spin-off. It also includes exit activities associated with the plan announced in the fourth quarter of 2022 to undertake a restructuring program across our businesses planned to be part of GE Vernova, primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize product variants at Renewable Energy. We recorded total charges of $161 million, consisting of $75 million primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $86 million primarily in employee workforce reduction and contract related charges, which are reflected in the table above. We incurred $137 million in cash outflows related to restructuring actions, primarily for employee severance payments. For the three months ended March 31, 2022, restructuring and other initiatives primarily included exit activities at our Power business related to our new coal build wind-down actions announced in the third quarter of 2021, which included the exit of certain product lines, closing certain manufacturing and office facilities, and workforce reduction programs. We recorded total charges of $48 million, consisting of $39 million primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $9 million primarily in employee workforce reduction charges, which are reflected in the table above. We incurred $127 million in cash outflows related to restructuring actions, primarily for employee severance payments. SEPARATION COSTS. In November 2021, the company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. As a result of this plan, we expect to incur separation, transition, and operational costs, which will depend on specifics of the transactions. For the three months ended March 31, 2023, we incurred pre-tax separation expense of $205 million and paid $204 million in cash primarily related to employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation and transaction costs to transition to three stand-alone public companies. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we incurred $56 million of net tax expense, including taxes associated with planned legal entity restructuring and changes to indefinite reinvestment of foreign earnings. For the three months ended March 31, 2022, we incurred pre-tax separation costs of $99 million, spent $3 million in cash, and recognized $24 million of net tax expense related to separation activities. As discussed in Note 2, GE completed the previously announced separation of its HealthCare business into a separate, independent publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). As a result, pre-tax separation costs specifically identifiable to GE HealthCare are now reflected in discontinued operations. We incurred $20 million in pre-tax costs and recognized $4 million of tax benefits for both the three months ended March 31, 2023 and 2022, and spent $85 million in cash related to GE HealthCare for the three months ended March 31, 2023. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 21. 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. March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,427 $ 2,275 $ 2,557 $ 2,418 Liabilities Borrowings (Note 11) $ 22,421 $ 21,586 $ 24,059 $ 22,849 Investment contracts (Note 13) 1,667 1,736 1,708 1,758 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. FAIR VALUE OF DERIVATIVES March 31, 2023 December 31, 2022 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Currency exchange contracts $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Derivatives accounted for as hedges $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Currency exchange contracts $ 58,595 $ 917 $ 871 $ 51,885 $ 946 $ 1,082 Interest rate contracts 30 — — 43 — 1 Other contracts 652 154 9 858 197 13 Derivatives not accounted for as hedges $ 59,277 $ 1,071 $ 880 $ 52,786 $ 1,143 $ 1,095 Gross derivatives $ 63,925 $ 1,208 $ 980 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (756) $ (755) $ (821) $ (820) Net derivatives recognized in statement of financial position $ 452 $ 225 $ 454 $ 420 FAIR VALUE HEDGES. As of March 31, 2023, all fair value hedges were terminated due to exposure management actions, including debt maturities. Gains (losses) associated with the terminated hedging relationships will continue to amortize into interest expense until the hedged borrowings mature. The cumulative amount of hedging adjustments of $1,226 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $8,817 million. At March 31, 2022, the cumulative amount of hedging adjustments of $1,931 million (including $2,011 million on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $15,636 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 Three months ended March 31 2023 2022 Cash flow hedges(a) $ 28 $ (47) Net investment hedges(b) (62) 112 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $3,398 million and $3,934 million as of March 31, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero for both the three months ended March 31, 2023 and 2022. 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 $25 million loss as of March 31, 2023. We expect to reclassify $8 million of loss to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. As of March 31, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately 12 years. The table below presents the gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): Three months ended March 31, 2023 Three months ended March 31, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 14,486 $ 269 $ 2,142 $ 16,810 $ 12,675 $ 387 $ 2,725 $ 9,823 Effect of cash flow hedges $ 1 $ (2) $ — $ (2) $ 3 $ (7) $ — $ (32) Hedged items 78 Derivatives designated as hedging instruments (87) Effect of fair value hedges $ (9) Currency exchange contracts $ 2 $ — $ 76 $ (47) $ 1 $ (68) $ (81) Interest rate, commodity — 39 (11) 1 (37) 15 Effect of derivatives not designated as hedges $ 2 $ — $ 115 $ (58) $ 1 $ — $ (105) $ (66) (a) Amounts are inclusive of cost of sales and other income (loss). (b) SG&A was primarily driven by hedges of deferred incentive compensation, and hedges of remeasurement of monetary assets and liabilities. These hedging programs were to offset the earnings impact of the underlying. COUNTERPARTY CREDIT RISK. Our exposures to counterparties were $325 million and $306 million at March 31, 2023 and December 31, 2022, respectively. Counterparties' exposures to our derivative liability were $170 million and $365 million at March 31, 2023 and December 31, 2022, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 22. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $404 million and $401 million and liabilities of $192 million and $206 million at March 31, 2023 and December 31, 2022, respectively, in consolidated Variable Interest Entities (VIEs). 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 | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | NOTE 23. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. We had total investment commitments of $3,966 million at March 31, 2023. The commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,868 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,761 million. See Note 22 for further information. As of March 31, 2023, in our Aerospace segment, we have committed to provide financing assistance of $2,390 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. Indemnification agreements - Discontinued Operations. Following the Separation of GE HealthCare on January 3, 2023, GE has remaining performance and bank guarantees on behalf of its former HealthCare business. Under the Separation Distribution Agreement (SDA) entered into by the Company and GE HealthCare in connection with the Separation, GE HealthCare is obligated to use reasonable best efforts to replace GE as the guarantor on or terminate all such credit support instruments. Until such termination or replacement, in the event of non-fulfillment of contractual obligations by the relevant obligor(s), GE could be obligated to make payments under the applicable instruments. Under the SDA, GE HealthCare is obligated to reimburse and indemnify GE for any such payments. As of March 31, 2023, GE’s maximum aggregate exposure under such credit support instruments was $76 million. Most of these guarantees are not expected to remain in effect as of December 31, 2023. GE also has obligations under the Transition Services Agreement to indemnify GE HealthCare for certain of its technology costs of $70 million, which are expected to be incurred by GE HealthCare within the first year following the Separation and are fully reserved, and under the Tax Matters Agreement to indemnify GE HealthCare for certain tax costs of $47 million, which are fully reserved. In addition, we have provided specific indemnities to other buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $706 million with related reserves of $76 million. Indemnification agreements – Continuing Operations. GE has obligations under the Tax Matters Agreement to indemnify GE HealthCare for certain tax costs and other indemnifications of $49 million, which are fully reserved. In addition, we have $520 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $78 million. For information on credit support agreements, see our Annual Report on Form 10-K for the year ended December 31, 2022. PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. The liability for product warranties was $1,932 million and $1,960 million at March 31, 2023 and December 31, 2022, respectively. LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 24 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022; refer to that discussion for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy legal matters. In 2015, we acquired the Steam Power, Renewables and Grid businesses from Alstom, which prior to our acquisition were the subject of significant cases involving anti-competitive activities and improper payments. We had reserves of $420 million and $455 million at March 31, 2023 and December 31, 2022, respectively, for legal and compliance matters related to the legacy business practices that were the subject of cases in various jurisdictions. Allegations in these cases relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations 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 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. 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 indexed or denominated mortgage loans in various courts throughout Poland. At March 31, 2023, approximately 86% of the Bank BPH portfolio is indexed to or denominated in foreign currencies (primarily Swiss francs), and the total portfolio had a carrying value, net of reserves, of $1,126 million. We continue to observe an increase in the number of lawsuits being brought against Bank BPH and other banks in Poland by current and former borrowers, and we expect this to continue in future reporting periods. We estimate potential losses for Bank BPH in connection with borrower litigation cases that are pending by recording legal reserves, as well as in connection with potential future cases or other adverse developments as part of our ongoing valuation of the Bank BPH portfolio, which we record at the lower of cost or fair value, less cost to sell. At March 31, 2023, the total amount of estimated losses was $1,540 million. We update our assumptions underlying the amount of estimated losses based primarily on the number of lawsuits filed and estimated to be filed in the future, whether liability will be established in lawsuits and the nature of the remedy ordered by courts if liability is established. The increase in the amount of estimated losses during the first quarter of 2023 was driven primarily by increased findings of liability and increases in the number of lawsuits filed. We expect the trends we have previously reported of an increasing number of lawsuits being filed and estimated to be filed in the future, 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 an expected ECJ ruling that could adversely impact the remedy cost to Polish banks upon a finding of liability and encourage more borrower lawsuits) 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; financial, economic and other conditions in Poland that may adversely affect borrowers; 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 indexed or denominated mortgage loans to Polish zlotys using an exchange rate applicable at the date of loan origination, and about the success of the various settlement strategies or other approaches that Polish banks have increasingly adopted or will adopt, or that Bank BPH may adopt in the future, in response to this proposal, regulatory encouragement or other factors, the approaches that regulators and other government authorities will adopt in response, the receptivity of borrowers to settlement offers; the financial and capital impact on banks that adopt settlement programs; the ability of banks, including Bank BPH, to continue collecting installment payments under existing loans, including principal, interest and foreign exchange margins; the ability of banks, including Bank BPH, to recover from borrowers the original principal amount of loans invalidated by Polish courts; and any potential legislation that may be passed in Poland relating to foreign exchange indexed or denominated mortgage loans. In addition, there is continued uncertainty arising from investigations of the Polish Office of Competition and Consumer Protection (UOKiK), including existing or anticipated UOKiK and court decisions resulting from those investigations, particularly UOKiK's investigation into the adequacy of disclosure of foreign exchange risk by banks (including Bank BPH) and the legality under Polish law of unlimited foreign exchange risk on customers. Future changes related to any of the foregoing or in Bank BPH's approach, or other adverse developments such as actions by regulators, legislators or other governmental authorities (including UOKiK), likely would have a material adverse effect on Bank BPH 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 . For further information about environmental, health and safety matters, see our Annual Report on Form 10-K for the year ended December 31, 2022. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2022 for further information regarding our determination of segment profit for continuing operations and for our allocations of corporate costs to our segments. SUMMARY OF REPORTABLE SEGMENTS Three months ended March 31 2023 2022 V % Aerospace $ 6,981 $ 5,603 25 % Renewable Energy 2,837 2,871 (1) % Power 3,820 3,501 9 % Total segment revenues 13,638 11,975 14 % Corporate 848 700 21 % Total revenues $ 14,486 $ 12,675 14 % Aerospace $ 1,326 $ 908 46 % Renewable Energy (414) (434) 5 % Power 75 63 19 % Total segment profit (loss) 987 538 83 % Corporate(a) 5,456 (1,419) F Interest and other financial charges (257) (371) 31 % Non-operating benefit income (cost) 385 105 F Benefit (provision) for income taxes (322) (76) U Preferred stock dividends (145) (52) U Earnings (loss) from continuing operations attributable to GE common shareholders 6,103 (1,276) F Earnings (loss) from discontinued operations attributable to GE common shareholders 1,257 88 F Net earnings (loss) attributable to GE common shareholders $ 7,360 $ (1,188) F (a) Includes interest and other financial charges of $12 million and $16 million and benefit for income taxes of $51 million and $47 million related to EFS within Corporate for the three months ended March 31, 2023 and 2022, respectively. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
FINANCIAL STATEMENT PRESENTATION | 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. 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. |
INSURANCE | INSURANCE. 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. Insurance revenues are comprised primarily of premiums and investment income. 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, administration and surrender. Interest credited to policyholder accounts is charged to expense. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured by each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period earnings. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. As our insurance operations are in run-off, the locked-in discount rate is the discount rate used for the computation of interest accretion on future policy benefit reserves recognized in earnings. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in AOCI. As a result, changes in the current discount rate at each reporting period will be recognized as an adjustment to AOCI and not earnings each period, whereas changes relating to cash flow assumptions will be recognized in the Statement of Earnings (Loss). |
ADOPTIONS OF NEW ACCOUNTING STANDARDS | ADOPTIONS OF NEW ACCOUNTING STANDARDS. On January 1, 2023, we adopted Accounting Standards Update No. 2018-12 Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The new guidance for measuring the liability for future policy benefits and related reinsurance recoverable asset was adopted on a modified retrospective basis such that those balances were adjusted to conform to the new guidance at the January 1, 2021 transition date. We recognized a $7,285 million after-tax decrease in Total equity at January 1, 2021 from the effect of transition date adjustments due to adoption of the new guidance, as presented in the following table. Retained Earnings AOCI December 31, 2020 $ 92,247 $ (9,749) Liability for future policy benefits, including removal of related balances in AOCI (1,853) (8,806) Reinsurance recoverables, net of allowance for credit losses 48 3,542 Other contracts, including market risk benefits (202) (14) Effect of transition adjustments $ (2,007) $ (5,278) Adjusted balance, January 1, 2021 $ 90,240 $ (15,027) The following table summarizes the balance of and pre-tax changes to total Insurance liabilities and annuity benefits attributable to changes in the liability for future policy benefits and market risk benefits at the transition date, due to adoption of the new guidance. Long-term care Structured settlement annuities Life Other contracts(a) Other adjustments Total December 31, 2020 $ 21,378 $ 9,124 $ 517 $ 3,012 $ 8,160 $ 42,191 Change in discount rate assumptions 14,654 4,369 283 — — 19,306 Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves 1,545 39 761 — — 2,345 Adjustment for removal of related balances in AOCI — — — — (8,160) (8,160) Market risk benefits and other — — — 269 — 269 Adjusted balance, January 1, 2021 37,577 13,532 1,561 3,281 — 55,951 Less: reinsurance recoverables, net 7,036 — 15 44 — 7,095 Adjusted balance, January 1, 2021, net of reinsurance recoverables $ 30,541 $ 13,532 $ 1,546 $ 3,237 $ — $ 48,856 (a) As of December 31, 2020, includes investment contracts ($2,049 million), claim reserves related to short-duration contracts at Electric Insurance Company (EIC), net of eliminations ($399 million), and other ($564 million). EIC is a property and casualty insurance company primarily providing insurance to GE and its employees. For the liability for future policy benefits and related reinsurance recoverables, the new guidance transition adjustments are reflected in both AOCI and Retained earnings. The transition adjustment reflected in AOCI is related to the difference in the discount rate used pre-transition and the discount rate required under the new guidance, which is equivalent to an upper-medium grade fixed-income instrument yield reflecting the duration characteristics of our insurance liabilities, at January 1, 2021, and does not represent a change in our ultimate expected cash flows associated with the liability for future policy benefits or related reinsurance recoverables. The transition adjustment in AOCI also reflects removal of certain Other adjustments previously recorded in the liability for future policy benefits related to changes in net unrealized gains on investment securities. Whereas pre-transition, we annually performed premium deficiency testing in the aggregate across our run-off insurance portfolio, the new guidance requires the grouping of contracts (i.e., cohorts) at a more granular level. Due to this lower level of aggregation, combined with the conversion of our long-term care insurance claim cost projection models to first principles models, we identified certain cohorts at transition having insufficient gross premiums in our long-term care insurance portfolio. A first principles model separates morbidity assumptions such as incidence (probability of a claim), continuance (length of a claim) and utilization (percentage of the daily benefit maximum used) into individual assumptions. We also eliminated negative reserves, as required by the new guidance, on certain cohorts in our life portfolio. As a result, we increased the liability for future policy benefits and reflected this transition adjustment in Retained earnings. At the transition date, reinsurance recoverables of $4,062 million increased by $4,483 million upon remeasurement to the updated discount rate, with an offsetting adjustment ($3,542 million after-tax) recognized in AOCI. As reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsurance contracts, adjustments to the liability for future policy benefits due to the change in cash flow assumptions resulted in an increase to reinsurance recoverables of $629 million ($497 million after-tax) and an increase in the related allowance for credit losses of $569 million ($450 million after-tax), which was recorded as an adjustment to Retained earnings at the transition date. As a result, the adjusted balance of reinsurance recoverables at the transition date was $7,095 million, net of the allowance for credit losses of $2,079 million, and substantially all related to our long-term care insurance portfolio. Following the recapture transaction effective in the fourth quarter of 2022, the remaining reinsurance recoverables are not material. The new guidance is only applicable to the measurements of our long-duration insurance liabilities and related reinsurance recoverables under GAAP and does not affect the accounting for our insurance reserves or the levels of capital and surplus under statutory accounting practices. See Note 13 for further information. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Standards | We recognized a $7,285 million after-tax decrease in Total equity at January 1, 2021 from the effect of transition date adjustments due to adoption of the new guidance, as presented in the following table. Retained Earnings AOCI December 31, 2020 $ 92,247 $ (9,749) Liability for future policy benefits, including removal of related balances in AOCI (1,853) (8,806) Reinsurance recoverables, net of allowance for credit losses 48 3,542 Other contracts, including market risk benefits (202) (14) Effect of transition adjustments $ (2,007) $ (5,278) Adjusted balance, January 1, 2021 $ 90,240 $ (15,027) The following table summarizes the balance of and pre-tax changes to total Insurance liabilities and annuity benefits attributable to changes in the liability for future policy benefits and market risk benefits at the transition date, due to adoption of the new guidance. Long-term care Structured settlement annuities Life Other contracts(a) Other adjustments Total December 31, 2020 $ 21,378 $ 9,124 $ 517 $ 3,012 $ 8,160 $ 42,191 Change in discount rate assumptions 14,654 4,369 283 — — 19,306 Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves 1,545 39 761 — — 2,345 Adjustment for removal of related balances in AOCI — — — — (8,160) (8,160) Market risk benefits and other — — — 269 — 269 Adjusted balance, January 1, 2021 37,577 13,532 1,561 3,281 — 55,951 Less: reinsurance recoverables, net 7,036 — 15 44 — 7,095 Adjusted balance, January 1, 2021, net of reinsurance recoverables $ 30,541 $ 13,532 $ 1,546 $ 3,237 $ — $ 48,856 (a) As of December 31, 2020, includes investment contracts ($2,049 million), claim reserves related to short-duration contracts at Electric Insurance Company (EIC), net of eliminations ($399 million), and other ($564 million). EIC is a property and casualty insurance company primarily providing insurance to GE and its employees. |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial Information for Assets and Liabilities of Businesses Held for Sale | ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE March 31, 2023 December 31, 2022 Current receivables, inventories and contract assets $ 527 $ 495 Non-current captive insurance investment securities 578 554 Property, plant and equipment and intangible assets - net 240 232 Valuation allowance on disposal group classified as held for sale (72) (17) All other assets 80 111 Assets of businesses held for sale $ 1,353 $ 1,374 Progress collections and deferred income $ 1,101 $ 1,127 Insurance liabilities and annuity benefits 340 358 Accounts payable, equipment project payables and other current liabilities 421 371 All other liabilities 90 87 Liabilities of businesses held for sale $ 1,953 $ 1,944 |
Financial Information for Discontinued Operations | 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 4,361 $ — $ 4,361 Cost of equipment and services sold — — — (2,679) — (2,679) Other income, costs and expenses (20) (201) (221) (1,146) (250) (1,396) Earnings (loss) of discontinued operations before income taxes (20) (201) (221) 536 (250) 286 Benefit (provision) for income taxes(a) 1,479 (1) 1,478 (150) (18) (167) Earnings (loss) of discontinued operations, net of taxes 1,459 (202) 1,257 387 (268) 119 Gain (loss) on disposal before income taxes — — — — (23) (23) Benefit (provision) for income taxes — — — — 5 5 Gain (loss) on disposal, net of taxes — — — — (18) (18) Earnings (loss) from discontinued operations, net of taxes $ 1,459 $ (202) $ 1,257 $ 387 $ (286) $ 101 (a) The tax benefit for the three months ended March 31, 2023 for GE HealthCare relates to preparatory steps for the spin-off, which resulted in taxable gain offset by a deferred tax asset and the reversal of valuation allowances for capital loss carryovers utilized against a portion of the gain. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,180 $ 2,627 Current receivables 13 3,361 Inventories, including deferred inventory costs — 2,512 Goodwill — 12,799 Other intangible assets - net — 1,520 Contract and other deferred assets — 854 Financing receivables held for sale (Polish mortgage portfolio)(a) 1,126 1,200 Property, plant, and equipment - net 69 2,379 All other assets 344 2,109 Deferred income taxes 62 2,528 Assets of discontinued operations(b) $ 2,793 $ 31,890 Accounts payable and equipment project payables $ 102 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 36 5,658 All other liabilities(a) 1,413 4,556 Liabilities of discontinued operations(b) $ 1,551 $ 24,474 (a) Included $889 million of valuation allowance against financing receivables held for sale (including $645 million related to foreign currency-denominated mortgage litigation) and $895 million of litigation reserves recorded in All other liabilities in Poland at March 31, 2023. (b) Included $133 million and $28,998 million of assets and $279 million and $23,337 million of liabilities for GE HealthCare as of March 31, 2023 and December 31, 2022, respectively. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | March 31, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 7,410 $ — $ — $ — $ — Equity and note (AerCap) — — — 5,404 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 12,814 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,760 $ 996 $ (1,781) $ 26,975 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,585 26 (243) 2,369 2,548 18 (300) 2,266 State and municipal 2,881 106 (184) 2,803 2,898 66 (241) 2,722 Mortgage and asset-backed 4,623 39 (320) 4,341 4,442 21 (290) 4,173 Government and agencies 1,641 3 (139) 1,504 1,172 2 (147) 1,026 Other equity 270 — — 270 408 — — 408 Non-current investment securities $ 39,761 $ 1,169 $ (2,668) $ 38,262 $ 38,388 $ 781 $ (3,143) $ 36,027 |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 1,057 $ 1,052 After one year through five years 4,762 4,753 After five years through ten years 5,726 5,793 After ten years 23,323 22,052 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables | CURRENT RECEIVABLES March 31, 2023 December 31, 2022 Customer receivables $ 11,123 $ 11,803 Revenue sharing program receivables(a) 1,336 1,326 Non-income based tax receivables 1,190 1,146 Supplier advances 711 691 Receivables from disposed businesses 245 115 Other sundry receivables 393 518 Allowance for credit losses(b) (787) (768) Total current receivables $ 14,212 $ 14,831 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Allowance for credit losses increased primarily due to net new provisions of $20 million, partially offset by write-offs, recoveries and foreign currency impact. March 31, 2023 December 31, 2022 Aerospace $ 7,667 $ 7,784 Renewable Energy 2,129 2,415 Power 3,940 4,229 Corporate 477 404 Total current receivables $ 14,212 $ 14,831 LONG-TERM RECEIVABLES March 31, 2023 December 31, 2022 Long-term customer receivables(a) $ 448 $ 457 Supplier advances 279 266 Non-income based tax receivables 236 213 Financing receivables 147 82 Sundry receivables 429 400 Allowance for credit losses (182) (183) Total long-term receivables $ 1,358 $ 1,236 (a) The Company sold zero and $79 million of long-term customer receivables to third parties for the three months ended March 31, 2023 and 2022, respectively, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2023 December 31, 2022 Raw materials and work in process $ 10,000 $ 9,191 Finished goods 4,223 3,937 Deferred inventory costs(a) 1,975 1,764 Inventories, including deferred inventory costs $ 16,198 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | March 31, 2023 December 31, 2022 Original cost $ 26,957 $ 26,641 Less accumulated depreciation and amortization (16,640) (16,303) Right-of-use operating lease assets 1,853 1,854 Property, plant and equipment – net $ 12,170 $ 12,192 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill Balances | GOODWILL January 1, 2023 Currency exchange Balance at March 31, 2023 Aerospace $ 8,835 $ 64 $ 8,899 Renewable Energy 3,201 42 3,243 Power 144 — 144 Corporate(a) 818 2 821 Total $ 12,999 $ 108 $ 13,107 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | EQUIPMENT & SERVICES REVENUES Three months ended March 31 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 1,974 $ 5,007 $ 6,981 $ 1,654 $ 3,949 $ 5,603 Renewable Energy 2,311 527 2,837 2,173 698 2,871 Power 1,102 2,718 3,820 965 2,536 3,501 Total segment revenues $ 5,387 $ 8,252 $ 13,638 $ 4,792 $ 7,183 $ 11,975 REVENUES Three months ended March 31 2023 2022 Commercial Engines & Services $ 5,194 $ 3,853 Military 1,018 1,036 Systems & Other 770 714 Aerospace $ 6,981 $ 5,603 Onshore Wind $ 1,502 $ 1,906 Grid Solutions equipment and services 824 668 Offshore Wind, Hydro and Hybrid Solutions 511 297 Renewable Energy $ 2,837 $ 2,871 Gas Power $ 2,867 $ 2,489 Steam Power 541 636 Power Conversion, Nuclear and other 412 377 Power $ 3,820 $ 3,501 Total segment revenues $ 13,638 $ 11,975 Corporate $ 848 $ 700 Total revenues $ 14,486 $ 12,675 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | March 31, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,603 $ — $ 5,317 $ — $ 7,920 Billings in excess of revenues (7,288) — (1,807) — (9,095) Long-term service agreements $ (4,685) $ — $ 3,510 $ — $ (1,176) Short-term and other service agreements 456 129 66 277 927 Equipment contract revenues 27 1,009 1,457 — 2,493 Current contract assets $ (4,203) $ 1,138 $ 5,032 $ 277 $ 2,244 Nonrecurring engineering costs(a) 2,521 19 2 — 2,542 Customer advances and other(b) 2,389 — 700 — 3,089 Non-current contract and other deferred assets $ 4,910 $ 19 $ 702 $ — $ 5,631 Total contract and other deferred assets $ 707 $ 1,157 $ 5,734 $ 277 $ 7,875 December 31, 2022 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,363 $ — $ 5,403 $ — $ 7,766 Billings in excess of revenues (6,681) — (1,763) — (8,443) Long-term service agreements $ (4,318) $ — $ 3,640 $ — $ (677) Short-term and other service agreements 391 108 56 245 799 Equipment contract revenues 42 955 1,348 — 2,345 Current contract assets $ (3,884) $ 1,063 $ 5,044 $ 245 $ 2,467 Nonrecurring engineering costs(a) 2,513 17 4 — 2,534 Customer advances and other(b) 2,519 — 724 — 3,243 Non-current contract and other deferred assets $ 5,032 $ 17 $ 728 $ — $ 5,776 Total contract and other deferred assets $ 1,148 $ 1,079 $ 5,772 $ 245 $ 8,244 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. March 31, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections on equipment contracts $ 90 $ 2,313 $ 4,349 $ — $ 6,751 Other progress collections 5,631 3,071 451 131 9,284 Current deferred income 216 204 12 119 550 Progress collections and deferred income $ 5,937 $ 5,588 $ 4,812 $ 249 $ 16,586 Non-current deferred income 1,183 206 98 12 1,500 Total Progress collections and deferred income $ 7,120 $ 5,794 $ 4,910 $ 262 $ 18,086 December 31, 2022 Progress collections on equipment contracts $ 74 $ 2,464 $ 3,973 $ — $ 6,511 Other progress collections 5,740 2,731 541 131 9,143 Current deferred income 233 208 13 107 562 Progress collections and deferred income $ 6,047 $ 5,404 $ 4,527 $ 238 $ 16,216 Non-current deferred income 1,110 183 104 12 1,409 Total Progress collections and deferred income $ 7,157 $ 5,586 $ 4,632 $ 250 $ 17,625 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | March 31, 2023 December 31, 2022 Current portion of long-term borrowings Senior notes issued by GE $ 609 $ 464 Senior and subordinated notes assumed by GE 947 1,973 Senior notes issued by GE Capital 592 1,188 Other 114 115 Total short-term borrowings $ 2,262 $ 3,739 Senior notes issued by GE $ 4,653 $ 4,724 Senior and subordinated notes assumed by GE 8,383 8,406 Senior notes issued by GE Capital 6,262 6,289 Other 861 901 Total long-term borrowings $ 20,159 $ 20,320 Total borrowings $ 22,421 $ 24,059 |
ACCOUNTS PAYABLE AND EQUIPMEN_2
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals | March 31, 2023 December 31, 2022 Trade payables $ 10,049 $ 10,033 Supply chain finance programs 3,454 3,689 Equipment project payables(a) 1,109 1,236 Non-income based tax payables 451 441 Accounts payable and equipment project payables $ 15,063 $ 15,399 (a) Primarily related to projects in our Power and Renewable Energy segments. |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance liabilities and annuity benefits is presented below: March 31, 2023 Long-term care Structured settlement annuities Life Other contracts(a) Total Future policy benefit reserves $ 26,054 $ 9,349 $ 1,045 $ 428 $ 36,876 Investment contracts — 846 — 821 1,667 Other — — 178 361 539 Total $ 26,054 $ 10,194 $ 1,223 $ 1,610 $ 39,082 December 31, 2022 Future policy benefit reserves $ 24,256 $ 8,860 $ 1,040 $ 437 $ 34,593 Investment contracts — 860 — 849 1,708 Other — — 178 365 544 Total $ 24,256 $ 9,720 $ 1,218 $ 1,651 $ 36,845 December 31, 2021 Long-term care Structured settlement annuities Life Other contracts(a) Total Future policy benefit reserves $ 34,644 $ 12,328 $ 1,301 $ 490 $ 48,763 Investment contracts — 950 — 907 1,857 Other — — 189 761 950 Total $ 34,644 $ 13,278 $ 1,490 $ 2,158 $ 51,570 (a) As of December 31, 2021, Other includes reserves of $325 million related to short-duration contracts at EIC, net of eliminations. |
Summary of Future Policy Benefits | The following tables summarize balances of and changes in future policy benefits reserves. March 31, 2023 March 31, 2022 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,059 $ — $ 4,828 $ 5,652 $ — $ 6,622 Beginning balance at locked-in discount rate 3,958 — 5,210 4,451 — 5,443 Effect of changes in cash flow assumptions — — — — — — Effect of actual variances from expected experience 29 — (35) (130) — 2 Adjusted beginning of year balance 3,987 — 5,175 4,321 — 5,445 Interest accrual 53 — 50 59 — 52 Net premiums collected (103) — (73) (113) — (83) Effect of foreign currency — — (23) — — 73 Ending balance at locked-in discount rate 3,937 — 5,129 4,267 — 5,487 Effect of changes in discount rate assumptions 281 — (149) 696 — 396 Balance, end of year $ 4,217 $ — $ 4,979 $ 4,963 $ — $ 5,883 Present value of expected future policy benefits Balance, beginning of year $ 28,316 $ 8,860 $ 5,868 $ 40,296 $ 12,328 $ 7,923 Beginning balance at locked-in discount rate 27,026 8,790 6,247 27,465 9,024 6,560 Effect of changes in cash flow assumptions (11) — — — — — Effect of actual variances from expected experience 30 (1) 2 (130) (3) 19 Adjusted beginning of year balance 27,046 8,789 6,250 27,335 9,021 6,579 Interest accrual 363 115 60 365 119 62 Benefit payments (309) (174) (138) (274) (162) (148) Effect of foreign currency — — (24) — — 77 Ending balance at locked-in discount rate 27,100 8,730 6,148 27,425 8,978 6,570 Effect of changes in discount rate assumptions 3,171 619 (123) 7,852 1,870 488 Balance, end of year $ 30,271 $ 9,349 $ 6,025 $ 35,277 $ 10,848 $ 7,058 Net future policy benefit reserves $ 26,054 $ 9,349 $ 1,045 $ 30,314 $ 10,848 $ 1,175 Less: Reinsurance recoverables, net of allowance for credit losses (204) — (57) (5,154) — (81) Net future policy benefit reserves, after reinsurance recoverables $ 25,850 $ 9,349 $ 988 $ 25,160 $ 10,848 $ 1,094 The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 Undiscounted Discounted(a) Undiscounted Discounted(a) Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care Gross premiums $ 7,924 $ 5,105 $ 8,052 $ 5,599 $ 7,985 $ 4,918 $ 8,173 $ 6,187 Benefit payments 64,944 30,271 67,254 35,277 65,217 28,316 67,516 40,296 Structured settlement annuities Benefit payments 19,745 9,349 20,482 10,848 19,936 8,860 20,666 12,328 Life Gross premiums 13,537 6,104 14,676 7,311 13,754 5,916 14,579 8,275 Benefit payments 11,800 6,025 12,709 7,058 12,020 5,868 12,702 7,923 (a) Determined using the current discount rate as of March 31, 2023 and 2022 and December 31, 2022 and 2021. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 13.2 11.2 5.3 14.6 12.2 6.1 13.0 10.7 5.0 15.5 13.2 6.3 Interest accretion rate 5.5% 5.4% 5.1% 5.5% 5.4% 5.1% 5.5% 5.4% 4.9% 5.3% 5.5% 4.8% Current discount rate 5.0% 5.0% 4.8% 4.0% 4.0% 3.8% 5.6% 5.5% 5.4% 3.1% 3.1% 2.6% |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Description Postretirement Benefit Plans | DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Energy Pension Plan and GE Aerospace Pension Plan Covers U.S. participants ~115,000 retirees and beneficiaries, ~50,000 vested former employees and ~16,500 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. Closed to new participants since 2012. Benefits for 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 October 2019). GE Energy Supplementary Pension Plan GE Aerospace Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees 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 employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans(a) 35 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~42,500 retirees and beneficiaries, ~29,500 vested former employees and ~8,000 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 of Power and Renewable Energy (will be part of GE Vernova, GE's portfolio of energy businesses) and Aerospace ~93,500 retirees and dependents and ~15,500 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. |
Schedule of Net Benefit Costs | The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our Statement of Earnings (Loss). PRINCIPAL PENSION PLANS Three months ended March 31 2023 2022 Service cost for benefits earned $ 21 $ 49 Expected return on plan assets (594) (786) Interest cost on benefit obligations 474 517 Net actuarial loss amortization and other (172) 363 Net periodic expense (income) (271) 143 Less discontinued operations $ — $ 49 Continuing operations – net periodic expense (income) $ (271) $ 94 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | Three months ended March 31 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars) 2023 2022 Beginning balance $ (5,893) $ (4,569) AOCI before reclasses – net of taxes of $(5) and $90 152 (181) Reclasses from AOCI – net of taxes of $(626) and $0(a) 2,234 — AOCI 2,387 (181) Less AOCI attributable to noncontrolling interests (1) (4) Currency translation adjustments AOCI $ (3,505) $ (4,746) Beginning balance $ 6,531 $ 3,646 AOCI before reclasses – net of taxes of $(13) and $25 (84) 54 Reclasses from AOCI – net of taxes of $(594) and $55(a) (2,235) 186 AOCI (2,319) 240 Less AOCI attributable to noncontrolling interests (2) 2 Benefit plans AOCI $ 4,214 $ 3,884 Beginning balance $ (1,927) $ 5,172 AOCI before reclasses – net of taxes of $188 and $(801) 718 (2,993) Reclasses from AOCI – net of taxes of $0 and $1(a) (12) (5) AOCI 706 (2,998) Investment securities and cash flow hedges AOCI $ (1,222) $ 2,174 Beginning balance $ (983) $ (9,109) AOCI before reclasses – net of taxes of $(477) and $979 (1,793) 3,682 AOCI (1,793) 3,682 Long-duration insurance contracts AOCI $ (2,776) $ (5,427) AOCI at March 31 $ (3,289) $ (4,115) Dividends declared per common share $ 0.08 $ 0.08 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in three months ended March 31, 2023 related to the spin-off of GE HealthCare. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended March 31 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 6,242 $ 6,248 $ (1,224) $ (1,224) Preferred stock dividends and other(a) (145) (145) (52) (52) Earnings (loss) from continuing operations attributable to common shareholders 6,097 6,103 (1,276) (1,276) Earnings (loss) from discontinued operations 1,257 1,257 88 88 Net earnings (loss) attributable to GE common shareholders 7,354 7,360 (1,188) (1,188) Shares of GE common stock outstanding 1,089 1,089 1,100 1,100 Employee compensation-related shares (including stock options) 8 — — — Total average equivalent shares 1,097 1,089 1,100 1,100 Earnings (loss) per share from continuing operations $ 5.56 $ 5.60 $ (1.16) $ (1.16) Earnings (loss) per share from discontinued operations 1.15 1.15 0.08 0.08 Net earnings (loss) per share 6.71 6.76 (1.08) (1.08) Potentially dilutive securities(b) 38 43 (a) For the three months ended March 31, 2023, included $(30) million related to excise tax on preferred share redemption. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. |
OTHER INCOME (LOSS) (Tables)
OTHER INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | Three months ended March 31 2023 2022 Licensing and royalty income $ 34 $ 57 Equity method income — 38 Investment in GE HealthCare unrealized gain (loss) 6,093 — Investment in and note with AerCap realized and unrealized gain (loss) (195) (1,736) Investment in Baker Hughes realized and unrealized gain (loss) 10 1,515 Other net interest and investment income (loss) 186 93 Other items (48) 82 Total other income (loss) $ 6,081 $ 49 |
RESTRUCTURING CHARGES AND SEP_2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. Three months ended March 31 RESTRUCTURING AND OTHER CHARGES 2023 2022 Workforce reductions $ 66 $ 13 Plant closures & associated costs and other asset write-downs 82 26 Acquisition/disposition net charges and other 12 9 Total restructuring and other charges $ 161 $ 48 Cost of equipment/services $ 36 $ 27 Selling, general and administrative expenses 125 25 Other (income) loss — (3) Total restructuring and other charges $ 161 $ 48 Aerospace $ 4 $ 5 Renewable Energy 65 6 Power 19 34 Corporate 72 3 Total restructuring and other charges $ 161 $ 48 Restructuring and other charges cash expenditures $ 137 $ 127 An analysis of changes in the liability for restructuring follows. 2023 2022 Balance at January 1 $ 977 $ 825 Additions 86 9 Payments (87) (115) Effect of foreign currency and other — (9) Balance at March 31(a) $ 976 $ 710 (a) Includes actuarial determined post-employment severance benefits reserve of $353 million and $322 million as of March 31, 2023 and 2022, respectively. Also includes $64 million reserve in discontinued operations related to a GE technology contract which is indemnified by GE HealthCare as of March 31, 2023. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,427 $ 2,275 $ 2,557 $ 2,418 Liabilities Borrowings (Note 11) $ 22,421 $ 21,586 $ 24,059 $ 22,849 Investment contracts (Note 13) 1,667 1,736 1,708 1,758 |
Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES March 31, 2023 December 31, 2022 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Currency exchange contracts $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Derivatives accounted for as hedges $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Currency exchange contracts $ 58,595 $ 917 $ 871 $ 51,885 $ 946 $ 1,082 Interest rate contracts 30 — — 43 — 1 Other contracts 652 154 9 858 197 13 Derivatives not accounted for as hedges $ 59,277 $ 1,071 $ 880 $ 52,786 $ 1,143 $ 1,095 Gross derivatives $ 63,925 $ 1,208 $ 980 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (756) $ (755) $ (821) $ (820) Net derivatives recognized in statement of financial position $ 452 $ 225 $ 454 $ 420 |
Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES March 31, 2023 December 31, 2022 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Currency exchange contracts $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Derivatives accounted for as hedges $ 4,648 $ 138 $ 100 $ 5,112 $ 132 $ 146 Currency exchange contracts $ 58,595 $ 917 $ 871 $ 51,885 $ 946 $ 1,082 Interest rate contracts 30 — — 43 — 1 Other contracts 652 154 9 858 197 13 Derivatives not accounted for as hedges $ 59,277 $ 1,071 $ 880 $ 52,786 $ 1,143 $ 1,095 Gross derivatives $ 63,925 $ 1,208 $ 980 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (756) $ (755) $ (821) $ (820) Net derivatives recognized in statement of financial position $ 452 $ 225 $ 454 $ 420 |
Effects of Derivatives on AOCI | Gain (loss) recognized in AOCI Three months ended March 31 2023 2022 Cash flow hedges(a) $ 28 $ (47) Net investment hedges(b) (62) 112 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $3,398 million and $3,934 million as of March 31, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero for both the three months ended March 31, 2023 and 2022. |
Effects of Derivatives on Earnings | The table below presents the gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): Three months ended March 31, 2023 Three months ended March 31, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 14,486 $ 269 $ 2,142 $ 16,810 $ 12,675 $ 387 $ 2,725 $ 9,823 Effect of cash flow hedges $ 1 $ (2) $ — $ (2) $ 3 $ (7) $ — $ (32) Hedged items 78 Derivatives designated as hedging instruments (87) Effect of fair value hedges $ (9) Currency exchange contracts $ 2 $ — $ 76 $ (47) $ 1 $ (68) $ (81) Interest rate, commodity — 39 (11) 1 (37) 15 Effect of derivatives not designated as hedges $ 2 $ — $ 115 $ (58) $ 1 $ — $ (105) $ (66) (a) Amounts are inclusive of cost of sales and other income (loss). |
SEGMENT OPERATIONS (Tables)
SEGMENT OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | SUMMARY OF REPORTABLE SEGMENTS Three months ended March 31 2023 2022 V % Aerospace $ 6,981 $ 5,603 25 % Renewable Energy 2,837 2,871 (1) % Power 3,820 3,501 9 % Total segment revenues 13,638 11,975 14 % Corporate 848 700 21 % Total revenues $ 14,486 $ 12,675 14 % Aerospace $ 1,326 $ 908 46 % Renewable Energy (414) (434) 5 % Power 75 63 19 % Total segment profit (loss) 987 538 83 % Corporate(a) 5,456 (1,419) F Interest and other financial charges (257) (371) 31 % Non-operating benefit income (cost) 385 105 F Benefit (provision) for income taxes (322) (76) U Preferred stock dividends (145) (52) U Earnings (loss) from continuing operations attributable to GE common shareholders 6,103 (1,276) F Earnings (loss) from discontinued operations attributable to GE common shareholders 1,257 88 F Net earnings (loss) attributable to GE common shareholders $ 7,360 $ (1,188) F (a) Includes interest and other financial charges of $12 million and $16 million and benefit for income taxes of $51 million and $47 million related to EFS within Corporate for the three months ended March 31, 2023 and 2022, respectively. |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Standards Narrative (Details) - USD ($) $ in Millions | Jan. 01, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2018-12 [Member] | ||||||
Decrease in equity | $ (32,823) | $ (34,912) | $ (32,909) | ||||
Reinsurance recoverables, allowances | $ 2,065 | $ 2,079 | |||||
Reinsurance recoverables, net of allowance for credit losses | 7,095 | ||||||
Adoption of new accounting standards | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease in equity | 7,285 | ||||||
Previously reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverables | 4,062 | ||||||
Change in discount rate assumptions | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverables | 4,483 | ||||||
Adjustment for removal of related balances in AOCI | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverables | (3,542) | ||||||
Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverables | 629 | ||||||
Reinsurance recoverables, allowances | 569 | ||||||
Change in cash flow assumptions, after-tax | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reinsurance recoverables | 497 | ||||||
Reinsurance recoverables, allowances | 450 | ||||||
Accumulated other comprehensive income (loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease in equity | $ 3,289 | $ 2,272 | $ 4,115 | $ 4,860 | 15,027 | ||
Accumulated other comprehensive income (loss) | Adoption of new accounting standards | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease in equity | 5,278 | ||||||
Reinsurance recoverables, net of allowance for credit losses | $ 3,542 | ||||||
Accumulated other comprehensive income (loss) | Previously reported | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decrease in equity | $ 9,749 |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of New Accounting Standards (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ 32,823 | $ 34,912 | $ 32,909 | |||
Future policy benefit reserves | 36,876 | 34,593 | $ 48,763 | |||
Reinsurance recoverables, net of allowance for credit losses | $ 7,095 | |||||
Other | 539 | 544 | 950 | |||
Adoption of new accounting standards | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | (7,285) | |||||
Retained earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | 84,955 | 82,983 | 82,009 | 83,286 | 90,240 | |
Retained earnings | Previously reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ 92,247 | |||||
Retained earnings | Adoption of new accounting standards | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | (2,007) | |||||
Future policy benefit reserves | (1,853) | |||||
Reinsurance recoverables, net of allowance for credit losses | 48 | |||||
Other | (202) | |||||
Accumulated other comprehensive income (loss) | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ (3,289) | $ (2,272) | $ (4,115) | $ (4,860) | (15,027) | |
Accumulated other comprehensive income (loss) | Previously reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | $ (9,749) | |||||
Accumulated other comprehensive income (loss) | Adoption of new accounting standards | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Equity | (5,278) | |||||
Future policy benefit reserves | (8,806) | |||||
Reinsurance recoverables, net of allowance for credit losses | 3,542 | |||||
Other | $ (14) |
BASIS OF PRESENTATION AND SUM_6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Changes in Future Policy Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | $ 55,951 | |||||
Other adjustments | 0 | |||||
Reinsurance recoverables, net of allowance for credit losses | 7,095 | |||||
Net future policy benefit reserves, after reinsurance recoverables | 48,856 | |||||
Investment contracts | $ (1,667) | $ (1,708) | $ (1,857) | |||
Other | (539) | (544) | (950) | |||
Previously reported | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | $ 42,191 | |||||
Other adjustments | 8,160 | |||||
Change in discount rate assumptions | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 19,306 | |||||
Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 2,345 | |||||
Adjustment for removal of related balances in AOCI | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | (8,160) | |||||
Market risk benefits and other | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 269 | |||||
Long-term care | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 30,271 | 28,316 | $ 35,277 | 40,296 | 37,577 | 43,974 |
Reinsurance recoverables, net of allowance for credit losses | 204 | 171 | 5,154 | 6,473 | 7,036 | |
Net future policy benefit reserves, after reinsurance recoverables | 25,850 | 24,085 | 25,160 | 28,171 | 30,541 | |
Investment contracts | 0 | 0 | 0 | |||
Other | 0 | 0 | 0 | |||
Long-term care | Previously reported | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 21,378 | |||||
Long-term care | Change in discount rate assumptions | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 14,654 | |||||
Long-term care | Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 1,545 | |||||
Long-term care | Market risk benefits and other | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 0 | |||||
Structured settlement annuities | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 9,349 | 8,860 | 10,848 | 12,328 | 13,532 | 13,531 |
Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | 0 | 0 | 0 | |
Net future policy benefit reserves, after reinsurance recoverables | 9,349 | 8,860 | 10,848 | 12,328 | 13,532 | |
Investment contracts | (846) | (860) | (950) | |||
Other | 0 | 0 | 0 | |||
Structured settlement annuities | Previously reported | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 9,124 | |||||
Structured settlement annuities | Change in discount rate assumptions | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 4,369 | |||||
Structured settlement annuities | Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 39 | |||||
Structured settlement annuities | Market risk benefits and other | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 0 | |||||
Life | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 6,025 | 5,868 | 7,058 | 7,923 | 1,561 | 8,767 |
Reinsurance recoverables, net of allowance for credit losses | 57 | 67 | 81 | 87 | 15 | |
Net future policy benefit reserves, after reinsurance recoverables | 988 | 973 | $ 1,094 | 1,214 | 1,546 | |
Investment contracts | 0 | 0 | 0 | |||
Other | (178) | (178) | (189) | |||
Life | Previously reported | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 517 | |||||
Life | Change in discount rate assumptions | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 283 | |||||
Life | Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 761 | |||||
Life | Market risk benefits and other | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 0 | |||||
Other contracts | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | 3,281 | |||||
Reinsurance recoverables, net of allowance for credit losses | 44 | |||||
Net future policy benefit reserves, after reinsurance recoverables | 3,237 | |||||
Investment contracts | (821) | (849) | (907) | (2,049) | ||
Claim reserves, short-duration insurance contracts | (325) | (399) | ||||
Other | $ (361) | $ (365) | $ (761) | (564) | ||
Other contracts | Previously reported | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Liability for future policy benefits and market risk benefits | $ 3,012 | |||||
Other contracts | Change in discount rate assumptions | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 0 | |||||
Other contracts | Change in cash flow assumptions (effect of insufficient gross premiums) and elimination of negative reserves | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | 0 | |||||
Other contracts | Market risk benefits and other | ||||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||||
Effect of changes in cash flow assumptions | $ 269 |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | $ 1,353 | $ 1,374 |
Liabilities of businesses held for sale | 1,953 | $ 1,944 |
Captive industrial insurance subsidiary | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | 596 | |
Liabilities of businesses held for sale | 342 | |
Pre-tax loss on sale | $ 55 |
BUSINESSES HELD FOR SALE AND _4
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Assets and Liabilities of Businesses Held for Sale (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Current receivables, inventories and contract assets | $ 527 | $ 495 |
Non-current captive insurance investment securities | 578 | 554 |
Property, plant and equipment and intangible assets - net | 240 | 232 |
Valuation allowance on disposal group classified as held for sale | (72) | (17) |
All other assets | 80 | 111 |
Assets of businesses held for sale | 1,353 | 1,374 |
Liabilities | ||
Progress collections and deferred income | 1,101 | 1,127 |
Insurance liabilities and annuity benefits | 340 | 358 |
Accounts payable, equipment project payables and other current liabilities | 421 | 371 |
All other liabilities | 90 | 87 |
Liabilities of businesses held for sale | $ 1,953 | $ 1,944 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 03, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Spinoff | GE Healthcare | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Ownership interest disposed of | 80.10% | |||
Discontinued operations after disposal, cash collected (paid) | $ 160 | |||
Discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Financing receivables held for sale | $ 1,126 | $ 1,200 | ||
Discontinued operations | Bank BPH | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage indexed to or denominated in foreign currencies | 86% | |||
Financing receivables held for sale | $ 1,126 | |||
Pre-tax non-cash charges | 175 | $ 233 | ||
Capital contribution | 198 | $ 530 | ||
Discontinued operations | GECAS | AerCap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operations after disposal, cash collected (paid) | (88) | |||
Discontinued operations after disposal, sales of product and services | 48 | |||
Discontinued operations after disposal, purchases of products and services | $ 67 |
BUSINESSES HELD FOR SALE AND _6
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
RESULTS OF DISCONTINUED OPERATIONS | |||
Earnings (loss) from discontinued operations, net of taxes | $ 1,257 | $ 101 | |
Assets | |||
Current receivables | 245 | $ 115 | |
Discontinued operations | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 4,361 | |
Cost of equipment and services sold | 0 | (2,679) | |
Other income, costs and expenses | (221) | (1,396) | |
Earnings (loss) of discontinued operations before income taxes | (221) | 286 | |
Benefit (provision) for income taxes | 1,478 | (167) | |
Earnings (loss) of discontinued operations, net of taxes | 1,257 | 119 | |
Gain (loss) on disposal before income taxes | 0 | (23) | |
Benefit (provision) for income taxes | 0 | 5 | |
Gain (loss) on disposal, net of taxes | 0 | (18) | |
Earnings (loss) from discontinued operations, net of taxes | 1,257 | 101 | |
Assets | |||
Cash, cash equivalents and restricted cash | 1,180 | 2,627 | |
Current receivables | 13 | 3,361 | |
Inventories, including deferred inventory costs | 0 | 2,512 | |
Goodwill | 0 | 12,799 | |
Other intangible assets - net | 0 | 1,520 | |
Contract and other deferred assets | 0 | 854 | |
Financing receivables held for sale (Polish mortgage portfolio) | 1,126 | 1,200 | |
Property, plant, and equipment - net | 69 | 2,379 | |
All other assets | 344 | 2,109 | |
Deferred income taxes | 62 | 2,528 | |
Assets of businesses held for sale | 2,793 | 31,890 | |
Liabilities | |||
Accounts payable and equipment project payables | 102 | 3,487 | |
Progress collections and deferred income | 0 | 2,499 | |
Long-term borrowings | 0 | 8,273 | |
Non-current compensation and benefits | 36 | 5,658 | |
All other liabilities | 1,413 | 4,556 | |
Liabilities of businesses held for sale | 1,551 | 24,474 | |
Discontinued operations | Bank BPH | |||
Assets | |||
Financing receivables held for sale (Polish mortgage portfolio) | 1,126 | ||
Liabilities | |||
Valuation allowance on finance receivables classified as held for sale | 889 | ||
Litigation reserves | 895 | ||
Discontinued operations | Bank BPH | Bank BPH | |||
Liabilities | |||
Valuation allowance on finance receivables classified as held for sale | 645 | ||
Discontinued operations | GE Healthcare | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 4,361 | |
Cost of equipment and services sold | 0 | (2,679) | |
Other income, costs and expenses | (20) | (1,146) | |
Earnings (loss) of discontinued operations before income taxes | (20) | 536 | |
Benefit (provision) for income taxes | 1,479 | (150) | |
Earnings (loss) of discontinued operations, net of taxes | 1,459 | 387 | |
Gain (loss) on disposal before income taxes | 0 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 0 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | 1,459 | 387 | |
Assets | |||
Assets of businesses held for sale | 133 | 28,998 | |
Liabilities | |||
Liabilities of businesses held for sale | 279 | $ 23,337 | |
Discontinued operations | Bank BPH & Other | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | |
Other income, costs and expenses | (201) | (250) | |
Earnings (loss) of discontinued operations before income taxes | (201) | (250) | |
Benefit (provision) for income taxes | (1) | (18) | |
Earnings (loss) of discontinued operations, net of taxes | (202) | (268) | |
Gain (loss) on disposal before income taxes | 0 | (23) | |
Benefit (provision) for income taxes | 0 | 5 | |
Gain (loss) on disposal, net of taxes | 0 | (18) | |
Earnings (loss) from discontinued operations, net of taxes | $ (202) | $ (286) |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Accrued interest, current | $ 490 | $ 457 | |
Accrued interest, current, statement of financial position | All other current assets (Note 10) | All other current assets (Note 10) | |
Debt securities in unrealized loss position, total | $ 20,685 | $ 21,482 | |
Debt securities in unrealized loss position, 12 months or more | 14,044 | 3,275 | |
Gross unrealized losses, 12 months or more | (2,344) | (835) | |
Gross unrealized losses | (2,668) | (3,143) | |
Net unrealized gains (losses) recorded to earnings | 6,040 | $ (370) | |
Proceeds from investment securities sales and early redemptions by issuers | 3,008 | 1,949 | |
Debt securities, realized gain | 11 | 24 | |
Debt securities, realized losses and impairments | (21) | ||
Equity securities without readily determinable fair values | 714 | 614 | |
Fair value adjustments, including impairment | 9 | 18 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities with a fair value | $ 6,379 | $ 6,421 | |
GE Healthcare | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Equity securities, investment interest (in shares) | 90.3 | ||
Equity securities, ownership percentage | 19.90% | ||
Net unrealized gains (losses) recorded to earnings | $ 6,093 | $ 0 | |
AerCap | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Equity securities, investment interest (in shares) | 79.7 | ||
Equity securities, ownership percentage | 33% | ||
CMBS | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | $ (194) | ||
Asset-backed securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | $ (125) |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | $ 0 | $ 0 |
Current equity, estimated fair value | 12,814 | 7,609 |
Gross unrealized gains | 1,169 | 781 |
Gross unrealized losses | (2,668) | (3,143) |
Other equity | 270 | 408 |
Non-current investment securities, amortized cost | 39,761 | 38,388 |
Non-current investment securities, estimated fair value | 38,262 | 36,027 |
GE Healthcare | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | 0 | 0 |
Current equity, estimated fair value | 7,410 | 0 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | 0 | 0 |
Current equity, estimated fair value | 5,404 | 7,403 |
Baker Hughes | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | 0 | 0 |
Current equity, estimated fair value | 0 | 207 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 27,760 | 26,921 |
Gross unrealized gains | 996 | 675 |
Gross unrealized losses | (1,781) | (2,164) |
Estimated fair value | 26,975 | 25,432 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,585 | 2,548 |
Gross unrealized gains | 26 | 18 |
Gross unrealized losses | (243) | (300) |
Estimated fair value | 2,369 | 2,266 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,881 | 2,898 |
Gross unrealized gains | 106 | 66 |
Gross unrealized losses | (184) | (241) |
Estimated fair value | 2,803 | 2,722 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 4,623 | 4,442 |
Gross unrealized gains | 39 | 21 |
Gross unrealized losses | (320) | (290) |
Estimated fair value | 4,341 | 4,173 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,641 | 1,172 |
Gross unrealized gains | 3 | 2 |
Gross unrealized losses | (139) | (147) |
Estimated fair value | $ 1,504 | $ 1,026 |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Amortized cost | |
Within one year | $ 1,057 |
After one year through five years | 4,762 |
After five years through ten years | 5,726 |
After ten years | 23,323 |
Estimated fair value | |
Within one year | 1,052 |
After one year through five years | 4,753 |
After five years through ten years | 5,793 |
After ten years | $ 22,052 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 11,123 | $ 11,803 |
Revenue sharing program receivables | 1,336 | 1,326 |
Non-income based tax receivables | 1,190 | 1,146 |
Supplier advances | 711 | 691 |
Receivables from disposed businesses | 245 | 115 |
Other sundry receivables | 393 | 518 |
Allowance for credit losses | (787) | (768) |
Total current receivables | 14,212 | 14,831 |
Increase in allowance for credit losses | 20 | |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 7,667 | 7,784 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 2,129 | 2,415 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 3,940 | 4,229 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | $ 477 | $ 404 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 464 | $ 347 |
Gas Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 77 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Long-term customer receivables | $ 448 | $ 457 | |
Supplier advances | 279 | 266 | |
Non-income based tax receivables | 236 | 213 | |
Financing receivables | 147 | 82 | |
Sundry receivables | 429 | 400 | |
Allowance for credit losses | (182) | (183) | |
Total long-term receivables | 1,358 | $ 1,236 | |
Sale of long term customer receivables | $ 0 | $ 79 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 10,000 | $ 9,191 |
Finished goods | 4,223 | 3,937 |
Deferred inventory costs | 1,975 | 1,764 |
Inventories, including deferred inventory costs | $ 16,198 | $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 26,957 | $ 26,641 |
Less accumulated depreciation and amortization | (16,640) | (16,303) |
Right-of-use operating lease assets | 1,853 | 1,854 |
Property, plant and equipment – net | $ 12,170 | $ 12,192 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment – net | Property, plant and equipment – net |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 15) | All other liabilities (Note 15) | |
Operating lease liabilities | $ 2,083 | $ 2,089 | |
Lease expense | $ 195 | $ 227 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill | |
Balance at beginning of period | $ 12,999 |
Currency exchange and other | 108 |
Balance at end of period | 13,107 |
Operating segments | Aerospace | |
Goodwill | |
Balance at beginning of period | 8,835 |
Currency exchange and other | 64 |
Balance at end of period | 8,899 |
Operating segments | Renewable Energy | |
Goodwill | |
Balance at beginning of period | 3,201 |
Currency exchange and other | 42 |
Balance at end of period | 3,243 |
Operating segments | Power | |
Goodwill | |
Balance at beginning of period | 144 |
Currency exchange and other | 0 |
Balance at end of period | 144 |
Corporate | |
Goodwill | |
Balance at beginning of period | 818 |
Currency exchange and other | 2 |
Balance at end of period | $ 821 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||
Goodwill | $ 13,107 | $ 12,999 | |
Increase (decrease) in intangible assets | (115) | ||
Intangible assets, foreign currency translation gain | 23 | ||
Amortization of intangible assets | 140 | $ 922 | |
Corporate | |||
Goodwill [Line Items] | |||
Goodwill | 821 | 818 | |
Corporate | Digital | |||
Goodwill [Line Items] | |||
Goodwill | 821 | ||
Operating segments | Power | |||
Goodwill [Line Items] | |||
Goodwill | 144 | 144 | |
Non-cash pre-tax impairment charge | $ 765 | ||
Operating segments | Aerospace | |||
Goodwill [Line Items] | |||
Goodwill | 8,899 | $ 8,835 | |
Operating segments | Aerospace | Capitalized software | |||
Goodwill [Line Items] | |||
Addition of intangible assets | 20 | ||
Operating segments | Aerospace | Additive | |||
Goodwill [Line Items] | |||
Goodwill | $ 244 |
REVENUES - Schedule of Disaggre
REVENUES - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 14,486 | $ 12,675 |
Operating segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 13,638 | 11,975 |
Operating segments | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,387 | 4,792 |
Operating segments | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 8,252 | 7,183 |
Operating segments | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 6,981 | 5,603 |
Operating segments | Aerospace | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,974 | 1,654 |
Operating segments | Aerospace | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,007 | 3,949 |
Operating segments | Aerospace | Commercial Engines & Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 5,194 | 3,853 |
Operating segments | Aerospace | Military | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,018 | 1,036 |
Operating segments | Aerospace | Systems & Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 770 | 714 |
Operating segments | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,837 | 2,871 |
Operating segments | Renewable Energy | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,311 | 2,173 |
Operating segments | Renewable Energy | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 527 | 698 |
Operating segments | Renewable Energy | Onshore Wind | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,502 | 1,906 |
Operating segments | Renewable Energy | Grid Solutions equipment and services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 824 | 668 |
Operating segments | Renewable Energy | Hydro, Offshore Wind and Hybrid Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 511 | 297 |
Operating segments | Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,820 | 3,501 |
Operating segments | Power | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,102 | 965 |
Operating segments | Power | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,718 | 2,536 |
Operating segments | Power | Gas Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,867 | 2,489 |
Operating segments | Power | Steam Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 541 | 636 |
Operating segments | Power | Power Conversion, Nuclear and other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 412 | 377 |
Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 848 | $ 700 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 242,054 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 47,991 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 55% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 80% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 97% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 194,063 |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 12% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 43% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 68% |
Performance obligations expected to be satisfied, expected timing | 10 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | Performance obligation satisfaction, period four | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 83% |
Performance obligations expected to be satisfied, expected timing | 15 years |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in contract and other deferred assets | $ (368) | |
Increase (decrease) in progress collections and deferred income due to timing of revenue recognition | 461 | |
Revenue recognized included in contract liability | 4,468 | $ 3,997 |
Long-term | Services | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (3,155) | |
Revenues recognized | 2,579 | |
Long-term | Services | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | 53 | |
Long-term | Services | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ (12) |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 2,244 | $ 2,467 |
Nonrecurring engineering costs | 2,542 | 2,534 |
Customer advances and other | 3,089 | 3,243 |
Non-current contract and other deferred assets | 5,631 | 5,776 |
Total contract and other deferred assets | 7,875 | 8,244 |
Services | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 7,920 | 7,766 |
Billings in excess of revenues | (9,095) | (8,443) |
Long-term service agreements | (1,176) | (677) |
Services | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 927 | 799 |
Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 2,493 | 2,345 |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (4,203) | (3,884) |
Nonrecurring engineering costs | 2,521 | 2,513 |
Customer advances and other | 2,389 | 2,519 |
Non-current contract and other deferred assets | 4,910 | 5,032 |
Total contract and other deferred assets | 707 | 1,148 |
Operating segments | Aerospace | Services | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,603 | 2,363 |
Billings in excess of revenues | (7,288) | (6,681) |
Long-term service agreements | (4,685) | (4,318) |
Operating segments | Aerospace | Services | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 456 | 391 |
Operating segments | Aerospace | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 27 | 42 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,138 | 1,063 |
Nonrecurring engineering costs | 19 | 17 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 19 | 17 |
Total contract and other deferred assets | 1,157 | 1,079 |
Operating segments | Renewable Energy | Services | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Long-term service agreements | 0 | 0 |
Operating segments | Renewable Energy | Services | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 129 | 108 |
Operating segments | Renewable Energy | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 1,009 | 955 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,032 | 5,044 |
Nonrecurring engineering costs | 2 | 4 |
Customer advances and other | 700 | 724 |
Non-current contract and other deferred assets | 702 | 728 |
Total contract and other deferred assets | 5,734 | 5,772 |
Operating segments | Power | Services | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,317 | 5,403 |
Billings in excess of revenues | (1,807) | (1,763) |
Long-term service agreements | 3,510 | 3,640 |
Operating segments | Power | Services | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 66 | 56 |
Operating segments | Power | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 1,457 | 1,348 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 277 | 245 |
Nonrecurring engineering costs | 0 | 0 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 0 | 0 |
Total contract and other deferred assets | 277 | 245 |
Corporate | Services | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Long-term service agreements | 0 | 0 |
Corporate | Services | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | 277 | 245 |
Corporate | Equipment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other current contract assets | $ 0 | $ 0 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Capitalized Contract Cost [Line Items] | ||
Current deferred income | $ 550 | $ 562 |
Progress collections and deferred income | 16,586 | 16,216 |
Non-current deferred income | 1,500 | 1,409 |
Total Progress collections and deferred income | 18,086 | 17,625 |
Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,751 | 6,511 |
Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 9,284 | 9,143 |
Operating segments | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 216 | 233 |
Progress collections and deferred income | 5,937 | 6,047 |
Non-current deferred income | 1,183 | 1,110 |
Total Progress collections and deferred income | 7,120 | 7,157 |
Operating segments | Aerospace | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 90 | 74 |
Operating segments | Aerospace | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,631 | 5,740 |
Operating segments | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 204 | 208 |
Progress collections and deferred income | 5,588 | 5,404 |
Non-current deferred income | 206 | 183 |
Total Progress collections and deferred income | 5,794 | 5,586 |
Operating segments | Renewable Energy | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 2,313 | 2,464 |
Operating segments | Renewable Energy | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 3,071 | 2,731 |
Operating segments | Power | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 12 | 13 |
Progress collections and deferred income | 4,812 | 4,527 |
Non-current deferred income | 98 | 104 |
Total Progress collections and deferred income | 4,910 | 4,632 |
Operating segments | Power | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,349 | 3,973 |
Operating segments | Power | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 451 | 541 |
Corporate | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 119 | 107 |
Progress collections and deferred income | 249 | 238 |
Non-current deferred income | 12 | 12 |
Total Progress collections and deferred income | 262 | 250 |
Corporate | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Corporate | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 131 | $ 131 |
ALL OTHER ASSET (Details)
ALL OTHER ASSET (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Increase in other non-current assets | $ 412 | |
Increase in equity method and other investments | 180 | |
Increase (decrease) in long-term receivables | 122 | |
Increase (decrease) in insurance cash and cash equivalents | 68 | |
Insurance cash and cash equivalents | $ 687 | $ 619 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings | ||
Total short-term borrowings | $ 2,262 | $ 3,739 |
Long-term borrowings | ||
Long-term borrowings and lease obligation | 20,159 | 20,320 |
Total borrowings | 22,421 | 24,059 |
Other | ||
Long-term borrowings | ||
Long-term borrowings and lease obligation | 861 | 901 |
Debt issued by GE | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | 4,653 | 4,724 |
Debt assumed by GE | Senior and subordinated notes | ||
Long-term borrowings | ||
Long-term borrowings | 8,383 | 8,406 |
Debt issued by GE Capital | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | 6,262 | 6,289 |
Senior notes | Debt issued by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 609 | 464 |
Senior notes | Debt issued by GE Capital | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 592 | 1,188 |
Senior and subordinated notes | Debt assumed by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 947 | 1,973 |
Other | ||
Short-term borrowings | ||
Other | $ 114 | $ 115 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Non-recourse borrowings of consolidated securitization entities | ||
Guarantor Obligations [Line Items] | ||
Debt assumed by GE upon merger | $ 3,379 | $ 5,258 |
ACCOUNTS PAYABLE AND EQUIPMEN_3
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES - Schedule of Accounts Payable and Accruals (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 10,049 | $ 10,033 |
Supply chain finance programs | 3,454 | 3,689 |
Equipment project accruals | 1,109 | 1,236 |
Non-income based tax payables | 451 | 441 |
Accounts payable and equipment project payables | $ 15,063 | $ 15,399 |
ACCOUNTS PAYABLE AND EQUIPMEN_4
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYBLES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Supplier invoices paid | $ 2,079 | $ 1,856 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 21 Months Ended | 51 Months Ended | ||||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2024 | Mar. 31, 2023 | Jan. 01, 2021 | |
Disaggregation of Revenue [Line Items] | ||||||||
Insurance revenues | $ 791 | $ 764 | ||||||
Net earnings (loss) | 7,478 | (1,108) | ||||||
Assets | 164,472 | $ 188,851 | $ 164,472 | |||||
Gross premium income | 214 | 229 | 935 | $ 967 | ||||
Interest accretion | 435 | 436 | 1,735 | 1,730 | ||||
Favorable (unfavorable) pre-tax adjustments, net premium ratio | 404 | 408 | ||||||
Unfavorable adjustment, insufficient gross premium | 190 | 58 | ||||||
Policyholder account balance | 1,921 | 2,095 | 1,964 | 2,124 | $ 1,921 | |||
Policyholder account balance, surrender, withdrawal and benefit payments | 120 | 115 | 441 | 475 | ||||
Policyholder account balance, net additions and interest credited | $ 75 | $ 81 | $ 271 | $ 326 | ||||
Policyholder account balance, crediting rate | 3% | 6% | 3% | 6% | 3% | |||
Reinsurance recoverables, net | $ 277 | $ 255 | $ 6,596 | $ 277 | ||||
Reinsurance recoverables, allowances | 2,065 | $ 2,079 | ||||||
Reinsurance recoverable, credit loss increase, expense, pre-tax | $ 350 | |||||||
Reinsurance recoverable, credit loss increase, expense, after-tax | 276 | |||||||
Reinsurance recoverable, incurred but not yet reported claims | 2,396 | |||||||
Reinsurance incremental loss (pre-tax) | 55 | |||||||
Reinsurance incremental loss (after-tax) | $ 43 | |||||||
Capital contributions to insurance subsidiaries | $ 1,815 | $ 13,215 | ||||||
Statutory capital level requirement | 300% | 300% | ||||||
Long-term care | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Gross premium income | $ 124 | $ 123 | 490 | 487 | ||||
Interest accretion | 310 | 306 | 1,224 | 1,194 | ||||
Life | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Gross premium income | 84 | 98 | 415 | 448 | ||||
Structured settlement annuities | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Interest accretion | 115 | 119 | 471 | 491 | ||||
Forecast | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Capital contributions to insurance subsidiaries | $ 1,820 | |||||||
Run-off Insurance Operations | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Insurance revenues | 791 | 764 | 2,957 | 3,101 | ||||
Gross profit (loss) | 70 | 106 | 205 | 798 | ||||
Net earnings (loss) | 54 | $ 84 | 159 | 627 | ||||
Assets | $ 47,981 | $ 45,031 | $ 56,037 | $ 47,981 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefit reserves | $ 36,876 | $ 34,593 | $ 48,763 | ||
Investment contracts | 1,667 | 1,708 | 1,857 | ||
Other | 539 | 544 | 950 | ||
Total | 39,082 | 36,845 | 51,570 | ||
Long-term care | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefit reserves | 26,054 | 24,256 | $ 30,314 | 34,644 | |
Investment contracts | 0 | 0 | 0 | ||
Other | 0 | 0 | 0 | ||
Total | 26,054 | 24,256 | 34,644 | ||
Structured settlement annuities | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefit reserves | 9,349 | 8,860 | 10,848 | 12,328 | |
Investment contracts | 846 | 860 | 950 | ||
Other | 0 | 0 | 0 | ||
Total | 10,194 | 9,720 | 13,278 | ||
Life | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefit reserves | 1,045 | 1,040 | $ 1,175 | 1,301 | |
Investment contracts | 0 | 0 | 0 | ||
Other | 178 | 178 | 189 | ||
Total | 1,223 | 1,218 | 1,490 | ||
Other contracts | |||||
Liability for Future Policy Benefit, Activity [Line Items] | |||||
Future policy benefit reserves | 428 | 437 | 490 | ||
Investment contracts | 821 | 849 | 907 | $ 2,049 | |
Other | 361 | 365 | 761 | 564 | |
Total | $ 1,610 | $ 1,651 | 2,158 | ||
Claim reserves, short-duration insurance contracts | $ 325 | $ 399 |
INSURANCE LIABILITIES AND ANN_5
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Changes in Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
Present value of expected future policy benefits | ||||||
Future policy benefit reserves | $ 36,876 | $ 34,593 | $ 48,763 | |||
Less: Reinsurance recoverables, net of allowance for credit losses | $ (7,095) | |||||
Net future policy benefit reserves, after reinsurance recoverables | 48,856 | |||||
Long-term care | ||||||
Present value of expected net premiums | ||||||
Balance, beginning of year | 4,059 | $ 5,652 | 5,652 | 6,397 | ||
Beginning balance at locked-in discount rate | 3,958 | 4,451 | 4,451 | 4,822 | ||
Interest accrual | 53 | 59 | 223 | 241 | ||
Net premiums collected | (103) | (113) | (417) | (453) | ||
Effect of foreign currency | 0 | 0 | 0 | 0 | ||
Ending balance at locked-in discount rate | 3,937 | 4,267 | 3,958 | 4,451 | ||
Effect of changes in discount rate assumptions | 281 | 696 | 101 | 1,201 | ||
Balance, end of year | 4,217 | 4,963 | 4,059 | 5,652 | ||
Present value of expected future policy benefits | ||||||
Balance, beginning of year | 28,316 | 40,296 | 40,296 | 43,974 | ||
Beginning balance at locked-in discount rate | 27,100 | 27,425 | 27,026 | 27,465 | $ 27,745 | |
Interest accrual | 363 | 365 | 1,446 | 1,435 | ||
Benefit payments | (309) | (274) | (1,152) | (1,058) | ||
Effect of foreign currency | 0 | 0 | 0 | 0 | ||
Ending balance at locked-in discount rate | 27,100 | 27,425 | 27,026 | 27,465 | ||
Effect of changes in discount rate assumptions | 3,171 | 7,852 | 1,290 | 12,831 | ||
Balance, end of year | 30,271 | 35,277 | 28,316 | 40,296 | ||
Future policy benefit reserves | 26,054 | 30,314 | 24,256 | 34,644 | ||
Less: Reinsurance recoverables, net of allowance for credit losses | (204) | (5,154) | (171) | (6,473) | (7,036) | |
Net future policy benefit reserves, after reinsurance recoverables | 25,850 | 25,160 | 24,085 | 28,171 | 30,541 | |
Long-term care | Beginning balance adjustments, quarterly activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | 29 | (130) | ||||
Adjusted beginning of year balance | 3,987 | 4,321 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | (11) | 0 | ||||
Effect of actual variances from expected experience | 30 | (130) | ||||
Adjusted beginning of year balance | 27,046 | 27,335 | ||||
Long-term care | Beginning balance adjustments, annual activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | (9) | (91) | ||||
Effect of actual variances from expected experience | (290) | (68) | ||||
Adjusted beginning of year balance | 4,152 | 4,663 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | (413) | (509) | ||||
Effect of actual variances from expected experience | (320) | (147) | ||||
Adjusted beginning of year balance | 26,732 | 27,089 | ||||
Structured settlement annuities | ||||||
Present value of expected net premiums | ||||||
Balance, beginning of year | 0 | 0 | 0 | 0 | ||
Beginning balance at locked-in discount rate | 0 | 0 | 0 | 0 | ||
Interest accrual | 0 | 0 | 0 | 0 | ||
Net premiums collected | 0 | 0 | 0 | 0 | ||
Effect of foreign currency | 0 | 0 | 0 | 0 | ||
Ending balance at locked-in discount rate | 0 | 0 | 0 | 0 | ||
Effect of changes in discount rate assumptions | 0 | 0 | 0 | 0 | ||
Balance, end of year | 0 | 0 | 0 | 0 | ||
Present value of expected future policy benefits | ||||||
Balance, beginning of year | 8,860 | 12,328 | 12,328 | 13,531 | ||
Beginning balance at locked-in discount rate | 8,730 | 8,978 | 8,790 | 9,024 | 9,163 | |
Interest accrual | 115 | 119 | 471 | 491 | ||
Benefit payments | (174) | (162) | (671) | (678) | ||
Effect of foreign currency | 0 | 0 | 0 | 0 | ||
Ending balance at locked-in discount rate | 8,730 | 8,978 | 8,790 | 9,024 | ||
Effect of changes in discount rate assumptions | 619 | 1,870 | 70 | 3,305 | ||
Balance, end of year | 9,349 | 10,848 | 8,860 | 12,328 | ||
Future policy benefit reserves | 9,349 | 10,848 | 8,860 | 12,328 | ||
Less: Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | 0 | 0 | 0 | |
Net future policy benefit reserves, after reinsurance recoverables | 9,349 | 10,848 | 8,860 | 12,328 | 13,532 | |
Structured settlement annuities | Beginning balance adjustments, quarterly activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | 0 | 0 | ||||
Adjusted beginning of year balance | 0 | 0 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | (1) | (3) | ||||
Adjusted beginning of year balance | 8,789 | 9,021 | ||||
Structured settlement annuities | Beginning balance adjustments, annual activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | 0 | 0 | ||||
Adjusted beginning of year balance | 0 | 0 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | (23) | 58 | ||||
Effect of actual variances from expected experience | (11) | (11) | ||||
Adjusted beginning of year balance | 8,990 | 9,210 | ||||
Life | ||||||
Present value of expected net premiums | ||||||
Balance, beginning of year | 4,828 | 6,622 | 6,622 | 7,205 | ||
Beginning balance at locked-in discount rate | 5,210 | 5,443 | 5,443 | 5,518 | ||
Interest accrual | 50 | 52 | 203 | 203 | ||
Net premiums collected | (73) | (83) | (357) | (392) | ||
Effect of foreign currency | (23) | 73 | (176) | (9) | ||
Ending balance at locked-in discount rate | 5,129 | 5,487 | 5,210 | 5,443 | ||
Effect of changes in discount rate assumptions | (149) | 396 | (381) | 1,179 | ||
Balance, end of year | 4,979 | 5,883 | 4,828 | 6,622 | ||
Present value of expected future policy benefits | ||||||
Balance, beginning of year | 5,868 | 7,923 | 7,923 | 8,767 | ||
Beginning balance at locked-in discount rate | 6,148 | 6,570 | 6,247 | 6,560 | 6,797 | |
Interest accrual | 60 | 62 | 243 | 248 | ||
Benefit payments | (138) | (148) | (531) | (638) | ||
Effect of foreign currency | (24) | 77 | (185) | (10) | ||
Ending balance at locked-in discount rate | 6,148 | 6,570 | 6,247 | 6,560 | ||
Effect of changes in discount rate assumptions | (123) | 488 | (380) | 1,363 | ||
Balance, end of year | 6,025 | 7,058 | 5,868 | 7,923 | ||
Future policy benefit reserves | 1,045 | 1,175 | 1,040 | 1,301 | ||
Less: Reinsurance recoverables, net of allowance for credit losses | (57) | (81) | (67) | (87) | (15) | |
Net future policy benefit reserves, after reinsurance recoverables | $ 988 | $ 1,094 | 973 | 1,214 | $ 1,546 | |
Life | Beginning balance adjustments, quarterly activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | (35) | 2 | ||||
Adjusted beginning of year balance | 5,175 | 5,445 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | 0 | 0 | ||||
Effect of actual variances from expected experience | 2 | 19 | ||||
Adjusted beginning of year balance | $ 6,250 | 6,579 | ||||
Life | Beginning balance adjustments, annual activity | ||||||
Present value of expected net premiums | ||||||
Effect of changes in cash flow assumptions | 91 | 191 | ||||
Effect of actual variances from expected experience | 6 | (69) | ||||
Adjusted beginning of year balance | 5,540 | 5,640 | ||||
Present value of expected future policy benefits | ||||||
Effect of changes in cash flow assumptions | 120 | 207 | ||||
Effect of actual variances from expected experience | 40 | (43) | ||||
Adjusted beginning of year balance | $ 6,720 | $ 6,961 |
INSURANCE LIABILITIES AND ANN_6
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Undiscounted and Discounted Expected Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term care | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Undiscounted, expected future gross premiums | $ 7,924 | $ 7,985 | $ 8,052 | $ 8,173 |
Undiscounted, expected future benefit payments | 64,944 | 65,217 | 67,254 | 67,516 |
Discounted, expected future gross premiums | 5,105 | 4,918 | 5,599 | 6,187 |
Discounted, expected future benefit payments | 30,271 | 28,316 | 35,277 | 40,296 |
Structured settlement annuities | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Undiscounted, expected future benefit payments | 19,745 | 19,936 | 20,482 | 20,666 |
Discounted, expected future benefit payments | 9,349 | 8,860 | 10,848 | 12,328 |
Life | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Undiscounted, expected future gross premiums | 13,537 | 13,754 | 14,676 | 14,579 |
Undiscounted, expected future benefit payments | 11,800 | 12,020 | 12,709 | 12,702 |
Discounted, expected future gross premiums | 6,104 | 5,916 | 7,311 | 8,275 |
Discounted, expected future benefit payments | $ 6,025 | $ 5,868 | $ 7,058 | $ 7,923 |
INSURANCE LIABILITIES AND ANN_7
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Weighted-Average Durations and Interest Rates (Details) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Long-term care | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Duration (years) | 13 years 2 months 12 days | 13 years | 14 years 7 months 6 days | 15 years 6 months |
Interest accretion rate | 5.50% | 5.50% | 5.50% | 5.30% |
Current discount rate | 5% | 5.60% | 4% | 3.10% |
Structured settlement annuities | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Duration (years) | 11 years 2 months 12 days | 10 years 8 months 12 days | 12 years 2 months 12 days | 13 years 2 months 12 days |
Interest accretion rate | 5.40% | 5.40% | 5.40% | 5.50% |
Current discount rate | 5% | 5.50% | 4% | 3.10% |
Life | ||||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||||
Duration (years) | 5 years 3 months 18 days | 5 years | 6 years 1 month 6 days | 6 years 3 months 18 days |
Interest accretion rate | 5.10% | 4.90% | 5.10% | 4.80% |
Current discount rate | 4.80% | 5.40% | 3.80% | 2.60% |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) category | Mar. 31, 2022 USD ($) | Jan. 03, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of categories | category | 3 | ||
Defined contribution plan costs | $ 77 | $ 110 | |
Spinoff | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Postretirement and pension plan benefit obligation | $ 4,000 | ||
Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan costs | 79 | ||
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 36 | 52 | |
Principal retiree benefit plans | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 33 | ||
Other pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 29 | 117 | |
Expected employer contributions | 100 | ||
Other pension plans | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 89 | ||
Principal pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 271 | (143) | |
Principal pension plans | GE Supplementary Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions | 230 | ||
Principal pension plans | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plans income | 271 | $ (94) | |
Retiree health benefits and life insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected employer contributions | $ 230 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Description of Postretirement Benefit Plans (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) plan employee | |
Principal pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 115,000 |
Number of vested former employees | 50,000 |
Number of active employees | 16,500 |
Other pension plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 42,500 |
Number of vested former employees | 29,500 |
Number of active employees | 8,000 |
Number of U.S. and non-U.S. pension plans | plan | 35 |
Assets or obligations of U.S. and non-U.S. pension plans, threshold | $ | $ 50 |
Principal retiree benefit plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 93,500 |
Number of active employees | 15,500 |
POSTRETIREMENT BENEFIT PLANS _3
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | $ 21 | $ 49 |
Expected return on plan assets | (594) | (786) |
Interest cost on benefit obligations | 474 | 517 |
Net actuarial loss amortization | (172) | 363 |
Benefit plans cost | (271) | 143 |
Discontinued operations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit plans cost | 0 | 49 |
Continuing operations | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit plans cost | $ (271) | $ 94 |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Other Liabilities Disclosure [Abstract] | |
Increase (decrease) in other current liabilities | $ 183 |
Increase (decrease) in taxes payable | 175 |
Increase (decrease) in sales allowances | 135 |
Increase (decrease) in equipment projects and other commercial liabilities, current | 120 |
Increase (decrease) in derivative liabilities | (195) |
Increase (decrease) in other noncurrent liabilities | (125) |
Increase (decrease) in equipment projects and other commercial liabilities, noncurrent | $ (181) |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 4.20% | (2.50%) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | $ 34,912 | |
Ending balance | $ 32,823 | $ 32,909 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 |
GE Healthcare | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | $ 195 | |
Accumulated other comprehensive income (loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (2,272) | $ (4,860) |
Ending balance | (3,289) | (4,115) |
Currency translation adjustments including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (5,893) | (4,569) |
AOCI before reclass, net of taxes | 152 | (181) |
Reclass from AOCI, net of taxes | 2,234 | 0 |
Other comprehensive income (loss) | 2,387 | (181) |
AOCI before reclass, taxes | (5) | 90 |
Reclass from AOCI, taxes | (626) | 0 |
Currency translation adjustments including noncontrolling interests | GE Healthcare | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | 2,234 | |
Currency translation adjustments attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (1) | (4) |
Currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 2,388 | (177) |
Ending balance | (3,505) | (4,746) |
Benefit plans including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | 6,531 | 3,646 |
AOCI before reclass, net of taxes | (84) | 54 |
Reclass from AOCI, net of taxes | (2,235) | 186 |
Other comprehensive income (loss) | (2,319) | 240 |
AOCI before reclass, taxes | (13) | 25 |
Reclass from AOCI, taxes | (594) | 55 |
Benefit plans including noncontrolling interests | GE Healthcare | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | (2,030) | |
Benefit plans attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (2) | 2 |
Benefit plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (2,317) | 238 |
Ending balance | 4,214 | 3,884 |
Investment securities and cash flow hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (1,927) | 5,172 |
AOCI before reclass, net of taxes | 718 | (2,993) |
Reclass from AOCI, net of taxes | (12) | (5) |
Other comprehensive income (loss) | 706 | (2,998) |
Ending balance | (1,222) | 2,174 |
AOCI before reclass, taxes | 188 | (801) |
Reclass from AOCI, taxes | 0 | 1 |
Long-duration insurance contracts | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (983) | (9,109) |
AOCI before reclass, net of taxes | (1,793) | 3,682 |
Other comprehensive income (loss) | (1,793) | 3,682 |
Ending balance | (2,776) | (5,427) |
AOCI before reclass, taxes | $ (477) | $ 979 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares outstanding | 2,795,444 | 5,795,444 | |
Redemption of GE preferred stock | $ 3,000 | $ 0 | |
Common stock, shares outstanding | 1,088,960,029 | 1,089,107,878 | |
Series D Preferred Stock | Preferred stock | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Redemption of GE preferred stock | $ 3,000 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Diluted | ||
Earnings (loss) from continuing operations | $ 6,242 | $ (1,224) |
Preferred stock dividends and other | (145) | (52) |
Earnings (loss) from continuing operations attributable to common shareholders | 6,097 | (1,276) |
Earnings (loss) from discontinued operations | 1,257 | 88 |
Net earnings (loss) attributable to GE common shareholders | $ 7,354 | $ (1,188) |
Total average equivalent shares (in shares) | 1,089 | 1,100 |
Employee compensation-related shares (including stock options) (in shares) | 8 | 0 |
Total average equivalent shares (in shares) | 1,097 | 1,100 |
Earnings per share from continuing operations (in dollars per share) | $ 5.56 | $ (1.16) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 1.15 | 0.08 |
Net earnings (loss) per share (in dollars per share) | $ 6.71 | $ (1.08) |
Potentially dilutive securities (in shares) | 38 | 43 |
Basic | ||
Earnings (loss) from continuing operations | $ 6,248 | $ (1,224) |
Preferred stock dividends and other | (145) | (52) |
Earnings (loss) from continuing operations attributable to common shareholders | 6,103 | (1,276) |
Earnings (loss) from discontinued operations | 1,257 | 88 |
Net earnings (loss) attributable to GE common shareholders | $ 7,360 | $ (1,188) |
Earnings per share from continuing operations (in dollars per share) | $ 5.60 | $ (1.16) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 1.15 | 0.08 |
Net earnings (loss) per share (in dollars per share) | $ 6.76 | $ (1.08) |
Preferred Share Redemption | ||
Preferred share redemption, excise tax | $ (30) |
OTHER INCOME (LOSS) - Schedule
OTHER INCOME (LOSS) - Schedule of Other Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Licensing and royalty income | $ 34 | $ 57 |
Unrealized gain (loss) | 6,040 | (370) |
Realized and unrealized gain (loss) | 5,906 | (206) |
Other net interest and investment income (loss) | 186 | 93 |
Other items | (48) | 82 |
Total other income (loss) | $ 6,081 | $ 49 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total other income (loss) | Total other income (loss) |
Other (income) loss | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity method income | $ 0 | $ 38 |
GE Healthcare | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Unrealized gain (loss) | 6,093 | 0 |
AerCap | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | (195) | (1,736) |
Baker Hughes | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | $ 10 | $ 1,515 |
OTHER INCOME (LOSS) - Narrative
OTHER INCOME (LOSS) - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales of retained ownership interests | $ 2,025 | $ 1,302 |
GE Healthcare | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity securities, investment interest (in shares) | 90.3 | |
Equity securities, ownership percentage | 19.90% | |
AerCap | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity securities, investment interest (in shares) | 79.7 | |
Equity securities, ownership percentage | 33% | |
Sales of retained ownership interests | $ 1,808 | |
Baker Hughes | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sales of retained ownership interests | $ 216 |
RESTRUCTURING CHARGES AND SEP_3
RESTRUCTURING CHARGES AND SEPARATION COSTS - Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 161 | $ 48 |
Restructuring and other charges cash expenditures | 137 | 127 |
Cost of equipment/services | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 36 | 27 |
SG&A | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 125 | 25 |
Other (income) loss | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 0 | (3) |
Operating segments | Aerospace | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 4 | 5 |
Operating segments | Renewable Energy | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 65 | 6 |
Operating segments | Power | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 19 | 34 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 72 | 3 |
Workforce reductions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 66 | 13 |
Plant closures & associated costs and other asset write-downs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 82 | 26 |
Acquisition/disposition net charges and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 12 | $ 9 |
RESTRUCTURING CHARGES AND SEP_4
RESTRUCTURING CHARGES AND SEPARATION COSTS - Changes in Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 977 | $ 825 |
Additions | 86 | 9 |
Payments | (87) | (115) |
Effect of foreign currency and other | 0 | (9) |
Ending balance | 976 | 710 |
Restructuring reserve | 976 | 710 |
Discontinued operations | ||
Restructuring Reserve [Roll Forward] | ||
Ending balance | 64 | |
Restructuring reserve | 64 | |
Post-employment severance benefits | ||
Restructuring Reserve [Roll Forward] | ||
Ending balance | 353 | 322 |
Restructuring reserve | $ 353 | $ 322 |
RESTRUCTURING CHARGES AND SEP_5
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 161 | $ 48 |
Restructuring and other charges cash expenditures | 137 | 127 |
Separation costs | 205 | 99 |
Payments for restructuring costs | 87 | 115 |
Non-cash asset impairment, accelerated depreciation and other charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 75 | 39 |
Employee workforce reduction and contract related charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 86 | 9 |
Separation costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Separation costs | 205 | 99 |
Payments for restructuring costs | 204 | 3 |
Restructuring, incurred net tax expense (benefit) | 56 | 24 |
Separation costs | Discontinued operations | ||
Restructuring Cost and Reserve [Line Items] | ||
Separation costs | 20 | 20 |
Payments for restructuring costs | 85 | |
Restructuring, incurred net tax expense (benefit) | $ (4) | $ (4) |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities | |||
Investment contracts | $ 1,667 | $ 1,708 | $ 1,857 |
Carrying amount (net) | |||
Assets | |||
Loans and other receivables | 2,427 | 2,557 | |
Liabilities | |||
Borrowings | 22,421 | 24,059 | |
Investment contracts | 1,667 | 1,708 | |
Estimated fair value | |||
Assets | |||
Loans and other receivables | 2,275 | 2,418 | |
Liabilities | |||
Borrowings | 21,586 | 22,849 | |
Investment contracts | $ 1,736 | $ 1,758 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Notional | $ 63,925 | $ 57,898 |
All other assets | ||
Derivative asset, statement of financial position | All other assets (Note 10) | All other assets (Note 10) |
Gross derivatives | $ 1,208 | $ 1,275 |
Netting and credit adjustments | (756) | (821) |
Net derivatives recognized in statement of financial position | $ 452 | $ 454 |
All other liabilities | ||
Derivative liability, statement of financial position | All other liabilities (Note 15) | All other liabilities (Note 15) |
Gross derivatives | $ 980 | $ 1,241 |
Netting and credit adjustments | (755) | (820) |
Net derivatives recognized in statement of financial position | 225 | 420 |
Derivatives accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 4,648 | 5,112 |
All other assets | ||
Gross derivatives | 138 | 132 |
All other liabilities | ||
Gross derivatives | 100 | 146 |
Derivatives accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 4,648 | 5,112 |
All other assets | ||
Gross derivatives | 138 | 132 |
All other liabilities | ||
Gross derivatives | 100 | 146 |
Derivatives not accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 59,277 | 52,786 |
All other assets | ||
Gross derivatives | 1,071 | 1,143 |
All other liabilities | ||
Gross derivatives | 880 | 1,095 |
Derivatives not accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 58,595 | 51,885 |
All other assets | ||
Gross derivatives | 917 | 946 |
All other liabilities | ||
Gross derivatives | 871 | 1,082 |
Derivatives not accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 30 | 43 |
All other assets | ||
Gross derivatives | 0 | 0 |
All other liabilities | ||
Gross derivatives | 0 | 1 |
Derivatives not accounted for as hedges | Other contracts | ||
Derivative [Line Items] | ||
Gross Notional | 652 | 858 |
All other assets | ||
Gross derivatives | 154 | 197 |
All other liabilities | ||
Gross derivatives | $ 9 | $ 13 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges, Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 1,226 | $ 1,931 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 1,226 | 2,011 |
Hedged liability | $ 8,817 | $ 15,636 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivatives on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Gain (loss) recognized in AOCI, cash flow hedges | $ 28 | $ (47) |
Gain (loss) recognized in AOCI, net investment hedges | (62) | 112 |
Foreign currency debt | ||
Derivative [Line Items] | ||
Carrying value designated as net investment hedges | $ 3,398 | $ 3,934 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow and Net Investment Hedges, Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | $ (25) |
Loss expected to be transferred to earnings as an expense | $ 8 |
Maximum term of hedged forecasted transactions | 12 years |
FINANCIAL INSTRUMENTS - Effec_2
FINANCIAL INSTRUMENTS - Effects of Derivatives on Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total revenues | $ 14,486 | $ 12,675 |
Interest Expense | 269 | 387 |
SG&A | 2,142 | 2,725 |
Other | 16,810 | 9,823 |
Revenues | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) reclassified to earnings | 1 | 3 |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 2 | 1 |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) reclassified to earnings | (2) | (7) |
Fair Value Hedges | ||
Hedged items | 78 | |
Derivatives designated as hedging instruments | (87) | |
Total effect of fair value hedges | (9) | |
Total effect of derivatives not designated as hedges | 0 | 0 |
SG&A | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) reclassified to earnings | 0 | 0 |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 115 | (105) |
Other | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (loss) reclassified to earnings | (2) | (32) |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | (58) | (66) |
Currency exchange contracts | Revenues | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 2 | 1 |
Currency exchange contracts | Interest Expense | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | |
Currency exchange contracts | SG&A | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 76 | (68) |
Currency exchange contracts | Other | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | (47) | (81) |
Interest rate, commodity and equity contracts | Revenues | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 1 | |
Interest rate, commodity and equity contracts | Interest Expense | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | |
Interest rate, commodity and equity contracts | SG&A | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 39 | (37) |
Interest rate, commodity and equity contracts | Other | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | $ (11) | $ 15 |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk, Narrative (Details) - Counterparty credit risk - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | $ 325 | $ 306 |
Net amount | $ 170 | $ 365 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Assets | $ 164,472 | $ 188,851 |
Liabilities | 131,649 | 153,938 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 404 | 401 |
Liabilities | 192 | 206 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 6,088 | 5,917 |
Unconsolidated VIEs | Energy Financial Services | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,462 | 1,481 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 4,411 | $ 4,219 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Investment Commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,966 |
Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,868 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,761 |
Aerospace | Financial Assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,390 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Guarantee of indebtedness of others | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 76 |
Indemnification agreement, TSA | Discontinued operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 70 |
Indemnification agreement, TMA | Discontinued operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 47 |
Indemnification agreement, TMA | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 49 |
Other indemnification agreements | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 706 |
Related reserves | 76 |
Other indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 520 |
Other indemnification agreements | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | $ 78 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 1,932 | $ 1,960 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Alstom Legacy Matters | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 420 | $ 455 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Discontinued operations | ||
Related Party Transaction [Line Items] | ||
Financing receivables held for sale | $ 1,126 | $ 1,200 |
Discontinued operations | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Percentage indexed to or denominated in foreign currencies | 86% | |
Financing receivables held for sale | $ 1,126 | |
Bank BPH | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Estimate loss | $ 1,540 |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 14,486 | $ 12,675 |
Revenues, V% | 14% | |
Interest and other financial charges | $ (269) | (387) |
Non-operating benefit income (cost) | 385 | 105 |
Benefit (provision) for income taxes | (271) | (29) |
Preferred stock dividends and other | (145) | (52) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 6,103 | (1,276) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 1,257 | 88 |
Net earnings (loss) attributable to GE common shareholders | 7,360 | (1,188) |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 13,638 | 11,975 |
Revenues, V% | 14% | |
Segment profit (loss) | $ 987 | 538 |
Segment profit (loss), V% | 83% | |
Operating segments | Aerospace | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 6,981 | 5,603 |
Revenues, V% | 25% | |
Segment profit (loss) | $ 1,326 | 908 |
Segment profit (loss), V% | 46% | |
Operating segments | Renewable Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 2,837 | 2,871 |
Revenues, V% | (1.00%) | |
Segment profit (loss) | $ (414) | (434) |
Segment profit (loss), V% | 5% | |
Operating segments | Power | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 3,820 | 3,501 |
Revenues, V% | 9% | |
Segment profit (loss) | $ 75 | 63 |
Segment profit (loss), V% | 19% | |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 848 | 700 |
Revenues, V% | 21% | |
Segment profit (loss) | $ 5,456 | (1,419) |
Corporate | Energy Financial Services | ||
Segment Reporting Information [Line Items] | ||
Interest and other financial charges | (12) | (16) |
Benefit (provision) for income taxes | 51 | 47 |
Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Interest and other financial charges | $ (257) | (371) |
Interest and other financial charges, V% | 31% | |
Non-operating benefit income (cost) | $ 385 | 105 |
Benefit (provision) for income taxes | (322) | (76) |
Preferred stock dividends and other | $ (145) | $ (52) |