COVER
COVER | 9 Months Ended |
Sep. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2023 |
Document Transition Report | false |
Entity File Number | 001-00035 |
Entity Registrant Name | GENERAL ELECTRIC COMPANY |
Amendment Flag | false |
Entity Central Index Key | 0000040545 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2023 |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | One Financial Center, Suite 3700 |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02111 |
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 | 1,088,386,043 |
Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $0.01 per share |
Trading Symbol | GE |
Security Exchange Name | NYSE |
0.875% Notes Due 2025 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.875% Notes due 2025 |
Trading Symbol | GE 25 |
Security Exchange Name | NYSE |
1.875% Notes Due 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2027 |
Trading Symbol | GE 27E |
Security Exchange Name | NYSE |
1.500% Notes Due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | GE 29 |
Security Exchange Name | NYSE |
7.5% Guaranteed Subordinated Notes Due 2035 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 |
Trading Symbol | GE /35 |
Security Exchange Name | NYSE |
2.125% Notes Due 2037 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.125% Notes due 2037 |
Trading Symbol | GE 37 |
Security Exchange Name | NYSE |
STATEMENT OF EARNINGS (LOSS) (U
STATEMENT OF EARNINGS (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | ||||
Insurance revenues (Note 13) | $ 842 | $ 645 | $ 2,480 | $ 2,175 |
Total revenues (Note 8) | 17,346 | 14,470 | 48,531 | 41,272 |
Costs and expenses | ||||
Selling, general and administrative expenses | 2,171 | 1,966 | 6,671 | 6,509 |
Separation costs (Note 20) | 227 | 171 | 658 | 419 |
Research and development | 471 | 426 | 1,356 | 1,269 |
Interest and other financial charges | 286 | 374 | 822 | 1,130 |
Insurance losses, annuity benefits and other costs (Note 13) | 710 | 504 | 2,129 | 1,794 |
Non-operating benefit cost (income) | (396) | (96) | (1,183) | (302) |
Total costs and expenses | 16,373 | 14,880 | 46,449 | 42,650 |
Other income (loss) (Note 19) | (673) | 178 | 6,100 | (1,000) |
Earnings (loss) from continuing operations before income taxes | 300 | (232) | 8,182 | (2,378) |
Benefit (provision) for income taxes (Note 16) | (138) | (13) | (741) | (203) |
Earnings (loss) from continuing operations | 161 | (245) | 7,440 | (2,581) |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 173 | 409 | 412 | 775 |
Net earnings (loss) | 335 | 165 | 7,852 | (1,806) |
Less net earnings (loss) attributable to noncontrolling interests | (14) | 4 | (37) | 51 |
Net earnings (loss) attributable to the Company | 348 | 161 | 7,889 | (1,857) |
Preferred stock dividends and other | (91) | (73) | (295) | (192) |
Net earnings (loss) attributable to GE common shareholders | 258 | 88 | 7,594 | (2,049) |
Amounts attributable to GE common shareholders | ||||
Earnings (loss) from continuing operations | 161 | (245) | 7,440 | (2,581) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (14) | (2) | (37) | 19 |
Earnings (loss) from continuing operations attributable to the Company | 175 | (243) | 7,478 | (2,600) |
Preferred stock dividends and other | (91) | (73) | (295) | (192) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 84 | (316) | 7,183 | (2,792) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 173 | 403 | 411 | 743 |
Net earnings (loss) attributable to GE common shareholders | $ 258 | $ 88 | $ 7,594 | $ (2,049) |
Earnings (loss) per share from continuing operations (Note 18) | ||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.08 | $ (0.29) | $ 6.54 | $ (2.54) |
Basic earnings (loss) per share (in dollars per share) | 0.08 | (0.29) | 6.60 | (2.54) |
Net earnings (loss) per share (Note 18) | ||||
Diluted earnings (loss) per share (in dollars per share) | 0.23 | 0.08 | 6.91 | (1.86) |
Basic earnings (loss) per share (in dollars per share) | $ 0.24 | $ 0.08 | $ 6.98 | $ (1.86) |
Equipment | ||||
Revenues | ||||
Sales | $ 6,939 | $ 5,731 | $ 18,915 | $ 15,605 |
Costs and expenses | ||||
Cost of sales | 7,065 | 6,488 | 19,610 | 17,165 |
Services | ||||
Revenues | ||||
Sales | 9,565 | 8,095 | 27,136 | 23,493 |
Costs and expenses | ||||
Cost of sales | $ 5,839 | $ 5,046 | $ 16,386 | $ 14,668 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Cash, cash equivalents and restricted cash | $ 13,127 | $ 15,810 |
Investment securities (Note 3) | 7,054 | 7,609 |
Current receivables (Note 4) | 14,546 | 14,831 |
Inventories, including deferred inventory costs (Note 5) | 17,020 | 14,891 |
Current contract assets (Note 9) | 1,875 | 2,467 |
All other current assets (Note 10) | 1,438 | 1,400 |
Assets of businesses held for sale (Note 2) | 1,375 | 1,374 |
Current assets | 56,434 | 58,384 |
Investment securities (Note 3) | 35,528 | 36,027 |
Property, plant and equipment – net (Note 6) | 12,203 | 12,192 |
Goodwill (Note 7) | 13,177 | 12,999 |
Other intangible assets – net (Note 7) | 5,790 | 6,105 |
Contract and other deferred assets (Note 9) | 5,427 | 5,776 |
All other assets (Note 10) | 16,307 | 15,477 |
Deferred income taxes (Note 16) | 10,235 | 10,001 |
Assets of discontinued operations (Note 2) | 1,560 | 31,890 |
Total assets | 156,662 | 188,851 |
Short-term borrowings (Note 11) | 1,334 | 3,739 |
Accounts payable and equipment project payables (Note 12) | 15,785 | 15,399 |
Progress collections and deferred income (Note 9) | 17,185 | 16,216 |
All other current liabilities (Note 15) | 12,026 | 12,130 |
Liabilities of businesses held for sale (Note 2) | 1,835 | 1,944 |
Current liabilities | 48,164 | 49,428 |
Deferred income (Note 9) | 1,337 | 1,409 |
Long-term borrowings (Note 11) | 19,488 | 20,320 |
Insurance liabilities and annuity benefits (Note 13) | 35,832 | 36,845 |
Non-current compensation and benefits | 9,718 | 10,400 |
All other liabilities (Note 15) | 11,177 | 11,063 |
Liabilities of discontinued operations (Note 2) | 1,112 | 24,474 |
Total liabilities | 126,830 | 153,938 |
Preferred stock (Note 17) | 0 | 6 |
Common stock (Note 17) | 15 | 15 |
Accumulated other comprehensive income (loss) – net attributable to GE (Note 17) | (3,351) | (2,272) |
Other capital | 27,229 | 34,173 |
Retained earnings | 85,017 | 82,983 |
Less common stock held in treasury | (80,244) | (81,209) |
Total GE shareholders’ equity | 28,665 | 33,696 |
Noncontrolling interests | 1,167 | 1,216 |
Total equity | 29,832 | 34,912 |
Total liabilities and equity | $ 156,662 | $ 188,851 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows – operating activities | ||
Net earnings (loss) | $ 7,852 | $ (1,806) |
(Earnings) loss from discontinued operations activities | (412) | (775) |
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities | ||
Depreciation and amortization of property, plant and equipment | 1,097 | 1,130 |
Amortization of intangible assets (Note 7) | 448 | 1,193 |
(Gains) losses on purchases and sales of business interests (Note 19) | (103) | (42) |
(Gains) losses on retained and sold ownership interests and other equity securities | (5,181) | 2,145 |
Principal pension plans cost (Note 14) | (834) | 269 |
Principal pension plans employer contributions | (156) | (152) |
Other postretirement benefit plans (net) | (496) | (617) |
Provision (benefit) for income taxes | 741 | 203 |
Cash recovered (paid) during the year for income taxes | (806) | (295) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 120 | (2,583) |
Decrease (increase) in inventories, including deferred inventory costs | (2,220) | (2,226) |
Decrease (increase) in current contract assets | 775 | 934 |
Increase (decrease) in accounts payable and equipment project payables | 394 | 1,697 |
Increase (decrease) in progress collections and current deferred income | 949 | 1,227 |
Financial services derivatives net collateral/settlement | 3 | (154) |
All other operating activities | 180 | 232 |
Cash from (used for) operating activities – continuing operations | 2,354 | 379 |
Cash from (used for) operating activities – discontinued operations | (315) | 1,038 |
Cash from (used for) operating activities | 2,038 | 1,417 |
Cash flows – investing activities | ||
Additions to property, plant and equipment and internal-use software | (1,065) | (801) |
Dispositions of property, plant and equipment | 77 | 157 |
Proceeds from principal business dispositions | 0 | 15 |
Net cash from (payments for) principal businesses purchased | (365) | (30) |
Dispositions of retained ownership interests | 7,037 | 4,071 |
Net (purchases) dispositions of insurance investment securities | (1,240) | (1,189) |
All other investing activities | 906 | (150) |
Cash from (used for) investing activities – continuing operations | 5,351 | 2,073 |
Cash from (used for) investing activities – discontinued operations | (3,058) | (481) |
Cash from (used for) investing activities | 2,293 | 1,592 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (35) | 66 |
Newly issued debt (maturities longer than 90 days) | 10 | 0 |
Repayments and other debt reductions (maturities longer than 90 days) | (3,230) | (3,178) |
Dividends paid to shareholders | (501) | (455) |
Redemption of GE preferred stock | (5,795) | (104) |
Purchases of GE common stock for treasury | (945) | (688) |
All other financing activities | 278 | (679) |
Cash from (used for) financing activities – continuing operations | (10,217) | (5,038) |
Cash from (used for) financing activities – discontinued operations | 1,999 | (89) |
Cash from (used for) financing activities | (8,218) | (5,127) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (91) | (623) |
Increase (decrease) in cash, cash equivalents and restricted cash | (3,978) | (2,741) |
Cash, cash equivalents and restricted cash at beginning of year | 19,092 | 16,859 |
Cash, cash equivalents and restricted cash at September 30 | 15,114 | 14,118 |
Less cash, cash equivalents and restricted cash of discontinued operations at September 30 | 1,244 | 1,573 |
Cash, cash equivalents and restricted cash of continuing operations at September 30 | $ 13,869 | $ 12,545 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings (loss) | $ 335 | $ 165 | $ 7,852 | $ (1,806) | |
Less: net earnings (loss) attributable to noncontrolling interests | (14) | 4 | (37) | 51 | |
Net earnings (loss) attributable to the Company | 348 | 161 | 7,889 | (1,857) | |
Other comprehensive income (loss) | |||||
Currency translation adjustments | (396) | (874) | 2,085 | (1,815) | |
Benefit plans | (188) | 259 | (2,680) | 788 | |
Investment securities and cash flow hedges | (1,379) | (1,904) | (1,147) | (7,597) | |
Long-duration insurance contracts | [1] | 2,187 | 2,036 | 660 | 8,949 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | 1 | (4) | (3) | 0 | |
Other comprehensive income (loss) attributable to the Company | 223 | (479) | (1,079) | 324 | |
Comprehensive income (loss) | 559 | (318) | 6,770 | (1,482) | |
Less: comprehensive income (loss) attributable to noncontrolling interests | (12) | 0 | (40) | 51 | |
Comprehensive income (loss) attributable to the Company | $ 571 | $ (318) | $ 6,810 | $ (1,533) | |
[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 interests balance | Preferred stock | |
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) | $ (1,813) | $ 786 | (7,597) | 8,949 | |||||||||
Purchases | (701) | ||||||||||||
Dispositions | (608) | 745 | |||||||||||
Stock-based compensation | 270 | ||||||||||||
Other changes | [1] | (99) | |||||||||||
Net earnings (loss) attributable to the Company | $ (1,857) | (1,857) | |||||||||||
Dividends and other transactions with shareholders | [2] | (457) | |||||||||||
Ending balance at Sep. 30, 2022 | 30,938 | $ 29,660 | (4,536) | (6,382) | 4,432 | (2,425) | (160) | 34,254 | 80,971 | (81,049) | $ 1,278 | ||
Beginning balance at Jun. 30, 2022 | (4,057) | (521) | (2,196) | 34,382 | 80,972 | (80,883) | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | (871) | 259 | (1,904) | 2,036 | |||||||||
Purchases | (317) | ||||||||||||
Dispositions | (115) | 150 | |||||||||||
Stock-based compensation | 90 | ||||||||||||
Other changes | [1] | (103) | |||||||||||
Net earnings (loss) attributable to the Company | 161 | 161 | |||||||||||
Dividends and other transactions with shareholders | [2] | (161) | |||||||||||
Ending balance at Sep. 30, 2022 | 30,938 | 29,660 | (4,536) | (6,382) | 4,432 | (2,425) | (160) | 34,254 | 80,971 | (81,049) | 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) | 2,086 | (2,678) | (1,147) | 660 | |||||||||
Purchases | (953) | $ (5,795) | |||||||||||
Dispositions | (1,503) | 1,918 | |||||||||||
Stock-based compensation | 257 | ||||||||||||
Other changes | [1] | (5,698) | |||||||||||
Net earnings (loss) attributable to the Company | 7,889 | 7,889 | |||||||||||
Dividends and other transactions with shareholders | [2] | (5,856) | |||||||||||
Ending balance at Sep. 30, 2023 | 29,832 | 28,665 | (3,351) | (3,806) | 3,853 | (3,075) | (323) | 27,229 | 85,017 | (80,244) | 1,167 | ||
Beginning balance at Jun. 30, 2023 | (3,573) | (1,696) | (2,510) | 30,426 | 84,848 | (80,524) | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | (397) | (188) | (1,379) | 2,187 | |||||||||
Purchases | (315) | $ (2,795) | |||||||||||
Dispositions | (491) | 595 | |||||||||||
Stock-based compensation | 87 | ||||||||||||
Other changes | [1] | (2,793) | |||||||||||
Net earnings (loss) attributable to the Company | 348 | 348 | |||||||||||
Dividends and other transactions with shareholders | [2] | (180) | |||||||||||
Ending balance at Sep. 30, 2023 | 29,832 | $ 28,665 | $ (3,351) | $ (3,806) | $ 3,853 | $ (3,075) | $ (323) | $ 27,229 | $ 85,017 | $ (80,244) | $ 1,167 | ||
Preferred stock issued | 0 | ||||||||||||
Common stock issued | $ 15 | ||||||||||||
[1]Included decreases of $2,795 million and $5,795 million, substantially all in Other capital related to our redemption of GE preferred stock in the three and nine months ended September 30, 2023, respectively.[2]Included a $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 | 9 Months Ended |
Sep. 30, 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. 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 and revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 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 fourth quarter of 2022, we signed a binding agreement to sell a portion of our Steam business within our Power segment to Électricité de France S.A. (EDF). We expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the fourth quarter 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, Electric Insurance Company, domiciled in Massachusetts, with assets of $533 million and liabilities of $351 million as of September 30, 2023, into held for sale. In the third quarter of 2023, we signed a binding agreement to sell this business and expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the first half of 2024. In connection with the expected sale, for the nine months ended September 30, 2023, we recorded a loss of $109 million in Other income (loss) in our Statement of Earnings (Loss). ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE September 30, 2023 December 31, 2022 Current receivables, inventories and contract assets $ 539 $ 495 Non-current captive insurance investment securities 555 554 Property, plant and equipment and intangible assets - net 235 232 Valuation allowance on disposal group classified as held for sale (126) (17) All other assets 172 111 Assets of businesses held for sale $ 1,375 $ 1,374 Progress collections and deferred income $ 1,083 $ 1,127 Insurance liabilities and annuity benefits 357 358 Accounts payable, equipment project payables and other current liabilities 338 371 All other liabilities 58 87 Liabilities of businesses held for sale $ 1,835 $ 1,944 DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland (Bank BPH), 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 (the Separation), 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 a transition services agreement, through which GE and GE HealthCare continue to provide certain services to each other for a period of time following the Separation, and a trademark licensing agreement. For the nine months ended September 30, 2023, we collected net cash of $715 million related to these activities. 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. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded a charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH as of September 30, 2023 was $2,522 million. In order to maintain appropriate regulatory capital levels, during the nine months ended September 30, 2023, we made previously reported non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no incremental cash contributions from GE were required in connection with the second quarter charge. For further information about the recent actions and other factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, refer to our disclosures about Bank BPH in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and other prior filings. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. Earnings (loss) from discontinued operations included zero and $1,189 million in pre-tax charges for the three and nine months ended September 30, 2023, and $128 million and $562 million in pre-tax charges for the three and nine months ended September 30, 2022, respectively, primarily related to the ongoing borrower litigation. At September 30, 2023, the total portfolio had a carrying value of zero, net of a valuation allowance. 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 nine months ended September 30, 2023, we had direct and indirect sales of $122 million to AerCap, primarily related to engine services and sales, and purchases of $175 million from AerCap, primarily related to engine leases. We paid net cash of $157 million to AerCap related to this activity. 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Three months ended September 30 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 4,612 $ — $ 4,612 Cost of equipment and services sold — — — (2,838) — (2,838) Other income, costs and expenses (34) (5) (39) (1,185) (153) (1,338) Earnings (loss) of discontinued operations before income taxes (34) (5) (39) 589 (153) 436 Benefit (provision) for income taxes 222 (12) 210 (95) (22) (116) Earnings (loss) of discontinued operations, net of taxes 188 (17) 171 494 (174) 320 Gain (loss) on disposal before income taxes — 2 2 — — — Benefit (provision) for income taxes — — — — 90 90 Gain (loss) on disposal, net of taxes — 2 2 — 90 90 Earnings (loss) from discontinued operations, net of taxes $ 188 $ (15) $ 173 $ 494 $ (85) $ 409 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Nine months ended September 30 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 13,491 $ — $ 13,491 Cost of equipment and services sold — — — (8,237) — (8,237) Other income, costs and expenses (54) (1,246) (1,300) (3,523) (608) (4,132) Earnings (loss) of discontinued operations before income taxes (54) (1,246) (1,300) 1,731 (608) 1,123 Benefit (provision) for income taxes 1,708 (2) 1,706 (387) (36) (424) Earnings (loss) of discontinued operations, net of taxes 1,654 (1,248) 406 1,344 (644) 699 Gain (loss) on disposal before income taxes — 6 6 — (30) (30) Benefit (provision) for income taxes — — — 12 95 107 Gain (loss) on disposal, net of taxes — 6 6 12 64 76 — Earnings (loss) from discontinued operations, net of taxes $ 1,654 $ (1,242) $ 412 $ 1,356 $ (580) $ 775 The tax benefit for the three and nine months ended September 30, 2023 for GE HealthCare relates to retroactive 2023 IRS guidance concerning foreign tax credits and accounting method changes and completion of the 2022 U.S. federal tax return. The tax benefit for the nine months ended September 30, 2023 also includes 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 September 30, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,244 $ 2,627 Current receivables 11 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) — 1,200 Property, plant and equipment - net 61 2,379 All other assets 202 2,109 Deferred income taxes 41 2,528 Assets of discontinued operations $ 1,560 $ 31,890 Accounts payable and equipment project payables $ 69 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 35 5,658 All other liabilities(a) 1,007 4,556 Liabilities of discontinued operations $ 1,112 $ 24,474 (a) Included $1,913 million and $848 million of valuation allowances against Financing receivables held for sale, of which $1,678 million and $611 million related to estimated borrower litigation losses, and $844 million and $748 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of September 30, 2023 and December 31, 2022, respectively. Accordingly, total estimated losses related to borrower litigation were $2,522 million and $1,359 million as of September 30, 2023 and December 31, 2022, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of September 30, 2023. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 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 61.6 million shares (approximately 13.5% ownership interest) at September 30, 2023. Our investment in AerCap comprised 30.9 million ordinary shares (approximately 14.5% ownership interest) at September 30, 2023 and an AerCap senior note, for which we have adopted the fair value option. We sold our remaining shares in Baker Hughes during the first quarter of 2023. Our GE HealthCare and AerCap investments are recorded as Equity securities with readily determinable fair values (RDFV). Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. September 30, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 4,190 $ — $ — $ — $ — Equity and note (AerCap) — — — 2,864 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 7,054 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,539 $ 280 $ (2,947) $ 24,872 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,513 10 (381) 2,141 2,548 18 (300) 2,266 State and municipal 2,759 18 (301) 2,475 2,898 66 (241) 2,722 Mortgage and asset-backed 4,806 12 (361) 4,457 4,442 21 (290) 4,173 Government and agencies 1,444 1 (177) 1,267 1,172 2 (147) 1,026 Other equity 315 — — 315 408 — — 408 Non-current investment securities $ 39,376 $ 320 $ (4,168) $ 35,528 $ 38,388 $ 781 $ (3,143) $ 36,027 The amortized cost of debt securities excludes accrued interest of $493 million and $457 million at September 30, 2023 and December 31, 2022, respectively , which is reported in All other current assets. The estimated fair value of investment securities at September 30, 2023 decreased since December 31, 2022, primarily due to AerCap, GE HealthCare and Baker Hughes share sales and higher market yields, partially offset by the classification of our remaining equity interest in GE HealthCare within investment securities, the mark-to-market effect on our equity interests in GE HealthCare and AerCap, and new investments at Insurance. Total estimated fair value of debt securities in an unrealized loss position were $25,932 million and $21,482 million, of which $15,886 million and $3,275 million had gross unrealized losses of $(3,656) million and $(835) million and had been in a loss position for 12 months or more at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, the majority of our U.S. and Non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and energy industries. In addition, gross unrealized losses on our Mortgage and asset-backed securities included $(224) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(112) 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. Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Net unrealized gains (losses) for equity securities with RDFV $ (911) $ (136) $ 5,651 $ (1,970) Proceeds from debt/equity securities sales and early redemptions 3,336 693 10,088 6,115 Gross realized gains on debt securities 7 1 44 34 Gross realized losses and impairments on debt securities (14) (14) (60) (29) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at September 30, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 859 $ 847 After one year through five years 4,867 4,793 After five years through ten years 5,211 5,038 After ten years 23,319 20,077 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 $6,434 million and $6,421 million are classified within Level 3, as significant inputs to their valuation models are unobservable at September 30, 2023 and December 31, 2022, respectively. During the nine months ended September 30, 2023 and 2022, there were no significant transfers into or out of Level 3. In addition to the equity securities described above, we hold $909 million and $614 million of equity securities without RDFV at September 30, 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 immaterial for all periods presented. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES September 30, 2023 December 31, 2022 Customer receivables $ 11,655 $ 11,803 Revenue sharing program receivables(a) 1,265 1,326 Non-income based tax receivables 1,068 1,146 Supplier advances 833 691 Receivables from disposed businesses 171 115 Other sundry receivables 313 518 Allowance for credit losses(b) (760) (768) Total current receivables $ 14,546 $ 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 decreased primarily due to write-offs of $35 million, partially offset by net new provisions of $28 million. September 30, 2023 December 31, 2022 Aerospace $ 7,892 $ 7,784 Renewable Energy 2,344 2,415 Power 4,002 4,229 Corporate 308 404 Total current receivables $ 14,546 $ 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 $1,623 million and $1,347 million in the nine months ended September 30, 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 nine months ended September 30, 2023 , was $82 million in our Gas Power business, primarily for risk mitigation purposes. LONG-TERM RECEIVABLES September 30, 2023 December 31, 2022 Long-term customer receivables(a) $ 483 $ 457 Supplier advances 252 266 Non-income based tax receivables 248 213 Sundry receivables 578 483 Allowance for credit losses (170) (183) Total long-term receivables $ 1,391 $ 1,236 (a) The Company sold $83 million of long-term customer receivables to third parties for the nine months ended September 30, 2022, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS September 30, 2023 December 31, 2022 Raw materials and work in process $ 10,733 $ 9,191 Finished goods 4,140 3,937 Deferred inventory costs(a) 2,146 1,764 Inventories, including deferred inventory costs $ 17,020 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES September 30, 2023 December 31, 2022 Original cost $ 27,154 $ 26,641 Less: accumulated depreciation and amortization (16,767) (16,303) Right-of-use operating lease assets 1,816 1,854 Property, plant and equipment – net $ 12,203 $ 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 | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL January 1, 2023 Acquisitions Currency exchange Balance at September 30, 2023 Aerospace $ 8,835 $ — $ (9) $ 8,826 Renewable Energy 3,201 — 6 3,207 Power 144 160 (1) 303 Corporate(a) 818 22 (1) 839 Total $ 12,999 $ 182 $ (5) $ 13,177 (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 third 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 September 30, 2023, our Digital and Additive reporting units had goodwill of $839 million and $238 million, respectively. Intangible assets decreased $315 million during the nine months ended September 30, 2023, primarily as a result of amortization, partially offset by additions of capitalized software, customer-related and patents and technology, mainly at Power and Aerospace, of $180 million. Consolidated amortization expense was $149 million and $135 million and $448 million and $1,193 million in the three and nine months ended, September 30, 2023 and 2022, respectively. Included within consolidated amortization expense for the nine months ended September 30, 2022 was a non-cash pre-tax impairment charge of $765 million related to intangible assets at our remaining Steam business within our Power segment, not including a related $59 million impairment charge in Property, plant and equipment. For further information on these non-cash pre-tax impairment charges, refer to the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023. |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 8. REVENUES EQUIPMENT & SERVICES REVENUES Three months ended September 30 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 2,299 $ 6,111 $ 8,409 $ 1,968 $ 4,736 $ 6,705 Renewable Energy 3,554 597 4,151 2,887 707 3,594 Power 1,251 2,722 3,974 954 2,575 3,529 Total segment revenues $ 7,104 $ 9,430 $ 16,533 $ 5,809 $ 8,018 $ 13,828 Nine months ended September 30 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 6,806 $ 16,445 $ 23,250 $ 5,379 $ 13,055 $ 18,434 Renewable Energy 9,084 1,754 10,837 7,505 2,059 9,564 Power 3,426 8,519 11,945 3,116 8,117 11,233 Total segment revenues $ 19,316 $ 26,717 $ 46,032 $ 16,000 $ 23,231 $ 39,231 REVENUES Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Commercial Engines & Services $ 6,399 $ 4,971 $ 17,293 $ 13,130 Defense 1,111 1,027 3,470 3,159 Systems & Other 900 707 2,487 2,146 Aerospace $ 8,409 $ 6,705 $ 23,250 $ 18,434 Onshore Wind $ 2,431 $ 2,445 $ 6,249 $ 6,403 Grid Solutions equipment and services 946 744 2,693 2,145 Offshore Wind, Hydro and Hybrid Solutions 773 405 1,895 1,016 Renewable Energy $ 4,151 $ 3,594 $ 10,837 $ 9,564 Gas Power $ 2,952 $ 2,612 $ 8,872 $ 8,234 Steam Power 571 571 1,762 1,898 Power Conversion, Nuclear and other 450 346 1,311 1,101 Power $ 3,974 $ 3,529 $ 11,945 $ 11,233 Total segment revenues $ 16,533 $ 13,828 $ 46,032 $ 39,231 GE Digital revenues $ 226 $ 210 $ 696 $ 635 Insurance revenues 842 645 2,480 2,175 Eliminations and other (256) (211) (678) (768) Corporate $ 812 $ 643 $ 2,498 $ 2,041 Total revenues $ 17,346 $ 14,470 $ 48,531 $ 41,272 |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 9 Months Ended |
Sep. 30, 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 $942 million in the nine months ended September 30, 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 $9,577 million, partially offset by revenues recognized of $8,242 million and a net favorable change in estimated profitability of $88 million at Power and $50 million at Aerospace. September 30, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,565 $ — $ 5,353 $ — $ 7,919 Billings in excess of revenues (7,775) — (1,847) — (9,622) Long-term service agreements $ (5,210) $ — $ 3,506 $ — $ (1,703) Equipment and other service agreements 521 1,181 1,614 262 3,578 Current contract assets $ (4,689) $ 1,181 $ 5,120 $ 262 $ 1,875 Nonrecurring engineering costs(a) 2,449 19 2 — 2,470 Customer advances and other(b) 2,344 — 613 — 2,957 Non-current contract and other deferred assets $ 4,793 $ 19 $ 615 $ — $ 5,427 Total contract and other deferred assets $ 104 $ 1,200 $ 5,735 $ 262 $ 7,302 December 31, 2022 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) Equipment and other service agreements 433 1,063 1,404 245 3,144 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 $897 million primarily due to new collections received in excess of revenue recognition primarily at Power, partially offset by net liquidations at Renewable Energy. Revenues recognized for contracts included in a liability position at the beginning of the year were $11,421 million and $10,044 million for the nine months ended September 30, 2023 and 2022, respectively. September 30, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections $ 5,917 $ 4,939 $ 5,750 $ 103 $ 16,708 Current deferred income 194 174 6 102 476 Progress collections and deferred income $ 6,111 $ 5,113 $ 5,756 $ 205 $ 17,185 Non-current deferred income 1,109 177 36 15 1,337 Total Progress collections and deferred income $ 7,220 $ 5,290 $ 5,792 $ 220 $ 18,522 December 31, 2022 Progress collections $ 5,814 $ 5,195 $ 4,514 $ 131 $ 15,655 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 | 9 Months Ended |
Sep. 30, 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 $831 million in the nine months ended September 30, 2023, primarily due to an increase in equity method and other investments of $478 million, an increase in long-term receivables of $155 million, an increase in pension surplus of $101 million and an increase in Insurance cash and cash equivalents of $98 million. Insurance cash and cash equivalents was $717 million and $619 million at September 30, 2023 and December 31, 2022, respectively. |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 11. BORROWINGS September 30, 2023 December 31, 2022 Current portion of long-term borrowings Senior notes issued by GE $ 192 $ 464 Senior and subordinated notes assumed by GE 915 1,973 Senior notes issued by GE Capital 106 1,188 Other 121 115 Total short-term borrowings $ 1,334 $ 3,739 Senior notes issued by GE $ 4,587 $ 4,724 Senior and subordinated notes assumed by GE 8,473 8,406 Senior notes issued by GE Capital 5,620 6,289 Other 809 901 Total long-term borrowings $ 19,488 $ 20,320 Total borrowings $ 20,822 $ 24,059 |
ACCOUNTS PAYABLE AND EQUIPMENT
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES September 30, 2023 December 31, 2022 Trade payables $ 10,693 $ 10,033 Supply chain finance programs 3,605 3,689 Equipment project payables(a) 1,122 1,236 Non-income based tax payables 365 441 Accounts payable and equipment project payables $ 15,785 $ 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 $6,044 million and $5,180 million for the nine months ended September 30, 2023 and 2022, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. 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. Refer to the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023 for more information. 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 $842 million and $645 million, profit was $99 million and $102 million and net earnings was $77 million and $78 million for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, revenues were $2,480 million and $2,175 million, profit was $233 million and $264 million and net earnings was $181 million and $208 million, respectively. These operations were supported by assets of $45,420 million and $45,031 million at September 30, 2023 and December 31, 2022, respectively. A summary of our insurance liabilities and annuity benefits is presented below: September 30, 2023 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 23,801 $ 8,534 $ 1,040 $ 405 $ 33,780 Investment contracts — 812 — 782 1,594 Other — — 172 286 458 Total $ 23,801 $ 9,346 $ 1,212 $ 1,473 $ 35,832 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 The following tables summarize balances of and changes in future policy benefits reserves. September 30, 2023 September 30, 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 (9) — (77) (3) — 91 Effect of actual variances from expected experience (42) — (286) (259) — (14) Adjusted beginning of year balance 3,908 — 4,847 4,189 — 5,520 Interest accrual 157 — 148 170 — 153 Net premiums collected (296) — (220) (321) — (252) Effect of foreign currency — — 11 — — (209) Ending balance at locked-in discount rate 3,768 — 4,786 4,038 — 5,212 Effect of changes in discount rate assumptions 43 — (500) 32 — (410) Balance, end of period $ 3,811 $ — $ 4,286 $ 4,070 $ — $ 4,802 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 (41) (16) 49 (392) (23) 120 Effect of actual variances from expected experience (79) 18 (254) (344) (3) 9 Adjusted beginning of year balance 26,906 8,792 6,042 26,729 8,998 6,689 Interest accrual 1,091 342 177 1,089 355 184 Benefit payments (947) (511) (396) (855) (510) (399) Effect of foreign currency — — 12 — — (220) Ending balance at locked-in discount rate 27,050 8,623 5,835 26,962 8,843 6,254 Effect of changes in discount rate assumptions 562 (89) (509) 610 (81) (417) Balance, end of period $ 27,612 $ 8,534 $ 5,326 $ 27,572 $ 8,762 $ 5,837 Net future policy benefit reserves $ 23,801 $ 8,534 $ 1,040 $ 23,503 $ 8,762 $ 1,035 Less: Reinsurance recoverables, net of allowance for credit losses (133) — (39) (2,869) — (66) Net future policy benefit reserves, after reinsurance recoverables $ 23,668 $ 8,534 $ 1,001 $ 20,634 $ 8,762 $ 969 The Statement of Earnings (Loss) for the nine months ended September 30, 2023 and 2022 included gross premiums or assessments of $636 million and $685 million and interest accretion of $1,305 million and $1,304 million, respectively. For the nine months ended September 30, 2023 and 2022, gross premiums or assessments were substantially all related to long-term care of $367 million and $365 million and life of $251 million and $297 million, while interest accretion was substantially all related to long-term care of $934 million and $919 million and structured settlement annuities of $342 million and $355 million, respectively. The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses. September 30, 2023 September 30, 2022 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,522 $ 4,656 $ 8,057 $ 4,858 Benefit payments 63,406 27,612 65,620 27,572 Structured settlement annuities: Benefit payments 19,480 8,534 20,122 8,762 Life: Gross premiums 12,387 5,144 13,786 5,905 Benefit payments 11,214 5,326 12,023 5,837 (a) Determined using the current discount rate as of September 30, 2023 and 2022. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. September 30, 2023 September 30, 2022 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.3 10.5 5.3 13.0 10.7 5.1 Interest accretion rate 5.5% 5.4% 4.9% 5.5% 5.4% 4.9% Current discount rate 5.8% 5.7% 5.6% 5.7% 5.7% 5.5% (a) Determined using the current discount rate as of September 30 2023 and 2022. Our 2023 annual review of future policy benefit reserves cash flow assumptions resulted in an immaterial charge to net earnings, indicating claims experience continues to develop consistently with our models. Our 2022 annual review resulted in changes to our assumptions principally related to higher near-term mortality related to COVID-19. Included in Insurance losses and annuity benefits in our Statement of Earnings (Loss) for the nine months ended September 30, 2023 and 2022 are unfavorable and favorable pre-tax adjustments of $90 million and $448 million, respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions. Included in these amounts for the nine months ended September 30, 2023 and 2022, are unfavorable adjustments of $298 million and $112 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. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%. At September 30, 2023 and 2022, policyholders account balances totaled $1,838 million and $2,008 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the nine months ended September 30, 2023 and 2022 are primarily attributed to surrenders, withdrawals, and benefit payments of $318 million and $334 million, partially offset by net additions from separate accounts and interest credited of $188 million and $210 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both September 30, 2023 and 2022. See Note 3 for further information related to our run-off insurance operations. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 9 Months Ended |
Sep. 30, 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 in the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023, for further information. 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 September 30 Nine months ended September 30 2023 2022 2023 2022 Service cost for benefits earned $ 23 $ 48 $ 68 $ 146 Expected return on plan assets (594) (785) (1,782) (2,356) Interest cost on benefit obligations 473 518 1,419 1,551 Net actuarial loss amortization and other (180) 356 (539) 1,071 Net periodic expense (income) (278) 137 (834) 412 Less discontinued operations — 48 — 143 Continuing operations – net periodic expense (income) $ (278) $ 89 $ (834) $ 269 Principal retiree benefit plans income was $37 million and $53 million for the three months ended September 30, 2023 and 2022, respectively, and $109 million and $158 million for the nine months ended September 30, 2023 and 2022, respectively. Principal retiree benefit plans income from continuing operations was $34 million and $101 million for the three months and nine months ended September 30, 2022, respectively. Other pension plans income was $32 million and $94 million for the three months ended September 30, 2023 and 2022, respectively, and $91 million and $310 million for the nine months ended September 30, 2023 and 2022, respectively. Other pension plans income from continuing operations was $68 million and $229 million for the three months and nine months ended September 30, 2022, respectively. We also have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $73 million and $109 million for the three months ended September 30, 2023 and 2022, respectively, and $253 million and $333 million for the nine months ended September 30, 2023 and 2022, respectively. Employer contributions from continuing operations were $78 million and $236 million for the three months and nine months ended September 30, 2022, respectively. |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 9 Months Ended |
Sep. 30, 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 include 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 decreased $104 million in the nine months ended September 30, 2023, primarily due to decreases in sales discounts and allowances of $147 million, environmental, health and safety liabilities of $95 million, interest payable of $92 million and derivative instruments of $77 million, partially offset by an increase in equipment projects and other commercial liabilities of $257 million. All other liabilities increased $115 million in the nine months ended September 30, 2023, primarily due to increases in uncertain and other income taxes and related liabilities of $395 million and environmental, health and safety liabilities of $103 million, partially offset by decreases in equipment projects and other commercial liabilities of |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16. INCOME TAXES. Our income tax rate was 9.1% and (8.5)% for the nine months ended September 30, 2023 and 2022, respectively. The low tax rate for 2023 was primarily due to the unrealized gain on our investment in GE HealthCare, which we expect to recover 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, U.S. general business credits and net tax benefit related to separation income tax effects including losses on Separation-related entity restructuring. This was partially offset 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 the net unrealized capital loss on our retained and sold ownership interests for which the loss could not be tax benefited, losses in foreign jurisdictions that are not likely to be utilized and non-tax benefited asset impairment charges. 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 | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 17. SHAREHOLDERS’ EQUITY Three months ended September 30 Nine months ended September 30 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Dividends per share in dollars) 2023 2022 2023 2022 Beginning balance $ (3,409) $ (5,512) $ (5,893) $ (4,569) AOCI before reclasses – net of taxes of $141, $79, $123 and $215 (396) (874) (176) (1,815) Reclasses from AOCI – net of taxes of $0, $0, $(626) and $0(a) — — 2,262 — AOCI (396) (874) 2,085 (1,815) Less AOCI attributable to noncontrolling interests 1 (4) (1) (2) Currency translation adjustments AOCI $ (3,806) $ (6,382) $ (3,806) $ (6,382) Beginning balance $ 4,041 $ 4,173 $ 6,531 $ 3,646 AOCI before reclasses – net of taxes of $10, $24, $9 and $81 19 66 (24) 217 Reclasses from AOCI – net of taxes of $(61), $53, $(718) and $159(a) (207) 193 (2,656) 571 AOCI (188) 259 (2,680) 788 Less AOCI attributable to noncontrolling interests — — (2) 2 Benefit plans AOCI $ 3,853 $ 4,432 $ 3,853 $ 4,432 Beginning balance $ (1,696) $ (521) $ (1,927) $ 5,172 AOCI before reclasses – net of taxes of $(371), $(494), $(310) and $(2,015) (1,370) (1,894) (1,099) (7,601) Reclasses from AOCI – net of taxes of $(2), $3, $(5) and $10(a) (8) (10) (49) 4 AOCI (1,379) (1,904) (1,147) (7,597) Investment securities and cash flow hedges AOCI $ (3,075) $ (2,425) $ (3,075) $ (2,425) Beginning balance $ (2,510) $ (2,196) $ (983) $ (9,109) AOCI before reclasses – net of taxes of $581, $542, $175 and $2,379 2,187 2,036 660 8,949 AOCI 2,187 2,036 660 8,949 Long-duration insurance contracts AOCI $ (323) $ (160) $ (323) $ (160) AOCI at September 30 $ (3,351) $ (4,536) $ (3,351) $ (4,536) Dividends declared per common share $ 0.08 $ 0.08 $ 0.24 $ 0.24 (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 first quarter of 2023 related to the spin-off of GE HealthCare. Preferred stock. On September 15, 2023 we redeemed the remaining outstanding shares of GE preferred stock. We redeemed $2,795 million and $5,795 million of GE preferred stock in the three months and nine months ended September 30, 2023. GE preferred shares outstanding was 5,795,444 at December 31, 2022. Common stock. GE common stock shares outstanding were 1,088,386,043 and 1,089,107,878 at September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION Three months ended September 30 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 175 $ 175 $ (243) $ (243) Preferred stock dividends and other and accretion of preferred share repurchase(a) (91) (91) (70) (70) Earnings (loss) from continuing operations attributable to common shareholders 84 84 (313) (313) Earnings (loss) from discontinued operations 173 173 403 403 Net earnings (loss) attributable to GE common shareholders 258 258 91 91 Shares of GE common stock outstanding 1,088 1,088 1,095 1,095 Employee compensation-related shares (including stock options) 11 — — — Total average equivalent shares 1,099 1,088 1,095 1,095 Earnings (loss) per share from continuing operations $ 0.08 $ 0.08 $ (0.29) $ (0.29) Earnings (loss) per share from discontinued operations 0.16 0.16 0.37 0.37 Net earnings (loss) per share 0.23 0.24 0.08 0.08 Potentially dilutive securities(b) 21 49 Nine months ended September 30 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 7,474 $ 7,477 $ (2,600) $ (2,600) Preferred stock dividends and other and accretion of preferred share repurchase(a) (295) (295) (189) (189) Earnings (loss) from continuing operations attributable to common shareholders 7,180 7,183 (2,789) (2,789) Earnings (loss) from discontinued operations 411 411 743 743 Net earnings (loss) attributable to GE common shareholders 7,591 7,594 (2,046) (2,046) Shares of GE common stock outstanding 1,089 1,089 1,097 1,097 Employee compensation-related shares (including stock options) 9 — — — Total average equivalent shares 1,098 1,089 1,097 1,097 Earnings (loss) per share from continuing operations $ 6.54 $ 6.60 $ (2.54) $ (2.54) Earnings (loss) per share from discontinued operations 0.37 0.38 0.68 0.68 Net earnings (loss) per share 6.91 6.98 (1.86) (1.86) Potentially dilutive securities(b) 29 46 (a) For the three and nine months ended September 30, 2023, included $(28) million and $(58) million related to excise tax on preferred share redemptions, respectively. (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 and nine months ended September 30, 2023, application of this treatment had an insignificant effect. For the three and nine months ended September 30, 2022, as a result of the loss from continuing operations, losses were not allocated to the participating securities. |
OTHER INCOME (LOSS)
OTHER INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS) | NOTE 19. OTHER INCOME (LOSS) Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Investment in GE HealthCare realized and unrealized gain (loss) $ (813) $ — $ 5,066 $ — Investment in and note with AerCap realized and unrealized gain (loss) (296) 138 81 (2,669) Investment in Baker Hughes realized and unrealized gain (loss) — (238) 10 818 Gains (losses) on retained and sold ownership interests $ (1,109) $ (101) $ 5,157 $ (1,852) Other net interest and investment income (loss) 193 123 534 269 Licensing and royalty income 53 54 178 141 Equity method income 78 14 147 129 Purchases and sales of business interests(a) 115 23 103 42 Other items (2) 65 (18) 270 Total other income (loss) $ (673) $ 178 $ 6,100 $ (1,000) (a) Included a pre-tax gain of $90 million related to the sale of an investment at Energy Financial Services during the three months ended September 30, 2023. Our investment in GE HealthCare comprises 61.6 million shares (approximately 13.5% ownership interest) at September 30, 2023. During the nine months ended September 30, 2023, we received total proceeds of $2,192 million from the disposition of GE HealthCare shares. Our investment in AerCap comprises 30.9 million ordinary shares (approximately 14.5% ownership interest) at September 30, 2023 and an AerCap senior note. During the nine months ended September 30, 2023, we received total proceeds of $4,624 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 | 9 Months Ended |
Sep. 30, 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 September 30 Nine months ended September 30 RESTRUCTURING AND OTHER CHARGES 2023 2022 2023 2022 Workforce reductions $ 70 $ 51 $ 227 $ 70 Plant closures & associated costs and other asset write-downs 62 48 183 98 Acquisition/disposition net charges and other 21 14 48 39 Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Cost of equipment/services $ 51 $ 66 $ 116 $ 109 Selling, general and administrative expenses 102 46 342 100 Other (income) loss — — — (3) Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Aerospace $ 3 $ 6 $ 10 $ 16 Renewable Energy 57 66 198 78 Power 43 30 81 97 Corporate 50 10 169 15 Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Restructuring and other charges cash expenditures $ 89 $ 75 $ 382 $ 286 An analysis of changes in the liability for restructuring follows: Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Balance at beginning of period $ 963 $ 640 $ 977 $ 825 Additions 67 96 238 127 Payments (75) (54) (259) (242) Effect of foreign currency and other (69) (17) (71) (45) Balance at September 30(a) $ 885 $ 665 $ 885 $ 665 (a) Includes actuarial determined post-employment severance benefits reserve of $367 million and $333 million as of September 30, 2023 and 2022, respectively. For the three and nine months ended September 30, 2023, restructuring and other initiatives primarily included exit activities related to the restructuring programs announced in 2022, reflecting lower Corporate shared-service and footprint needs as a result of the GE HealthCare spin-off, and exit activities 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. This plan was expanded during the third quarter of 2023 to include the consolidation of the global footprint and related resources at our Power business to better serve our customers. We recorded total charges of $153 million and $458 million, consisting of $86 million and $220 million, primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $67 million and $238 million primarily in employee workforce reduction charges, which are reflected in the table above in the three and nine months ended September 30, 2023, respectively. We incurred $89 million and $382 million in cash outflows related to restructuring actions, primarily for employee severance payments and contract terminations in the three and nine months ended September 30, 2023, respectively. For the three months ended September 30, 2022, restructuring and other initiatives primarily included exit activities 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. For the nine months ended September 30, 2022, restructuring and other initiatives primarily included exit activities at our Power business related to our new coal build wind-down actions which included the exit of certain product lines, closing certain manufacturing and office facilities, and workforce reduction programs. We recorded total charges of $112 million and $206 million, consisting of $16 million and $79 million primarily in non-cash impairment, accelerated depreciation and other charges, not reflected in the table above, and $96 million and $127 million primarily in employee workforce reduction charges, which are reflected in the table above in the three and nine months ended September 30, 2022, respectively. We incurred $75 million and $286 million in cash outflows related to restructuring actions, primarily for employee severance payments in the three and nine months ended September 30, 2022, respectively. 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 have incurred and expect to continue to incur separation, transition, and operational costs, which will depend on specifics of the transactions. For the three and nine months ended September 30, 2023, we incurred pre-tax separation expense of $227 million and $658 million, and paid $175 million and $751 million in cash, respectively, 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 recognized $278 million and $256 million of net tax benefit, including a net tax benefit associated with planned legal entity separation and tax on changes to indefinite reinvestment of foreign earnings in the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, we incurred pre-tax separation costs of $171 million and $419 million, and paid $60 million and $72 million in cash, and recognized $32 million and $24 million of net tax benefit, respectively, related to separation activities. As discussed in Note 2, GE completed the separation of its HealthCare business into a separate, independent publicly traded company, GE HealthCare Technologies Inc. As a result, pre-tax separation costs specifically identifiable to GE HealthCare are now reflected in discontinued operations. We incurred $2 million and $22 million in pre-tax costs for the three and nine months ended September 30, 2023, respectively, recognized $5 million of tax benefits for the nine months ended September 30, 2023, and spent $27 million and $167 million in cash for the three and nine months ended September 30, 2023, respectively. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 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. September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,378 $ 2,203 $ 2,557 $ 2,418 Liabilities Borrowings (Note 11) $ 20,822 $ 19,361 $ 24,059 $ 22,849 Investment contracts (Note 13) 1,594 1,598 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 September 30, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,510 $ 142 $ 116 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 56,586 904 945 52,786 1,143 1,095 Gross derivatives $ 63,096 $ 1,047 $ 1,061 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (719) $ (718) $ (821) $ (820) Net derivatives in statement of financial position $ 327 $ 343 $ 454 $ 420 FAIR VALUE HEDGES. As of September 30, 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 $1,165 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $8,715 million. At September 30, 2022, the cumulative amount of hedging adjustments of $1,693 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $13,825 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 September 30 Nine months ended September 30 2023 2022 2023 2022 Cash flow hedges(a) $ (7) $ (95) $ 42 $ (252) Net investment hedges(b) 171 396 41 691 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,554 million and $3,019 million as of September 30, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero for both the three months and nine months ended September 30, 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 $24 million loss as of September 30, 2023. We expect to reclassify $68 million of loss to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. As of September 30, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately 12 years. The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): Three months ended September 30, 2023 Three months ended September 30, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 17,346 $ 286 $ 2,171 $ 12,232 $ 14,470 $ 374 $ 1,966 $ 11,712 Cash flow hedges $ (14) $ (2) $ 1 $ 17 $ (3) $ (4) $ (1) $ (12) Non-hedging derivatives (b) $ — $ — $ (295) $ (18) $ 1 $ — $ 33 $ (447) Nine months ended September 30, 2023 Nine months ended September 30, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 48,531 $ 822 $ 6,671 $ 42,096 $ 41,272 $ 1,130 $ 6,509 $ 30,832 Cash flow hedges $ (9) $ (8) $ 1 $ 25 $ 1 $ (17) $ (1) $ (80) Fair value hedges $ (16) Non-hedging derivatives (b) $ — $ — $ (5) $ (145) $ 3 $ — $ (421) $ (542) (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. COUNTERPARTY CREDIT RISK. Our exposures to counterparties were $256 million and $306 million at September 30, 2023 and December 31, 2022, respectively. Counterparties' exposures to our derivative liability were $294 million and $365 million at September 30, 2023 and December 31, 2022, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 22. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $114 million and $401 million and liabilities of $198 million and $206 million at September 30, 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 | 9 Months Ended |
Sep. 30, 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 $3,886 million at September 30, 2023. The commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,813 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,709 million. See Note 22 for further information. As of September 30, 2023, in our Aerospace segment, we have committed to provide financing assistance of $2,670 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, with a maximum aggregate exposure of $44 million at September 30, 2023. 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 and Tax Matters Agreement to indemnify GE HealthCare for certain technology and tax costs of $90 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 $703 million with related reserves of $70 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 $43 million, which are fully reserved. In addition, we have $554 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $76 million. For information on credit support agreements, refer to the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023. 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 $1,997 million and $1,960 million at September 30, 2023 and December 31, 2022, respectively. LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 24 in the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023 and Note 23 in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023; refer to those discussions for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy 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 $416 million and $455 million at September 30, 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. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws have been filed against GE and certain affiliated individuals and consolidated into a single action currently pending in the U.S. District Court for the Southern District of New York (the Hachem case, also referred to as the Sjunde AP-Fonden case). In October 2019, the lead plaintiff filed a fifth amended consolidated class action complaint naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 related to insurance reserves and accounting for long-term service agreements and seeks damages on behalf of shareholders who acquired GE stock between February 27, 2013 and January 23, 2018. GE filed a motion to dismiss in December 2019. In January 2021, the court granted defendants’ motion to dismiss as to the majority of the claims. Specifically, the court dismissed all claims related to insurance reserves, as well as all claims related to accounting for long-term service agreements, with the exception of certain claims about historic disclosures related to factoring in the Power business that survive as to GE and its former CFO Jeffrey S. Bornstein. All other individual defendants have been dismissed from the case. In April 2022, the court granted the plaintiffs' motion for class certification for shareholders who acquired stock between February 26, 2016 and January 23, 2018, and granted the plaintiffs’ request to amend their complaint. In September 2022, GE filed a motion for summary judgment on the plaintiffs' remaining claims. In September 2023, the court denied GE’s motion for summary judgment, except as to claims arising from disclosures made between November 2017 and January 2018. In February 2019, a securities action (the Touchstone case) was filed in the U.S. District Court for the Southern District of New York naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Section 1707.43 of the Ohio Securities Act and common law fraud based on alleged misstatements regarding insurance reserves, GE Power’s revenue recognition practices related to long term service agreements, GE’s acquisition of Alstom, and the goodwill recognized in connection with that transaction. The lawsuit seeks damages on behalf of six institutional investors who purchased GE common stock between August 1, 2014 and October 30, 2018 and rescission of those purchases. In May 2021, the plaintiffs filed an amended complaint, and GE in June 2021 filed a motion to dismiss that complaint. In September 2022, the court granted GE’s motion to the dismiss the plaintiffs’ case with no opportunity to replead their case. In January 2023, the plaintiffs filed an appeal of the court’s dismissal of their case with the U.S. Court of Appeals for the Second Circuit. In September 2023, the Court of Appeals affirmed the dismissal of the case. GE Retirement Savings Plan (RSP) class actions . Four putative class action lawsuits were filed regarding the oversight of the GE RSP, and those class actions were consolidated into a single action in the U.S. District Court for the District of Massachusetts. The consolidated complaint named as defendants GE, GE Asset Management, current and former GE and GE Asset Management executive officers and employees who served on fiduciary bodies responsible for aspects of the GE RSP during the class period. Like similar lawsuits that were brought against other companies in recent years, this action alleged that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) in their oversight of the GE RSP, principally by retaining five proprietary funds that plaintiffs allege were underperforming as investment options for plan participants and by charging higher management fees than some alternative funds. The plaintiffs sought unspecified damages on behalf of a class of GE RSP participants and beneficiaries from September 26, 2011 through the date of any judgment. In August and December 2018, the court issued orders dismissing one count of the complaint and denying GE's motion to dismiss the remaining counts. In September 2022, both GE and the plaintiffs filed motions for summary judgment on the remaining claims. In September 2023, GE executed a class action settlement with plaintiffs in the amount of $61 million, which the court preliminarily approved in October 2023. Net of insurance contributions, this had an immaterial financial impact on GE’s results for the quarter ended September 30, 2023. 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. For several years, GE has observed 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. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded an additional charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH as of September 30, 2023 was $2,522 million. This estimate accounts for the costs of payments to borrowers who we estimate will participate in the settlement program, as well as estimates of litigation with other borrowers where remedies can often exceed the value of the current loan balance, and represents our best estimate of the total losses we expect to incur over time. However, there are a number of factors that could affect the estimate in the future; refer to the disclosures about Bank BPH in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and other prior filings for additional details. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS . As previously reported, in 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. Following the EPA’s release in September 2015 of an intended final remediation decision, GE and the EPA engaged in mediation and the first step of the dispute resolution process contemplated by the consent decree. In October 2016, the EPA issued its final decision pursuant to the consent decree, which GE and several other interested parties appealed to the EPA’s Environmental Appeals Board (EAB). The EAB issued its decision in January 2018, affirming parts of the EPA’s decision and granting relief to GE on certain significant elements of its challenge. The EAB remanded the decision back to the EPA to address those elements and reissue a revised final remedy, and the EPA convened a mediation process with GE and interested stakeholders. In February 2020, the EPA announced an agreement between the EPA and many of the mediation stakeholders, including GE, concerning a revised Housatonic River remedy. Based on the mediated resolution, the EPA solicited public comment on a draft permit and issued the final revised permit effective in January 2021. In March 2021, two local environmental advocacy groups filed a joint petition to the EAB challenging portions of the revised permit; in February 2022, the EAB denied the petition, and the permit became effective in March 2022. In May 2022, the two environmental advocacy groups petitioned the U.S. Court of Appeals for the First Circuit to review the EPA’s final permit, and the Court denied the petition in July 2023. As of September 30, 2023, and based on its assessment of current facts and circumstances and its defenses, GE believes that it has recorded adequate reserves to cover future obligations associated with the proposed final remedy. For further information about environmental, health and safety matters, see the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Refer to the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023 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 September 30 Nine months ended September 30 2023 2022 V % 2023 2022 V % Aerospace $ 8,409 $ 6,705 25 % $ 23,250 $ 18,434 26 % Renewable Energy 4,151 3,594 15 % 10,837 9,564 13 % Power 3,974 3,529 13 % 11,945 11,233 6 % Total segment revenues 16,533 13,828 20 % 46,032 39,231 17 % Corporate 812 643 26 % 2,498 2,041 22 % Total revenues $ 17,346 $ 14,470 20 % $ 48,531 $ 41,272 18 % Aerospace $ 1,712 $ 1,284 33 % $ 4,516 $ 3,341 35 % Renewable Energy (317) (934) 66 % (1,090) (1,786) 39 % Power 238 141 69 % 690 524 32 % Total segment profit (loss) 1,633 492 F 4,117 2,079 98 % Corporate(a) (1,399) (405) U 3,858 (3,534) F Interest and other financial charges (275) (361) 24 % (786) (1,085) 28 % Non-operating benefit income (cost) 396 96 F 1,183 302 F Benefit (provision) for income taxes (180) (64) U (895) (362) U Preferred stock dividends (91) (73) (25) % (295) (192) (54) % Earnings (loss) from continuing operations attributable to GE common shareholders 84 (316) F 7,183 (2,792) F Earnings (loss) from discontinued operations attributable to GE common shareholders 173 403 (57) % 411 743 (45) % Net earnings (loss) attributable to GE common shareholders $ 258 $ 88 F $ 7,594 $ (2,049) F (a) Includes interest and other financial charges of $11 million and $13 million and $36 million and $45 million; and benefit for income taxes of $42 million and $52 million and $153 million and $160 million related to Energy Financial Services (EFS) within Corporate for the three and nine months ended September 30, 2023 and 2022, respectively. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 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. |
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 |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2023 December 31, 2022 Current receivables, inventories and contract assets $ 539 $ 495 Non-current captive insurance investment securities 555 554 Property, plant and equipment and intangible assets - net 235 232 Valuation allowance on disposal group classified as held for sale (126) (17) All other assets 172 111 Assets of businesses held for sale $ 1,375 $ 1,374 Progress collections and deferred income $ 1,083 $ 1,127 Insurance liabilities and annuity benefits 357 358 Accounts payable, equipment project payables and other current liabilities 338 371 All other liabilities 58 87 Liabilities of businesses held for sale $ 1,835 $ 1,944 |
Financial Information for Discontinued Operations | 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Three months ended September 30 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 4,612 $ — $ 4,612 Cost of equipment and services sold — — — (2,838) — (2,838) Other income, costs and expenses (34) (5) (39) (1,185) (153) (1,338) Earnings (loss) of discontinued operations before income taxes (34) (5) (39) 589 (153) 436 Benefit (provision) for income taxes 222 (12) 210 (95) (22) (116) Earnings (loss) of discontinued operations, net of taxes 188 (17) 171 494 (174) 320 Gain (loss) on disposal before income taxes — 2 2 — — — Benefit (provision) for income taxes — — — — 90 90 Gain (loss) on disposal, net of taxes — 2 2 — 90 90 Earnings (loss) from discontinued operations, net of taxes $ 188 $ (15) $ 173 $ 494 $ (85) $ 409 2023 2022 RESULTS OF DISCONTINUED OPERATIONS Nine months ended September 30 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ 13,491 $ — $ 13,491 Cost of equipment and services sold — — — (8,237) — (8,237) Other income, costs and expenses (54) (1,246) (1,300) (3,523) (608) (4,132) Earnings (loss) of discontinued operations before income taxes (54) (1,246) (1,300) 1,731 (608) 1,123 Benefit (provision) for income taxes 1,708 (2) 1,706 (387) (36) (424) Earnings (loss) of discontinued operations, net of taxes 1,654 (1,248) 406 1,344 (644) 699 Gain (loss) on disposal before income taxes — 6 6 — (30) (30) Benefit (provision) for income taxes — — — 12 95 107 Gain (loss) on disposal, net of taxes — 6 6 12 64 76 — Earnings (loss) from discontinued operations, net of taxes $ 1,654 $ (1,242) $ 412 $ 1,356 $ (580) $ 775 The tax benefit for the three and nine months ended September 30, 2023 for GE HealthCare relates to retroactive 2023 IRS guidance concerning foreign tax credits and accounting method changes and completion of the 2022 U.S. federal tax return. The tax benefit for the nine months ended September 30, 2023 also includes 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 September 30, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,244 $ 2,627 Current receivables 11 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) — 1,200 Property, plant and equipment - net 61 2,379 All other assets 202 2,109 Deferred income taxes 41 2,528 Assets of discontinued operations $ 1,560 $ 31,890 Accounts payable and equipment project payables $ 69 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 35 5,658 All other liabilities(a) 1,007 4,556 Liabilities of discontinued operations $ 1,112 $ 24,474 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | September 30, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 4,190 $ — $ — $ — $ — Equity and note (AerCap) — — — 2,864 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 7,054 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,539 $ 280 $ (2,947) $ 24,872 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,513 10 (381) 2,141 2,548 18 (300) 2,266 State and municipal 2,759 18 (301) 2,475 2,898 66 (241) 2,722 Mortgage and asset-backed 4,806 12 (361) 4,457 4,442 21 (290) 4,173 Government and agencies 1,444 1 (177) 1,267 1,172 2 (147) 1,026 Other equity 315 — — 315 408 — — 408 Non-current investment securities $ 39,376 $ 320 $ (4,168) $ 35,528 $ 38,388 $ 781 $ (3,143) $ 36,027 |
Realized and Unrealized Gain (Loss) on Securities | Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Net unrealized gains (losses) for equity securities with RDFV $ (911) $ (136) $ 5,651 $ (1,970) Proceeds from debt/equity securities sales and early redemptions 3,336 693 10,088 6,115 Gross realized gains on debt securities 7 1 44 34 Gross realized losses and impairments on debt securities (14) (14) (60) (29) |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at September 30, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 859 $ 847 After one year through five years 4,867 4,793 After five years through ten years 5,211 5,038 After ten years 23,319 20,077 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables | CURRENT RECEIVABLES September 30, 2023 December 31, 2022 Customer receivables $ 11,655 $ 11,803 Revenue sharing program receivables(a) 1,265 1,326 Non-income based tax receivables 1,068 1,146 Supplier advances 833 691 Receivables from disposed businesses 171 115 Other sundry receivables 313 518 Allowance for credit losses(b) (760) (768) Total current receivables $ 14,546 $ 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 decreased primarily due to write-offs of $35 million, partially offset by net new provisions of $28 million. September 30, 2023 December 31, 2022 Aerospace $ 7,892 $ 7,784 Renewable Energy 2,344 2,415 Power 4,002 4,229 Corporate 308 404 Total current receivables $ 14,546 $ 14,831 LONG-TERM RECEIVABLES September 30, 2023 December 31, 2022 Long-term customer receivables(a) $ 483 $ 457 Supplier advances 252 266 Non-income based tax receivables 248 213 Sundry receivables 578 483 Allowance for credit losses (170) (183) Total long-term receivables $ 1,391 $ 1,236 (a) The Company sold $83 million of long-term customer receivables to third parties for the nine months ended September 30, 2022, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | September 30, 2023 December 31, 2022 Raw materials and work in process $ 10,733 $ 9,191 Finished goods 4,140 3,937 Deferred inventory costs(a) 2,146 1,764 Inventories, including deferred inventory costs $ 17,020 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | September 30, 2023 December 31, 2022 Original cost $ 27,154 $ 26,641 Less: accumulated depreciation and amortization (16,767) (16,303) Right-of-use operating lease assets 1,816 1,854 Property, plant and equipment – net $ 12,203 $ 12,192 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill Balances | GOODWILL January 1, 2023 Acquisitions Currency exchange Balance at September 30, 2023 Aerospace $ 8,835 $ — $ (9) $ 8,826 Renewable Energy 3,201 — 6 3,207 Power 144 160 (1) 303 Corporate(a) 818 22 (1) 839 Total $ 12,999 $ 182 $ (5) $ 13,177 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | EQUIPMENT & SERVICES REVENUES Three months ended September 30 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 2,299 $ 6,111 $ 8,409 $ 1,968 $ 4,736 $ 6,705 Renewable Energy 3,554 597 4,151 2,887 707 3,594 Power 1,251 2,722 3,974 954 2,575 3,529 Total segment revenues $ 7,104 $ 9,430 $ 16,533 $ 5,809 $ 8,018 $ 13,828 Nine months ended September 30 2023 2022 Equipment Services Total Equipment Services Total Aerospace $ 6,806 $ 16,445 $ 23,250 $ 5,379 $ 13,055 $ 18,434 Renewable Energy 9,084 1,754 10,837 7,505 2,059 9,564 Power 3,426 8,519 11,945 3,116 8,117 11,233 Total segment revenues $ 19,316 $ 26,717 $ 46,032 $ 16,000 $ 23,231 $ 39,231 REVENUES Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Commercial Engines & Services $ 6,399 $ 4,971 $ 17,293 $ 13,130 Defense 1,111 1,027 3,470 3,159 Systems & Other 900 707 2,487 2,146 Aerospace $ 8,409 $ 6,705 $ 23,250 $ 18,434 Onshore Wind $ 2,431 $ 2,445 $ 6,249 $ 6,403 Grid Solutions equipment and services 946 744 2,693 2,145 Offshore Wind, Hydro and Hybrid Solutions 773 405 1,895 1,016 Renewable Energy $ 4,151 $ 3,594 $ 10,837 $ 9,564 Gas Power $ 2,952 $ 2,612 $ 8,872 $ 8,234 Steam Power 571 571 1,762 1,898 Power Conversion, Nuclear and other 450 346 1,311 1,101 Power $ 3,974 $ 3,529 $ 11,945 $ 11,233 Total segment revenues $ 16,533 $ 13,828 $ 46,032 $ 39,231 GE Digital revenues $ 226 $ 210 $ 696 $ 635 Insurance revenues 842 645 2,480 2,175 Eliminations and other (256) (211) (678) (768) Corporate $ 812 $ 643 $ 2,498 $ 2,041 Total revenues $ 17,346 $ 14,470 $ 48,531 $ 41,272 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | September 30, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,565 $ — $ 5,353 $ — $ 7,919 Billings in excess of revenues (7,775) — (1,847) — (9,622) Long-term service agreements $ (5,210) $ — $ 3,506 $ — $ (1,703) Equipment and other service agreements 521 1,181 1,614 262 3,578 Current contract assets $ (4,689) $ 1,181 $ 5,120 $ 262 $ 1,875 Nonrecurring engineering costs(a) 2,449 19 2 — 2,470 Customer advances and other(b) 2,344 — 613 — 2,957 Non-current contract and other deferred assets $ 4,793 $ 19 $ 615 $ — $ 5,427 Total contract and other deferred assets $ 104 $ 1,200 $ 5,735 $ 262 $ 7,302 December 31, 2022 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) Equipment and other service agreements 433 1,063 1,404 245 3,144 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. September 30, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections $ 5,917 $ 4,939 $ 5,750 $ 103 $ 16,708 Current deferred income 194 174 6 102 476 Progress collections and deferred income $ 6,111 $ 5,113 $ 5,756 $ 205 $ 17,185 Non-current deferred income 1,109 177 36 15 1,337 Total Progress collections and deferred income $ 7,220 $ 5,290 $ 5,792 $ 220 $ 18,522 December 31, 2022 Progress collections $ 5,814 $ 5,195 $ 4,514 $ 131 $ 15,655 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) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | September 30, 2023 December 31, 2022 Current portion of long-term borrowings Senior notes issued by GE $ 192 $ 464 Senior and subordinated notes assumed by GE 915 1,973 Senior notes issued by GE Capital 106 1,188 Other 121 115 Total short-term borrowings $ 1,334 $ 3,739 Senior notes issued by GE $ 4,587 $ 4,724 Senior and subordinated notes assumed by GE 8,473 8,406 Senior notes issued by GE Capital 5,620 6,289 Other 809 901 Total long-term borrowings $ 19,488 $ 20,320 Total borrowings $ 20,822 $ 24,059 |
ACCOUNTS PAYABLE AND EQUIPMEN_2
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals | September 30, 2023 December 31, 2022 Trade payables $ 10,693 $ 10,033 Supply chain finance programs 3,605 3,689 Equipment project payables(a) 1,122 1,236 Non-income based tax payables 365 441 Accounts payable and equipment project payables $ 15,785 $ 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) | 9 Months Ended |
Sep. 30, 2023 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance liabilities and annuity benefits is presented below: September 30, 2023 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 23,801 $ 8,534 $ 1,040 $ 405 $ 33,780 Investment contracts — 812 — 782 1,594 Other — — 172 286 458 Total $ 23,801 $ 9,346 $ 1,212 $ 1,473 $ 35,832 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 |
Summary of Future Policy Benefits | The following tables summarize balances of and changes in future policy benefits reserves. September 30, 2023 September 30, 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 (9) — (77) (3) — 91 Effect of actual variances from expected experience (42) — (286) (259) — (14) Adjusted beginning of year balance 3,908 — 4,847 4,189 — 5,520 Interest accrual 157 — 148 170 — 153 Net premiums collected (296) — (220) (321) — (252) Effect of foreign currency — — 11 — — (209) Ending balance at locked-in discount rate 3,768 — 4,786 4,038 — 5,212 Effect of changes in discount rate assumptions 43 — (500) 32 — (410) Balance, end of period $ 3,811 $ — $ 4,286 $ 4,070 $ — $ 4,802 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 (41) (16) 49 (392) (23) 120 Effect of actual variances from expected experience (79) 18 (254) (344) (3) 9 Adjusted beginning of year balance 26,906 8,792 6,042 26,729 8,998 6,689 Interest accrual 1,091 342 177 1,089 355 184 Benefit payments (947) (511) (396) (855) (510) (399) Effect of foreign currency — — 12 — — (220) Ending balance at locked-in discount rate 27,050 8,623 5,835 26,962 8,843 6,254 Effect of changes in discount rate assumptions 562 (89) (509) 610 (81) (417) Balance, end of period $ 27,612 $ 8,534 $ 5,326 $ 27,572 $ 8,762 $ 5,837 Net future policy benefit reserves $ 23,801 $ 8,534 $ 1,040 $ 23,503 $ 8,762 $ 1,035 Less: Reinsurance recoverables, net of allowance for credit losses (133) — (39) (2,869) — (66) Net future policy benefit reserves, after reinsurance recoverables $ 23,668 $ 8,534 $ 1,001 $ 20,634 $ 8,762 $ 969 The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses. September 30, 2023 September 30, 2022 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,522 $ 4,656 $ 8,057 $ 4,858 Benefit payments 63,406 27,612 65,620 27,572 Structured settlement annuities: Benefit payments 19,480 8,534 20,122 8,762 Life: Gross premiums 12,387 5,144 13,786 5,905 Benefit payments 11,214 5,326 12,023 5,837 (a) Determined using the current discount rate as of September 30, 2023 and 2022. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. September 30, 2023 September 30, 2022 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.3 10.5 5.3 13.0 10.7 5.1 Interest accretion rate 5.5% 5.4% 4.9% 5.5% 5.4% 4.9% Current discount rate 5.8% 5.7% 5.6% 5.7% 5.7% 5.5% (a) Determined using the current discount rate as of September 30 2023 and 2022. |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
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 September 30 Nine months ended September 30 2023 2022 2023 2022 Service cost for benefits earned $ 23 $ 48 $ 68 $ 146 Expected return on plan assets (594) (785) (1,782) (2,356) Interest cost on benefit obligations 473 518 1,419 1,551 Net actuarial loss amortization and other (180) 356 (539) 1,071 Net periodic expense (income) (278) 137 (834) 412 Less discontinued operations — 48 — 143 Continuing operations – net periodic expense (income) $ (278) $ 89 $ (834) $ 269 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | Three months ended September 30 Nine months ended September 30 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) (Dividends per share in dollars) 2023 2022 2023 2022 Beginning balance $ (3,409) $ (5,512) $ (5,893) $ (4,569) AOCI before reclasses – net of taxes of $141, $79, $123 and $215 (396) (874) (176) (1,815) Reclasses from AOCI – net of taxes of $0, $0, $(626) and $0(a) — — 2,262 — AOCI (396) (874) 2,085 (1,815) Less AOCI attributable to noncontrolling interests 1 (4) (1) (2) Currency translation adjustments AOCI $ (3,806) $ (6,382) $ (3,806) $ (6,382) Beginning balance $ 4,041 $ 4,173 $ 6,531 $ 3,646 AOCI before reclasses – net of taxes of $10, $24, $9 and $81 19 66 (24) 217 Reclasses from AOCI – net of taxes of $(61), $53, $(718) and $159(a) (207) 193 (2,656) 571 AOCI (188) 259 (2,680) 788 Less AOCI attributable to noncontrolling interests — — (2) 2 Benefit plans AOCI $ 3,853 $ 4,432 $ 3,853 $ 4,432 Beginning balance $ (1,696) $ (521) $ (1,927) $ 5,172 AOCI before reclasses – net of taxes of $(371), $(494), $(310) and $(2,015) (1,370) (1,894) (1,099) (7,601) Reclasses from AOCI – net of taxes of $(2), $3, $(5) and $10(a) (8) (10) (49) 4 AOCI (1,379) (1,904) (1,147) (7,597) Investment securities and cash flow hedges AOCI $ (3,075) $ (2,425) $ (3,075) $ (2,425) Beginning balance $ (2,510) $ (2,196) $ (983) $ (9,109) AOCI before reclasses – net of taxes of $581, $542, $175 and $2,379 2,187 2,036 660 8,949 AOCI 2,187 2,036 660 8,949 Long-duration insurance contracts AOCI $ (323) $ (160) $ (323) $ (160) AOCI at September 30 $ (3,351) $ (4,536) $ (3,351) $ (4,536) Dividends declared per common share $ 0.08 $ 0.08 $ 0.24 $ 0.24 (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 first quarter of 2023 related to the spin-off of GE HealthCare. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended September 30 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 175 $ 175 $ (243) $ (243) Preferred stock dividends and other and accretion of preferred share repurchase(a) (91) (91) (70) (70) Earnings (loss) from continuing operations attributable to common shareholders 84 84 (313) (313) Earnings (loss) from discontinued operations 173 173 403 403 Net earnings (loss) attributable to GE common shareholders 258 258 91 91 Shares of GE common stock outstanding 1,088 1,088 1,095 1,095 Employee compensation-related shares (including stock options) 11 — — — Total average equivalent shares 1,099 1,088 1,095 1,095 Earnings (loss) per share from continuing operations $ 0.08 $ 0.08 $ (0.29) $ (0.29) Earnings (loss) per share from discontinued operations 0.16 0.16 0.37 0.37 Net earnings (loss) per share 0.23 0.24 0.08 0.08 Potentially dilutive securities(b) 21 49 Nine months ended September 30 2023 2022 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 7,474 $ 7,477 $ (2,600) $ (2,600) Preferred stock dividends and other and accretion of preferred share repurchase(a) (295) (295) (189) (189) Earnings (loss) from continuing operations attributable to common shareholders 7,180 7,183 (2,789) (2,789) Earnings (loss) from discontinued operations 411 411 743 743 Net earnings (loss) attributable to GE common shareholders 7,591 7,594 (2,046) (2,046) Shares of GE common stock outstanding 1,089 1,089 1,097 1,097 Employee compensation-related shares (including stock options) 9 — — — Total average equivalent shares 1,098 1,089 1,097 1,097 Earnings (loss) per share from continuing operations $ 6.54 $ 6.60 $ (2.54) $ (2.54) Earnings (loss) per share from discontinued operations 0.37 0.38 0.68 0.68 Net earnings (loss) per share 6.91 6.98 (1.86) (1.86) Potentially dilutive securities(b) 29 46 (a) For the three and nine months ended September 30, 2023, included $(28) million and $(58) million related to excise tax on preferred share redemptions, respectively. (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) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Investment in GE HealthCare realized and unrealized gain (loss) $ (813) $ — $ 5,066 $ — Investment in and note with AerCap realized and unrealized gain (loss) (296) 138 81 (2,669) Investment in Baker Hughes realized and unrealized gain (loss) — (238) 10 818 Gains (losses) on retained and sold ownership interests $ (1,109) $ (101) $ 5,157 $ (1,852) Other net interest and investment income (loss) 193 123 534 269 Licensing and royalty income 53 54 178 141 Equity method income 78 14 147 129 Purchases and sales of business interests(a) 115 23 103 42 Other items (2) 65 (18) 270 Total other income (loss) $ (673) $ 178 $ 6,100 $ (1,000) (a) Included a pre-tax gain of $90 million related to the sale of an investment at Energy Financial Services during the three months ended September 30, 2023. |
RESTRUCTURING CHARGES AND SEP_2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables) | 9 Months Ended |
Sep. 30, 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 September 30 Nine months ended September 30 RESTRUCTURING AND OTHER CHARGES 2023 2022 2023 2022 Workforce reductions $ 70 $ 51 $ 227 $ 70 Plant closures & associated costs and other asset write-downs 62 48 183 98 Acquisition/disposition net charges and other 21 14 48 39 Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Cost of equipment/services $ 51 $ 66 $ 116 $ 109 Selling, general and administrative expenses 102 46 342 100 Other (income) loss — — — (3) Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Aerospace $ 3 $ 6 $ 10 $ 16 Renewable Energy 57 66 198 78 Power 43 30 81 97 Corporate 50 10 169 15 Total restructuring and other charges $ 153 $ 112 $ 458 $ 206 Restructuring and other charges cash expenditures $ 89 $ 75 $ 382 $ 286 An analysis of changes in the liability for restructuring follows: Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Balance at beginning of period $ 963 $ 640 $ 977 $ 825 Additions 67 96 238 127 Payments (75) (54) (259) (242) Effect of foreign currency and other (69) (17) (71) (45) Balance at September 30(a) $ 885 $ 665 $ 885 $ 665 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 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. September 30, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,378 $ 2,203 $ 2,557 $ 2,418 Liabilities Borrowings (Note 11) $ 20,822 $ 19,361 $ 24,059 $ 22,849 Investment contracts (Note 13) 1,594 1,598 1,708 1,758 |
Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES September 30, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,510 $ 142 $ 116 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 56,586 904 945 52,786 1,143 1,095 Gross derivatives $ 63,096 $ 1,047 $ 1,061 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (719) $ (718) $ (821) $ (820) Net derivatives in statement of financial position $ 327 $ 343 $ 454 $ 420 |
Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES September 30, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,510 $ 142 $ 116 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 56,586 904 945 52,786 1,143 1,095 Gross derivatives $ 63,096 $ 1,047 $ 1,061 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (719) $ (718) $ (821) $ (820) Net derivatives in statement of financial position $ 327 $ 343 $ 454 $ 420 |
Effects of Derivatives on AOCI | CASH FLOW HEDGES AND NET INVESTMENT HEDGES Gain (loss) recognized in AOCI Three months ended September 30 Nine months ended September 30 2023 2022 2023 2022 Cash flow hedges(a) $ (7) $ (95) $ 42 $ (252) Net investment hedges(b) 171 396 41 691 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,554 million and $3,019 million as of September 30, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero for both the three months and nine months ended September 30, 2023 and 2022. |
Effects of Derivatives on Earnings | The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): Three months ended September 30, 2023 Three months ended September 30, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 17,346 $ 286 $ 2,171 $ 12,232 $ 14,470 $ 374 $ 1,966 $ 11,712 Cash flow hedges $ (14) $ (2) $ 1 $ 17 $ (3) $ (4) $ (1) $ (12) Non-hedging derivatives (b) $ — $ — $ (295) $ (18) $ 1 $ — $ 33 $ (447) Nine months ended September 30, 2023 Nine months ended September 30, 2022 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 48,531 $ 822 $ 6,671 $ 42,096 $ 41,272 $ 1,130 $ 6,509 $ 30,832 Cash flow hedges $ (9) $ (8) $ 1 $ 25 $ 1 $ (17) $ (1) $ (80) Fair value hedges $ (16) Non-hedging derivatives (b) $ — $ — $ (5) $ (145) $ 3 $ — $ (421) $ (542) (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. |
SEGMENT OPERATIONS (Tables)
SEGMENT OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | SUMMARY OF REPORTABLE SEGMENTS Three months ended September 30 Nine months ended September 30 2023 2022 V % 2023 2022 V % Aerospace $ 8,409 $ 6,705 25 % $ 23,250 $ 18,434 26 % Renewable Energy 4,151 3,594 15 % 10,837 9,564 13 % Power 3,974 3,529 13 % 11,945 11,233 6 % Total segment revenues 16,533 13,828 20 % 46,032 39,231 17 % Corporate 812 643 26 % 2,498 2,041 22 % Total revenues $ 17,346 $ 14,470 20 % $ 48,531 $ 41,272 18 % Aerospace $ 1,712 $ 1,284 33 % $ 4,516 $ 3,341 35 % Renewable Energy (317) (934) 66 % (1,090) (1,786) 39 % Power 238 141 69 % 690 524 32 % Total segment profit (loss) 1,633 492 F 4,117 2,079 98 % Corporate(a) (1,399) (405) U 3,858 (3,534) F Interest and other financial charges (275) (361) 24 % (786) (1,085) 28 % Non-operating benefit income (cost) 396 96 F 1,183 302 F Benefit (provision) for income taxes (180) (64) U (895) (362) U Preferred stock dividends (91) (73) (25) % (295) (192) (54) % Earnings (loss) from continuing operations attributable to GE common shareholders 84 (316) F 7,183 (2,792) F Earnings (loss) from discontinued operations attributable to GE common shareholders 173 403 (57) % 411 743 (45) % Net earnings (loss) attributable to GE common shareholders $ 258 $ 88 F $ 7,594 $ (2,049) F (a) Includes interest and other financial charges of $11 million and $13 million and $36 million and $45 million; and benefit for income taxes of $42 million and $52 million and $153 million and $160 million related to Energy Financial Services (EFS) within Corporate for the three and nine months ended September 30, 2023 and 2022, respectively. |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Held For Sale, Not Discontinued Operation - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 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 | $ 1,375 | $ 1,374 |
Liabilities of businesses held for sale | 1,835 | $ 1,944 |
Electric Insurance Company | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | 533 | |
Liabilities of businesses held for sale | 351 | |
Pre-tax loss on sale | $ 109 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Current receivables, inventories and contract assets | $ 539 | $ 495 |
Non-current captive insurance investment securities | 555 | 554 |
Property, plant and equipment and intangible assets - net | 235 | 232 |
Valuation allowance on disposal group classified as held for sale | (126) | (17) |
All other assets | 172 | 111 |
Assets of discontinued operations | 1,375 | 1,374 |
Liabilities | ||
Progress collections and deferred income | 1,083 | 1,127 |
Insurance liabilities and annuity benefits | 357 | 358 |
Accounts payable, equipment project payables and other current liabilities | 338 | 371 |
All other liabilities | 58 | 87 |
Liabilities of discontinued operations | $ 1,835 | $ 1,944 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jan. 03, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 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) | $ 715,000,000 | ||||||
Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Financing receivables held for sale | $ 0 | 0 | $ 1,200,000,000 | ||||
Discontinued Operations | Bank BPH | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax non-cash charges | 0 | $ 1,014,000,000 | $ 128,000,000 | 1,189,000,000 | $ 562,000,000 | ||
Estimated borrower litigation losses | 2,522,000,000 | 2,522,000,000 | |||||
Capital contribution | 1,797,000,000 | ||||||
Financing receivables held for sale | $ 0 | 0 | |||||
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) | (157,000,000) | ||||||
Discontinued operations after disposal, sales of product and services | 122,000,000 | ||||||
Discontinued operations after disposal, purchases of products and services | $ 175,000,000 |
BUSINESSES HELD FOR SALE AND _6
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
RESULTS OF DISCONTINUED OPERATIONS | |||||
Earnings (loss) from discontinued operations, net of taxes | $ 173,000,000 | $ 409,000,000 | $ 412,000,000 | $ 775,000,000 | |
Discontinued Operations | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 4,612,000,000 | 0 | 13,491,000,000 | |
Cost of equipment and services sold | 0 | (2,838,000,000) | 0 | (8,237,000,000) | |
Other income, costs and expenses | (39,000,000) | (1,338,000,000) | (1,300,000,000) | (4,132,000,000) | |
Earnings (loss) of discontinued operations before income taxes | (39,000,000) | 436,000,000 | (1,300,000,000) | 1,123,000,000 | |
Benefit (provision) for income taxes | 210,000,000 | (116,000,000) | 1,706,000,000 | (424,000,000) | |
Earnings (loss) of discontinued operations, net of taxes | 171,000,000 | 320,000,000 | 406,000,000 | 699,000,000 | |
Gain (loss) on disposal before income taxes | 2,000,000 | 0 | 6,000,000 | (30,000,000) | |
Benefit (provision) for income taxes | 0 | 90,000,000 | 0 | 107,000,000 | |
Gain (loss) on disposal, net of taxes | 2,000,000 | 90,000,000 | 6,000,000 | 76,000,000 | |
Earnings (loss) from discontinued operations, net of taxes | 173,000,000 | 409,000,000 | 412,000,000 | 775,000,000 | |
Assets | |||||
Cash, cash equivalents and restricted cash | 1,244,000,000 | 1,244,000,000 | $ 2,627,000,000 | ||
Current receivables | 11,000,000 | 11,000,000 | 3,361,000,000 | ||
Inventories, including deferred inventory costs | 0 | 0 | 2,512,000,000 | ||
Goodwill | 0 | 0 | 12,799,000,000 | ||
Other intangible assets - net | 0 | 0 | 1,520,000,000 | ||
Contract and other deferred assets | 0 | 0 | 854,000,000 | ||
Financing receivables held for sale (Polish mortgage portfolio) | 0 | 0 | 1,200,000,000 | ||
Property, plant and equipment - net | 61,000,000 | 61,000,000 | 2,379,000,000 | ||
All other assets | 202,000,000 | 202,000,000 | 2,109,000,000 | ||
Deferred income taxes | 41,000,000 | 41,000,000 | 2,528,000,000 | ||
Assets of discontinued operations | 1,560,000,000 | 1,560,000,000 | 31,890,000,000 | ||
Liabilities | |||||
Accounts payable and equipment project payables | 69,000,000 | 69,000,000 | 3,487,000,000 | ||
Progress collections and deferred income | 0 | 0 | 2,499,000,000 | ||
Long-term borrowings | 0 | 0 | 8,273,000,000 | ||
Non-current compensation and benefits | 35,000,000 | 35,000,000 | 5,658,000,000 | ||
All other liabilities | 1,007,000,000 | 1,007,000,000 | 4,556,000,000 | ||
Liabilities of discontinued operations | 1,112,000,000 | 1,112,000,000 | 24,474,000,000 | ||
Discontinued Operations | Bank BPH | |||||
Assets | |||||
Financing receivables held for sale (Polish mortgage portfolio) | 0 | 0 | |||
Liabilities | |||||
Valuation allowance on finance receivables classified as held for sale | 1,913,000,000 | 1,913,000,000 | 848,000,000 | ||
Estimated borrower litigation losses | 2,522,000,000 | 2,522,000,000 | |||
Discontinued Operations | Bank BPH | Bank BPH | |||||
Liabilities | |||||
All other liabilities | 844,000,000 | 844,000,000 | 748,000,000 | ||
Valuation allowance on finance receivables classified as held for sale | 1,678,000,000 | 1,678,000,000 | 611,000,000 | ||
Estimated borrower litigation losses | $ 1,359,000,000 | ||||
Discontinued Operations | GE HealthCare | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 4,612,000,000 | 0 | 13,491,000,000 | |
Cost of equipment and services sold | 0 | (2,838,000,000) | 0 | (8,237,000,000) | |
Other income, costs and expenses | (34,000,000) | (1,185,000,000) | (54,000,000) | (3,523,000,000) | |
Earnings (loss) of discontinued operations before income taxes | (34,000,000) | 589,000,000 | (54,000,000) | 1,731,000,000 | |
Benefit (provision) for income taxes | 222,000,000 | (95,000,000) | 1,708,000,000 | (387,000,000) | |
Earnings (loss) of discontinued operations, net of taxes | 188,000,000 | 494,000,000 | 1,654,000,000 | 1,344,000,000 | |
Gain (loss) on disposal before income taxes | 0 | 0 | 0 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 12,000,000 | |
Gain (loss) on disposal, net of taxes | 0 | 0 | 0 | 12,000,000 | |
Earnings (loss) from discontinued operations, net of taxes | 188,000,000 | 494,000,000 | 1,654,000,000 | 1,356,000,000 | |
Discontinued Operations | Bank BPH & Other | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | 0 | 0 | |
Other income, costs and expenses | (5,000,000) | (153,000,000) | (1,246,000,000) | (608,000,000) | |
Earnings (loss) of discontinued operations before income taxes | (5,000,000) | (153,000,000) | (1,246,000,000) | (608,000,000) | |
Benefit (provision) for income taxes | (12,000,000) | (22,000,000) | (2,000,000) | (36,000,000) | |
Earnings (loss) of discontinued operations, net of taxes | (17,000,000) | (174,000,000) | (1,248,000,000) | (644,000,000) | |
Gain (loss) on disposal before income taxes | 2,000,000 | 0 | 6,000,000 | (30,000,000) | |
Benefit (provision) for income taxes | 0 | 90,000,000 | 0 | 95,000,000 | |
Gain (loss) on disposal, net of taxes | 2,000,000 | 90,000,000 | 6,000,000 | 64,000,000 | |
Earnings (loss) from discontinued operations, net of taxes | $ (15,000,000) | $ (85,000,000) | $ (1,242,000,000) | $ (580,000,000) |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest, current | $ 493 | $ 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 | $ 25,932 | $ 21,482 |
Debt securities in unrealized loss position, 12 months or more | 15,886 | 3,275 |
Gross unrealized losses, 12 months or more | (3,656) | (835) |
Gross unrealized losses | (4,168) | (3,143) |
Equity securities without readily determinable fair values | 909 | 614 |
CMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross unrealized losses | (224) | |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross unrealized losses | (112) | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities with a fair value | $ 6,434 | $ 6,421 |
GE HealthCare | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, investment interest (in shares) | 61.6 | |
Equity securities, ownership percentage | 13.50% | |
AerCap | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, investment interest (in shares) | 30.9 | |
Equity securities, ownership percentage | 14.50% |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | $ 0 | $ 0 |
Current equity, estimated fair value | 7,054 | 7,609 |
Gross unrealized gains | 320 | 781 |
Gross unrealized losses | (4,168) | (3,143) |
Other equity | 315 | 408 |
Non-current investment securities, amortized cost | 39,376 | 38,388 |
Non-current investment securities, estimated fair value | 35,528 | 36,027 |
GE HealthCare | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | 0 | 0 |
Current equity, estimated fair value | 4,190 | 0 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Current equity, amortized cost | 0 | 0 |
Current equity, estimated fair value | 2,864 | 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 | 27,539 | 26,921 |
Gross unrealized gains | 280 | 675 |
Gross unrealized losses | (2,947) | (2,164) |
Estimated fair value | 24,872 | 25,432 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,513 | 2,548 |
Gross unrealized gains | 10 | 18 |
Gross unrealized losses | (381) | (300) |
Estimated fair value | 2,141 | 2,266 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,759 | 2,898 |
Gross unrealized gains | 18 | 66 |
Gross unrealized losses | (301) | (241) |
Estimated fair value | 2,475 | 2,722 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 4,806 | 4,442 |
Gross unrealized gains | 12 | 21 |
Gross unrealized losses | (361) | (290) |
Estimated fair value | 4,457 | 4,173 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,444 | 1,172 |
Gross unrealized gains | 1 | 2 |
Gross unrealized losses | (177) | (147) |
Estimated fair value | $ 1,267 | $ 1,026 |
INVESTMENT SECURITIES - Realize
INVESTMENT SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net unrealized gains (losses) for equity securities with RDFV | $ (911) | $ (136) | $ 5,651 | $ (1,970) |
Proceeds from debt/equity securities sales and early redemptions | 3,336 | 693 | 10,088 | 6,115 |
Gross realized gains on debt securities | 7 | 1 | 44 | 34 |
Gross realized losses and impairments on debt securities | $ (14) | $ (14) | $ (60) | $ (29) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Amortized cost | |
Within one year | $ 859 |
After one year through five years | 4,867 |
After five years through ten years | 5,211 |
After ten years | 23,319 |
Estimated fair value | |
Within one year | 847 |
After one year through five years | 4,793 |
After five years through ten years | 5,038 |
After ten years | $ 20,077 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 11,655 | $ 11,803 |
Revenue sharing program receivables | 1,265 | 1,326 |
Non-income based tax receivables | 1,068 | 1,146 |
Supplier advances | 833 | 691 |
Receivables from disposed businesses | 171 | 115 |
Other sundry receivables | 313 | 518 |
Allowance for credit losses | (760) | (768) |
Total current receivables | 14,546 | 14,831 |
Allowance for credit losses, write-offs | 35 | |
Allowance for credit losses, provisions | 28 | |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 7,892 | 7,784 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 2,344 | 2,415 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | 4,002 | 4,229 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total current receivables | $ 308 | $ 404 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 1,623 | $ 1,347 |
Gas Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 82 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Long-term customer receivables | $ 483 | $ 457 | |
Supplier advances | 252 | 266 | |
Non-income based tax receivables | 248 | 213 | |
Sundry receivables | 578 | 483 | |
Allowance for credit losses | (170) | (183) | |
Total long-term receivables | $ 1,391 | $ 1,236 | |
Sale of long term customer receivables | $ 83 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 10,733 | $ 9,191 |
Finished goods | 4,140 | 3,937 |
Deferred inventory costs | 2,146 | 1,764 |
Inventories, including deferred inventory costs | $ 17,020 | $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 27,154 | $ 26,641 |
Less: accumulated depreciation and amortization | (16,767) | (16,303) |
Right-of-use operating lease assets | 1,816 | 1,854 |
Property, plant and equipment – net | $ 12,203 | $ 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 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) | All other liabilities (Note 15) | ||
Operating lease liabilities | $ 1,967 | $ 1,967 | $ 2,089 | ||
Lease expense | $ 201 | $ 602 | $ 205 | $ 641 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill | |
Balance at beginning of period | $ 12,999 |
Acquisitions | 182 |
Currency exchange and other | (5) |
Balance at end of period | 13,177 |
Operating segments | Aerospace | |
Goodwill | |
Balance at beginning of period | 8,835 |
Acquisitions | 0 |
Currency exchange and other | (9) |
Balance at end of period | 8,826 |
Operating segments | Renewable Energy | |
Goodwill | |
Balance at beginning of period | 3,201 |
Acquisitions | 0 |
Currency exchange and other | 6 |
Balance at end of period | 3,207 |
Operating segments | Power | |
Goodwill | |
Balance at beginning of period | 144 |
Acquisitions | 160 |
Currency exchange and other | (1) |
Balance at end of period | 303 |
Corporate, non-segment | |
Goodwill | |
Balance at beginning of period | 818 |
Acquisitions | 22 |
Currency exchange and other | (1) |
Balance at end of period | $ 839 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Goodwill [Line Items] | |||||
Goodwill | $ 13,177 | $ 13,177 | $ 12,999 | ||
Increase (decrease) in intangible assets | (315) | ||||
Addition of intangible assets | 180 | ||||
Amortization of intangible assets | 149 | $ 135 | 448 | $ 1,193 | |
Power | |||||
Goodwill [Line Items] | |||||
Non-cash pre-tax impairment charge | 765 | ||||
Pre-tax impairment charges | $ 59 | ||||
Corporate, non-segment | |||||
Goodwill [Line Items] | |||||
Goodwill | 839 | 839 | 818 | ||
Corporate, non-segment | Digital | |||||
Goodwill [Line Items] | |||||
Goodwill | 839 | 839 | |||
Operating segments | Power | |||||
Goodwill [Line Items] | |||||
Goodwill | 303 | 303 | 144 | ||
Operating segments | Aerospace | |||||
Goodwill [Line Items] | |||||
Goodwill | 8,826 | 8,826 | $ 8,835 | ||
Operating segments | Aerospace | Additive | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 238 | $ 238 |
REVENUES - Schedule of Disaggre
REVENUES - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 17,346 | $ 14,470 | $ 48,531 | $ 41,272 |
Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 16,533 | 13,828 | 46,032 | 39,231 |
Operating segments | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,104 | 5,809 | 19,316 | 16,000 |
Operating segments | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 9,430 | 8,018 | 26,717 | 23,231 |
Operating segments | Aerospace | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,409 | 6,705 | 23,250 | 18,434 |
Operating segments | Aerospace | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,299 | 1,968 | 6,806 | 5,379 |
Operating segments | Aerospace | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,111 | 4,736 | 16,445 | 13,055 |
Operating segments | Aerospace | Commercial Engines & Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,399 | 4,971 | 17,293 | 13,130 |
Operating segments | Aerospace | Defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,111 | 1,027 | 3,470 | 3,159 |
Operating segments | Aerospace | Systems & Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 900 | 707 | 2,487 | 2,146 |
Operating segments | Renewable Energy | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,151 | 3,594 | 10,837 | 9,564 |
Operating segments | Renewable Energy | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,554 | 2,887 | 9,084 | 7,505 |
Operating segments | Renewable Energy | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 597 | 707 | 1,754 | 2,059 |
Operating segments | Renewable Energy | Onshore Wind | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,431 | 2,445 | 6,249 | 6,403 |
Operating segments | Renewable Energy | Grid Solutions equipment and services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 946 | 744 | 2,693 | 2,145 |
Operating segments | Renewable Energy | Hydro, Offshore Wind and Hybrid Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 773 | 405 | 1,895 | 1,016 |
Operating segments | Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 3,974 | 3,529 | 11,945 | 11,233 |
Operating segments | Power | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,251 | 954 | 3,426 | 3,116 |
Operating segments | Power | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,722 | 2,575 | 8,519 | 8,117 |
Operating segments | Power | Gas Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,952 | 2,612 | 8,872 | 8,234 |
Operating segments | Power | Steam Power | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 571 | 571 | 1,762 | 1,898 |
Operating segments | Power | Power Conversion, Nuclear and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 450 | 346 | 1,311 | 1,101 |
Corporate | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 812 | 643 | 2,498 | 2,041 |
Corporate, non-segment | GE Digital revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 226 | 210 | 696 | 635 |
Corporate, non-segment | Insurance revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 842 | 645 | 2,480 | 2,175 |
Eliminations and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ (256) | $ (211) | $ (678) | $ (768) |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligation (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 253,092 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 53,285 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 44% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 69% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | 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 | $ 199,807 |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | 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]: 2023-10-01 | 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]: 2023-10-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 67% |
Performance obligations expected to be satisfied, expected timing | 10 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | Performance obligation satisfaction, period four | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 82% |
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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in contract and other deferred assets | $ (942) | |
Increase (decrease) in progress collections and deferred income due to timing of revenue recognition | 897 | |
Revenue recognized included in contract liability | 11,421 | $ 10,044 |
Long-term | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (9,577) | |
Revenues recognized | 8,242 | |
Long-term | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | 88 | |
Long-term | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ 50 |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | $ 7,919 | $ 7,766 |
Billings in excess of revenues | (9,622) | (8,443) |
Long-term service agreements | (1,703) | (677) |
Other current contract assets | 3,578 | 3,144 |
Current contract assets | 1,875 | 2,467 |
Nonrecurring engineering costs | 2,470 | 2,534 |
Customer advances and other | 2,957 | 3,243 |
Non-current contract and other deferred assets | 5,427 | 5,776 |
Total contract and other deferred assets | 7,302 | 8,244 |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,565 | 2,363 |
Billings in excess of revenues | (7,775) | (6,681) |
Long-term service agreements | (5,210) | (4,318) |
Other current contract assets | 521 | 433 |
Current contract assets | (4,689) | (3,884) |
Nonrecurring engineering costs | 2,449 | 2,513 |
Customer advances and other | 2,344 | 2,519 |
Non-current contract and other deferred assets | 4,793 | 5,032 |
Total contract and other deferred assets | 104 | 1,148 |
Operating segments | Renewable Energy | ||
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 |
Other current contract assets | 1,181 | 1,063 |
Current contract assets | 1,181 | 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 | 1,200 | 1,079 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,353 | 5,403 |
Billings in excess of revenues | (1,847) | (1,763) |
Long-term service agreements | 3,506 | 3,640 |
Other current contract assets | 1,614 | 1,404 |
Current contract assets | 5,120 | 5,044 |
Nonrecurring engineering costs | 2 | 4 |
Customer advances and other | 613 | 724 |
Non-current contract and other deferred assets | 615 | 728 |
Total contract and other deferred assets | 5,735 | 5,772 |
Corporate | ||
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 |
Other current contract assets | 262 | 245 |
Current contract assets | 262 | 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 | $ 262 | $ 245 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 16,708 | $ 15,655 |
Current deferred income | 476 | 562 |
Progress collections and deferred income | 17,185 | 16,216 |
Non-current deferred income | 1,337 | 1,409 |
Total Progress collections and deferred income | 18,522 | 17,625 |
Operating segments | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,917 | 5,814 |
Current deferred income | 194 | 233 |
Progress collections and deferred income | 6,111 | 6,047 |
Non-current deferred income | 1,109 | 1,110 |
Total Progress collections and deferred income | 7,220 | 7,157 |
Operating segments | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,939 | 5,195 |
Current deferred income | 174 | 208 |
Progress collections and deferred income | 5,113 | 5,404 |
Non-current deferred income | 177 | 183 |
Total Progress collections and deferred income | 5,290 | 5,586 |
Operating segments | Power | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,750 | 4,514 |
Current deferred income | 6 | 13 |
Progress collections and deferred income | 5,756 | 4,527 |
Non-current deferred income | 36 | 104 |
Total Progress collections and deferred income | 5,792 | 4,632 |
Corporate | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 103 | 131 |
Current deferred income | 102 | 107 |
Progress collections and deferred income | 205 | 238 |
Non-current deferred income | 15 | 12 |
Total Progress collections and deferred income | $ 220 | $ 250 |
ALL OTHER ASSETS (Details)
ALL OTHER ASSETS (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Increase in other non-current assets | $ 831 | |
Increase in equity method and other investments | 478 | |
Increase in long-term receivables | 155 | |
Increase in pension surplus | 101 | |
Increase in insurance cash and cash equivalents | 98 | |
Insurance cash and cash equivalents | $ 717 | $ 619 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term borrowings | ||
Total short-term borrowings | $ 1,334 | $ 3,739 |
Long-term borrowings | ||
Long-term borrowings and lease obligation | 19,488 | 20,320 |
Total borrowings | 20,822 | 24,059 |
Other | ||
Long-term borrowings | ||
Long-term borrowings and lease obligation | 809 | 901 |
Debt issued by GE | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | 4,587 | 4,724 |
Debt assumed by GE | Senior and subordinated notes | ||
Long-term borrowings | ||
Long-term borrowings | 8,473 | 8,406 |
Debt issued by GE Capital | Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | 5,620 | 6,289 |
Senior notes | Debt issued by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 192 | 464 |
Senior notes | Debt issued by GE Capital | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 106 | 1,188 |
Senior and subordinated notes | Debt assumed by GE | ||
Short-term borrowings | ||
Current portion of long-term borrowings | 915 | 1,973 |
Other | ||
Short-term borrowings | ||
Other | $ 121 | $ 115 |
ACCOUNTS PAYABLE AND EQUIPMEN_3
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES - Schedule of Accounts Payable and Accruals (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 10,693 | $ 10,033 |
Supply chain finance programs | 3,605 | 3,689 |
Equipment project accruals | 1,122 | 1,236 |
Non-income based tax payables | 365 | 441 |
Accounts payable and equipment project payables | $ 15,785 | $ 15,399 |
ACCOUNTS PAYABLE AND EQUIPMEN_4
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYBLES - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Payables and Accruals [Abstract] | ||
Supplier invoices paid | $ 6,044 | $ 5,180 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Insurance revenues | $ 842 | $ 645 | $ 2,480 | $ 2,175 | |
Net earnings (loss) | 335 | 165 | 7,852 | (1,806) | |
Assets | 156,662 | 156,662 | $ 188,851 | ||
Gross premium income | 636 | 685 | |||
Interest accretion | 1,305 | 1,304 | |||
Net premium ratio update, favorable (unfavorable) adjustment | (90) | 448 | |||
Insufficient gross premiums adjustment | 298 | 112 | |||
Policyholder account balance | $ 1,838 | $ 2,008 | 1,838 | 2,008 | |
Policyholder account balance, surrender, withdrawal and benefit payments | 318 | 334 | |||
Policyholder account balance, net additions and interest credited | $ 188 | $ 210 | |||
Policyholder account balance, crediting rate | 3% | 6% | 3% | 6% | |
Long-term care | |||||
Disaggregation of Revenue [Line Items] | |||||
Gross premium income | $ 367 | $ 365 | |||
Interest accretion | 934 | 919 | |||
Life | |||||
Disaggregation of Revenue [Line Items] | |||||
Gross premium income | 251 | 297 | |||
Structured settlement annuities | |||||
Disaggregation of Revenue [Line Items] | |||||
Interest accretion | 342 | 355 | |||
Run-off Insurance Operations | |||||
Disaggregation of Revenue [Line Items] | |||||
Insurance revenues | $ 842 | $ 645 | 2,480 | 2,175 | |
Gross profit (loss) | 99 | 102 | 233 | 264 | |
Net earnings (loss) | 77 | $ 78 | 181 | $ 208 | |
Assets | $ 45,420 | $ 45,420 | $ 45,031 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | $ 33,780 | $ 34,593 | |
Investment contracts | 1,594 | 1,708 | |
Other | 458 | 544 | |
Total | 35,832 | 36,845 | |
Long-term care | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 23,801 | 24,256 | $ 23,503 |
Investment contracts | 0 | 0 | |
Other | 0 | 0 | |
Total | 23,801 | 24,256 | |
Structured settlement annuities | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 8,534 | 8,860 | 8,762 |
Investment contracts | 812 | 860 | |
Other | 0 | 0 | |
Total | 9,346 | 9,720 | |
Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 1,040 | 1,040 | $ 1,035 |
Investment contracts | 0 | 0 | |
Other | 172 | 178 | |
Total | 1,212 | 1,218 | |
Other contracts | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 405 | 437 | |
Investment contracts | 782 | 849 | |
Other | 286 | 365 | |
Total | $ 1,473 | $ 1,651 |
INSURANCE LIABILITIES AND ANN_5
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Changes in Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Present value of expected future policy benefits | ||||
Future policy benefit reserves | $ 33,780 | $ 34,593 | ||
Long-term care | ||||
Present value of expected net premiums | ||||
Balance, beginning of year | 4,059 | $ 5,652 | ||
Beginning balance at locked-in discount rate | 3,958 | 4,451 | ||
Effect of changes in cash flow assumptions | (9) | $ (3) | ||
Effect of actual variances from expected experience | (42) | (259) | ||
Adjusted beginning of year balance | 3,908 | 4,189 | ||
Interest accrual | 157 | 170 | ||
Net premiums collected | (296) | (321) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 3,768 | 4,038 | ||
Effect of changes in discount rate assumptions | 43 | 32 | ||
Balance, end of period | 3,811 | 4,070 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 28,316 | 40,296 | ||
Beginning balance at locked-in discount rate | 27,050 | 26,962 | 27,026 | 27,465 |
Effect of changes in cash flow assumptions | (41) | (392) | ||
Effect of actual variances from expected experience | (79) | (344) | ||
Adjusted beginning of year balance | 26,906 | 26,729 | ||
Interest accrual | 1,091 | 1,089 | ||
Benefit payments | (947) | (855) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 27,050 | 26,962 | ||
Effect of changes in discount rate assumptions | 562 | 610 | ||
Balance, end of period | 27,612 | 27,572 | ||
Future policy benefit reserves | 23,801 | 23,503 | 24,256 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (133) | (2,869) | ||
Net future policy benefit reserves, after reinsurance recoverables | 23,668 | 20,634 | ||
Structured settlement annuities | ||||
Present value of expected net premiums | ||||
Balance, beginning of year | 0 | 0 | ||
Beginning balance at locked-in discount rate | 0 | 0 | ||
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 | ||
Interest accrual | 0 | 0 | ||
Net premiums collected | 0 | 0 | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 0 | 0 | ||
Effect of changes in discount rate assumptions | 0 | 0 | ||
Balance, end of period | 0 | 0 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 8,860 | 12,328 | ||
Beginning balance at locked-in discount rate | 8,623 | 8,843 | 8,790 | 9,024 |
Effect of changes in cash flow assumptions | (16) | (23) | ||
Effect of actual variances from expected experience | 18 | (3) | ||
Adjusted beginning of year balance | 8,792 | 8,998 | ||
Interest accrual | 342 | 355 | ||
Benefit payments | (511) | (510) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 8,623 | 8,843 | ||
Effect of changes in discount rate assumptions | (89) | (81) | ||
Balance, end of period | 8,534 | 8,762 | ||
Future policy benefit reserves | 8,534 | 8,762 | 8,860 | |
Less: Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | ||
Net future policy benefit reserves, after reinsurance recoverables | 8,534 | 8,762 | ||
Life | ||||
Present value of expected net premiums | ||||
Balance, beginning of year | 4,828 | 6,622 | ||
Beginning balance at locked-in discount rate | 5,210 | 5,443 | ||
Effect of changes in cash flow assumptions | (77) | 91 | ||
Effect of actual variances from expected experience | (286) | (14) | ||
Adjusted beginning of year balance | 4,847 | 5,520 | ||
Interest accrual | 148 | 153 | ||
Net premiums collected | (220) | (252) | ||
Effect of foreign currency | 11 | (209) | ||
Ending balance at locked-in discount rate | 4,786 | 5,212 | ||
Effect of changes in discount rate assumptions | (500) | (410) | ||
Balance, end of period | 4,286 | 4,802 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 5,868 | 7,923 | ||
Beginning balance at locked-in discount rate | 5,835 | 6,254 | 6,247 | 6,560 |
Effect of changes in cash flow assumptions | 49 | 120 | ||
Effect of actual variances from expected experience | (254) | 9 | ||
Adjusted beginning of year balance | 6,042 | $ 6,689 | ||
Interest accrual | 177 | 184 | ||
Benefit payments | (396) | (399) | ||
Effect of foreign currency | 12 | (220) | ||
Ending balance at locked-in discount rate | 5,835 | 6,254 | ||
Effect of changes in discount rate assumptions | (509) | (417) | ||
Balance, end of period | 5,326 | 5,837 | ||
Future policy benefit reserves | 1,040 | 1,035 | $ 1,040 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (39) | (66) | ||
Net future policy benefit reserves, after reinsurance recoverables | $ 1,001 | $ 969 |
INSURANCE LIABILITIES AND ANN_6
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Undiscounted and Discounted Expected Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | $ 7,522 | $ 8,057 |
Undiscounted, Benefit payments | 63,406 | 65,620 |
Discounted, Gross premiums | 4,656 | 4,858 |
Discounted, Benefit payments | 27,612 | 27,572 |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Benefit payments | 19,480 | 20,122 |
Discounted, Benefit payments | 8,534 | 8,762 |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | 12,387 | 13,786 |
Undiscounted, Benefit payments | 11,214 | 12,023 |
Discounted, Gross premiums | 5,144 | 5,905 |
Discounted, Benefit payments | $ 5,326 | $ 5,837 |
INSURANCE LIABILITIES AND ANN_7
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Weighted-Average Durations and Interest Rates (Details) | Sep. 30, 2023 | Sep. 30, 2022 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 12 years 3 months 18 days | 13 years |
Interest accretion rate | 5.50% | 5.50% |
Current discount rate | 5.80% | 5.70% |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 10 years 6 months | 10 years 8 months 12 days |
Interest accretion rate | 5.40% | 5.40% |
Current discount rate | 5.70% | 5.70% |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 5 years 3 months 18 days | 5 years 1 month 6 days |
Interest accretion rate | 4.90% | 4.90% |
Current discount rate | 5.60% | 5.50% |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) category | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) category | Sep. 30, 2022 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of categories | category | 3 | 3 | ||
Defined contribution plan costs | $ 73 | $ 109 | $ 253 | $ 333 |
Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan costs | 78 | 236 | ||
Principal retiree benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans income | 37 | 53 | 109 | 158 |
Principal retiree benefit plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans income | 34 | 101 | ||
Other pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans income | $ 32 | 94 | $ 91 | 310 |
Other pension plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans income | $ 68 | $ 229 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension plans - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | $ 23 | $ 48 | $ 68 | $ 146 |
Expected return on plan assets | (594) | (785) | (1,782) | (2,356) |
Interest cost on benefit obligations | 473 | 518 | 1,419 | 1,551 |
Net actuarial loss amortization and other | (180) | 356 | (539) | 1,071 |
Benefit plans cost | (278) | 137 | (834) | 412 |
Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit plans cost | 0 | 48 | 0 | 143 |
Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit plans cost | $ (278) | $ 89 | $ (834) | $ 269 |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Liabilities Disclosure [Abstract] | |
Increase (decrease) in other current liabilities | $ (104) |
Increase (decrease) in sales discounts and allowances | (147) |
Increase (decrease) in environmental, health and safety liabilities, current | (95) |
Increase (decrease) in interest payable | (92) |
Increase (decrease) in derivative liabilities | (77) |
Increase (decrease) in equipment projects and other commercial liabilities, current | 257 |
Increase (decrease) in other noncurrent liabilities | 115 |
Increase (decrease) in uncertain and other income taxes and related liabilities | 395 |
Increase (decrease) in environmental, health and safety liabilities, noncurrent | 103 |
Increase (decrease) in equipment projects and other commercial liabilities, noncurrent | (198) |
Increase (decrease) in operating lease liabilities | $ (122) |
INCOME TAXES (Details)
INCOME TAXES (Details) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 9.10% | (8.50%) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | $ 34,912 | |||
Ending balance | $ 29,832 | $ 30,938 | $ 29,832 | $ 30,938 |
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.24 | $ 0.24 |
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 | $ (3,573) | $ (4,057) | (2,272) | $ (4,860) |
Ending balance | (3,351) | (4,536) | (3,351) | (4,536) |
Currency translation adjustments including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (3,409) | (5,512) | (5,893) | (4,569) |
AOCI before reclass, net of taxes | (396) | (874) | (176) | (1,815) |
Reclass from AOCI, net of taxes | 0 | 0 | 2,262 | 0 |
Other comprehensive income (loss) | (396) | (874) | 2,085 | (1,815) |
AOCI before reclasses, taxes | 141 | 79 | 123 | 215 |
Reclass from AOCI, taxes | 0 | 0 | (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) | (1) | (2) |
Currency translation adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | (397) | (871) | 2,086 | (1,813) |
Ending balance | (3,806) | (6,382) | (3,806) | (6,382) |
Benefit plans including noncontrolling interests | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | 4,041 | 4,173 | 6,531 | 3,646 |
AOCI before reclass, net of taxes | 19 | 66 | (24) | 217 |
Reclass from AOCI, net of taxes | (207) | 193 | (2,656) | 571 |
Other comprehensive income (loss) | (188) | 259 | (2,680) | 788 |
AOCI before reclasses, taxes | 10 | 24 | 9 | 81 |
Reclass from AOCI, taxes | (61) | 53 | (718) | 159 |
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) | 0 | 0 | (2) | 2 |
Benefit plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Other comprehensive income (loss) | (188) | 259 | (2,678) | 786 |
Ending balance | 3,853 | 4,432 | 3,853 | 4,432 |
Investment securities and cash flow hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (1,696) | (521) | (1,927) | 5,172 |
AOCI before reclass, net of taxes | (1,370) | (1,894) | (1,099) | (7,601) |
Reclass from AOCI, net of taxes | (8) | (10) | (49) | 4 |
Other comprehensive income (loss) | (1,379) | (1,904) | (1,147) | (7,597) |
Ending balance | (3,075) | (2,425) | (3,075) | (2,425) |
AOCI before reclasses, taxes | (371) | (494) | (310) | (2,015) |
Reclass from AOCI, taxes | (2) | 3 | (5) | 10 |
Long-duration insurance contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||||
Beginning balance | (2,510) | (2,196) | (983) | (9,109) |
AOCI before reclass, net of taxes | 2,187 | 2,036 | 660 | 8,949 |
Other comprehensive income (loss) | 2,187 | 2,036 | 660 | 8,949 |
Ending balance | (323) | (160) | (323) | (160) |
AOCI before reclasses, taxes | $ 581 | $ 542 | $ 175 | $ 2,379 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares outstanding | 5,795,444 | ||
Common stock, shares outstanding | 1,088,386,043 | 1,088,386,043 | 1,089,107,878 |
Preferred stock | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stock repurchased | $ 2,795 | $ 5,795 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Diluted | ||||
Earnings (loss) from continuing operations | $ 175 | $ (243) | $ 7,474 | $ (2,600) |
Preferred stock dividends and other and accretion of preferred share repurchase | (91) | (70) | (295) | (189) |
Earnings (loss) from continuing operations attributable to common shareholders | 84 | (313) | 7,180 | (2,789) |
Earnings (loss) from discontinued operations | 173 | 403 | 411 | 743 |
Net earnings (loss) attributable to GE common shareholders | $ 258 | $ 91 | $ 7,591 | $ (2,046) |
Total average equivalent shares (in shares) | 1,088 | 1,095 | 1,089 | 1,097 |
Employee compensation-related shares (including stock options) (in shares) | 11 | 0 | 9 | 0 |
Total average equivalent shares (in shares) | 1,099 | 1,095 | 1,098 | 1,097 |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 0.08 | $ (0.29) | $ 6.54 | $ (2.54) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0.16 | 0.37 | 0.37 | 0.68 |
Net earnings (loss) per share (in dollars per share) | $ 0.23 | $ 0.08 | $ 6.91 | $ (1.86) |
Potentially dilutive securities (in shares) | 21 | 49 | 29 | 46 |
Basic | ||||
Earnings (loss) from continuing operations | $ 175 | $ (243) | $ 7,477 | $ (2,600) |
Preferred stock dividends and other and accretion of preferred share repurchase | (91) | (70) | (295) | (189) |
Earnings (loss) from continuing operations attributable to common shareholders | 84 | (313) | 7,183 | (2,789) |
Earnings (loss) from discontinued operations | 173 | 403 | 411 | 743 |
Net earnings (loss) attributable to GE common shareholders | $ 258 | $ 91 | $ 7,594 | $ (2,046) |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 0.08 | $ (0.29) | $ 6.60 | $ (2.54) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0.16 | 0.37 | 0.38 | 0.68 |
Net earnings (loss) per share (in dollars per share) | $ 0.24 | $ 0.08 | $ 6.98 | $ (1.86) |
Preferred Share Redemption | ||||
Preferred share redemption, excise tax | $ (28) | $ (58) |
OTHER INCOME (LOSS) - Schedule
OTHER INCOME (LOSS) - Schedule of Other Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | $ 5,181 | $ (2,145) | ||
Other net interest and investment income (loss) | $ 193 | $ 123 | 534 | 269 |
Licensing and royalty income | 53 | 54 | 178 | 141 |
Purchases and sales of business interests | 115 | 23 | 103 | 42 |
Other items | (2) | 65 | (18) | 270 |
Total other income (loss) | (673) | 178 | 6,100 | (1,000) |
Retained Ownership Interest | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | (1,109) | (101) | 5,157 | (1,852) |
Other (income) loss | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity method income | 78 | 14 | 147 | 129 |
GE HealthCare | Retained Ownership Interest | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | (813) | 0 | 5,066 | 0 |
AerCap | Retained Ownership Interest | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | (296) | 138 | 81 | (2,669) |
Baker Hughes | Retained Ownership Interest | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | $ 0 | $ (238) | 10 | $ 818 |
Energy Financial Services | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax gain on sale of investment | $ 90 |
OTHER INCOME (LOSS) - Narrative
OTHER INCOME (LOSS) - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Dispositions of retained ownership interests | $ 7,037 | $ 4,071 | |
GE HealthCare | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity securities, investment interest (in shares) | 61.6 | ||
Equity securities, ownership percentage | 13.50% | ||
Dispositions of retained ownership interests | $ 2,192 | ||
AerCap | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity securities, investment interest (in shares) | 30.9 | ||
Equity securities, ownership percentage | 14.50% | ||
Dispositions of retained ownership interests | $ 4,624 | ||
Baker Hughes | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Dispositions 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 153 | $ 112 | $ 458 | $ 206 |
Restructuring and other charges cash expenditures | 89 | 75 | 382 | 286 |
Cost of equipment/services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 51 | 66 | 116 | 109 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 102 | 46 | 342 | 100 |
Other (income) loss | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 0 | 0 | 0 | (3) |
Operating segments | Aerospace | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 3 | 6 | 10 | 16 |
Operating segments | Renewable Energy | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 57 | 66 | 198 | 78 |
Operating segments | Power | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 43 | 30 | 81 | 97 |
Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 50 | 10 | 169 | 15 |
Workforce reductions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 70 | 51 | 227 | 70 |
Plant closures & associated costs and other asset write-downs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 62 | 48 | 183 | 98 |
Acquisition/disposition net charges and other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 21 | $ 14 | $ 48 | $ 39 |
RESTRUCTURING CHARGES AND SEP_4
RESTRUCTURING CHARGES AND SEPARATION COSTS - Changes in Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 963 | $ 640 | $ 977 | $ 825 |
Additions | 67 | 96 | 238 | 127 |
Payments | (75) | (54) | (259) | (242) |
Effect of foreign currency and other | (69) | (17) | (71) | (45) |
Ending balance | 885 | 665 | 885 | 665 |
Restructuring reserve | 885 | 665 | 885 | 665 |
Post-employment severance benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Ending balance | 367 | 333 | 367 | 333 |
Restructuring reserve | $ 367 | $ 333 | $ 367 | $ 333 |
RESTRUCTURING CHARGES AND SEP_5
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | $ 153 | $ 112 | $ 458 | $ 206 |
Restructuring and other charges cash expenditures | 89 | 75 | 382 | 286 |
Separation costs | 227 | 171 | 658 | 419 |
Payments for restructuring costs | 75 | 54 | 259 | 242 |
Non-cash asset impairment, accelerated depreciation and other charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 86 | 16 | 220 | 79 |
Employee workforce reduction and contract related charges | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and other charges | 67 | 96 | 238 | 127 |
Separation costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Separation costs | 227 | 171 | 658 | 419 |
Payments for restructuring costs | 175 | 60 | 751 | 72 |
Restructuring, incurred net tax benefit | 278 | $ 32 | 256 | $ 24 |
Separation costs | Discontinued Operations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Separation costs | 2 | 22 | ||
Payments for restructuring costs | $ 27 | 167 | ||
Restructuring, incurred net tax benefit | $ 5 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities | ||
Investment contracts | $ 1,594 | $ 1,708 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,378 | 2,557 |
Liabilities | ||
Borrowings | 20,822 | 24,059 |
Investment contracts | 1,594 | 1,708 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 2,203 | 2,418 |
Liabilities | ||
Borrowings | 19,361 | 22,849 |
Investment contracts | $ 1,598 | $ 1,758 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Notional | $ 63,096 | $ 57,898 |
All other current assets | ||
Derivative asset, statement of financial position | All other current assets (Note 10) | All other current assets (Note 10) |
Gross derivatives | $ 1,047 | $ 1,275 |
Netting and credit adjustments | (719) | (821) |
Net derivatives in statement of financial position | $ 327 | $ 454 |
All other current liabilities | ||
Derivative liability, statement of financial position | All other current liabilities (Note 15) | All other current liabilities (Note 15) |
Gross derivatives | $ 1,061 | $ 1,241 |
Netting and credit adjustments | (718) | (820) |
Net derivatives in statement of financial position | 343 | 420 |
Derivatives accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 6,510 | 5,112 |
All other current assets | ||
Gross derivatives | 142 | 132 |
All other current liabilities | ||
Gross derivatives | 116 | 146 |
Non-qualifying currency exchange contracts and other | ||
Derivative [Line Items] | ||
Gross Notional | 56,586 | 52,786 |
All other current assets | ||
Gross derivatives | 904 | 1,143 |
All other current liabilities | ||
Gross derivatives | $ 945 | $ 1,095 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges, Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 30, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 1,165 | $ 1,693 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 1,165 | 1,693 |
Hedged liability | $ 8,715 | $ 13,825 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivatives on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative [Line Items] | ||||
Gain (loss) recognized in AOCI, cash flow hedges | $ (7) | $ (95) | $ 42 | $ (252) |
Gain (loss) recognized in AOCI, net investment hedges | 171 | 396 | 41 | 691 |
Foreign currency debt | ||||
Derivative [Line Items] | ||||
Carrying value designated as net investment hedges | $ 4,554 | $ 3,019 | $ 4,554 | $ 3,019 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow and Net Investment Hedges, Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | $ (24) |
Loss expected to be transferred to earnings as an expense | $ 68 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total revenues | $ 17,346 | $ 14,470 | $ 48,531 | $ 41,272 |
Interest Expense | 286 | 374 | 822 | 1,130 |
SG&A | 2,171 | 1,966 | 6,671 | 6,509 |
Other | 12,232 | 11,712 | 42,096 | 30,832 |
Revenues | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash flow hedges | (14) | (3) | (9) | 1 |
Non-hedging derivatives | 0 | 1 | 0 | 3 |
Interest Expense | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash flow hedges | (2) | (4) | (8) | (17) |
Fair value hedges | (16) | |||
Non-hedging derivatives | 0 | 0 | 0 | 0 |
SG&A | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash flow hedges | 1 | (1) | 1 | (1) |
Non-hedging derivatives | (295) | 33 | (5) | (421) |
Other | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash flow hedges | 17 | (12) | 25 | (80) |
Non-hedging derivatives | $ (18) | $ (447) | $ (145) | $ (542) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk, Narrative (Details) - Counterparty credit risk - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | $ 256 | $ 306 |
Net amount | $ 294 | $ 365 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Assets | $ 156,662 | $ 188,851 |
Liabilities | 126,830 | 153,938 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 114 | 401 |
Liabilities | 198 | 206 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 6,388 | 5,917 |
Unconsolidated VIEs | Energy Financial Services | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,302 | 1,481 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 4,855 | $ 4,219 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Investment Commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,886 |
Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,813 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,709 |
Aerospace | Financial Assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,670 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Guarantee of indebtedness of others | Discontinued Operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 44 |
Transition Services Agreement and Tax Matters Agreement | Discontinued Operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 90 |
Other indemnification agreements | Discontinued Operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 703 |
Related reserves | 70 |
Other indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 554 |
Other indemnification agreements | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 76 |
Indemnification agreement, TMA | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | $ 43 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 1,997 | $ 1,960 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Alstom Legacy Matters | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 416 | $ 455 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits (Details) | 1 Months Ended |
Feb. 28, 2019 plantiff | |
Touchstone | |
Loss Contingencies [Line Items] | |
Number of institutional investors seeking damages | 6 |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - GE Retirement Savings Plan Class Actions (Details) - GE retirement savings plan class actions $ in Millions | 1 Months Ended |
Sep. 30, 2023 USD ($) proprietary_fund lawsuit | |
Loss Contingencies [Line Items] | |
Number of putative class actions | lawsuit | 4 |
Number of propriety funds, allegedly underperforming | proprietary_fund | 5 |
Settlement, amount awarded to other party | $ | $ 61 |
COMMITMENTS, GUARANTEES, PROD_8
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - Bank BPH - Bank BPH - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2023 | |
Related Party Transaction [Line Items] | ||
Litigation settlement expense | $ 1,014 | |
Estimate loss | $ 2,522 |
COMMITMENTS, GUARANTEES, PROD_9
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Environmental, Health and Safety Matters (Details) - advocacyGroup | 1 Months Ended | |
May 31, 2022 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of environmental advocacy groups | 2,000,000 | 2,000,000 |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 17,346 | $ 14,470 | $ 48,531 | $ 41,272 |
Revenues, V% | 20% | 18% | ||
Interest and other financial charges | $ (286) | (374) | $ (822) | (1,130) |
Non-operating benefit income (cost) | 396 | 96 | 1,183 | 302 |
Benefit (provision) for income taxes | (138) | (13) | (741) | (203) |
Preferred stock dividends and other | (91) | (73) | (295) | (192) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 84 | (316) | 7,183 | (2,792) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | $ 173 | 403 | $ 411 | 743 |
Earnings (loss) from discontinued operations attributable to GE common shareholders, V% | (57.00%) | (45.00%) | ||
Net earnings (loss) attributable to GE common shareholders | $ 258 | 88 | $ 7,594 | (2,049) |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 16,533 | 13,828 | $ 46,032 | 39,231 |
Revenues, V% | 20% | 17% | ||
Gross profit (loss) | $ 1,633 | 492 | $ 4,117 | 2,079 |
Gross profit (loss), V% | 98% | |||
Operating segments | Aerospace | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 8,409 | 6,705 | $ 23,250 | 18,434 |
Revenues, V% | 25% | 26% | ||
Gross profit (loss) | $ 1,712 | 1,284 | $ 4,516 | 3,341 |
Gross profit (loss), V% | 33% | 35% | ||
Operating segments | Renewable Energy | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 4,151 | 3,594 | $ 10,837 | 9,564 |
Revenues, V% | 15% | 13% | ||
Gross profit (loss) | $ (317) | (934) | $ (1,090) | (1,786) |
Gross profit (loss), V% | 66% | 39% | ||
Operating segments | Power | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 3,974 | 3,529 | $ 11,945 | 11,233 |
Revenues, V% | 13% | 6% | ||
Gross profit (loss) | $ 238 | 141 | $ 690 | 524 |
Gross profit (loss), V% | 69% | 32% | ||
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 812 | 643 | $ 2,498 | 2,041 |
Revenues, V% | 26% | 22% | ||
Gross profit (loss) | $ (1,399) | (405) | $ 3,858 | (3,534) |
Corporate | Energy Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Interest and other financial charges | (11) | (13) | (36) | (45) |
Benefit (provision) for income taxes | 42 | 52 | 153 | 160 |
Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Interest and other financial charges | $ (275) | (361) | $ (786) | (1,085) |
Interest and other financial charges, V% | 24% | 28% | ||
Non-operating benefit income (cost) | $ 396 | 96 | $ 1,183 | 302 |
Benefit (provision) for income taxes | (180) | (64) | (895) | (362) |
Preferred stock dividends and other | $ (91) | $ (73) | $ (295) | $ (192) |
Preferred stock dividends, V% | (25.00%) | (54.00%) |