COVER
COVER | 3 Months Ended |
Mar. 31, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
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 | Q1 |
Document Fiscal Year Focus | 2024 |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | 1 Neumann Way |
Entity Address, City or Town | Evendale |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45215 |
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 | 1,094,606,676 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Insurance revenues (Note 13) | $ 879 | $ 791 |
Total revenues (Note 8) | 16,053 | 14,486 |
Costs and expenses | ||
Selling, general and administrative expenses | 2,269 | 2,142 |
Separation costs (Note 20) | 355 | 205 |
Research and development | 507 | 431 |
Interest and other financial charges | 278 | 269 |
Insurance losses, annuity benefits and other costs (Note 13) | 627 | 684 |
Non-operating benefit cost (income) | (362) | (385) |
Total costs and expenses | 15,295 | 14,075 |
Other income (loss) (Note 19) | 1,109 | 6,081 |
Earnings (loss) from continuing operations before income taxes | 1,866 | 6,492 |
Benefit (provision) for income taxes (Note 16) | (318) | (271) |
Earnings (loss) from continuing operations | 1,549 | 6,221 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 14 | 1,257 |
Net earnings (loss) | 1,563 | 7,478 |
Less net earnings (loss) attributable to noncontrolling interests | 27 | (27) |
Net earnings (loss) attributable to the Company | 1,537 | 7,506 |
Preferred stock dividends and other | 0 | (145) |
Net earnings (loss) attributable to GE common shareholders | 1,537 | 7,360 |
Amounts attributable to GE common shareholders | ||
Earnings (loss) from continuing operations | 1,549 | 6,221 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | 27 | (27) |
Earnings (loss) from continuing operations attributable to the Company | 1,522 | 6,248 |
Preferred stock dividends and other | 0 | (145) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 1,522 | 6,103 |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 14 | 1,257 |
Net earnings (loss) attributable to GE common shareholders | $ 1,537 | $ 7,360 |
Earnings (loss) per share from continuing operations (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | $ 1.38 | $ 5.56 |
Basic earnings (loss) per share (in dollars per share) | 1.39 | 5.60 |
Net earnings (loss) per share (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | 1.39 | 6.71 |
Basic earnings (loss) per share (in dollars per share) | $ 1.41 | $ 6.76 |
Equipment | ||
Revenues | ||
Sales | $ 5,935 | $ 5,287 |
Costs and expenses | ||
Cost of sales | 6,024 | 5,605 |
Services | ||
Revenues | ||
Sales | 9,239 | 8,407 |
Costs and expenses | ||
Cost of sales | $ 5,596 | $ 5,124 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash, cash equivalents and restricted cash | $ 18,447 | $ 16,967 |
Investment securities (Note 3) | 3,737 | 5,706 |
Current receivables (Note 4) | 15,100 | 15,466 |
Inventories, including deferred inventory costs (Note 5) | 17,603 | 16,528 |
Current contract assets (Note 9) | 1,547 | 1,500 |
All other current assets (Note 10) | 1,650 | 1,647 |
Assets of businesses held for sale (Note 2) | 1,507 | 1,985 |
Current assets | 59,589 | 59,799 |
Investment securities (Note 3) | 38,705 | 38,000 |
Property, plant and equipment – net (Note 6) | 12,345 | 12,494 |
Goodwill (Note 7) | 13,304 | 13,385 |
Other intangible assets – net (Note 7) | 5,547 | 5,695 |
Contract and other deferred assets (Note 9) | 5,431 | 5,406 |
All other assets (Note 10) | 16,995 | 15,997 |
Deferred income taxes (Note 16) | 10,316 | 10,575 |
Assets of discontinued operations (Note 2) | 1,709 | 1,695 |
Total assets | 163,942 | 163,045 |
Short-term borrowings (Note 11) | 1,032 | 1,253 |
Accounts payable and equipment project payables (Note 12) | 15,184 | 15,408 |
Progress collections and current deferred income (Note 9) | 20,718 | 19,677 |
All other current liabilities (Note 15) | 12,342 | 12,712 |
Liabilities of businesses held for sale (Note 2) | 1,811 | 1,826 |
Current liabilities | 51,087 | 50,876 |
Deferred income (Note 9) | 1,297 | 1,339 |
Long-term borrowings (Note 11) | 19,493 | 19,711 |
Insurance liabilities and annuity benefits (Note 13) | 37,934 | 39,624 |
Non-current compensation and benefits | 11,002 | 11,214 |
All other liabilities (Note 15) | 10,855 | 10,508 |
Liabilities of discontinued operations (Note 2) | 1,169 | 1,193 |
Total liabilities | 132,838 | 134,466 |
Common stock (Note 17) | 15 | 15 |
Accumulated other comprehensive income (loss) – net attributable to GE (Note 17) | (5,603) | (6,150) |
Other capital | 25,887 | 26,962 |
Retained earnings | 88,065 | 86,527 |
Less common stock held in treasury | (78,508) | (79,976) |
Total GE shareholders’ equity | 29,855 | 27,378 |
Noncontrolling interests | 1,248 | 1,202 |
Total equity | 31,104 | 28,579 |
Total liabilities and equity | $ 163,942 | $ 163,045 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows – operating activities | ||
Net earnings (loss) | $ 1,563 | $ 7,478 |
(Earnings) loss from discontinued operations activities | (14) | (1,257) |
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities: | ||
Depreciation and amortization of property, plant and equipment | 378 | 367 |
Amortization of intangible assets (Note 7) | 145 | 140 |
(Gains) losses on purchases and sales of business interests | (9) | 52 |
(Gains) losses on retained and sold ownership interests and other equity securities (Note 19) | (665) | (5,906) |
Principal pension plans cost (Note 14) | (256) | (271) |
Principal pension plans employer contributions | (53) | (52) |
Other postretirement benefit plans (net) | (133) | (181) |
Provision (benefit) for income taxes | 318 | 271 |
Cash recovered (paid) during the year for income taxes | (105) | (172) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 235 | 536 |
Decrease (increase) in inventories, including deferred inventory costs | (1,216) | (1,275) |
Decrease (increase) in current contract assets | (72) | 294 |
Increase (decrease) in accounts payable and equipment project payables | 111 | (201) |
Increase (decrease) in progress collections and current deferred income | 1,095 | 205 |
All other operating activities | (297) | 128 |
Cash from (used for) operating activities – continuing operations | 1,024 | 155 |
Cash from (used for) operating activities – discontinued operations | (32) | (413) |
Cash from (used for) operating activities | 992 | (259) |
Cash flows – investing activities | ||
Additions to property, plant and equipment and internal-use software | (421) | (298) |
Dispositions of property, plant and equipment | 41 | 7 |
Dispositions of retained ownership interests | 2,610 | 2,025 |
Net (purchases) dispositions of insurance investment securities | (1,141) | (1,556) |
All other investing activities | (320) | 1,096 |
Cash from (used for) investing activities – continuing operations | 769 | 1,273 |
Cash from (used for) investing activities – discontinued operations | 38 | (3,068) |
Cash from (used for) investing activities | 808 | (1,796) |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (37) | 1 |
Newly issued debt (maturities longer than 90 days) | 0 | 9 |
Repayments and other debt reductions (maturities longer than 90 days) | (298) | (1,815) |
Dividends paid to shareholders | (86) | (203) |
Redemption of GE preferred stock | 0 | (3,000) |
Purchases of GE common stock for treasury | (322) | (309) |
All other financing activities | 540 | 87 |
Cash from (used for) financing activities – continuing operations | (204) | (5,230) |
Cash from (used for) financing activities – discontinued operations | 0 | 1,999 |
Cash from (used for) financing activities | (204) | (3,232) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (61) | 65 |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,534 | (5,220) |
Cash, cash equivalents and restricted cash at beginning of year | 19,755 | 19,092 |
Cash, cash equivalents and restricted cash at March 31 | 21,290 | 13,871 |
Less cash, cash equivalents and restricted cash of discontinued operations at March 31 | 1,391 | 1,180 |
Cash, cash equivalents and restricted cash of continuing operations at March 31 | $ 19,899 | $ 12,691 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ 1,563 | $ 7,478 |
Less: net earnings (loss) attributable to noncontrolling interests | 27 | (27) |
Net earnings (loss) attributable to the Company | 1,537 | 7,506 |
Other comprehensive income (loss) | ||
Currency translation adjustments | (35) | 2,387 |
Benefit plans | (198) | (2,319) |
Investment securities and cash flow hedges | (453) | 706 |
Long-duration insurance contracts | 1,236 | (1,793) |
Less: other comprehensive income (loss) attributable to noncontrolling interests | 2 | (3) |
Other comprehensive income (loss) attributable to the Company | 547 | (1,017) |
Comprehensive income (loss) | 2,112 | 6,458 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 28 | (30) |
Comprehensive income (loss) attributable to the Company | $ 2,084 | $ 6,489 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 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 | |
Beginning balance at Dec. 31, 2022 | $ (2,272) | $ (1,927) | $ (983) | $ 34,173 | $ 82,983 | $ (81,209) | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||
Other comprehensive income (loss) | $ 2,388 | $ (2,317) | 706 | (1,793) | ||||||||
Purchases | (311) | |||||||||||
Dispositions | (619) | 759 | ||||||||||
Stock-based compensation | 73 | |||||||||||
Other changes | [1] | (2,898) | ||||||||||
Net earnings (loss) attributable to the Company | $ 7,506 | 7,506 | ||||||||||
Dividends and other transactions with shareholders | [2] | (5,534) | ||||||||||
Ending balance at Mar. 31, 2023 | 32,823 | $ 31,652 | (3,289) | (3,505) | 4,214 | (1,222) | (2,776) | 30,729 | 84,955 | (80,762) | $ 1,171 | |
Preferred stock issued | 3 | |||||||||||
Common stock issued | 15 | |||||||||||
Common stock issued | 15 | |||||||||||
Beginning balance at Dec. 31, 2023 | 28,579 | (6,150) | (959) | (3,354) | 26,962 | 86,527 | (79,976) | |||||
Increase (decrease) in shareholders' equity | ||||||||||||
Other comprehensive income (loss) | (35) | (200) | (453) | 1,236 | ||||||||
Purchases | (317) | |||||||||||
Dispositions | (1,191) | 1,785 | ||||||||||
Stock-based compensation | 114 | |||||||||||
Other changes | [1] | 2 | ||||||||||
Net earnings (loss) attributable to the Company | 1,537 | 1,537 | ||||||||||
Dividends and other transactions with shareholders | [2] | 1 | ||||||||||
Ending balance at Mar. 31, 2024 | 31,104 | $ 29,855 | $ (5,603) | $ (3,658) | $ 1,586 | $ (1,412) | $ (2,119) | $ 25,887 | $ 88,065 | $ (78,508) | $ 1,248 | |
Preferred stock issued | 0 | |||||||||||
Common stock issued | $ 15 | |||||||||||
[1]Included $3,000 million decrease substantially all in Other capital related to our redemption of GE Series D preferred stock in the first quarter of 2023.[2]Included 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 (Parenthetical) $ in Millions | Jan. 03, 2023 USD ($) |
Spinoff | GE HealthCare | |
Ownership interest disposed of | 80.10% |
Retained earnings | |
Spinoff transaction adjustment | $ 5,300 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions, which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position and cash flows. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a change in the carrying amount of our tax assets and liabilities, or a change in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, businesses classified as held for sale, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. We have reclassified certain prior-year amounts to conform to the current-year’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. On April 2, 2024, GE completed the separation of its GE Vernova business into a separate, independent publicly traded company, GE Vernova Inc. (GE Vernova). See Note 24 for further information. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2024 | |
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 are working with EDF to complete the sale as soon as possible, subject to regulatory approvals and other closing conditions. 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 $514 million and liabilities of $339 million as of March 31, 2024, 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 second quarter of 2024. In connection with the expected sale, to date we have recorded a cumulative loss of $126 million in Other income (loss) in our Statement of Earnings (Loss). ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE March 31, 2024 December 31, 2023 Cash and cash equivalents $ 88 $ 609 Current receivables, inventories and contract assets 633 551 Non-current captive insurance investment securities 548 570 Property, plant and equipment and intangible assets - net 253 254 Valuation allowance on disposal group classified as held for sale (124) (124) All other assets 108 125 Assets of businesses held for sale $ 1,507 $ 1,985 Progress collections and deferred income $ 964 $ 1,001 Insurance liabilities and annuity benefits 344 376 Accounts payable, equipment project payables and other current liabilities 463 392 All other liabilities 40 57 Liabilities of businesses held for sale $ 1,811 $ 1,826 DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland (Bank BPH), 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 three months ended March 31, 2024, we collected net cash of $115 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 was $2,517 million and $2,669 million as of March 31, 2024 and December 31, 2023, respectively. In order to maintain appropriate regulatory capital levels, during the year ended December 31, 2023, we made the previously reported non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no incremental contributions from GE were required during the three months ended March 31, 2024. 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, see Note 23. 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 $175 million in pre-tax charges for the three months ended March 31, 2024 and 2023, respectively, primarily related to the ongoing borrower litigation. At March 31, 2024, the total portfolio had a carrying value of zero, net of a valuation allowance. 2024 2023 RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ — $ — $ — Cost of equipment and services sold — — — — — — Other income, costs and expenses — 6 6 (20) (201) (221) Earnings (loss) of discontinued operations before income taxes — 6 6 (20) (201) (221) Benefit (provision) for income taxes — 6 6 1,479 (1) 1,478 Earnings (loss) of discontinued operations, net of taxes — 12 12 1,459 (202) 1,257 Gain (loss) on disposal before income taxes — 2 2 — — — Benefit (provision) for income taxes — — — — — — Gain (loss) on disposal, net of taxes — 2 2 — — — Earnings (loss) from discontinued operations, net of taxes $ — $ 14 $ 14 $ 1,459 $ (202) $ 1,257 The tax benefit for the three months ended March 31, 2023 for GE HealthCare relates to preparatory steps for the spin-off, which resulted in taxable gain offset by a deferred tax asset and the reversal of valuation allowances for capital loss carryovers utilized against a portion of the gain. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2024 December 31, 2023 Cash, cash equivalents and restricted cash $ 1,391 $ 1,396 Current receivables 13 14 Property, plant and equipment - net 52 58 All other assets 224 200 Deferred income taxes 29 27 Assets of discontinued operations(a) $ 1,709 $ 1,695 Accounts payable and equipment project payables $ 34 $ 36 Non-current compensation and benefits 35 31 All other liabilities(a) 1,101 1,125 Liabilities of discontinued operations $ 1,169 $ 1,193 (a) Included $1,792 million and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,553 million and $1,712 million related to estimated borrower litigation losses, and $964 million and $957 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of March 31, 2024 and December 31, 2023, respectively. Accordingly, total estimated losses related to borrower litigation were $2,517 million and $2,669 million as of March 31, 2024 and December 31, 2023, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of March 31, 2024. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3. INVESTMENT SECURITIES. The majority of our investment securities are held within our run-off insurance operations and are classified as non-current as they support the long-duration insurance liabilities and include debt securities all classified as available-for-sale, substantially all of which are investment-grade. Our remaining equity shares in GE HealthCare, comprising 30.5 million shares (approximately 6.7% ownership interest) at March 31, 2024, are subject to a contractual lock-up restriction through May 15, 2024. Our senior note from AerCap, for which we have adopted the fair value option and matures in the fourth quarter of 2025, is still outstanding as of March 31, 2024. March 31, 2024 December 31, 2023 Amortized Gross Gross Estimated Amortized Gross Gross Estimated GE HealthCare equity $ — $ — $ — $ 2,776 $ — $ — $ — $ 4,761 AerCap note — — — 961 — — — 944 Current investment securities $ — $ — $ — $ 3,737 $ — $ — $ — $ 5,706 Debt U.S. corporate $ 27,477 $ 757 $ (1,870) $ 26,365 $ 27,495 $ 1,034 $ (1,606) $ 26,923 Non-U.S. corporate 2,509 26 (236) 2,299 2,529 34 (209) 2,353 State and municipal 2,803 54 (204) 2,654 2,828 79 (185) 2,723 Mortgage and asset-backed 4,878 36 (226) 4,688 4,827 34 (291) 4,571 Government and agencies 2,478 1 (125) 2,355 1,213 3 (116) 1,100 Other equity 344 — — 344 331 — — 331 Non-current investment securities $ 40,491 $ 875 $ (2,661) $ 38,705 $ 39,222 $ 1,183 $ (2,406) $ 38,000 The amortized cost of debt securities excludes accrued interest of $496 million and $466 million at March 31, 2024 and December 31, 2023, respectively , which is reported in All other current assets. The estimated fair value of investment securities at March 31, 2024 decreased since December 31, 2023, primarily due to share sales of our GE HealthCare equity interest and higher market yields partially offset by new investments at Insurance and the mark-to-market effect on our equity interest in GE HealthCare. Total estimated fair value of debt securities in an unrealized loss position were $20,413 million and $18,730 million, of which $16,711 million and $17,146 million had gross unrealized losses of $(2,584) million and $(2,370) million and had been in a loss position for 12 months or more at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the majority of our U.S. and Non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and insurance industries. In addition, gross unrealized losses on our Mortgage and asset-backed securities included $(149) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(68) 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 more likely than not that we will be required to sell the investments before recovery of their amortized cost basis. Three months ended March 31 2024 2023 Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) $ 441 $ 6,040 Proceeds from debt/equity securities sales and early redemptions 3,196 3,008 Gross realized gains on debt securities 8 11 Gross realized losses and impairments on debt securities (11) (21) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2024 are as follows: Amortized cost Estimated fair value Within one year $ 1,756 $ 1,751 After one year through five years 5,149 5,170 After five years through ten years 5,132 5,178 After ten years 23,231 21,574 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 $6,991 million and $6,841 million are classified within Level 3, as significant inputs to their valuation models are unobservable at March 31, 2024 and December 31, 2023, respectively. During the three months ended March 31, 2024 and 2023, there were no significant transfers into or out of Level 3. In addition to the equity securities described above, we held $1,092 million and $1,012 million of equity securities without RDFV, including $1,019 million and $939 million at Insurance, as of March 31, 2024 and December 31, 2023, 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 $23 million and $9 million for the three months ended March 31, 2024 and 2023, respectively. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES March 31, 2024 December 31, 2023 Customer receivables $ 11,952 $ 12,349 Revenue sharing program receivables(a) 1,134 1,252 Non-income based tax receivables 1,225 1,140 Supplier advances 924 891 Receivables from disposed businesses 61 121 Other sundry receivables 450 360 Allowance for credit losses (646) (647) Total current receivables $ 15,100 $ 15,466 (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. ALLOWANCE FOR CREDIT LOSSES March 31, 2024 March 31, 2023 Balances as of January 1 $ 647 $ 768 New provisions, net of (releases) — 20 Write-offs, net — (4) Foreign exchange and other — 4 Ending balance $ 646 $ 787 March 31, 2024 December 31, 2023 Aerospace $ 7,848 $ 8,010 Renewable Energy 3,097 2,907 Power 4,332 4,232 Corporate(a) (177) 318 Total current receivables $ 15,100 $ 15,466 (a) Corporate balances include intercompany eliminations related to the sales of equipment and services. 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 $306 million and $464 million in the three months ended March 31, 2024 and 2023, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in Renewable Energy and Aerospace, the Company has no continuing involvement; fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. Included in the sales of customer receivables in the first quarter of 2023 , was $77 million in our Gas Power business, primarily for risk mitigation purposes. LONG-TERM RECEIVABLES March 31, 2024 December 31, 2023 Long-term customer receivables $ 459 $ 479 Supplier advances 271 274 Non-income based tax receivables 146 174 Sundry receivables 343 373 Allowance for credit losses (167) (171) Total long-term receivables $ 1,052 $ 1,129 |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS March 31, 2024 December 31, 2023 Raw materials and work in process $ 11,665 $ 11,209 Finished goods 3,952 3,720 Deferred inventory costs(a) 1,986 1,599 Inventories, including deferred inventory costs $ 17,603 $ 16,528 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES March 31, 2024 December 31, 2023 Original cost $ 27,498 $ 27,332 Less: accumulated depreciation and amortization (16,935) (16,678) Right-of-use operating lease assets 1,782 1,840 Property, plant and equipment – net $ 12,345 $ 12,494 Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL January 1, 2024 Acquisitions Currency exchange Balance at March 31, 2024 Aerospace $ 8,948 $ — $ (46) $ 8,902 Renewable Energy 3,287 — (34) 3,253 Power 307 4 (1) 311 Corporate(a) 842 — (4) 838 Total $ 13,385 $ 4 $ (84) $ 13,304 (a) Corporate balance comprises our Digital business. We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In the first quarter of 2024, we did not identify any reporting units that required an interim impairment test. However, we continue to monitor the operating results and cash flow forecasts of our Additive reporting unit in our Aerospace segment as the fair value of this reporting unit was not significantly in excess of its carrying value based on the results of our most recent annual impairment test, performed in the fourth quarter of 2023. At March 31, 2024, our Additive reporting unit had goodwill of $244 million. Intangible assets decreased $148 million during the three months ended March 31, 2024, primarily as a result of amortization. Consolidated amortization expense was $145 million and $140 million in the three months ended March 31, 2024 and 2023, respectively. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 8. REVENUES EQUIPMENT & SERVICES REVENUES Three months ended March 31 2024 2023 Equipment Services Total Equipment Services Total Aerospace $ 2,421 $ 5,643 $ 8,064 $ 1,974 $ 5,007 $ 6,981 Renewable Energy 2,458 547 3,005 2,311 527 2,837 Power 1,185 2,949 4,134 1,102 2,718 3,820 Total segment revenues $ 6,064 $ 9,139 $ 15,203 $ 5,387 $ 8,252 $ 13,638 REVENUES Three months ended March 31 2024 2023 Commercial Engines and Services $ 6,064 $ 5,194 Defense and Propulsion Technologies 2,301 1,961 Eliminations & Other (301) (173) Aerospace(a) $ 8,064 $ 6,981 Onshore Wind $ 1,198 $ 1,502 Grid Solutions equipment and services 1,085 824 Hydro, Offshore Wind and Hybrid Solutions 722 511 Renewable Energy $ 3,005 $ 2,837 Gas Power $ 3,068 $ 2,867 Steam Power 584 541 Power Conversion, Nuclear and other 483 412 Power $ 4,134 $ 3,820 Total segment revenues $ 15,203 $ 13,638 GE Digital revenues $ 209 $ 237 Insurance revenues 879 791 Eliminations and other (237) (181) Corporate $ 850 $ 848 Total revenues $ 16,053 $ 14,486 (a) Does not give effect to post-GE Vernova separation eliminations and Corporate adjustments. REMAINING PERFORMANCE OBLIGATION. |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 3 Months Ended |
Mar. 31, 2024 | |
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 increased $72 million in the three months ended March 31, 2024, primarily due to the timing of revenue recognition ahead of billing milestones on long-term equipment contracts and short-term and other services agreements, partially offset by a decrease in long-term service agreements. Our long-term service agreements decreased primarily due to billings of $3,155 million and net unfavorable changes in estimated profitability of $162 million at Aerospace and $29 million at Power, partially offset by revenues recognized of $3,029 million. March 31, 2024 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,112 $ — $ 5,176 $ — $ 7,288 Billings in excess of revenues (7,965) — (1,794) — (9,759) Long-term service agreements $ (5,853) $ — $ 3,382 $ — $ (2,471) Equipment and other service agreements 603 1,628 1,506 281 4,018 Current contract assets $ (5,250) $ 1,628 $ 4,888 $ 281 $ 1,547 Nonrecurring engineering costs(a) 2,444 23 1 — 2,469 Customer advances and other(b) 2,353 — 609 — 2,963 Non-current contract and other deferred assets $ 4,798 $ 23 $ 611 $ — $ 5,431 Total contract and other deferred assets $ (452) $ 1,651 $ 5,499 $ 281 $ 6,978 December 31, 2023 Revenues in excess of billings $ 2,377 $ — $ 5,205 $ — $ 7,582 Billings in excess of revenues (7,902) — (1,810) — (9,712) Long-term service agreements $ (5,525) $ — $ 3,395 $ — $ (2,130) Equipment and other service agreements 494 1,374 1,499 263 3,630 Current contract assets $ (5,030) $ 1,374 $ 4,894 $ 263 $ 1,500 Nonrecurring engineering costs(a) 2,444 18 1 — 2,463 Customer advances and other(b) 2,342 — 601 — 2,943 Non-current contract and other deferred assets $ 4,785 $ 18 $ 603 $ — $ 5,406 Total contract and other deferred assets $ (245) $ 1,392 $ 5,497 $ 263 $ 6,907 (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 $999 million primarily due to collections received in excess of revenue recognition at Renewable Energy, Power and Aerospace. Revenues recognized for contracts included in a liability position at the beginning of the year were $4,628 million and $4,468 million for the three months ended March 31, 2024 and 2023, respectively. March 31, 2024 Aerospace Renewable Energy Power Corporate Total Progress collections $ 6,401 $ 7,554 $ 6,091 $ 134 $ 20,180 Current deferred income 179 221 11 127 539 Progress collections and current deferred income $ 6,580 $ 7,775 $ 6,103 $ 261 $ 20,718 Non-current deferred income 1,084 149 46 19 1,297 Total Progress collections and deferred income $ 7,664 $ 7,924 $ 6,148 $ 279 $ 22,016 December 31, 2023 Progress collections $ 6,198 $ 6,886 $ 5,898 $ 124 $ 19,106 Current deferred income 201 239 20 112 571 Progress collections and current deferred income $ 6,399 $ 7,125 $ 5,918 $ 236 $ 19,677 Non-current deferred income 1,150 122 48 20 1,339 Total Progress collections and deferred income $ 7,549 $ 7,247 $ 5,965 $ 256 $ 21,017 |
ALL OTHER ASSETS
ALL OTHER ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
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 investments, Insurance cash and cash equivalents, receivables and other investments in our run-off insurance operations, long-term customer and sundry receivables (see Note 4), pension surplus and prepaid taxes and other deferred charges. All other non-current assets increased $999 million in the three months ended March 31, 2024, primarily due to an increase in Insurance cash and cash equivalents of $581 million, an increase in equity method investments of $229 million and an increase in prepaid taxes and deferred charges of $179 million. Insurance cash and cash equivalents was $1,364 million and $784 million at March 31, 2024 and December 31, 2023, respectively. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 11. BORROWINGS March 31, 2024 December 31, 2023 Current portion of long-term borrowings Senior notes $ 879 $ 1,044 Subordinated notes and other 81 107 Other short term borrowings 72 103 Total short-term borrowings $ 1,032 $ 1,253 Senior notes 17,351 $ 17,509 Subordinated notes 1,370 1,383 Other 772 819 Total long-term borrowings $ 19,493 $ 19,711 Total borrowings $ 20,525 $ 20,965 |
ACCOUNTS PAYABLE AND EQUIPMENT
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES March 31, 2024 December 31, 2023 Trade payables $ 10,486 $ 10,678 Supply chain finance programs 3,124 3,133 Equipment project payables(a) 1,117 1,193 Non-income based tax payables 456 403 Accounts payable and equipment project payables $ 15,184 $ 15,408 (a) Primarily related to projects at Power and Renewable Energy. 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 $1,705 million and $2,079 million for the three months ended March 31, 2024 and 2023, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $879 million and $791 million, profit was $200 million and $70 million and net earnings was $158 million and $54 million for the three months ended March 31, 2024 and 2023, respectively. These operations were primarily supported by investment securities of $38,304 million and $37,592 million, limited partnerships of $3,498 million and $3,300 million, and a diversified commercial mortgage loan portfolio substantially all collateralized by first liens on U.S. commercial real estate properties of $1,924 million and $1,947 million (net of allowance for credit losses of $61 million and $48 million), as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the commercial mortgage loan portfolio had 4 delinquent loans, 1 non-accrual loan and about one-third of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 70%, debt service coverage of 1.6, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below: March 31, 2024 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 25,722 $ 8,909 $ 1,054 $ 375 $ 36,059 Investment contracts — 776 — 710 1,486 Other — — 112 277 389 Total $ 25,722 $ 9,685 $ 1,166 $ 1,361 $ 37,934 December 31, 2023 Future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 382 $ 37,689 Investment contracts — 793 — 742 1,535 Other — — 116 285 400 Total $ 26,832 $ 10,150 $ 1,233 $ 1,409 $ 39,624 The following tables summarize balances of and changes in future policy benefits reserves. March 31, 2024 March 31, 2023 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,063 $ — $ 4,803 $ 4,059 $ — $ 4,828 Beginning balance at locked-in discount rate 3,745 — 4,773 3,958 — 5,210 Effect of changes in cash flow assumptions 17 — — — — — Effect of actual variances from expected experience 6 — (2) 29 — (35) Adjusted beginning of year balance 3,769 — 4,771 3,987 — 5,175 Interest accrual 51 — 45 53 — 50 Net premiums collected (98) — (70) (103) — (73) Effect of foreign currency — — (69) — — (23) Ending balance at locked-in discount rate 3,721 — 4,678 3,936 — 5,129 Effect of changes in discount rate assumptions 211 — (151) 281 — (149) Balance, end of period $ 3,932 $ — $ 4,527 $ 4,217 $ — $ 4,979 Present value of expected future policy benefits Balance, beginning of year $ 30,895 $ 9,357 $ 5,921 $ 28,316 $ 8,860 $ 5,868 Beginning balance at locked-in discount rate 27,144 8,561 5,847 27,026 8,790 6,247 Effect of changes in cash flow assumptions (7) — — (11) — — Effect of actual variances from expected experience 43 (29) (13) 30 (1) 2 Adjusted beginning of year balance 27,180 8,532 5,833 27,046 8,789 6,250 Interest accrual 368 111 55 363 115 60 Benefit payments (359) (159) (109) (309) (174) (138) Effect of foreign currency — — (73) — — (24) Ending balance at locked-in discount rate 27,190 8,484 5,707 27,100 8,730 6,148 Effect of changes in discount rate assumptions 2,465 425 (126) 3,171 619 (123) Balance, end of period $ 29,654 $ 8,909 $ 5,581 $ 30,271 $ 9,349 $ 6,025 Net future policy benefit reserves $ 25,722 $ 8,909 $ 1,054 $ 26,054 $ 9,349 $ 1,045 Less: Reinsurance recoverables, net of allowance for credit losses (165) — (29) (204) — (57) Net future policy benefit reserves, after reinsurance recoverables $ 25,557 $ 8,909 $ 1,025 $ 25,850 $ 9,349 $ 988 The Statement of Earnings (Loss) for the three months ended March 31, 2024 and 2023 included gross premiums or assessments of $207 million and $214 million and interest accretion of $439 million and $435 million, respectively. For the three months ended March 31, 2024 and 2023, gross premiums or assessments were substantially all related to long-term care of $123 million and $124 million and life of $79 million and $84 million, while interest accretion was substantially all related to long-term care of $318 million and $310 million and structured settlement annuities of $111 million and $115 million, respectively. The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. March 31, 2024 March 31, 2023 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,376 $ 4,794 $ 7,924 $ 5,105 Benefit payments 62,774 29,654 64,944 30,271 Structured settlement annuities: Benefit payments 19,092 8,909 19,745 9,349 Life: Gross premiums 12,082 5,446 13,537 6,104 Benefit payments 10,935 5,581 11,800 6,025 (a) Determined using the current discount rate as of March 31, 2024 and 2023, respectively. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. March 31, 2024 March 31, 2023 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.4 10.8 5.3 13.2 11.2 5.3 Interest accretion rate 5.6% 5.4% 5.2% 5.5% 5.4% 5.1% Current discount rate 5.2% 5.2% 5.0% 5.0% 5.0% 4.8% (a) Determined using the current discount rate as of March 31, 2024 and 2023. As of March 31, 2024 and 2023, policyholders account balances totaled $1,686 million and $1,921 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the three months ended March 31, 2024 and 2023 are primarily attributed to surrenders, withdrawals, and benefit payments of $106 million and $120 million, partially offset by net additions from separate accounts and interest credited of $66 million and $75 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both March 31, 2024 and 2023. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department, we have since provided a total of $15,035 million of capital contributions to our run-off insurance subsidiaries, including the final contribution of $1,820 million in the first quarter of 2024. See Notes 3 and 10 for further information related to our run-off insurance operations. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 14. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2023 and Note 24 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 March 31 2024 2023 Service cost for benefits earned $ 21 $ 21 Expected return on plan assets (578) (594) Interest cost on benefit obligations 453 474 Net actuarial loss amortization and other (152) (172) Net periodic expense (income) $ (256) $ (271) Principal retiree benefit plans income was $36 million and $36 million for the three months ended March 31, 2024 and 2023, respectively. Other pension plans income was $13 million and $29 million for the three months ended March 31, 2024 and 2023, respectively. We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $89 million and $77 million for the three months ended March 31, 2024 and 2023, respectively. We also have deferred incentive compensation plans and deferred salary plans for eligible employees with expenses of $9 million and $20 million for the three months ended March 31, 2024 and 2023. |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
CURRENT AND ALL OTHER LIABILITIES | NOTE 15. CURRENT AND ALL OTHER LIABILITIES. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16. INCOME TAXES. Our effective income tax rate was 17.0% and 4.2% for the three months ended March 31, 2024 and 2023, respectively. The tax rate for 2024 was reduced compared to the U.S. statutory rate of 21% primarily due to gains associated with our retained and sold ownership interests, which we expect to recover without tax and U.S. business credits. This was partially offset by losses in foreign jurisdictions that are not likely to be utilized. The low tax rate for 2023 was reduced compared to the U.S. statutory rate of 21% primarily due to gains associated with our retained and sold ownership interests, which we expect to recover without tax. This was partially offset by separation income tax costs including disallowed expenses and valuation allowances related to the spin of GE HealthCare and by losses in foreign jurisdictions that are not likely to be utilized. The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. Accordingly, we still are evaluating the potential consequences of Pillar 2 on our longer-term financial position. In 2024, we expect to incur insignificant tax expenses in connection with Pillar 2. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 17. SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 (Dividends per share in dollars) 2024 2023 Beginning balance $ (3,623) $ (5,893) AOCI before reclasses – net of taxes of $26 and $(5) (35) 152 Reclasses from AOCI – net of taxes of $— and $(626)(a) — 2,234 AOCI (35) 2,387 Less AOCI attributable to noncontrolling interests — (1) Currency translation adjustments AOCI $ (3,658) $ (3,505) Beginning balance $ 1,786 $ 6,531 AOCI before reclasses – net of taxes of $8 and $(13) (29) (84) Reclasses from AOCI – net of taxes of $(52) and $(594)(a) (168) (2,235) AOCI (197) (2,319) Less AOCI attributable to noncontrolling interests 2 (2) Benefit plans AOCI $ 1,586 $ 4,214 Beginning balance $ (959) $ (1,927) AOCI before reclasses – net of taxes of $(116) and $188 (465) 718 Reclasses from AOCI – net of taxes of $0 and $0(a) 11 (12) AOCI (453) 706 Investment securities and cash flow hedges AOCI $ (1,412) $ (1,222) Beginning balance $ (3,354) $ (983) AOCI before reclasses – net of taxes of $328 and $(477) 1,236 (1,793) AOCI 1,236 (1,793) Long-duration insurance contracts AOCI $ (2,119) $ (2,776) AOCI at March 31 $ (5,603) $ (3,289) Dividends declared per common share $ — $ 0.08 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in 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. GE preferred stock shares outstanding was 2,795,444 at March 31, 2023. We redeemed $3,000 million of GE Series D preferred stock in the first quarter of 2023. Common stock. GE common stock shares outstanding were 1,094,606,676 and 1,088,415,995 at March 31, 2024 and December 31, 2023, 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, 2023. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION Three months ended March 31 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 1,522 $ 1,522 $ 6,242 $ 6,248 Preferred stock dividends and other and accretion of preferred share repurchase(a) — — (145) (145) Earnings (loss) from continuing operations attributable to common shareholders 1,522 1,522 6,097 6,103 Earnings (loss) from discontinued operations 14 14 1,257 1,257 Net earnings (loss) attributable to GE common shareholders 1,537 1,537 7,354 7,360 Shares of GE common stock outstanding 1,091 1,091 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 8 — Total average equivalent shares 1,103 1,091 1,097 1,089 Earnings (loss) per share from continuing operations $ 1.38 $ 1.39 $ 5.56 $ 5.60 Earnings (loss) per share from discontinued operations 0.01 0.01 1.15 1.15 Net earnings (loss) per share 1.39 1.41 6.71 6.76 Potentially dilutive securities(b) 12 38 (a) For the three months ended March 31, 2023, included $(30) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. For the three months ended March 31, 2024 and 2023, application of this treatment had an insignificant effect. |
OTHER INCOME (LOSS)
OTHER INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS) | NOTE 19. OTHER INCOME (LOSS) Three months ended March 31 2024 2023 Investment in GE HealthCare realized and unrealized gain (loss) $ 616 $ 6,093 Investment in and note with AerCap realized and unrealized gain (loss) 12 (195) Investment in Baker Hughes realized and unrealized gain (loss) — 10 Gains (losses) on retained and sold ownership interests $ 628 $ 5,908 Other net interest and investment income (loss) 252 186 Licensing and royalty income 67 34 Equity method income 128 — Purchases and sales of business interests 9 (52) Other items 25 4 Total other income (loss) $ 1,109 $ 6,081 |
RESTRUCTURING CHARGES AND SEPAR
RESTRUCTURING CHARGES AND SEPARATION COSTS | 3 Months Ended |
Mar. 31, 2024 | |
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. RESTRUCTURING AND OTHER CHARGES Three months ended March 31 2024 2023 Workforce reductions $ 141 $ 66 Plant closures & associated costs and other asset write-downs 85 82 Acquisition/disposition net charges and other 7 12 Total restructuring and other charges $ 233 $ 161 Cost of equipment/services $ 105 $ 36 Selling, general and administrative expenses 128 125 Total restructuring and other charges $ 233 $ 161 Aerospace $ 10 $ 4 Renewable Energy 96 65 Power 47 19 Corporate 80 72 Total restructuring and other charges(a) $ 233 $ 161 Restructuring and other charges cash expenditures(b) $ 154 $ 137 (a) Includes $125 million and $75 million, primarily in non-cash impairment, accelerated depreciation and other charges for the three months ended March 31, 2024 and 2023, respectively, not reflected in the liability table below. (b) Primarily for employee severance payments, contract and lease terminations. An analysis of changes in the liability for restructuring follows: Three months ended March 31 2024 2023 Balance at beginning of period $ 918 $ 977 Additions 108 86 Payments (137) (87) Effect of foreign currency and other (4) — Ending balance(a) $ 885 $ 976 (a) Includes actuarial determined post-employment severance benefits reserve of $325 million and $353 million as of March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, respectively, restructuring 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. 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 months ended March 31, 2024 and 2023, respectively, we incurred $355 million and $205 million in pre-tax costs and paid $247 million and $204 million in cash, primarily related to employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation and transaction costs to transition to stand-alone public companies. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we recognized $54 million of net tax benefit and $56 million of net tax expense primarily associated with planned legal entity separation and tax on changes to indefinite reinvestment of foreign earnings. 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 zero and $20 million in pre-tax costs, recognized zero and $4 million of tax benefits, and spent $9 million and $85 million in cash related to GE HealthCare for the three months ended March 31, 2024 and 2023, respectively. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 21. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,453 $ 2,333 $ 2,438 $ 2,379 Liabilities Borrowings (Note 11) $ 20,525 $ 20,037 $ 20,965 $ 20,689 Investment contracts (Note 13) 1,486 1,547 1,535 1,616 Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage currency risks related to foreign exchange, and interest rate and currency risk between financial assets and liabilities, and certain equity investments and commodity prices. FAIR VALUE OF DERIVATIVES March 31, 2024 December 31, 2023 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,064 $ 161 $ 81 $ 6,648 $ 156 $ 91 Non-qualifying currency exchange contracts and other 48,981 717 477 50,563 794 580 Gross derivatives $ 55,045 $ 878 $ 558 $ 57,211 $ 950 $ 671 Netting and credit adjustments $ (434) $ (432) $ (512) $ (510) Net derivatives in statement of financial position $ 445 $ 126 $ 437 $ 161 FAIR VALUE HEDGES. As of March 31, 2024, all fair value hedges were terminated. 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 $1,130 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $8,803 million. At March 31, 2023, the cumulative amount of hedging adjustments of $1,226 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $8,817 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings CASH FLOW HEDGES AND NET INVESTMENT HEDGES Three months ended March 31 2024 2023 Cash flow hedges(a) $ 6 $ 28 Net investment hedges(b) 84 (62) (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,655 million and $3,398 million as of March 31, 2024 and 2023, respectively. The total reclassified from AOCI into earnings was zero and zero for the years ended March 31, 2024 and 2023, respectively. Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction occurs. The total amount in AOCI related to cash flow hedges of forecasted transactions was a $25 million loss as of March 31, 2024. We expect to reclassify $43 million of loss to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. As of March 31, 2024, 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 March 31, 2024 Three months ended March 31, 2023 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 16,053 $ 278 $ 2,269 $ 12,729 $ 14,486 $ 269 $ 2,142 $ 16,810 Cash flow hedges $ 1 $ (2) $ — $ (4) $ 1 $ (2) $ — $ (2) Non-hedging derivatives (b) $ — $ — $ 43 $ (38) $ 2 $ — $ 115 $ (58) (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 $381 million and $374 million at March 31, 2024 and December 31, 2023, respectively. Counterparties' exposures to our derivative liability were $80 million and $120 million at March 31, 2024 and December 31, 2023, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2024 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 22. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $240 million and $117 million and liabilities of $262 million and $203 million at March 31, 2024 and December 31, 2023, 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 to manage our industrial insurance exposure through an insurance captive, and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. |
COMMITMENTS, GUARANTEES, PRODUC
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
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 $3,648 million and unfunded lending commitments, primarily at EFS, of $582 million at March 31, 2024. The investment commitments primarily comprise investments by our run-off insurance operations in other assets and investment securities of $3,570 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,515 million. See Note 22 for further information. As of March 31, 2024, in our Aerospace segment, we have committed to provide financing assistance of $2,676 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. Credit support. We have provided $909 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees, and a line of credit to support our consolidated subsidiaries. The liability for such credit support was $17 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 $35 million, which are fully reserved. In addition, we have $285 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $71 million. 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 $25 million. GE also has obligations under the Transition Services Agreement and Tax Matters Agreement to indemnify GE HealthCare for certain technology and tax costs of $77 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 $710 million with related reserves of $69 million. See Note 24 for further information on GE Vernova. 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 $1,999 million and $2,053 million at March 31, 2024 and December 31, 2023. LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 24 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023; refer to that discussion for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy legal matters. In 2015, GE 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 $391 million and $393 million at March 31, 2024 and December 31, 2023, 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 the 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. With the spin-off of GE Vernova on April 2, 2024, the liabilities associated with these matters transferred to GE Vernova. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws were 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). The complaint against defendants GE and current and former GE executive officers alleged 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 the 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. In September 2022, GE filed a motion for summary judgment on the plaintiffs' remaining claims, which the court denied in September 2023, except as to claims arising from disclosures made between November 2017 and January 2018. In April 2024, the court scheduled a trial date for November 2024. GE Retirement Savings Plan class actions . In 2017, 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 alleged 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 March 2024, the court granted final approval of the previously reported class action settlement. 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 a number of years, we have observed an increase in the total 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 was $2,517 million and $2,669 million as of March 31, 2024 and December 31, 2023, respectively. The estimate accounts for the costs of payments to borrowers who we estimate will participate in the settlement program, as well as estimates for the results of litigation with other borrowers, which in either case can 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 disclosure about Bank BPH in our Annual Report on Form 10-K for the year ended December 31, 2023. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS . Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws and nuclear decommissioning regulations. We record reserves for obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup, and for additional liabilities we expect to incur in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged exposure by workers and others to asbestos or other hazardous materials. Liabilities for environmental remediation, nuclear decommissioning and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims were $2,537 million and $2,465 million at March 31, 2024 and December 31, 2023, respectively. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 24. SUBSEQUENT EVENT. On April 2, 2024 (the Distribution Date), GE completed the previously announced separation of its GE Vernova business, into a separate, independent publicly traded company, GE Vernova Inc. (GE Vernova). The separation was structured as a tax-free spin-off, and was achieved through GE's pro-rata distribution of all of the outstanding shares of GE Vernova to holders of GE common stock. On the Distribution Date, each holder of record of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held. As a result of the separation, GE Vernova became an independent public company that trades under the symbol “GEV” on the New York Stock Exchange and we will no longer consolidate GE Vernova into our financial results. In connection with the separation, the historical results of our Power, Renewable Energy and Digital businesses and certain assets and liabilities included in the separation will be reported in the Company's consolidated financial statements as discontinued operations beginning in the second quarter of 2024. Also in connection with the separation, the Company entered into various agreements to effect the separation and provide a framework for the relationship between it and GE Vernova, including a Separation and Distribution Agreement (SDA), a Tax Matters Agreement and a Transition Services Agreement (TSA). In connection with the separation and as a result of the legal split of certain plans as set forth in Note 13 in our Annual Report on Form 10-K for the year ended December 31, 2023, net liabilities of approximately $1.7 billion associated with GE's postretirement benefit plans, including a portion of the principal pension plans, the principal retiree benefit plans and other pension plans were transferred to GE Vernova. Deferred compensation arrangements and other compensation and benefits obligations of approximately $0.2 billion were also transferred to GE Vernova. The legal split and transfer of the plans and the related liabilities and obligations to GE Vernova will impact our assumptions and projections used to determine the funding and costs of the Company’s remaining plans. In connection with the separation, the Company contributed $0.5 billion of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of Separation was $4.2 billion, inclusive of $0.1 billion of cash reported in assets of businesses held for sale. Following the separation, the Company has remaining performance and bank guarantees on behalf of GE Vernova. To support GE Vernova in selling products and services globally, the Company often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of what were subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for non-customer related activities of GE Vernova (collectively, “GE credit support”). Under the SDA, GE Vernova is obligated to use reasonable best efforts to replace the Company as the guarantor on or terminate all such credit support instruments. Until such termination or replacement, in the event of non-fulfillment of contractual obligations by the relevant obligor(s), the Company could be obligated to make payments under the applicable instruments. Under the SDA, GE Vernova is obligated to reimburse and indemnify the Company for any such payments. Beginning in 2025, GE Vernova will pay a quarterly fee to the Company based on amounts related to the GE credit support. The Company’s maximum aggregate exposure under the GE credit support cannot be reasonably estimated given the breadth of the portfolio across each of the GE Vernova businesses except for certain financial guarantees and trade finance instruments with a maximum exposure of approximately $1.5 billion, which are not expected to exceed a year beyond separation. The underlying obligations are predominantly customer contracts that GE Vernova performs in the normal course of its business. We have no known instances historically where payments or performance from the Company were required under parent company guarantees relating to GE Vernova customer contracts. The Company also has performance obligations related to GE Vernova's supply chain finance program and an environmental matter with a maximum aggregate exposure of $2.3 billion, of which $1.6 billion is not expected to exceed a year beyond separation. In addition, under the SDA, TSA, and TMA agreements, the Company also has an obligation to indemnify GE Vernova for certain of its technology costs, separation costs for certain facilities, severance costs, environmental matters and tax matters of approximately $0.6 billion. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2023, for further information regarding our determination of segment profit for continuing operations, and for our allocations of corporate costs to our segments. Three months ended March 31 SUMMARY OF REPORTABLE SEGMENTS 2024 2023 V % Aerospace $ 8,064 $ 6,981 16 % Renewable Energy 3,005 2,837 6 % Power 4,134 3,820 8 % Total segment revenues 15,203 13,638 11 % Corporate 850 848 — % Total revenues $ 16,053 $ 14,486 11 % Aerospace $ 1,529 $ 1,326 15 % Renewable Energy (226) (414) 45 % Power 229 75 F Total segment profit (loss) 1,532 987 55 % Corporate(a) 276 5,456 (95) % Interest and other financial charges (267) (257) (4) % Non-operating benefit income (cost) 362 385 (6) % Benefit (provision) for income taxes (380) (322) (18) % Preferred stock dividends — (145) F Earnings (loss) from continuing operations attributable to GE common shareholders 1,522 6,103 (75) % Earnings (loss) from discontinued operations attributable to GE common shareholders 14 1,257 (99) % Net earnings (loss) attributable to GE common shareholders $ 1,537 $ 7,360 (79) % (a) Includes interest and other financial charges of $10 million and $12 million; and benefit for income taxes of $62 million and $51 million related to Energy Financial Services (EFS) within Corporate for the three months ended March 31, 2024 and 2023 respectively. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Financial Information for Assets and Liabilities of Businesses Held for Sale | ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE March 31, 2024 December 31, 2023 Cash and cash equivalents $ 88 $ 609 Current receivables, inventories and contract assets 633 551 Non-current captive insurance investment securities 548 570 Property, plant and equipment and intangible assets - net 253 254 Valuation allowance on disposal group classified as held for sale (124) (124) All other assets 108 125 Assets of businesses held for sale $ 1,507 $ 1,985 Progress collections and deferred income $ 964 $ 1,001 Insurance liabilities and annuity benefits 344 376 Accounts payable, equipment project payables and other current liabilities 463 392 All other liabilities 40 57 Liabilities of businesses held for sale $ 1,811 $ 1,826 |
Schedule of Financial Information for Discontinued Operations | 2024 2023 RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 GE HealthCare Bank BPH & Other Total GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ — $ — $ — Cost of equipment and services sold — — — — — — Other income, costs and expenses — 6 6 (20) (201) (221) Earnings (loss) of discontinued operations before income taxes — 6 6 (20) (201) (221) Benefit (provision) for income taxes — 6 6 1,479 (1) 1,478 Earnings (loss) of discontinued operations, net of taxes — 12 12 1,459 (202) 1,257 Gain (loss) on disposal before income taxes — 2 2 — — — Benefit (provision) for income taxes — — — — — — Gain (loss) on disposal, net of taxes — 2 2 — — — Earnings (loss) from discontinued operations, net of taxes $ — $ 14 $ 14 $ 1,459 $ (202) $ 1,257 The tax benefit for the three months ended March 31, 2023 for GE HealthCare relates to preparatory steps for the spin-off, which resulted in taxable gain offset by a deferred tax asset and the reversal of valuation allowances for capital loss carryovers utilized against a portion of the gain. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2024 December 31, 2023 Cash, cash equivalents and restricted cash $ 1,391 $ 1,396 Current receivables 13 14 Property, plant and equipment - net 52 58 All other assets 224 200 Deferred income taxes 29 27 Assets of discontinued operations(a) $ 1,709 $ 1,695 Accounts payable and equipment project payables $ 34 $ 36 Non-current compensation and benefits 35 31 All other liabilities(a) 1,101 1,125 Liabilities of discontinued operations $ 1,169 $ 1,193 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | March 31, 2024 December 31, 2023 Amortized Gross Gross Estimated Amortized Gross Gross Estimated GE HealthCare equity $ — $ — $ — $ 2,776 $ — $ — $ — $ 4,761 AerCap note — — — 961 — — — 944 Current investment securities $ — $ — $ — $ 3,737 $ — $ — $ — $ 5,706 Debt U.S. corporate $ 27,477 $ 757 $ (1,870) $ 26,365 $ 27,495 $ 1,034 $ (1,606) $ 26,923 Non-U.S. corporate 2,509 26 (236) 2,299 2,529 34 (209) 2,353 State and municipal 2,803 54 (204) 2,654 2,828 79 (185) 2,723 Mortgage and asset-backed 4,878 36 (226) 4,688 4,827 34 (291) 4,571 Government and agencies 2,478 1 (125) 2,355 1,213 3 (116) 1,100 Other equity 344 — — 344 331 — — 331 Non-current investment securities $ 40,491 $ 875 $ (2,661) $ 38,705 $ 39,222 $ 1,183 $ (2,406) $ 38,000 |
Realized and Unrealized Gain (Loss) on Securities | Three months ended March 31 2024 2023 Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) $ 441 $ 6,040 Proceeds from debt/equity securities sales and early redemptions 3,196 3,008 Gross realized gains on debt securities 8 11 Gross realized losses and impairments on debt securities (11) (21) |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2024 are as follows: Amortized cost Estimated fair value Within one year $ 1,756 $ 1,751 After one year through five years 5,149 5,170 After five years through ten years 5,132 5,178 After ten years 23,231 21,574 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Receivables and Allowance for Credit Losses | CURRENT RECEIVABLES March 31, 2024 December 31, 2023 Customer receivables $ 11,952 $ 12,349 Revenue sharing program receivables(a) 1,134 1,252 Non-income based tax receivables 1,225 1,140 Supplier advances 924 891 Receivables from disposed businesses 61 121 Other sundry receivables 450 360 Allowance for credit losses (646) (647) Total current receivables $ 15,100 $ 15,466 (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. ALLOWANCE FOR CREDIT LOSSES March 31, 2024 March 31, 2023 Balances as of January 1 $ 647 $ 768 New provisions, net of (releases) — 20 Write-offs, net — (4) Foreign exchange and other — 4 Ending balance $ 646 $ 787 March 31, 2024 December 31, 2023 Aerospace $ 7,848 $ 8,010 Renewable Energy 3,097 2,907 Power 4,332 4,232 Corporate(a) (177) 318 Total current receivables $ 15,100 $ 15,466 (a) Corporate balances include intercompany eliminations related to the sales of equipment and services. LONG-TERM RECEIVABLES March 31, 2024 December 31, 2023 Long-term customer receivables $ 459 $ 479 Supplier advances 271 274 Non-income based tax receivables 146 174 Sundry receivables 343 373 Allowance for credit losses (167) (171) Total long-term receivables $ 1,052 $ 1,129 |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2024 December 31, 2023 Raw materials and work in process $ 11,665 $ 11,209 Finished goods 3,952 3,720 Deferred inventory costs(a) 1,986 1,599 Inventories, including deferred inventory costs $ 17,603 $ 16,528 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | March 31, 2024 December 31, 2023 Original cost $ 27,498 $ 27,332 Less: accumulated depreciation and amortization (16,935) (16,678) Right-of-use operating lease assets 1,782 1,840 Property, plant and equipment – net $ 12,345 $ 12,494 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill Balances | GOODWILL January 1, 2024 Acquisitions Currency exchange Balance at March 31, 2024 Aerospace $ 8,948 $ — $ (46) $ 8,902 Renewable Energy 3,287 — (34) 3,253 Power 307 4 (1) 311 Corporate(a) 842 — (4) 838 Total $ 13,385 $ 4 $ (84) $ 13,304 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | EQUIPMENT & SERVICES REVENUES Three months ended March 31 2024 2023 Equipment Services Total Equipment Services Total Aerospace $ 2,421 $ 5,643 $ 8,064 $ 1,974 $ 5,007 $ 6,981 Renewable Energy 2,458 547 3,005 2,311 527 2,837 Power 1,185 2,949 4,134 1,102 2,718 3,820 Total segment revenues $ 6,064 $ 9,139 $ 15,203 $ 5,387 $ 8,252 $ 13,638 REVENUES Three months ended March 31 2024 2023 Commercial Engines and Services $ 6,064 $ 5,194 Defense and Propulsion Technologies 2,301 1,961 Eliminations & Other (301) (173) Aerospace(a) $ 8,064 $ 6,981 Onshore Wind $ 1,198 $ 1,502 Grid Solutions equipment and services 1,085 824 Hydro, Offshore Wind and Hybrid Solutions 722 511 Renewable Energy $ 3,005 $ 2,837 Gas Power $ 3,068 $ 2,867 Steam Power 584 541 Power Conversion, Nuclear and other 483 412 Power $ 4,134 $ 3,820 Total segment revenues $ 15,203 $ 13,638 GE Digital revenues $ 209 $ 237 Insurance revenues 879 791 Eliminations and other (237) (181) Corporate $ 850 $ 848 Total revenues $ 16,053 $ 14,486 (a) Does not give effect to post-GE Vernova separation eliminations and Corporate adjustments. |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | March 31, 2024 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,112 $ — $ 5,176 $ — $ 7,288 Billings in excess of revenues (7,965) — (1,794) — (9,759) Long-term service agreements $ (5,853) $ — $ 3,382 $ — $ (2,471) Equipment and other service agreements 603 1,628 1,506 281 4,018 Current contract assets $ (5,250) $ 1,628 $ 4,888 $ 281 $ 1,547 Nonrecurring engineering costs(a) 2,444 23 1 — 2,469 Customer advances and other(b) 2,353 — 609 — 2,963 Non-current contract and other deferred assets $ 4,798 $ 23 $ 611 $ — $ 5,431 Total contract and other deferred assets $ (452) $ 1,651 $ 5,499 $ 281 $ 6,978 December 31, 2023 Revenues in excess of billings $ 2,377 $ — $ 5,205 $ — $ 7,582 Billings in excess of revenues (7,902) — (1,810) — (9,712) Long-term service agreements $ (5,525) $ — $ 3,395 $ — $ (2,130) Equipment and other service agreements 494 1,374 1,499 263 3,630 Current contract assets $ (5,030) $ 1,374 $ 4,894 $ 263 $ 1,500 Nonrecurring engineering costs(a) 2,444 18 1 — 2,463 Customer advances and other(b) 2,342 — 601 — 2,943 Non-current contract and other deferred assets $ 4,785 $ 18 $ 603 $ — $ 5,406 Total contract and other deferred assets $ (245) $ 1,392 $ 5,497 $ 263 $ 6,907 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. March 31, 2024 Aerospace Renewable Energy Power Corporate Total Progress collections $ 6,401 $ 7,554 $ 6,091 $ 134 $ 20,180 Current deferred income 179 221 11 127 539 Progress collections and current deferred income $ 6,580 $ 7,775 $ 6,103 $ 261 $ 20,718 Non-current deferred income 1,084 149 46 19 1,297 Total Progress collections and deferred income $ 7,664 $ 7,924 $ 6,148 $ 279 $ 22,016 December 31, 2023 Progress collections $ 6,198 $ 6,886 $ 5,898 $ 124 $ 19,106 Current deferred income 201 239 20 112 571 Progress collections and current deferred income $ 6,399 $ 7,125 $ 5,918 $ 236 $ 19,677 Non-current deferred income 1,150 122 48 20 1,339 Total Progress collections and deferred income $ 7,549 $ 7,247 $ 5,965 $ 256 $ 21,017 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | March 31, 2024 December 31, 2023 Current portion of long-term borrowings Senior notes $ 879 $ 1,044 Subordinated notes and other 81 107 Other short term borrowings 72 103 Total short-term borrowings $ 1,032 $ 1,253 Senior notes 17,351 $ 17,509 Subordinated notes 1,370 1,383 Other 772 819 Total long-term borrowings $ 19,493 $ 19,711 Total borrowings $ 20,525 $ 20,965 |
ACCOUNTS PAYABLE AND EQUIPMEN_2
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals | March 31, 2024 December 31, 2023 Trade payables $ 10,486 $ 10,678 Supply chain finance programs 3,124 3,133 Equipment project payables(a) 1,117 1,193 Non-income based tax payables 456 403 Accounts payable and equipment project payables $ 15,184 $ 15,408 (a) Primarily related to projects at Power and Renewable Energy. |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance liabilities and annuity benefits is presented below: March 31, 2024 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 25,722 $ 8,909 $ 1,054 $ 375 $ 36,059 Investment contracts — 776 — 710 1,486 Other — — 112 277 389 Total $ 25,722 $ 9,685 $ 1,166 $ 1,361 $ 37,934 December 31, 2023 Future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 382 $ 37,689 Investment contracts — 793 — 742 1,535 Other — — 116 285 400 Total $ 26,832 $ 10,150 $ 1,233 $ 1,409 $ 39,624 |
Summary of Future Policy Benefits | The following tables summarize balances of and changes in future policy benefits reserves. March 31, 2024 March 31, 2023 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,063 $ — $ 4,803 $ 4,059 $ — $ 4,828 Beginning balance at locked-in discount rate 3,745 — 4,773 3,958 — 5,210 Effect of changes in cash flow assumptions 17 — — — — — Effect of actual variances from expected experience 6 — (2) 29 — (35) Adjusted beginning of year balance 3,769 — 4,771 3,987 — 5,175 Interest accrual 51 — 45 53 — 50 Net premiums collected (98) — (70) (103) — (73) Effect of foreign currency — — (69) — — (23) Ending balance at locked-in discount rate 3,721 — 4,678 3,936 — 5,129 Effect of changes in discount rate assumptions 211 — (151) 281 — (149) Balance, end of period $ 3,932 $ — $ 4,527 $ 4,217 $ — $ 4,979 Present value of expected future policy benefits Balance, beginning of year $ 30,895 $ 9,357 $ 5,921 $ 28,316 $ 8,860 $ 5,868 Beginning balance at locked-in discount rate 27,144 8,561 5,847 27,026 8,790 6,247 Effect of changes in cash flow assumptions (7) — — (11) — — Effect of actual variances from expected experience 43 (29) (13) 30 (1) 2 Adjusted beginning of year balance 27,180 8,532 5,833 27,046 8,789 6,250 Interest accrual 368 111 55 363 115 60 Benefit payments (359) (159) (109) (309) (174) (138) Effect of foreign currency — — (73) — — (24) Ending balance at locked-in discount rate 27,190 8,484 5,707 27,100 8,730 6,148 Effect of changes in discount rate assumptions 2,465 425 (126) 3,171 619 (123) Balance, end of period $ 29,654 $ 8,909 $ 5,581 $ 30,271 $ 9,349 $ 6,025 Net future policy benefit reserves $ 25,722 $ 8,909 $ 1,054 $ 26,054 $ 9,349 $ 1,045 Less: Reinsurance recoverables, net of allowance for credit losses (165) — (29) (204) — (57) Net future policy benefit reserves, after reinsurance recoverables $ 25,557 $ 8,909 $ 1,025 $ 25,850 $ 9,349 $ 988 The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. March 31, 2024 March 31, 2023 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,376 $ 4,794 $ 7,924 $ 5,105 Benefit payments 62,774 29,654 64,944 30,271 Structured settlement annuities: Benefit payments 19,092 8,909 19,745 9,349 Life: Gross premiums 12,082 5,446 13,537 6,104 Benefit payments 10,935 5,581 11,800 6,025 (a) Determined using the current discount rate as of March 31, 2024 and 2023, respectively. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. March 31, 2024 March 31, 2023 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.4 10.8 5.3 13.2 11.2 5.3 Interest accretion rate 5.6% 5.4% 5.2% 5.5% 5.4% 5.1% Current discount rate 5.2% 5.2% 5.0% 5.0% 5.0% 4.8% |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31 2024 2023 Service cost for benefits earned $ 21 $ 21 Expected return on plan assets (578) (594) Interest cost on benefit obligations 453 474 Net actuarial loss amortization and other (152) (172) Net periodic expense (income) $ (256) $ (271) |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 (Dividends per share in dollars) 2024 2023 Beginning balance $ (3,623) $ (5,893) AOCI before reclasses – net of taxes of $26 and $(5) (35) 152 Reclasses from AOCI – net of taxes of $— and $(626)(a) — 2,234 AOCI (35) 2,387 Less AOCI attributable to noncontrolling interests — (1) Currency translation adjustments AOCI $ (3,658) $ (3,505) Beginning balance $ 1,786 $ 6,531 AOCI before reclasses – net of taxes of $8 and $(13) (29) (84) Reclasses from AOCI – net of taxes of $(52) and $(594)(a) (168) (2,235) AOCI (197) (2,319) Less AOCI attributable to noncontrolling interests 2 (2) Benefit plans AOCI $ 1,586 $ 4,214 Beginning balance $ (959) $ (1,927) AOCI before reclasses – net of taxes of $(116) and $188 (465) 718 Reclasses from AOCI – net of taxes of $0 and $0(a) 11 (12) AOCI (453) 706 Investment securities and cash flow hedges AOCI $ (1,412) $ (1,222) Beginning balance $ (3,354) $ (983) AOCI before reclasses – net of taxes of $328 and $(477) 1,236 (1,793) AOCI 1,236 (1,793) Long-duration insurance contracts AOCI $ (2,119) $ (2,776) AOCI at March 31 $ (5,603) $ (3,289) Dividends declared per common share $ — $ 0.08 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in first quarter of 2023 related to the spin-off of GE HealthCare. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended March 31 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 1,522 $ 1,522 $ 6,242 $ 6,248 Preferred stock dividends and other and accretion of preferred share repurchase(a) — — (145) (145) Earnings (loss) from continuing operations attributable to common shareholders 1,522 1,522 6,097 6,103 Earnings (loss) from discontinued operations 14 14 1,257 1,257 Net earnings (loss) attributable to GE common shareholders 1,537 1,537 7,354 7,360 Shares of GE common stock outstanding 1,091 1,091 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 8 — Total average equivalent shares 1,103 1,091 1,097 1,089 Earnings (loss) per share from continuing operations $ 1.38 $ 1.39 $ 5.56 $ 5.60 Earnings (loss) per share from discontinued operations 0.01 0.01 1.15 1.15 Net earnings (loss) per share 1.39 1.41 6.71 6.76 Potentially dilutive securities(b) 12 38 (a) For the three months ended March 31, 2023, included $(30) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. |
OTHER INCOME (LOSS) (Tables)
OTHER INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | Three months ended March 31 2024 2023 Investment in GE HealthCare realized and unrealized gain (loss) $ 616 $ 6,093 Investment in and note with AerCap realized and unrealized gain (loss) 12 (195) Investment in Baker Hughes realized and unrealized gain (loss) — 10 Gains (losses) on retained and sold ownership interests $ 628 $ 5,908 Other net interest and investment income (loss) 252 186 Licensing and royalty income 67 34 Equity method income 128 — Purchases and sales of business interests 9 (52) Other items 25 4 Total other income (loss) $ 1,109 $ 6,081 |
RESTRUCTURING CHARGES AND SEP_2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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. RESTRUCTURING AND OTHER CHARGES Three months ended March 31 2024 2023 Workforce reductions $ 141 $ 66 Plant closures & associated costs and other asset write-downs 85 82 Acquisition/disposition net charges and other 7 12 Total restructuring and other charges $ 233 $ 161 Cost of equipment/services $ 105 $ 36 Selling, general and administrative expenses 128 125 Total restructuring and other charges $ 233 $ 161 Aerospace $ 10 $ 4 Renewable Energy 96 65 Power 47 19 Corporate 80 72 Total restructuring and other charges(a) $ 233 $ 161 Restructuring and other charges cash expenditures(b) $ 154 $ 137 (a) Includes $125 million and $75 million, primarily in non-cash impairment, accelerated depreciation and other charges for the three months ended March 31, 2024 and 2023, respectively, not reflected in the liability table below. (b) Primarily for employee severance payments, contract and lease terminations. An analysis of changes in the liability for restructuring follows: Three months ended March 31 2024 2023 Balance at beginning of period $ 918 $ 977 Additions 108 86 Payments (137) (87) Effect of foreign currency and other (4) — Ending balance(a) $ 885 $ 976 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Estimated Fair Value of Assets and Liabilities | The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. March 31, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,453 $ 2,333 $ 2,438 $ 2,379 Liabilities Borrowings (Note 11) $ 20,525 $ 20,037 $ 20,965 $ 20,689 Investment contracts (Note 13) 1,486 1,547 1,535 1,616 |
Schedule of Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES March 31, 2024 December 31, 2023 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,064 $ 161 $ 81 $ 6,648 $ 156 $ 91 Non-qualifying currency exchange contracts and other 48,981 717 477 50,563 794 580 Gross derivatives $ 55,045 $ 878 $ 558 $ 57,211 $ 950 $ 671 Netting and credit adjustments $ (434) $ (432) $ (512) $ (510) Net derivatives in statement of financial position $ 445 $ 126 $ 437 $ 161 |
Schedule of Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES March 31, 2024 December 31, 2023 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,064 $ 161 $ 81 $ 6,648 $ 156 $ 91 Non-qualifying currency exchange contracts and other 48,981 717 477 50,563 794 580 Gross derivatives $ 55,045 $ 878 $ 558 $ 57,211 $ 950 $ 671 Netting and credit adjustments $ (434) $ (432) $ (512) $ (510) Net derivatives in statement of financial position $ 445 $ 126 $ 437 $ 161 |
Schedule of Effects of Derivatives on AOCI | CASH FLOW HEDGES AND NET INVESTMENT HEDGES Three months ended March 31 2024 2023 Cash flow hedges(a) $ 6 $ 28 Net investment hedges(b) 84 (62) (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,655 million and $3,398 million as of March 31, 2024 and 2023, respectively. The total reclassified from AOCI into earnings was zero and zero for the years ended March 31, 2024 and 2023, respectively. |
Schedule of 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 March 31, 2024 Three months ended March 31, 2023 Revenues Interest Expense SG&A Other(a) Revenues Interest Expense SG&A Other(a) $ 16,053 $ 278 $ 2,269 $ 12,729 $ 14,486 $ 269 $ 2,142 $ 16,810 Cash flow hedges $ 1 $ (2) $ — $ (4) $ 1 $ (2) $ — $ (2) Non-hedging derivatives (b) $ — $ — $ 43 $ (38) $ 2 $ — $ 115 $ (58) (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) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | Three months ended March 31 SUMMARY OF REPORTABLE SEGMENTS 2024 2023 V % Aerospace $ 8,064 $ 6,981 16 % Renewable Energy 3,005 2,837 6 % Power 4,134 3,820 8 % Total segment revenues 15,203 13,638 11 % Corporate 850 848 — % Total revenues $ 16,053 $ 14,486 11 % Aerospace $ 1,529 $ 1,326 15 % Renewable Energy (226) (414) 45 % Power 229 75 F Total segment profit (loss) 1,532 987 55 % Corporate(a) 276 5,456 (95) % Interest and other financial charges (267) (257) (4) % Non-operating benefit income (cost) 362 385 (6) % Benefit (provision) for income taxes (380) (322) (18) % Preferred stock dividends — (145) F Earnings (loss) from continuing operations attributable to GE common shareholders 1,522 6,103 (75) % Earnings (loss) from discontinued operations attributable to GE common shareholders 14 1,257 (99) % Net earnings (loss) attributable to GE common shareholders $ 1,537 $ 7,360 (79) % (a) Includes interest and other financial charges of $10 million and $12 million; and benefit for income taxes of $62 million and $51 million related to Energy Financial Services (EFS) within Corporate for the three months ended March 31, 2024 and 2023 respectively. |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | $ 1,507 | $ 1,985 |
Liabilities of businesses held for sale | 1,811 | $ 1,826 |
Electric Insurance Company | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | 514 | |
Liabilities of businesses held for sale | 339 | |
Pre-tax loss on sale | $ 126 |
BUSINESSES HELD FOR SALE AND _4
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Assets and Liabilities of Businesses Held for Sale (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 88 | $ 609 |
Current receivables, inventories and contract assets | 633 | 551 |
Non-current captive insurance investment securities | 548 | 570 |
Property, plant and equipment and intangible assets - net | 253 | 254 |
Valuation allowance on disposal group classified as held for sale | (124) | (124) |
All other assets | 108 | 125 |
Assets of discontinued operations | 1,507 | 1,985 |
Liabilities | ||
Progress collections and deferred income | 964 | 1,001 |
Insurance liabilities and annuity benefits | 344 | 376 |
Accounts payable, equipment project payables and other current liabilities | 463 | 392 |
All other liabilities | 40 | 57 |
Liabilities of discontinued operations | $ 1,811 | $ 1,826 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) | 3 Months Ended | |||
Jan. 03, 2023 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
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) | $ 115,000,000 | |||
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 | $ 175,000,000 | |
Capital contribution, non-cash | 1,797,000,000 | |||
Financing receivables held for sale | $ 0 |
BUSINESSES HELD FOR SALE AND _6
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
RESULTS OF DISCONTINUED OPERATIONS | |||
Earnings (loss) from discontinued operations, net of taxes | $ 14 | $ 1,257 | |
Discontinued operations | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | |
Other income, costs and expenses | 6 | (221) | |
Earnings (loss) of discontinued operations before income taxes | 6 | (221) | |
Benefit (provision) for income taxes | 6 | 1,478 | |
Earnings (loss) of discontinued operations, net of taxes | 12 | 1,257 | |
Gain (loss) on disposal before income taxes | 2 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 2 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | 14 | 1,257 | |
Assets | |||
Cash, cash equivalents and restricted cash | 1,391 | $ 1,396 | |
Current receivables | 13 | 14 | |
Property, plant and equipment - net | 52 | 58 | |
All other assets | 224 | 200 | |
Deferred income taxes | 29 | 27 | |
Assets of discontinued operations | 1,709 | 1,695 | |
Liabilities | |||
Accounts payable and equipment project payables | 34 | 36 | |
Non-current compensation and benefits | 35 | 31 | |
All other liabilities | 1,101 | 1,125 | |
Liabilities of discontinued operations | 1,169 | $ 1,193 | |
Discontinued operations | GE HealthCare | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | |
Other income, costs and expenses | 0 | (20) | |
Earnings (loss) of discontinued operations before income taxes | 0 | (20) | |
Benefit (provision) for income taxes | 0 | 1,479 | |
Earnings (loss) of discontinued operations, net of taxes | 0 | 1,459 | |
Gain (loss) on disposal before income taxes | 0 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 0 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | 0 | 1,459 | |
Discontinued operations | Bank BPH & Other | |||
RESULTS OF DISCONTINUED OPERATIONS | |||
Total revenues | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | |
Other income, costs and expenses | 6 | (201) | |
Earnings (loss) of discontinued operations before income taxes | 6 | (201) | |
Benefit (provision) for income taxes | 6 | (1) | |
Earnings (loss) of discontinued operations, net of taxes | 12 | (202) | |
Gain (loss) on disposal before income taxes | 2 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 2 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | $ 14 | $ (202) |
BUSINESSES HELD FOR SALE AND _7
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations - Footnote (Details) - Discontinued operations - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Valuation allowance on finance receivables classified as held for sale | $ 1,792 | $ 1,963 |
All other liabilities | 1,101 | 1,125 |
Bank BPH | Bank BPH litigation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Valuation allowance on finance receivables classified as held for sale | 1,553 | 1,712 |
All other liabilities | 964 | 957 |
Estimated borrower litigation losses | $ 2,517 | $ 2,669 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Accrued interest, current | $ 496 | $ 466 | |
Accrued interest, current, statement of financial position | All other current assets (Note 10) | All other current assets (Note 10) | |
Debt securities in unrealized loss position, total | $ 20,413 | $ 18,730 | |
Debt securities in unrealized loss position, 12 months or more | 16,711 | 17,146 | |
Gross unrealized losses, 12 months or more | (2,584) | (2,370) | |
Gross unrealized losses | (2,661) | (2,406) | |
Investments without readily determinable fair value | 1,092 | 1,012 | |
Fair value adjustments, including impairment | 23 | $ 9 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities | 6,991 | 6,841 | |
CMBS | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | (149) | ||
Asset-backed securities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | (68) | ||
Insurance | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments without readily determinable fair value | $ 1,019 | $ 939 | |
GE HealthCare | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Equity securities, investment interest (in shares) | 30.5 | ||
Equity securities, ownership percentage | 6.70% |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | $ 0 | $ 0 |
Estimated fair value | 3,737 | 5,706 |
Gross unrealized gains | 875 | 1,183 |
Gross unrealized losses | (2,661) | (2,406) |
Other equity | 344 | 331 |
Non-current investment securities, amortized cost | 40,491 | 39,222 |
Non-current investment securities, estimated fair value | 38,705 | 38,000 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 27,477 | 27,495 |
Gross unrealized gains | 757 | 1,034 |
Gross unrealized losses | (1,870) | (1,606) |
Estimated fair value | 26,365 | 26,923 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,509 | 2,529 |
Gross unrealized gains | 26 | 34 |
Gross unrealized losses | (236) | (209) |
Estimated fair value | 2,299 | 2,353 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,803 | 2,828 |
Gross unrealized gains | 54 | 79 |
Gross unrealized losses | (204) | (185) |
Estimated fair value | 2,654 | 2,723 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 4,878 | 4,827 |
Gross unrealized gains | 36 | 34 |
Gross unrealized losses | (226) | (291) |
Estimated fair value | 4,688 | 4,571 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,478 | 1,213 |
Gross unrealized gains | 1 | 3 |
Gross unrealized losses | (125) | (116) |
Estimated fair value | 2,355 | 1,100 |
GE HealthCare | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | 2,776 | 4,761 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | $ 961 | $ 944 |
INVESTMENT SECURITIES - Realize
INVESTMENT SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) | $ 441 | $ 6,040 |
Proceeds from debt/equity securities sales and early redemptions | 3,196 | 3,008 |
Gross realized gains on debt securities | 8 | 11 |
Gross realized losses and impairments on debt securities | $ (11) | $ (21) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Amortized cost | |
Within one year | $ 1,756 |
After one year through five years | 5,149 |
After five years through ten years | 5,132 |
After ten years | 23,231 |
Estimated fair value | |
Within one year | 1,751 |
After one year through five years | 5,170 |
After five years through ten years | 5,178 |
After ten years | $ 21,574 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 11,952 | $ 12,349 | ||
Revenue sharing program receivables | 1,134 | 1,252 | ||
Non-income based tax receivables | 1,225 | 1,140 | ||
Supplier advances | 924 | 891 | ||
Receivables from disposed businesses | 61 | 121 | ||
Other sundry receivables | 450 | 360 | ||
Allowance for credit losses | (646) | (647) | $ (787) | $ (768) |
Total current receivables | 15,100 | 15,466 | ||
Operating segments | Aerospace | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 7,848 | 8,010 | ||
Operating segments | Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 3,097 | 2,907 | ||
Operating segments | Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 4,332 | 4,232 | ||
Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | $ (177) | $ 318 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance For Credit Losses [Roll Forward] | ||
Balances as of January 1 | $ 647 | $ 768 |
New provisions, net of (releases) | 0 | 20 |
Write-offs, net | 0 | (4) |
Foreign exchange and other | 0 | 4 |
Ending balance | $ 646 | $ 787 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 306 | $ 464 |
Gas Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 77 |
CURRENT AND LONG-TERM RECEIVA_6
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Long-term customer receivables | $ 459 | $ 479 |
Supplier advances | 271 | 274 |
Non-income based tax receivables | 146 | 174 |
Sundry receivables | 343 | 373 |
Allowance for credit losses | (167) | (171) |
Total long-term receivables | $ 1,052 | $ 1,129 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 11,665 | $ 11,209 |
Finished goods | 3,952 | 3,720 |
Deferred inventory costs | 1,986 | 1,599 |
Inventories, including deferred inventory costs | $ 17,603 | $ 16,528 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 27,498 | $ 27,332 |
Less: accumulated depreciation and amortization | (16,935) | (16,678) |
Right-of-use operating lease assets | 1,782 | 1,840 |
Property, plant and equipment – net | $ 12,345 | $ 12,494 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment – net | Property, plant and equipment – net |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |||
Operating lease liabilities | $ 1,908 | $ 1,973 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 15) | All other liabilities (Note 15) | |
Long-term (fixed) | $ 188 | $ 195 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill | |
Balance at beginning of period | $ 13,385 |
Acquisitions | 4 |
Currency exchange and other | (84) |
Balance at end of period | 13,304 |
Operating segments | Aerospace | |
Goodwill | |
Balance at beginning of period | 8,948 |
Acquisitions | 0 |
Currency exchange and other | (46) |
Balance at end of period | 8,902 |
Operating segments | Renewable Energy | |
Goodwill | |
Balance at beginning of period | 3,287 |
Acquisitions | 0 |
Currency exchange and other | (34) |
Balance at end of period | 3,253 |
Operating segments | Power | |
Goodwill | |
Balance at beginning of period | 307 |
Acquisitions | 4 |
Currency exchange and other | (1) |
Balance at end of period | 311 |
Corporate, non-segment | |
Goodwill | |
Balance at beginning of period | 842 |
Acquisitions | 0 |
Currency exchange and other | (4) |
Balance at end of period | $ 838 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill [Line Items] | |||
Goodwill | $ 13,304 | $ 13,385 | |
Increase (decrease) in intangible assets | (148) | ||
Amortization of intangible assets | 145 | $ 140 | |
Operating segments | Aerospace | |||
Goodwill [Line Items] | |||
Goodwill | 8,902 | $ 8,948 | |
Operating segments | Additive | Aerospace | |||
Goodwill [Line Items] | |||
Goodwill | $ 244 |
REVENUES - Schedule of Disaggre
REVENUES - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 16,053 | $ 14,486 |
Operating segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 15,203 | 13,638 |
Operating segments | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,064 | 5,387 |
Operating segments | Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 9,139 | 8,252 |
Operating segments | Aerospace | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8,064 | 6,981 |
Operating segments | Aerospace | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,421 | 1,974 |
Operating segments | Aerospace | Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 5,643 | 5,007 |
Operating segments | Aerospace | Commercial Engines and Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 6,064 | 5,194 |
Operating segments | Aerospace | Defense and Propulsion Technologies | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,301 | 1,961 |
Operating segments | Aerospace | Eliminations & Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (301) | (173) |
Operating segments | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,005 | 2,837 |
Operating segments | Renewable Energy | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,458 | 2,311 |
Operating segments | Renewable Energy | Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 547 | 527 |
Operating segments | Renewable Energy | Onshore Wind | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,198 | 1,502 |
Operating segments | Renewable Energy | Grid Solutions equipment and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,085 | 824 |
Operating segments | Renewable Energy | Hydro, Offshore Wind and Hybrid Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 722 | 511 |
Operating segments | Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,134 | 3,820 |
Operating segments | Power | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,185 | 1,102 |
Operating segments | Power | Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 2,949 | 2,718 |
Operating segments | Power | Gas Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 3,068 | 2,867 |
Operating segments | Power | Steam Power | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 584 | 541 |
Operating segments | Power | Power Conversion, Nuclear and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 483 | 412 |
Corporate | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 850 | 848 |
Corporate, non-segment | GE Digital revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 209 | 237 |
Corporate, non-segment | Insurance revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 879 | 791 |
Eliminations and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ (237) | $ (181) |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 265,870 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 57,775 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 41% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 65% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 88% |
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 | $ 208,095 |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 13% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 46% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 69% |
Performance obligations expected to be satisfied, expected timing | 10 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Performance obligation satisfaction, period four | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 84% |
Performance obligations expected to be satisfied, expected timing | 15 years |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Contract Cost [Line Items] | ||
Increase in contract and other deferred assets | $ 72 | |
Increase in progress collections and deferred income due to timing of revenue recognition | 999 | |
Revenue recognized included in contract liability | 4,628 | $ 4,468 |
Long-term | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (3,155) | |
Revenues recognized | 3,029 | |
Long-term | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | (29) | |
Long-term | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ (162) |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | $ 7,288 | $ 7,582 |
Billings in excess of revenues | (9,759) | (9,712) |
Long-term service agreements | (2,471) | (2,130) |
Equipment and other service agreements | 4,018 | 3,630 |
Current contract assets | 1,547 | 1,500 |
Nonrecurring engineering costs | 2,469 | 2,463 |
Customer advances and other | 2,963 | 2,943 |
Non-current contract and other deferred assets | 5,431 | 5,406 |
Total contract and other deferred assets | 6,978 | 6,907 |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,112 | 2,377 |
Billings in excess of revenues | (7,965) | (7,902) |
Long-term service agreements | (5,853) | (5,525) |
Equipment and other service agreements | 603 | 494 |
Current contract assets | (5,250) | (5,030) |
Nonrecurring engineering costs | 2,444 | 2,444 |
Customer advances and other | 2,353 | 2,342 |
Non-current contract and other deferred assets | 4,798 | 4,785 |
Total contract and other deferred assets | (452) | (245) |
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 |
Equipment and other service agreements | 1,628 | 1,374 |
Current contract assets | 1,628 | 1,374 |
Nonrecurring engineering costs | 23 | 18 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 23 | 18 |
Total contract and other deferred assets | 1,651 | 1,392 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,176 | 5,205 |
Billings in excess of revenues | (1,794) | (1,810) |
Long-term service agreements | 3,382 | 3,395 |
Equipment and other service agreements | 1,506 | 1,499 |
Current contract assets | 4,888 | 4,894 |
Nonrecurring engineering costs | 1 | 1 |
Customer advances and other | 609 | 601 |
Non-current contract and other deferred assets | 611 | 603 |
Total contract and other deferred assets | 5,499 | 5,497 |
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 |
Equipment and other service agreements | 281 | 263 |
Current contract assets | 281 | 263 |
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 | $ 281 | $ 263 |
CONTRACT AND OTHER DEFERRED A_5
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Progress Collections and Deferred Income (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 20,180 | $ 19,106 |
Current deferred income | 539 | 571 |
Progress collections and current deferred income | 20,718 | 19,677 |
Non-current deferred income | 1,297 | 1,339 |
Total Progress collections and deferred income | 22,016 | 21,017 |
Operating segments | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,401 | 6,198 |
Current deferred income | 179 | 201 |
Progress collections and current deferred income | 6,580 | 6,399 |
Non-current deferred income | 1,084 | 1,150 |
Total Progress collections and deferred income | 7,664 | 7,549 |
Operating segments | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 7,554 | 6,886 |
Current deferred income | 221 | 239 |
Progress collections and current deferred income | 7,775 | 7,125 |
Non-current deferred income | 149 | 122 |
Total Progress collections and deferred income | 7,924 | 7,247 |
Operating segments | Power | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,091 | 5,898 |
Current deferred income | 11 | 20 |
Progress collections and current deferred income | 6,103 | 5,918 |
Non-current deferred income | 46 | 48 |
Total Progress collections and deferred income | 6,148 | 5,965 |
Corporate | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 134 | 124 |
Current deferred income | 127 | 112 |
Progress collections and current deferred income | 261 | 236 |
Non-current deferred income | 19 | 20 |
Total Progress collections and deferred income | $ 279 | $ 256 |
ALL OTHER ASSETS (Details)
ALL OTHER ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Increase (decrease) in other non-current assets | $ 999 | |
Increase (decrease) in insurance cash and cash equivalents | 581 | |
Increase (decrease) in equity method and other investments | 229 | |
Increase (decrease) in prepaid taxes and deferred charges | 179 | |
Insurance cash and cash equivalents | $ 1,364 | $ 784 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 1,032 | $ 1,253 |
Long-term borrowings and lease obligation | 19,493 | 19,711 |
Total borrowings | 20,525 | 20,965 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 17,351 | 17,509 |
Subordinated notes and other | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,370 | 1,383 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term borrowings and lease obligation | 772 | 819 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term borrowings | 879 | 1,044 |
Subordinated notes and other | ||
Debt Instrument [Line Items] | ||
Current portion of long-term borrowings | 81 | 107 |
Other short term borrowings | ||
Debt Instrument [Line Items] | ||
Other short term borrowings | $ 72 | $ 103 |
ACCOUNTS PAYABLE AND EQUIPMEN_3
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES - Schedule of Accounts Payable and Accruals (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 10,486 | $ 10,678 |
Supply chain finance programs | 3,124 | 3,133 |
Equipment project payables | 1,117 | 1,193 |
Non-income based tax payables | 456 | 403 |
Accounts payable and equipment project payables | $ 15,184 | $ 15,408 |
ACCOUNTS PAYABLE AND EQUIPMEN_4
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYBLES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Payables and Accruals [Abstract] | ||
Supplier finance program, invoices paid | $ 1,705 | $ 2,079 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) $ in Millions | 3 Months Ended | 63 Months Ended | ||
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Insurance revenues | $ 879 | $ 791 | ||
Net earnings (loss) | $ 1,563 | 7,478 | ||
Percent of portfolio held in office sector | 33.30% | 33.30% | ||
Gross premium income | $ 207 | 214 | ||
Interest accretion | 439 | 435 | ||
Policyholder account balance | 1,686 | 1,921 | $ 1,686 | |
Policyholder account balance, surrender, withdrawal and benefit payments | 106 | 120 | ||
Policyholder account balance, net additions and interest credited | 66 | 75 | ||
Capital contributions to insurance subsidiaries | $ 1,820 | $ 15,035 | ||
Minimum | ||||
Disaggregation of Revenue [Line Items] | ||||
Policyholder account balance, crediting rate | 3% | 3% | 3% | |
Maximum | ||||
Disaggregation of Revenue [Line Items] | ||||
Policyholder account balance, crediting rate | 6% | 6% | 6% | |
Long-term care | ||||
Disaggregation of Revenue [Line Items] | ||||
Gross premium income | $ 123 | 124 | ||
Interest accretion | 318 | 310 | ||
Life | ||||
Disaggregation of Revenue [Line Items] | ||||
Gross premium income | 79 | 84 | ||
Structured settlement annuities | ||||
Disaggregation of Revenue [Line Items] | ||||
Interest accretion | 111 | 115 | ||
Run-off insurance operations | ||||
Disaggregation of Revenue [Line Items] | ||||
Insurance revenues | 879 | 791 | ||
Gross profit (loss) | 200 | 70 | ||
Net earnings (loss) | 158 | $ 54 | ||
Investment securities | 38,304 | $ 38,304 | $ 37,592 | |
Limited partnerships | 3,498 | 3,498 | 3,300 | |
Run-off insurance operations | CMBS | ||||
Disaggregation of Revenue [Line Items] | ||||
Debt securities, net | 1,924 | 1,924 | 1,947 | |
Debt securities, allowance for credit losses | $ 61 | $ 61 | $ 48 | |
Number of delinquent loans | loan | 4 | 4 | ||
Number of nonaccrual loans | loan | 1 | 1 | ||
Weighted average loan to value ratio | 70% | 70% | ||
Debt service coverage ratio | 1.6 | 1.6 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | $ 36,059 | $ 37,689 | |
Investment contracts | 1,486 | 1,535 | |
Other | 389 | 400 | |
Total | 37,934 | 39,624 | |
Long-term care | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 25,722 | 26,832 | $ 26,054 |
Investment contracts | 0 | 0 | |
Other | 0 | 0 | |
Total | 25,722 | 26,832 | |
Structured settlement annuities | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 8,909 | 9,357 | 9,349 |
Investment contracts | 776 | 793 | |
Other | 0 | 0 | |
Total | 9,685 | 10,150 | |
Life | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 1,054 | 1,117 | $ 1,045 |
Investment contracts | 0 | 0 | |
Other | 112 | 116 | |
Total | 1,166 | 1,233 | |
Other contracts | |||
Liability for Future Policy Benefit, Activity [Line Items] | |||
Future policy benefit reserves | 375 | 382 | |
Investment contracts | 710 | 742 | |
Other | 277 | 285 | |
Total | $ 1,361 | $ 1,409 |
INSURANCE LIABILITIES AND ANN_5
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Changes in Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Present value of expected future policy benefits | ||||
Future policy benefit reserves | $ 36,059 | $ 37,689 | ||
Long-term care | ||||
Present value of expected net premiums | ||||
Balance, beginning of year | 4,063 | $ 4,059 | ||
Beginning balance at locked-in discount rate | 3,745 | 3,958 | ||
Effect of changes in cash flow assumptions | 17 | $ 0 | ||
Effect of actual variances from expected experience | 6 | 29 | ||
Adjusted beginning of year balance | 3,769 | 3,987 | ||
Interest accrual | 51 | 53 | ||
Net premiums collected | (98) | (103) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 3,721 | 3,936 | ||
Effect of changes in discount rate assumptions | 211 | 281 | ||
Balance, end of period | 3,932 | 4,217 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 30,895 | 28,316 | ||
Beginning balance at locked-in discount rate | 27,190 | 27,100 | 27,144 | 27,026 |
Effect of changes in cash flow assumptions | (7) | (11) | ||
Effect of actual variances from expected experience | 43 | 30 | ||
Adjusted beginning of year balance | 27,180 | 27,046 | ||
Interest accrual | 368 | 363 | ||
Benefit payments | (359) | (309) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 27,190 | 27,100 | ||
Effect of changes in discount rate assumptions | 2,465 | 3,171 | ||
Balance, end of period | 29,654 | 30,271 | ||
Future policy benefit reserves | 25,722 | 26,054 | 26,832 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (165) | (204) | ||
Net future policy benefit reserves, after reinsurance recoverables | 25,557 | 25,850 | ||
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 | 9,357 | 8,860 | ||
Beginning balance at locked-in discount rate | 8,484 | 8,730 | 8,561 | 8,790 |
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | (29) | (1) | ||
Adjusted beginning of year balance | 8,532 | 8,789 | ||
Interest accrual | 111 | 115 | ||
Benefit payments | (159) | (174) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 8,484 | 8,730 | ||
Effect of changes in discount rate assumptions | 425 | 619 | ||
Balance, end of period | 8,909 | 9,349 | ||
Future policy benefit reserves | 8,909 | 9,349 | 9,357 | |
Less: Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | ||
Net future policy benefit reserves, after reinsurance recoverables | 8,909 | 9,349 | ||
Life | ||||
Present value of expected net premiums | ||||
Balance, beginning of year | 4,803 | 4,828 | ||
Beginning balance at locked-in discount rate | 4,773 | 5,210 | ||
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | (2) | (35) | ||
Adjusted beginning of year balance | 4,771 | 5,175 | ||
Interest accrual | 45 | 50 | ||
Net premiums collected | (70) | (73) | ||
Effect of foreign currency | (69) | (23) | ||
Ending balance at locked-in discount rate | 4,678 | 5,129 | ||
Effect of changes in discount rate assumptions | (151) | (149) | ||
Balance, end of period | 4,527 | 4,979 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 5,921 | 5,868 | ||
Beginning balance at locked-in discount rate | 5,707 | 6,148 | 5,847 | 6,247 |
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | (13) | 2 | ||
Adjusted beginning of year balance | 5,833 | $ 6,250 | ||
Interest accrual | 55 | 60 | ||
Benefit payments | (109) | (138) | ||
Effect of foreign currency | (73) | (24) | ||
Ending balance at locked-in discount rate | 5,707 | 6,148 | ||
Effect of changes in discount rate assumptions | (126) | (123) | ||
Balance, end of period | 5,581 | 6,025 | ||
Future policy benefit reserves | 1,054 | 1,045 | $ 1,117 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (29) | (57) | ||
Net future policy benefit reserves, after reinsurance recoverables | $ 1,025 | $ 988 |
INSURANCE LIABILITIES AND ANN_6
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Undiscounted and Discounted Expected Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | $ 7,376 | $ 7,924 |
Undiscounted, Benefit payments | 62,774 | 64,944 |
Discounted, Gross premiums | 4,794 | 5,105 |
Discounted, Benefit payments | 29,654 | 30,271 |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Benefit payments | 19,092 | 19,745 |
Discounted, Benefit payments | 8,909 | 9,349 |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | 12,082 | 13,537 |
Undiscounted, Benefit payments | 10,935 | 11,800 |
Discounted, Gross premiums | 5,446 | 6,104 |
Discounted, Benefit payments | $ 5,581 | $ 6,025 |
INSURANCE LIABILITIES AND ANN_7
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Weighted-Average Durations and Interest Rates (Details) | Mar. 31, 2024 | Mar. 31, 2023 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 12 years 4 months 24 days | 13 years 2 months 12 days |
Interest accretion rate | 5.60% | 5.50% |
Current discount rate | 5.20% | 5% |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 10 years 9 months 18 days | 11 years 2 months 12 days |
Interest accretion rate | 5.40% | 5.40% |
Current discount rate | 5.20% | 5% |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 5 years 3 months 18 days | 5 years 3 months 18 days |
Interest accretion rate | 5.20% | 5.10% |
Current discount rate | 5% | 4.80% |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) category | Mar. 31, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of categories | category | 3 | |
Defined contribution plan costs | $ 89 | $ 77 |
Deferred compensation expense | 9 | 20 |
Principal retiree benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plans income | 36 | 36 |
Other pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plans income | $ 13 | $ 29 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | $ 21 | $ 21 |
Expected return on plan assets | (578) | (594) |
Interest cost on benefit obligations | 453 | 474 |
Net actuarial loss amortization and other | (152) | (172) |
Benefit plans expense (income) | $ (256) | $ (271) |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Other Liabilities Disclosure [Abstract] | |
Increase (decrease) in other current liabilities | $ (370) |
Increase (decrease) in sales discounts and allowances | (107) |
Increase (decrease) in interest payable | (65) |
Increase (decrease) in taxes payable | (51) |
Increase (decrease) in other noncurrent liabilities | 347 |
Increase (decrease) in uncertain and other income taxes and related liabilities | 295 |
Increase (decrease) in environmental, health and safety liabilities, noncurrent | $ 100 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 17% | 4.20% |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | $ 28,579 | |
Ending balance | $ 31,104 | $ 32,823 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0.08 |
GE HealthCare | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | $ 195 | |
Accumulated other comprehensive income (loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (6,150) | $ (2,272) |
Ending balance | (5,603) | (3,289) |
Currency translation adjustments including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (3,623) | (5,893) |
AOCI before reclass, net of taxes | (35) | 152 |
Reclass from AOCI, net of taxes | 0 | 2,234 |
Other comprehensive income (loss) | (35) | 2,387 |
AOCI before reclasses, taxes | 26 | (5) |
Reclass from AOCI, taxes | 0 | (626) |
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) | 0 | (1) |
Currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (35) | 2,388 |
Ending balance | (3,658) | (3,505) |
Benefit plans including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | 1,786 | 6,531 |
AOCI before reclass, net of taxes | (29) | (84) |
Reclass from AOCI, net of taxes | (168) | (2,235) |
Other comprehensive income (loss) | (197) | (2,319) |
AOCI before reclasses, taxes | 8 | (13) |
Reclass from AOCI, taxes | (52) | (594) |
Benefit plans including noncontrolling interests | GE HealthCare | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | (2,030) | |
Benefit plans attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 2 | (2) |
Benefit plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (200) | (2,317) |
Ending balance | 1,586 | 4,214 |
Investment securities and cash flow hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (959) | (1,927) |
AOCI before reclass, net of taxes | (465) | 718 |
Reclass from AOCI, net of taxes | 11 | (12) |
Other comprehensive income (loss) | (453) | 706 |
Ending balance | (1,412) | (1,222) |
AOCI before reclasses, taxes | (116) | 188 |
Reclass from AOCI, taxes | 0 | 0 |
Long-duration insurance contracts | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (3,354) | (983) |
AOCI before reclass, net of taxes | 1,236 | (1,793) |
Other comprehensive income (loss) | 1,236 | (1,793) |
Ending balance | (2,119) | (2,776) |
AOCI before reclasses, taxes | $ 328 | $ (477) |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares outstanding | 2,795,444 | ||
Common stock, shares outstanding | 1,094,606,676 | 1,088,415,995 | |
Preferred stock | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stock repurchased | $ 3,000 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Diluted | ||
Earnings (loss) from continuing operations | $ 1,522 | $ 6,242 |
Preferred stock dividends and other and accretion of preferred share repurchase | 0 | (145) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,522 | 6,097 |
Earnings (loss) from discontinued operations | 14 | 1,257 |
Net earnings (loss) attributable to GE common shareholders | $ 1,537 | $ 7,354 |
Total average equivalent shares (in shares) | 1,091 | 1,089 |
Employee compensation-related shares (including stock options) (in shares) | 11 | 8 |
Total average equivalent shares (in shares) | 1,103 | 1,097 |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 1.38 | $ 5.56 |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0.01 | 1.15 |
Net earnings (loss) per share (in dollars per share) | $ 1.39 | $ 6.71 |
Potentially dilutive securities (in shares) | 12 | 38 |
Basic | ||
Earnings (loss) from continuing operations | $ 1,522 | $ 6,248 |
Preferred stock dividends and other and accretion of preferred share repurchase | 0 | (145) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,522 | 6,103 |
Earnings (loss) from discontinued operations | 14 | 1,257 |
Net earnings (loss) attributable to GE common shareholders | $ 1,537 | $ 7,360 |
Total average equivalent shares (in shares) | 1,091 | 1,089 |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 1.39 | $ 5.60 |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0.01 | 1.15 |
Net earnings (loss) per share (in dollars per share) | $ 1.41 | $ 6.76 |
Preferred share redemption, excise tax | $ (30) |
OTHER INCOME (LOSS) - Schedule
OTHER INCOME (LOSS) - Schedule of Other Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | $ 665 | $ 5,906 |
Other net interest and investment income (loss) | 252 | 186 |
Licensing and royalty income | 67 | 34 |
Purchases and sales of business interests | 9 | (52) |
Other items | 25 | 4 |
Total other income (loss) | $ 1,109 | $ 6,081 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total other income (loss) | Total other income (loss) |
Other (income) loss | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity method income | $ 128 | $ 0 |
Retained and sold ownership interests | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | 628 | 5,908 |
GE HealthCare | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | 616 | 6,093 |
AerCap | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | 12 | (195) |
Baker Hughes | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Realized and unrealized gain (loss) | $ 0 | $ 10 |
OTHER INCOME (LOSS) - Narrative
OTHER INCOME (LOSS) - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Dispositions of retained ownership interests, proceeds | $ 2,610 | $ 2,025 |
GE HealthCare | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Equity securities, investment interest (in shares) | 30.5 | |
Equity securities, ownership percentage | 6.70% | |
Dispositions of retained ownership interests, proceeds | $ 2,602 | |
Dispositions of retained ownership interests, shares sold (in shares) | 31.1 |
RESTRUCTURING CHARGES AND SEP_3
RESTRUCTURING CHARGES AND SEPARATION COSTS - Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 233 | $ 161 |
Restructuring and other charges cash expenditures | 154 | 137 |
Cost of sales | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 105 | 36 |
Selling, general and administrative expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 128 | 125 |
Operating segments | Aerospace | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 10 | 4 |
Operating segments | Renewable Energy | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 96 | 65 |
Operating segments | Power | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 47 | 19 |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 80 | 72 |
Workforce reductions | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 141 | 66 |
Plant closures & associated costs and other asset write-downs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 85 | 82 |
Acquisition/disposition net charges and other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | 7 | 12 |
Non-cash asset impairment, accelerated depreciation and other charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other charges | $ 125 | $ 75 |
RESTRUCTURING CHARGES AND SEP_4
RESTRUCTURING CHARGES AND SEPARATION COSTS - Changes in Restructuring Liability (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 918 | $ 977 |
Additions | 108 | 86 |
Payments | (137) | (87) |
Effect of foreign currency and other | (4) | 0 |
Ending balance | 885 | 976 |
Restructuring reserve | 885 | 976 |
Post-employment severance benefits | ||
Restructuring Reserve [Roll Forward] | ||
Ending balance | 325 | 353 |
Restructuring reserve | $ 325 | $ 353 |
RESTRUCTURING CHARGES AND SEP_5
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Separation costs | $ 355,000,000 | $ 205,000,000 |
Payments for restructuring costs | 137,000,000 | 87,000,000 |
Separation costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Separation costs | 355,000,000 | 205,000,000 |
Payments for restructuring costs | 247,000,000 | 204,000,000 |
Restructuring, incurred net tax expense (benefit) | (54,000,000) | 56,000,000 |
Separation costs | Discontinued operations | ||
Restructuring Cost and Reserve [Line Items] | ||
Separation costs | 0 | 20,000,000 |
Payments for restructuring costs | 9,000,000 | 85,000,000 |
Restructuring, incurred net tax expense (benefit) | $ 0 | $ (4,000,000) |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Liabilities | ||
Investment contracts (Note 13) | $ 1,486 | $ 1,535 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,453 | 2,438 |
Liabilities | ||
Borrowings (Note 11) | 20,525 | 20,965 |
Investment contracts (Note 13) | 1,486 | 1,535 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 2,333 | 2,379 |
Liabilities | ||
Borrowings (Note 11) | 20,037 | 20,689 |
Investment contracts (Note 13) | $ 1,547 | $ 1,616 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 55,045 | $ 57,211 |
All other current assets | ||
Derivative asset, statement of financial position | All other current assets (Note 10) | All other current assets (Note 10) |
Gross derivatives | $ 878 | $ 950 |
Netting and credit adjustments | (434) | (512) |
Net derivatives in statement of financial position | $ 445 | $ 437 |
All other current liabilities | ||
Derivative liability, statement of financial position | All other current liabilities (Note 15) | All other current liabilities (Note 15) |
Gross derivatives | $ 558 | $ 671 |
Netting and credit adjustments | (432) | (510) |
Net derivatives in statement of financial position | 126 | 161 |
Qualifying currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 6,064 | 6,648 |
All other current assets | ||
Gross derivatives | 161 | 156 |
All other current liabilities | ||
Gross derivatives | 81 | 91 |
Non-qualifying currency exchange contracts and other | ||
Derivative [Line Items] | ||
Gross Notional | 48,981 | 50,563 |
All other current assets | ||
Gross derivatives | 717 | 794 |
All other current liabilities | ||
Gross derivatives | $ 477 | $ 580 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges, Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Cumulative amount of fair value hedging adjustments | $ 1,130 | $ 1,226 | |
Cumulative amount of fair value hedging on discontinued hedging relationships | 1,130 | 1,226 | |
Hedged liability | $ 8,803 | $ 8,817 | |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term borrowings (Note 11) | Long-term borrowings (Note 11) |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivatives on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative [Line Items] | ||
Gain (loss) recognized in AOCI, cash flow hedges | $ 6 | $ 28 |
Gain (loss) recognized in AOCI, net investment hedges | 84 | (62) |
Reclassified from AOCI into earnings, investment hedges | 0 | 0 |
Foreign currency debt | ||
Derivative [Line Items] | ||
Carrying value designated as net investment hedges | $ 4,655 | $ 3,398 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow and Net Investment Hedges, Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | $ (25) |
Loss expected to be transferred to earnings as an expense | $ 43 |
Maximum term of hedged forecasted transactions | 12 years |
FINANCIAL INSTRUMENTS - Effec_2
FINANCIAL INSTRUMENTS - Effects of Derivatives on Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Revenues | $ 16,053 | $ 14,486 |
Interest Expense | 278 | 269 |
SG&A | 2,269 | 2,142 |
Other Income | 12,729 | 16,810 |
Revenues | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash flow hedges | 1 | 1 |
Non-hedging derivatives | 0 | 2 |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash flow hedges | (2) | (2) |
Non-hedging derivatives | 0 | 0 |
SG&A | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash flow hedges | 0 | 0 |
Non-hedging derivatives | 43 | 115 |
Other Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cash flow hedges | (4) | (2) |
Non-hedging derivatives | $ (38) | $ (58) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk, Narrative (Details) - Counterparty credit risk - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | $ 381 | $ 374 |
Net amount | $ 80 | $ 120 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Assets | $ 163,942 | $ 163,045 |
Liabilities | 132,838 | 134,466 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 240 | 117 |
Liabilities | 262 | 203 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 6,977 | 6,657 |
Unconsolidated VIEs | Energy Financial Services | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,293 | 1,272 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 5,447 | $ 5,151 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Investment commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,648 |
Run-off insurance operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,570 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,515 |
Unfunded lending commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 582 |
Aerospace | Financial assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,676 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Credit support agreement | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 909 |
Guarantee obligations, liability | 17 |
Indemnification agreement, TMA | GE HealthCare | Continuing operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 35 |
Other indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 285 |
Other indemnification agreements | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 710 |
Related reserves | 69 |
Other indemnification agreements | GE HealthCare | Continuing operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 71 |
Guarantee of indebtedness of others | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 25 |
Transition Services Agreement and Tax Matters Agreement | GE HealthCare | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | $ 77 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 1,999 | $ 2,053 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Alstom Legacy Matters | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 391 | $ 393 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits and GE Retirement Savings Plan Class Actions (Details) - GE retirement savings plan class actions | Mar. 31, 2024 proprietary_fund | Dec. 31, 2017 lawsuit |
Loss Contingencies [Line Items] | ||
Number of putative class actions | lawsuit | 4 | |
Number of propriety funds, allegedly underperforming | proprietary_fund | 5 |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - Bank BPH litigation - Bank BPH - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Litigation settlement expense | $ 1,014 | ||
Estimate loss | $ 2,517 | $ 2,669 |
COMMITMENTS, GUARANTEES, PROD_8
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Environmental, Health and Safety Matters (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims | $ 2,537 | $ 2,465 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - Subsequent event $ in Billions | Apr. 02, 2024 USD ($) |
GE Vernova | Financial guarantees and trade finance instruments | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Maximum exposure | $ 1.5 |
GE Vernova | Supply chain finance program and environmental matter | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Maximum exposure | 2.3 |
Maximum exposure, not expected to exceed beyond one year | 1.6 |
GE Vernova | Indemnification agreement, technology costs, separation costs, severance costs, environmental matters and tax matters | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Guarantee obligations, liability | 0.6 |
GE Vernova | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash balance | 4.2 |
Cash and cash equivalents, held for sale | $ 0.1 |
Spinoff | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Stock conversion ratio | 0.25 |
Spinoff | GE Vernova | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Postretirement and pension plan benefit obligation | $ 1.7 |
Deferred compensation and benefit obligations | 0.2 |
Cash contribution from GE | $ 0.5 |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 16,053 | $ 14,486 |
Revenues, V% | 11% | |
Interest and other financial charges | $ (278) | (269) |
Non-operating benefit income (cost) | 362 | 385 |
Benefit (provision) for income taxes | (318) | (271) |
Preferred stock dividends and other | 0 | (145) |
Earnings (loss) from continuing operations attributable to GE common shareholders | $ 1,522 | 6,103 |
Earnings (loss) from continuing operations attributable to GE common shareholders, V% | (75.00%) | |
Earnings (loss) from discontinued operations attributable to GE common shareholders | $ 14 | 1,257 |
Earnings (loss) from discontinued operations attributable to GE common shareholders, V% | (99.00%) | |
Net earnings (loss) attributable to GE common shareholders | $ 1,537 | 7,360 |
Net earnings (loss) attributable to GE common shareholders, V% | (79.00%) | |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 15,203 | 13,638 |
Revenues, V% | 11% | |
Gross profit (loss) | $ 1,532 | 987 |
Gross profit (loss), V% | 55% | |
Operating segments | Aerospace | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 8,064 | 6,981 |
Revenues, V% | 16% | |
Gross profit (loss) | $ 1,529 | 1,326 |
Gross profit (loss), V% | 15% | |
Operating segments | Renewable Energy | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 3,005 | 2,837 |
Revenues, V% | 6% | |
Gross profit (loss) | $ (226) | (414) |
Gross profit (loss), V% | 45% | |
Operating segments | Power | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 4,134 | 3,820 |
Revenues, V% | 8% | |
Gross profit (loss) | $ 229 | 75 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 850 | 848 |
Revenues, V% | 0% | |
Gross profit (loss) | $ 276 | 5,456 |
Gross profit (loss), V% | (95.00%) | |
Corporate | Energy Financial Services | ||
Segment Reporting Information [Line Items] | ||
Interest and other financial charges | $ (10) | (12) |
Benefit (provision) for income taxes | 62 | 51 |
Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Interest and other financial charges | $ (267) | (257) |
Interest and other financial charges, V% | (4.00%) | |
Non-operating benefit income (cost) | $ 362 | 385 |
Non-operating benefit cost (income), V% | (6.00%) | |
Benefit (provision) for income taxes | $ (380) | (322) |
Benefit (provision) for income taxes, V% | (18.00%) | |
Preferred stock dividends and other | $ 0 | $ (145) |