COVER
COVER | 6 Months Ended |
Jun. 30, 2024 shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2024 |
Document Transition Report | false |
Entity File Number | 001-00035 |
Entity Registrant Name | GENERAL ELECTRIC COMPANY |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | 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 Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,084,311,016 |
Amendment Flag | false |
Entity Central Index Key | 0000040545 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | ||||
Insurance revenues (Note 12) | $ 871 | $ 847 | $ 1,750 | $ 1,639 |
Total revenues | 9,094 | 8,755 | 18,048 | 16,591 |
Costs and expenses | ||||
Selling, general and administrative expenses | 924 | 913 | 1,950 | 1,845 |
Separation costs | 75 | 163 | 334 | 327 |
Research and development | 300 | 239 | 570 | 468 |
Interest and other financial charges | 248 | 249 | 511 | 497 |
Insurance losses, annuity benefits and other costs (Note 12) | 667 | 735 | 1,293 | 1,418 |
Non-operating benefit cost (income) | (204) | (249) | (421) | (488) |
Total costs and expenses | 7,584 | 7,742 | 15,558 | 14,759 |
Other income (loss) (Note 18) | (63) | 496 | 944 | 6,600 |
Earnings (loss) from continuing operations before income taxes | 1,447 | 1,509 | 3,434 | 8,432 |
Benefit (provision) for income taxes (Note 15) | (125) | (253) | (369) | (467) |
Earnings (loss) from continuing operations | 1,322 | 1,256 | 3,065 | 7,965 |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | (54) | (1,218) | (232) | (447) |
Net earnings (loss) | 1,268 | 37 | 2,833 | 7,518 |
Less net earnings (loss) attributable to noncontrolling interests | 2 | 4 | 28 | (23) |
Net earnings (loss) attributable to the Company | 1,266 | 33 | 2,805 | 7,541 |
Preferred stock dividends | 0 | (58) | 0 | (204) |
Net earnings (loss) attributable to common shareholders | 1,266 | (25) | 2,805 | 7,338 |
Amounts attributable to common shareholders | ||||
Earnings (loss) from continuing operations | 1,322 | 1,256 | 3,065 | 7,965 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | 2 | 2 | 4 | 6 |
Earnings (loss) from continuing operations attributable to the Company | 1,320 | 1,254 | 3,061 | 7,958 |
Preferred stock dividends | 0 | (58) | 0 | (204) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,320 | 1,195 | 3,061 | 7,755 |
Earnings (loss) from discontinued operations attributable to common shareholders | (54) | (1,221) | (256) | (417) |
Net earnings (loss) attributable to common shareholders | $ 1,266 | $ (25) | $ 2,805 | $ 7,338 |
Earnings (loss) per share from continuing operations (Note 17) | ||||
Diluted earnings (loss) per share (in dollars per share) | $ 1.20 | $ 1.09 | $ 2.78 | $ 7.06 |
Basic earnings (loss) per share (in dollars per share) | 1.21 | 1.10 | 2.81 | 7.12 |
Net earnings (loss) per share (Note 17) | ||||
Diluted earnings (loss) per share (in dollars per share) | 1.15 | (0.02) | 2.55 | 6.68 |
Basic earnings (loss) per share (in dollars per share) | $ 1.16 | $ (0.02) | $ 2.58 | $ 6.74 |
Equipment | ||||
Revenues | ||||
Sales | $ 2,175 | $ 2,532 | $ 4,596 | $ 4,506 |
Costs and expenses | ||||
Cost of sales | 2,302 | 2,626 | 4,767 | 4,744 |
Services | ||||
Revenues | ||||
Sales | 6,047 | 5,375 | 11,702 | 10,446 |
Costs and expenses | ||||
Cost of sales | $ 3,273 | $ 3,066 | $ 6,554 | $ 5,947 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Cash, cash equivalents and restricted cash | $ 12,107 | $ 15,204 |
Investment securities (Note 3) | 3,338 | 5,706 |
Current receivables (Note 4) | 8,370 | 8,703 |
Inventories, including deferred inventory costs (Note 5) | 9,469 | 8,284 |
Current contract assets (Note 8) | 2,719 | 2,875 |
All other current assets (Note 9) | 1,210 | 1,244 |
Assets of businesses held for sale (Note 2) | 137 | 541 |
Current assets | 37,352 | 42,556 |
Investment securities (Note 3) | 38,129 | 38,000 |
Property, plant and equipment – net (Note 6) | 7,095 | 7,246 |
Goodwill (Note 7) | 8,859 | 8,948 |
Other intangible assets – net (Note 7) | 4,394 | 4,642 |
Contract and other deferred assets (Note 8) | 4,801 | 4,785 |
All other assets (Note 9) | 13,405 | 11,695 |
Deferred income taxes (Note 15) | 7,338 | 7,502 |
Assets of discontinued operations (Note 2) | 1,817 | 47,927 |
Total assets | 123,190 | 173,300 |
Short-term borrowings (Note 10) | 1,700 | 1,108 |
Accounts payable (Note 11) | 7,707 | 7,516 |
Progress collections (Note 8) | 6,465 | 6,177 |
Contract liabilities and deferred income (Note 8) | 8,671 | 8,322 |
Sales discounts and allowances (Note 14) | 3,639 | 3,741 |
All other current liabilities (Note 14) | 4,506 | 4,860 |
Liabilities of businesses held for sale (Note 2) | 61 | 378 |
Current liabilities | 32,750 | 32,103 |
Deferred income (Note 8) | 960 | 975 |
Long-term borrowings (Note 10) | 17,973 | 19,417 |
Insurance liabilities and annuity benefits (Note 12) | 37,215 | 39,624 |
Non-current compensation and benefits (Note 14) | 7,248 | 7,656 |
All other liabilities (Note 14) | 6,534 | 5,708 |
Liabilities of discontinued operations (Note 2) | 1,667 | 39,213 |
Total liabilities | 104,347 | 144,695 |
Common stock (1,084,311,016 and 1,088,415,995 shares outstanding at June 30, 2024 and December 31, 2023, respectively) (Note 16) | 15 | 15 |
Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16) | (4,035) | (6,150) |
Other capital | 25,282 | 26,962 |
Retained earnings | 77,349 | 86,553 |
Less common stock held in treasury | (80,013) | (79,976) |
Total shareholders’ equity | 18,598 | 27,403 |
Noncontrolling interests | 245 | 1,202 |
Total equity | 18,843 | 28,605 |
Total liabilities and equity | $ 123,190 | $ 173,300 |
STATEMENT OF FINANCIAL POSITI_2
STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Common stock, shares outstanding | 1,084,311,016 | 1,088,415,995 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows – operating activities | ||
Net earnings (loss) | $ 2,833 | $ 7,518 |
(Earnings) loss from discontinued operations activities | 232 | 447 |
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities: | ||
Depreciation and amortization of property, plant and equipment | 401 | 394 |
Amortization of intangible assets (Note 7) | 172 | 184 |
(Gains) losses on equity securities (Note 18) | (314) | (6,286) |
Principal pension plans cost (Note 13) | (328) | (380) |
Principal pension plans employer contributions | (94) | (90) |
Other postretirement benefit plans (net) | (155) | (189) |
Provision (benefit) for income taxes (Note 15) | 369 | 467 |
Cash recovered (paid) during the year for income taxes | 91 | (486) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | (48) | (341) |
Decrease (increase) in inventories, including deferred inventory costs | (1,201) | (667) |
Decrease (increase) in current contract assets | 155 | 63 |
Increase (decrease) in contract liabilities and current deferred income | 386 | 617 |
Increase (decrease) in progress collections | 290 | 52 |
Increase (decrease) in accounts payable | 427 | 186 |
Increase (decrease) in sales discount and allowances | (102) | 32 |
All other operating activities | (528) | 42 |
Cash from (used for) operating activities – continuing operations | 2,586 | 1,564 |
Cash from (used for) operating activities – discontinued operations | (681) | (1,338) |
Cash from (used for) operating activities | 1,905 | 226 |
Cash flows – investing activities | ||
Additions to property, plant and equipment and internal-use software | (499) | (390) |
Dispositions of property, plant and equipment | 87 | 48 |
Proceeds from principal business dispositions | 74 | 0 |
Net cash from (payments for) principal businesses purchased | 0 | (41) |
Sales of retained ownership interests | 2,610 | 4,304 |
Net (purchases) dispositions of insurance investment securities | (965) | (1,381) |
All other investing activities | (3,294) | (259) |
Cash from (used for) investing activities – continuing operations | (1,987) | 2,281 |
Cash from (used for) investing activities – discontinued operations | (1,491) | (2,452) |
Cash from (used for) investing activities | (3,478) | (171) |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | 2 | (60) |
Newly issued debt (maturities longer than 90 days) | 0 | 0 |
Repayments and other debt reductions (maturities longer than 90 days) | (616) | (2,526) |
Dividends paid to shareholders | (394) | (350) |
Redemption of preferred stock | 0 | (3,000) |
Purchases of common stock for treasury | (2,623) | (632) |
All other financing activities | 636 | 218 |
Cash from (used for) financing activities – continuing operations | (2,994) | (6,349) |
Cash from (used for) financing activities – discontinued operations | (98) | 1,955 |
Cash from (used for) financing activities | (3,092) | (4,394) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (143) | 79 |
Increase (decrease) in cash, cash equivalents and restricted cash | (4,808) | (4,260) |
Cash, cash equivalents and restricted cash at beginning of year | 19,755 | 19,092 |
Cash, cash equivalents and restricted cash at June 30 | 14,947 | 14,832 |
Less cash, cash equivalents and restricted cash of discontinued operations at June 30 | (1,398) | (3,104) |
Cash, cash equivalents and restricted cash of continuing operations at June 30 | $ 13,549 | $ 11,728 |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 1,268 | $ 37 | $ 2,833 | $ 7,518 |
Less: net earnings (loss) attributable to noncontrolling interests | 2 | 4 | 28 | (23) |
Net earnings (loss) attributable to the Company | 1,266 | 33 | 2,805 | 7,541 |
Other comprehensive income (loss) | ||||
Currency translation adjustments | 2,123 | 95 | 2,087 | 2,481 |
Benefit plans | (789) | (173) | (987) | (2,492) |
Investment securities and cash flow hedges | (304) | (474) | (758) | 231 |
Long-duration insurance contracts | 518 | 267 | 1,753 | (1,527) |
Less: other comprehensive income (loss) attributable to noncontrolling interests | (19) | (2) | (17) | (5) |
Other comprehensive income (loss) attributable to the Company | 1,568 | (284) | 2,115 | (1,301) |
Comprehensive income (loss) | 2,817 | (249) | 4,931 | 6,212 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (17) | 3 | 11 | (28) |
Comprehensive income (loss) attributable to the Company | $ 2,834 | $ (251) | $ 4,920 | $ 6,240 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | GE Aerospace shareholders' equity balance | Accumulated other comprehensive income (loss) | Currency translation adjustments | Benefit plans | Investment securities and cash flow hedges AOCI | Long-duration insurance contracts | Other capital | Retained earnings | Common stock held in treasury | Noncontrolling Interests balance | [3] | |
Beginning balance at Dec. 31, 2022 | $ (2,272) | $ (983) | $ 34,173 | $ 83,001 | $ (81,209) | ||||||||
Ending balance at Mar. 31, 2023 | (3,289) | (2,776) | 30,729 | 84,982 | (80,762) | ||||||||
Beginning balance at Dec. 31, 2022 | (2,272) | (983) | 34,173 | 83,001 | (81,209) | ||||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | $ 2,484 | $ (2,490) | $ 231 | (1,527) | |||||||||
Purchases | (638) | ||||||||||||
Dispositions | (1,012) | 1,323 | |||||||||||
Stock-based compensation | 170 | ||||||||||||
Other changes | [1] | (2,906) | |||||||||||
Net earnings (loss) attributable to the Company | $ 7,541 | 7,541 | |||||||||||
Dividends and other transactions with shareholders | [2] | (5,676) | |||||||||||
Other | 6 | ||||||||||||
Ending balance at Jun. 30, 2023 | 32,393 | $ 31,219 | (3,573) | (3,409) | 4,041 | (1,696) | (2,510) | 30,426 | 84,873 | (80,524) | $ 1,174 | ||
Beginning balance at Mar. 31, 2023 | (3,289) | (2,776) | 30,729 | 84,982 | (80,762) | ||||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | 96 | (173) | (474) | 267 | |||||||||
Purchases | (326) | ||||||||||||
Dispositions | (393) | 564 | |||||||||||
Stock-based compensation | 97 | ||||||||||||
Other changes | [1] | (8) | |||||||||||
Net earnings (loss) attributable to the Company | 33 | 33 | |||||||||||
Dividends and other transactions with shareholders | [2] | (142) | |||||||||||
Other | 0 | ||||||||||||
Ending balance at Jun. 30, 2023 | 32,393 | 31,219 | (3,573) | (3,409) | 4,041 | (1,696) | (2,510) | 30,426 | 84,873 | (80,524) | 1,174 | ||
Preferred stock issued | 3 | ||||||||||||
Common stock issued | 15 | ||||||||||||
Common stock issued | 15 | ||||||||||||
Beginning balance at Dec. 31, 2023 | 28,605 | (6,150) | (3,354) | 26,962 | 86,553 | (79,976) | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | 2,109 | (980) | (768) | 1,753 | |||||||||
Purchases | (2,652) | ||||||||||||
Dispositions | (1,877) | 2,615 | |||||||||||
Stock-based compensation | 232 | ||||||||||||
Other changes | [1] | (35) | |||||||||||
Net earnings (loss) attributable to the Company | 2,805 | 2,805 | |||||||||||
Dividends and other transactions with shareholders | [2] | (11,987) | |||||||||||
Other | (21) | ||||||||||||
Ending balance at Jun. 30, 2024 | 18,843 | 18,598 | (4,035) | (1,514) | 806 | (1,727) | (1,601) | 25,282 | 77,349 | (80,013) | 245 | ||
Beginning balance at Mar. 31, 2024 | (5,603) | (2,119) | 25,887 | 88,090 | (78,508) | ||||||||
Increase (decrease) in shareholders' equity | |||||||||||||
Other comprehensive income (loss) | 2,144 | (780) | (314) | 518 | |||||||||
Purchases | (2,335) | ||||||||||||
Dispositions | (686) | 831 | |||||||||||
Stock-based compensation | 118 | ||||||||||||
Other changes | [1] | (36) | |||||||||||
Net earnings (loss) attributable to the Company | 1,266 | 1,266 | |||||||||||
Dividends and other transactions with shareholders | [2] | (11,989) | |||||||||||
Other | (18) | ||||||||||||
Ending balance at Jun. 30, 2024 | 18,843 | $ 18,598 | $ (4,035) | $ (1,514) | $ 806 | $ (1,727) | $ (1,601) | $ 25,282 | $ 77,349 | $ (80,013) | $ 245 | ||
Preferred stock issued | 0 | ||||||||||||
Common stock issued | $ 15 | ||||||||||||
[1]Included a $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. Included a $11,375 million decrease in Retained earnings reflecting a distribution of all the shares of GE Vernova on April 2, 2024.[3]Included a reclassification of $1,007 million of noncontrolling interests attributable to GE Vernova to retained earnings as a result of the separation on April 2, 2024. |
STATEMENT OF CHANGES IN SHARE_2
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Apr. 02, 2024 | Jan. 03, 2023 |
Reduction of non-controlling interest | $ 1,007 | |
Spinoff | GE HealthCare | ||
Ownership interest disposed of | 80.10% | |
Retained earnings | ||
Spinoff transaction adjustment | $ 11,375 | $ 5,300 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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, contract assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, incremental losses related to our contingencies, 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. On April 2, 2024, the Company completed the separation of its GE Vernova business into an independent publicly traded company, GE Vernova, Inc. (GE Vernova). See Note 2 for further information. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. In the fourth quarter of 2022, we classified our captive industrial insurance subsidiary, Electric Insurance Company, domiciled in Massachusetts, into held for sale. In the second quarter of 2024, we completed the sale to Riverstone International Holdings Inc. for cash proceeds of $120 million. In the second quarter of 2024, we signed a binding agreement to sell our non-core licensing business to Dolby Laboratories, Inc. for cash proceeds of $429 million, and classified the business as held for sale. GE Aerospace will retain intellectual property related to its core aerospace and defense technologies as well as the trademark portfolio for the GE brand. We expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the second half of 2024. Closing the transaction is expected to result in a gain. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE June 30, 2024 December 31, 2023 Non-current captive insurance investment securities $ — $ 570 Property, plant and equipment and intangible assets - net 89 17 Valuation allowance on disposal group classified as held for sale — (124) All other assets 49 77 Assets of businesses held for sale $ 137 $ 541 Insurance liabilities and annuity benefits $ — $ 376 Accounts payable and other liabilities 21 1 Borrowings 39 — Liabilities of businesses held for sale $ 61 $ 378 DISCONTINUED OPERATIONS primarily comprise our former GE Vernova and GE HealthCare businesses, 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 Vernova. On April 2, 2024, we completed the previously announced separation of GE Vernova. The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of all the outstanding shares of GE Vernova to holders of the Company's common stock. In connection with the GE Vernova separation, the historical results of GE Vernova and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. In addition, the Company contributed $515 million of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of separation was $4,242 million. We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova continue to provide certain services to each other for a period of time following the separation, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the three months ended June 30, 2024, we had direct and indirect sales of $69 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $477 million related to the transition services agreement and sales of engines and parts. GE HealthCare . On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of the Company's 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 Aerospace consolidated financial statements as discontinued operations. We have continuing involvement with GE HealthCare primarily through a transition services agreement, through which GE Aerospace and GE HealthCare continue to provide certain services to each other for a period of time following the separation, a tax matters agreement and a trademark licensing agreement. For the six months ended June 30, 2024, we collected net cash of $157 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, a settlement program was adopted and we 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 $2,474 million and $2,669 million as of June 30, 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 Aerospace were required during the six months ended June 30, 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 22. 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 were zero in pre-tax charges for both the three and six months ended June 30, 2024, and $1,014 million and $1,189 million in pre-tax charges for the three and six months ended June 30, 2023, respectively, primarily related to the ongoing borrower litigation. At June 30, 2024, the total portfolio had no carrying value, net of a valuation allowance. RESULTS OF DISCONTINUED OPERATIONS Three months ended June 30 2024 2023 GE Vernova GE HealthCare Bank BPH & Other Total GE Vernova GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ — $ 8,136 $ — $ — $ 8,136 Cost of equipment and services sold — — — — (6,885) — — (6,885) Other income, costs and expenses (11) 10 (2) (2) (1,373) — (1,040) (2,412) Earnings (loss) of discontinued operations before income taxes (11) 10 (2) (2) (121) — (1,040) (1,161) Benefit (provision) for income taxes (58) (2) (1) (61) (79) 6 11 (62) Earnings (loss) of discontinued operations, net of taxes (68) 8 (3) (63) (200) 6 (1,029) (1,222) Gain (loss) on disposal before income taxes — — 9 9 — — 4 4 Benefit (provision) for income taxes — — — — — — — — Gain (loss) on disposal, net of taxes — — 9 9 — — 4 4 Earnings (loss) from discontinued operations, net of taxes $ (68) $ 8 $ 6 $ (54) $ (200) $ 6 $ (1,025) $ (1,218) RESULTS OF DISCONTINUED OPERATIONS Six months ended June 30 2024 2023 GE Vernova GE HealthCare Bank BPH & Other Total GE Vernova GE HealthCare Bank BPH & Other Total Total revenues $ 7,244 $ — $ — $ 7,244 $ 14,923 $ — $ — $ 14,923 Cost of equipment and services sold (6,074) — — (6,074) (12,752) — — (12,752) Other income, costs and expenses (1,299) 11 4 (1,284) (2,719) (20) (1,241) (3,980) Earnings (loss) of discontinued operations before income taxes (129) 11 4 (115) (548) (20) (1,241) (1,809) Benefit (provision) for income taxes (132) (2) 5 (129) (137) 1,485 10 1,359 Earnings (loss) of discontinued operations, net of taxes (261) 9 9 (243) (685) 1,466 (1,231) (450) Gain (loss) on disposal before income taxes — — 11 11 — — 4 4 Benefit (provision) for income taxes — — — — — — — — Gain (loss) on disposal, net of taxes — — 11 11 — — 4 4 Earnings (loss) from discontinued operations, net of taxes $ (261) $ 9 $ 20 $ (232) $ (685) $ 1,466 $ (1,227) $ (447) The tax benefit for the six months ended June 30, 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 June 30, 2024 December 31, 2023 Cash, cash equivalents and restricted cash $ 1,398 $ 3,762 Current receivables 12 7,324 Inventories, including deferred inventory costs — 8,245 Goodwill — 4,437 Other intangible assets - net — 1,053 Contract and other deferred assets — 8,959 Property, plant and equipment - net 48 5,306 All other assets 332 5,750 Deferred income taxes 28 3,093 Assets of discontinued operations(a)(b) $ 1,817 $ 47,927 Accounts payable $ 81 $ 8,475 Contract liabilities, progress collections & deferred income — 15,255 Long-term borrowings — 294 Non-current compensation and benefits 34 3,589 All other liabilities(a) 1,552 11,600 Liabilities of discontinued operations(b) $ 1,667 $ 39,213 (a) Included $1,742 million and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,501 million and $1,712 million related to estimated borrower litigation losses, and $973 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 June 30, 2024 and December 31, 2023, respectively. Accordingly, total estimated losses related to borrower litigation were $2,474 million and $2,669 million as of June 30, 2024 and December 31, 2023, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of June 30, 2024 and December 31, 2023. (b) Included $113 million and $46,233 million of assets and $288 million and $38,021 million of liabilities for GE Vernova as of June 30, 2024 and December 31, 2023, respectively. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | 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 comprised 30.5 million shares (approximately 6.7% ownership interest) at June 30, 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 June 30, 2024. June 30, 2024 December 31, 2023 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 2,379 $ — $ — $ — $ 4,761 Equity note (AerCap) — — — 959 — — — 944 Current investment securities $ — $ — $ — $ 3,338 $ — $ — $ — $ 5,706 Debt U.S. corporate $ 27,771 $ 618 $ (2,122) $ 26,268 $ 27,495 $ 1,034 $ (1,606) $ 26,923 Non-U.S. corporate 2,710 23 (270) 2,463 2,529 34 (209) 2,353 State and municipal 2,647 36 (220) 2,464 2,828 79 (185) 2,723 Mortgage and asset-backed 5,044 40 (220) 4,864 4,827 34 (291) 4,571 Government and agencies 1,985 1 (114) 1,873 1,213 3 (116) 1,100 Other equity 198 — — 198 331 — — 331 Non-current investment securities $ 40,356 $ 719 $ (2,946) $ 38,129 $ 39,222 $ 1,183 $ (2,406) $ 38,000 The amortized cost of debt securities excludes accrued interest of $468 million and $466 million at June 30, 2024 and December 31, 2023, respectively , which is reported in All other current assets. The estimated fair value of investment securities at June 30, 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 $21,476 million and $18,730 million, of which $16,283 million and $17,146 million had gross unrealized losses of $(2,813) million and $(2,370) million and had been in a loss position for 12 months or more at June 30, 2024 and December 31, 2023, respectively. Gross unrealized losses of $(2,946) million at June 30, 2024 included $(2,122) million related to U.S. corporate securities, $(138) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(71) million related to Asset-backed securities. The majority of our U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and insurance industries. 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 June 30 Six months ended June 30 2024 2023 2024 2023 Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) $ (378) $ 522 $ 62 $ 6,562 Proceeds from debt/equity securities sales and early redemptions 1,083 3,745 4,278 6,754 Gross realized gains on debt securities 9 26 17 38 Gross realized losses on debt securities (28) (25) (38) (46) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at June 30, 2024 are as follows: Amortized cost Estimated fair value Within one year $ 1,422 $ 1,417 After one year through five years 5,249 5,269 After five years through ten years 4,911 4,917 After ten years 23,532 21,463 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 $7,088 million and $6,841 million are classified within Level 3, as significant inputs to their valuation models are unobservable at June 30, 2024 and December 31, 2023, respectively. During the six months ended June 30, 2024 and 2023 there were no significant transfers into or out of Level 3, respectively. In addition to the equity securities described above, we hold $1,141 million and $974 million of equity securities without RDFV including $1,115 million and $939 million at Insurance at June 30, 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 $29 million and $26 million, and $63 million and $35 million for the three and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES June 30, 2024 December 31, 2023 Customer receivables $ 6,484 $ 6,397 Revenue sharing partners receivables(a) 1,223 1,252 Non-income based tax receivables 117 129 Supplier advances 351 401 Receivables from disposed businesses 217 121 Other sundry receivables 114 534 Allowance for credit losses(b) (135) (132) Total current receivables $ 8,370 $ 8,703 (a) Revenue sharing partners receivables are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Allowance for credit losses increased primarily due to new provisions of $10 million. 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 $240 million and $434 million in the six months ended June 30, 2024 a nd 2023, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in the Commercial Engines & Services business, the Company has no continuing involvement; fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. LONG-TERM RECEIVABLES June 30, 2024 December 31, 2023 Long-term customer receivables $ 172 $ 163 Supplier advances 30 32 Sundry receivables 114 158 Allowance for credit losses (3) (4) Total long-term receivables $ 313 $ 349 |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS June 30, 2024 December 31, 2023 Raw materials and work in process $ 7,263 $ 6,531 Finished goods 1,277 1,209 Deferred inventory costs(a) 929 544 Inventories, including deferred inventory costs $ 9,469 $ 8,284 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES June 30, 2024 December 31, 2023 Original cost $ 15,439 $ 15,338 Less accumulated depreciation and amortization (9,430) (9,252) Right-of-use operating lease assets 1,086 1,160 Property, plant and equipment – net $ 7,095 $ 7,246 Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities All other liabilities |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS In conjunction with the GE Vernova separation, we changed our segment reporting structure. As a result, all prior period balances for those segments were updated to reflect this change. Commercial Engines & Services Defense & Propulsion Technologies Total Balance at January 1, 2024 $ 6,472 $ 2,476 $ 8,948 Goodwill adjustments(a) (70) (19) (88) Balance at June 30, 2024 $ 6,402 $ 2,457 $ 8,859 (a) Goodwill adjustments are primarily related to foreign currency exchange. The composition of our reporting units for evaluation of goodwill impairment has changed. As a result, we allocated goodwill among new and realigned reporting units using a relative fair value approach and performed assessments for the new reporting units. We continue to monitor our Additive reporting unit, which was not impacted by the reorganization, in our Defense & Propulsion Technologies 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. If the operating results and cash flow forecasts of the Additive reporting unit deteriorate, we may be required to impair some or all of the goodwill. At June 30, 2024, our Additive reporting unit had goodwill of $241 million. |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS | CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $474 million for the six months ended June 30, 2024, primarily due to an increase of $435 million of long-term service agreements liabilities, and a decrease in long-term service agreement assets of $261 million, offset by an increase in equipment and other service agreements of $105 million. In aggregate, the net liability for long-term service agreements increased primarily due to billings of $4,181 million and net unfavorable changes in estimated profitability of $184 million, primarily in Commercial Engines & Services, partially offset by revenues recognized of $3,721 million. Revenues recognized for contracts included in a liability position at the beginning of the year were $3,537 million and $3,145 million for the six months ended June 30, 2024 and 2023, respectively. CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOME June 30, 2024 December 31, 2023 Long-term service agreements $ 2,116 $ 2,377 Equipment and other service agreements 603 498 Current contract assets $ 2,719 $ 2,875 Nonrecurring engineering costs(a) $ 2,434 $ 2,444 Customer advances and other(b) 2,367 2,342 Contract and other deferred assets 4,801 4,785 Total contract and other deferred assets $ 7,521 $ 7,660 Long-term service agreement liabilities $ 8,337 $ 7,902 Current deferred income 335 420 Contract liabilities and current deferred income $ 8,671 $ 8,322 Non-current deferred income 960 975 Total contract liabilities and deferred income $ 9,631 $ 9,297 Contract assets (liabilities) and other deferred assets (income) $ (2,111) $ (1,637) (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Defense & Propulsion Technologies segment, which are amortized ratably over each unit produced. We assess the recoverability of these costs and if we determine the costs are no longer probable of recovery, the asset is impaired. (b) Included amounts due from customers within our Commercial Engines & Services segment for the sales of engines, spare parts and services, which we collect through fixed or usage-based billings from the sale of spare parts and servicing of equipment under long-term service agreements. Progress collections |
ALL OTHER ASSETS
ALL OTHER ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | 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, pension surplus and prepaid taxes and other deferred charges. All other non-current assets increased $1,710 million in the six months ended June 30, 2024, primarily due to an increase in Insurance cash and cash equivalents of $659 million, an increase of indemnity assets of $502 million, primarily related to GE Vernova, an increase in equity method investments of $259 million and an increase in prepaid taxes and deferred charges of $170 million. Insurance cash and cash equivalents was $1,442 million and $784 million at June 30, 2024 and December 31, 2023, respectively. |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS June 30, 2024 December 31, 2023 Current portion of long-term borrowings Senior notes $ 1,630 $ 1,044 Subordinated notes and other 71 27 Other short-term borrowings — 37 Total short-term borrowings $ 1,700 $ 1,108 Senior notes 16,155 17,509 Subordinated notes 1,359 1,383 Other 458 525 Total long-term borrowings $ 17,973 $ 19,417 Total borrowings $ 19,673 $ 20,525 |
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | ACCOUNTS PAYABLE June 30, 2024 December 31, 2023 Trade payables $ 5,604 $ 5,290 Supply chain finance programs 1,496 1,472 Sundry payables 608 754 Accounts payable $ 7,707 $ 7,516 We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE Aerospace 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 $1,799 million and $1,510 million for the six months ended June 30, 2024 and 2023, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 6 Months Ended |
Jun. 30, 2024 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 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 $871 million and $847 million, profit was $170 million and $64 million and net earnings was $134 million and $50 million for the three months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, revenues were $1,750 million and $1,639 million, profit was $370 million and $134 million and net earnings was $292 million and $104 million, respectively. These operations were primarily supported by investment securities of $37,739 million and $37,592 million, limited partnerships of $3,741 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 $1,900 million and $1,947 million (net of allowance for credit losses of $65 million and $48 million), as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024, the commercial mortgage loan portfolio had three delinquent loans, two non-accrual loans and about one-third of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 74%, debt service coverage of 1.5, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below. June 30, 2024 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 25,301 $ 8,700 $ 1,010 $ 365 $ 35,376 Investment contracts — 762 — 689 1,451 Other — — 118 270 388 Total $ 25,301 $ 9,463 $ 1,127 $ 1,324 $ 37,215 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. June 30, 2024 June 30, 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 16 — — 1 — — Effect of actual variances from expected experience (26) — (34) 31 — (87) Adjusted beginning of year balance 3,735 — 4,739 3,991 — 5,122 Interest accrual 101 — 90 105 — 100 Net premiums collected (196) — (140) (201) — (150) Effect of foreign currency — — (91) — — 86 Ending balance at locked-in discount rate 3,640 — 4,597 3,895 — 5,159 Effect of changes in discount rate assumptions 164 — (183) 239 — (162) Balance, end of year $ 3,803 $ — $ 4,415 $ 4,134 $ — $ 4,997 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 (10) — — (14) — — Effect of actual variances from expected experience 7 (25) (51) 26 10 (44) Adjusted beginning of year balance 27,141 8,536 5,796 27,038 8,800 6,203 Interest accrual 738 222 110 727 229 119 Benefit payments (693) (328) (219) (630) (338) (287) Effect of foreign currency — — (96) — — 91 Ending balance at locked-in discount rate 27,185 8,429 5,591 27,135 8,691 6,126 Effect of changes in discount rate assumptions 1,920 271 (166) 2,887 533 (144) Balance, end of year $ 29,105 $ 8,700 $ 5,424 $ 30,022 $ 9,224 $ 5,983 Net future policy benefit reserves $ 25,301 $ 8,700 $ 1,010 $ 25,888 $ 9,224 $ 985 Less: Reinsurance recoverables, net of allowance for credit losses (155) — (31) (186) — (34) Net future policy benefit reserves, after reinsurance recoverables $ 25,146 $ 8,700 $ 979 $ 25,702 $ 9,224 $ 952 The Statement of Earnings (Loss) for the six months ended June 30, 2024 and 2023, included gross premiums or assessments of $409 million and $424 million and interest accretion of $879 million and $869 million, respectively. For the six months ended June 30, 2024 and 2023, gross premiums or assessments was substantially all related to long-term care of $242 million and $246 million and life of $156 million and $166 million while interest accretion was substantially all related to long-term care of $637 million and $621 million and structured settlement annuities of $222 million and $229 million, respectively. The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. June 30, 2024 June 30, 2023 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term Care: Gross premiums $ 7,244 $ 4,665 $ 7,807 $ 4,995 Benefit payments 62,387 29,105 64,585 30,022 Structured Settlement Annuities: Benefit payments 18,937 8,700 19,608 9,224 Life: Gross premiums 11,886 5,323 13,620 6,125 Benefit payments 10,730 5,424 11,850 5,983 (a) Duration determined using the current discount rate as of June 30, 2024 and 2023. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. June 30, 2024 June 30, 2023 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.1 10.7 5.4 13.1 11.1 5.3 Interest Accretion Rate 5.6% 5.4% 5.2% 5.5% 5.4% 5.1% Current Discount Rate 5.4% 5.4% 5.1% 5.1% 5.1% 5.0% (a) Duration determined using the current discount rate as of June 30, 2024 and 2023. As of June 30, 2024 and 2023, policyholders account balances totaled $1,654 million and $1,884 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the six months ended June 30, 2024 and 2023 are primarily attributed to surrenders, withdrawals, and benefit payments of $215 million and $219 million, partially offset by net additions from separate accounts and interest credited of $142 million and $134 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both June 30, 2024 and 2023. In the third quarter, we will complete our annual review of future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in. If the review concludes that the assumptions need to be updated, future policy benefit reserves will be adjusted retroactively to the ASU 2018-12 transition date based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. 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. In June 2024, we signed an agreement to exit a block of our life and health insurance business via an assumption reinsurance transaction, pending regulatory approvals and other closing conditions. See Notes 3 and 9 for further information related to our run-off insurance operations. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. 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 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 June 30 Six months ended June 30 2024 2023 2024 2023 Service cost for benefits earned $ 17 $ 24 $ 37 $ 45 Prior service cost amortization 1 — 4 — Expected return on plan assets (390) (594) (968) (1,188) Interest cost on benefit obligations 315 472 768 946 Net actuarial gain amortization (103) (187) (257) (359) Net periodic expense (income) $ (160) $ (285) $ (416) $ (556) Less discontinued operations $ — $ (96) $ (88) $ (188) Continuing operations - net periodic expense (income) $ (160) $ (189) $ (328) $ (368) Principal retiree benefit plans income was $21 million and $36 million for the three months ended June 30, 2024 and 2023, and $57 million and $72 million for the six months ended June 30, 2024 and 2023, respectively. Principal retiree benefit plans income from continuing operations was $21 million and $43 million for the three and six months ended June 30, 2024, respectively, and $22 million and $44 million for the three and six months ended June 30, 2023, respectively. Other pension plans expense was $1 million for the three months ended June 30, 2024 and $30 million income for the three months ended June 2023, and income of $12 million and $59 million for the six months ended June 30, 2024 and 2023, respectively. Other pension plans expense from continuing operations was $1 million and zero for the three and six months ended June 30, 2024, respectively, and income of $10 million and $20 million for the three and six months ended June 30, 2023, respectively. We have a defined contribution plan for eligible U.S. employees that provides employer contributions, which were $74 million and $103 million for the three months ended June 30, 2024 and 2023, respectively, and $163 million and $180 million for the six months ended June 30, 2024 and 2023, respectively. Employer contributions from continuing operations was $74 million and $128 million for the three and six months ended June 30, 2024, respectively, and $63 million and $110 million for the three and six months ended June 30, 2023, respectively. We also have deferred incentive compensation plans and deferred salary plans for eligible employees with expenses of $12 million and $15 million for the three months ended June 30, 2024 and 2023, and $21 million and $35 million for the six months ended June 30, 2024 and 2023, respectively. Deferred compensation expense from continuing operations was $12 million and $14 million for the three and six months ended June 30, 2024, respectively, and $12 million and $29 million for the three and six months ended June 30, 2023, respectively. |
SALES DISCOUNTS AND ALLOWANCES
SALES DISCOUNTS AND ALLOWANCES & ALL OTHER CURRENT AND NON-CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities Disclosure [Abstract] | |
SALES DISCOUNTS AND ALLOWANCES & ALL OTHER CURRENT AND NON-CURRENT LIABILITIES | SALES DISCOUNTS AND ALLOWANCES & ALL OTHER CURRENT AND NON-CURRENT LIABILITIES. Sales discounts and allowances decreased $102 million in the six months ended June 30, 2024, primarily due to payments to airline customers outpacing accruals on engine shipments in Commercial Engines & Services. All other current liabilities and All other liabilities primarily includes employee compensation and benefits, equipment project and commercial liabilities, loss contracts, income taxes payable and uncertain tax positions, environmental, health and safety remediations, operating lease liabilities (see Note 6) and product warranties (see Note 22). All other current liabilities decreased $355 million in the six months ended June 30, 2024, primarily due to a decrease in employee compensation and benefits of $758 million, partially offset by an increase in dividends payable of $217 million and taxes payable of $87 million. All other liabilities increased $827 million in the six months ended June 30, 2024, primarily due to increases in uncertain and other income taxes and related liabilities of $585 million, Environmental, health and safety liabilities of $142 million and indemnity liabilities of $185 million, primarily related to GE Vernova. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES. Our effective income tax rate was 10.7% and 5.5% for the six months ended June 30, 2024 and 2023, respectively. The tax rate for 2024 was reduced compared to the U.S. statutory rate of 21% primarily due to separation income tax benefit associated with an increase in net state deferred tax assets that are likely to be utilized after the spin of GE Vernova, U.S. business tax credit benefits, and lower tax on global activities. 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 and U.S. business credits. This was partially offset by separation income tax costs including disallowed expenses and valuation allowances related to the separation of GE HealthCare. 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. The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax returns for 2016-2020. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES June 30, 2024 December 31, 2023 Total assets $ 7,702 $ 7,891 Total liabilities (364) (389) Net deferred income tax asset (liability) $ 7,338 $ 7,502 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Three months ended June 30 Six months ended June 30 (Dividends per share in dollars) 2024 2023 2024 2023 Beginning balance $ (3,658) $ (3,505) $ (3,623) $ (5,893) AOCI before reclasses – net of taxes of $(39), $(13), $(13) and $(18) 29 67 (6) 220 Reclasses from AOCI – net of taxes of $103, $—, $103 and $(626)(a) 2,094 27 2,094 2,262 AOCI 2,123 95 2,087 2,481 Less AOCI attributable to noncontrolling interests (22) (2) (22) (3) Currency translation adjustments AOCI $ (1,514) $ (3,409) $ (1,514) $ (3,409) Beginning balance $ 1,586 $ 4,214 $ 1,786 $ 6,531 AOCI before reclasses – net of taxes of $(12), $12, $(4) and $(1) (54) 41 (83) (43) Reclasses from AOCI – net of taxes of $(156), $(63), $(208) and $(657)(a) (736) (214) (904) (2,449) AOCI (790) (173) (987) (2,492) Less AOCI attributable to noncontrolling interests (9) — (7) (2) Benefit plans AOCI $ 806 $ 4,041 $ 806 $ 4,041 Beginning balance $ (1,412) $ (1,222) $ (959) $ (1,927) AOCI before reclasses – net of taxes of $(92), $(127), $(208) and $61 (341) (446) (806) 272 Reclasses from AOCI – net of taxes of $13, $(3), $12 and $(3) 37 (28) 48 (41) AOCI (304) (474) (758) 231 Less AOCI attributable to noncontrolling interests 12 — 12 — Investment securities and cash flow hedges AOCI $ (1,727) $ (1,696) $ (1,727) $ (1,696) Beginning balance $ (2,119) $ (2,776) $ (3,354) $ (983) AOCI before reclasses – net of taxes of $138, $71, $466 and $(406) 518 267 1,753 (1,527) AOCI 518 267 1,753 (1,527) Long-duration insurance contracts AOCI $ (1,601) $ (2,510) $ (1,601) $ (2,510) AOCI at June 30 $ (4,035) $ (3,573) $ (4,035) $ (3,573) Dividends declared per common share(b) $ 0.56 $ 0.08 $ 0.56 $ 0.16 (a) The total reclassifications from AOCI included $1,590 million, including currency translation of $2,174 million and benefit plans of $(584) million, net of taxes, in the second quarter of 2024 related to the separation of GE Vernova. The total reclassifications from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in the first quarter of 2023 related to the separation of GE HealthCare. (b) Following the separation of GE Vernova, the Board of Directors declared a dividend of $0.28 per share in April 2024, which reflects our dividend as a standalone company, that was paid in April 2024. In June 2024, the Board of Directors declared a dividend of $0.28 per share that will be paid in July 2024. Preferred stock . In September, 2023 we redeemed the remaining outstanding shares of GE preferred stock. We redeemed 3,000 million of GE Series D preferred stock in the first quarter of 2023. GE Aerospace had 2,795,444 shares outstanding as of June 30, 2023. Common stock. GE Aerospace common stock shares outstanding were 1,084,311,016 and 1,088,415,995 at June 30, 2024 and December 31, 2023, respectively. We repurchased 13.9 million shares for $2,289 million and 15.0 million shares for $2,434 million during the three and six months ended June 30, 2024, respectively. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | EARNINGS PER SHARE INFORMATION Three months ended June 30 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 1,320 $ 1,320 $ 1,254 $ 1,254 Preferred stock dividends and other(a) — — (58) (58) Earnings (loss) from continuing operations attributable to common shareholders 1,320 1,320 1,195 1,195 Earnings (loss) from discontinued operations (54) (54) (1,220) (1,220) Net earnings (loss) attributable to common shareholders 1,266 1,266 (25) (25) Shares of common stock outstanding 1,089 1,089 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 10 — Total average equivalent shares 1,100 1,089 1,098 1,089 Earnings (loss) per share from continuing operations $ 1.20 $ 1.21 $ 1.09 $ 1.10 Earnings (loss) per share from discontinued operations (0.05) (0.05) (1.11) (1.12) Net earnings (loss) per share 1.15 1.16 (0.02) (0.02) Potentially dilutive securities(b) 6 28 Six months ended June 30 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 3,061 $ 3,061 $ 7,951 $ 7,958 Preferred stock dividends and other(a) — — (204) (204) Earnings (loss) from continuing operations attributable to common shareholders 3,061 3,061 7,747 7,754 Earnings (loss) from discontinued operations (256) (256) (417) (417) Net earnings (loss) attributable to common shareholders 2,805 2,805 7,330 7,337 Shares of common stock outstanding 1,089 1,089 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 9 — Total average equivalent shares 1,100 1,089 1,097 1,089 Earnings (loss) per share from continuing operations $ 2.78 $ 2.81 $ 7.06 $ 7.12 Earnings (loss) per share from discontinued operations (0.23) (0.23) (0.38) (0.38) Net earnings (loss) per share 2.55 2.58 6.68 6.74 Potentially dilutive securities(b) 9 33 (a) For the three and six months ended June 30, 2023, included $(30) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings 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 historically have been included in the calculation pursuant to the two-class method. For the three and six months ended June 30, 2024, such participating securities had an insignificant effect. Therefore, effective the second quarter of 2024, the Company calculates earnings per share using the treasury stock method. For the three and six months ended June 30, 2023, application of two-class method treatment had an insignificant effect. |
OTHER INCOME (LOSS)
OTHER INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS) | OTHER INCOME (LOSS) Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Investment in GE HealthCare realized and unrealized gain (loss) $ (397) $ (214) $ 219 $ 5,879 Investment in and note with AerCap realized and unrealized gain (loss) 3 572 15 378 Investment in Baker Hughes realized and unrealized gain (loss) — — — 10 Gains (losses) on retained and sold ownership interests $ (394) $ 358 $ 234 $ 6,266 Other net interest and investment income (loss) 200 128 429 296 Licensing and royalty income 51 29 107 54 Equity method income 34 20 79 57 Other items 46 (39) 95 (72) Total other income (loss) $ (63) $ 496 $ 944 $ 6,600 |
RESTRUCTURING CHARGES AND SEPAR
RESTRUCTURING CHARGES AND SEPARATION COSTS | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES AND SEPARATION COSTS | RESTRUCTURING CHARGES AND SEPARATION COSTS RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. 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 & Other. Three months ended June 30 Six months ended June 30 RESTRUCTURING CHARGES 2024 2023 2024 2023 Workforce reductions $ 42 $ 32 $ 108 $ 52 Plant closures & associated costs and other asset write-downs 5 12 24 37 Acquisition/disposition net charges and other 36 3 38 5 $ 84 $ 46 $ 170 $ 94 Cost of equipment/services $ — $ 3 $ 1 $ 6 Selling, general and administrative expenses 84 43 169 87 Total restructuring charges(a) $ 84 $ 46 $ 170 $ 94 Restructuring charges and other cash expenditures(b) $ 24 $ 97 $ 99 $ 144 (a) In the second quarter of 2024, included income of $81 million, as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova. (b) Primarily related to employee severance payments. The restructuring liability as of June 30, 2024 and December 31, 2023 was $292 million and $311 million, respectively. For the three and six months ended June 30, 2024 and 2023, restructuring primarily included exit activities related to the restructuring program announced in the fourth quarter of 2022 reflecting lower Corporate & Other shared-service and footprint needs as a result of the GE HealthCare spin-off and subsequent GE Vernova spin-off. SEPARATION COSTS. In November 2021, the Company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aerospace, healthcare and energy. As discussed in Note 2, we completed this plan with the spin of GE Vernova in the second quarter of 2024. Post-separation, we expect to continue to incur operational and transition costs related to ongoing separation activities. For the three and six months ended June 30, 2024, we incurred pre-tax separation expense of $75 million and $334 million, paid $407 million and $572 million in cash, respectively, primarily related to employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation and transaction costs to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Earnings (Loss). In addition, we recognized $216 million of net tax benefit for the three months ended June 30, 2024 and $251 million of net tax benefit for the six months ended June 30, 2024, respectively, including deferred tax benefits associated with state tax attributes. For the three and six months ended June 30, 2023, we incurred pre-tax separation costs of $163 million and $327 million, recognized $14 million of net tax benefit and $3 million of net tax expense, and paid $319 million and $489 million in cash, respectively, related to separation activities. The pre-tax separation costs specifically identifiable to GE HealthCare and GE Vernova are now reflected in discontinued operations. For the three and six months ended June 30, 2024, we recognized $10 million and $10 million in pre-tax income, $2 million and $2 million of net tax expense, and spent zero and $9 million in cash, respectively, related to GE HealthCare. In addition, for the three and six months ended June 30, 2024, we recognized pre-tax separation costs of $1 million and $97 million, incurred zero and $20 million of net tax benefit and spent $38 million and $121 million in cash, respectively, related to GE Vernova. For the three and six months ended June 30, 2023, we incurred $1 million and $21 million in pre-tax costs, recognized zero and $4 million of tax benefits and spent $55 million and $140 million in cash for the six months ended June 30, 2023, respectively, related to GE HealthCare. For the three and six months ended June 30, 2023, we incurred $64 million and $104 million pre-tax separation costs, recognized $20 million of net tax benefit and $18 million of net tax expense and spent $52 million and $86 million in cash, respectively, related to GE Vernova. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,071 $ 1,977 $ 2,110 $ 2,055 Liabilities Borrowings (Note 10) 19,673 18,949 20,525 20,218 Investment contracts (Note 12) 1,451 1,507 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. We use cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes, net investment hedges to hedge investments in foreign operations as well as fair value hedges to hedge the effects of interest rate and currency changes on debt we issued. We also use derivatives not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. We use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVES June 30, 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 $ 1,287 $ 15 $ 12 $ 1,613 $ 26 $ 22 Non-qualifying currency exchange contracts and other(a) 6,842 208 17 16,277 245 56 Gross derivatives $ 8,129 $ 223 $ 29 $ 17,890 $ 271 $ 78 Netting and credit adjustments $ (13) $ (13) $ (28) $ (26) Net derivatives recognized in statement of financial position $ 210 $ 16 $ 243 $ 53 (a) Gains and (losses) included in our statement of earnings (loss) are $40 million and $46 million for the three months and $62 million and $179 million for the six months ended June 30, 2024 and 2023, respectively, primarily in SG&A, driven by hedges of deferred incentive compensation. FAIR VALUE HEDGES. All the fair value hedges were terminated in 2022 due to exposure management actions. The cumulative net gains of hedging adjustments $1,101 million and $1,162 million on discontinued hedges were included primarily in long-term borrowings CASH FLOW HEDGES AND NET INVESTMENT HEDGES Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives Amount of Gain (Loss) Reclassified from AOCI into Net Income Three months and six months ended June 30 Three months and six months ended June 30 2024 2023 2024 2023 2024 2023 2024 2023 Cash flow hedges(a) $ (14) $ 19 $ (21) $ 38 $ 5 $ 17 $ 12 $ 18 Net investment hedges(b) 68 (68) 150 (133) — — — — (a) Primarily currency exchange contracts, and recognized in Costs of Equipment or Services Sold in the Statement of Earnings (Loss). (b) The carrying value of foreign currency debt designated as net investment hedges was $4,588 million and $4,726 million at June 30, 2024 and December 31, 2023, respectively. COUNTERPARTY CREDIT RISK. Our exposures to counterparties (including accrued interest) was $210 million and $241 million at June 30, 2024 and December 31, 2023, respectively. Counterparties' exposures to our derivative liability (including accrued interest), was $16 million and $53 million at June 30, 2024 and December 31, 2023, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2024 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $129 million and $115 million and liabilities of $121 million and $140 million at June 30, 2024 and December 31, 2023, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other 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 | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. We had total investment commitments of $3,930 million and unfunded lending commitments, primarily for U.S. Tax Equity, of $656 million, at June 30, 2024. The commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,774 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,671 million. See Note 21 for further information. As of June 30, 2024 we have committed to provide financing assistance of $2,696 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES . Credit support and indemnification agreements - Continuing Operations. We have provided $57 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. The liability for such credit support was $7 million. Following the separation of GE Vernova, we have remaining performance and bank guarantees on behalf of GE Vernova. To support GE Vernova in selling products and services globally, we 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 Aerospace credit support"). Under the Separation and Distribution Agreement (SDA), GE Vernova is obligated to use reasonable best efforts to replace us 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), we could be obligated to make payments under the applicable instruments. Under the SDA, GE Vernova is obligated to reimburse and indemnify us for any such payments. Beginning in 2025, GE Vernova will pay us a quarterly fee based on amounts related to the GE Aerospace credit support. We have recorded a reserve of $169 million for our stand ready to perform obligation. Our maximum aggregate exposure under the GE Aerospace 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 $1,426 million, 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 were required by us under parent company guarantees relating to GE Vernova customer contracts. In connection with the spin-off of GE Vernova, under terms of the SDA, Transition Service Agreement (TSA) and Tax Matters Agreement (TMA), we have an obligation to indemnify GE Vernova for certain of its severance costs, environmental matters and tax matters of $168 million, of which $122 million is reserved. We also have remaining obligations under the TMA with GE Healthcare to indemnify them for certain tax costs and other indemnifications of $32 million which are fully reserved. In addition, we have $148 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $62 million. Credit support and indemnification agreements- Discontinued Operations . Following the separation of GE Vernova, we also have performance obligations related to GE Vernova's supply chain finance program and an environmental matter with a maximum aggregate exposure of $1,416 million. Also, under the SDA, TSA, and TMA agreements we have obligations to indemnify GE Vernova for certain of its technology costs, separation for certain facilities, environmental matters and tax matters of $93 million costs, which are fully reserved. GE Aerospace also has obligations under the TSA and TMA to indemnify GE HealthCare for certain technology and tax costs of $64 million which are fully reserved. We also have provided specific indemnities to other buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $510 million with related reserves of $63 million. PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. The liability for product warranties was $635 million at June 30, 2024 and $639 million at 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 and Note 23 to the consolidated financial statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024; refer to those discussions for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. 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. 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 $2,474 million and $2,669 million as of June 30, 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 involve or have involved the use, disposal and cleanup of substances regulated under environmental protection laws, including activities for a variety of matters related to GE businesses that have been discontinued or exited. 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 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 and worker exposure claims were $1,897 million and $1,819 million at June 30, 2024 and December 31, 2023, respectively. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION. On April 2, 2024, and in conjunction with the GE Vernova separation, we implemented an organizational change to align our reportable segments more closely with our business structure. In connection with our segment reporting change, we have recast previously reported amounts across all reportable segments to conform to current segment presentation. We have two reportable segments and three operating segments. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. We have aggregated Defense & Systems and Propulsion & Additive Technology into one reportable segment, Defense & Propulsion Technologies, based on similarity in economic characteristics, other qualitative factors and the objectives and principals of ASC 280, Segment Reporting . This is consistent with how our chief operating decision maker (CODM) allocates resources and makes decisions. 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. SUMMARY OF REPORTABLE SEGMENTS Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Commercial Engines & Services $ 6,132 $ 5,737 $ 12,228 $ 10,969 Defense & Propulsion Technologies 2,401 2,375 4,713 4,341 Total segment revenues 8,533 8,113 16,941 15,310 Corporate & Other 561 642 1,108 1,281 Total revenues $ 9,094 $ 8,755 $ 18,048 $ 16,591 Commercial Engines & Services $ 1,679 $ 1,389 $ 3,098 $ 2,603 Defense & Propulsion Technologies 344 201 600 402 Total segment profit (loss) 2,023 1,590 3,698 3,006 Corporate & Other (534) (84) (179) 5,429 Interest and other financial charges (248) (249) (511) (497) Non-operating benefit income (cost) 204 249 421 488 Benefit (provision) for income taxes (125) (253) (369) (467) Preferred stock dividends — (58) — (204) Earnings (loss) from continuing operations attributable to common shareholders 1,320 1,195 3,061 7,755 Earnings (loss) from discontinued operations attributable to common shareholders (54) (1,221) (256) (417) Net earnings (loss) attributable to common shareholders $ 1,266 $ (25) $ 2,805 $ 7,338 EQUIPMENT & SERVICES REVENUES Three months ended June 30 2024 2023 Equipment Services Total Equipment Services Total Commercial Engines & Services $ 1,427 $ 4,705 $ 6,132 $ 1,607 $ 4,130 $ 5,737 Defense & Propulsion Technologies 1,071 1,329 2,401 1,137 1,238 2,375 Total segment revenues $ 2,498 $ 6,034 $ 8,533 $ 2,744 $ 5,368 $ 8,113 Six months ended June 30 2024 2023 Equipment Services Total Equipment Services Total Commercial Engines & Services $ 3,133 $ 9,095 $ 12,228 $ 2,906 $ 8,063 $ 10,969 Defense & Propulsion Technologies 2,080 2,633 4,713 1,994 2,347 4,341 Total segment revenues $ 5,213 $ 11,728 $ 16,941 $ 4,900 $ 10,410 $ 15,310 REMAINING PERFORMANCE OBLIGATION. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 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, contract assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, incremental losses related to our contingencies, 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. On April 2, 2024, the Company completed the separation of its GE Vernova business into an independent publicly traded company, GE Vernova, Inc. (GE Vernova). |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 December 31, 2023 Non-current captive insurance investment securities $ — $ 570 Property, plant and equipment and intangible assets - net 89 17 Valuation allowance on disposal group classified as held for sale — (124) All other assets 49 77 Assets of businesses held for sale $ 137 $ 541 Insurance liabilities and annuity benefits $ — $ 376 Accounts payable and other liabilities 21 1 Borrowings 39 — Liabilities of businesses held for sale $ 61 $ 378 |
Schedule of Financial Information for Discontinued Operations | RESULTS OF DISCONTINUED OPERATIONS Three months ended June 30 2024 2023 GE Vernova GE HealthCare Bank BPH & Other Total GE Vernova GE HealthCare Bank BPH & Other Total Total revenues $ — $ — $ — $ — $ 8,136 $ — $ — $ 8,136 Cost of equipment and services sold — — — — (6,885) — — (6,885) Other income, costs and expenses (11) 10 (2) (2) (1,373) — (1,040) (2,412) Earnings (loss) of discontinued operations before income taxes (11) 10 (2) (2) (121) — (1,040) (1,161) Benefit (provision) for income taxes (58) (2) (1) (61) (79) 6 11 (62) Earnings (loss) of discontinued operations, net of taxes (68) 8 (3) (63) (200) 6 (1,029) (1,222) Gain (loss) on disposal before income taxes — — 9 9 — — 4 4 Benefit (provision) for income taxes — — — — — — — — Gain (loss) on disposal, net of taxes — — 9 9 — — 4 4 Earnings (loss) from discontinued operations, net of taxes $ (68) $ 8 $ 6 $ (54) $ (200) $ 6 $ (1,025) $ (1,218) RESULTS OF DISCONTINUED OPERATIONS Six months ended June 30 2024 2023 GE Vernova GE HealthCare Bank BPH & Other Total GE Vernova GE HealthCare Bank BPH & Other Total Total revenues $ 7,244 $ — $ — $ 7,244 $ 14,923 $ — $ — $ 14,923 Cost of equipment and services sold (6,074) — — (6,074) (12,752) — — (12,752) Other income, costs and expenses (1,299) 11 4 (1,284) (2,719) (20) (1,241) (3,980) Earnings (loss) of discontinued operations before income taxes (129) 11 4 (115) (548) (20) (1,241) (1,809) Benefit (provision) for income taxes (132) (2) 5 (129) (137) 1,485 10 1,359 Earnings (loss) of discontinued operations, net of taxes (261) 9 9 (243) (685) 1,466 (1,231) (450) Gain (loss) on disposal before income taxes — — 11 11 — — 4 4 Benefit (provision) for income taxes — — — — — — — — Gain (loss) on disposal, net of taxes — — 11 11 — — 4 4 Earnings (loss) from discontinued operations, net of taxes $ (261) $ 9 $ 20 $ (232) $ (685) $ 1,466 $ (1,227) $ (447) The tax benefit for the six months ended June 30, 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 June 30, 2024 December 31, 2023 Cash, cash equivalents and restricted cash $ 1,398 $ 3,762 Current receivables 12 7,324 Inventories, including deferred inventory costs — 8,245 Goodwill — 4,437 Other intangible assets - net — 1,053 Contract and other deferred assets — 8,959 Property, plant and equipment - net 48 5,306 All other assets 332 5,750 Deferred income taxes 28 3,093 Assets of discontinued operations(a)(b) $ 1,817 $ 47,927 Accounts payable $ 81 $ 8,475 Contract liabilities, progress collections & deferred income — 15,255 Long-term borrowings — 294 Non-current compensation and benefits 34 3,589 All other liabilities(a) 1,552 11,600 Liabilities of discontinued operations(b) $ 1,667 $ 39,213 (a) Included $1,742 million and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,501 million and $1,712 million related to estimated borrower litigation losses, and $973 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 June 30, 2024 and December 31, 2023, respectively. Accordingly, total estimated losses related to borrower litigation were $2,474 million and $2,669 million as of June 30, 2024 and December 31, 2023, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of June 30, 2024 and December 31, 2023. (b) Included $113 million and $46,233 million of assets and $288 million and $38,021 million of liabilities for GE Vernova as of June 30, 2024 and December 31, 2023, respectively. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | June 30, 2024 December 31, 2023 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 2,379 $ — $ — $ — $ 4,761 Equity note (AerCap) — — — 959 — — — 944 Current investment securities $ — $ — $ — $ 3,338 $ — $ — $ — $ 5,706 Debt U.S. corporate $ 27,771 $ 618 $ (2,122) $ 26,268 $ 27,495 $ 1,034 $ (1,606) $ 26,923 Non-U.S. corporate 2,710 23 (270) 2,463 2,529 34 (209) 2,353 State and municipal 2,647 36 (220) 2,464 2,828 79 (185) 2,723 Mortgage and asset-backed 5,044 40 (220) 4,864 4,827 34 (291) 4,571 Government and agencies 1,985 1 (114) 1,873 1,213 3 (116) 1,100 Other equity 198 — — 198 331 — — 331 Non-current investment securities $ 40,356 $ 719 $ (2,946) $ 38,129 $ 39,222 $ 1,183 $ (2,406) $ 38,000 |
Realized and Unrealized Gain (Loss) on Securities | Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) $ (378) $ 522 $ 62 $ 6,562 Proceeds from debt/equity securities sales and early redemptions 1,083 3,745 4,278 6,754 Gross realized gains on debt securities 9 26 17 38 Gross realized losses on debt securities (28) (25) (38) (46) |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at June 30, 2024 are as follows: Amortized cost Estimated fair value Within one year $ 1,422 $ 1,417 After one year through five years 5,249 5,269 After five years through ten years 4,911 4,917 After ten years 23,532 21,463 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Receivables and Allowance for Credit Losses | CURRENT RECEIVABLES June 30, 2024 December 31, 2023 Customer receivables $ 6,484 $ 6,397 Revenue sharing partners receivables(a) 1,223 1,252 Non-income based tax receivables 117 129 Supplier advances 351 401 Receivables from disposed businesses 217 121 Other sundry receivables 114 534 Allowance for credit losses(b) (135) (132) Total current receivables $ 8,370 $ 8,703 (a) Revenue sharing partners receivables are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. (b) Allowance for credit losses increased primarily due to new provisions of $10 million. LONG-TERM RECEIVABLES June 30, 2024 December 31, 2023 Long-term customer receivables $ 172 $ 163 Supplier advances 30 32 Sundry receivables 114 158 Allowance for credit losses (3) (4) Total long-term receivables $ 313 $ 349 |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | June 30, 2024 December 31, 2023 Raw materials and work in process $ 7,263 $ 6,531 Finished goods 1,277 1,209 Deferred inventory costs(a) 929 544 Inventories, including deferred inventory costs $ 9,469 $ 8,284 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | June 30, 2024 December 31, 2023 Original cost $ 15,439 $ 15,338 Less accumulated depreciation and amortization (9,430) (9,252) Right-of-use operating lease assets 1,086 1,160 Property, plant and equipment – net $ 7,095 $ 7,246 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill Balances | Commercial Engines & Services Defense & Propulsion Technologies Total Balance at January 1, 2024 $ 6,472 $ 2,476 $ 8,948 Goodwill adjustments(a) (70) (19) (88) Balance at June 30, 2024 $ 6,402 $ 2,457 $ 8,859 (a) Goodwill adjustments are primarily related to foreign currency exchange. |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Contractors [Abstract] | |
Schedule of Contract Assets, Liabilities and Other Deferred Assets and Income | CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOME June 30, 2024 December 31, 2023 Long-term service agreements $ 2,116 $ 2,377 Equipment and other service agreements 603 498 Current contract assets $ 2,719 $ 2,875 Nonrecurring engineering costs(a) $ 2,434 $ 2,444 Customer advances and other(b) 2,367 2,342 Contract and other deferred assets 4,801 4,785 Total contract and other deferred assets $ 7,521 $ 7,660 Long-term service agreement liabilities $ 8,337 $ 7,902 Current deferred income 335 420 Contract liabilities and current deferred income $ 8,671 $ 8,322 Non-current deferred income 960 975 Total contract liabilities and deferred income $ 9,631 $ 9,297 Contract assets (liabilities) and other deferred assets (income) $ (2,111) $ (1,637) (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Defense & Propulsion Technologies segment, which are amortized ratably over each unit produced. We assess the recoverability of these costs and if we determine the costs are no longer probable of recovery, the asset is impaired. (b) Included amounts due from customers within our Commercial Engines & Services segment for the sales of engines, spare parts and services, which we collect through fixed or usage-based billings from the sale of spare parts and servicing of equipment under long-term service agreements. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | June 30, 2024 December 31, 2023 Current portion of long-term borrowings Senior notes $ 1,630 $ 1,044 Subordinated notes and other 71 27 Other short-term borrowings — 37 Total short-term borrowings $ 1,700 $ 1,108 Senior notes 16,155 17,509 Subordinated notes 1,359 1,383 Other 458 525 Total long-term borrowings $ 17,973 $ 19,417 Total borrowings $ 19,673 $ 20,525 |
ACCOUNTS PAYABLE (Tables)
ACCOUNTS PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals | June 30, 2024 December 31, 2023 Trade payables $ 5,604 $ 5,290 Supply chain finance programs 1,496 1,472 Sundry payables 608 754 Accounts payable $ 7,707 $ 7,516 |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance liabilities and annuity benefits is presented below. June 30, 2024 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 25,301 $ 8,700 $ 1,010 $ 365 $ 35,376 Investment contracts — 762 — 689 1,451 Other — — 118 270 388 Total $ 25,301 $ 9,463 $ 1,127 $ 1,324 $ 37,215 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. June 30, 2024 June 30, 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 16 — — 1 — — Effect of actual variances from expected experience (26) — (34) 31 — (87) Adjusted beginning of year balance 3,735 — 4,739 3,991 — 5,122 Interest accrual 101 — 90 105 — 100 Net premiums collected (196) — (140) (201) — (150) Effect of foreign currency — — (91) — — 86 Ending balance at locked-in discount rate 3,640 — 4,597 3,895 — 5,159 Effect of changes in discount rate assumptions 164 — (183) 239 — (162) Balance, end of year $ 3,803 $ — $ 4,415 $ 4,134 $ — $ 4,997 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 (10) — — (14) — — Effect of actual variances from expected experience 7 (25) (51) 26 10 (44) Adjusted beginning of year balance 27,141 8,536 5,796 27,038 8,800 6,203 Interest accrual 738 222 110 727 229 119 Benefit payments (693) (328) (219) (630) (338) (287) Effect of foreign currency — — (96) — — 91 Ending balance at locked-in discount rate 27,185 8,429 5,591 27,135 8,691 6,126 Effect of changes in discount rate assumptions 1,920 271 (166) 2,887 533 (144) Balance, end of year $ 29,105 $ 8,700 $ 5,424 $ 30,022 $ 9,224 $ 5,983 Net future policy benefit reserves $ 25,301 $ 8,700 $ 1,010 $ 25,888 $ 9,224 $ 985 Less: Reinsurance recoverables, net of allowance for credit losses (155) — (31) (186) — (34) Net future policy benefit reserves, after reinsurance recoverables $ 25,146 $ 8,700 $ 979 $ 25,702 $ 9,224 $ 952 The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. June 30, 2024 June 30, 2023 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term Care: Gross premiums $ 7,244 $ 4,665 $ 7,807 $ 4,995 Benefit payments 62,387 29,105 64,585 30,022 Structured Settlement Annuities: Benefit payments 18,937 8,700 19,608 9,224 Life: Gross premiums 11,886 5,323 13,620 6,125 Benefit payments 10,730 5,424 11,850 5,983 (a) Duration determined using the current discount rate as of June 30, 2024 and 2023. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. June 30, 2024 June 30, 2023 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.1 10.7 5.4 13.1 11.1 5.3 Interest Accretion Rate 5.6% 5.4% 5.2% 5.5% 5.4% 5.1% Current Discount Rate 5.4% 5.4% 5.1% 5.1% 5.1% 5.0% |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30 Six months ended June 30 2024 2023 2024 2023 Service cost for benefits earned $ 17 $ 24 $ 37 $ 45 Prior service cost amortization 1 — 4 — Expected return on plan assets (390) (594) (968) (1,188) Interest cost on benefit obligations 315 472 768 946 Net actuarial gain amortization (103) (187) (257) (359) Net periodic expense (income) $ (160) $ (285) $ (416) $ (556) Less discontinued operations $ — $ (96) $ (88) $ (188) Continuing operations - net periodic expense (income) $ (160) $ (189) $ (328) $ (368) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Income Taxes | The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES June 30, 2024 December 31, 2023 Total assets $ 7,702 $ 7,891 Total liabilities (364) (389) Net deferred income tax asset (liability) $ 7,338 $ 7,502 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) Three months ended June 30 Six months ended June 30 (Dividends per share in dollars) 2024 2023 2024 2023 Beginning balance $ (3,658) $ (3,505) $ (3,623) $ (5,893) AOCI before reclasses – net of taxes of $(39), $(13), $(13) and $(18) 29 67 (6) 220 Reclasses from AOCI – net of taxes of $103, $—, $103 and $(626)(a) 2,094 27 2,094 2,262 AOCI 2,123 95 2,087 2,481 Less AOCI attributable to noncontrolling interests (22) (2) (22) (3) Currency translation adjustments AOCI $ (1,514) $ (3,409) $ (1,514) $ (3,409) Beginning balance $ 1,586 $ 4,214 $ 1,786 $ 6,531 AOCI before reclasses – net of taxes of $(12), $12, $(4) and $(1) (54) 41 (83) (43) Reclasses from AOCI – net of taxes of $(156), $(63), $(208) and $(657)(a) (736) (214) (904) (2,449) AOCI (790) (173) (987) (2,492) Less AOCI attributable to noncontrolling interests (9) — (7) (2) Benefit plans AOCI $ 806 $ 4,041 $ 806 $ 4,041 Beginning balance $ (1,412) $ (1,222) $ (959) $ (1,927) AOCI before reclasses – net of taxes of $(92), $(127), $(208) and $61 (341) (446) (806) 272 Reclasses from AOCI – net of taxes of $13, $(3), $12 and $(3) 37 (28) 48 (41) AOCI (304) (474) (758) 231 Less AOCI attributable to noncontrolling interests 12 — 12 — Investment securities and cash flow hedges AOCI $ (1,727) $ (1,696) $ (1,727) $ (1,696) Beginning balance $ (2,119) $ (2,776) $ (3,354) $ (983) AOCI before reclasses – net of taxes of $138, $71, $466 and $(406) 518 267 1,753 (1,527) AOCI 518 267 1,753 (1,527) Long-duration insurance contracts AOCI $ (1,601) $ (2,510) $ (1,601) $ (2,510) AOCI at June 30 $ (4,035) $ (3,573) $ (4,035) $ (3,573) Dividends declared per common share(b) $ 0.56 $ 0.08 $ 0.56 $ 0.16 (a) The total reclassifications from AOCI included $1,590 million, including currency translation of $2,174 million and benefit plans of $(584) million, net of taxes, in the second quarter of 2024 related to the separation of GE Vernova. The total reclassifications from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in the first quarter of 2023 related to the separation of GE HealthCare. (b) Following the separation of GE Vernova, the Board of Directors declared a dividend of $0.28 per share in April 2024, which reflects our dividend as a standalone company, that was paid in April 2024. In June 2024, the Board of Directors declared a dividend of $0.28 per share that will be paid in July 2024. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended June 30 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 1,320 $ 1,320 $ 1,254 $ 1,254 Preferred stock dividends and other(a) — — (58) (58) Earnings (loss) from continuing operations attributable to common shareholders 1,320 1,320 1,195 1,195 Earnings (loss) from discontinued operations (54) (54) (1,220) (1,220) Net earnings (loss) attributable to common shareholders 1,266 1,266 (25) (25) Shares of common stock outstanding 1,089 1,089 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 10 — Total average equivalent shares 1,100 1,089 1,098 1,089 Earnings (loss) per share from continuing operations $ 1.20 $ 1.21 $ 1.09 $ 1.10 Earnings (loss) per share from discontinued operations (0.05) (0.05) (1.11) (1.12) Net earnings (loss) per share 1.15 1.16 (0.02) (0.02) Potentially dilutive securities(b) 6 28 Six months ended June 30 2024 2023 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 3,061 $ 3,061 $ 7,951 $ 7,958 Preferred stock dividends and other(a) — — (204) (204) Earnings (loss) from continuing operations attributable to common shareholders 3,061 3,061 7,747 7,754 Earnings (loss) from discontinued operations (256) (256) (417) (417) Net earnings (loss) attributable to common shareholders 2,805 2,805 7,330 7,337 Shares of common stock outstanding 1,089 1,089 1,089 1,089 Employee compensation-related shares (including stock options) 11 — 9 — Total average equivalent shares 1,100 1,089 1,097 1,089 Earnings (loss) per share from continuing operations $ 2.78 $ 2.81 $ 7.06 $ 7.12 Earnings (loss) per share from discontinued operations (0.23) (0.23) (0.38) (0.38) Net earnings (loss) per share 2.55 2.58 6.68 6.74 Potentially dilutive securities(b) 9 33 (a) For the three and six months ended June 30, 2023, included $(30) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive. |
OTHER INCOME (LOSS) (Tables)
OTHER INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Investment in GE HealthCare realized and unrealized gain (loss) $ (397) $ (214) $ 219 $ 5,879 Investment in and note with AerCap realized and unrealized gain (loss) 3 572 15 378 Investment in Baker Hughes realized and unrealized gain (loss) — — — 10 Gains (losses) on retained and sold ownership interests $ (394) $ 358 $ 234 $ 6,266 Other net interest and investment income (loss) 200 128 429 296 Licensing and royalty income 51 29 107 54 Equity method income 34 20 79 57 Other items 46 (39) 95 (72) Total other income (loss) $ (63) $ 496 $ 944 $ 6,600 |
RESTRUCTURING CHARGES AND SEP_2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables) | 6 Months Ended |
Jun. 30, 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 & Other. 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 & Other. Three months ended June 30 Six months ended June 30 RESTRUCTURING CHARGES 2024 2023 2024 2023 Workforce reductions $ 42 $ 32 $ 108 $ 52 Plant closures & associated costs and other asset write-downs 5 12 24 37 Acquisition/disposition net charges and other 36 3 38 5 $ 84 $ 46 $ 170 $ 94 Cost of equipment/services $ — $ 3 $ 1 $ 6 Selling, general and administrative expenses 84 43 169 87 Total restructuring charges(a) $ 84 $ 46 $ 170 $ 94 Restructuring charges and other cash expenditures(b) $ 24 $ 97 $ 99 $ 144 (a) In the second quarter of 2024, included income of $81 million, as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova. (b) Primarily related to employee severance payments. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 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. June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,071 $ 1,977 $ 2,110 $ 2,055 Liabilities Borrowings (Note 10) 19,673 18,949 20,525 20,218 Investment contracts (Note 12) 1,451 1,507 1,535 1,616 |
Schedule of Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES June 30, 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 $ 1,287 $ 15 $ 12 $ 1,613 $ 26 $ 22 Non-qualifying currency exchange contracts and other(a) 6,842 208 17 16,277 245 56 Gross derivatives $ 8,129 $ 223 $ 29 $ 17,890 $ 271 $ 78 Netting and credit adjustments $ (13) $ (13) $ (28) $ (26) Net derivatives recognized in statement of financial position $ 210 $ 16 $ 243 $ 53 (a) Gains and (losses) included in our statement of earnings (loss) are $40 million and $46 million for the three months and $62 million and $179 million for the six months ended June 30, 2024 and 2023, respectively, primarily in SG&A, driven by hedges of deferred incentive compensation. |
Schedule of Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES June 30, 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 $ 1,287 $ 15 $ 12 $ 1,613 $ 26 $ 22 Non-qualifying currency exchange contracts and other(a) 6,842 208 17 16,277 245 56 Gross derivatives $ 8,129 $ 223 $ 29 $ 17,890 $ 271 $ 78 Netting and credit adjustments $ (13) $ (13) $ (28) $ (26) Net derivatives recognized in statement of financial position $ 210 $ 16 $ 243 $ 53 (a) Gains and (losses) included in our statement of earnings (loss) are $40 million and $46 million for the three months and $62 million and $179 million for the six months ended June 30, 2024 and 2023, respectively, primarily in SG&A, driven by hedges of deferred incentive compensation. |
Schedule of Effects of Derivatives on AOCI | Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives Amount of Gain (Loss) Reclassified from AOCI into Net Income Three months and six months ended June 30 Three months and six months ended June 30 2024 2023 2024 2023 2024 2023 2024 2023 Cash flow hedges(a) $ (14) $ 19 $ (21) $ 38 $ 5 $ 17 $ 12 $ 18 Net investment hedges(b) 68 (68) 150 (133) — — — — (a) Primarily currency exchange contracts, and recognized in Costs of Equipment or Services Sold in the Statement of Earnings (Loss). |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Summary of Reportable Segments | SUMMARY OF REPORTABLE SEGMENTS Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Commercial Engines & Services $ 6,132 $ 5,737 $ 12,228 $ 10,969 Defense & Propulsion Technologies 2,401 2,375 4,713 4,341 Total segment revenues 8,533 8,113 16,941 15,310 Corporate & Other 561 642 1,108 1,281 Total revenues $ 9,094 $ 8,755 $ 18,048 $ 16,591 Commercial Engines & Services $ 1,679 $ 1,389 $ 3,098 $ 2,603 Defense & Propulsion Technologies 344 201 600 402 Total segment profit (loss) 2,023 1,590 3,698 3,006 Corporate & Other (534) (84) (179) 5,429 Interest and other financial charges (248) (249) (511) (497) Non-operating benefit income (cost) 204 249 421 488 Benefit (provision) for income taxes (125) (253) (369) (467) Preferred stock dividends — (58) — (204) Earnings (loss) from continuing operations attributable to common shareholders 1,320 1,195 3,061 7,755 Earnings (loss) from discontinued operations attributable to common shareholders (54) (1,221) (256) (417) Net earnings (loss) attributable to common shareholders $ 1,266 $ (25) $ 2,805 $ 7,338 |
Schedule of Equipment and Services Revenues | EQUIPMENT & SERVICES REVENUES Three months ended June 30 2024 2023 Equipment Services Total Equipment Services Total Commercial Engines & Services $ 1,427 $ 4,705 $ 6,132 $ 1,607 $ 4,130 $ 5,737 Defense & Propulsion Technologies 1,071 1,329 2,401 1,137 1,238 2,375 Total segment revenues $ 2,498 $ 6,034 $ 8,533 $ 2,744 $ 5,368 $ 8,113 Six months ended June 30 2024 2023 Equipment Services Total Equipment Services Total Commercial Engines & Services $ 3,133 $ 9,095 $ 12,228 $ 2,906 $ 8,063 $ 10,969 Defense & Propulsion Technologies 2,080 2,633 4,713 1,994 2,347 4,341 Total segment revenues $ 5,213 $ 11,728 $ 16,941 $ 4,900 $ 10,410 $ 15,310 |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Dec. 31, 2024 | |
Disposed of by sale, not discontinued operations | Riverstone International Holdings Inc | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from business dispositions | $ 120 | |
Held for sale, not discontinued operation | Non-core licensing business | Forecast | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from business dispositions | $ 429 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Non-current captive insurance investment securities | $ 0 | $ 570 |
Property, plant and equipment and intangible assets - net | 89 | 17 |
Valuation allowance on disposal group classified as held for sale | 0 | (124) |
All other assets | 49 | 77 |
Assets of discontinued operations | 137 | 541 |
Liabilities | ||
Insurance liabilities and annuity benefits | 0 | 376 |
Accounts payable and other liabilities | 21 | 1 |
Borrowings | 39 | 0 |
Liabilities of discontinued operations | $ 61 | $ 378 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 02, 2024 | Jan. 03, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
GE Vernova | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash balance | $ 4,242 | ||||||
Spinoff | GE Vernova | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued operations after disposal, sales | $ 69 | ||||||
Discontinued operations after disposal, cash collected (paid) | 477 | ||||||
Spinoff | GE HealthCare | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued operations after disposal, cash collected (paid) | $ 157 | ||||||
Ownership interest disposed of | 80.10% | ||||||
Spinoff | GE Vernova Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash payments associated with transaction | $ 515 | ||||||
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 | 0 | $ 1,189 | |||
Capital contribution, non-cash | 0 | $ 1,797 | |||||
Discontinued operations | Bank BPH | Bank BPH litigation | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Estimated borrower litigation losses | $ 2,474 | $ 2,474 | $ 2,669 |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
RESULTS OF DISCONTINUED OPERATIONS | |||||
Earnings (loss) from discontinued operations, net of taxes | $ (54) | $ (1,218) | $ (232) | $ (447) | |
Discontinued operations | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 8,136 | 7,244 | 14,923 | |
Cost of equipment and services sold | 0 | (6,885) | (6,074) | (12,752) | |
Other income, costs and expenses | (2) | (2,412) | (1,284) | (3,980) | |
Earnings (loss) of discontinued operations before income taxes | (2) | (1,161) | (115) | (1,809) | |
Benefit (provision) for income taxes | (61) | (62) | (129) | 1,359 | |
Earnings (loss) of discontinued operations, net of taxes | (63) | (1,222) | (243) | (450) | |
Gain (loss) on disposal before income taxes | 9 | 4 | 11 | 4 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 9 | 4 | 11 | 4 | |
Earnings (loss) from discontinued operations, net of taxes | (54) | (1,218) | (232) | (447) | |
Assets | |||||
Cash, cash equivalents and restricted cash | 1,398 | 1,398 | $ 3,762 | ||
Current receivables | 12 | 12 | 7,324 | ||
Inventories, including deferred inventory costs | 0 | 0 | 8,245 | ||
Goodwill | 0 | 0 | 4,437 | ||
Other intangible assets - net | 0 | 0 | 1,053 | ||
Contract and other deferred assets | 0 | 0 | 8,959 | ||
Property, plant and equipment - net | 48 | 48 | 5,306 | ||
All other assets | 332 | 332 | 5,750 | ||
Deferred income taxes | 28 | 28 | 3,093 | ||
Assets of discontinued operations | 1,817 | 1,817 | 47,927 | ||
Liabilities | |||||
Accounts payable | 81 | 81 | 8,475 | ||
Contract liabilities, progress collections & deferred income | 0 | 0 | 15,255 | ||
Long-term borrowings | 0 | 0 | 294 | ||
Non-current compensation and benefits | 34 | 34 | 3,589 | ||
All other liabilities | 1,552 | 1,552 | 11,600 | ||
Liabilities of discontinued operations | 1,667 | 1,667 | 39,213 | ||
Discontinued operations | GE Vernova | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 8,136 | 7,244 | 14,923 | |
Cost of equipment and services sold | 0 | (6,885) | (6,074) | (12,752) | |
Other income, costs and expenses | (11) | (1,373) | (1,299) | (2,719) | |
Earnings (loss) of discontinued operations before income taxes | (11) | (121) | (129) | (548) | |
Benefit (provision) for income taxes | (58) | (79) | (132) | (137) | |
Earnings (loss) of discontinued operations, net of taxes | (68) | (200) | (261) | (685) | |
Gain (loss) on disposal before income taxes | 0 | 0 | 0 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 0 | 0 | 0 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | (68) | (200) | (261) | (685) | |
Assets | |||||
Assets of discontinued operations | 113 | 113 | 46,233 | ||
Liabilities | |||||
Liabilities of discontinued operations | 288 | 288 | $ 38,021 | ||
Discontinued operations | GE HealthCare | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | 0 | 0 | |
Other income, costs and expenses | 10 | 0 | 11 | (20) | |
Earnings (loss) of discontinued operations before income taxes | 10 | 0 | 11 | (20) | |
Benefit (provision) for income taxes | (2) | 6 | (2) | 1,485 | |
Earnings (loss) of discontinued operations, net of taxes | 8 | 6 | 9 | 1,466 | |
Gain (loss) on disposal before income taxes | 0 | 0 | 0 | 0 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 0 | 0 | 0 | 0 | |
Earnings (loss) from discontinued operations, net of taxes | 8 | 6 | 9 | 1,466 | |
Discontinued operations | Bank BPH & Other | |||||
RESULTS OF DISCONTINUED OPERATIONS | |||||
Total revenues | 0 | 0 | 0 | 0 | |
Cost of equipment and services sold | 0 | 0 | 0 | 0 | |
Other income, costs and expenses | (2) | (1,040) | 4 | (1,241) | |
Earnings (loss) of discontinued operations before income taxes | (2) | (1,040) | 4 | (1,241) | |
Benefit (provision) for income taxes | (1) | 11 | 5 | 10 | |
Earnings (loss) of discontinued operations, net of taxes | (3) | (1,029) | 9 | (1,231) | |
Gain (loss) on disposal before income taxes | 9 | 4 | 11 | 4 | |
Benefit (provision) for income taxes | 0 | 0 | 0 | 0 | |
Gain (loss) on disposal, net of taxes | 9 | 4 | 11 | 4 | |
Earnings (loss) from discontinued operations, net of taxes | $ 6 | $ (1,025) | $ 20 | $ (1,227) |
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 | Jun. 30, 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 | $ 1,742 | $ 1,963 |
All other liabilities | 1,552 | 11,600 |
Assets of discontinued operations | 1,817 | 47,927 |
Liabilities of discontinued operations | 1,667 | 39,213 |
GE Vernova | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of discontinued operations | 113 | 46,233 |
Liabilities of discontinued operations | 288 | 38,021 |
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 | 1,501 | 1,712 |
All other liabilities | 973 | 957 |
Estimated borrower litigation losses | $ 2,474 | $ 2,669 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Accrued interest, current | $ 468 | $ 468 | $ 466 | ||
Accrued interest, current, statement of financial position | All other current assets (Note 9) | All other current assets (Note 9) | All other current assets (Note 9) | ||
Debt securities in unrealized loss position, total | $ 21,476 | $ 21,476 | $ 18,730 | ||
Debt securities in unrealized loss position, 12 months or more | 16,283 | 16,283 | 17,146 | ||
Gross unrealized losses, 12 months or more | (2,813) | (2,813) | (2,370) | ||
Gross unrealized losses | (2,946) | (2,946) | (2,406) | ||
Investments without readily determinable fair value | 1,141 | 1,141 | 974 | ||
Fair value adjustments, including impairment | 29 | $ 26 | 63 | $ 35 | |
Level 3 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment securities with a fair value | 7,088 | 7,088 | 6,841 | ||
U.S. corporate | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gross unrealized losses | (2,122) | (2,122) | (1,606) | ||
CMBS | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gross unrealized losses | (138) | (138) | |||
Asset-backed securities | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Gross unrealized losses | (71) | (71) | |||
Insurance | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investments without readily determinable fair value | $ 1,115 | $ 1,115 | $ 939 | ||
GE HealthCare | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity securities, remaining interest (in shares) | 30.5 | 30.5 | |||
Equity securities, ownership percentage | 6.70% | 6.70% |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | $ 0 | $ 0 |
Estimated fair value | 3,338 | 5,706 |
Gross unrealized gains | 719 | 1,183 |
Gross unrealized losses | (2,946) | (2,406) |
Other equity | 198 | 331 |
Non-current investment securities, amortized cost | 40,356 | 39,222 |
Non-current investment securities, estimated fair value | 38,129 | 38,000 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 27,771 | 27,495 |
Gross unrealized gains | 618 | 1,034 |
Gross unrealized losses | (2,122) | (1,606) |
Estimated fair value | 26,268 | 26,923 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,710 | 2,529 |
Gross unrealized gains | 23 | 34 |
Gross unrealized losses | (270) | (209) |
Estimated fair value | 2,463 | 2,353 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,647 | 2,828 |
Gross unrealized gains | 36 | 79 |
Gross unrealized losses | (220) | (185) |
Estimated fair value | 2,464 | 2,723 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 5,044 | 4,827 |
Gross unrealized gains | 40 | 34 |
Gross unrealized losses | (220) | (291) |
Estimated fair value | 4,864 | 4,571 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,985 | 1,213 |
Gross unrealized gains | 1 | 3 |
Gross unrealized losses | (114) | (116) |
Estimated fair value | 1,873 | 1,100 |
GE HealthCare | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | 2,379 | 4,761 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | $ 959 | $ 944 |
INVESTMENT SECURITIES - Realize
INVESTMENT SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV) | $ (378) | $ 522 | $ 62 | $ 6,562 |
Proceeds from debt/equity securities sales and early redemptions | 1,083 | 3,745 | 4,278 | 6,754 |
Gross realized gains on debt securities | 9 | 26 | 17 | 38 |
Gross realized losses on debt securities | $ (28) | $ (25) | $ (38) | $ (46) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Amortized cost | |
Within one year | $ 1,422 |
After one year through five years | 5,249 |
After five years through ten years | 4,911 |
After ten years | 23,532 |
Estimated fair value | |
Within one year | 1,417 |
After one year through five years | 5,269 |
After five years through ten years | 4,917 |
After ten years | $ 21,463 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Receivables [Abstract] | ||
Customer receivables | $ 6,484 | $ 6,397 |
Revenue sharing partners receivables | 1,223 | 1,252 |
Non-income based tax receivables | 117 | 129 |
Supplier advances | 351 | 401 |
Receivables from disposed businesses | 217 | 121 |
Other sundry receivables | 114 | 534 |
Allowance for credit losses | (135) | (132) |
Total current receivables | 8,370 | $ 8,703 |
New provisions | $ 10 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Receivables [Abstract] | ||
Sale of current customer receivables | $ 240 | $ 434 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Long-term customer receivables | $ 172 | $ 163 |
Supplier advances | 30 | 32 |
Sundry receivables | 114 | 158 |
Allowance for credit losses | (3) | (4) |
Total long-term receivables | $ 313 | $ 349 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 7,263 | $ 6,531 |
Finished goods | 1,277 | 1,209 |
Deferred inventory costs | 929 | 544 |
Inventories, including deferred inventory costs | $ 9,469 | $ 8,284 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 15,439 | $ 15,338 |
Less accumulated depreciation and amortization | (9,430) | (9,252) |
Right-of-use operating lease assets | 1,086 | 1,160 |
Property, plant and equipment – net | $ 7,095 | $ 7,246 |
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 | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |||||
Operating lease liabilities, current | $ 292 | $ 292 | $ 308 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | All other current liabilities (Note 14) | All other current liabilities (Note 14) | All other current liabilities (Note 14) | ||
Operating lease liabilities, noncurrent | $ 862 | $ 862 | $ 931 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 14) | All other liabilities (Note 14) | All other liabilities (Note 14) | ||
Long-term (fixed) expense | $ 128 | $ 124 | $ 240 | $ 245 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill | |
Balance at beginning of period | $ 8,948 |
Goodwill adjustments | (88) |
Balance at end of period | 8,859 |
Operating segments | Commercial Engines & Services | |
Goodwill | |
Balance at beginning of period | 6,472 |
Goodwill adjustments | (70) |
Balance at end of period | 6,402 |
Operating segments | Defense & Propulsion Technologies | |
Goodwill | |
Balance at beginning of period | 2,476 |
Goodwill adjustments | (19) |
Balance at end of period | $ 2,457 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Goodwill [Line Items] | |||||
Goodwill | $ 8,859 | $ 8,859 | $ 8,948 | ||
Increase (decrease) in intangible assets | (248) | ||||
Amortization of intangible assets | 83 | $ 96 | 172 | $ 184 | |
Operating segments | Defense & Propulsion Technologies | |||||
Goodwill [Line Items] | |||||
Goodwill | 2,457 | 2,457 | $ 2,476 | ||
Operating segments | Additive | Defense & Propulsion Technologies | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 241 | $ 241 |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Capitalized Contract Cost [Line Items] | ||
Contract assets (liabilities) and other deferred assets (income), increase net liability position | $ 474 | |
Increase (decrease) in long-term service agreement liabilities | 435 | |
Increase (decrease) in long-term service agreement assets | (261) | |
Increase (decrease) in equipment and other service agreements | 105 | |
Revenue recognized, contract liability | 3,537 | $ 3,145 |
Increase in progress collections and deferred income due to timing of revenue recognition | 288 | |
Long-term | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (4,181) | |
Net favorable (unfavorable) change in estimated profitability | (184) | |
Revenues recognized, contract asset | $ 3,721 |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS - Schedule of Contract Assets, Liabilities and Other Deferred Assets and Income (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Contractors [Abstract] | ||
Long-term service agreements | $ 2,116 | $ 2,377 |
Equipment and other service agreements | 603 | 498 |
Current contract assets | 2,719 | 2,875 |
Nonrecurring engineering costs | 2,434 | 2,444 |
Customer advances and other | 2,367 | 2,342 |
Contract and other deferred assets | 4,801 | 4,785 |
Total contract and other deferred assets | 7,521 | 7,660 |
Long-term service agreement liabilities | 8,337 | 7,902 |
Current deferred income | 335 | 420 |
Contract liabilities and current deferred income | 8,671 | 8,322 |
Non-current deferred income | 960 | 975 |
Total contract liabilities and deferred income | 9,631 | 9,297 |
Contract assets (liabilities) and other deferred assets (income) | $ (2,111) | $ (1,637) |
ALL OTHER ASSETS (Details)
ALL OTHER ASSETS (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Increase in other non-current assets | $ 1,710 | |
Increase in insurance cash and cash equivalents | 659 | |
Increase in indemnity assets | 502 | |
Increase in equity method investments | 259 | |
Increase in prepaid taxes and deferred charges | 170 | |
Insurance cash and cash equivalents | $ 1,442 | $ 784 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 1,700 | $ 1,108 |
Long-term borrowings and lease obligation | 17,973 | 19,417 |
Total borrowings | 19,673 | 20,525 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 16,155 | 17,509 |
Subordinated notes and other | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 1,359 | 1,383 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term borrowings and lease obligation | 458 | 525 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Current portion of long-term borrowings | 1,630 | 1,044 |
Subordinated notes and other | ||
Debt Instrument [Line Items] | ||
Current portion of long-term borrowings | 71 | 27 |
Other short-term borrowings | ||
Debt Instrument [Line Items] | ||
Other short-term borrowings | $ 0 | $ 37 |
ACCOUNTS PAYABLE - Schedule of
ACCOUNTS PAYABLE - Schedule of Accounts Payable and Accruals (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 5,604 | $ 5,290 |
Supply chain finance programs | 1,496 | 1,472 |
Sundry payables | 608 | 754 |
Accounts Payable and Other Accrued Liabilities, Current | $ 7,707 | $ 7,516 |
ACCOUNTS PAYABLE - Narrative (D
ACCOUNTS PAYABLE - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Payables and Accruals [Abstract] | ||
Supplier finance program, invoices paid | $ 1,799 | $ 1,510 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 66 Months Ended | ||||
Jun. 30, 2024 USD ($) loan | Mar. 31, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan | Dec. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | |||||||
Insurance revenues | $ 871 | $ 847 | $ 1,750 | $ 1,639 | |||
Net earnings (loss) | $ 1,268 | 37 | $ 2,833 | 7,518 | |||
Percent of portfolio held in office sector | 33.30% | 33.30% | 33.30% | ||||
Gross premium income | $ 409 | 424 | |||||
Interest accretion | 879 | 869 | |||||
Policyholder account balance | $ 1,654 | $ 1,884 | 1,654 | 1,884 | $ 1,654 | ||
Policyholder account balance, surrender, withdrawal and benefit payments | 215 | 219 | |||||
Policyholder account balance, net additions and interest credited | $ 142 | $ 134 | |||||
Policyholder account balance, crediting rate | 3% | 6% | 3% | 6% | 3% | ||
Capital contributions to insurance subsidiaries | $ 1,820 | $ 15,035 | |||||
Long-term care | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Gross premium income | $ 242 | $ 246 | |||||
Interest accretion | 637 | 621 | |||||
Life | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Gross premium income | 156 | 166 | |||||
Interest accretion | 222 | 229 | |||||
Run-off Insurance Operations | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Insurance revenues | $ 871 | $ 847 | 1,750 | 1,639 | |||
Gross profit (loss) | 170 | 64 | 370 | 134 | |||
Net earnings (loss) | 134 | $ 50 | 292 | $ 104 | |||
Investment securities | 37,739 | 37,739 | 37,739 | $ 37,592 | |||
Limited partnerships | 3,741 | 3,741 | 3,741 | 3,300 | |||
Run-off Insurance Operations | CMBS | |||||||
Disaggregation of Revenue [Line Items] | |||||||
Debt securities, net | 1,900 | 1,900 | 1,900 | 1,947 | |||
Debt securities, allowance for credit losses | $ 65 | $ 65 | $ 65 | $ 48 | |||
Number of delinquent loans | loan | 3 | 3 | 3 | ||||
Number of nonaccrual loans | loan | 2 | 2 | 2 | ||||
Weighted average loan to value ratio | 74% | 74% | 74% | ||||
Debt service coverage ratio | 1.5 | 1.5 | 1.5 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Future policy benefit reserves | $ 35,376 | $ 37,689 | |
Investment contracts | 1,451 | 1,535 | |
Other | 388 | 400 | |
Total | 37,215 | 39,624 | |
Long-term care | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Future policy benefit reserves | 25,301 | 26,832 | $ 25,888 |
Investment contracts | 0 | 0 | |
Other | 0 | 0 | |
Total | 25,301 | 26,832 | |
Structured settlement annuities | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Future policy benefit reserves | 8,700 | 9,357 | 9,224 |
Investment contracts | 762 | 793 | |
Other | 0 | 0 | |
Total | 9,463 | 10,150 | |
Life | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Future policy benefit reserves | 1,010 | 1,117 | $ 985 |
Investment contracts | 0 | 0 | |
Other | 118 | 116 | |
Total | 1,127 | 1,233 | |
Other contracts | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Future policy benefit reserves | 365 | 382 | |
Investment contracts | 689 | 742 | |
Other | 270 | 285 | |
Total | $ 1,324 | $ 1,409 |
INSURANCE LIABILITIES AND ANN_5
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Changes in Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Present value of expected future policy benefits | ||||
Future policy benefit reserves | $ 35,376 | $ 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 | 16 | $ 1 | ||
Effect of actual variances from expected experience | (26) | 31 | ||
Adjusted beginning of year balance | 3,735 | 3,991 | ||
Interest accrual | 101 | 105 | ||
Net premiums collected | (196) | (201) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 3,640 | 3,895 | ||
Effect of changes in discount rate assumptions | 164 | 239 | ||
Balance, end of year | 3,803 | 4,134 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 30,895 | 28,316 | ||
Beginning balance at locked-in discount rate | 27,185 | 27,135 | 27,144 | 27,026 |
Effect of changes in cash flow assumptions | (10) | (14) | ||
Effect of actual variances from expected experience | 7 | 26 | ||
Adjusted beginning of year balance | 27,141 | 27,038 | ||
Interest accrual | 738 | 727 | ||
Benefit payments | (693) | (630) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 27,185 | 27,135 | ||
Effect of changes in discount rate assumptions | 1,920 | 2,887 | ||
Balance, end of year | 29,105 | 30,022 | ||
Future policy benefit reserves | 25,301 | 25,888 | 26,832 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (155) | (186) | ||
Net future policy benefit reserves, after reinsurance recoverables | 25,146 | 25,702 | ||
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 year | 0 | 0 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 9,357 | 8,860 | ||
Beginning balance at locked-in discount rate | 8,429 | 8,691 | 8,561 | 8,790 |
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | (25) | 10 | ||
Adjusted beginning of year balance | 8,536 | 8,800 | ||
Interest accrual | 222 | 229 | ||
Benefit payments | (328) | (338) | ||
Effect of foreign currency | 0 | 0 | ||
Ending balance at locked-in discount rate | 8,429 | 8,691 | ||
Effect of changes in discount rate assumptions | 271 | 533 | ||
Balance, end of year | 8,700 | 9,224 | ||
Future policy benefit reserves | 8,700 | 9,224 | 9,357 | |
Less: Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | ||
Net future policy benefit reserves, after reinsurance recoverables | 8,700 | 9,224 | ||
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 | (34) | (87) | ||
Adjusted beginning of year balance | 4,739 | 5,122 | ||
Interest accrual | 90 | 100 | ||
Net premiums collected | (140) | (150) | ||
Effect of foreign currency | (91) | 86 | ||
Ending balance at locked-in discount rate | 4,597 | 5,159 | ||
Effect of changes in discount rate assumptions | (183) | (162) | ||
Balance, end of year | 4,415 | 4,997 | ||
Present value of expected future policy benefits | ||||
Balance, beginning of year | 5,921 | 5,868 | ||
Beginning balance at locked-in discount rate | 5,591 | 6,126 | 5,847 | 6,247 |
Effect of changes in cash flow assumptions | 0 | 0 | ||
Effect of actual variances from expected experience | (51) | (44) | ||
Adjusted beginning of year balance | 5,796 | $ 6,203 | ||
Interest accrual | 110 | 119 | ||
Benefit payments | (219) | (287) | ||
Effect of foreign currency | (96) | 91 | ||
Ending balance at locked-in discount rate | 5,591 | 6,126 | ||
Effect of changes in discount rate assumptions | (166) | (144) | ||
Balance, end of year | 5,424 | 5,983 | ||
Future policy benefit reserves | 1,010 | 985 | $ 1,117 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (31) | (34) | ||
Net future policy benefit reserves, after reinsurance recoverables | $ 979 | $ 952 |
INSURANCE LIABILITIES AND ANN_6
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Amount of Undiscounted and Discounted (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Jun. 30, 2023 |
Long-term care | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Undiscounted, Gross premiums | $ 7,244 | $ 7,807 |
Undiscounted, Benefit payments | 62,387 | 64,585 |
Discounted, Gross premiums | 4,665 | 4,995 |
Discounted, Benefit payments | 29,105 | 30,022 |
Structured settlement annuities | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Undiscounted, Benefit payments | 18,937 | 19,608 |
Discounted, Benefit payments | 8,700 | 9,224 |
Life | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Undiscounted, Gross premiums | 11,886 | 13,620 |
Undiscounted, Benefit payments | 10,730 | 11,850 |
Discounted, Gross premiums | 5,323 | 6,125 |
Discounted, Benefit payments | $ 5,424 | $ 5,983 |
INSURANCE LIABILITIES AND ANN_7
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Weighted-Average Durations and Interest Rates (Details) | Jun. 30, 2024 | Jun. 30, 2023 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 12 years 1 month 6 days | 13 years 1 month 6 days |
Interest Accretion Rate | 5.60% | 5.50% |
Current Discount Rate | 5.40% | 5.10% |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 10 years 8 months 12 days | 11 years 1 month 6 days |
Interest Accretion Rate | 5.40% | 5.40% |
Current Discount Rate | 5.40% | 5.10% |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 5 years 4 months 24 days | 5 years 3 months 18 days |
Interest Accretion Rate | 5.20% | 5.10% |
Current Discount Rate | 5.10% | 5% |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) category | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) category | Jun. 30, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of categories | category | 3 | 3 | ||
Defined contribution plan costs | $ 74 | $ 103 | $ 163 | $ 180 |
Deferred compensation expense | 12 | 15 | 21 | 35 |
Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan costs | 74 | 63 | 128 | 110 |
Deferred compensation expense | 12 | 12 | 14 | 29 |
Principal retiree benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | (21) | (36) | (57) | (72) |
Principal retiree benefit plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | (21) | (22) | (43) | (44) |
Other pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | 1 | (30) | (12) | (59) |
Other pension plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plans cost (income) | $ 1 | $ (10) | $ 0 | $ (20) |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension plans - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned | $ 17 | $ 24 | $ 37 | $ 45 |
Prior service cost amortization | 1 | 0 | 4 | 0 |
Expected return on plan assets | (390) | (594) | (968) | (1,188) |
Interest cost on benefit obligations | 315 | 472 | 768 | 946 |
Net actuarial gain amortization | (103) | (187) | (257) | (359) |
Net periodic expense (income) | (160) | (285) | (416) | (556) |
Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic expense (income) | 0 | (96) | (88) | (188) |
Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic expense (income) | $ (160) | $ (189) | $ (328) | $ (368) |
SALES DISCOUNTS AND ALLOWANCE_2
SALES DISCOUNTS AND ALLOWANCES & ALL OTHER CURRENT AND NON-CURRENT LIABILITIES (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | ||
Increase (decrease) in sales discount and allowances | $ (102) | $ 32 |
Increase (decrease) in other current liabilities | (355) | |
Increase (decrease) in employee compensation and benefit liabilities | (758) | |
Increase (decrease) in dividends payable | 217 | |
Increase (decrease) in taxes payable | 87 | |
Increase (decrease) in other noncurrent liabilities | 827 | |
Increase (decrease) in uncertain and other income taxes and related liabilities | 585 | |
Increase (decrease) in environmental, health and safety liabilities, noncurrent | 142 | |
Increase (decrease) in indemnity liabilities | $ 185 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 10.70% | 5.50% |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Income Tax Disclosure [Abstract] | ||
Total assets | $ 7,702 | $ 7,891 |
Total liabilities | (364) | (389) |
Net deferred income tax asset (liability) | $ 7,338 | $ 7,502 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Apr. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning balance | $ 28,605 | ||||||
Ending balance | $ 18,843 | $ 18,843 | $ 32,393 | $ 18,843 | $ 32,393 | ||
Dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.56 | $ 0.08 | $ 0.56 | $ 0.16 | |
GE Vernova | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Reclass from AOCI, net of taxes | $ 1,590 | ||||||
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 | $ (5,603) | (5,603) | $ (3,289) | (2,272) | $ (6,150) | $ (2,272) | |
Ending balance | $ (4,035) | (4,035) | (3,573) | (3,289) | (4,035) | (3,573) | |
Currency translation adjustments, including noncontrolling interests | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning balance | (3,658) | (3,658) | (3,505) | (5,893) | (3,623) | (5,893) | |
AOCI before reclass, net of taxes | 29 | 67 | (6) | 220 | |||
Reclass from AOCI, net of taxes | 2,094 | 27 | 2,094 | 2,262 | |||
Other comprehensive income (loss) | 2,123 | 95 | 2,087 | 2,481 | |||
Ending balance | (3,505) | ||||||
AOCI before reclasses, taxes | (39) | (13) | (13) | (18) | |||
Reclass from AOCI, taxes | 103 | 0 | 103 | (626) | |||
Currency translation adjustments, including noncontrolling interests | GE Vernova | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Reclass from AOCI, net of taxes | 2,174 | ||||||
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) | (22) | (2) | (22) | (3) | |||
Currency translation adjustments | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Other comprehensive income (loss) | 2,144 | 96 | 2,109 | 2,484 | |||
Ending balance | (1,514) | (1,514) | (3,409) | (1,514) | (3,409) | ||
Benefit plans, including noncontrolling interests | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning balance | 1,586 | 1,586 | 4,214 | 6,531 | 1,786 | 6,531 | |
AOCI before reclass, net of taxes | (54) | 41 | (83) | (43) | |||
Reclass from AOCI, net of taxes | (736) | (214) | (904) | (2,449) | |||
Other comprehensive income (loss) | (790) | (173) | (987) | (2,492) | |||
Ending balance | 4,214 | ||||||
AOCI before reclasses, taxes | (12) | 12 | (4) | (1) | |||
Reclass from AOCI, taxes | (156) | (63) | (208) | (657) | |||
Benefit plans, including noncontrolling interests | GE Vernova | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Reclass from AOCI, net of taxes | (584) | ||||||
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) | (9) | 0 | (7) | (2) | |||
Benefit plans AOCI | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Other comprehensive income (loss) | (780) | (173) | (980) | (2,490) | |||
Ending balance | 806 | 806 | 4,041 | 806 | 4,041 | ||
Investment securities and cash flow hedges, including noncontrolling interests | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning balance | (1,412) | (1,412) | (1,222) | (1,927) | (959) | (1,927) | |
AOCI before reclass, net of taxes | (341) | (446) | (806) | 272 | |||
Reclass from AOCI, net of taxes | 37 | (28) | 48 | (41) | |||
Other comprehensive income (loss) | (304) | (474) | (758) | 231 | |||
Ending balance | (1,222) | ||||||
AOCI before reclasses, taxes | (92) | (127) | (208) | 61 | |||
Reclass from AOCI, taxes | 13 | (3) | 12 | (3) | |||
Investment securities and cash flow hedges, attributable to noncontrolling interests | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Other comprehensive income (loss) | 12 | 0 | 12 | 0 | |||
Investment securities and cash flow hedges AOCI | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Other comprehensive income (loss) | (314) | (474) | (768) | 231 | |||
Ending balance | (1,727) | (1,727) | (1,696) | (1,727) | (1,696) | ||
Long-duration insurance contracts | |||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||
Beginning balance | $ (2,119) | (2,119) | (2,776) | (983) | (3,354) | (983) | |
AOCI before reclass, net of taxes | 518 | 267 | 1,753 | (1,527) | |||
Other comprehensive income (loss) | 518 | 267 | 1,753 | (1,527) | |||
Ending balance | $ (1,601) | (1,601) | (2,510) | $ (2,776) | (1,601) | (2,510) | |
AOCI before reclasses, taxes | $ 138 | $ 71 | $ 466 | $ (406) |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Preferred stock, shares outstanding | 2,795,444 | ||||
Common stock, shares outstanding | 1,084,311,016 | 1,084,311,016 | 1,088,415,995 | ||
Stock repurchased (in shares) | 13,900,000 | 15,000,000 | |||
Stock repurchased | $ 2,289 | $ 2,434 | |||
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Diluted | ||||
Earnings (loss) from continuing operations | $ 1,320 | $ 1,254 | $ 3,061 | $ 7,951 |
Preferred stock dividends and other | 0 | (58) | 0 | (204) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,320 | 1,195 | 3,061 | 7,747 |
Earnings (loss) from discontinued operations | (54) | (1,220) | (256) | (417) |
Net earnings (loss) attributable to common shareholders | $ 1,266 | $ (25) | $ 2,805 | $ 7,330 |
Total average equivalent shares (in shares) | 1,089 | 1,089 | 1,089 | 1,089 |
Employee compensation-related shares (including stock options) (in shares) | 11 | 10 | 11 | 9 |
Total average equivalent shares (in shares) | 1,100 | 1,098 | 1,100 | 1,097 |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 1.20 | $ 1.09 | $ 2.78 | $ 7.06 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.05) | (1.11) | (0.23) | (0.38) |
Net earnings (loss) per share (in dollars per share) | $ 1.15 | $ (0.02) | $ 2.55 | $ 6.68 |
Potentially dilutive securities (in shares) | 6 | 28 | 9 | 33 |
Basic | ||||
Earnings (loss) from continuing operations | $ 1,320 | $ 1,254 | $ 3,061 | $ 7,958 |
Preferred stock dividends and other | 0 | (58) | 0 | (204) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,320 | 1,195 | 3,061 | 7,754 |
Earnings (loss) from discontinued operations | (54) | (1,220) | (256) | (417) |
Net earnings (loss) attributable to common shareholders | $ 1,266 | $ (25) | $ 2,805 | $ 7,337 |
Earnings (loss) per share from continuing operations (in dollars per share) | $ 1.21 | $ 1.10 | $ 2.81 | $ 7.12 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.05) | (1.12) | (0.23) | (0.38) |
Net earnings (loss) per share (in dollars per share) | $ 1.16 | $ (0.02) | $ 2.58 | $ 6.74 |
Preferred share redemption | ||||
Preferred share redemption, excise tax | $ (30) | $ (30) |
OTHER INCOME (LOSS) - Schedule
OTHER INCOME (LOSS) - Schedule of Other Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | $ 314 | $ 6,286 | ||
Other net interest and investment income (loss) | $ 200 | $ 128 | 429 | 296 |
Licensing and royalty income | 51 | 29 | 107 | 54 |
Other items | 46 | (39) | 95 | (72) |
Total other income (loss) | (63) | 496 | 944 | $ 6,600 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | 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 | 34 | 20 | 79 | $ 57 |
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) | (394) | 358 | 234 | 6,266 |
GE HealthCare | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | (397) | (214) | 219 | 5,879 |
AerCap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | 3 | 572 | 15 | 378 |
Baker Hughes | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Realized and unrealized gain (loss) | $ 0 | $ 0 | $ 0 | $ 10 |
OTHER INCOME (LOSS) - Narrative
OTHER INCOME (LOSS) - Narrative (Details) - GE HealthCare shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Equity securities, remaining 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 - Schedule of Restructuring and Other Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | $ 84 | $ 46 | $ 170 | $ 94 |
Restructuring charges and other cash expenditures | 24 | 97 | 99 | 144 |
Cost of sales | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | 0 | 3 | 1 | 6 |
Selling, general and administrative expenses | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | 84 | 43 | 169 | 87 |
Workforce reductions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | 42 | 32 | 108 | 52 |
Workforce reductions | GE Vernova | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | (81) | |||
Plant closures & associated costs and other asset write-downs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | 5 | 12 | 24 | 37 |
Acquisition/disposition net charges and other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring charges (income) | $ 36 | $ 3 | $ 38 | $ 5 |
RESTRUCTURING CHARGES AND SEP_4
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring liability | $ 292 | $ 292 | $ 311 | ||
Separation costs (income) | 75 | $ 163 | 334 | $ 327 | |
Separation costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Separation costs (income) | 75 | 163 | 334 | 327 | |
Payments for restructuring costs | 407 | 319 | 572 | 489 | |
Restructuring, incurred net tax expense (benefit) | (216) | (14) | (251) | 3 | |
Separation costs | Discontinued operations | GE HealthCare | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Separation costs (income) | (10) | 1 | (10) | 21 | |
Payments for restructuring costs | 0 | 55 | 9 | 140 | |
Restructuring, incurred net tax expense (benefit) | 2 | 0 | 2 | (4) | |
Separation costs | Discontinued operations | GE Vernova | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Separation costs (income) | 1 | 64 | 97 | 104 | |
Payments for restructuring costs | 38 | 52 | 121 | 86 | |
Restructuring, incurred net tax expense (benefit) | $ 0 | $ (20) | $ (20) | $ 18 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Liabilities | ||
Investment contracts | $ 1,451 | $ 1,535 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,071 | 2,110 |
Liabilities | ||
Borrowings | 19,673 | 20,525 |
Investment contracts | 1,451 | 1,535 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 1,977 | 2,055 |
Liabilities | ||
Borrowings | 18,949 | 20,218 |
Investment contracts | $ 1,507 | $ 1,616 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Gross Notional | $ 8,129 | $ 17,890 |
All other current assets | ||
Derivative asset, statement of financial position | All other current assets (Note 9) | All other current assets (Note 9) |
Gross derivatives | $ 223 | $ 271 |
Netting and credit adjustments | (13) | (28) |
Net derivatives in statement of financial position | $ 210 | $ 243 |
All other current liabilities | ||
Derivative liability, statement of financial position | All other current liabilities (Note 14) | All other current liabilities (Note 14) |
Gross derivatives | $ 29 | $ 78 |
Netting and credit adjustments | (13) | (26) |
Net derivatives recognized in statement of financial position | 16 | 53 |
Qualifying currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 1,287 | 1,613 |
All other current assets | ||
Gross derivatives | 15 | 26 |
All other current liabilities | ||
Gross derivatives | 12 | 22 |
Non-qualifying currency exchange contracts and other | ||
Derivative [Line Items] | ||
Gross Notional | 6,842 | 16,277 |
All other current assets | ||
Gross derivatives | 208 | 245 |
All other current liabilities | ||
Gross derivatives | $ 17 | $ 56 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value of Derivatives, Footnote (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Non-qualifying currency exchange contracts and other | ||||
Derivative [Line Items] | ||||
Gain (loss) on derivatives | $ 40 | $ 46 | $ 62 | $ 179 |
FINANCIAL INSTRUMENTS - Fair _3
FINANCIAL INSTRUMENTS - Fair Value Hedges, Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative gain of fair value hedging adjustments | $ 1,101 | $ 1,162 |
Cumulative gain of fair value hedging on discontinued hedging relationships | 1,101 | 1,162 |
Hedged liability | $ 8,551 | $ 9,253 |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term borrowings (Note 10) | Long-term borrowings (Note 10) |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow Hedges and Net Investment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Gain (loss) recognized in OCI, cash flow hedges | $ (14) | $ 19 | $ (21) | $ 38 |
Gain (loss) recognized in OCI, net investment hedges | 68 | (68) | 150 | (133) |
Reclassified from AOCI into net income, cash flow hedges | 5 | 17 | 12 | 18 |
Reclassified from AOCI into net income, investment hedges | $ 0 | $ 0 | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Cash _2
FINANCIAL INSTRUMENTS - Cash Flow Hedges and Net Investment, Footnote (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Foreign currency debt | ||
Derivative [Line Items] | ||
Carrying value designated as net investment hedges | $ 4,588 | $ 4,726 |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk, Narrative (Details) - Counterparty credit risk - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Exposure to counterparties (including accrued interest) | $ 210 | $ 241 |
Net amount | $ 16 | $ 53 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Variable Interest Entity [Line Items] | ||
Assets | $ 123,190 | $ 173,300 |
Liabilities | 104,347 | 144,695 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 129 | 115 |
Liabilities | 121 | 140 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 7,260 | 6,577 |
Unconsolidated VIEs | U.S. Tax Equity Investments | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,198 | 1,205 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 5,828 | $ 5,145 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Investment commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,930 |
Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,774 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,671 |
Unfunded lending commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 656 |
Financial assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,696 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Credit support agreement | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 57 |
Guarantee obligations, liability | 7 |
Credit support agreement | GE Vernova | Continuing operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, reserve | 169 |
Financial guarantee | GE Vernova | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 1,426 |
Indemnification agreement, SDA, TSA and TMA | GE Vernova | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 168 |
Guarantee obligations, reserve | 122 |
Indemnification agreement, SDA, TSA and TMA | GE Vernova | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 93 |
Indemnification agreement, TMA | GE HealthCare | Continuing operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 32 |
Other indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 148 |
Guarantee obligations, liability | 62 |
Other indemnification agreements | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 510 |
Guarantee obligations, reserve | 63 |
Performance obligation | GE Vernova | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 1,416 |
Indemnification agreement, TSA and TMA | GE HealthCare | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | $ 64 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 635 | $ 639 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - Bank BPH - Bank BPH litigation - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | |||
Litigation settlement expense | $ 1,014 | ||
Estimate loss | $ 2,474 | $ 2,669 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Environmental, Health and Safety Matters (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Total reserves related to environmental remediation and worker exposure claims | $ 1,897 | $ 1,819 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) segment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Number of reportable segments | segment | 2 |
Number of operating segments | segment | 3 |
Performance obligations expected to be satisfied | $ 159,765 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 19,191 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 37% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 54% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Performance obligation satisfaction, period three | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 74% |
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 | $ 140,574 |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Performance obligation satisfaction, period one | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 11% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Performance obligation satisfaction, period two | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 42% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | 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]: 2024-07-01 | Performance obligation satisfaction, period four | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 85% |
Performance obligations expected to be satisfied, expected timing | 15 years |
SEGMENT INFORMATION - Summary o
SEGMENT INFORMATION - Summary of Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Total revenues | $ 9,094 | $ 8,755 | $ 18,048 | $ 16,591 |
Interest and other financial charges | (248) | (249) | (511) | (497) |
Non-operating benefit income (cost) | 204 | 249 | 421 | 488 |
Benefit (provision) for income taxes | (125) | (253) | (369) | (467) |
Earnings (loss) from continuing operations attributable to common shareholders | 1,320 | 1,195 | 3,061 | 7,755 |
Earnings (loss) from discontinued operations attributable to common shareholders | (54) | (1,221) | (256) | (417) |
Net earnings (loss) attributable to common shareholders | 1,266 | (25) | 2,805 | 7,338 |
Operating segments | ||||
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Total revenues | 8,533 | 8,113 | 16,941 | 15,310 |
Gross profit (loss) | 2,023 | 1,590 | 3,698 | 3,006 |
Operating segments | Commercial Engines & Services | ||||
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Total revenues | 6,132 | 5,737 | 12,228 | 10,969 |
Gross profit (loss) | 1,679 | 1,389 | 3,098 | 2,603 |
Operating segments | Defense & Propulsion Technologies | ||||
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Total revenues | 2,401 | 2,375 | 4,713 | 4,341 |
Gross profit (loss) | 344 | 201 | 600 | 402 |
Corporate & Other | ||||
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Total revenues | 561 | 642 | 1,108 | 1,281 |
Gross profit (loss) | (534) | (84) | (179) | 5,429 |
Segment reconciling items | ||||
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items] | ||||
Interest and other financial charges | (248) | (249) | (511) | (497) |
Non-operating benefit income (cost) | 204 | 249 | 421 | 488 |
Benefit (provision) for income taxes | (125) | (253) | (369) | (467) |
Preferred stock dividends | $ 0 | $ (58) | $ 0 | $ (204) |
SEGMENT INFORMATION - Schedule
SEGMENT INFORMATION - Schedule of Equipment and Services Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 9,094 | $ 8,755 | $ 18,048 | $ 16,591 |
Operating segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,533 | 8,113 | 16,941 | 15,310 |
Operating segments | Commercial Engines & Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,132 | 5,737 | 12,228 | 10,969 |
Operating segments | Defense & Propulsion Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,401 | 2,375 | 4,713 | 4,341 |
Operating segments | Equipment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,498 | 2,744 | 5,213 | 4,900 |
Operating segments | Equipment | Commercial Engines & Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,427 | 1,607 | 3,133 | 2,906 |
Operating segments | Equipment | Defense & Propulsion Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,071 | 1,137 | 2,080 | 1,994 |
Operating segments | Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 6,034 | 5,368 | 11,728 | 10,410 |
Operating segments | Services | Commercial Engines & Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,705 | 4,130 | 9,095 | 8,063 |
Operating segments | Services | Defense & Propulsion Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,329 | $ 1,238 | $ 2,633 | $ 2,347 |