Cover Page
Cover Page shares in Thousands | 3 Months Ended |
Mar. 31, 2021shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2021 |
Document Transition Report | false |
Entity File Number | 001-00035 |
Entity Registrant Name | GENERAL ELECTRIC CO |
Entity Central Index Key | 0000040545 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 14-0689340 |
Entity Address, Address Line One | 5 Necco Street |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02210 |
City Area Code | 617 |
Local Phone Number | 443-3000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 8,778,641 |
Common Stock | |
Entity Information [Line Items] | |
Title of 12(b) Security | Common stock, par value $0.06 per share |
Trading Symbol | GE |
Security Exchange Name | NYSE |
0.375% Notes Due 2022 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.375% Notes due 2022 |
Trading Symbol | GE 22A |
Security Exchange Name | NYSE |
1.250% Notes Due 2023 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.250% Notes due 2023 |
Trading Symbol | GE 23E |
Security Exchange Name | NYSE |
0.875% Notes Due 2025 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 0.875% Notes due 2025 |
Trading Symbol | GE 25 |
Security Exchange Name | NYSE |
1.875% Notes Due 2027 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.875% Notes due 2027 |
Trading Symbol | GE 27E |
Security Exchange Name | NYSE |
1.500% Notes Due 2029 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 1.500% Notes due 2029 |
Trading Symbol | GE 29 |
Security Exchange Name | NYSE |
7.5% Guaranteed Subordinated Notes Due 2035 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 |
Trading Symbol | GE /35 |
Security Exchange Name | NYSE |
2.125% Notes Due 2037 | |
Entity Information [Line Items] | |
Title of 12(b) Security | 2.125% Notes due 2037 |
Trading Symbol | GE 37 |
Security Exchange Name | NYSE |
STATEMENT OF EARNINGS (LOSS) (U
STATEMENT OF EARNINGS (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 17,118 | $ 19,490 |
Costs and expenses | ||
Cost of sales | 12,538 | 14,426 |
Selling, general and administrative expenses | 2,891 | 3,061 |
Research and development | 561 | 723 |
Interest and other financial charges | 500 | 561 |
Insurance losses and annuity benefits | 555 | 636 |
Non-operating benefit costs | 430 | 618 |
Other costs and expenses | 32 | 25 |
Total costs and expenses | 17,506 | 20,051 |
Other income (Note 23) | 626 | 6,869 |
Earnings (loss) from continuing operations before income taxes | 238 | 6,308 |
Benefit (provision) for income taxes | (142) | (54) |
Earnings (loss) from continuing operations | 97 | 6,254 |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (21) |
Net earnings (loss) | (2,798) | 6,233 |
Less net earnings (loss) attributable to noncontrolling interests | 5 | 34 |
Net earnings (loss) attributable to the Company | (2,802) | 6,199 |
Preferred stock dividends | (72) | (43) |
Net earnings (loss) attributable to GE common shareholders | (2,874) | 6,156 |
Amounts attributable to GE common shareholders | ||
Earnings (loss) from continuing operations | 97 | 6,254 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | 5 | 36 |
Earnings (loss) from continuing operations attributable to the Company | 92 | 6,218 |
Preferred stock dividends | (72) | (43) |
Earnings (loss) from continuing operations attributable to GE common shareowners | 20 | 6,175 |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (21) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | (2) |
Net earnings (loss) attributable to GE common shareholders | $ (2,874) | $ 6,156 |
Earnings (loss) per share from continuing operations (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | $ 0 | $ 0.70 |
Basic earnings (loss) per share (in dollars per share) | 0 | 0.70 |
Net earnings (loss) per share (Note 18) | ||
Diluted earnings (loss) per share (in dollars per share) | (0.33) | 0.70 |
Basic earnings (loss) per share (in dollars per share) | $ (0.33) | $ 0.70 |
Goods | ||
Revenues | ||
Sales | $ 10,349 | $ 12,339 |
Costs and expenses | ||
Cost of sales | 8,679 | 9,930 |
Services | ||
Revenues | ||
Sales | 5,967 | 6,452 |
Costs and expenses | ||
Cost of sales | 3,859 | 4,497 |
GE Capital revenues from services | ||
Revenues | ||
Total revenues | 803 | 699 |
GE Capital | ||
Revenues | ||
Total revenues | 878 | 837 |
Costs and expenses | ||
Selling, general and administrative expenses | 116 | 149 |
Research and development | 0 | 0 |
Interest and other financial charges | 291 | 271 |
Insurance losses and annuity benefits | 567 | 653 |
Non-operating benefit costs | (3) | 2 |
Other costs and expenses | 42 | 33 |
Total costs and expenses | 1,018 | 1,113 |
Other income (Note 23) | 0 | 0 |
Earnings (loss) from continuing operations before income taxes | (140) | (277) |
Benefit (provision) for income taxes | 6 | 133 |
Earnings (loss) from continuing operations | (134) | (144) |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (7) |
Net earnings (loss) | (3,028) | (151) |
Less net earnings (loss) attributable to noncontrolling interests | (2) | 0 |
Net earnings (loss) attributable to the Company | (3,025) | (151) |
Preferred stock dividends | (41) | (43) |
Net earnings (loss) attributable to GE common shareholders | (3,066) | (194) |
Amounts attributable to GE common shareholders | ||
Earnings (loss) from continuing operations | (134) | (144) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (2) | 0 |
Earnings (loss) from continuing operations attributable to the Company | (131) | (144) |
Preferred stock dividends | (41) | (43) |
Earnings (loss) from continuing operations attributable to GE common shareowners | (172) | (187) |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (7) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | 0 |
Net earnings (loss) attributable to GE common shareholders | (3,066) | (194) |
GE Capital | Goods | ||
Revenues | ||
Sales | 0 | 0 |
Costs and expenses | ||
Cost of sales | 0 | 0 |
GE Capital | Services | ||
Revenues | ||
Sales | 0 | 0 |
Costs and expenses | ||
Cost of sales | 5 | 5 |
GE Capital | GE Capital revenues from services | ||
Revenues | ||
Total revenues | 878 | 837 |
GE Industrial | ||
Revenues | ||
Total revenues | 16,329 | 18,844 |
Costs and expenses | ||
Selling, general and administrative expenses | 2,766 | 2,949 |
Research and development | 561 | 723 |
Interest and other financial charges | 268 | 370 |
Insurance losses and annuity benefits | 0 | 0 |
Non-operating benefit costs | 433 | 616 |
Other costs and expenses | 0 | 0 |
Total costs and expenses | 16,574 | 19,133 |
Other income (Note 23) | 623 | 6,874 |
Earnings (loss) from continuing operations before income taxes | 378 | 6,585 |
Benefit (provision) for income taxes | (148) | (187) |
Earnings (loss) from continuing operations | 230 | 6,398 |
Earnings (loss) from discontinued operations, net of taxes | 0 | (14) |
Net earnings (loss) | 230 | 6,384 |
Less net earnings (loss) attributable to noncontrolling interests | 7 | 34 |
Net earnings (loss) attributable to the Company | 223 | 6,350 |
Preferred stock dividends | (31) | 0 |
Net earnings (loss) attributable to GE common shareholders | 192 | 6,350 |
Amounts attributable to GE common shareholders | ||
Earnings (loss) from continuing operations | 230 | 6,398 |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | 7 | 36 |
Earnings (loss) from continuing operations attributable to the Company | 223 | 6,362 |
Preferred stock dividends | (31) | 0 |
Earnings (loss) from continuing operations attributable to GE common shareowners | 192 | 6,362 |
Earnings (loss) from discontinued operations, net of taxes | 0 | (14) |
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 0 | (2) |
Net earnings (loss) attributable to GE common shareholders | 192 | 6,350 |
GE Industrial | Goods | ||
Revenues | ||
Sales | 10,349 | 12,359 |
Costs and expenses | ||
Cost of sales | 8,679 | 9,949 |
GE Industrial | Services | ||
Revenues | ||
Sales | 5,980 | 6,486 |
Costs and expenses | ||
Cost of sales | 3,867 | 4,526 |
GE Industrial | GE Capital revenues from services | ||
Revenues | ||
Total revenues | $ 0 | $ 0 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Cash, cash equivalents and restricted cash | [1] | $ 31,783 | $ 36,530 |
Investment securities (Note 3) | 6,741 | 7,319 | |
Current receivables (Note 4) | 15,381 | 16,691 | |
Financing receivables – net (Note 5) | 306 | 326 | |
Inventories, including deferred inventory costs (Note 6) | 16,530 | 15,890 | |
Other GE Capital receivables | 1,339 | 1,549 | |
Receivable from GE Capital | 0 | 0 | |
Current contract assets (Note 10) | 5,821 | 5,764 | |
All other current assets (Note 11) | 1,376 | 1,109 | |
Assets of discontinued operations (Note 2) | 33,922 | 0 | |
Current assets | 113,198 | 85,180 | |
Investment securities (Note 3) | 40,786 | 42,549 | |
Financing receivables – net (Note 5) | 0 | 0 | |
Other GE Capital receivables | 4,634 | 4,661 | |
Property, plant and equipment – net (Note 7) | 16,296 | 16,699 | |
Receivable from GE Capital | 0 | 0 | |
Goodwill (Note 8) | 25,320 | 25,524 | |
Other intangible assets – net (Note 8) | 9,395 | 9,671 | |
Contract and other deferred assets (Note 10) | 5,985 | 5,888 | |
All other assets (Note 11) | 12,308 | 11,038 | |
Deferred income taxes (Note 16) | 14,232 | 14,253 | |
Assets of discontinued operations (Note 2) | 3,009 | 40,749 | |
Total assets | 245,164 | 256,211 | |
Short-term borrowings (Note 12) | 4,468 | 4,713 | |
Short-term borrowings assumed by GE (Note 12) | 0 | 0 | |
Accounts payable and equipment project accruals | 16,090 | 16,458 | |
Progress collections and deferred income (Note 10) | 17,993 | 18,371 | |
All other current liabilities (Note 15) | 14,139 | 15,071 | |
Liabilities of discontinued operations (Note 2) | 4,991 | 0 | |
Current liabilities | 57,681 | 54,613 | |
Deferred income (Note 10) | 1,748 | 1,801 | |
Long-term borrowings (Note 12) | 66,890 | 70,189 | |
Long-term borrowings assumed by GE (Note 12) | 0 | 0 | |
Insurance liabilities and annuity benefits (Note 13) | 39,562 | 42,191 | |
Non-current compensation and benefits | 29,104 | 29,677 | |
All other liabilities (Note 15) | 14,821 | 15,484 | |
Liabilities of discontinued operations (Note 2) | 204 | 5,182 | |
Total liabilities | 210,011 | 219,138 | |
Preferred stock (5,939,875 shares outstanding at both March 31, 2021 and December 31, 2020) | 6 | 6 | |
Common stock (8,778,641,000 and 8,765,493,000 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (8,893) | (9,749) | |
Other capital | 34,042 | 34,307 | |
Retained earnings | 89,276 | 92,247 | |
Less common stock held in treasury | (81,548) | (81,961) | |
Total GE shareholders’ equity | 33,585 | 35,552 | |
Noncontrolling interests | 1,568 | 1,522 | |
Total equity | 35,153 | 37,073 | |
Total liabilities and equity | 245,164 | 256,211 | |
GE Capital | |||
Cash, cash equivalents and restricted cash | 9,422 | 13,322 | |
Investment securities (Note 3) | 0 | 0 | |
Current receivables (Note 4) | 0 | 0 | |
Financing receivables – net (Note 5) | 3,738 | 4,172 | |
Inventories, including deferred inventory costs (Note 6) | 0 | 0 | |
Other GE Capital receivables | 2,260 | 3,280 | |
Receivable from GE Capital | 0 | 0 | |
Current contract assets (Note 10) | 0 | 0 | |
All other current assets (Note 11) | 518 | 543 | |
Assets of discontinued operations (Note 2) | 33,922 | 0 | |
Current assets | 49,860 | 21,317 | |
Investment securities (Note 3) | 40,756 | 42,515 | |
Financing receivables – net (Note 5) | 0 | 0 | |
Other GE Capital receivables | 5,077 | 5,076 | |
Property, plant and equipment – net (Note 7) | 261 | 271 | |
Receivable from GE Capital | 0 | 0 | |
Goodwill (Note 8) | 0 | 0 | |
Other intangible assets – net (Note 8) | 37 | 39 | |
Contract and other deferred assets (Note 10) | 0 | 0 | |
All other assets (Note 11) | 4,617 | 3,354 | |
Deferred income taxes (Note 16) | 5,023 | 5,099 | |
Assets of discontinued operations (Note 2) | 2,876 | 40,587 | |
Total assets | 108,507 | 118,257 | |
Short-term borrowings (Note 12) | 2,426 | 1,963 | |
Short-term borrowings assumed by GE (Note 12) | 1,784 | 2,432 | |
Accounts payable and equipment project accruals | 841 | 918 | |
Progress collections and deferred income (Note 10) | 0 | 0 | |
All other current liabilities (Note 15) | 1,507 | 2,288 | |
Liabilities of discontinued operations (Note 2) | 4,991 | 0 | |
Current liabilities | 11,549 | 7,602 | |
Deferred income (Note 10) | 0 | 0 | |
Long-term borrowings (Note 12) | 27,962 | 30,803 | |
Long-term borrowings assumed by GE (Note 12) | 16,577 | 16,780 | |
Insurance liabilities and annuity benefits (Note 13) | 40,004 | 42,565 | |
Non-current compensation and benefits | 327 | 379 | |
All other liabilities (Note 15) | 363 | 539 | |
Liabilities of discontinued operations (Note 2) | 79 | 5,058 | |
Total liabilities | 96,861 | 103,726 | |
Preferred stock (5,939,875 shares outstanding at both March 31, 2021 and December 31, 2020) | 0 | 6 | |
Common stock (8,778,641,000 and 8,765,493,000 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | 5 | 0 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (786) | (804) | |
Other capital | 17,982 | 17,835 | |
Retained earnings | (5,730) | (2,663) | |
Less common stock held in treasury | 0 | 0 | |
Total GE shareholders’ equity | 11,472 | 14,373 | |
Noncontrolling interests | 175 | 159 | |
Total equity | 11,646 | 14,531 | |
Total liabilities and equity | 108,507 | 118,257 | |
GE Industrial | |||
Cash, cash equivalents and restricted cash | 22,361 | 23,209 | |
Investment securities (Note 3) | 6,741 | 7,319 | |
Current receivables (Note 4) | 12,418 | 13,442 | |
Financing receivables – net (Note 5) | 0 | 0 | |
Inventories, including deferred inventory costs (Note 6) | 16,530 | 15,890 | |
Other GE Capital receivables | 0 | 0 | |
Receivable from GE Capital | 1,784 | 2,432 | |
Current contract assets (Note 10) | 5,821 | 5,764 | |
All other current assets (Note 11) | 1,062 | 835 | |
Assets of discontinued operations (Note 2) | 0 | 0 | |
Current assets | 66,716 | 68,892 | |
Investment securities (Note 3) | 32 | 36 | |
Financing receivables – net (Note 5) | 0 | 0 | |
Other GE Capital receivables | 0 | 0 | |
Property, plant and equipment – net (Note 7) | 16,039 | 16,433 | |
Receivable from GE Capital | 16,577 | 16,780 | |
Goodwill (Note 8) | 25,320 | 25,524 | |
Other intangible assets – net (Note 8) | 9,358 | 9,632 | |
Contract and other deferred assets (Note 10) | 5,985 | 5,921 | |
All other assets (Note 11) | 7,952 | 7,948 | |
Deferred income taxes (Note 16) | 9,209 | 9,154 | |
Assets of discontinued operations (Note 2) | 132 | 144 | |
Total assets | 157,321 | 160,462 | |
Short-term borrowings (Note 12) | 535 | 918 | |
Short-term borrowings assumed by GE (Note 12) | 1,784 | 2,432 | |
Accounts payable and equipment project accruals | 15,839 | 16,380 | |
Progress collections and deferred income (Note 10) | 17,993 | 18,371 | |
All other current liabilities (Note 15) | 13,508 | 14,131 | |
Liabilities of discontinued operations (Note 2) | 0 | 0 | |
Current liabilities | 49,659 | 52,232 | |
Deferred income (Note 10) | 1,748 | 1,801 | |
Long-term borrowings (Note 12) | 19,174 | 19,428 | |
Long-term borrowings assumed by GE (Note 12) | 19,754 | 19,957 | |
Insurance liabilities and annuity benefits (Note 13) | 0 | 0 | |
Non-current compensation and benefits | 28,769 | 29,291 | |
All other liabilities (Note 15) | 14,586 | 15,072 | |
Liabilities of discontinued operations (Note 2) | 125 | 139 | |
Total liabilities | 133,815 | 137,921 | |
Preferred stock (5,939,875 shares outstanding at both March 31, 2021 and December 31, 2020) | 6 | 6 | |
Common stock (8,778,641,000 and 8,765,493,000 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | 702 | 702 | |
Accumulated other comprehensive income (loss) – net attributable to GE | (8,108) | (8,945) | |
Other capital | 16,055 | 16,466 | |
Retained earnings | 95,006 | 94,910 | |
Less common stock held in treasury | (81,548) | (81,961) | |
Total GE shareholders’ equity | 22,113 | 21,179 | |
Noncontrolling interests | 1,393 | 1,363 | |
Total equity | 23,506 | 22,542 | |
Total liabilities and equity | $ 157,321 | $ 160,462 | |
[1] | Excluded $1,707 million and $455 million at March 31, 2021 and December 31, 2020, respectively, in Insurance, which is subject to regulatory restrictions. This balance is included in All other assets. See Note 11 for further information. |
STATEMENT OF FINANCIAL POSITI_2
STATEMENT OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares outstanding | 5,939,875 | 5,939,875 |
Common stock, shares outstanding | 8,778,641,000 | 8,765,493,000 |
GE | GE Capital | ||
Restricted cash subject to regulatory restrictions | $ 1,707 | $ 455 |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows – operating activities | ||
Net earnings (loss) | $ (2,798) | $ 6,233 |
(Earnings) loss from discontinued operations | 2,894 | 21 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 452 | 461 |
Amortization of intangible assets (Note 8) | 301 | 318 |
(Gains) losses on purchases and sales of business interests (Note 23) | (3) | (12,372) |
(Gains) losses on equity securities (Note 23) | (296) | 5,873 |
Principal pension plans cost (Note 14) | 658 | 877 |
Principal pension plans employer contributions | (74) | (70) |
Other postretirement benefit plans (net) | (289) | (254) |
Provision (benefit) for income taxes | 142 | 54 |
Cash recovered (paid) during the year for income taxes | (322) | (310) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 946 | (503) |
Decrease (increase) in inventories, including deferred inventory costs | (722) | (1,077) |
Decrease (increase) in current contract assets | (35) | 145 |
Increase (decrease) in accounts payable and equipment project accruals | (349) | (617) |
Increase (decrease) in progress collections and current deferred income | (425) | (590) |
All other operating activities | (2,719) | 892 |
Cash from (used for) operating activities – continuing operations | (2,640) | (919) |
Cash from (used for) operating activities – discontinued operations | 680 | 686 |
Cash from (used for) operating activities | (1,959) | (233) |
Cash flows – investing activities | ||
Additions to property, plant and equipment | (332) | (504) |
Dispositions of property, plant and equipment | 34 | 28 |
Additions to internal-use software | (24) | (60) |
Net decrease (increase) in financing receivables | 21 | (103) |
Proceeds from principal business dispositions | 1 | 20,505 |
Net cash from (payments for) principal businesses purchased | 0 | (6) |
Sales of retained ownership interests | 735 | 0 |
Net (purchases) dispositions of GE Capital investment securities | (709) | (1,289) |
All other investing activities | 1,121 | 1,455 |
Cash from (used for) investing activities – continuing operations | 847 | 20,025 |
Cash from (used for) investing activities – discontinued operations | (646) | (920) |
Cash from (used for) investing activities | 202 | 19,105 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (319) | (1,905) |
Newly issued debt (maturities longer than 90 days) | 314 | 125 |
Repayments and other debt reductions (maturities longer than 90 days) | (1,513) | (5,867) |
Dividends paid to shareholders | (148) | (89) |
All other financing activities | 57 | (226) |
Cash from (used for) financing activities – continuing operations | (1,608) | (7,962) |
Cash from (used for) financing activities – discontinued operations | 3 | 43 |
Cash from (used for) financing activities | (1,605) | (7,919) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (131) | (256) |
Increase (decrease) in cash, cash equivalents and restricted cash | (3,494) | 10,697 |
Cash, cash equivalents and restricted cash at beginning of year | 37,608 | 37,077 |
Cash, cash equivalents and restricted cash at March 31 | 34,115 | 47,774 |
Less cash, cash equivalents and restricted cash of discontinued operations at March 31 | 625 | 584 |
Cash, cash equivalents and restricted cash of continuing operations at March 31 | 33,490 | 47,190 |
GE Capital | ||
Cash flows – operating activities | ||
Net earnings (loss) | (3,028) | (151) |
(Earnings) loss from discontinued operations | 2,894 | 7 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 6 | 7 |
Amortization of intangible assets (Note 8) | 3 | 3 |
(Gains) losses on purchases and sales of business interests (Note 23) | 0 | 0 |
(Gains) losses on equity securities (Note 23) | (4) | 85 |
Principal pension plans cost (Note 14) | 0 | 0 |
Principal pension plans employer contributions | 0 | 0 |
Other postretirement benefit plans (net) | (14) | (8) |
Provision (benefit) for income taxes | (6) | (133) |
Cash recovered (paid) during the year for income taxes | 14 | (32) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 0 | 0 |
Decrease (increase) in inventories, including deferred inventory costs | 0 | 0 |
Decrease (increase) in current contract assets | 0 | 0 |
Increase (decrease) in accounts payable and equipment project accruals | 14 | (18) |
Increase (decrease) in progress collections and current deferred income | 0 | 0 |
All other operating activities | (2,359) | 763 |
Cash from (used for) operating activities – continuing operations | (2,479) | 524 |
Cash from (used for) operating activities – discontinued operations | 681 | 658 |
Cash from (used for) operating activities | (1,798) | 1,181 |
Cash flows – investing activities | ||
Additions to property, plant and equipment | 0 | 0 |
Dispositions of property, plant and equipment | 0 | 0 |
Additions to internal-use software | (1) | (1) |
Net decrease (increase) in financing receivables | 575 | (559) |
Proceeds from principal business dispositions | 0 | 0 |
Net cash from (payments for) principal businesses purchased | 0 | 0 |
Sales of retained ownership interests | 0 | 0 |
Net (purchases) dispositions of GE Capital investment securities | (709) | (1,289) |
All other investing activities | 1,334 | 2,579 |
Cash from (used for) investing activities – continuing operations | 1,199 | 730 |
Cash from (used for) investing activities – discontinued operations | (646) | (887) |
Cash from (used for) investing activities | 553 | (157) |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (223) | (514) |
Newly issued debt (maturities longer than 90 days) | 315 | 124 |
Repayments and other debt reductions (maturities longer than 90 days) | (1,493) | (5,804) |
Dividends paid to shareholders | (41) | (42) |
All other financing activities | 84 | (214) |
Cash from (used for) financing activities – continuing operations | (1,358) | (6,450) |
Cash from (used for) financing activities – discontinued operations | 3 | 43 |
Cash from (used for) financing activities | (1,355) | (6,406) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (46) | (113) |
Increase (decrease) in cash, cash equivalents and restricted cash | (2,646) | (5,495) |
Cash, cash equivalents and restricted cash at beginning of year | 14,400 | 19,460 |
Cash, cash equivalents and restricted cash at March 31 | 11,754 | 13,964 |
Less cash, cash equivalents and restricted cash of discontinued operations at March 31 | 625 | 584 |
Cash, cash equivalents and restricted cash of continuing operations at March 31 | 11,129 | 13,380 |
GE Industrial | ||
Cash flows – operating activities | ||
Net earnings (loss) | 230 | 6,384 |
(Earnings) loss from discontinued operations | 0 | 14 |
Adjustments to reconcile net earnings (loss) to cash provided from operating activities | ||
Depreciation and amortization of property, plant and equipment (Note 7) | 446 | 453 |
Amortization of intangible assets (Note 8) | 297 | 315 |
(Gains) losses on purchases and sales of business interests (Note 23) | (3) | (12,372) |
(Gains) losses on equity securities (Note 23) | (293) | 5,789 |
Principal pension plans cost (Note 14) | 658 | 877 |
Principal pension plans employer contributions | (74) | (70) |
Other postretirement benefit plans (net) | (275) | (247) |
Provision (benefit) for income taxes | 148 | 187 |
Cash recovered (paid) during the year for income taxes | (336) | (278) |
Changes in operating working capital: | ||
Decrease (increase) in current receivables | 691 | 487 |
Decrease (increase) in inventories, including deferred inventory costs | (681) | (1,065) |
Decrease (increase) in current contract assets | (35) | 145 |
Increase (decrease) in accounts payable and equipment project accruals | (449) | (1,475) |
Increase (decrease) in progress collections and current deferred income | (425) | (590) |
All other operating activities | (390) | (215) |
Cash from (used for) operating activities – continuing operations | (491) | (1,662) |
Cash from (used for) operating activities – discontinued operations | 0 | 29 |
Cash from (used for) operating activities | (491) | (1,633) |
Cash flows – investing activities | ||
Additions to property, plant and equipment | (332) | (504) |
Dispositions of property, plant and equipment | 34 | 29 |
Additions to internal-use software | (23) | (58) |
Net decrease (increase) in financing receivables | 0 | 0 |
Proceeds from principal business dispositions | 1 | 20,505 |
Net cash from (payments for) principal businesses purchased | 0 | (6) |
Sales of retained ownership interests | 735 | 0 |
Net (purchases) dispositions of GE Capital investment securities | 0 | 0 |
All other investing activities | 133 | 81 |
Cash from (used for) investing activities – continuing operations | 548 | 20,046 |
Cash from (used for) investing activities – discontinued operations | 0 | (33) |
Cash from (used for) investing activities | 549 | 20,013 |
Cash flows – financing activities | ||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (655) | (1,881) |
Newly issued debt (maturities longer than 90 days) | 0 | 1 |
Repayments and other debt reductions (maturities longer than 90 days) | (20) | (64) |
Dividends paid to shareholders | (118) | (89) |
All other financing activities | (27) | (12) |
Cash from (used for) financing activities – continuing operations | (820) | (2,045) |
Cash from (used for) financing activities – discontinued operations | 0 | 0 |
Cash from (used for) financing activities | (820) | (2,045) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (85) | (143) |
Increase (decrease) in cash, cash equivalents and restricted cash | (848) | 16,193 |
Cash, cash equivalents and restricted cash at beginning of year | 23,209 | 17,617 |
Cash, cash equivalents and restricted cash at March 31 | 22,361 | 33,810 |
Less cash, cash equivalents and restricted cash of discontinued operations at March 31 | 0 | 0 |
Cash, cash equivalents and restricted cash of continuing operations at March 31 | $ 22,361 | $ 33,810 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings (loss) | $ (2,798) | $ 6,233 |
Less net earnings (loss) attributable to noncontrolling interests | 5 | 34 |
Net earnings (loss) attributable to the Company | (2,802) | 6,199 |
Other comprehensive income (loss) | ||
Investment securities | (18) | (41) |
Currency translation adjustments | 110 | 135 |
Cash flow hedges | 62 | (211) |
Benefit plans | 705 | 1,035 |
Other comprehensive income (loss) | 859 | 918 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | 3 | 5 |
Other comprehensive income (loss) attributable to the Company | 856 | 913 |
Comprehensive income (loss) | (1,939) | 7,152 |
Less: comprehensive income (loss) attributable to noncontrolling interests | 8 | 39 |
Comprehensive income (loss) attributable to the Company | $ (1,947) | $ 7,113 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Millions | Total | Accumulated other comprehensive income (loss) | Investment securities | Currency translation adjustments | Cash flow hedges | Benefit plans | Other capital | Retained earnings | Common stock held in treasury | Changes in accountingRetained earnings |
Beginning balance at Dec. 31, 2019 | $ (11,732) | $ 34,405 | $ 87,732 | $ (82,797) | $ (175) | |||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | $ 918 | $ (41) | $ 133 | $ (211) | $ 1,032 | |||||
Gains (losses) on treasury stock dispositions | (249) | |||||||||
Stock-based compensation | 105 | |||||||||
Other changes | 35 | |||||||||
Net earnings (loss) attributable to the Company | 6,199 | 6,199 | ||||||||
Dividends and other transactions with shareholders | (142) | |||||||||
Purchases | (14) | |||||||||
Dispositions | 295 | |||||||||
Ending balance at Mar. 31, 2020 | 36,859 | (10,819) | 20 | (4,685) | (163) | (5,991) | 34,296 | 93,615 | (82,516) | |
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
Common stock issued | ||||||||||
GE shareholders' equity balance | 35,284 | |||||||||
Noncontrolling interests balance (Note 17) | 1,575 | |||||||||
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
GE shareholders' equity balance | 35,552 | |||||||||
Noncontrolling interests balance (Note 17) | 1,522 | |||||||||
Beginning balance at Dec. 31, 2020 | 37,073 | (9,749) | 34,307 | 92,247 | (81,961) | $ 0 | ||||
Common stock issued | ||||||||||
Other comprehensive income (loss) | 859 | (18) | 108 | 62 | 704 | |||||
Gains (losses) on treasury stock dispositions | (384) | |||||||||
Stock-based compensation | 106 | |||||||||
Other changes | 14 | |||||||||
Net earnings (loss) attributable to the Company | (2,802) | (2,802) | ||||||||
Dividends and other transactions with shareholders | (168) | |||||||||
Purchases | (38) | |||||||||
Dispositions | 450 | |||||||||
Ending balance at Mar. 31, 2021 | 35,153 | $ (8,893) | $ 42 | $ (4,278) | $ 34 | $ (4,691) | $ 34,042 | $ 89,276 | $ (81,548) | |
Preferred stock issued | 6 | |||||||||
Common stock issued | 702 | |||||||||
Common stock issued | ||||||||||
GE shareholders' equity balance | 33,585 | |||||||||
Noncontrolling interests balance (Note 17) | $ 1,568 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. We present our financial statements in a three-column format, which allows investors to see our GE industrial operations separately from our financial services operations. We believe that this provides useful supplemental information to our consolidated financial statements. To the extent that we have transactions between GE Industrial and GE Capital, these transactions are made on arms-length terms, are reported in the respective columns of our financial statements and are eliminated in consolidation. See Note 22 for further information. Our consolidated 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 and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The severity, magnitude and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a decrease in the carrying amount of our tax assets, or an increase 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-period amounts to conform to the current-period’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 the consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. The accompanying consolidated financial statements and notes are unaudited. The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. These consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. Our significant accounting policies are described in Note 1 of our aforementioned Annual Report. ACCOUNTING CHANGES. On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions from the guidance in ASC 740 related to intra-period tax allocations, interim calculations and the recognition of deferred tax liabilities for outside basis differences and clarifies and simplifies several other aspects of accounting for income taxes. Different transition methods apply to the various income tax simplifications. For the changes requiring a retrospective or modified retrospective transition, the adoption of the new standard did not have a material impact to our financial statements. |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. On March 31, 2020, we completed the sale of our BioPharma business within our Healthcare segment for total consideration of $21,112 million (after certain working capital adjustments) and incurred $185 million of cash payments directly associated with the transaction. In the first quarter of 2020, we recognized a pre-tax gain of $12,292 million ($11,145 million after-tax) in our consolidated Statement of Earnings (Loss). DISCONTINUED OPERATIONS . Primarily comprise our GE Capital Aviation Services (GECAS) business, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with the dispositions of certain GE Capital and GE Industrial businesses. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented. GECAS. On March 9, 2021 we entered into an agreement with AerCap Holdings N.V. (AerCap) to combine our GECAS business with AerCap. GE will receive total consideration consisting of $23,905 million cash subject to contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at $6,550 million based on the AerCap’s closing share price of $58.74 on March 31, 2021 and $1,000 million paid in AerCap notes and/or cash upon closing at AerCap's option. As a result, we have reclassified GECAS' results to discontinued operations for all periods presented and recognized a non-cash after-tax loss of $2,755 million in discontinued operations in the first quarter of 2021. Given the economics of GECAS accrue to AerCap in conjunction with the transaction, the net impact of GECAS (loss on sale and operations) could change materially, mainly due to fluctuations in AerCap's closing share price. Completion of the transaction remains subject to AerCap shareholder approval, regulatory approvals and other customary closing conditions. After completion of the transaction, we will elect to prospectively measure our investment in AerCap at fair value and expect to have continuing involvement with AerCap, primarily through our ownership interest and ongoing sales or leases of products and services. Bank BPH . The mortgage portfolio in Poland (Bank BPH) comprises floating rate residential mortgages, 86% of which are indexed to or denominated in foreign currencies (primarily Swiss francs). At March 31, 2021, the total portfolio had a carrying value of $1,986 million with a 1.67% 90-day delinquency rate and an average loan to value ratio of approximately 61.6%. The portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields as well as estimates with respect to ongoing litigation in Poland related to foreign currency-denominated mortgages and other factors. Earnings from discontinued operations for the three months ended March 31, 2021 included $282 million non-cash pre-tax charges, reflecting estimates with respect to ongoing litigation as well as market yields. Future changes in the estimated legal liabilities or market yields could result in further losses related to these loans in future reporting periods. See Note 21 for further information. Baker Hughes (BKR). We have continuing involvement with BKR primarily through our remaining interest, ongoing purchases and sales of products and services, transition services that we provide to BKR, as well as an aeroderivative joint venture (JV) we formed with BKR in the fourth quarter of 2019. The JV is jointly controlled by GE and BKR and is consolidated by GE due to the significance of our investment in BKR. For the three months ended March 31, 2021, we had sales of $166 million and purchases of $61 million with BKR for products and services outside of the JV. We collected net cash of $131 million from BKR related to sales, purchases and transition services. In the first quarter of 2021, we had sales of $119 million to BKR for products and services from the JV, and we collected cash of $161 million. When our investment in BKR is reduced to below 20%, we will deconsolidate the JV. A deconsolidation of the JV is not expected to have a material impact on GE Industrial Cash from operating activities (CFOA). In addition, we received $28 million of repayments on the promissory note receivable from BKR and dividends of $56 million on our investment. RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 2021 2020 Operations GE Capital revenues from services $ 633 $ 1,010 Cost of goods and services sold (368) (547) Other income, costs and expenses (386) (462) Earnings (loss) of discontinued operations before income taxes (121) 2 Benefit (provision) for income taxes (29) (19) Earnings (loss) of discontinued operations, net of taxes(a)(b) $ (149) $ (17) Disposal Gain (loss) on disposal before income taxes (2,702) (4) Benefit (provision) for income taxes (43) — Gain (loss) on disposal, net of taxes $ (2,745) $ (4) Earnings (loss) from discontinued operations, net of taxes $ (2,894) $ (21) (a) Earnings (loss) of discontinued operations attributable to the Company after income taxes was $(149) million and $(15) million for the three months ended March 31, 2021 and 2020, respectively. (b) Included $177 million and $155 million from GECAS operations, including $(359) million and $(545) million of depreciation and amortization, for the three months ended March 31, 2021 and 2020, respectively. Depreciation and amortization ceased on March 10, 2021. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 142 $ — Financing receivables - net 2,095 — Other GE Capital receivables 2,122 — Property, plant, and equipment - net 28,143 — Valuation allowance on disposal group classified as discontinued operations (2,536) — All other current assets 3,957 — Total current assets of discontinued operations 33,922 — Cash, cash equivalents and restricted cash 483 623 Financing receivables - net — 2,710 Other GE Capital receivables 49 1,844 Financing receivables held for sale (Polish mortgage portfolio) 1,986 2,461 Property, plant, and equipment - net 102 28,429 All other assets 389 4,683 Assets of discontinued operations(a) $ 36,931 $ 40,749 Deferred income taxes $ 2,268 $ — Accounts payable and all other liabilities 2,723 — Total current liabilities of discontinued operations 4,991 — Deferred income taxes — 2,172 Accounts payable and all other liabilities(b) 204 3,010 Liabilities of discontinued operations(a) $ 5,195 $ 5,182 (a) Included $33,922 million and $37,199 million of assets and $4,991 million and $4,997 million of liabilities for GECAS as of March 31, 2021 and December 31, 2020, respectively. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We have adopted the fair value option for our investment in BKR (comprising 311.4 million shares with approximately 30% ownership and a promissory note receivable as of March 31, 2021), which is recorded as Equity securities with readily determinable fair values. We classify investment securities as current or non-current based on our intent regarding the usage of proceeds from those investments. Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. March 31, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (Baker Hughes) $ 6,741 $ — $ — $ 6,741 $ 7,319 $ — $ — $ 7,319 Current investment securities $ 6,741 $ — $ — $ 6,741 $ 7,319 $ — $ — $ 7,319 Debt U.S. corporate $ 24,159 $ 4,616 $ (79) $ 28,695 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,456 273 (5) 2,724 2,283 458 (1) 2,740 State and municipal 3,409 648 (19) 4,038 3,387 878 (9) 4,256 Mortgage and asset-backed 3,725 153 (63) 3,815 3,652 171 (71) 3,752 Government and agencies 1,166 112 (3) 1,275 1,169 184 — 1,353 Other equity 239 — — 239 218 — — 218 Non-current investment securities $ 35,152 $ 5,801 $ (168) $ 40,786 $ 34,313 $ 8,342 $ (106) $ 42,549 Total $ 41,893 $ 5,801 $ (168) $ 47,527 $ 41,632 $ 8,342 $ (106) $ 49,868 The amortized cost of debt securities as of March 31, 2021 excludes accrued interest of $438 million, which is reported in current Other GE Capital receivables. The estimated fair value of investment securities at March 31, 2021 decreased since December 31, 2020, primarily due to higher market yields and the sale of BKR shares, partially offset by new investments in our Insurance business and the mark-to-market effect on our remaining interest in BKR. Total estimated fair value of debt securities in an unrealized loss position were $3,732 million and $1,765 million, of which $644 million and $165 million had gross unrealized losses of $(56) million and $(20) million and had been in a loss position for 12 months or more at March 31, 2021 and December 31, 2020, respectively. Gross unrealized losses of $(168) million at March 31, 2021 included $(79) million related to U.S. corporate securities and $(57) million related to commercial mortgage-backed securities (CMBS). Primarily all of our CMBS in an unrealized loss position have received investment-grade credit ratings from the major rating agencies and are collateralized by pools of commercial mortgage loans on real estate. Net unrealized gains (losses) for equity securities with readily determinable fair values, which are recorded in Other income within continuing operations, were $238 million and $(5,772) million for the three months ended March 31, 2021 and 2020, respectively. Proceeds from debt and equity securities sales, early redemptions by issuers and principal payments on the BKR promissory note totaled $1,333 million and $1,250 million for the three months ended March 31, 2021 and 2020, respectively. Gross realized gains on investment securities were $30 million and $46 million and gross realized losses and impairments were $(60) million and $(17) million for the three months ended March 31, 2021 and 2020, respectively. Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2021 are as follows: Amortized Estimated Within one year $ 613 $ 622 After one year through five years 3,111 3,396 After five years through ten years 6,579 7,626 After ten years 20,886 25,088 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. Substantially all our equity securities are classified within Level 1 and substantially all our debt securities are classified within Level 2, as their valuation is determined based on significant observable inputs. Investments with a fair value of $5,641 million and $5,866 million are classified within Level 3, as significant inputs to the valuation model are unobservable at March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, there were no significant transfers into or out of Level 3. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Customer receivables $ 12,441 $ 13,459 $ 9,307 $ 9,841 Sundry receivables(a)(b) 4,106 4,395 4,274 4,763 Allowance for credit losses(c) (1,165) (1,164) (1,163) (1,161) Total current receivables $ 15,381 $ 16,691 $ 12,418 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation 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) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through one of the receivable facilities. The balance of the deferred purchase price held by GE Capital as of March 31, 2021 and December 31, 2020 was $461 million and $413 million, respectively. (c) GE Industrial allowance for credit losses primarily increased due to net new provisions of $39 million offset by write-offs and foreign currency impact. Sales of GE Industrial current customer receivables. When GE Industrial sells customer receivables to GE Capital or third parties, it accelerates the receipt of cash that would otherwise have been collected from customers. In any given period, the amount of cash received from sales of customer receivables compared to the cash GE Industrial would have otherwise collected had those customer receivables not been sold represents the cash generated or used in the period relating to this activity. GE Industrial sales of customer receivables to GE Capital or third parties are made on arms-length terms and any discount related to time value of money is recognized by GE Industrial when the customer receivables are sold. In our Statement of Cash Flows, receivables purchased and retained by GE Capital are reflected as cash from operating activities at GE Industrial, primarily as cash used for investing activities at GE Capital and are eliminated in consolidation. Collections on receivables purchased by GE Capital are reflected primarily as cash from investing activities at GE Capital and are reclassified to cash from operating activities in consolidation. As of March 31, 2021 and 2020, GE Industrial sold approximately 38% and 49%, respectively, of its gross customer receivables to GE Capital or third parties. Effective April 1, 2021, the Company discontinued the majority of its factoring programs. Activity related to customer receivables sold by GE Industrial is as follows: 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 7,044 — 9,225 — GE Industrial sales to third parties — 124 — 307 GE Capital sales to third parties (3,826) 3,826 (5,253) 5,253 Collections and other (3,765) (4,360) (3,224) (7,797) Reclassification from long-term customer receivables 63 — 123 — Balance at March 31 $ 3,134 (a) $ 2,582 (b) $ 3,958 (a) $ 4,519 (a) At March 31, 2021 and 2020, $526 million and $557 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the three months ended March 31, 2021 and 2020. (b) Included $1,863 million in our active unconsolidated receivables facility at March 31, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Long-term customer receivables(a) $ 638 $ 585 $ 601 $ 474 Long-term sundry receivables(b) 1,656 1,748 1,928 2,097 Allowance for credit losses (136) (142) (136) (142) Total long-term receivables $ 2,158 $ 2,191 $ 2,392 $ 2,430 (a) As of March 31, 2021 and December 31, 2020, GE Capital held $37 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e. GE Industrial retains all or some risk of default). (b) Includes supplier advances, revenue sharing programs receivables, other non-income based tax receivables and certain intercompany balances that eliminate upon consolidation. UNCONSOLIDATED RECEIVABLES FACILITIES . GE Capital has one active revolving receivables facility, under which customer receivables purchased from GE Industrial are sold to third parties. In this facility, which has a program size of $2,000 million as of March 31, 2021, upon the sale of receivables, we receive proceeds of cash and deferred purchase price and the Company’s remaining risk with respect to the sold receivables is limited to the balance of the deferred purchase price. Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Three months ended March 31 2021 2020 Customer receivables sold to receivables facilities $ 2,605 $ 4,307 Total cash purchase price for customer receivables 2,479 4,120 Cash collections re-invested to purchase customer receivables 2,274 3,723 Non-cash increases to deferred purchase price $ 116 $ 160 Cash payments received on deferred purchase price 68 78 |
FINANCING RECEIVABLES AND ALLOW
FINANCING RECEIVABLES AND ALLOWANCES | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES AND ALLOWANCES | NOTE 5. FINANCING RECEIVABLES AND ALLOWANCES Consolidated GE Capital March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Loans, net of deferred income $ 337 $ 359 $ 3,749 $ 4,182 Allowance for losses (31) (32) (11) (10) Current financing receivables - net $ 306 $ 326 $ 3,738 $ 4,172 We manage our GE Capital financing receivables portfolio using delinquency data as key performance indicators. At March 31, 2021 and December 31, 2020, financing receivables over 30 days past due were 3.7% and 2.8% and 90 days past due were 1.6% and 1.7%, respectively. GE Capital financing receivables that comprise receivables purchased from GE Industrial are reclassified to either Current receivables or All other assets in our consolidated Statement of Financial Position. To the extent these receivables are purchased with full or limited recourse, they are excluded from the delinquency above. See Note 4 for further information. |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 6. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS March 31, 2021 December 31, 2020 Raw materials and work in process $ 8,013 $ 7,937 Finished goods 6,057 5,654 Deferred inventory costs(a) 2,460 2,299 Inventories, including deferred inventory costs $ 16,530 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7. PROPERTY, PLANT AND EQUIPMENT March 31, 2021 December 31, 2020 Original cost $ 31,893 $ 32,098 Less accumulated depreciation and amortization (18,405) (18,251) Right-of-use operating lease assets 2,808 2,852 Property, plant and equipment – net $ 16,296 $ 16,699 Consolidated depreciation and amortization on property, plant and equipment was $452 million and $461 million for the three months ended March 31, 2021 and 2020, respectively. Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL January 1, 2021 Currency exchange Balance at Power $ 146 $ — $ 145 Renewable Energy 3,401 (88) 3,313 Aviation 9,247 (103) 9,144 Healthcare 11,855 (15) 11,840 Corporate 876 1 877 Total $ 25,524 $ (204) $ 25,320 In assessing the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates, we consider all available evidence, including (i) the results of our impairment testing from the most recent testing date, (ii) downward revisions to internal forecasts or decreases in market multiples, if any, and (iii) declines in market capitalization. In the first quarter of 2021, we did not identify any reporting units that required an interim impairment test. However, we continue to monitor the operating results and cash flow forecasts of our Additive reporting unit in our Aviation segment as the fair value of this reporting unit was not significantly in excess of its carrying value. At March 31, 2021, our Additive reporting unit had goodwill of $236 million. |
REVENUES
REVENUES | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 9. REVENUES. The equipment and services revenues classification in the table below is consistent with our segment MD&A presentation. EQUIPMENT & SERVICES REVENUES Three months ended March 31 2021 2020 Equipment Services Total Equipment Services Total Power $ 1,241 $ 2,679 $ 3,921 $ 1,506 $ 2,518 $ 4,025 Renewable Energy 2,844 404 3,248 2,576 618 3,194 Aviation 1,847 3,145 4,992 2,364 4,529 6,892 Healthcare 2,227 2,081 4,308 2,699 2,029 4,727 Corporate items and industrial eliminations (188) 49 (139) (48) 54 6 Total GE Industrial revenues $ 7,971 $ 8,358 $ 16,329 $ 9,097 $ 9,748 $ 18,844 REVENUES Three months ended March 31 2021 2020 Gas Power $ 2,829 $ 2,859 Power Portfolio 1,091 1,165 Power $ 3,921 $ 4,025 Onshore Wind $ 2,118 $ 2,124 Grid Solutions equipment and services 795 839 Hydro 165 179 Offshore Wind and Hybrid Solutions 169 51 Renewable Energy $ 3,248 $ 3,194 Commercial Engines & Services $ 3,354 $ 5,113 Military 956 960 Systems & Other 682 820 Aviation $ 4,992 $ 6,892 Healthcare Systems $ 3,825 $ 3,448 Pharmaceutical Diagnostics 482 450 BioPharma — 830 Healthcare $ 4,308 $ 4,727 Corporate items and industrial eliminations (139) 6 Total GE Industrial revenues $ 16,329 $ 18,844 Capital 878 837 GE Capital-GE Industrial eliminations $ (89) $ (191) Consolidated revenues $ 17,118 $ 19,490 |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 3 Months Ended |
Mar. 31, 2021 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | NOTE 10. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME Contract and other deferred assets increased $153 million in the three months ended March 31, 2021 primarily due to the timing of revenue recognition ahead of billing milestones on our long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $2,232 million, offset by revenues recognized of $2,118 million, a net favorable change in estimated profitability of $31 million at Aviation and a net unfavorable change in estimated profitability of $8 million at Power. March 31, 2021 Power Aviation Renewable Energy Healthcare Other Total Revenues in excess of billings $ 5,223 $ 2,911 $ — $ — $ — $ 8,134 Billings in excess of revenues (1,541) (5,347) — — — (6,888) Long-term service agreements $ 3,682 $ (2,436) $ — $ — $ — $ 1,246 Short-term and other service agreements 139 342 109 164 16 769 Equipment contract revenues 2,024 36 1,239 289 217 3,805 Current contract assets $ 5,845 $ (2,058) $ 1,348 $ 454 $ 232 $ 5,821 Nonrecurring engineering costs 13 2,436 33 29 — 2,511 Customer advances and other 783 2,570 — 122 — 3,474 Non-current contract and other deferred assets $ 796 $ 5,005 $ 33 $ 151 $ — $ 5,985 Total contract and other deferred assets $ 6,641 $ 2,948 $ 1,381 $ 604 $ 233 $ 11,806 December 31, 2020 Revenues in excess of billings $ 5,282 $ 3,072 $ — $ — $ — $ 8,354 Billings in excess of revenues (1,640) (5,375) — — — (7,015) Long-term service agreements $ 3,642 $ (2,304) $ — $ — $ — $ 1,338 Short-term and other service agreements 129 282 106 173 29 719 Equipment contract revenues 2,015 59 1,127 306 201 3,707 Current contract assets $ 5,786 $ (1,963) $ 1,233 $ 479 $ 229 $ 5,764 Nonrecurring engineering costs 16 2,409 34 31 — 2,490 Customer advances and other 822 2,481 — 128 (32) 3,398 Non-current contract and other deferred assets $ 838 $ 4,889 $ 34 $ 159 $ (32) $ 5,888 Total contract and other deferred assets $ 6,623 $ 2,927 $ 1,268 $ 638 $ 197 $ 11,653 Progress collections and deferred income decreased $431 million primarily due to the timing of revenue recognition in excess of new collections received, primarily at Aviation and Power. Revenues recognized for contracts included in a liability position at the beginning of the year were $5,909 million and $4,137 million for the three months ended March 31, 2021 and 2020, respectively. March 31, 2021 Power Aviation Renewable Energy Healthcare Other Total Progress collections on equipment contracts $ 4,829 $ 197 $ 1,388 $ — $ — $ 6,414 Other progress collections 371 4,483 4,343 416 121 9,735 Current deferred income 16 122 219 1,392 95 1,844 Progress collections and deferred income $ 5,217 $ 4,802 $ 5,949 $ 1,808 $ 217 $ 17,993 Non-current deferred income 118 855 211 555 9 1,748 Total Progress collections and deferred income $ 5,335 $ 5,657 $ 6,160 $ 2,363 $ 226 $ 19,741 December 31, 2020 Progress collections on equipment contracts $ 4,918 $ 214 $ 1,229 $ — $ — $ 6,362 Other progress collections 458 4,623 4,604 414 152 10,252 Current deferred income 17 132 194 1,309 105 1,757 Progress collections and deferred income $ 5,393 $ 4,969 $ 6,028 $ 1,724 $ 257 $ 18,371 Non-current deferred income 116 898 214 564 10 1,801 Total Progress collections and deferred income $ 5,509 $ 5,867 $ 6,241 $ 2,288 $ 267 $ 20,172 |
ALL OTHER ASSETS
ALL OTHER ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | NOTE 11. ALL OTHER ASSETS. All other current assets and All other assets primarily includes equity method and other investments, long-term customer and sundry receivables (see Note 4), cash and cash equivalents in our run-off insurance operations and prepaid taxes and other deferred charges. Consolidated All other non-current assets increased $1,270 million in the three months ended March 31, 2021, primarily due to an increase in Insurance cash and cash equivalents of $1,252 million. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 12. BORROWINGS March 31, 2021 December 31, 2020 Current portion of long-term borrowings $ 47 $ 36 Current portion of long-term borrowings assumed by GE Industrial 1,784 2,432 Other 488 882 Total GE Industrial short-term borrowings $ 2,318 $ 3,350 Current portion of long-term borrowings $ 1,743 $ 788 Intercompany payable to GE Industrial 1,784 2,432 Non-recourse borrowings of consolidated securitization entities 624 892 Other 59 283 Total GE Capital short-term borrowings $ 4,210 $ 4,395 Eliminations (2,061) (3,033) Total short-term borrowings $ 4,468 $ 4,713 Senior notes $ 18,753 $ 18,994 Senior notes assumed by GE Industrial 17,981 18,178 Subordinated notes assumed by GE Industrial 1,774 1,779 Other 422 435 Total GE Industrial long-term borrowings $ 38,929 $ 39,386 Senior notes $ 27,292 $ 30,132 Subordinated notes 148 189 Intercompany payable to GE Industrial 16,577 16,780 Non-recourse borrowings of consolidated securitization entities — — Other 521 483 Total GE Capital long-term borrowings $ 44,539 $ 47,584 Eliminations (16,577) (16,780) Total long-term borrowings $ 66,890 $ 70,189 Total borrowings $ 71,358 $ 74,902 At March 31, 2021, the outstanding GE Capital borrowings that had been assumed by GE Industrial as part of the GE Capital Exit Plan was $21,538 million ($1,784 million short-term and $19,754 million long-term), for which GE Industrial has an offsetting Receivable from GE Capital of $18,361 million. The difference of $3,177 million in long-term borrowings represents the amount of borrowings GE Capital had funded with available cash to GE Industrial via intercompany loans in lieu of GE Industrial issuing borrowings externally. At March 31, 2021, total GE Industrial borrowings of $22,886 million comprised GE Industrial-issued borrowings of $19,709 million and intercompany loans from GE Capital to GE Industrial of $3,177 million as described above. GE Industrial has provided a full and unconditional guarantee on the payment of the principal and interest on all tradable senior and subordinated outstanding long-term debt securities issued by GE Capital. This guarantee applied to $27,332 million and $28,503 million of GE Capital debt at March 31, 2021 and December 31, 2020, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 3 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 13. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations generated revenues of $775 million and $616 million and profit (loss) of $116 million and $(93) million for the three months ended March 31, 2021 and 2020, respectively. These operations were supported by assets of $50,353 million and $50,824 million at March 31, 2021 and December 31, 2020, respectively. A summary of our insurance contracts is presented below: March 31, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,997 $ 9,105 $ 183 $ 5,580 $ 31,864 Claim reserves 4,397 306 1,062 — 5,765 Investment contracts — 1,018 1,003 — 2,021 Unearned premiums and other 16 191 147 — 353 21,409 10,620 2,395 5,580 40,004 Eliminations — — (442) — (442) Total $ 21,409 $ 10,620 $ 1,953 $ 5,580 $ 39,562 December 31, 2020 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 1,068 — 5,736 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 21,346 10,705 2,354 8,160 42,565 Eliminations — — (374) — (374) Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Accumulated other comprehensive income (loss) (AOCI) in our consolidated Statement of Earnings (Loss). The decrease in Other adjustments of $2,580 million is a result of the decline in unrealized gains on investment securities. Claim reserves included incurred claims of $454 million and $507 million, of which insignificant amounts related to the recognition of adjustments to prior year claim reserves arising from our periodic reserve evaluation for the three months ended March 31, 2021 and 2020, respectively. Paid claims were $424 million and $405 million in the three months ended March 31, 2021 and 2020, respectively. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 14. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Please refer to Note 13 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2020 for a discussion of our postretirement benefit plans. The components of benefit plans cost other than the service cost are included in the caption Non-operating benefit costs in our consolidated Statement of Earnings (Loss). PRINCIPAL PENSION PLANS Three months ended March 31 2021 2020 Service cost for benefits earned $ 64 $ 153 Prior service cost amortization 7 37 Expected return on plan assets (763) (748) Interest cost on benefit obligations 486 587 Net actuarial loss amortization 864 848 Benefit plans cost $ 658 $ 877 Principal retiree benefit plans income was $40 million and $32 million for the three months ended March 31, 2021 and 2020, respectively. Other pension plans was $24 million income and $7 million cost for the three months ended March 31, 2021 and 2020, respectively. We also have a defined contribution plan for eligible U.S. employees that provides employer contributions. Defined contribution plan costs were $108 million and $95 million for the three months ended March 31, 2021 and 2020, respectively. |
CURRENT AND ALL OTHER LIABILITI
CURRENT AND ALL OTHER LIABILITIES | 3 Months Ended |
Mar. 31, 2021 | |
Other Liabilities [Abstract] | |
CURRENT AND ALL OTHER LIABILITIES | NOTE 15. CURRENT AND ALL OTHER LIABILITIES. All other current liabilities and All other liabilities primarily includes liabilities for customer sales allowances, equipment project and commercial liabilities, employee compensation and benefits, income taxes payable and uncertain tax positions, operating lease liabilities (see Note 7), environmental, health and safety remediations and product warranties (see Note 21). GE Industrial All other liabilities decreased $486 million in the three months ended March 31, 2021, primarily due to a decrease in Alstom legacy legal matters of $199 million (see Note 21) and a decrease in interest accruals on assumed debt of $132 million. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16. INCOME TAXES. Our consolidated effective income tax rate was 59.7% and 0.9% during the three months ended March 31, 2021 and 2020, respectively. The rate for 2021 is higher than the U.S. statutory rate primarily due to the cost of global activities, including the base erosion and global intangible minimum tax provisions and from tax expense associated with the unrealized gain in our remaining interest in Baker Hughes. This was partially offset by an adjustment to decrease the 2021 three-month tax rate to be in line with the lower expected full-year rate and by U.S. business credits. The rate for 2020 is lower than the U.S. statutory rate primarily due to the lower tax rate on the sale of our BioPharma business. The tax rate on the BioPharma sale was low because the gain outside the U.S. was taxed at lower than 21% and because we recorded $633 million of the tax associated with preparatory steps for the transaction in the fourth quarter of 2019. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 17. SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 2021 2020 Beginning balance $ 60 $ 61 AOCI before reclasses – net of taxes of $(7) and $0(a) (29) 6 Reclasses from AOCI – net of taxes of $4 and $(12) 11 (47) AOCI (18) (41) Less AOCI attributable to noncontrolling interests — — Investment securities AOCI ending balance $ 42 $ 20 Beginning balance $ (4,386) $ (4,818) AOCI before reclasses – net of taxes of $(57) and $(5) 110 (554) Reclasses from AOCI – net of taxes of $0 and $0(b) — 690 AOCI 110 135 Less AOCI attributable to noncontrolling interests 2 2 Currency translation adjustments AOCI ending balance $ (4,278) $ (4,685) Beginning balance $ (28) $ 49 AOCI before reclasses – net of taxes of $4 and $(45) 39 (262) Reclasses from AOCI – net of taxes of $10 and $8(b) 23 51 AOCI 62 (211) Less AOCI attributable to noncontrolling interests — — Cash flow hedges AOCI ending balance $ 34 $ (163) Beginning balance $ (5,395) $ (7,024) AOCI before reclasses – net of taxes of $(47) and $30 16 219 Reclasses from AOCI – net of taxes of $194 and $239(b) 689 817 AOCI 705 1,035 Less AOCI attributable to noncontrolling interests 1 3 Benefit plans AOCI ending balance $ (4,691) $ (5,991) AOCI at March 31 $ (8,893) $ (10,819) Dividends declared per common share $ 0.01 $ 0.01 (a) Included adjustments of $2,038 million and $1,267 million for the three months ended March 31, 2021 and 2020, respectively, related to insurance liabilities and annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment security gains been realized. See Note 13 for further information. (b) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, for the three months ended March 31, 2020, related to the sale of our BioPharma business within our Healthcare segment. On January 21, 2021, GE Capital Series D preferred stock issued to GE Industrial was converted to GE Capital common stock and GE Capital and GE Industrial also agreed to retire the Series A, B and C GE Capital preferred stock. As a result of these actions, there is no remaining preferred stock between GE Industrial and GE Capital, and accordingly GE Capital will no longer pay preferred dividends to GE Industrial and all preferred stock dividend costs have become a GE Industrial obligation effective January 21, 2021. The exchange of GE Capital Series D preferred stock has no impact on the GE Series D preferred stock, which, effective January 21, 2021 became callable for $5,694 million on dividend payment dates and which dividends converted from 5% fixed rate to 3-month LIBOR plus 3.33%, payable quarterly. Similarly, there were no changes to the GE Series A, B or C preferred stock, which become callable at various dates in 2022 and 2023. The total carrying value of GE preferred stock at March 31, 2021 was $5,930 million and will increase to $5,940 million by the respective call dates through periodic accretion. See our Annual Report on Form 10-K for the year ended December 31, 2020 for further information. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION Three months ended March 31 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ 90 $ 92 $ 6,202 $ 6,202 Preferred stock dividends (72) (72) (43) (43) Accretion of redeemable noncontrolling interests, net of tax(a) 2 2 — — Earnings from continuing operations attributable to common shareholders 20 22 6,158 6,158 Earnings (loss) from discontinued operations (2,897) (2,894) (19) (19) Net earnings (loss) attributable to GE common shareholders (2,874) (2,872) 6,140 6,140 Shares of GE common stock outstanding 8,772 8,772 8,742 8,742 Employee compensation-related shares (including stock options) 35 — 7 — Total average equivalent shares 8,807 8,772 8,749 8,742 Earnings per share from continuing operations $ — $ — $ 0.70 $ 0.70 Earnings (loss) per share from discontinued operations (0.33) (0.33) 0.00 0.00 Net earnings (loss) per share (0.33) (0.33) 0.70 0.70 Potentially dilutive securities(b) 370 422 (a) Represents accretion adjustment of redeemable noncontrolling interests in our Additive business within our Aviation segment. (b) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 19. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,901 $ 3,066 $ 2,904 $ 3,125 Liabilities Borrowings (Note 12) 71,358 81,967 74,902 86,001 Investment contracts (Note 13) 2,021 2,402 2,049 2,547 The fair value in relation to carrying value for borrowings at March 31, 2021 compared to December 31, 2020 was unchanged, as an increase in market interest rates was offset by narrowing GE Industrial credit spreads and a decline in fair value adjustments for debt in fair value hedge relationships. Unlike the carrying amount, estimated fair value of borrowings included $1,178 million and $898 million of accrued interest at March 31, 2021 and December 31, 2020, respectively. 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. Total gross notional was $91,921 million ($43,768 million in GE Capital and $48,153 million in GE Industrial) and $95,647 million ($45,445 million in GE Capital and $50,202 million in GE Industrial) at March 31, 2021 and December 31, 2020, respectively. GE Capital notional relates primarily to managing interest rate and currency risk between financial assets and liabilities, and GE Industrial notional relates primarily to managing currency risk. FAIR VALUE OF DERIVATIVES March 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 20,395 $ 1,404 $ 16 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,701 193 65 7,387 164 125 Derivatives accounted for as hedges $ 27,096 $ 1,597 $ 81 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 361 $ 14 $ 7 $ 346 $ 8 $ (1) Currency exchange contracts 62,369 967 911 65,379 767 918 Other contracts 2,095 322 7 2,036 218 71 Derivatives not accounted for as hedges $ 64,825 $ 1,302 $ 926 $ 67,761 $ 993 $ 989 Gross derivatives $ 91,921 $ 2,899 $ 1,007 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (729) $ (729) $ (647) $ (647) Cash collateral adjustments (1,497) (6) (1,935) (104) Net derivatives recognized in statement of financial position $ 673 $ 271 $ 487 $ 369 Net accrued interest $ 24 $ (19) $ — $ — Securities held as collateral (174) — (2) — Net amount $ 522 $ 252 $ 484 $ 369 It is standard market practice to post or receive cash collateral with our derivative counterparties in order to minimize counterparty exposure. Included in GE Capital Cash, cash equivalents and restricted cash was total net cash collateral received on derivatives of $1,542 million (comprising $2,313 million received and $771 million posted) at March 31, 2021 and $3,289 million (comprising $4,203 million received and $914 million posted) at December 31, 2020. Of these amounts, $584 million and $1,968 million at March 31, 2021 and December 31, 2020, respectively, were received on interest rate derivatives traded through clearing houses, which are recorded as a reduction of derivative assets and net accrued interest. Also included in total net cash collateral received are amounts presented as cash collateral adjustments in the table above, amounts related to accrued interest on interest rate derivatives presented as a reduction of Net accrued interest of $159 million and $292 million at March 31, 2021 and December 31, 2020, respectively, and excess net cash collateral posted of $693 million (comprising $31 million received and $723 million posted) at March 31, 2021, and $802 million (comprising $3 million received and $805 million posted) at December 31, 2020, which are excluded from cash collateral adjustments in the table above. Securities held as collateral excluded excess collateral received of $15 million and zero at March 31, 2021 and December 31, 2020, respectively. Fair value of derivatives in our consolidated Statement of Financial Position excludes accrued interest. FAIR VALUE HEDGES. We use derivatives to hedge the effects of interest rate and currency exchange rate changes on our borrowings. At March 31, 2021, the cumulative amount of hedging adjustments of $3,826 million (including $2,330 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $26,926 million. At March 31, 2020, the cumulative amount of hedging adjustments of $6,527 million (including $2,348 million on discontinued hedging relationships) was included in the carrying amount of the hedged liability of $41,735 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings. CASH FLOW HEDGES. Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction occurs. The gain (loss) recognized in AOCI was $36 million and $(313) million for the three months ended March 31, 2021 and 2020, respectively. These amounts were primarily related to currency exchange and interest rate contracts. The total amount in AOCI related to cash flow hedges of forecasted transactions was a $62 million gain at March 31, 2021. We expect to reclassify $4 million of gain to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. For the three months ended March 31, 2021 and 2020, we recognized an immaterial amount and $18 million of loss (primarily as a result of the disposition of BioPharma), respectively, related to hedged forecasted transactions and firm commitments that did not occur by the end of the originally specified period. At March 31, 2021 and 2020, the maximum term of derivative instruments that hedge forecasted transactions was 14 years and 15 years, respectively. NET INVESTMENT HEDGES. For these hedges, the portion of the fair value changes of the derivatives or debt instruments that relates to changes in spot currency exchange rates is recorded in a separate component of AOCI. The portion of the fair value changes of the derivatives related to differences between spot and forward rates is recorded in earnings each period. The amounts recorded in AOCI affect earnings if the hedged investment is sold, substantially liquidated, or control is lost. The total gain (loss) recognized in AOCI on hedging instruments for the three months ended March 31, 2021 and 2020 was $272 million and $158 million, respectively, predominantly from foreign currency debt. For all periods presented we recognized an immaterial amount excluded from assessment and recognized in earnings. The carrying value of foreign currency debt designated as net investment hedges was $8,106 million and $9,145 million at March 31, 2021 and 2020, respectively. No amount was reclassified from AOCI into earnings for the three months ended March 31, 2021 and 2020, respectively. EFFECTS OF DERIVATIVES ON EARNINGS. All derivatives are marked to fair value on our consolidated Statement of Financial Position, whether they are designated in a hedging relationship for accounting purposes or are used as economic hedges. For derivatives not designated as hedging instruments, substantially all of the gain or loss recognized in earnings is offset by either the current period change in value of underlying exposures, which is recorded in earnings in the current period or a future period when the recording of the exposures occur. The table below presents the effect of our derivative financial instruments in the consolidated Statement of Earnings (Loss): Three months ended March 31, 2021 Three months ended March 31, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 17,118 $ 12,538 $ 500 $ 2,891 $ 626 $ 19,490 $ 14,426 $ 561 $ 3,061 $ 6,869 Total effect of cash flow hedges $ (21) $ (4) $ (8) $ — $ — $ (21) $ (25) $ (10) $ (3) $ — Hedged items $ 1,843 $ (2,480) Derivatives designated as hedging instruments (1,899) 2,511 Total effect of fair value hedges $ (56) $ 31 Interest rate contracts $ 1 $ — $ (9) $ — $ (1) $ (26) $ — $ (9) $ — $ — Currency exchange contracts 303 — — 59 38 (521) 13 — 54 11 Other — — — 55 19 — — — (160) (22) Total effect of derivatives not designated as hedges $ 305 $ — $ (9) $ 114 $ 56 $ (547) $ 13 $ (9) $ (106) $ (12) The gain (loss) of amount excluded for cash flow hedges was $(16) million and $15 million for the three months ended March 31, 2021 and 2020, respectively. This amount is recognized primarily in Revenues in our consolidated Statement of Earnings (Loss). COUNTERPARTY CREDIT RISK. We manage the risk that counterparties will default and not make payments to us according to the terms of our agreements on an individual counterparty basis. Where we have agreed to netting of derivative exposures with a counterparty, we net our exposures with that counterparty and apply the value of collateral posted to us to determine the exposure. We actively monitor these net exposures against defined limits and take appropriate actions in response, including requiring additional collateral. Our exposures to counterparties (including accrued interest), net of collateral we held, was $404 million and $392 million at March 31, 2021 and December 31, 2020, respectively. Counterparties' exposures to our derivative liability (including accrued interest), net of collateral posted by us, was $186 million and $307 million at March 31, 2021 and December 31, 2020, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 20. VARIABLE INTEREST ENTITIES. In addition to the three VIEs detailed in Note 4, in our consolidated Statement of Financial Position, we have assets of $1,712 million and $1,733 million and liabilities of $454 million and $657 million, inclusive of intercompany eliminations, at March 31, 2021 and December 31, 2020, respectively, from other consolidated VIEs. These entities were created to help our customers facilitate or finance the purchase of GE goods and services and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Substantially all the assets of our consolidated VIEs at March 31, 2021 can only be used to settle the liabilities of those VIEs. |
COMMITMENTS, GUARANTEES, PRODUC
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | NOTE 21. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. GE Capital had total investment commitments of $2,551 million at March 31, 2021. The commitments primarily comprise project financing investments in thermal and wind energy projects of $769 million and investments by our run-off insurance operations in investment securities and other assets of $1,782 million, and included within these commitments are obligations to make additional investments in unconsolidated VIEs of $447 million and $1,632 million, respectively. See Note 20 for further information. As of March 31, 2021, in our Aviation segment, we have committed to provide financing assistance of $2,241 million of future customer acquisitions of aircraft equipped with our engines. Commitments - Discontinued Operations. The GECAS business within discontinued operations has placed multiple-year orders for various Boeing, Airbus and other aircraft manufacturers with list prices approximating $26,118 million, excluding pre-delivery payments made in advance (including 269 new aircraft with estimated delivery dates of 18% in 2021, 18% in 2022 and 64% in 2023 through 2026) and secondary orders with airlines for used aircraft approximating $1,146 million (including 26 used aircraft with estimated delivery dates of 62% in 2021, 27% in 2022 and 11% in 2023) at March 31, 2021. When GECAS purchases aircraft, it is at contractual price, which is usually less than the aircraft manufacturer's list price. As of March 31, 2021, GECAS has made $2,647 million of pre-delivery payments to aircraft manufacturers. GUARANTEES. Credit Support and Indemnification Agreements - Continuing Operations. For further information on credit support and indemnification agreements for continuing operations, see our Annual Report on Form 10-K for the year ended December 31, 2020. Indemnification agreements - Discontinued Operations. At March 31, 2021, we have provided specific indemnities to buyers of GE Capital's assets that, in the aggregate, represent a maximum potential claim of $597 million with related reserves of $86 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 $1,975 million and $2,054 million at March 31, 2021 and December 31, 2020, respectively. LEGAL MATTERS. The following information supplements and amends the discussion of Legal Matters in Note 23 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020; refer to those discussions for information about previously reported legal matters that are not updated below. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy matters. On November 2015, we acquired the Thermal, Renewables and Grid businesses from Alstom. Prior to the acquisition, the seller was the subject of two significant cases involving anti-competitive activities and improper payments: (1) in January 2007, Alstom was fined €65 million by the European Commission for participating in a gas insulated switchgear cartel that operated from 1988 to 2004 (that fine was later reduced to €59 million), and (2) in December 2014, Alstom pled guilty in the United States to multiple violations of the Foreign Corrupt Practices Act and paid a criminal penalty of $772 million. As part of GE’s accounting for the acquisition, we established a reserve amounting to $858 million for legal and compliance matters related to the legacy business practices that were the subject of these and related cases in various jurisdictions, including the previously reported legal proceedings in Slovenia that are described below. The reserve balance was $659 million and $858 million at March 31, 2021 and December 31, 2020, respectively, with the reduction driven primarily by cash payment in connection with the Šoštanj settlement described below. Regardless of jurisdiction, the allegations relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations and/or damages. Given the significant litigation and compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will ultimately be consistent with the reserve established. The estimation of this reserve involved significant judgment and may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation and investigations of this nature, and at this time we are unable to develop a meaningful estimate of the range of reasonably possible additional losses beyond the amount of this reserve. Damages sought may include disgorgement of profits on the underlying business transactions, fines and/or penalties, interest, or other forms of resolution. Factors that can affect the ultimate amount of losses associated with these and related matters include the way cooperation is assessed and valued, prosecutorial discretion in the determination of damages, formulas for determining fines and penalties, the duration and amount of legal and investigative resources applied, political and social influences within each jurisdiction, and tax consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and related matters could exceed the amount provided. In connection with alleged improper payments by Alstom relating to contracts won in 2006 and 2008 for work on a state-owned power plant in Šoštanj, Slovenia, the power plant owner in January 2017 filed an arbitration claim for damages of approximately $430 million before the International Chamber of Commerce Court of Arbitration in Vienna, Austria. In February 2017, a government investigation in Slovenia of the same underlying conduct proceeded to an investigative phase overseen by a judge of the Celje District Court. In September 2020, the relevant Alstom legacy entity was served with an indictment, which we had anticipated as we are working with the parties to resolve these matters. In March 2021, GE reached a settlement of the arbitration claim with the power plant owner for a mix of cash and services valued by the plant owner at approximately $307 million. Shareholder and related lawsuits . Since February 2018, multiple shareholder derivative lawsuits have been filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). Four shareholder derivative lawsuits are currently pending: the Bennett case, which was filed in Massachusetts state court; and the Cuker, Lindsey and Priest/Tola cases, which were filed in New York state court. The Priest and Tola cases were initially filed as separate actions but have now been consolidated into one lawsuit. The Burden case, which was filed in the U.S. District Court for the Southern District of New York, was voluntarily dismissed by the plaintiffs in February 2021. These lawsuits have alleged violations of securities laws, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control and gross mismanagement, although the specific matters underlying the allegations in the lawsuits have varied. The allegations in the Bennett, Lindsey and Priest/Tola cases relate to substantially the same facts as those underlying the Hachem securities class action described in our Annual Report on Form 10-K for the year ended December 31, 2020, and the allegations in the Cuker case relate to alleged corruption in China. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Bennett case has been stayed pending final resolution of another shareholder derivative lawsuit (the Gammel case) that was previously dismissed. In August 2019, the Cuker plaintiffs filed an amended complaint, and GE in September 2019 filed a motion to dismiss the amended complaint. The Lindsey case has been stayed by agreement of the parties. GE filed a motion to dismiss the Priest/Tola complaint in March 2021. In July 2018, a putative class action (the Mahar case) was filed in New York state court naming as defendants GE, former GE executive officers, a former member of GE’s Board of Directors and KPMG. It alleged violations of Sections 11, 12 and 15 of the Securities Act of 1933 based on alleged misstatements related to insurance reserves and performance of GE’s business segments in GE Stock Direct Plan registration statements and documents incorporated therein by reference and seeks damages on behalf of shareholders who acquired GE stock between July 20, 2015 and July 19, 2018 through the GE Stock Direct Plan. In February 2019, this case was dismissed. In March 2019, plaintiffs filed an amended derivative complaint naming the same defendants. In April 2019, GE filed a motion to dismiss the amended complaint. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Hachem case. In November 2019, the plaintiffs moved to re-argue to challenge the stay, and GE cross-moved to re-argue the denial of the motion to dismiss and filed a notice of appeal. The court denied both motions for re-argument, and in November 2020, the Appellate Division First Department affirmed the court's denial of GE's motion to dismiss. In January 2021, GE filed a motion for leave to appeal to the New York Court of Appeals, and that motion was denied in March 2021. In October 2018, a putative class action (the Houston case) was filed in New York state court naming as defendants GE, certain GE subsidiaries and current and former GE executive officers and employees. It alleges violations of Sections 11, 12 and 15 of the Securities Act of 1933 and seeks damages on behalf of purchasers of senior notes issued in 2016 and rescission of transactions involving those notes. This case was stayed pending resolution of the motion to dismiss the Hachem case. In April 2021, the plaintiffs filed an amended complaint. In February 2019, a securities action (the Touchstone case) was filed in the U.S. District Court for the Southern District of New York naming as defendants GE and current and former GE executive officers. It alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Section 1707.43 of the Ohio Securities Act and common law fraud based on alleged misstatements regarding insurance reserves, GE Power’s revenue recognition practices related to long term service agreements, GE’s acquisition of Alstom, and the goodwill recognized in connection with that transaction. The lawsuit seeks damages on behalf of six institutional investors who purchased GE common stock between August 1, 2014 and October 30, 2018 and rescission of those purchases. This case was stayed pending resolution of the motion to dismiss the Hachem case. In March 2021, the plaintiffs filed an amended complaint. As previously reported by Baker Hughes, in March 2019, two derivative lawsuits were filed in the Delaware Court of Chancery naming as defendants GE, directors of Baker Hughes (including former members of GE’s Board of Directors and current and former GE executive officers) and Baker Hughes (as nominal defendant), and the court issued an order consolidating these two actions (the Schippnick case). The complaint as amended in May 2019 alleges, among other things, that GE and the Baker Hughes directors breached their fiduciary duties and that GE was unjustly enriched by entering into transactions and agreements related to GE's sales of approximately 12% of its ownership interest in Baker Hughes in November 2018. The complaint seeks declaratory relief, disgorgement of profits, an award of damages, pre- and post-judgment interest and attorneys’ fees and costs. In May 2019, the plaintiffs voluntarily dismissed their claims against the directors who were members of the Baker Hughes Conflicts Committee and a former Baker Hughes director. In October 2019, the Court denied the remaining defendants’ motions to dismiss, except with respect to the unjust enrichment claim against GE, which has been dismissed. In November 2019, the defendants filed their answer to the complaint, and a special litigation committee of the Baker Hughes Board of Directors moved for an order staying all proceedings in this action pending completion of the committee's investigation of the allegations and claims asserted in the complaint. In October 2020, the special litigation committee filed a report with the Court recommending that the derivative action be terminated. In January 2021, the special committee filed a motion to terminate the action. Bank BPH. As previously reported, GE Capital’s subsidiary Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency denominated mortgage loans in various courts throughout Poland. At March 31, 2021, approximately 86% of the Bank BPH portfolio is indexed to or denominated in foreign currencies (primarily Swiss francs), and the total portfolio had a carrying value of $1,986 million. We continue to observe an increase in the number of lawsuits being brought against Bank BPH and other banks in Poland, and we expect this to continue in future reporting periods. We estimate potential losses for Bank BPH in connection with borrower litigation cases that are pending by recording legal reserves, as well as in connection with potential future cases or other adverse developments as part of our ongoing valuation of the Bank BPH portfolio, which we record at the lower of cost or fair value, less cost to sell. At March 31, 2021, the total amount of such estimated losses was $465 million. We update our assumptions underlying the amount of estimated losses based primarily on the number of lawsuits filed and estimated to be filed in the future, whether liability will be established in lawsuits and the nature of the remedy ordered by courts if liability is established. The increase in the amount of estimated losses during the first quarter of 2021 was driven primarily by increases in the number of lawsuits filed and estimated to be filed in the future. We expect the trends we have previously reported of an increasing number of lawsuits being filed, more findings of liability and more severe remedies being ordered against Polish banks (including Bank BPH) to continue in future reporting periods, although Bank BPH is unable at this time to develop a meaningful estimate of reasonably possible losses associated with active and inactive Bank BPH mortgage loans beyond the amounts currently recorded. Additional factors may also affect our estimated losses over time, including: potentially significant judicial decisions scheduled to be issued in the second quarter of 2021, including a decision by the European Court of Justice (ECJ) on the case involving a Bank BPH mortgage loan that was referred to the ECJ in January 2020 and one or more binding resolutions from the Polish Supreme Court; the impact of any of these or other decisions or binding resolutions on how Polish courts will interpret and apply the law in particular cases and how borrower behavior may change in response, neither or which will be known immediately upon the issuance of a decision or resolution; uncertainty related to a proposal by the Chairman of the Polish Financial Supervisory Authority in December 2020 that banks voluntarily offer borrowers an opportunity to convert their foreign currency denominated mortgage loans to Polish zlotys using an exchange rate applicable at the date of loan origination, and about the approaches that other Polish banks, regulators and other government authorities are adopting or will adopt in response to this proposal; uncertainty arising from investigations of the Polish Office of Competition and Consumer Protection (UOKiK), including a UOKiK decision in December 2020 which found that certain foreign exchange clauses that appear in certain of Bank BPH’s mortgage loan agreements are unfair contractual terms under Polish law. Future adverse developments related to any of the foregoing, or other developments such as actions by regulators or other governmental authorities could have a material adverse effect on Bank BPH and the carrying value of its mortgage loan portfolio and could result in significant losses beyond the amount that we currently estimate. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. As previously reported, in 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. Following the EPA’s release in September 2015 of an intended final remediation decision, GE and the EPA engaged in mediation and the first step of the dispute resolution process contemplated by the consent decree. In October 2016, the EPA issued its final decision pursuant to the consent decree, which GE and several other interested parties appealed to the EPA’s Environmental Appeals Board (EAB). The EAB issued its decision in January 2018, affirming parts of the EPA’s decision and granting relief to GE on certain significant elements of its challenge. The EAB remanded the decision back to the EPA to address those elements and reissue a revised final remedy, and the EPA convened a mediation process with GE and interested stakeholders. In February 2020, the EPA announced an agreement between the EPA and many of the mediation stakeholders, including GE, concerning a revised Housatonic River remedy. Based on the mediated resolution, the EPA solicited public comment on a draft permit in July 2020 and issued the final revised permit effective January 4, 2021. In March 2021, two local environmental advocacy groups filed a joint petition to the EAB challenging portions of the revised permit, and EPA and GE are defending that appeal. As of March 31, 2021, and based on its assessment of current facts and circumstances and its defenses, GE believes that it has recorded adequate reserves to cover future obligations associated with the proposed final remedy. For further information about environmental, health and safety matters, see our Annual Report on Form 10-K for the year ended December 31, 2020. |
INTERCOMPANY TRANSACTIONS
INTERCOMPANY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
INTERCOMPANY TRANSACTIONS | NOTE 22. INTERCOMPANY TRANSACTIONS. Presented below is a walk of intercompany eliminations from the combined GE Industrial and GE Capital totals to the consolidated cash flows for continuing operations. Three months ended March 31, 2021 Three months ended March 31, 2020 Cash from (used for): Operating activities Investing activities Financing activities Operating activities Investing activities Financing activities Combined GE Industrial and GE Capital cash flows $ (2,970) $ 1,747 $ (2,178) $ (1,138) $ 20,776 $ (8,494) GE Industrial current receivables sold to GE Capital(a) 211 (448) 237 (997) 945 52 GE Industrial long-term receivables sold to GE Capital 67 (67) — 135 (135) — Supply chain finance programs 120 (120) — 884 (884) — Other reclassifications and eliminations (68) (265) 333 197 (677) 480 Consolidated cash flows $ (2,640) $ 847 $ (1,608) $ (919) $ 20,025 $ (7,962) (a) Included the elimination of $3,218 million and $3,972 million payments to GE Industrial for current receivables purchased and retained by GE Capital and the related reclassification to CFOA of $3,429 million and $2,975 million due to GE Capital collections and other activity in our consolidated statement of cash flows for the three months ended March 31, 2021 and 2020, respectively. Cash payments received on the Receivable facility deferred purchase price are reflected as Cash from investing activities in the GE Capital and Consolidated columns of our consolidated Statement of Cash Flows. Sales of customer receivables from GE Industrial to GE Capital are classified as Cash from operating activities in the GE Industrial column of our Statement of Cash Flows. See Note 4 for further information. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME | NOTE 23. OTHER INCOME Three months ended March 31 2021 2020 Purchases and sales of business interests(a) $ 3 $ 12,372 Licensing and royalty income 48 42 Associated companies 16 39 Net interest and investment income (loss)(b) 439 (5,632) Other items 116 53 GE Industrial $ 623 $ 6,874 Eliminations 3 (4) Total $ 626 $ 6,869 (a) Included a pre-tax gain of $12,292 million ($11,145 million after-tax) on the sale of BioPharma for the three months ended March 31, 2020. See Note 2 for further information. |
SEGMENT OPERATIONS
SEGMENT OPERATIONS | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT OPERATIONS | SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020, for further information regarding our determination of Industrial and Capital segment profit for continuing operations, and for our allocations of corporate costs to our segments. SUMMARY OF REPORTABLE SEGMENTS Three months ended March 31 2021 2020 V% Power $ 3,921 $ 4,025 (3) % Renewable Energy 3,248 3,194 2 % Aviation 4,992 6,892 (28) % Healthcare 4,308 4,727 (9) % Capital 878 837 5 % Total segment revenues 17,346 19,675 (12) % Corporate items and eliminations (228) (185) (23) % Consolidated revenues $ 17,118 $ 19,490 (12) % Power $ (87) $ (131) 34 % Renewable Energy (234) (327) 28 % Aviation 641 1,003 (36) % Healthcare 698 867 (19) % Capital (172) (187) 8 % Total segment profit (loss) 847 1,224 (31) % Corporate items and eliminations 52 6,123 (99) % GE Industrial interest and other financial charges (268) (370) 28 % GE Industrial non-operating benefit costs (433) (616) 30 % GE Industrial benefit (provision) for income taxes (148) (187) 21 % Earnings (loss) from continuing operations attributable to GE common shareholders 20 6,175 U Earnings (loss) from discontinued operations, net of taxes (2,894) (21) U Less net earnings (loss) attributable to noncontrolling interests, discontinued operations — (2) F Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (2,894) (19) U Consolidated net earnings (loss) attributable to the GE common shareholders $ (2,874) $ 6,156 U |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | We present our financial statements in a three-column format, which allows investors to see our GE industrial operations separately from our financial services operations. We believe that this provides useful supplemental information to our consolidated financial statements. To the extent that we have transactions between GE Industrial and GE Capital, these transactions are made on arms-length terms, are reported in the respective columns of our financial statements and are eliminated in consolidation. See Note 22 for further information. Our consolidated 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 and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The severity, magnitude and duration, as well as the economic consequences, of the COVID-19 pandemic, are uncertain, rapidly changing and difficult to predict. As a result, our accounting estimates and assumptions may change over time in response to COVID-19. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a decrease in the carrying amount of our tax assets, or an increase 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-period amounts to conform to the current-period’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 the consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. |
Accounting changes | ACCOUNTING CHANGES. On January 1, 2021, we adopted ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The ASU removes certain exceptions from the guidance in ASC 740 related to intra-period tax allocations, interim calculations and the recognition of deferred tax liabilities for outside basis differences and clarifies and simplifies several other aspects of accounting for income taxes. Different transition methods apply to the various income tax simplifications. For the changes requiring a retrospective or modified retrospective transition, the adoption of the new standard did not have a material impact to our financial statements. |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Financial Information for Discontinued Operations | RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31 2021 2020 Operations GE Capital revenues from services $ 633 $ 1,010 Cost of goods and services sold (368) (547) Other income, costs and expenses (386) (462) Earnings (loss) of discontinued operations before income taxes (121) 2 Benefit (provision) for income taxes (29) (19) Earnings (loss) of discontinued operations, net of taxes(a)(b) $ (149) $ (17) Disposal Gain (loss) on disposal before income taxes (2,702) (4) Benefit (provision) for income taxes (43) — Gain (loss) on disposal, net of taxes $ (2,745) $ (4) Earnings (loss) from discontinued operations, net of taxes $ (2,894) $ (21) (a) Earnings (loss) of discontinued operations attributable to the Company after income taxes was $(149) million and $(15) million for the three months ended March 31, 2021 and 2020, respectively. (b) Included $177 million and $155 million from GECAS operations, including $(359) million and $(545) million of depreciation and amortization, for the three months ended March 31, 2021 and 2020, respectively. Depreciation and amortization ceased on March 10, 2021. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS March 31, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 142 $ — Financing receivables - net 2,095 — Other GE Capital receivables 2,122 — Property, plant, and equipment - net 28,143 — Valuation allowance on disposal group classified as discontinued operations (2,536) — All other current assets 3,957 — Total current assets of discontinued operations 33,922 — Cash, cash equivalents and restricted cash 483 623 Financing receivables - net — 2,710 Other GE Capital receivables 49 1,844 Financing receivables held for sale (Polish mortgage portfolio) 1,986 2,461 Property, plant, and equipment - net 102 28,429 All other assets 389 4,683 Assets of discontinued operations(a) $ 36,931 $ 40,749 Deferred income taxes $ 2,268 $ — Accounts payable and all other liabilities 2,723 — Total current liabilities of discontinued operations 4,991 — Deferred income taxes — 2,172 Accounts payable and all other liabilities(b) 204 3,010 Liabilities of discontinued operations(a) $ 5,195 $ 5,182 (a) Included $33,922 million and $37,199 million of assets and $4,991 million and $4,997 million of liabilities for GECAS as of March 31, 2021 and December 31, 2020, respectively. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | March 31, 2021 December 31, 2020 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (Baker Hughes) $ 6,741 $ — $ — $ 6,741 $ 7,319 $ — $ — $ 7,319 Current investment securities $ 6,741 $ — $ — $ 6,741 $ 7,319 $ — $ — $ 7,319 Debt U.S. corporate $ 24,159 $ 4,616 $ (79) $ 28,695 $ 23,604 $ 6,651 $ (26) $ 30,230 Non-U.S. corporate 2,456 273 (5) 2,724 2,283 458 (1) 2,740 State and municipal 3,409 648 (19) 4,038 3,387 878 (9) 4,256 Mortgage and asset-backed 3,725 153 (63) 3,815 3,652 171 (71) 3,752 Government and agencies 1,166 112 (3) 1,275 1,169 184 — 1,353 Other equity 239 — — 239 218 — — 218 Non-current investment securities $ 35,152 $ 5,801 $ (168) $ 40,786 $ 34,313 $ 8,342 $ (106) $ 42,549 Total $ 41,893 $ 5,801 $ (168) $ 47,527 $ 41,632 $ 8,342 $ (106) $ 49,868 |
Contractual Maturities of Investment in Available-for-Sale Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at March 31, 2021 are as follows: Amortized Estimated Within one year $ 613 $ 622 After one year through five years 3,111 3,396 After five years through ten years 6,579 7,626 After ten years 20,886 25,088 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Receivables | CURRENT RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Customer receivables $ 12,441 $ 13,459 $ 9,307 $ 9,841 Sundry receivables(a)(b) 4,106 4,395 4,274 4,763 Allowance for credit losses(c) (1,165) (1,164) (1,163) (1,161) Total current receivables $ 15,381 $ 16,691 $ 12,418 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation 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) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through one of the receivable facilities. The balance of the deferred purchase price held by GE Capital as of March 31, 2021 and December 31, 2020 was $461 million and $413 million, respectively. 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 7,044 — 9,225 — GE Industrial sales to third parties — 124 — 307 GE Capital sales to third parties (3,826) 3,826 (5,253) 5,253 Collections and other (3,765) (4,360) (3,224) (7,797) Reclassification from long-term customer receivables 63 — 123 — Balance at March 31 $ 3,134 (a) $ 2,582 (b) $ 3,958 (a) $ 4,519 (a) At March 31, 2021 and 2020, $526 million and $557 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the three months ended March 31, 2021 and 2020. (b) Included $1,863 million in our active unconsolidated receivables facility at March 31, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Long-term customer receivables(a) $ 638 $ 585 $ 601 $ 474 Long-term sundry receivables(b) 1,656 1,748 1,928 2,097 Allowance for credit losses (136) (142) (136) (142) Total long-term receivables $ 2,158 $ 2,191 $ 2,392 $ 2,430 (a) As of March 31, 2021 and December 31, 2020, GE Capital held $37 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e. GE Industrial retains all or some risk of default). Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Three months ended March 31 2021 2020 Customer receivables sold to receivables facilities $ 2,605 $ 4,307 Total cash purchase price for customer receivables 2,479 4,120 Cash collections re-invested to purchase customer receivables 2,274 3,723 Non-cash increases to deferred purchase price $ 116 $ 160 Cash payments received on deferred purchase price 68 78 Consolidated GE Capital March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Loans, net of deferred income $ 337 $ 359 $ 3,749 $ 4,182 Allowance for losses (31) (32) (11) (10) Current financing receivables - net $ 306 $ 326 $ 3,738 $ 4,172 |
FINANCING RECEIVABLES AND ALL_2
FINANCING RECEIVABLES AND ALLOWANCES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Financing Receivables, Net | CURRENT RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Customer receivables $ 12,441 $ 13,459 $ 9,307 $ 9,841 Sundry receivables(a)(b) 4,106 4,395 4,274 4,763 Allowance for credit losses(c) (1,165) (1,164) (1,163) (1,161) Total current receivables $ 15,381 $ 16,691 $ 12,418 $ 13,442 (a) Includes supplier advances, revenue sharing programs receivables in our Aviation business, other non-income based tax receivables, primarily value-added tax related to our operations in various countries outside of the U.S., receivables from disposed businesses, including receivables for transactional services agreements and certain intercompany balances that eliminate upon consolidation. Revenue sharing program receivables in Aviation 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) Consolidated current receivables included a deferred purchase price receivable, which represents our retained risk with respect to current customer receivables sold to third parties through one of the receivable facilities. The balance of the deferred purchase price held by GE Capital as of March 31, 2021 and December 31, 2020 was $461 million and $413 million, respectively. 2021 2020 GE Capital Third Parties GE Capital Third Parties Balance at January 1 $ 3,618 $ 2,992 $ 3,087 $ 6,757 GE Industrial sales to GE Capital 7,044 — 9,225 — GE Industrial sales to third parties — 124 — 307 GE Capital sales to third parties (3,826) 3,826 (5,253) 5,253 Collections and other (3,765) (4,360) (3,224) (7,797) Reclassification from long-term customer receivables 63 — 123 — Balance at March 31 $ 3,134 (a) $ 2,582 (b) $ 3,958 (a) $ 4,519 (a) At March 31, 2021 and 2020, $526 million and $557 million, respectively, of the current receivables purchased and retained by GE Capital had been sold by GE Industrial to GE Capital with recourse (i.e., GE Industrial retains all or some risk of default). The effect on GE Industrial CFOA of claims by GE Capital on receivables sold with recourse was insignificant for the three months ended March 31, 2021 and 2020. (b) Included $1,863 million in our active unconsolidated receivables facility at March 31, 2021, under which we currently expect to continue sales of GE Industrial receivables in the future. LONG-TERM RECEIVABLES Consolidated GE Industrial March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Long-term customer receivables(a) $ 638 $ 585 $ 601 $ 474 Long-term sundry receivables(b) 1,656 1,748 1,928 2,097 Allowance for credit losses (136) (142) (136) (142) Total long-term receivables $ 2,158 $ 2,191 $ 2,392 $ 2,430 (a) As of March 31, 2021 and December 31, 2020, GE Capital held $37 million and $111 million, respectively, of GE Industrial long-term customer receivables, substantially all of which are with recourse (i.e. GE Industrial retains all or some risk of default). Activity related to our unconsolidated receivables facilities is included in the GE Capital sales to third parties line in the sales of GE Industrial current customer receivables table above and is as follows: Three months ended March 31 2021 2020 Customer receivables sold to receivables facilities $ 2,605 $ 4,307 Total cash purchase price for customer receivables 2,479 4,120 Cash collections re-invested to purchase customer receivables 2,274 3,723 Non-cash increases to deferred purchase price $ 116 $ 160 Cash payments received on deferred purchase price 68 78 Consolidated GE Capital March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Loans, net of deferred income $ 337 $ 359 $ 3,749 $ 4,182 Allowance for losses (31) (32) (11) (10) Current financing receivables - net $ 306 $ 326 $ 3,738 $ 4,172 |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | March 31, 2021 December 31, 2020 Raw materials and work in process $ 8,013 $ 7,937 Finished goods 6,057 5,654 Deferred inventory costs(a) 2,460 2,299 Inventories, including deferred inventory costs $ 16,530 $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | March 31, 2021 December 31, 2020 Original cost $ 31,893 $ 32,098 Less accumulated depreciation and amortization (18,405) (18,251) Right-of-use operating lease assets 2,808 2,852 Property, plant and equipment – net $ 16,296 $ 16,699 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill Balances | GOODWILL January 1, 2021 Currency exchange Balance at Power $ 146 $ — $ 145 Renewable Energy 3,401 (88) 3,313 Aviation 9,247 (103) 9,144 Healthcare 11,855 (15) 11,840 Corporate 876 1 877 Total $ 25,524 $ (204) $ 25,320 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenues | EQUIPMENT & SERVICES REVENUES Three months ended March 31 2021 2020 Equipment Services Total Equipment Services Total Power $ 1,241 $ 2,679 $ 3,921 $ 1,506 $ 2,518 $ 4,025 Renewable Energy 2,844 404 3,248 2,576 618 3,194 Aviation 1,847 3,145 4,992 2,364 4,529 6,892 Healthcare 2,227 2,081 4,308 2,699 2,029 4,727 Corporate items and industrial eliminations (188) 49 (139) (48) 54 6 Total GE Industrial revenues $ 7,971 $ 8,358 $ 16,329 $ 9,097 $ 9,748 $ 18,844 REVENUES Three months ended March 31 2021 2020 Gas Power $ 2,829 $ 2,859 Power Portfolio 1,091 1,165 Power $ 3,921 $ 4,025 Onshore Wind $ 2,118 $ 2,124 Grid Solutions equipment and services 795 839 Hydro 165 179 Offshore Wind and Hybrid Solutions 169 51 Renewable Energy $ 3,248 $ 3,194 Commercial Engines & Services $ 3,354 $ 5,113 Military 956 960 Systems & Other 682 820 Aviation $ 4,992 $ 6,892 Healthcare Systems $ 3,825 $ 3,448 Pharmaceutical Diagnostics 482 450 BioPharma — 830 Healthcare $ 4,308 $ 4,727 Corporate items and industrial eliminations (139) 6 Total GE Industrial revenues $ 16,329 $ 18,844 Capital 878 837 GE Capital-GE Industrial eliminations $ (89) $ (191) Consolidated revenues $ 17,118 $ 19,490 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | March 31, 2021 Power Aviation Renewable Energy Healthcare Other Total Revenues in excess of billings $ 5,223 $ 2,911 $ — $ — $ — $ 8,134 Billings in excess of revenues (1,541) (5,347) — — — (6,888) Long-term service agreements $ 3,682 $ (2,436) $ — $ — $ — $ 1,246 Short-term and other service agreements 139 342 109 164 16 769 Equipment contract revenues 2,024 36 1,239 289 217 3,805 Current contract assets $ 5,845 $ (2,058) $ 1,348 $ 454 $ 232 $ 5,821 Nonrecurring engineering costs 13 2,436 33 29 — 2,511 Customer advances and other 783 2,570 — 122 — 3,474 Non-current contract and other deferred assets $ 796 $ 5,005 $ 33 $ 151 $ — $ 5,985 Total contract and other deferred assets $ 6,641 $ 2,948 $ 1,381 $ 604 $ 233 $ 11,806 December 31, 2020 Revenues in excess of billings $ 5,282 $ 3,072 $ — $ — $ — $ 8,354 Billings in excess of revenues (1,640) (5,375) — — — (7,015) Long-term service agreements $ 3,642 $ (2,304) $ — $ — $ — $ 1,338 Short-term and other service agreements 129 282 106 173 29 719 Equipment contract revenues 2,015 59 1,127 306 201 3,707 Current contract assets $ 5,786 $ (1,963) $ 1,233 $ 479 $ 229 $ 5,764 Nonrecurring engineering costs 16 2,409 34 31 — 2,490 Customer advances and other 822 2,481 — 128 (32) 3,398 Non-current contract and other deferred assets $ 838 $ 4,889 $ 34 $ 159 $ (32) $ 5,888 Total contract and other deferred assets $ 6,623 $ 2,927 $ 1,268 $ 638 $ 197 $ 11,653 March 31, 2021 Power Aviation Renewable Energy Healthcare Other Total Progress collections on equipment contracts $ 4,829 $ 197 $ 1,388 $ — $ — $ 6,414 Other progress collections 371 4,483 4,343 416 121 9,735 Current deferred income 16 122 219 1,392 95 1,844 Progress collections and deferred income $ 5,217 $ 4,802 $ 5,949 $ 1,808 $ 217 $ 17,993 Non-current deferred income 118 855 211 555 9 1,748 Total Progress collections and deferred income $ 5,335 $ 5,657 $ 6,160 $ 2,363 $ 226 $ 19,741 December 31, 2020 Progress collections on equipment contracts $ 4,918 $ 214 $ 1,229 $ — $ — $ 6,362 Other progress collections 458 4,623 4,604 414 152 10,252 Current deferred income 17 132 194 1,309 105 1,757 Progress collections and deferred income $ 5,393 $ 4,969 $ 6,028 $ 1,724 $ 257 $ 18,371 Non-current deferred income 116 898 214 564 10 1,801 Total Progress collections and deferred income $ 5,509 $ 5,867 $ 6,241 $ 2,288 $ 267 $ 20,172 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | March 31, 2021 December 31, 2020 Current portion of long-term borrowings $ 47 $ 36 Current portion of long-term borrowings assumed by GE Industrial 1,784 2,432 Other 488 882 Total GE Industrial short-term borrowings $ 2,318 $ 3,350 Current portion of long-term borrowings $ 1,743 $ 788 Intercompany payable to GE Industrial 1,784 2,432 Non-recourse borrowings of consolidated securitization entities 624 892 Other 59 283 Total GE Capital short-term borrowings $ 4,210 $ 4,395 Eliminations (2,061) (3,033) Total short-term borrowings $ 4,468 $ 4,713 Senior notes $ 18,753 $ 18,994 Senior notes assumed by GE Industrial 17,981 18,178 Subordinated notes assumed by GE Industrial 1,774 1,779 Other 422 435 Total GE Industrial long-term borrowings $ 38,929 $ 39,386 Senior notes $ 27,292 $ 30,132 Subordinated notes 148 189 Intercompany payable to GE Industrial 16,577 16,780 Non-recourse borrowings of consolidated securitization entities — — Other 521 483 Total GE Capital long-term borrowings $ 44,539 $ 47,584 Eliminations (16,577) (16,780) Total long-term borrowings $ 66,890 $ 70,189 Total borrowings $ 71,358 $ 74,902 |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance contracts is presented below: March 31, 2021 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,997 $ 9,105 $ 183 $ 5,580 $ 31,864 Claim reserves 4,397 306 1,062 — 5,765 Investment contracts — 1,018 1,003 — 2,021 Unearned premiums and other 16 191 147 — 353 21,409 10,620 2,395 5,580 40,004 Eliminations — — (442) — (442) Total $ 21,409 $ 10,620 $ 1,953 $ 5,580 $ 39,562 December 31, 2020 Long-term care Structured settlement annuities & life Other contracts Other adjustments(a) Total Future policy benefit reserves $ 16,934 $ 9,207 $ 181 $ 8,160 $ 34,482 Claim reserves 4,393 275 1,068 — 5,736 Investment contracts — 1,034 1,016 — 2,049 Unearned premiums and other 19 189 89 — 298 21,346 10,705 2,354 8,160 42,565 Eliminations — — (374) — (374) Total $ 21,346 $ 10,705 $ 1,980 $ 8,160 $ 42,191 (a) To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Accumulated other comprehensive income (loss) (AOCI) in our consolidated Statement of Earnings (Loss). The decrease in Other adjustments of $2,580 million is a result of the decline in unrealized gains on investment securities. |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Effect on Operations of Pension Plans | PRINCIPAL PENSION PLANS Three months ended March 31 2021 2020 Service cost for benefits earned $ 64 $ 153 Prior service cost amortization 7 37 Expected return on plan assets (763) (748) Interest cost on benefit obligations 486 587 Net actuarial loss amortization 864 848 Benefit plans cost $ 658 $ 877 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Shareowners' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Three months ended March 31 2021 2020 Beginning balance $ 60 $ 61 AOCI before reclasses – net of taxes of $(7) and $0(a) (29) 6 Reclasses from AOCI – net of taxes of $4 and $(12) 11 (47) AOCI (18) (41) Less AOCI attributable to noncontrolling interests — — Investment securities AOCI ending balance $ 42 $ 20 Beginning balance $ (4,386) $ (4,818) AOCI before reclasses – net of taxes of $(57) and $(5) 110 (554) Reclasses from AOCI – net of taxes of $0 and $0(b) — 690 AOCI 110 135 Less AOCI attributable to noncontrolling interests 2 2 Currency translation adjustments AOCI ending balance $ (4,278) $ (4,685) Beginning balance $ (28) $ 49 AOCI before reclasses – net of taxes of $4 and $(45) 39 (262) Reclasses from AOCI – net of taxes of $10 and $8(b) 23 51 AOCI 62 (211) Less AOCI attributable to noncontrolling interests — — Cash flow hedges AOCI ending balance $ 34 $ (163) Beginning balance $ (5,395) $ (7,024) AOCI before reclasses – net of taxes of $(47) and $30 16 219 Reclasses from AOCI – net of taxes of $194 and $239(b) 689 817 AOCI 705 1,035 Less AOCI attributable to noncontrolling interests 1 3 Benefit plans AOCI ending balance $ (4,691) $ (5,991) AOCI at March 31 $ (8,893) $ (10,819) Dividends declared per common share $ 0.01 $ 0.01 (a) Included adjustments of $2,038 million and $1,267 million for the three months ended March 31, 2021 and 2020, respectively, related to insurance liabilities and annuity benefits in our run-off insurance operations to reflect the effects that would have been recognized had the related unrealized investment security gains been realized. See Note 13 for further information. (b) The total reclassification from AOCI included $836 million, including currency translation of $688 million, net of taxes, for the three months ended March 31, 2020, related to the sale of our BioPharma business within our Healthcare segment. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Three months ended March 31 2021 2020 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Earnings from continuing operations $ 90 $ 92 $ 6,202 $ 6,202 Preferred stock dividends (72) (72) (43) (43) Accretion of redeemable noncontrolling interests, net of tax(a) 2 2 — — Earnings from continuing operations attributable to common shareholders 20 22 6,158 6,158 Earnings (loss) from discontinued operations (2,897) (2,894) (19) (19) Net earnings (loss) attributable to GE common shareholders (2,874) (2,872) 6,140 6,140 Shares of GE common stock outstanding 8,772 8,772 8,742 8,742 Employee compensation-related shares (including stock options) 35 — 7 — Total average equivalent shares 8,807 8,772 8,749 8,742 Earnings per share from continuing operations $ — $ — $ 0.70 $ 0.70 Earnings (loss) per share from discontinued operations (0.33) (0.33) 0.00 0.00 Net earnings (loss) per share (0.33) (0.33) 0.70 0.70 Potentially dilutive securities(b) 370 422 (a) Represents accretion adjustment of redeemable noncontrolling interests in our Additive business within our Aviation segment. (b) Outstanding stock awards not included in the computation of diluted earnings per share because their effect was antidilutive. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Estimated Fair Value of Assets and Liabilities | The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,901 $ 3,066 $ 2,904 $ 3,125 Liabilities Borrowings (Note 12) 71,358 81,967 74,902 86,001 Investment contracts (Note 13) 2,021 2,402 2,049 2,547 |
Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES March 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 20,395 $ 1,404 $ 16 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,701 193 65 7,387 164 125 Derivatives accounted for as hedges $ 27,096 $ 1,597 $ 81 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 361 $ 14 $ 7 $ 346 $ 8 $ (1) Currency exchange contracts 62,369 967 911 65,379 767 918 Other contracts 2,095 322 7 2,036 218 71 Derivatives not accounted for as hedges $ 64,825 $ 1,302 $ 926 $ 67,761 $ 993 $ 989 Gross derivatives $ 91,921 $ 2,899 $ 1,007 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (729) $ (729) $ (647) $ (647) Cash collateral adjustments (1,497) (6) (1,935) (104) Net derivatives recognized in statement of financial position $ 673 $ 271 $ 487 $ 369 Net accrued interest $ 24 $ (19) $ — $ — Securities held as collateral (174) — (2) — Net amount $ 522 $ 252 $ 484 $ 369 |
Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES March 31, 2021 December 31, 2020 Gross Notional All other assets All other liabilities Gross Notional All other assets All other liabilities Interest rate contracts $ 20,395 $ 1,404 $ 16 $ 20,500 $ 1,912 $ 7 Currency exchange contracts 6,701 193 65 7,387 164 125 Derivatives accounted for as hedges $ 27,096 $ 1,597 $ 81 $ 27,886 $ 2,076 $ 132 Interest rate contracts $ 361 $ 14 $ 7 $ 346 $ 8 $ (1) Currency exchange contracts 62,369 967 911 65,379 767 918 Other contracts 2,095 322 7 2,036 218 71 Derivatives not accounted for as hedges $ 64,825 $ 1,302 $ 926 $ 67,761 $ 993 $ 989 Gross derivatives $ 91,921 $ 2,899 $ 1,007 $ 95,647 $ 3,069 $ 1,121 Netting and credit adjustments $ (729) $ (729) $ (647) $ (647) Cash collateral adjustments (1,497) (6) (1,935) (104) Net derivatives recognized in statement of financial position $ 673 $ 271 $ 487 $ 369 Net accrued interest $ 24 $ (19) $ — $ — Securities held as collateral (174) — (2) — Net amount $ 522 $ 252 $ 484 $ 369 |
Effects of Derivatives on Earnings | The table below presents the effect of our derivative financial instruments in the consolidated Statement of Earnings (Loss): Three months ended March 31, 2021 Three months ended March 31, 2020 Revenues Cost of sales Interest Expense SG&A Other Income Revenues Cost of sales Interest Expense SG&A Other Income Total amounts presented in the consolidated Statement of Earnings (Loss) $ 17,118 $ 12,538 $ 500 $ 2,891 $ 626 $ 19,490 $ 14,426 $ 561 $ 3,061 $ 6,869 Total effect of cash flow hedges $ (21) $ (4) $ (8) $ — $ — $ (21) $ (25) $ (10) $ (3) $ — Hedged items $ 1,843 $ (2,480) Derivatives designated as hedging instruments (1,899) 2,511 Total effect of fair value hedges $ (56) $ 31 Interest rate contracts $ 1 $ — $ (9) $ — $ (1) $ (26) $ — $ (9) $ — $ — Currency exchange contracts 303 — — 59 38 (521) 13 — 54 11 Other — — — 55 19 — — — (160) (22) Total effect of derivatives not designated as hedges $ 305 $ — $ (9) $ 114 $ 56 $ (547) $ 13 $ (9) $ (106) $ (12) |
INTERCOMPANY TRANSACTIONS (Tabl
INTERCOMPANY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Intercompany Eliminations | Presented below is a walk of intercompany eliminations from the combined GE Industrial and GE Capital totals to the consolidated cash flows for continuing operations. Three months ended March 31, 2021 Three months ended March 31, 2020 Cash from (used for): Operating activities Investing activities Financing activities Operating activities Investing activities Financing activities Combined GE Industrial and GE Capital cash flows $ (2,970) $ 1,747 $ (2,178) $ (1,138) $ 20,776 $ (8,494) GE Industrial current receivables sold to GE Capital(a) 211 (448) 237 (997) 945 52 GE Industrial long-term receivables sold to GE Capital 67 (67) — 135 (135) — Supply chain finance programs 120 (120) — 884 (884) — Other reclassifications and eliminations (68) (265) 333 197 (677) 480 Consolidated cash flows $ (2,640) $ 847 $ (1,608) $ (919) $ 20,025 $ (7,962) |
OTHER INCOME (Tables)
OTHER INCOME (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Three months ended March 31 2021 2020 Purchases and sales of business interests(a) $ 3 $ 12,372 Licensing and royalty income 48 42 Associated companies 16 39 Net interest and investment income (loss)(b) 439 (5,632) Other items 116 53 GE Industrial $ 623 $ 6,874 Eliminations 3 (4) Total $ 626 $ 6,869 (a) Included a pre-tax gain of $12,292 million ($11,145 million after-tax) on the sale of BioPharma for the three months ended March 31, 2020. See Note 2 for further information. |
SEGMENT OPERATIONS (Tables)
SEGMENT OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Segments | SUMMARY OF REPORTABLE SEGMENTS Three months ended March 31 2021 2020 V% Power $ 3,921 $ 4,025 (3) % Renewable Energy 3,248 3,194 2 % Aviation 4,992 6,892 (28) % Healthcare 4,308 4,727 (9) % Capital 878 837 5 % Total segment revenues 17,346 19,675 (12) % Corporate items and eliminations (228) (185) (23) % Consolidated revenues $ 17,118 $ 19,490 (12) % Power $ (87) $ (131) 34 % Renewable Energy (234) (327) 28 % Aviation 641 1,003 (36) % Healthcare 698 867 (19) % Capital (172) (187) 8 % Total segment profit (loss) 847 1,224 (31) % Corporate items and eliminations 52 6,123 (99) % GE Industrial interest and other financial charges (268) (370) 28 % GE Industrial non-operating benefit costs (433) (616) 30 % GE Industrial benefit (provision) for income taxes (148) (187) 21 % Earnings (loss) from continuing operations attributable to GE common shareholders 20 6,175 U Earnings (loss) from discontinued operations, net of taxes (2,894) (21) U Less net earnings (loss) attributable to noncontrolling interests, discontinued operations — (2) F Earnings (loss) from discontinued operations, net of tax and noncontrolling interest (2,894) (19) U Consolidated net earnings (loss) attributable to the GE common shareholders $ (2,874) $ 6,156 U |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Disposed of by sale - BioPharma - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration | $ 21,112 | |
Cash payments associated with transaction | $ 185 | |
Pretax gain on sale | 12,292 | |
Gain on sale, after tax | $ 11,145 |
BUSINESSES HELD FOR SALE AND _4
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 09, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total portfolio carrying value | $ 245,164 | $ 256,211 | ||
Discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on disposal, net of taxes | (2,745) | $ (4) | ||
GECAS | Discontinued operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration | $ 23,905 | |||
Consideration received in notes | $ 1,000 | |||
Gain (loss) on disposal, net of taxes | $ (2,755) | |||
GECAS | Discontinued operations | AerCap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration, stock transaction (in shares) | 111.5 | |||
Ownership interest after disposal | 46.00% | |||
Consideration, stock transaction | $ 6,550 | |||
Share price (in dollars per share) | $ 58.74 | |||
Bank BPH | Bank BPH | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Percentage indexed to or denominated in foreign currencies | 86.00% | |||
Total portfolio carrying value | $ 1,986 | |||
Percent of financing receivables over 90 days past due | 1.67% | |||
Average loan to value ratio | 61.60% | |||
Pre-tax non-cash charges | $ 282 | |||
Baker Hughes excluding joint venture | Investee | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales of products and services | 166 | |||
Purchases of products and services | 61 | |||
Net cash collected from affiliate | 131 | |||
Baker Hughes | Investee | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Dividends received | 56 | |||
Baker Hughes | Investee | Promissory note receivable | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash collected from affiliate | 28 | |||
Baker Hughes | Aeroderivative Joint Venture | Investee | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales of products and services | 119 | |||
Cash collected from affiliate | $ 161 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Disposal | |||
Earnings (loss) from discontinued operations, net of taxes | $ (2,894) | $ (21) | |
Assets | |||
Total current assets of discontinued operations | 33,922 | $ 0 | |
Liabilities | |||
Total current liabilities of discontinued operations | 4,991 | 0 | |
Discontinued operations | |||
Operations | |||
GE Capital revenues from services | 633 | 1,010 | |
Cost of goods and services sold | (368) | (547) | |
Other income, costs and expenses | (386) | (462) | |
Earnings (loss) of discontinued operations before income taxes | (121) | 2 | |
Benefit (provision) for income taxes | (29) | (19) | |
Earnings (loss) of discontinued operations, net of taxes | (149) | (17) | |
Disposal | |||
Gain (loss) on disposal before income taxes | (2,702) | (4) | |
Benefit (provision) for income taxes | (43) | 0 | |
Gain (loss) on disposal, net of taxes | (2,745) | (4) | |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (21) | |
Earnings (loss) of discontinued operations attributable to the Company after income taxes | (149) | (15) | |
Assets | |||
Cash, cash equivalents and restricted cash | 142 | 0 | |
Financing receivables - net | 2,095 | 0 | |
Other GE Capital receivables | 2,122 | 0 | |
Property, plant, and equipment - net | 28,143 | 0 | |
Valuation allowance on disposal group classified as discontinued operations | (2,536) | 0 | |
All other current assets | 3,957 | 0 | |
Total current assets of discontinued operations | 33,922 | 0 | |
Cash, cash equivalents and restricted cash | 483 | 623 | |
Financing receivables - net | 0 | 2,710 | |
Other GE Capital receivables | 49 | 1,844 | |
Financing receivables held for sale (Polish mortgage portfolio) | 1,986 | 2,461 | |
Property, plant, and equipment - net | 102 | 28,429 | |
All other assets | 389 | 4,683 | |
Assets | 36,931 | 40,749 | |
Liabilities | |||
Deferred income taxes | 2,268 | 0 | |
Accounts payable and all other liabilities | 2,723 | 0 | |
Total current liabilities of discontinued operations | 4,991 | 0 | |
Deferred income taxes | 0 | 2,172 | |
Accounts payable and all other liabilities | 204 | 3,010 | |
Liabilities of discontinued operations | 5,195 | 5,182 | |
Discontinued operations | GECAS | |||
Operations | |||
Earnings (loss) of discontinued operations, net of taxes | 177 | 155 | |
Disposal | |||
Gain (loss) on disposal, net of taxes | (2,755) | ||
Depreciation and amortization | (359) | $ (545) | |
Assets | |||
Assets | 33,922 | 37,199 | |
Liabilities | |||
Liabilities of discontinued operations | 4,991 | 4,997 | |
GE Capital Exit Plan | Discontinued operations | |||
Liabilities | |||
Discontinued operations, intercompany tax receivables | $ 657 | $ 704 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Accrued interest | $ 438 | ||
Debt securities in unrealized loss position, total | 3,732 | $ 1,765 | |
Debt securities in unrealized loss position, 12 months or more | 644 | 165 | |
Gross unrealized losses, 12 months or more | (56) | (20) | |
Gross unrealized losses | (168) | ||
Net unrealized gains (losses) recorded to earnings | 238 | $ (5,772) | |
Proceeds from investment securities sales and early redemptions by issuers | 1,333 | 1,250 | |
Debt and equity securities, realized gain | 30 | 46 | |
Debt and equity securities, realized losses and impairments | (60) | (17) | |
Equity securities without readily determinable fair values | $ 291 | 274 | |
Fair value adjustments, including impairment | (93) | ||
Baker Hughes | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Remaining interest (in shares) | 311.4 | ||
Ownership percentage | 30.00% | ||
Net unrealized gains (losses) recorded to earnings | $ 296 | $ (5,710) | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments with a fair value | 5,641 | 5,866 | |
U.S. corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | (79) | $ (26) | |
CMBS | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gross unrealized losses | $ (57) |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Equity (Baker Hughes) | $ 6,741 | $ 7,319 |
Current investment securities | 6,741 | 7,319 |
Gross unrealized losses | (168) | |
Equity securities | 239 | 218 |
Non-current investment securities, amortized cost | 35,152 | 34,313 |
Non-current investment securities, gross unrealized gains | 5,801 | 8,342 |
Non-current investment securities, gross unrealized losses | (168) | (106) |
Non-current investment securities, estimated fair value | 40,786 | 42,549 |
Amortized cost | 41,893 | 41,632 |
Gross unrealized gains | 5,801 | 8,342 |
Gross unrealized losses | (106) | |
Estimated fair value | 47,527 | 49,868 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 24,159 | 23,604 |
Gross unrealized gains | 4,616 | 6,651 |
Gross unrealized losses | (79) | (26) |
Estimated fair value | 28,695 | 30,230 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 2,456 | 2,283 |
Gross unrealized gains | 273 | 458 |
Gross unrealized losses | (5) | (1) |
Estimated fair value | 2,724 | 2,740 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 3,409 | 3,387 |
Gross unrealized gains | 648 | 878 |
Gross unrealized losses | (19) | (9) |
Estimated fair value | 4,038 | 4,256 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 3,725 | 3,652 |
Gross unrealized gains | 153 | 171 |
Gross unrealized losses | (63) | (71) |
Estimated fair value | 3,815 | 3,752 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 1,166 | 1,169 |
Gross unrealized gains | 112 | 184 |
Gross unrealized losses | (3) | 0 |
Estimated fair value | $ 1,275 | $ 1,353 |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Mar. 31, 2021USD ($) |
Amortized cost | |
Within one year | $ 613 |
After one year through five years | 3,111 |
After five years through ten years | 6,579 |
After ten years | 20,886 |
Estimated fair value | |
Within one year | 622 |
After one year through five years | 3,396 |
After five years through ten years | 7,626 |
After ten years | $ 25,088 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | $ 12,441 | $ 13,459 |
Sundry receivables | 4,106 | 4,395 |
Allowance for credit losses | (1,165) | (1,164) |
Total current receivables | 15,381 | 16,691 |
Increase in allowance for credit losses | 39 | |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
DPP balance | 461 | 413 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables | 9,307 | 9,841 |
Sundry receivables | 4,274 | 4,763 |
Allowance for credit losses | (1,163) | (1,161) |
Total current receivables | $ 12,418 | $ 13,442 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Sales of GE Current Customer Receivables, Narrative (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
GE Industrial | Current Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of receivables sold | 38.00% | 49.00% |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Sales of GE Current Customer Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Current Receivables | Third Parties | Receivables Facility One | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at end of period | $ 1,863 | |
GE Industrial | Current Receivables | GE Capital | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | 3,618 | $ 3,087 |
GE sales | 7,044 | 9,225 |
GE Capital sales to third parties | (3,826) | (5,253) |
Collections and other | (3,765) | (3,224) |
Reclassification from long-term customer receivables | 63 | 123 |
Balance at end of period | 3,134 | 3,958 |
GE Industrial | Current Receivables | Third Parties | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at beginning of period | 2,992 | 6,757 |
GE sales | 124 | 307 |
GE Capital sales to third parties | 3,826 | 5,253 |
Collections and other | (4,360) | (7,797) |
Reclassification from long-term customer receivables | 0 | 0 |
Balance at end of period | 2,582 | 4,519 |
GE Industrial | Current Receivables with Recourse | GE Capital | ||
Movement in Accounts Receivable from Securitization [Roll Forward] | ||
Balance at end of period | $ 526 | $ 557 |
CURRENT AND LONG-TERM RECEIVA_6
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term customer receivables | $ 638 | $ 585 |
Long-term sundry receivables | 1,656 | 1,748 |
Allowance for credit losses | (136) | (142) |
Total long-term receivables | 2,158 | 2,191 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term customer receivables | 601 | 474 |
Long-term sundry receivables | 1,928 | 2,097 |
Allowance for credit losses | (136) | (142) |
Total long-term receivables | 2,392 | 2,430 |
GE Capital | GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total long-term receivables | $ 37 | $ 111 |
CURRENT AND LONG-TERM RECEIVA_7
CURRENT AND LONG-TERM RECEIVABLES - Unconsolidated Receivables Facilities (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)receivable_facility | Mar. 31, 2020USD ($) | |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of receivables facility | receivable_facility | 1 | |
Third Parties | GE Industrial | Current Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Customer receivables sold to receivables facilities | $ 2,605 | $ 4,307 |
Total cash purchase price for customer receivables | 2,479 | 4,120 |
Cash collections re-invested to purchase customer receivables | 2,274 | 3,723 |
Non-cash increases to deferred purchase price | 116 | 160 |
Cash payments received on deferred purchase price | 68 | $ 78 |
Receivables Facility One | GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Facility program size | $ 2,000 |
CURRENT AND LONG-TERM RECEIVA_8
CURRENT AND LONG-TERM RECEIVABLES - Consolidated Securitization Entities (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)entity | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 245,164 | $ 256,211 |
Liabilities | 210,011 | 219,138 |
Consolidated VIE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | 1,712 | 1,733 |
Liabilities | $ 454 | 657 |
Consolidated VIE | GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of VIEs | entity | 3 | |
Consolidated VIE | GE Capital | Receivables | Current Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | $ 1,133 | 1,489 |
Consolidated VIE | GE Capital | Receivables | Noncurrent Receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Assets | 29 | 93 |
Consolidated VIE | GE Capital | Debt | Debt Facilities | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Liabilities | $ 624 | $ 892 |
FINANCING RECEIVABLES AND ALL_3
FINANCING RECEIVABLES AND ALLOWANCES - Schedule of Financing Receivables, Net (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred income | $ 337 | $ 359 |
Allowance for losses | (31) | (32) |
Current financing receivables - net | 306 | 326 |
GE Capital | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, net of deferred income | 3,749 | 4,182 |
Allowance for losses | (11) | (10) |
Current financing receivables - net | $ 3,738 | $ 4,172 |
FINANCING RECEIVABLES AND ALL_4
FINANCING RECEIVABLES AND ALLOWANCES - Narrative (Details) - GE Capital | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of financing receivables over 30 days past due | 3.70% | 2.80% |
Percent of financing receivables over 90 days past due | 1.60% | 1.70% |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 8,013 | $ 7,937 |
Finished goods | 6,057 | 5,654 |
Deferred inventory costs | 2,460 | 2,299 |
Inventories, including deferred inventory costs | $ 16,530 | $ 15,890 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Original cost | $ 31,893 | $ 32,098 |
Less accumulated depreciation and amortization | (18,405) | (18,251) |
Right-of-use operating lease assets | 2,808 | 2,852 |
Property, plant and equipment – net | $ 16,296 | $ 16,699 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Consolidated depreciation and amortization on property, plant and equipment | $ 452 | $ 461 | |
Lease liabilities, statement of financial position | All other liabilities (Note 15) | All other liabilities (Note 15) | |
Lease liabilities | $ 3,143 | $ 3,195 | |
Lease expense | 281 | $ 294 | |
GE Industrial | |||
Property, Plant and Equipment [Line Items] | |||
Lease liabilities | $ 3,083 | $ 3,133 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill | |
Balance at beginning of period | $ 25,524 |
Currency exchange and other | (204) |
Balance at end of period | 25,320 |
Operating Segments | Power | |
Goodwill | |
Balance at beginning of period | 146 |
Currency exchange and other | 0 |
Balance at end of period | 145 |
Operating Segments | Renewable Energy | |
Goodwill | |
Balance at beginning of period | 3,401 |
Currency exchange and other | (88) |
Balance at end of period | 3,313 |
Operating Segments | Aviation | |
Goodwill | |
Balance at beginning of period | 9,247 |
Currency exchange and other | (103) |
Balance at end of period | 9,144 |
Operating Segments | Healthcare | |
Goodwill | |
Balance at beginning of period | 11,855 |
Currency exchange and other | (15) |
Balance at end of period | 11,840 |
Corporate | |
Goodwill | |
Balance at beginning of period | 876 |
Currency exchange and other | 1 |
Balance at end of period | $ 877 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill | $ 25,320 | $ 25,524 | |
Intangible assets | 9,395 | $ 9,671 | |
Amortization of intangible assets | 301 | $ 318 | |
Operating Segments | Additive Reporting Unit | |||
Goodwill [Line Items] | |||
Goodwill | $ 236 |
REVENUES - Equipment and Servic
REVENUES - Equipment and Services Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 17,118 | $ 19,490 |
GE Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 16,329 | 18,844 |
GE Industrial | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,971 | 9,097 |
GE Industrial | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 8,358 | 9,748 |
Operating segments | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 17,346 | 19,675 |
Operating segments | GE Industrial | Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,921 | 4,025 |
Operating segments | GE Industrial | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,248 | 3,194 |
Operating segments | GE Industrial | Aviation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,992 | 6,892 |
Operating segments | GE Industrial | Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 4,308 | 4,727 |
Operating segments | GE Industrial | Equipment | Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,241 | 1,506 |
Operating segments | GE Industrial | Equipment | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,844 | 2,576 |
Operating segments | GE Industrial | Equipment | Aviation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,847 | 2,364 |
Operating segments | GE Industrial | Equipment | Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,227 | 2,699 |
Operating segments | GE Industrial | Services | Power | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,679 | 2,518 |
Operating segments | GE Industrial | Services | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 404 | 618 |
Operating segments | GE Industrial | Services | Aviation | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 3,145 | 4,529 |
Operating segments | GE Industrial | Services | Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,081 | 2,029 |
Corporate items and industrial eliminations | GE Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (139) | 6 |
Corporate items and industrial eliminations | GE Industrial | Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | (188) | (48) |
Corporate items and industrial eliminations | GE Industrial | Services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 49 | $ 54 |
REVENUES - Sub-Segment Revenues
REVENUES - Sub-Segment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | $ 17,118 | $ 19,490 |
GE Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 16,329 | 18,844 |
Operating segments | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 17,346 | 19,675 |
Operating segments | GE Industrial | Power | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 3,921 | 4,025 |
Operating segments | GE Industrial | Power | Gas Power | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 2,829 | 2,859 |
Operating segments | GE Industrial | Power | Power Portfolio | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 1,091 | 1,165 |
Operating segments | GE Industrial | Renewable Energy | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 3,248 | 3,194 |
Operating segments | GE Industrial | Renewable Energy | Onshore Wind | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 2,118 | 2,124 |
Operating segments | GE Industrial | Renewable Energy | Grid Solutions equipment and services | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 795 | 839 |
Operating segments | GE Industrial | Renewable Energy | Hydro | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 165 | 179 |
Operating segments | GE Industrial | Renewable Energy | Offshore Wind and Hybrid Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 169 | 51 |
Operating segments | GE Industrial | Aviation | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 4,992 | 6,892 |
Operating segments | GE Industrial | Aviation | Commercial Engines & Services | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 3,354 | 5,113 |
Operating segments | GE Industrial | Aviation | Military | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 956 | 960 |
Operating segments | GE Industrial | Aviation | Systems & Other | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 682 | 820 |
Operating segments | GE Industrial | Healthcare | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 4,308 | 4,727 |
Operating segments | GE Industrial | Healthcare | Healthcare Systems | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 3,825 | 3,448 |
Operating segments | GE Industrial | Healthcare | Pharmaceutical Diagnostics | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 482 | 450 |
Operating segments | GE Industrial | Healthcare | BioPharma | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 0 | 830 |
Operating segments | Capital | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | 878 | 837 |
Corporate items and industrial eliminations | GE Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | (139) | 6 |
Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenues | $ (89) | $ (191) |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligation (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 226,962 |
Equipment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | 40,951 |
Services | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations expected to be satisfied | $ 186,012 |
REVENUES - Remaining Performa_2
REVENUES - Remaining Performance Obligation (Percentage and Period) (Details) | Mar. 31, 2021 |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 62.00% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 82.00% |
Performance obligations expected to be satisfied, expected timing | 2 years |
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 97.00% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 15.00% |
Performance obligations expected to be satisfied, expected timing | 1 year |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 47.00% |
Performance obligations expected to be satisfied, expected timing | 5 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 67.00% |
Performance obligations expected to be satisfied, expected timing | 10 years |
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2037-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligation expected to be satisfied (as a percent) | 83.00% |
Performance obligations expected to be satisfied, expected timing | 15 years |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Increase in contract and other deferred assets | $ 153 | |
Revenue recognized included in contract liability | 5,909 | $ 4,137 |
Power and Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Decrease in progress collections and deferred income due to timing of revenue recognition | 431 | |
Long-term | Services | ||
Capitalized Contract Cost [Line Items] | ||
Decrease due to billings | 2,232 | |
Revenues recognized | 2,118 | |
Long-term | Services | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | 31 | |
Long-term | Services | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ (8) |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 5,821 | $ 5,764 |
Non-current contract and other deferred assets | 5,985 | 5,888 |
GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,821 | 5,764 |
Non-current contract and other deferred assets | 5,985 | 5,921 |
Operating Segments | GE Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,821 | 5,764 |
Nonrecurring engineering costs | 2,511 | 2,490 |
Customer advances and other | 3,474 | 3,398 |
Non-current contract and other deferred assets | 5,985 | 5,888 |
Total contract and other deferred assets | 11,806 | 11,653 |
Operating Segments | GE Industrial | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 8,134 | 8,354 |
Billings in excess of revenues | (6,888) | (7,015) |
Operating Segments | GE Industrial | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,246 | 1,338 |
Operating Segments | GE Industrial | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 769 | 719 |
Operating Segments | GE Industrial | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 3,805 | 3,707 |
Operating Segments | GE Industrial | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 5,845 | 5,786 |
Nonrecurring engineering costs | 13 | 16 |
Customer advances and other | 783 | 822 |
Non-current contract and other deferred assets | 796 | 838 |
Total contract and other deferred assets | 6,641 | 6,623 |
Operating Segments | GE Industrial | Power | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,223 | 5,282 |
Billings in excess of revenues | (1,541) | (1,640) |
Operating Segments | GE Industrial | Power | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 3,682 | 3,642 |
Operating Segments | GE Industrial | Power | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 139 | 129 |
Operating Segments | GE Industrial | Power | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 2,024 | 2,015 |
Operating Segments | GE Industrial | Aviation | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (2,058) | (1,963) |
Nonrecurring engineering costs | 2,436 | 2,409 |
Customer advances and other | 2,570 | 2,481 |
Non-current contract and other deferred assets | 5,005 | 4,889 |
Total contract and other deferred assets | 2,948 | 2,927 |
Operating Segments | GE Industrial | Aviation | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,911 | 3,072 |
Billings in excess of revenues | (5,347) | (5,375) |
Operating Segments | GE Industrial | Aviation | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | (2,436) | (2,304) |
Operating Segments | GE Industrial | Aviation | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 342 | 282 |
Operating Segments | GE Industrial | Aviation | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 36 | 59 |
Operating Segments | GE Industrial | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,348 | 1,233 |
Nonrecurring engineering costs | 33 | 34 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 33 | 34 |
Total contract and other deferred assets | 1,381 | 1,268 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Renewable Energy | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 109 | 106 |
Operating Segments | GE Industrial | Renewable Energy | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 1,239 | 1,127 |
Operating Segments | GE Industrial | Healthcare | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 454 | 479 |
Nonrecurring engineering costs | 29 | 31 |
Customer advances and other | 122 | 128 |
Non-current contract and other deferred assets | 151 | 159 |
Total contract and other deferred assets | 604 | 638 |
Operating Segments | GE Industrial | Healthcare | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 164 | 173 |
Operating Segments | GE Industrial | Healthcare | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 289 | 306 |
Operating Segments | GE Industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 232 | 229 |
Nonrecurring engineering costs | 0 | 0 |
Customer advances and other | 0 | (32) |
Non-current contract and other deferred assets | 0 | (32) |
Total contract and other deferred assets | 233 | 197 |
Operating Segments | GE Industrial | Other | Service agreements | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Operating Segments | GE Industrial | Other | Service agreements | Long-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 0 | 0 |
Operating Segments | GE Industrial | Other | Service agreements | Short-term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | 16 | 29 |
Operating Segments | GE Industrial | Other | Equipment contract revenues | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current contract assets | $ 217 | $ 201 |
CONTRACT AND OTHER DEFERRED A_5
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Progress Collections and Deferred Income (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Capitalized Contract Cost [Line Items] | ||
Progress collections and deferred income | $ 17,993 | $ 18,371 |
Non-current deferred income | 1,748 | 1,801 |
GE Industrial | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections and deferred income | 17,993 | 18,371 |
Non-current deferred income | 1,748 | 1,801 |
Operating Segments | GE Industrial | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 1,844 | 1,757 |
Progress collections and deferred income | 17,993 | 18,371 |
Non-current deferred income | 1,748 | 1,801 |
Total Progress collections and deferred income | 19,741 | 20,172 |
Operating Segments | GE Industrial | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,414 | 6,362 |
Operating Segments | GE Industrial | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 9,735 | 10,252 |
Operating Segments | GE Industrial | Power | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 16 | 17 |
Progress collections and deferred income | 5,217 | 5,393 |
Non-current deferred income | 118 | 116 |
Total Progress collections and deferred income | 5,335 | 5,509 |
Operating Segments | GE Industrial | Power | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,829 | 4,918 |
Operating Segments | GE Industrial | Power | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 371 | 458 |
Operating Segments | GE Industrial | Aviation | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 122 | 132 |
Progress collections and deferred income | 4,802 | 4,969 |
Non-current deferred income | 855 | 898 |
Total Progress collections and deferred income | 5,657 | 5,867 |
Operating Segments | GE Industrial | Aviation | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 197 | 214 |
Operating Segments | GE Industrial | Aviation | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,483 | 4,623 |
Operating Segments | GE Industrial | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 219 | 194 |
Progress collections and deferred income | 5,949 | 6,028 |
Non-current deferred income | 211 | 214 |
Total Progress collections and deferred income | 6,160 | 6,241 |
Operating Segments | GE Industrial | Renewable Energy | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 1,388 | 1,229 |
Operating Segments | GE Industrial | Renewable Energy | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 4,343 | 4,604 |
Operating Segments | GE Industrial | Healthcare | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 1,392 | 1,309 |
Progress collections and deferred income | 1,808 | 1,724 |
Non-current deferred income | 555 | 564 |
Total Progress collections and deferred income | 2,363 | 2,288 |
Operating Segments | GE Industrial | Healthcare | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Operating Segments | GE Industrial | Healthcare | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 416 | 414 |
Operating Segments | GE Industrial | Other | ||
Capitalized Contract Cost [Line Items] | ||
Current deferred income | 95 | 105 |
Progress collections and deferred income | 217 | 257 |
Non-current deferred income | 9 | 10 |
Total Progress collections and deferred income | 226 | 267 |
Operating Segments | GE Industrial | Other | Equipment | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 0 | 0 |
Operating Segments | GE Industrial | Other | Other | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 121 | $ 152 |
ALL OTHER ASSETS (Details)
ALL OTHER ASSETS (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Increase in other non-current assets | $ 1,270 |
Increase in insurance cash and cash equivalents | $ 1,252 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term borrowings | ||
Total short-term borrowings | $ 4,468 | $ 4,713 |
Eliminations | (2,061) | (3,033) |
Long-term borrowings | ||
Total long-term borrowings | 66,890 | 70,189 |
Eliminations | (16,577) | (16,780) |
Total borrowings | 71,358 | 74,902 |
GE Industrial | ||
Short-term borrowings | ||
Total short-term borrowings | 2,318 | 3,350 |
Long-term borrowings | ||
Total long-term borrowings | 38,929 | 39,386 |
GE Industrial | Senior notes | ||
Long-term borrowings | ||
Total long-term borrowings | 18,753 | 18,994 |
GE Industrial | Senior notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 17,981 | 18,178 |
GE Industrial | Subordinated notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 1,774 | 1,779 |
GE Industrial | Other | ||
Long-term borrowings | ||
Total long-term borrowings | 422 | 435 |
GE Industrial | Current portion of long-term borrowings | ||
Short-term borrowings | ||
Total short-term borrowings | 47 | 36 |
GE Industrial | Current portion of long-term borrowings assumed by GE | ||
Short-term borrowings | ||
Total short-term borrowings | 1,784 | 2,432 |
GE Industrial | Other | ||
Short-term borrowings | ||
Total short-term borrowings | 488 | 882 |
GE Capital | ||
Short-term borrowings | ||
Total short-term borrowings | 4,210 | 4,395 |
Long-term borrowings | ||
Total long-term borrowings | 44,539 | 47,584 |
GE Capital | Senior notes | ||
Long-term borrowings | ||
Total long-term borrowings | 27,292 | 30,132 |
GE Capital | Subordinated notes assumed by GE | ||
Long-term borrowings | ||
Total long-term borrowings | 148 | 189 |
GE Capital | Intercompany payable to GE | ||
Long-term borrowings | ||
Total long-term borrowings | 16,577 | 16,780 |
GE Capital | Non-recourse borrowings of consolidated securitization entities | ||
Long-term borrowings | ||
Total long-term borrowings | 0 | 0 |
GE Capital | Other | ||
Long-term borrowings | ||
Total long-term borrowings | 521 | 483 |
GE Capital | Current portion of long-term borrowings | ||
Short-term borrowings | ||
Total short-term borrowings | 1,743 | 788 |
GE Capital | Intercompany payable to GE | ||
Short-term borrowings | ||
Total short-term borrowings | 1,784 | 2,432 |
GE Capital | Other | ||
Short-term borrowings | ||
Total short-term borrowings | 59 | 283 |
GE Capital | Non-recourse borrowings of consolidated securitization entities | ||
Short-term borrowings | ||
Total short-term borrowings | $ 624 | $ 892 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Short-term borrowings assumed by GE | $ 0 | $ 0 |
Long-term borrowings assumed by GE | 0 | 0 |
GE Capital | ||
Guarantor Obligations [Line Items] | ||
Receivable from related parties | 18,361 | |
GE Industrial | ||
Guarantor Obligations [Line Items] | ||
Total borrowings | 22,886 | |
Short-term borrowings assumed by GE | 1,784 | 2,432 |
Long-term borrowings assumed by GE | 19,754 | 19,957 |
GE Industrial | GE Issued Borrowings | ||
Guarantor Obligations [Line Items] | ||
Total borrowings | 19,709 | |
GE Industrial | Intercompany Loan | GE Capital | ||
Guarantor Obligations [Line Items] | ||
Total borrowings | 3,177 | |
GE Capital | ||
Guarantor Obligations [Line Items] | ||
Short-term borrowings assumed by GE | 1,784 | 2,432 |
Long-term borrowings assumed by GE | 16,577 | 16,780 |
GE Capital | Non-recourse borrowings of consolidated securitization entities | ||
Guarantor Obligations [Line Items] | ||
Debt assumed by GE upon merger | 27,332 | $ 28,503 |
GE Capital | GE Capital Exit Plan | ||
Guarantor Obligations [Line Items] | ||
Total borrowings | 21,538 | |
Short-term borrowings assumed by GE | 1,784 | |
Long-term borrowings assumed by GE | $ 19,754 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 17,118 | $ 19,490 | |
Assets | 245,164 | $ 256,211 | |
Claims incurred | 454 | 507 | |
Paid claims | 424 | 405 | |
Reinsurance recoverables, allowances | 1,540 | 1,510 | |
Reinsurance recoverables, net | 2,592 | 2,552 | |
Run-off Insurance Operations | GE Capital | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 775 | 616 | |
Gross profit (loss) | 116 | $ (93) | |
Assets | $ 50,353 | $ 50,824 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | $ 31,864 | $ 34,482 |
Claim reserves | 5,765 | 5,736 |
Investment contracts | 2,021 | 2,049 |
Unearned premiums and other | 353 | 298 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 40,004 | 42,565 |
Eliminations | (442) | (374) |
Total | 39,562 | 42,191 |
Other adjustments | 5,580 | 8,160 |
Decrease in insurance liabilities and annuity benefits | 2,580 | |
Long-term care | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 16,997 | 16,934 |
Claim reserves | 4,397 | 4,393 |
Investment contracts | 0 | 0 |
Unearned premiums and other | 16 | 19 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 21,409 | 21,346 |
Total | 21,409 | 21,346 |
Structured settlement annuities & life | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 9,105 | 9,207 |
Claim reserves | 306 | 275 |
Investment contracts | 1,018 | 1,034 |
Unearned premiums and other | 191 | 189 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 10,620 | 10,705 |
Total | 10,620 | 10,705 |
Other contracts | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Future policy benefit reserves | 183 | 181 |
Claim reserves | 1,062 | 1,068 |
Investment contracts | 1,003 | 1,016 |
Unearned premiums and other | 147 | 89 |
Future policy benefit reserves, investment contracts, claim reserves and unearned premiums and other | 2,395 | 2,354 |
Eliminations | (442) | (374) |
Total | $ 1,953 | $ 1,980 |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)category | Mar. 31, 2020USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of categories | category | 3 | |
Defined contribution plan costs | $ 108 | $ 95 |
Principal retiree benefit plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plans cost (income) | (40) | (32) |
Other pension plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plans cost (income) | $ (24) | $ 7 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Effect on Operations of Pension Plans (Details) - Principal pension plans - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost for benefits earned | $ 64 | $ 153 |
Prior service cost amortization | 7 | 37 |
Expected return on plan assets | (763) | (748) |
Interest cost on benefit obligations | 486 | 587 |
Net actuarial loss amortization | 864 | 848 |
Plans cost (income) | $ 658 | $ 877 |
CURRENT AND ALL OTHER LIABILI_2
CURRENT AND ALL OTHER LIABILITIES (Details) - GE $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Subsidiary or Equity Method Investee [Line Items] | |
Decrease other liabilities | $ 486 |
Decrease in accrued interest | 132 |
Alstom Legacy Matters | |
Subsidiary or Equity Method Investee [Line Items] | |
Gain on settlement | $ 199 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Effective income tax rate | 59.70% | 0.90% | |
Tax associated with preparatory steps for the transaction | $ 633 | ||
GE Capital | Foreign Tax Authority | Her Majesty's Revenue and Customs (HMRC) | |||
Income Tax Contingency [Line Items] | |||
Potential impact on disallowance of interest deductions | $ 1,100 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | $ 37,073 | |
Other comprehensive income (loss) | 859 | $ 918 |
Ending balance | $ 35,153 | $ 36,859 |
Dividends declared per common share (in dollars per share) | $ 0.01 | $ 0.01 |
Adjustments to investment securities before reclassifications | $ 2,038 | $ 1,267 |
Accumulated other comprehensive income (loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (9,749) | (11,732) |
Ending balance | (8,893) | (10,819) |
Investment securities including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | 60 | 61 |
AOCI before reclass, net of taxes | (29) | 6 |
Reclass from AOCI, net of taxes | 11 | (47) |
Other comprehensive income (loss) | (18) | (41) |
AOCI before reclass, taxes | (7) | 0 |
Reclass from AOCI, taxes | 4 | (12) |
Investment securities attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 0 | 0 |
Investment securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | (18) | (41) |
Ending balance | 42 | 20 |
Currency translation adjustments including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (4,386) | (4,818) |
AOCI before reclass, net of taxes | 110 | (554) |
Reclass from AOCI, net of taxes | 0 | 690 |
Other comprehensive income (loss) | 110 | 135 |
AOCI before reclass, taxes | (57) | (5) |
Reclass from AOCI, taxes | 0 | 0 |
Currency translation adjustments attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 2 | 2 |
Currency translation adjustments | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 108 | 133 |
Ending balance | (4,278) | (4,685) |
Cash flow hedges including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (28) | 49 |
AOCI before reclass, net of taxes | 39 | (262) |
Reclass from AOCI, net of taxes | 23 | 51 |
Other comprehensive income (loss) | 62 | (211) |
AOCI before reclass, taxes | 4 | (45) |
Reclass from AOCI, taxes | 10 | 8 |
Cash flow hedges attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 0 | 0 |
Cash flow hedges | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 62 | (211) |
Ending balance | 34 | (163) |
Benefit plans including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Beginning balance | (5,395) | (7,024) |
AOCI before reclass, net of taxes | 16 | 219 |
Reclass from AOCI, net of taxes | 689 | 817 |
Other comprehensive income (loss) | 705 | 1,035 |
AOCI before reclass, taxes | (47) | 30 |
Reclass from AOCI, taxes | 194 | 239 |
Benefit plans attributable to noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 1 | 3 |
Benefit plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Other comprehensive income (loss) | 704 | 1,032 |
Ending balance | $ (4,691) | (5,991) |
BioPharma | Benefit plans including noncontrolling interests | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | ||
Reclass from AOCI, net of taxes | 836 | |
Currency translation, net of taxes | $ 688 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Millions | Jan. 21, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Class of Stock [Line Items] | ||||
Preferred stock issued | $ 6 | $ 6 | $ 6 | |
Redeemable noncontrolling interests | 451 | $ 487 | ||
Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, fixed dividend rate | 5.00% | |||
Series D Preferred Stock | LIBOR | ||||
Class of Stock [Line Items] | ||||
Preferred stock, basis spread on variable rate | 3.33% | |||
GE Industrial | ||||
Class of Stock [Line Items] | ||||
Preferred stock issued | 5,930 | |||
Increased preferred stock | 5,940 | |||
GE Industrial | Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock issued | $ 5,694 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Diluted | ||
Earnings from continuing operations for per-share calculation | $ 90 | $ 6,202 |
Preferred stock dividends | (72) | (43) |
Accretion of redeemable noncontrolling interests, net of tax | 2 | 0 |
Earnings from continuing operations attributable to common shareowners for per-share calculation | 20 | 6,158 |
Earnings (loss) from discontinued operations for per-share calculation | (2,897) | (19) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation | $ (2,874) | $ 6,140 |
Employee compensation-related shares (including stock options) (in shares) | 35 | 7 |
Total average equivalent shares (in shares) | 8,807 | 8,749 |
Earnings per share from continuing operations (in dollars per share) | $ 0 | $ 0.70 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.33) | 0 |
Net earnings (loss) per share (in dollars per share) | $ (0.33) | $ 0.70 |
Potentially dilutive securities | 370 | 422 |
Basic | ||
Earnings from continuing operations for per-share calculation | $ 92 | $ 6,202 |
Preferred stock dividends | (72) | (43) |
Accretion of redeemable noncontrolling interests, net of tax | 2 | 0 |
Earnings from continuing operations attributable to common shareowners for per-share calculation | 22 | 6,158 |
Earnings (loss) from discontinued operations for per-share calculation | (2,894) | (19) |
Net earnings (loss) attributable to GE common shareowners for per-share calculation | $ (2,872) | $ 6,140 |
Total average equivalent shares (in shares) | 8,772 | 8,742 |
Earnings per share from continuing operations (in dollars per share) | $ 0 | $ 0.70 |
Earnings (loss) per share from discontinued operations (in dollars per share) | (0.33) | 0 |
Net earnings (loss) per share (in dollars per share) | $ (0.33) | $ 0.70 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Borrowings (Note 12) | $ 71,358 | $ 74,902 |
Investment contracts (Note 13) | 2,021 | 2,049 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,901 | 2,904 |
Liabilities | ||
Borrowings (Note 12) | 71,358 | 74,902 |
Investment contracts (Note 13) | 2,021 | 2,049 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 3,066 | 3,125 |
Liabilities | ||
Borrowings (Note 12) | 81,967 | 86,001 |
Investment contracts (Note 13) | 2,402 | 2,547 |
Accrued interest | $ 1,178 | $ 898 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives and Hedging, Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total gross notional amount | $ 91,921,000,000 | $ 95,647,000,000 |
Cash collateral received | 31,000,000 | 3,000,000 |
Cash collateral posted | 723,000,000 | 805,000,000 |
Net accrued interest | 159,000,000 | 292,000,000 |
Net cash collateral posted | 693,000,000 | 802,000,000 |
Excess securities collateral received | 15,000,000 | 0 |
GE Industrial | ||
Derivative [Line Items] | ||
Total gross notional amount | 48,153,000,000 | 50,202,000,000 |
GE Capital | ||
Derivative [Line Items] | ||
Total gross notional amount | 43,768,000,000 | 45,445,000,000 |
Net cash collateral received on derivatives | 1,542,000,000 | 3,289,000,000 |
Cash collateral received | 2,313,000,000 | 4,203,000,000 |
Cash collateral posted | 771,000,000 | 914,000,000 |
GE Capital | Interest rate contracts | ||
Derivative [Line Items] | ||
Net cash collateral received on derivatives | $ 584,000,000 | $ 1,968,000,000 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Notional | $ 91,921 | $ 95,647 |
All other assets | ||
Gross derivatives | 2,899 | 3,069 |
Netting and credit adjustments | (729) | (647) |
Cash collateral adjustments | (1,497) | (1,935) |
Net derivatives recognized in statement of financial position | 673 | 487 |
Net accrued interest | 24 | 0 |
Securities held as collateral | (174) | (2) |
Net amount | 522 | 484 |
All other liabilities | ||
Gross derivatives | 1,007 | 1,121 |
Netting and credit adjustments | (729) | (647) |
Cash collateral adjustments | (6) | (104) |
Net derivatives recognized in statement of financial position | 271 | 369 |
Net accrued interest | (19) | 0 |
Securities held as collateral | 0 | 0 |
Net amount | 252 | 369 |
Derivatives accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 27,096 | 27,886 |
All other assets | ||
Gross derivatives | 1,597 | 2,076 |
All other liabilities | ||
Gross derivatives | 81 | 132 |
Derivatives accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 20,395 | 20,500 |
All other assets | ||
Gross derivatives | 1,404 | 1,912 |
All other liabilities | ||
Gross derivatives | 16 | 7 |
Derivatives accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 6,701 | 7,387 |
All other assets | ||
Gross derivatives | 193 | 164 |
All other liabilities | ||
Gross derivatives | 65 | 125 |
Derivatives not accounted for as hedges | ||
Derivative [Line Items] | ||
Gross Notional | 64,825 | 67,761 |
All other assets | ||
Gross derivatives | 1,302 | 993 |
All other liabilities | ||
Gross derivatives | 926 | 989 |
Derivatives not accounted for as hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Gross Notional | 361 | 346 |
All other assets | ||
Gross derivatives | 14 | 8 |
All other liabilities | ||
Gross derivatives | 7 | (1) |
Derivatives not accounted for as hedges | Currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 62,369 | 65,379 |
All other assets | ||
Gross derivatives | 967 | 767 |
All other liabilities | ||
Gross derivatives | 911 | 918 |
Derivatives not accounted for as hedges | Other contracts | ||
Derivative [Line Items] | ||
Gross Notional | 2,095 | 2,036 |
All other assets | ||
Gross derivatives | 322 | 218 |
All other liabilities | ||
Gross derivatives | $ 7 | $ 71 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Mar. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 3,826 | $ 6,527 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 2,330 | 2,348 |
Hedged liability | $ 26,926 | $ 41,735 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gain (loss) recognized in AOCI | $ 36 | $ (313) |
Pre-tax gain (loss) in AOCI related to cash flow hedges of forecasted transactions | 62 | |
Gain expected to be transferred to earnings as an expense | 4 | |
Pre-tax loss in AOCI related to missed cash flow hedges of forecasted transactions | $ 0 | $ 18 |
Maximum term of hedged forecasted transactions | 14 years | 15 years |
FINANCIAL INSTRUMENTS - Net Inv
FINANCIAL INSTRUMENTS - Net Investment Hedges (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Gain (loss) recognized in AOCI on hedging instruments | $ 272,000,000 | $ 158,000,000 |
Reclassified from AOCI into earnings, investment hedges | 0 | 0 |
Foreign currency debt | ||
Derivative [Line Items] | ||
Carrying value designated as net investment hedges | $ 8,106,000,000 | $ 9,145,000,000 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total revenues | $ 17,118 | $ 19,490 |
Cost of sales | 12,538 | 14,426 |
Interest and other financial charges | 500 | 561 |
SG&A | 2,891 | 3,061 |
Other income (Note 23) | 626 | 6,869 |
Fair Value Hedges | ||
Gain (loss) excluded for cash flow hedges | (16) | 15 |
Revenues | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total effect of cash flow hedges | (21) | (21) |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 305 | (547) |
Cost of sales | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total effect of cash flow hedges | (4) | (25) |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 13 |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total effect of cash flow hedges | (8) | (10) |
Fair Value Hedges | ||
Hedged items | 1,843 | (2,480) |
Derivatives designated as hedging instruments | (1,899) | 2,511 |
Total effect of fair value hedges | (56) | 31 |
Total effect of derivatives not designated as hedges | (9) | (9) |
SG&A | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total effect of cash flow hedges | 0 | (3) |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 114 | (106) |
Other Income | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total effect of cash flow hedges | 0 | 0 |
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 56 | (12) |
Interest rate contracts | Revenues | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 1 | (26) |
Interest rate contracts | Cost of sales | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Interest rate contracts | Interest Expense | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | (9) | (9) |
Interest rate contracts | SG&A | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Interest rate contracts | Other Income | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | (1) | 0 |
Currency exchange contracts | Revenues | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 303 | (521) |
Currency exchange contracts | Cost of sales | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 13 |
Currency exchange contracts | Interest Expense | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Currency exchange contracts | SG&A | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 59 | 54 |
Currency exchange contracts | Other Income | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 38 | 11 |
Other | Revenues | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Other | Cost of sales | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Other | Interest Expense | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 0 | 0 |
Other | SG&A | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | 55 | (160) |
Other | Other Income | ||
Fair Value Hedges | ||
Total effect of derivatives not designated as hedges | $ 19 | $ (22) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Net amount | $ 252 | $ 369 |
Counterparty credit risk | ||
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | 404 | 392 |
Net amount | $ 186 | $ 307 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)entity | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||
Assets | $ 245,164 | $ 256,211 |
Liabilities | 210,011 | 219,138 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,712 | 1,733 |
Liabilities | 454 | 657 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 3,371 | 3,230 |
Unconsolidated VIEs | EFS | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,120 | 1,141 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 2,024 | $ 1,833 |
GE Capital | Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Number of VIEs | entity | 3 |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)aircraft | |
GE Capital | Investment Commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,551 |
GE Capital | Thermal and Wind Energy Projects | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 769 |
GE Capital | Run-off Insurance Operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 1,782 |
GE Capital | Thermal and Wind Energy Projects, Unconsolidated VIE Investment Commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 447 |
GE Capital | Run-off Insurance Operations, Unconsolidated VIE Investment Commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 1,632 |
GECAS | Aircraft with GE Engines | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | 26,118 |
Advances for pre-delivery payments | $ 2,647 |
GECAS | New Aircraft | |
Long-term Purchase Commitment [Line Items] | |
Number of aircrafts for delivery | aircraft | 269 |
Percentage of aircrafts to be delivered in first year | 18.00% |
Percentage of aircrafts to be delivered in second year | 18.00% |
Percentage of aircrafts to be delivered in third year and thereafter | 64.00% |
GECAS | Used Aircraft | |
Long-term Purchase Commitment [Line Items] | |
Long-term purchase commitments | $ 1,146 |
Number of aircrafts for delivery | aircraft | 26 |
Percentage of aircrafts to be delivered in first year | 62.00% |
Percentage of aircrafts to be delivered in second year | 27.00% |
Percentage of aircrafts to be delivered in third year | 11.00% |
Aviation | |
Long-term Purchase Commitment [Line Items] | |
Financial assistance commitment | $ 2,241 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) - Indemnification agreements $ in Millions | Mar. 31, 2021USD ($) |
Guarantor Obligations [Line Items] | |
Maximum potential claim | $ 597 |
Related reserves | $ 86 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Product Warranties (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability for product warranties | $ 1,975 | $ 2,054 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) € in Millions, $ in Millions | 1 Months Ended | ||||||
Mar. 31, 2021USD ($) | Jan. 31, 2017USD ($) | Nov. 30, 2015significant_case | Dec. 31, 2014USD ($) | Jan. 31, 2007EUR (€) | Dec. 31, 2020USD ($) | Nov. 02, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 430 | ||||||
Alstom Legacy Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Number of significant cases involving anti-competitive activities and improper payments | significant_case | 2 | ||||||
Damages sought | € | € 65 | ||||||
Reduced fine | € | € 59 | ||||||
Amount paid | $ 307 | $ 772 | |||||
Reserve established for legal and compliance matters | $ 659 | $ 858 | $ 858 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits (Details) | 1 Months Ended | |||
Feb. 28, 2019plantiff | Mar. 31, 2021claim | Mar. 31, 2019claim | Nov. 30, 2018 | |
Shareholder Derivative Lawsuits | ||||
Loss Contingencies [Line Items] | ||||
Number of pending lawsuits | 4 | |||
Touchstone | ||||
Loss Contingencies [Line Items] | ||||
Number of institutional investors seeking damages | plantiff | 6 | |||
Baker Hughes Case | ||||
Loss Contingencies [Line Items] | ||||
Number of pending lawsuits | 2 | |||
Baker Hughes | Baker Hughes Case | ||||
Loss Contingencies [Line Items] | ||||
Ownership interest | 12.00% |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total portfolio carrying value | $ 245,164 | $ 256,211 |
Bank BPH | Bank BPH | ||
Related Party Transaction [Line Items] | ||
Percentage indexed to or denominated in foreign currencies | 86.00% | |
Total portfolio carrying value | $ 1,986 | |
Estimate loss | $ 465 |
INTERCOMPANY TRANSACTIONS (Deta
INTERCOMPANY TRANSACTIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Related Party Transaction [Line Items] | ||
Operating activities | $ (2,640) | $ (919) |
Investing activities | 847 | 20,025 |
Financing activities | (1,608) | (7,962) |
Combined GE Industrial and GE Capital cash flows | ||
Related Party Transaction [Line Items] | ||
Operating activities | (2,970) | (1,138) |
Investing activities | 1,747 | 20,776 |
Financing activities | (2,178) | (8,494) |
Combined GE Industrial and GE Capital cash flows | GE current receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Operating activities | 211 | (997) |
Investing activities | (448) | 945 |
Financing activities | 237 | 52 |
Combined GE Industrial and GE Capital cash flows | GE Industrial long-term receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Operating activities | 67 | 135 |
Investing activities | (67) | (135) |
Financing activities | 0 | 0 |
Combined GE Industrial and GE Capital cash flows | Supply chain finance programs | ||
Related Party Transaction [Line Items] | ||
Operating activities | 120 | 884 |
Investing activities | (120) | (884) |
Financing activities | 0 | 0 |
Combined GE Industrial and GE Capital cash flows | Affiliated Entity | GE current receivables sold to GE Capital | ||
Related Party Transaction [Line Items] | ||
Volume of current receivables sold to related party | 3,218 | 3,972 |
Collections on current receivables sold to related party | 3,429 | 2,975 |
Other reclassifications and eliminations | ||
Related Party Transaction [Line Items] | ||
Operating activities | (68) | 197 |
Investing activities | (265) | (677) |
Financing activities | $ 333 | $ 480 |
OTHER INCOME (Details)
OTHER INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total | $ 626 | $ 6,869 |
Pre-tax unrealized gain (loss) | 238 | (5,772) |
BioPharma | Disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Pretax gain on sale | 12,292 | |
Gain on sale, after tax | 11,145 | |
GE | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Purchases and sales of business interests | 3 | 12,372 |
Sales | 48 | 42 |
Associated companies | 16 | 39 |
Net interest and investment income (loss) | 439 | (5,632) |
Other items | 116 | 53 |
Total | 623 | 6,874 |
Eliminations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total | 3 | (4) |
Baker Hughes | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Pre-tax unrealized gain (loss) | 296 | (5,710) |
After-tax unrealized gain (loss) | $ 188 | $ (4,631) |
SEGMENT OPERATIONS (Details)
SEGMENT OPERATIONS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 17,118 | $ 19,490 |
Revenues, V% | (12.00%) | |
GE interest and other financial charges | $ (500) | (561) |
GE non-operating benefit costs | (430) | (618) |
GE Industrial benefit (provision) for income taxes | (142) | (54) |
Earnings (loss) from continuing operations attributable to GE common shareowners | 20 | 6,175 |
Earnings (loss) from discontinued operations, net of taxes | (2,894) | (21) |
Less net earnings attributable to noncontrolling interests, discontinued operations | 0 | (2) |
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest | (2,894) | (19) |
Net earnings (loss) attributable to GE common shareholders | (2,874) | 6,156 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 17,346 | 19,675 |
Revenues, V% | (12.00%) | |
Segment profit (loss) | $ 847 | 1,224 |
Segment profit (loss), V% | (31.00%) | |
Operating Segments | Power | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 3,921 | 4,025 |
Revenues, V% | (3.00%) | |
Segment profit (loss) | $ (87) | (131) |
Segment profit (loss), V% | 34.00% | |
Operating Segments | Renewable Energy | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 3,248 | 3,194 |
Revenues, V% | 2.00% | |
Segment profit (loss) | $ (234) | (327) |
Segment profit (loss), V% | 28.00% | |
Operating Segments | Aviation | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 4,992 | 6,892 |
Revenues, V% | (28.00%) | |
Segment profit (loss) | $ 641 | 1,003 |
Segment profit (loss), V% | (36.00%) | |
Operating Segments | Healthcare | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 4,308 | 4,727 |
Revenues, V% | (9.00%) | |
Segment profit (loss) | $ 698 | 867 |
Segment profit (loss), V% | (19.00%) | |
Operating Segments | Capital | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 878 | 837 |
Revenues, V% | 5.00% | |
Segment profit (loss) | $ (172) | (187) |
Segment profit (loss), V% | 8.00% | |
Corporate Items and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ (228) | (185) |
Revenues, V% | (23.00%) | |
Segment profit (loss) | $ 52 | 6,123 |
Segment profit (loss), V% | (99.00%) | |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
GE interest and other financial charges | $ (268) | (370) |
GE interest and other financial charges, V% | 28.00% | |
GE non-operating benefit costs | $ (433) | (616) |
GE non-operating benefit costs, V% | 30.00% | |
GE Industrial benefit (provision) for income taxes | $ (148) | $ (187) |
GE Industrial benefit (provision) for income taxes, V% | 21.00% |