Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 15, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-00035 | ||
Entity Registrant Name | GENERAL ELECTRIC COMPANY | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 14-0689340 | ||
Entity Address, Address Line One | One Financial Center, Suite 3700 | ||
Entity Address, City or Town | Boston | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02111 | ||
City Area Code | 617 | ||
Local Phone Number | 443-3000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 117.9 | ||
Entity Common Stock, Shares Outstanding | 1,088,334,304 | ||
Documents Incorporated by Reference | The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May 7, 2024, is incorporated by reference into Part III to the extent described therein. | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Entity Central Index Key | 0000040545 | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | GE | ||
Security Exchange Name | NYSE | ||
0.875% Notes Due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.875% Notes due 2025 | ||
Trading Symbol | GE 25 | ||
Security Exchange Name | NYSE | ||
1.875% Notes Due 2027 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.875% Notes due 2027 | ||
Trading Symbol | GE 27E | ||
Security Exchange Name | NYSE | ||
1.500% Notes Due 2029 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.500% Notes due 2029 | ||
Trading Symbol | GE 29 | ||
Security Exchange Name | NYSE | ||
7.5% Guaranteed Subordinated Notes Due 2035 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7 1/2% Guaranteed Subordinated Notes due 2035 | ||
Trading Symbol | GE /35 | ||
Security Exchange Name | NYSE | ||
2.125% Notes Due 2037 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.125% Notes due 2037 | ||
Trading Symbol | GE 37 | ||
Security Exchange Name | NYSE |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor name | DELOITTE & TOUCHE LLP |
Auditor firm ID | 34 |
Auditor location | Boston, Massachusetts |
STATEMENT OF EARNINGS (LOSS)
STATEMENT OF EARNINGS (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Insurance revenues (Note 12) | $ 3,389 | $ 2,957 | $ 3,101 |
Total revenues | 67,954 | 58,100 | 56,469 |
Costs and expenses | |||
Selling, general and administrative expenses | 9,195 | 9,173 | 8,177 |
Separation costs (Note 20) | 978 | 715 | 0 |
Research and development | 1,907 | 1,786 | 1,682 |
Interest and other financial charges | 1,118 | 1,477 | 1,790 |
Debt extinguishment costs | 0 | 465 | 6,524 |
Insurance losses, annuity benefits and other costs (Note 12) | 2,886 | 2,592 | 2,174 |
Non-operating benefit cost (income) | (1,585) | (409) | 1,136 |
Total costs and expenses | 64,891 | 60,071 | 64,861 |
Other income (loss) (Note 19) | 7,129 | 1,172 | 2,696 |
Earnings (loss) from continuing operations before income taxes | 10,191 | (799) | (5,695) |
Benefit (provision) for income taxes (Note 15) | (1,162) | 3 | 757 |
Earnings (loss) from continuing operations | 9,029 | (795) | (4,939) |
Earnings (loss) from discontinued operations, net of taxes (Note 2) | 414 | 1,202 | (1,469) |
Net earnings (loss) | 9,443 | 407 | (6,408) |
Less net earnings (loss) attributable to noncontrolling interests | (37) | 67 | (71) |
Net earnings (loss) attributable to the Company | 9,481 | 339 | (6,337) |
Preferred stock dividends and other | (295) | (289) | (237) |
Net earnings (loss) attributable to GE common shareholders | 9,186 | 51 | (6,573) |
Amounts attributable to GE common shareholders | |||
Earnings (loss) from continuing operations | 9,029 | (795) | (4,939) |
Less net earnings (loss) attributable to noncontrolling interests, continuing operations | (38) | 16 | (117) |
Earnings (loss) from continuing operations attributable to the Company | 9,067 | (811) | (4,821) |
Preferred stock dividends and other | (295) | (289) | (237) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 8,772 | (1,100) | (5,058) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 414 | 1,151 | (1,515) |
Net earnings (loss) attributable to GE common shareholders | $ 9,186 | $ 51 | $ (6,573) |
Earnings (loss) per share from continuing operations (Note 18) | |||
Diluted earnings (loss) per share (in dollars per share) | $ 7.98 | $ (1) | $ (4.62) |
Basic earnings (loss) per share (in dollars per share) | 8.06 | (1) | (4.62) |
Net earnings (loss) per share (Note 18) | |||
Diluted earnings (loss) per share (in dollars per share) | 8.36 | 0.05 | (6) |
Basic earnings (loss) per share (in dollars per share) | $ 8.44 | $ 0.05 | $ (6) |
Equipment | |||
Revenues | |||
Sales | $ 26,793 | $ 22,334 | $ 25,096 |
Costs and expenses | |||
Cost of sales | 27,683 | 23,743 | 25,161 |
Services | |||
Revenues | |||
Sales | 37,772 | 32,808 | 28,272 |
Costs and expenses | |||
Cost of sales | $ 22,709 | $ 20,529 | $ 18,217 |
STATEMENT OF FINANCIAL POSITION
STATEMENT OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Cash, cash equivalents and restricted cash | $ 16,967 | $ 15,810 |
Investment securities (Note 3) | 5,706 | 7,609 |
Current receivables (Note 4) | 15,466 | 14,831 |
Inventories, including deferred inventory costs (Note 5) | 16,528 | 14,891 |
Current contract assets (Note 8) | 1,500 | 2,467 |
All other current assets (Note 9) | 1,647 | 1,400 |
Assets of businesses held for sale (Note 2) | 1,985 | 1,374 |
Current assets | 59,799 | 58,384 |
Investment securities (Note 3) | 38,000 | 36,027 |
Property, plant and equipment – net (Note 6) | 12,494 | 12,192 |
Goodwill (Note 7) | 13,385 | 12,999 |
Other intangible assets – net (Note 7) | 5,695 | 6,105 |
Contract and other deferred assets (Note 8) | 5,406 | 5,776 |
All other assets (Note 9) | 15,997 | 15,477 |
Deferred income taxes (Note 15) | 10,575 | 10,001 |
Assets of discontinued operations (Note 2) | 1,695 | 31,890 |
Total assets | 163,045 | 188,851 |
Short-term borrowings (Note 10) | 1,253 | 3,739 |
Accounts payable and equipment project payables (Note 11) | 15,408 | 15,399 |
Progress collections and deferred income (Note 8) | 19,677 | 16,216 |
All other current liabilities (Note 14) | 12,712 | 12,130 |
Liabilities of businesses held for sale (Note 2) | 1,826 | 1,944 |
Current liabilities | 50,876 | 49,428 |
Deferred income (Note 8) | 1,339 | 1,409 |
Long-term borrowings (Note 10) | 19,711 | 20,320 |
Insurance liabilities and annuity benefits (Note 12) | 39,624 | 36,845 |
Non-current compensation and benefits (Note 13) | 11,214 | 10,400 |
All other liabilities (Note 14) | 10,508 | 11,063 |
Liabilities of discontinued operations (Note 2) | 1,193 | 24,474 |
Total liabilities | 134,466 | 153,938 |
Preferred stock (Note 16) | 0 | 6 |
Common stock (Note 16) | 15 | 15 |
Accumulated other comprehensive income (loss) – net attributable to GE (Note 16) | (6,150) | (2,272) |
Other capital | 26,962 | 34,173 |
Retained earnings | 86,527 | 82,983 |
Less common stock held in treasury | (79,976) | (81,209) |
Total GE shareholders’ equity | 27,378 | 33,696 |
Noncontrolling interests | 1,202 | 1,216 |
Total equity | 28,579 | 34,912 |
Total liabilities and equity | $ 163,045 | $ 188,851 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Cash flows – operating activities | |||
Net earnings (loss) | $ 9,443 | $ 407 | $ (6,408) |
(Earnings) loss from discontinued operations activities | (414) | (1,202) | 1,469 |
Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities: | |||
Depreciation and amortization of property, plant and equipment | 1,473 | 1,564 | 1,622 |
Amortization of intangible assets (Note 7) | 606 | 1,338 | 738 |
(Gains) losses on purchases and sales of business interests (Note 19) | (104) | (60) | 52 |
(Gains) losses on retained and sold ownership interests and other equity securities | (5,842) | 113 | (1,632) |
Debt extinguishment costs | 0 | 465 | 6,524 |
Principal pension plans cost (Note 13) | (1,108) | 376 | 1,766 |
Principal pension plans employer contributions | (212) | (204) | (205) |
Other postretirement benefit plans (net) | (644) | (755) | (900) |
Provision (benefit) for income taxes | 1,162 | (3) | (757) |
Cash recovered (paid) during the year for income taxes | (1,148) | (430) | (373) |
Changes in operating working capital: | |||
Decrease (increase) in current receivables | (833) | (2,719) | 524 |
Decrease (increase) in inventories, including deferred inventory costs | (1,524) | (1,925) | (306) |
Decrease (increase) in current contract assets | 1,283 | 1,652 | 1,007 |
Increase (decrease) in accounts payable and equipment project payables | (221) | 2,236 | (390) |
Increase (decrease) in progress collections and current deferred income | 2,933 | 2,348 | (1,113) |
Financial services derivatives net collateral/settlement | 3 | (154) | (1,143) |
All other operating activities | 717 | 998 | (1,326) |
Cash from (used for) operating activities – continuing operations | 5,570 | 4,043 | (850) |
Cash from (used for) operating activities – discontinued operations | (391) | 1,873 | 4,332 |
Cash from (used for) operating activities | 5,179 | 5,916 | 3,481 |
Cash flows – investing activities | |||
Additions to property, plant and equipment and internal-use software | (1,595) | (1,174) | (1,113) |
Dispositions of property, plant and equipment | 89 | 206 | 151 |
Proceeds from sale of discontinued operations | 0 | 0 | 22,356 |
Proceeds from principal business dispositions | 0 | 15 | 0 |
Net cash from (payments for) principal businesses purchased | (365) | (30) | (69) |
Dispositions of retained ownership interests | 9,004 | 4,717 | 4,145 |
Net (purchases) dispositions of insurance investment securities | (986) | (876) | (1,290) |
All other investing activities | 791 | 8,033 | 1,641 |
Cash from (used for) investing activities – continuing operations | 6,938 | 10,891 | 25,822 |
Cash from (used for) investing activities – discontinued operations | (2,960) | (8,621) | (4,443) |
Cash from (used for) investing activities | 3,977 | 2,270 | 21,379 |
Cash flows – financing activities | |||
Net increase (decrease) in borrowings (maturities of 90 days or less) | (55) | 56 | (704) |
Newly issued debt (maturities longer than 90 days) | 11 | 16 | 359 |
Repayments and other debt reductions (maturities longer than 90 days) | (3,360) | (11,202) | (36,510) |
Dividends paid to shareholders | (589) | (639) | (575) |
Cash received (paid) for debt extinguishment costs | 0 | 338 | (7,196) |
Redemption of GE preferred stock | (5,795) | (144) | 0 |
Purchases of GE common stock for treasury | (1,233) | (1,048) | (107) |
All other financing activities | 410 | (1,065) | (523) |
Cash from (used for) financing activities – continuing operations | (10,612) | (13,688) | (45,256) |
Cash from (used for) financing activities – discontinued operations | 2,000 | 8,102 | (140) |
Cash from (used for) financing activities | (8,613) | (5,585) | (45,397) |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | 120 | (369) | (213) |
Increase (decrease) in cash, cash equivalents and restricted cash | 664 | 2,232 | (20,750) |
Cash, cash equivalents and restricted cash at beginning of year | 19,092 | 16,859 | 37,608 |
Cash, cash equivalents and restricted cash at December 31 | 19,755 | 19,092 | 16,859 |
Less cash, cash equivalents and restricted cash of discontinued operations at December 31 | 1,396 | 2,627 | 1,332 |
Cash, cash equivalents and restricted cash of continuing operations at December 31 | 18,360 | 16,464 | 15,527 |
Supplemental disclosure of cash flows information | |||
Cash paid during the year for interest | $ (1,067) | $ (1,561) | $ (2,536) |
STATEMENT OF COMPREHENSIVE INCO
STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 9,443 | $ 407 | $ (6,408) | |
Less: net earnings (loss) attributable to noncontrolling interests | (37) | 67 | (71) | |
Net earnings (loss) attributable to the Company | 9,481 | 339 | (6,337) | |
Other comprehensive income (loss) | ||||
Currency translation adjustments | 2,274 | (1,326) | (172) | |
Benefit plans | (4,747) | 2,889 | 9,044 | |
Investment securities and cash flow hedges | 968 | (7,099) | (1,299) | |
Long-duration insurance contracts | [1] | (2,371) | 8,126 | 2,599 |
Less: other comprehensive income (loss) attributable to noncontrolling interests | 2 | 1 | 5 | |
Other comprehensive income (loss) attributable to the Company | (3,878) | 2,589 | 10,166 | |
Comprehensive income (loss) | 5,567 | 2,996 | 3,764 | |
Less: comprehensive income (loss) attributable to noncontrolling interests | (35) | 68 | (66) | |
Comprehensive income (loss) attributable to the Company | $ 5,602 | $ 2,928 | $ 3,830 | |
[1]Represents the net after-tax change in future policy benefit reserves and related reinsurance recoverables from updating the discount rate. See Note 12 for further information. |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | GE shareholders' equity balance | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Adoption of new accounting standards | Currency translation adjustments | Benefit plans | Investment securities and cash flow hedges | Long-duration insurance contracts | Other capital | Retained earnings | Retained earnings Adoption of new accounting standards | Common stock held in treasury | Noncontrolling interests balance | Preferred stock | |
Beginning balance at Dec. 31, 2020 | $ (9,749) | $ (5,278) | $ 6,471 | $ (11,708) | $ 34,307 | $ 92,247 | $ (2,007) | $ (81,961) | |||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Other comprehensive income (loss) | $ (174) | $ 9,041 | (1,299) | 2,599 | |||||||||||
Purchases | (107) | ||||||||||||||
Dispositions | (740) | 974 | |||||||||||||
Stock-based compensation | 429 | ||||||||||||||
Other changes | [1] | 696 | |||||||||||||
Net earnings (loss) attributable to the Company | $ (6,337) | (6,337) | |||||||||||||
Dividends and other transactions with shareholders | [2] | (617) | |||||||||||||
Ending balance at Dec. 31, 2021 | 33,346 | $ 32,044 | (4,860) | 0 | (4,569) | 3,646 | 5,172 | (9,109) | 34,691 | 83,286 | 0 | (81,093) | $ 1,302 | ||
Preferred stock issued | 6 | ||||||||||||||
Common stock issued | 15 | ||||||||||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Other comprehensive income (loss) | (1,324) | 2,886 | (7,099) | 8,126 | |||||||||||
Purchases | (1,048) | $ (144) | |||||||||||||
Dispositions | (741) | 931 | |||||||||||||
Stock-based compensation | 362 | ||||||||||||||
Other changes | [1] | (139) | |||||||||||||
Net earnings (loss) attributable to the Company | 339 | 339 | |||||||||||||
Dividends and other transactions with shareholders | [2] | (642) | |||||||||||||
Ending balance at Dec. 31, 2022 | 34,912 | 33,696 | (2,272) | $ 0 | (5,893) | 6,531 | (1,927) | (983) | 34,173 | 82,983 | $ 0 | (81,209) | 1,216 | ||
Preferred stock issued | 6 | ||||||||||||||
Common stock issued | 15 | ||||||||||||||
Increase (decrease) in shareholders' equity | |||||||||||||||
Other comprehensive income (loss) | 2,270 | (4,745) | 968 | (2,371) | |||||||||||
Purchases | (1,244) | $ (5,795) | |||||||||||||
Dispositions | (1,845) | 2,477 | |||||||||||||
Stock-based compensation | 355 | ||||||||||||||
Other changes | [1] | (5,721) | |||||||||||||
Net earnings (loss) attributable to the Company | 9,481 | 9,481 | |||||||||||||
Dividends and other transactions with shareholders | [2] | (5,937) | |||||||||||||
Ending balance at Dec. 31, 2023 | 28,579 | $ 27,378 | $ (6,150) | $ (3,623) | $ 1,786 | $ (959) | $ (3,354) | $ 26,962 | $ 86,527 | $ (79,976) | $ 1,202 | ||||
Preferred stock issued | 0 | ||||||||||||||
Common stock issued | $ 15 | ||||||||||||||
[1]Included decreases of $5,795 million and $144 million, substantially all in Other capital related to our redemption of GE preferred stock in the years ended December 31, 2023 and 2022, respectively. Included a $687 million increase in all Other capital related to the change in par value of issued common stock from $0.06 to $0.01 in the year ended December 31, 2021.[2]Included a $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. |
STATEMENT OF CHANGES IN SHARE_2
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Jan. 03, 2023 | Dec. 31, 2021 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Spinoff | GE HealthCare | ||
Ownership interest disposed of | 80.10% | |
Other capital | ||
Impact of change in par value of issued common stock | $ 687 | |
Retained earnings | ||
Spinoff transaction adjustment | $ 5,300 |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FINANCIAL STATEMENT PRESENTATION. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position and cash flows. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a change in the carrying amount of our tax assets and liabilities, or a change in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, businesses classified as held for sale, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. We have reclassified certain prior-year amounts to conform to the current-year’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Note 2 for further information. On January 3, 2023, General Electric Company (the Company or GE) completed the previously announced separation (the Separation) of its HealthCare business, into a separate, independent publicly traded company. The historical results of GE HealthCare and certain assets and liabilities included in the spin-off are now reported in GE's consolidated financial statements as discontinued operations. See Note 2 for further information. CONSOLIDATION. Our financial statements consolidate all of our affiliates, entities where we have a controlling financial interest, most often because we hold a majority voting interest, or where we are required to apply the variable interest entity (VIE) model because we have a variable interest in an entity and are the primary beneficiary of the entity. We reevaluate whether we have a controlling financial interest in all entities when our rights and interests change. REVENUES FROM THE SALE OF EQUIPMENT. Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power generation and aerospace equipment and long-term construction projects on an over-time basis as we customize the customer's equipment during the manufacturing or integration process and obtain right to payment for work performed. We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs incurred to date relative to our estimate of total expected costs. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We provide for potential losses on these agreements when it is probable that we will incur the loss. Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method and taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying liquidated damages to the customer or similar customers. During 2023, primarily as a result of changes in product and project cost estimates, we recorded additional project losses for certain Haliade-X contracts of $379 million. Further changes in our execution timelines or other adverse developments could result in further losses beyond the amounts that we currently estimate. Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. Performance Obligations Satisfied at a Point in Time. We recognize revenue on agreements for non-customized equipment including commercial aircraft engines and other goods we manufacture on a standardized basis for sale to the market at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (i.e., time between shipment and delivery). Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer. Our billing terms for these point-in-time equipment contracts generally coincide with delivery to the customer; however, within certain businesses, we receive progress collections from customers for large equipment purchases, to generally reserve production slots. Progress collections are not considered a significant financing component as they are intended to protect from the other party failing to adequately complete some or all of its obligations under the contract. For certain commercial engine programs, we make payments to airlines related to future aircraft deliveries by airframers (“aircraft allowances”). We record aircraft allowances as a reduction in revenue when control of the engine is transferred to our airframer customer. Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method and taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying liquidated damages to the customer or similar customers. REVENUES FROM THE SALE OF SERVICES. Consistent with our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) discussion and the way we manage our businesses, we refer to sales under service agreements, which includes both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. See Note 8 for further information. Performance Obligations Satisfied Over Time. We enter into long-term service agreements with our customers primarily within our Aerospace and Power segments. These agreements require us to provide preventative maintenance, overhauls, and standby "warranty-type" services that include certain levels of assurance regarding asset performance and uptime throughout the contract periods, which generally range from 5 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision (e.g., equipment upgrade). We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at predetermined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) or upon the occurrence of a major maintenance event within the contract, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. We also enter into long-term services agreements in our Renewable Energy segment. Revenues are recognized for these arrangements on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to routine maintenance and as needed equipment repairs. We generally invoice periodically as services are provided. Performance Obligations Satisfied at a Point in Time. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenues and bill our customers at the point in time that the customer obtains control of the good, which is generally at the point in time we deliver the spare part to the customer. COLLABORATIVE ARRANGEMENTS. Our Aerospace business enters into collaborative arrangements and joint ventures with manufacturers and suppliers of components used to build and maintain certain engines. Under these arrangements, GE and its collaborative partners share in the risks and rewards of these programs through various revenue, cost and profit sharing payment structures. GE recognizes revenue and costs for these arrangements based on the scope of work GE is responsible for transferring to its customers. GE’s payments to participants are primarily recorded as either cost of services sold ($3,781 million, $2,890 million and $2,116 million for the years ended December 31, 2023, 2022, and 2021, respectively) or as cost of equipment sold ($663 million, $658 million and $751 million for the years ended December 31, 2023, 2022 and 2021, respectively). Our most significant collaborative arrangement is with Safran Aircraft Engines, a subsidiary of Safran Group of France, which sells LEAP and CFM56 engines through CFM International, a jointly owned non-consolidated company. GE makes substantial sales of parts and services to CFM International based on arms-length terms. GOVERNMENT INCENTIVES . We receive grants, incentives and refundable tax credits from various federal, state, local, and foreign governments in exchange for compliance with certain conditions relating to our activities in a specific jurisdiction which encourage investment, job creation and retention, and environmental objectives including clean energy production and emissions reductions. We recognize government incentives as a reduction to the related expense or asset when there is reasonable assurance that the Company will comply with the conditions of the incentive, the incentive is received or is probable of receipt, and the amount is determinable. Government grants resulted in reductions of $170 million and $158 million to research and development expense cost of equipment sold CASH, CASH EQUIVALENTS AND RESTRICTED CASH. Debt securities and money market instruments with original maturities of three months or less are included in cash, cash equivalents and restricted cash unless classified as available-for-sale investment securities. Restricted cash primarily comprised funds restricted in connection with certain ongoing litigation matters and amounted to $447 million and $734 million at December 31, 2023 and 2022, respectively. INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to earnings. Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. We regularly review investment securities for impairment. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate qualitative criteria, such as the financial health of and specific prospects for the issuer, to determine whether we do not expect to recover the amortized cost basis of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to contain an expected credit loss, and we record the difference between the security’s amortized cost basis and its recoverable amount in earnings as an allowance for credit loss and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is considered impaired, and we recognize the entire difference between the security’s amortized cost basis and its fair value in earnings. See Note 3 for further information. CURRENT RECEIVABLES. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding amount, less allowance for losses. We regularly monitor the recoverability of our receivables. See Note 4 for further information. ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables, contract assets and financing receivables arising from revenue transactions, as well as commercial mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses (CECL) inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period , the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses. INVENTORIES. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined on a first-in, first-out (FIFO) basis. See Note 5 for further information. PROPERTY, PLANT AND EQUIPMENT. The cost of property, plant and equipment is generally depreciated on a straight-line basis over its estimated economic life. See Note 6 for further information. LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. Definite-lived intangible asset costs are generally amortized on a straight-line basis over the asset’s estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. See Note 7 for further information. DERIVATIVES AND HEDGING. We use derivatives to manage a variety of risks, including risks related to interest rates, foreign exchange, certain equity investments and commodity prices. Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue applying hedge accounting to that relationship prospectively. Fair values of both the derivative instrument and the hedged item are calculated using internal valuation models incorporating market-based assumptions, subject to third-party confirmation, as applicable. See Note 22 for further information. DEFERRED INCOME TAXES. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established. Deferred taxes, as needed, are provided for our investment in affiliates and associated companies when we plan to remit those earnings. See Note 15 for further information. INSURANCE. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Insurance revenues are comprised primarily of premiums and investment income. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, administration and surrender. Interest credited to policyholder accounts is charged to expense. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured for each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period earnings. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. As our insurance operations are in run-off, the locked-in discount rate is used for the computation of interest accretion on future policy benefit reserves recognized in earnings. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in AOCI. As a result, changes in the current discount rate at each reporting period are recognized as an adjustment to AOCI and not earnings each period, whereas changes relating to cash flow assumptions are recognized in the Statement of Earnings (Loss). Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. See Note 12 for further information. 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. We use a December 31 measurement date for these plans. On our Statement of Financial Position, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. Those estimated future payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded in a separate component of equity each period. These differences are amortized into earnings over the remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan. See Note 13 for further information. LOSS CONTINGENCIES. Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory investigations and proceedings, product quality and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. See Note 24 for further information. SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable. RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 21 for further information. Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3. Equity securities with readily determinable fair values . These publicly traded equity securities are valued using quoted prices and are included in Level 1. Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Investments in private equity, real estate and collective funds held within our pension plans . Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 13 for further information. NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the fair value of the underlying collateral, impaired equity securities without readily determinable fair value, equity method investments and long-lived assets, and remeasured retained investments in formerly consolidated subsidiaries upon a change in control that results in the deconsolidation of that subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs. Equity investments without readily determinable fair value and Associated compani |
BUSINESSES HELD FOR SALE AND DI
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS | NOTE 2. BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS. In the fourth quarter of 2022, we signed a binding agreement to sell a portion of our Steam business within our Power segment to Électricité de France S.A. (EDF). We are working with EDF to complete the sale as soon as possible, subject to regulatory approvals and other closing conditions. Closing the transaction is expected to result in a significant gain. In the fourth quarter of 2022, we classified our captive industrial insurance subsidiary, Electric Insurance Company, domiciled in Massachusetts, with assets of $541 million and liabilities of $378 million as of December 31, 2023, into held for sale. In the third quarter of 2023, we signed a binding agreement to sell this business and expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the first half of 2024. In connection with the expected sale, for the year ended December 31, 2023, we recorded a loss of $109 million in Other income (loss) in our Statement of Earnings (Loss). ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31, 2023 December 31, 2022 Cash and cash equivalents $ 609 $ 35 Current receivables, inventories and contract assets 551 495 Non-current captive insurance investment securities 570 554 Property, plant and equipment and intangible assets - net 254 232 Valuation allowance on disposal group classified as held for sale (124) (17) All other assets 125 76 Assets of businesses held for sale $ 1,985 $ 1,374 Progress collections and deferred income $ 1,001 $ 1,127 Insurance liabilities and annuity benefits 376 358 Accounts payable, equipment project payables and other current liabilities 392 371 All other liabilities 57 87 Liabilities of businesses held for sale $ 1,826 $ 1,944 DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland (Bank BPH), our GE Capital Aviation Services (GECAS) business, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business (the Separation), into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The Separation was structured as a tax-free spin-off, and was achieved through GE's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of GE common stock. In connection with the Separation, the historical results of GE HealthCare and certain assets and liabilities included in the Separation are reported in GE's consolidated financial statements as discontinued operations. We have continuing involvement with GE HealthCare primarily through a transition services agreement, through which GE and GE HealthCare continue to provide certain services to each other for a period of time following the Separation, and a trademark licensing agreement. For the year ended December 31, 2023, we collected net cash of $842 million related to these activities. Bank BPH . As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded a charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH was $2,669 million and $1,359 million as of December 31, 2023 and 2022, respectively. In order to maintain appropriate regulatory capital levels, during the year ended December 31, 2023, we made previously reported non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no incremental cash contributions from GE were required in 2023. During the year ended December 31, 2022, we made cash capital contributions of $530 million. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 24. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. Earnings (loss) from discontinued operations included $1,189 million, $720 million and $509 million in pre-tax charges for the years ended December 31, 2023, 2022 and 2021, respectively, primarily related to the ongoing borrower litigation. At December 31, 2023, the total portfolio had a carrying value of zero, net of a valuation allowance. GECAS/AerCap. We have continuing involvement with AerCap, primarily through a note receivable, ongoing sales or leases of products and services, and transition services that we provide to AerCap. We paid net cash of $203 million to AerCap related to this activity. RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2023 GE HealthCare GECAS Bank BPH & Other Total Total revenues $ — $ — $ — $ — Cost of equipment and services sold — — — — Other income, costs and expenses (50) — (1,252) (1,301) Earnings (loss) of discontinued operations before income taxes (50) — (1,252) (1,301) Benefit (provision) for income taxes 1,706 — 4 1,710 Earnings (loss) of discontinued operations, net of taxes 1,656 — (1,248) 409 Gain (loss) on disposal before income taxes — — 6 6 Benefit (provision) for income taxes — — — — Gain (loss) on disposal, net of taxes — — 6 6 Earnings (loss) from discontinued operations, net of taxes $ 1,656 $ — $ (1,242) $ 414 For the year ended December 31, 2022 Total revenues $ 18,457 $ — $ — $ 18,457 Cost of equipment and services sold (11,265) — — (11,265) Other income, costs and expenses (4,842) — (808) (5,651) Earnings (loss) of discontinued operations before income taxes 2,350 — (808) 1,541 Benefit (provision) for income taxes (521) — (32) (553) Earnings (loss) of discontinued operations, net of taxes 1,829 — (841) 988 Gain (loss) on disposal before income taxes 6 (18) 75 64 Benefit (provision) for income taxes 11 139 — 150 Gain (loss) on disposal, net of taxes 17 121 75 213 Earnings (loss) from discontinued operations, net of taxes $ 1,846 $ 121 $ (765) $ 1,202 For the year ended December 31, 2021 Total revenues $ 17,717 $ — $ — $ 17,717 Cost of equipment and services sold (10,520) (398) — (10,918) Other income, costs and expenses (4,965) 1,992 (599) (3,572) Earnings (loss) of discontinued operations before income taxes 2,233 1,594 (599) 3,227 Benefit (provision) for income taxes (521) (258) (77) (856) Earnings (loss) of discontinued operations, net of taxes 1,711 1,336 (676) 2,371 Gain (loss) on disposal before income taxes 12 (3,312) 65 (3,234) Benefit (provision) for income taxes 2 (570) (38) (606) Gain (loss) on disposal, net of taxes 14 (3,882) 27 (3,841) Earnings (loss) from discontinued operations, net of taxes $ 1,726 $ (2,546) $ (649) $ (1,469) The tax benefit for the year ended December 31, 2023 for GE HealthCare relates to retroactive 2023 IRS guidance concerning foreign tax credits and accounting method changes and completion of the 2022 U.S. federal tax return as well as net tax benefit resulting from preparatory steps for the spin-off. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS December 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,396 $ 2,627 Current receivables 14 3,361 Inventories, including deferred inventory costs — 2,512 Goodwill — 12,799 Other intangible assets - net — 1,520 Contract and other deferred assets — 854 Financing receivables held for sale (Polish mortgage portfolio)(a) — 1,200 Property, plant and equipment - net 58 2,379 All other assets 200 2,109 Deferred income taxes 27 2,528 Assets of discontinued operations $ 1,695 $ 31,890 Accounts payable and equipment project payables $ 36 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 31 5,658 All other liabilities(a) 1,125 4,556 Liabilities of discontinued operations $ 1,193 $ 24,474 (a) Included $1,963 million and $848 million of valuation allowances against Financing receivables held for sale, of which $1,712 million and $611 million related to estimated borrower litigation losses, and $957 million and $748 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of December 31, 2023 and December 31, 2022, respectively. Accordingly, total estimated losses related to borrower litigation were $2,669 million and $1,359 million as of December 31, 2023 and December 31, 2022, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of December 31, 2023. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | NOTE 3. INVESTMENT SECURITIES. All of our debt securities are classified as available-for-sale and substantially all are investment-grade supporting obligations to annuitants and policyholders in our run-off insurance operations. We manage the investments in our run-off insurance operations under strict investment guidelines, including limitations on asset class concentration, single issuer exposures, asset-liability duration variances, and other factors to meet credit quality, yield, liquidity and diversification requirements associated with servicing our insurance liabilities under reasonable circumstances. This process includes consideration of various asset allocation strategies and incorporates information from several external investment advisors to improve our investment yield subject to maintaining our ability to satisfy insurance liabilities when due, as well as considering our risk-based capital requirements, regulatory constraints, and tolerance for surplus volatility. Asset allocation planning is a dynamic process that considers changes in market conditions, risk appetite, liquidity needs and other factors, which are reviewed on a periodic basis by our investment team. Our investment in GE HealthCare comprised 61.6 million shares (approximately 13.5% ownership interest) at December 31, 2023. We sold our remaining equity shares in AerCap and Baker Hughes during the fourth and first quarters of 2023, respectively. Our senior note from AerCap, for which we have adopted the fair value option and matures in the fourth quarter of 2025, is still outstanding as of December 31, 2023. Our GE HealthCare and AerCap investments are recorded as Equity securities with readily determinable fair values (RDFV). Investment securities held within insurance entities are classified as non-current as they support the long-duration insurance liabilities. December 31, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 4,761 $ — $ — $ — $ — Equity and note (AerCap) — — — 944 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 5,706 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,495 $ 1,034 $ (1,606) $ 26,923 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,529 34 (209) 2,353 2,548 18 (300) 2,266 State and municipal 2,828 79 (185) 2,723 2,898 66 (241) 2,722 Mortgage and asset-backed 4,827 34 (291) 4,571 4,442 21 (290) 4,173 Government and agencies 1,213 3 (116) 1,100 1,172 2 (147) 1,026 Other equity 331 — — 331 408 — — 408 Non-current investment securities $ 39,222 $ 1,183 $ (2,406) $ 38,000 $ 38,388 $ 781 $ (3,143) $ 36,027 The amortized cost of debt securities excludes accrued interest of $466 million and $457 million at December 31, 2023 and December 31, 2022, respectively , which is reported in All other current assets. The estimated fair value of investment securities at December 31, 2023 increased since December 31, 2022, primarily due to the classification of our remaining equity interest in GE HealthCare within investment securities, the mark-to-market effect on our equity interest in GE HealthCare, new investments at Insurance and lower market yields, offset by AerCap, GE HealthCare and Baker Hughes share sales. Total estimated fair value of debt securities in an unrealized loss position were $18,730 million and $21,482 million, of which $17,146 million and $3,275 million had gross unrealized losses of $(2,370) million and $(835) million and had been in a loss position for 12 months or more at December 31, 2023 and December 31, 2022, respectively. At December 31, 2023, the majority of our U.S. and Non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and insurance industries. In addition, gross unrealized losses on our Mortgage and asset-backed securities included $(203) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(82) million related to asset-backed securities. The majority of our CMBS and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis. For the years ended December 31 2023 2022 2021 Net unrealized gains (losses) for equity securities with RDFV $ 6,413 $ (40) $ 1,660 Proceeds from debt/equity securities sales and early redemptions 12,712 7,267 6,665 Gross realized gains on debt securities 52 34 69 Gross realized losses and impairments on debt securities (66) (42) (11) Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 31 2023 2022 Purchases of investment securities $ (5,163) $ (4,046) Dispositions and maturities of investment securities 4,176 3,170 Net (purchases) dispositions of insurance investment securities $ (986) $ (876) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 618 $ 609 After one year through five years 5,004 5,049 After five years through ten years 5,131 5,234 After ten years 23,311 22,205 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. In addition to the equity securities described above, we held $1,012 million and $614 million of equity securities without RDFV, including $939 million and $548 million at Insurance, as of December 31, 2023 and December 31, 2022, respectively, that are classified within non-current All other assets in our Statement of Financial Position. Fair value adjustments, including impairments, recorded in earnings were $69 million for the year ended December 31, 2023 and insignificant for the years ended December 31, 2022 and 2021. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. Our run-off insurance operations have approximately $800 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $31,800 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets. |
CURRENT AND LONG-TERM RECEIVABL
CURRENT AND LONG-TERM RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
CURRENT AND LONG-TERM RECEIVABLES | NOTE 4. CURRENT AND LONG-TERM RECEIVABLES CURRENT RECEIVABLES December 31 2023 2022 Customer receivables $ 12,349 $ 11,803 Revenue sharing program receivables(a) 1,252 1,326 Non-income based tax receivables 1,140 1,146 Supplier advances 891 691 Receivables from disposed businesses 121 115 Other sundry receivables 360 518 Allowance for credit losses (647) (768) Total current receivables $ 15,466 $ 14,831 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. ALLOWANCE FOR CREDIT LOSSES 2023 2022 2021 Balance as of January 1 $ 768 $ 967 $ 1,055 New provisions, net of (releases) 32 (14) 136 Write-offs, net (161) (87) (198) Foreign exchange and other 8 (98) (26) Balance as of December 31 $ 647 $ 768 $ 967 December 31 2023 2022 Aerospace $ 8,010 $ 7,784 Renewable Energy 2,907 2,415 Power 4,232 4,229 Corporate 318 404 Total current receivables $ 15,466 $ 14,831 Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $2,110 million and $2,052 million in the year ended December 31, 2023 and 2022, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in Renewable Energy and Aerospace, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice due date. Included in the sales of customer receivables in the year ended December 31, 2023 , was $82 million in our Gas Power business, primarily for risk mitigation purposes. LONG-TERM RECEIVABLES December 31 2023 2022 Long-term customer receivables(a) $ 479 $ 457 Supplier advances 274 266 Non-income based tax receivables 174 213 Sundry receivables 373 483 Allowance for credit losses (171) (183) Total long-term receivables $ 1,129 $ 1,236 (a) The Company sold $83 million of long-term customer receivables to third parties for the year ended December 31, 2022, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERRED
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS | NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS December 31 2023 2022 Raw materials and work in process $ 11,209 $ 9,191 Finished goods 3,720 3,937 Deferred inventory costs(a) 1,599 1,764 Inventories, including deferred inventory costs $ 16,528 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES Depreciable lives Original Cost Net Carrying Value December 31 (in years) 2023 2022 2023 2022 Land and improvements 8 $ 482 $ 472 $ 469 $ 461 Buildings, structures and related equipment 8 - 40 6,340 6,024 2,852 2,703 Machinery and equipment 4 - 20 19,003 18,577 6,280 6,163 Leasehold costs and manufacturing plant under construction 1 - 10 1,507 1,568 1,053 1,012 ROU operating lease assets 1,840 1,854 Property, plant and equipment - net $ 27,332 $ 26,641 $ 12,494 $ 12,192 In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities OPERATING LEASE EXPENSE 2023 2022 2021 Long-term (fixed) $ 567 $ 646 $ 644 Long-term (variable) 75 66 56 Short-term 178 150 188 Total operating lease expense $ 820 $ 863 $ 888 MATURITY OF LEASE LIABILITIES 2024 2025 2026 2027 2028 Thereafter Total Undiscounted lease payments $ 564 $ 428 $ 325 $ 233 $ 165 $ 586 $ 2,302 Less: imputed interest (329) Total lease liability as of December 31, 2023 $ 1,973 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES 2023 2022 2021 Operating cash flows used for operating leases $ 659 $ 682 $ 719 Right-of-use assets obtained in exchange for new lease liabilities 553 447 513 Weighted-average remaining lease term 7.1 years 5.7 years 7.5 years Weighted-average discount rate 4.4 % 3.4 % 4.2 % |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS CHANGES IN GOODWILL BALANCES Balance at December 31, 2021 Dispositions Currency exchange and other Balance at December 31, 2022 Acquisitions Currency exchange and other Balance at December 31, 2023 Aerospace $ 9,013 $ (6) $ (171) $ 8,835 $ — $ 113 $ 8,948 Renewable Energy 3,231 — (30) 3,201 — 86 3,287 Power 145 — (1) 144 164 — 307 Corporate(a) 914 — (96) 818 22 1 842 Total $ 13,303 $ (6) $ (299) $ 12,999 $ 186 $ 200 $ 13,385 (a) Corporate balance at December 31, 2023 and 2022 comprises our Digital business. In the fourth quarter of 2023, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values, however, we identified one reporting unit, our Additive reporting unit in our Aerospace segment, for which the fair value was not substantially in excess of its carrying value. At December 31, 2023, our Additive reporting unit had goodwill of $247 million. Determining the fair value of reporting units requires the use of estimates and significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that the judgments and estimates described above could change in future periods. 2023 2022 INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31 Useful lives Gross carrying Accumulated Net Gross carrying Accumulated Net Customer-related(a) 3-23 $ 6,201 $ (3,851) $ 2,351 $ 5,991 $ (3,453) $ 2,538 Patents and technology 5-15 5,924 (3,372) 2,553 5,888 (3,202) 2,686 Capitalized software 3-10 2,356 (1,639) 717 2,979 (2,186) 793 Trademarks & other 3-25 276 (200) 75 384 (295) 88 Total $ 14,757 $ (9,061) $ 5,695 $ 15,242 $ (9,137) $ 6,105 (a) Balance includes payments made to our customers, primarily within our Aerospace business. December 31 2023 2022 Aerospace $ 4,518 $ 4,748 Renewable Energy 149 183 Power 858 958 Corporate 169 216 Total other intangible assets, net $ 5,695 $ 6,105 Intangible assets decreased $410 million in 2023, primarily as a result of amortization, partially offset by the acquisition of capitalized software and customer-related intangibles mainly at Aerospace and Power of $191 million. Consolidated amortization expense was $606 million, $1,338 million and $738 million for the years ended December 31, 2023, 2022 and 2021, respectively. In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $765 million related to intangible assets at our remaining Steam business within our Power segment. We determined the fair value of these intangible assets using an income approach. This charge was recorded by Corporate in Selling, general, and administrative expenses Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION 2024 2025 2026 2027 2028 Estimated annual pre-tax amortization $ 597 $ 559 $ 534 $ 495 $ 483 During 2023, we recorded additions to intangible assets subject to amortization of $236 million with a weighted-average amortizable period of 9.6 years, including capitalized software of $122 million, with a weighted-average amortizable period of 6.6 years. |
CONTRACT AND OTHER DEFERRED ASS
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Contractors [Abstract] | |
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME | NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME Contract and other deferred assets decreased $1,337 million in the year ended December 31, 2023 primarily due to a decrease in long-term service agreements, partially offset by the timing of revenue recognition ahead of billing milestones on long-term equipment contracts. Our long-term service agreements decreased primarily due to billings of $13,165 million, partially offset by revenues recognized of $11,312 million and a net favorable change in estimated profitability of $90 million at Power and $74 million at Aerospace. December 31, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,377 $ — $ 5,205 $ — $ 7,582 Billings in excess of revenues (7,902) — (1,810) — (9,712) Long-term service agreements $ (5,525) $ — $ 3,395 $ — $ (2,130) Equipment and other service agreements 494 1,374 1,499 263 3,630 Current contract assets $ (5,030) $ 1,374 $ 4,894 $ 263 $ 1,500 Nonrecurring engineering costs(a) 2,444 18 1 — 2,463 Customer advances and other(b) 2,342 — 601 — 2,943 Non-current contract and other deferred assets $ 4,785 $ 18 $ 603 $ — $ 5,406 Total contract and other deferred assets $ (245) $ 1,392 $ 5,497 $ 263 $ 6,907 December 31, 2022 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,363 $ — $ 5,403 $ — $ 7,766 Billings in excess of revenues (6,681) — (1,763) — (8,443) Long-term service agreements $ (4,318) $ — $ 3,640 $ — $ (677) Equipment and other service agreements 433 1,063 1,404 245 3,144 Current contract assets $ (3,884) $ 1,063 $ 5,044 $ 245 $ 2,467 Nonrecurring engineering costs(a) 2,513 17 4 — 2,534 Customer advances and other(b) 2,519 — 724 — 3,243 Non-current contract and other deferred assets $ 5,032 $ 17 $ 728 $ — $ 5,776 Total contract and other deferred assets $ 1,148 $ 1,079 $ 5,772 $ 245 $ 8,244 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. Progress collections and deferred income increased $3,392 million primarily due to new collections received in excess of revenue recognition primarily at Renewable Energy and Power. Revenues recognized for contracts included in a liability position at the beginning of the year were $13,967 million and $12,345 million for the years ended December 31, 2023 and 2022, respectively. December 31, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections $ 6,198 $ 6,886 $ 5,898 $ 124 $ 19,106 Current deferred income 201 239 20 112 571 Progress collections and deferred income $ 6,399 $ 7,125 $ 5,918 $ 236 $ 19,677 Non-current deferred income 1,150 122 48 20 1,339 Total Progress collections and deferred income $ 7,549 $ 7,247 $ 5,965 $ 256 $ 21,017 December 31, 2022 Progress collections $ 5,814 $ 5,195 $ 4,514 $ 131 $ 15,655 Current deferred income 233 208 13 107 562 Progress collections and deferred income $ 6,047 $ 5,404 $ 4,527 $ 238 $ 16,216 Non-current deferred income 1,110 183 104 12 1,409 Total Progress collections and deferred income $ 7,157 $ 5,586 $ 4,632 $ 250 $ 17,625 |
ALL OTHER ASSETS
ALL OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
ALL OTHER ASSETS | NOTE 9. ALL OTHER ASSETS December 31 2023 2022 Derivative instruments (Note 22) $ 437 $ 454 Prepaid taxes and deferred charges 248 313 Accrued interest and investment income 466 457 Other 495 176 All other current assets $ 1,647 $ 1,400 Equity method investments (Note 26) 7,931 7,633 Long-term receivables (Note 4) 1,129 1,236 Prepaid taxes and deferred charges 608 583 Insurance receivables(a) 2,364 2,438 Insurance investments without readily determinable fair value (Note 3) 939 548 Insurance cash and cash equivalents(b) 784 619 Pension surplus 1,468 1,793 Other 774 627 All other non-current assets $ 15,997 $ 15,477 Total All other assets $ 17,643 $ 16,876 (a) Included commercial mortgage loans related to our run-off insurance operations. See Note 12. (b) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
BORROWINGS | NOTE 10. BORROWINGS December 31 2023 2022 Amount Average Rate Amount Average Rate Current portion of long-term borrowings Senior notes 1,044 2.42 % $ 3,525 1.30 % Subordinated notes and other 107 6.73 100 6.71 % Other short- term borrowings 103 115 Total short-term borrowings $ 1,253 $ 3,739 Maturities Amount Average Rate Amount Average Rate Senior notes 2025-2055 $ 17,509 3.99 % $ 18,079 3.96 % Subordinated notes 2035-2037 1,383 4.43 1,340 4.72 % Other 819 901 Total long-term borrowings $ 19,711 $ 20,320 Total borrowings $ 20,965 $ 24,059 Long-term debt maturities over the next five years as follows. 2024 2025 2026 2027 2028 Thereafter Total Long term debt maturities $1,151 (a) $1,827 $1,334 $1,580 $478 $14,493 $20,862 (a) Fixed and floating rate notes of $343 million contain put options with exercise dates in 2024, which have final maturity beyond 2035. |
ACCOUNTS PAYABLE AND EQUIPMENT
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES | NOTE 11. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES December 31 2023 2022 Trade payables $ 10,678 $ 10,033 Supply chain finance programs(a) 3,133 3,689 Equipment project payables(b) 1,193 1,236 Non-income based tax payables 403 441 Accounts payable and equipment project payables $ 15,408 $ 15,399 (a) During the fourth quarter of 2023, Renewable Energy, Power and Corporate made prepayments of $473 million, $185 million and $76 million, respectively, related to supply chain finance programs. (b) Primarily related to projects at Power and Renewable Energy. We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through these third-party programs were $8,552 million and $6,990 million for the year ended December 31, 2023 and 2022, respectively. |
INSURANCE LIABILITIES AND ANNUI
INSURANCE LIABILITIES AND ANNUITY BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
INSURANCE LIABILITIES AND ANNUITY BENEFITS | NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. On January 1, 2023, we adopted Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts . The new guidance for measuring the liability for future policy benefits and related reinsurance recoverable asset was adopted on a modified retrospective basis such that those balances were adjusted to conform to the new guidance at the January 1, 2021 transition date. Refer to the revised portions of our 2022 Form 10-K filed as Exhibit 99(a) with the Form 8-K on April 25, 2023 for more information. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenues of $3,389 million, $2,957 million and $3,101 million, profit was $332 million, $205 million and $798 million and net earnings was $260 million, $159 million and $627 million for the years ended December 31, 2023, 2022 and 2021, respectively. These operations were primarily supported by investment securities of $37,592 million and $35,503 million, limited partnerships of $3,300 million and $2,506 million, and a diversified commercial mortgage loan portfolio substantially all collateralized by first liens on U.S. commercial real estate properties of $1,947 million and $1,975 million (net of allowance for credit losses of $48 million and $27 million), at December 31, 2023 and 2022, respectively. As of December 31, 2023, the commercial mortgage loan portfolio had one delinquent loan, no non-accrual loans and about one-third of the portfolio was held in the office sector which had a weighted average loan-to-value ratio of 68%, debt service coverage of 1.6, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below: December 31, 2023 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 382 $ 37,689 Investment contracts — 793 — 742 1,535 Other — — 116 285 400 Total $ 26,832 $ 10,150 $ 1,233 $ 1,409 $ 39,624 December 31, 2022 Future policy benefit reserves $ 24,256 $ 8,860 $ 1,040 $ 437 $ 34,593 Investment contracts — 860 — 848 1,708 Other — — 178 365 544 Total $ 24,256 $ 9,720 $ 1,218 $ 1,651 $ 36,845 The following tables summarize balances of and changes in future policy benefits reserves. 2023 2022 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,059 $ — $ 4,828 $ 5,652 $ — $ 6,622 Beginning balance at locked-in discount rate 3,958 — 5,210 4,451 — 5,443 Effect of changes in cash flow assumptions (4) — (77) (9) — 91 Effect of actual variances from expected experience (22) — (300) (289) — 6 Adjusted beginning of year balance 3,932 — 4,833 4,152 — 5,540 Interest accrual 207 — 192 223 — 203 Net premiums collected (394) — (315) (417) — (357) Effect of foreign currency — — 64 — — (176) Ending balance at locked-in discount rate 3,745 — 4,773 3,958 — 5,210 Effect of changes in discount rate assumptions 318 — 30 101 — (381) Balance, end of period $ 4,063 $ — $ 4,803 $ 4,059 $ — $ 4,828 Present value of expected future policy benefits Balance, beginning of year $ 28,316 $ 8,860 $ 5,868 $ 40,296 $ 12,328 $ 7,923 Beginning balance at locked-in discount rate 27,026 8,790 6,247 27,465 9,024 6,560 Effect of changes in cash flow assumptions (45) (16) 49 (413) (23) 120 Effect of actual variances from expected experience (13) 19 (241) (320) (10) 40 Adjusted beginning of year balance 26,968 8,793 6,055 26,732 8,990 6,720 Interest accrual 1,454 454 232 1,446 471 243 Benefit payments (1,278) (687) (508) (1,152) (671) (531) Effect of foreign currency — — 67 — — (185) Ending balance at locked-in discount rate 27,144 8,561 5,847 27,026 8,790 6,247 Effect of changes in discount rate assumptions 3,752 797 74 1,290 70 (380) Balance, end of period $ 30,895 $ 9,357 $ 5,921 $ 28,316 $ 8,860 $ 5,868 Net future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 24,256 $ 8,860 $ 1,040 Less: Reinsurance recoverables, net of allowance for credit losses (166) — (33) (171) — (67) Net future policy benefit reserves, after reinsurance recoverables $ 26,666 $ 9,357 $ 1,084 $ 24,085 $ 8,860 $ 973 The Statement of Earnings (Loss) for the years ended December 31, 2023 and 2022 included gross premiums or assessments of $869 million and $935 million and interest accretion of $1,741 million and $1,735 million, respectively. For the years ended December 31, 2023 and 2022, gross premiums or assessments were substantially all related to long-term care of $496 million and $490 million and life of $363 million and $415 million, while interest accretion was substantially all related to long-term care of $1,247 million and $1,224 million and structured settlement annuities of $454 million and $471 million, respectively. The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. 2023 2022 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,379 $ 4,895 $ 7,985 $ 4,918 Benefit payments 63,126 30,895 65,217 28,316 Structured settlement annuities: Benefit payments 19,291 9,357 19,936 8,860 Life: Gross premiums 12,388 5,800 13,754 5,916 Benefit payments 11,202 5,921 12,020 5,868 (a) Determined using the current discount rate as of December 31, 2023 and 2022. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. 2023 2022 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.8 11.3 5.3 13.0 10.7 5.0 Interest accretion rate 5.5% 5.4% 5.0% 5.5% 5.4% 4.9% Current discount rate 4.9% 4.8% 4.7% 5.6% 5.5% 5.4% (a) Determined using the current discount rate as of December 31, 2023 and 2022. Our 2023 annual review of future policy benefit reserves cash flow assumptions resulted in an immaterial charge to net earnings, indicating claims experience continues to develop consistently with our models. Our 2022 annual review resulted in changes to our assumptions principally related to higher near-term mortality related to COVID-19. Included in Insurance losses, annuity benefits and other costs in our Statement of Earnings (Loss) for the years ended December 31, 2023 and 2022 are unfavorable and favorable pre-tax adjustments of $(155) million and $404 million, respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions. Included in these amounts for the years ended December 31, 2023 and 2022, are unfavorable adjustments of $335 million and $190 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%. At December 31, 2023 and 2022, policyholders account balances totaled $1,725 million and $1,964 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the years ended December 31, 2023 and 2022 are primarily attributed to surrenders, withdrawals, and benefit payments of $489 million and $441 million, partially offset by net additions from separate accounts and interest credited of $245 million and $271 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both December 31, 2023 and 2022. Reinsurance recoveries are recorded as a reduction of Insurance losses, annuity benefits and other costs in our Statement of Earnings (Loss) and amounted to $108 million, $321 million and $351 million for the years ended December 31, 2023, 2022 and 2021, respectively. Reinsurance recoverables, net of allowances of insignificant amounts, are included in non-current All other assets in our Statement of Financial Position, and amounted to $213 million and $255 million at December 31, 2023 and 2022, respectively. Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. We annually perform statutory asset adequacy testing, the results of which may affect the amount or timing of capital contributions from GE to the insurance legal entities. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department (KID), we provided a total of $13,215 million of capital contributions to our run-off insurance subsidiaries, including $1,815 million in the first quarter of 2023. In accordance with the terms of the 2018 statutory permitted accounting practice, we expect to provide the final capital contribution of up to $1,820 million in the first quarter of 2024, pending completion of our December 31, 2023 statutory reporting process, which includes asset adequacy testing, subject to ongoing monitoring by KID. GE is a party to capital maintenance agreements with its run-off insurance subsidiaries under which GE is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC. See Notes 1, 3 and 9 for further information related to our run-off insurance operations. |
POSTRETIREMENT BENEFIT PLANS
POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
POSTRETIREMENT BENEFIT PLANS | NOTE 13. POSTRETIREMENT BENEFIT PLANS PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS. 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. Smaller pension plans with pension assets or obligations that have not reached $50 million and other retiree benefit plans are not presented. Effective January 1, 2023, certain postretirement benefit plans and liabilites were legally split or allocated between GE HealthCare, GE Energy and GE Aerospace. GE Aerospace and GE Energy plans and liabilities remain with GE until the planned GE Vernova spin-off. In connection with the Separation, net postretirement benefit plan liabilities of approximately $4.2 billion, including a portion of the principal pension plans, other pension plans and the principal retiree benefit plans, and other compensation and benefits obligations of approximately $0.7 billion, were transferred to GE HealthCare and are now reported in discontinued operations. See Note 2 for further information. Assumptions used in calculations, estimates of future benefits payments and funding, and other forward looking statements are for continuing operations unless otherwise noted. DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Energy Pension Plan and GE Aerospace Pension Plan Covers U.S. participants ~115,400 retirees and beneficiaries, ~47,500 vested former employees and ~15,700 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level. Closed to new participants since 2012. Benefits for employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced October 2019). GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees Unfunded. We pay benefits on a pay-as-you-go basis from company cash. The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans(a) 34 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~42,600 retirees and beneficiaries, ~28,300 vested former employees and ~7,700 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates. Principal Retiree Benefit Plans Provides health and life insurance benefits to certain eligible participants Covers U.S. participants ~89,300 retirees and dependents and ~15,000 active employees We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. Participants share in the cost of the healthcare benefits. (a) Plans for GE Energy, including Power and Renewable Energy (will be part of GE Vernova) and GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. FUNDING STATUS BY PLAN TYPE Benefit Obligation Fair Value of Assets Deficit/(Surplus) 2023 2022 2023 2022 2023 2022 Principal Pension Plans: GE Pension Plan (subject to regulatory funding) $ — $ 48,134 $ — $ 44,993 $ — $ 3,141 GE Supplementary Pension Plan (not subject to regulatory funding) — 5,457 — — — 5,457 GE Energy Pension Plan and GE Aerospace Pension Plan (subject to regulatory funding) 32,676 — 29,744 — 2,932 — GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan (not subject to regulatory funding) 3,541 — — — 3,541 — 36,217 53,591 29,744 44,993 6,473 8,598 Other Pension Plans: Subject to regulatory funding 9,174 12,078 10,601 14,512 (1,427) (2,434) Not subject to regulatory funding 1,203 1,838 163 151 1,040 1,687 Principal retiree benefit (not subject to regulatory funding) 2,055 3,304 8 10 2,047 3,294 Total plans subject to regulatory funding 41,850 60,212 40,345 59,505 1,505 707 Total plans not subject to regulatory funding 6,799 10,599 171 161 6,628 10,438 Total plans 48,649 70,811 40,516 59,666 8,133 11,145 Less: discontinued operations — 23,513 — 19,291 — 4,222 Total plans - continuing operations $ 48,649 $ 47,298 $ 40,516 $ 40,375 $ 8,133 $ 6,923 Effective January 1, 2023, certain postretirement benefit plans and liabilities were legally split or allocated. The HealthCare plans were transferred to GE HealthCare in connection with the Separation. The GE Aerospace and GE Energy plans remain with GE until the planned GE Vernova spin-off. Below is the funding status of the plans at December 31, 2023. FUNDING STATUS BY PLAN TYPE at December 31, 2023 Benefit Obligation Fair Value of Assets Deficit/(Surplus) Power and Renewable Energy: GE Energy Pension Plan $ 10,239 $ 9,491 $ 748 GE Energy Supplementary Pension Plan 541 — 541 Other pension plans 6,712 6,851 (139) Principal retiree benefit plans 766 — 766 18,258 16,342 1,916 Aerospace: GE Aerospace Pension Plan 22,437 20,253 2,184 GE Aerospace Supplementary Pension Plan 3,000 — 3,000 Other pension plans 3,665 3,913 (248) Principal retiree benefit plans 1,289 8 1,281 30,391 24,174 6,217 Total plans $ 48,649 $ 40,516 $ 8,133 FUNDING. The Employee Retirement Income Security Act (ERISA) determines minimum funding requirements in the U.S. No contributions were required or made for the GE Energy Pension Plan or GE Aerospace Pension Plan during 2023 and based on our current assumptions, we do not anticipate having to make additional required contributions in the near future. On an ERISA basis, our estimate is that the GE Energy Pension Plan and GE Aerospace Pension Plan was 87% and 93% funded, respectively. The GAAP funded status for GE Energy Pension Plan and GE Aerospace Pension Plan is 93% and 90%, respectively. We expect to pay approximately $235 million for benefit payments in total under our GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan and administrative expenses of our remaining principal pension plans and expect to contribute approximately $100 million to other remaining pension plans in 2024. We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. We expect to contribute approximately $210 million in 2024 to fund such benefits. ACTIONS. Pension benefits for United Kingdom (UK) participants have been frozen effective January 1, 2022. In addition, pension benefits for Canadian participants have been frozen effective December 31, 2023. These transactions were reflected as a curtailment loss in 2021 upon announcement. COST OF OUR BENEFITS PLANS 2023 2022 2021 AND ASSUMPTIONS Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income) Service cost - operating $ 94 $ 37 $ 17 $ 221 $ 86 $ 39 $ 237 $ 233 $ 44 Interest cost 1,892 422 111 2,069 398 108 1,951 383 103 Expected return on plan assets (2,376) (587) — (3,142) (967) — (3,049) (1,194) — Amortization of net loss (gain) (723) 20 (124) 1,422 101 (115) 3,483 403 (79) Amortization of prior service cost (credit) 5 (4) (148) 5 (8) (235) 28 (3) (236) Curtailment / settlement loss (gain) — (6) — — (6) — — 76 — Non-operating $ (1,202) $ (155) $ (161) $ 354 $ (482) $ (242) $ 2,413 $ (335) $ (212) Net periodic expense (income) $ (1,108) $ (118) $ (144) $ 575 $ (396) $ (203) $ 2,650 $ (102) $ (168) Less: discontinued operations — — — 199 (109) (80) 885 (8) (61) Continuing operations - net periodic expense (income) $ (1,108) $ (118) $ (144) — $ 376 $ (287) $ (123) — $ 1,765 $ (94) $ (107) Weighted-average benefit obligations assumptions Discount rate 5.18 % 3.93 % 5.09 % 5.53 % 4.59 % 5.43 % 2.94 % 1.93 % 2.64 % Compensation increases 3.86 2.24 3.25 3.07 2.44 3.12 3.05 2.35 2.63 Initial healthcare trend rate(a) N/A N/A 6.50 N/A N/A 6.40 N/A N/A 5.70 Weighted-average benefit cost assumptions Discount rate 5.53 4.59 5.43 2.94 1.93 2.64 2.61 1.44 2.15 Expected rate of return on plan assets 7.00 5.66 — 6.00 4.80 — 6.25 5.69 1.25 (a) For 2023, ultimately declining to 5% for 2030 and thereafter. Net periodic benefit income in 2024 is estimated to be $1,235 million, which is a decrease of approximately $135 million in income from 2023 from continuing operations. The decrease is primarily due to the impact of the discount rates and investment performance offset by interest cost. The components of net periodic benefit costs, other than the service cost component, are included in Non-operating benefit cost (income) in our Statement of Earnings (Loss). PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) 2023 2022 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligations Balance at January 1 $ 53,591 $ 13,916 $ 3,304 $ 72,299 $ 22,256 $ 4,308 Service cost 94 37 17 221 86 39 Interest cost 1,892 422 111 2,069 398 108 Participant contributions 10 19 31 14 19 54 Plan amendments 49 — — — — — Actuarial loss (gain) - net 1,081 (a) 526 (a) (5) (17,281) (a) (6,282) (a) (778) (a) Benefits paid (2,503) (618) (254) (3,731) (920) (438) Dispositions/acquisitions/other - net (17,997) (4,387) (1,149) — — 11 Exchange rate adjustments — 462 — — (1,641) — Balance at December 31 $ 36,217 (b) $ 10,377 $ 2,055 (c) $ 53,591 (b) $ 13,916 $ 3,304 (c) Change in plan assets Balance at January 1 $ 44,993 $ 14,663 $ 10 $ 60,990 $ 22,490 $ 42 Actual gain (loss) on plan assets 1,869 442 — (12,605) (5,334) — Employer contributions 212 161 221 325 209 352 Participant contributions 10 19 31 14 19 54 Benefits paid (2,503) (618) (254) (3,731) (920) (438) Dispositions/acquisitions/other - net (14,837) (4,439) — — — — Exchange rate adjustments — 536 — — (1,801) — Balance at December 31 $ 29,744 $ 10,764 $ 8 $ 44,993 $ 14,663 $ 10 Funded status - surplus (deficit) $ (6,473) $ 387 $ (2,047) $ (8,598) $ 747 $ (3,294) Amounts recorded in Continuing operations: Non-current assets - other $ — $ 1,489 $ — $ — $ 1,747 $ — Current liabilities - other (224) (54) (205) (214) (55) (222) Non-current liabilities - compensation and benefits(d) (6,249) (1,048) (1,842) (5,243) (1,013) (1,923) Discontinued operations: Non-current assets — — — — 844 — Current and non-current liabilities — — — (3,141) (776) (1,149) Net amount recorded $ (6,473) $ 387 $ (2,047) $ (8,598) $ 747 $ (3,294) Amounts recorded in Accumulated other comprehensive loss (income) Prior service cost (credit) $ (25) $ (16) $ (909) $ (113) $ (42) $ (1,677) Net loss (gain) (1,454) 1,680 (990) (5,710) 1,787 (1,705) Total recorded in Accumulated other comprehensive loss (income) $ (1,479) $ 1,664 $ (1,899) $ (5,823) $ 1,745 $ (3,382) (a) Primarily due to impact of discount rates. (b) The benefit obligation for the GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan, which are unfunded plans, was $3,541 million at December 31, 2023 and the GE Supplementary Pension Plan was $5,457 million at December 31, 2022. (c) The benefit obligation for retiree health plans from continuing operations was $1,208 million at December 31, 2023. The benefit obligation for retiree health plans was $1,991 million at December 31, 2022. (d) Includes $37 million and $35 million of liabilities held for sale related to our Steam business as disclosed in Note 2 as of December 31, 2023 and 2022, respectively. ASSUMPTIONS USED IN CALCULATIONS. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of participants and expectation of mortality improvement. Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense. The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and amortized into earnings in subsequent periods. The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation, as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given our asset allocation. Based on our analysis, we have assumed a 7.00% long-term expected return on the GE Energy Pension Plan and GE Aerospace Pension Plan assets for cost recognition in 2023 and 6.00% for the GE Pension Plan in 2022. For 2024 cost recognition, based on GE Energy Pension Plan and GE Aerospace Pension Plan assets at December 31, 2023, we have assumed a 7.00% long-term expected return. The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a fixed subsidy and therefore are not subject to healthcare inflation. We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences between our actual results and what we assumed are recorded in AOCI each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable. For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year’s gains and losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor amortization method. SENSITIVITIES TO KEY ASSUMPTIONS. Fluctuations in discount rates can significantly impact pension cost and obligations. We would expect that a 25 basis point decrease in discount rate would increase our principal pension plan cost for the following year by approximately $85 million and would also expect an increase in the principal pension plan projected benefit obligation at year-end by approximately $905 million. The deficit sensitivity to the discount rate would be lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the asset allocation. A 50 basis point decrease in the expected return on assets would increase principal pension plan cost in the following year by approximately $165 million. THE COMPOSITION OF OUR PLAN ASSETS. The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. December 31 2023 2022 Principal pension Other pension Principal pension Other pension Global equities $ 1,985 $ 1,152 $ 3,918 $ 1,097 Debt securities Fixed income and cash investment funds 1,764 4,188 4,918 6,506 U.S. corporate(a) 6,599 145 8,715 382 Other debt securities(b) 6,064 218 7,853 443 Real estate 775 18 1,486 53 Private equities and other investments 600 259 1,245 364 Total 17,787 5,980 28,135 8,845 Plan assets measured at net asset value Global equities $ 3,169 $ 612 $ 3,285 $ 1,029 Debt securities 1,907 2,224 3,469 1,024 Real estate 1,067 1,074 1,624 1,976 Private equities and other investments 5,814 874 8,480 1,789 Total plan assets at fair value 29,744 10,764 44,993 14,663 Less: discontinued operations — — 14,860 4,431 Total plan assets - continuing operations $ 29,744 $ 10,764 $ 30,133 $ 10,232 (a) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. Plan assets that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. Principal Pension Plans' investments with a fair value of $1,203 million and $2,255 million at December 31, 2023 and 2022, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $4,034 million and $6,759 million at December 31, 2023 and 2022, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $12,703 million and $18,606 million at December 31, 2023 and 2022, respectively, were classified within Level 2 and primarily relate to debt securities. Other pension plans investments with a fair value of $26 million and $81 million at December 31, 2023 and 2022, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $786 million and $841 million at December 31, 2023 and 2022, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $4,913 million and $7,580 million at December 31, 2023 and 2022, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments have a fair value of $8 million and $10 million at December 31, 2023 and 2022, respectively. There were no Level 3 principal retiree benefit plan investments held in 2023 and 2022. ASSET ALLOCATION OF PENSION PLANS 2023 Target allocation 2023 Actual allocation Principal Pension Other Pension (weighted average) Principal Pension Other Pension (weighted average) Global equities 10.0 - 30.0 % 16 % 17 % 17 % Debt securities (including cash equivalents) 31.0 - 81.5 60 55 62 Real estate 1.0 - 10.0 8 6 10 Private equities & other investments 6.0 - 34.0 16 22 11 Plan fiduciaries set investment policies and strategies for the principal pension plans and oversee their investment allocation, which includes selecting investment managers and setting long-term strategic targets. The plan fiduciaries' primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet near-term benefit payment and other cash needs. The plan has incorporated de-risking objectives and liability hedging programs as part of its long-term investment strategy and utilizes a combination of long-dated corporate bonds, treasuries, strips and derivatives to implement its investment strategies as well as for hedging asset and liability risks. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. GE securities represented 0.5% and 0.7% of the Principal Pension Plans' assets at December 31, 2023 and 2022, respectively. ANNUALIZED RETURNS(a) 1 year 5 years 10 years 25 years GE Aerospace Pension Plan 6.5 % 5.2 % 4.6 % 5.3 % GE Energy Pension Plan 6.6 % 5.2 % 4.6 % 5.3 % (a) Prior to 2023, the annualized returns represent the GE Pension Plan's returns. EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a) Principal pension Other pension Principal retiree benefit 2024 $ 2,570 $ 570 $ 220 2025 2,590 560 210 2026 2,605 560 205 2027 2,615 580 200 2028 2,615 590 195 2029-2033 12,885 3,065 845 (a) As of the measurement date of December 31, 2023. DEFINED CONTRIBUTION AND DEFERRED COMPENSATION PLANS. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $342 million, $444 million and $418 million for the years ended December 31, 2023, 2022, and 2021, respectively. Employer contributions for continuing operations were $342 million, $322 million, and $299 million for the years ended December 31, 2023, 2022, and 2021, respectively. We also have deferred incentive compensation plans and deferred salary plans for eligible employees. Liabilities associated with these plans were $916 million and $913 million as of December 31, 2023 and December 31, 2022, respectively. Expenses associated with these plans from continuing operations was $63 million, $46 million, and $43 million for the years ended December 2023, 2022, and 2021, respectively. COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME For the years ended December 31 2023 2022 2021 (Pre-tax) Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans $ (1,108) $ (118) $ (144) $ 575 $ (396) $ (203) $ 2,650 $ (102) $ (168) Changes in other comprehensive loss (income) Prior service cost (credit) - current year 49 — — — — — — (1) — Net loss (gain) - current year(a) 1,588 721 (5) (1,533) (128) (778) (4,959) (2,104) (488) Reclassifications out of AOCI Curtailment/settlement gain (loss) — 6 — — 6 — — (68) — Dispositions/acquisitions/other - net 1,989 (792) 1,216 — — — — (68) — Amortization of net gain (loss) 723 (20) 124 (1,422) (101) 115 (3,483) (403) 79 Amortization of prior service credit (cost) (5) 4 148 (5) 8 235 (28) 3 236 Total changes in other comprehensive loss (income) 4,344 (81) 1,483 (2,960) (215) (428) (8,470) (2,641) (173) Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) $ 3,236 $ (199) $ 1,339 $ (2,385) $ (611) $ (631) $ (5,820) $ (2,743) $ (341) (a) Primarily due to impact of discount rates and investment performance. |
ALL OTHER LIABILITIES
ALL OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
ALL OTHER LIABILITIES | NOTE 14. ALL OTHER LIABILITIES December 31 2023 2022 Sales discounts and allowances(a) $ 3,746 $ 3,950 Equipment projects and other commercial liabilities 2,019 1,422 Product warranties (Note 24) 910 1,075 Employee compensation and benefit liabilities 4,001 3,339 Interest payable 323 352 Taxes payable 654 578 Environmental, health and safety liabilities (Note 24) 188 248 Derivative instruments (Note 22) 161 420 Other 711 746 All other current liabilities $ 12,712 $ 12,130 Equipment projects and other commercial liabilities $ 1,802 $ 2,192 Product warranties (Note 24) 1,143 885 Operating lease liabilities (Note 6) 1,973 2,089 Uncertain and other income taxes and related liabilities 2,182 2,459 Alstom legacy legal matters (Note 24) 393 455 Environmental, health and safety liabilities (Note 24) 2,278 2,166 Other 737 816 All other non-current liabilities $ 10,508 $ 11,063 Total All other liabilities $ 23,221 $ 23,193 (a) Primarily comprise amounts payable to airlines based on future aircraft deliveries by airframers and discounts on spare parts and repair sales at our Aerospace segment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15. INCOME TAXES . GE files a consolidated U.S. federal income tax return that enables GE's businesses to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made to GE's businesses for tax reductions and from GE's businesses for tax increases . Our businesses are subject to a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. On August 16, 2022, the U.S. enacted the Inflation Reduction Act that includes a new alternative minimum tax based upon financial statement income (book minimum tax), an excise tax on stock buybacks and tax incentives for energy and climate initiatives, among other provisions. The new book minimum tax is expected to slow but not eliminate the favorable tax impact of our deferred tax assets, resulting in higher cash tax in some years that would generate future tax credits. The impact of the book minimum tax will depend on our facts in each year and guidance from the U.S. Department of the Treasury. Separately, there are tax incentives in the legislation that benefit our pre-tax income without increasing tax expense. The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. Accordingly, we still are evaluating the potential consequences of Pillar 2 on our longer-term financial position. EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2023 2022 2021 U.S. earnings (loss) $ 7,037 $ (908) $ (3,596) Non-U.S. earnings (loss) 3,154 109 (2,099) Total $ 10,191 $ (799) $ (5,695) PROVISION (BENEFIT) FOR INCOME TAXES 2023 2022 2021 Current U.S. Federal $ (423) $ (311) $ (1,475) Non-U.S. 823 733 655 U.S. State 140 (52) (145) Deferred U.S. Federal 49 (617) (366) Non-U.S. 591 352 610 U.S. State (17) (108) (36) Total $ 1,162 $ (3) $ (757) Income taxes paid were $994 million, $1,128 million and $1,330 million for the years ended December 31, 2023, 2022 and 2021, respectively, including payments reported in discontinued operations. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE 2023 2022 2021 Amount Rate Amount Rate Amount Rate U.S. federal statutory income tax rate $ 2,140 21.0 % $ (168) 21.0 % $ (1,196) 21.0 % Tax on global activities including exports(a) 462 4.5 300 (37.6) 154 (2.7) U.S. general business credits(b) (273) (2.7) (233) 29.1 (175) 3.1 Debt tender and related valuation allowances — — 30 (3.8) 940 (16.5) Deductible stock and restructuring losses — — — — (583) 10.2 Retained and sold ownership interests (1,215) (11.9) 3 (0.4) 45 (0.8) All other – net(c)(d) 48 0.5 65 (7.9) 58 (1.0) (978) (9.6) 165 (20.6) 439 (7.7) Actual income tax rate $ 1,162 11.4 % $ (3) 0.4 % $ (757) 13.3 % (a) For the year ended December 31, 2023, 2022, and 2021, respectively, the expense/(benefit) related to the negotiated tax rate in Singapore was $(136) million, $(112) million and $(83) million. (b) Primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (c) For the year ended December 31, 2023 and 2022, included $9 million and $134 million for separation income tax costs of which $38 million and $66 million was due to the repatriation of previously reinvested earnings. (d) Included for each period, the expense or benefit for U.S. state taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect. UNRECOGNIZED TAX POSITIONS. Annually, we file over 2,300 income tax returns in over 270 global taxing jurisdictions. We are under examination or engaged in tax litigation in many of these jurisdictions. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2018. In September 2021, GE resolved its dispute with the United Kingdom tax authority, HM Revenue & Customs (HMRC) in connection with interest deductions claimed by GE Capital for the years 2004-2015. As previously disclosed, HMRC had proposed to disallow interest deductions with a potential impact of approximately $1,100 million, which included a possible assessment of tax and reduction of deferred tax assets, not including interest and penalties. As part of the settlement, GE and HMRC agreed that a portion of the interest deductions claimed were disallowed, with no fault or blame attributed to either party. The resolution concluded the dispute in its entirety without interest or penalties. The adjustments result in no current tax payment to HMRC, but a deferred tax charge of $112 million as part of discontinued operations as a result of a reduction of available tax attributes, which had previously been recorded as deferred tax assets. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months (excluding the expected decrease to the GE balance due to the announced plan to spin-off GE Vernova and for 2022 and 2021 the impact of the spin-off of GE HealthCare) were: UNRECOGNIZED TAX BENEFITS 2023 2022 2021 Unrecognized tax benefits $ 3,399 $ 3,951 $ 4,224 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 2,708 3,072 3,351 Accrued interest on unrecognized tax benefits 635 614 597 Accrued penalties on unrecognized tax benefits 111 111 146 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-100 0-650 0-250 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-100 0-600 0-200 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION 2023 2022 2021 Balance at January 1 $ 3,951 $ 4,224 $ 4,191 Additions for tax positions of the current year 109 62 396 Additions for tax positions of prior years 156 120 327 Reductions for tax positions of prior years(a) (710) (393) (585) Settlements with tax authorities (56) (8) (33) Expiration of the statute of limitations (51) (54) (71) Balance at December 31 $ 3,399 $ 3,951 $ 4,224 (a) For 2023, reductions included $577 million related to the spin-off of GE HealthCare. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2023, 2022 and 2021, $28 million, $36 million and $17 million of interest expense (income), respectively, and $7 million, $(26) million and $(29) million of tax expense (income) related to penalties, respectively, were recognized in our Statement of Earnings (Loss). DEFERRED INCOME TAXES. As part of the Tax Cuts and Jobs Act of 2017 (U.S. tax reform), the U.S. has enacted a minimum tax on foreign earnings (global intangible low taxed income). We have not made an accrual for the deferred tax aspects of this provision. We also have not provided deferred taxes on cumulative net earnings of non-U.S. affiliates and associated companies of approximately $7 billion that have been reinvested indefinitely. Given U.S. tax reform, substantially all of our prior unrepatriated net earnings were subject to U.S. tax and accordingly we expect to have the ability to repatriate available non-U.S. cash without additional federal tax cost, and any foreign withholding tax on a repatriation to the U.S. may be at least partially offset by a U.S. foreign tax credit. Most of these earnings have been reinvested in active non-U.S. business operations and it is not practicable to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. We reassess reinvestment of earnings on an ongoing basis. In 2023 and 2022, in connection with the execution of the Company’s plans to prepare for the spin-off of GE Vernova and GE HealthCare, we incurred $38 million and $66 million of tax, respectively, due to repatriation of previously reinvested earnings. The total deferred tax asset as of December 31, 2023 and December 31, 2022 includes $858 million and $435 million, respectively, related to the required capitalization of research costs for U.S. tax purposes effective January 1, 2022. Included in discontinued operations as of December 31, 2022 is a deferred tax asset of $279 million related to GE HealthCare, which became a deferred asset of the separate company upon spin-off in the first quarter of 2023. In the event capitalization of research costs is adjusted through retroactive legislation effective for 2022, GE will record a tax provision benefit related to GE HealthCare research costs as a result of the benefit in a consolidated GE tax return without payment under the Tax Matters Agreement. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 31 2023 2022 Total assets $ 11,128 $ 10,626 Total liabilities (553) (625) Net deferred income tax asset (liability) $ 10,575 $ 10,001 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 2023 2022 Deferred tax assets Insurance company loss reserves $ 3,185 $ 2,492 Progress collections, contract assets and deferred items 2,753 2,365 Accrued expenses and reserves 2,197 2,215 Deferred expenses 1,317 1,438 Other compensation and benefits 1,143 1,173 Principal pension plans 1,359 1,146 Non-U.S. loss carryforwards(a) 972 939 Other(b) 843 1,000 Total deferred tax assets $ 13,769 $ 12,768 Deferred tax liabilities Depreciation $ (702) $ (613) Global investments, partnerships, join ventures and non-consolidated entities (1,389) (1,440) Other (1,103) (714) Total deferred tax liabilities (3,194) (2,767) Net deferred income tax asset (liability) $ 10,575 $ 10,001 (a) Net of valuation allowances of $6,932 million and $6,369 million as of December 31, 2023 and 2022, respectively. Of the net deferred tax asset as of December 31, 2023 of $972 million, $73 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2024 through December 31, 2026; $327 million relates to net operating losses that expire in various years ending from December 31, 2027 through December 31, 2043; and $572 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,937 million and $3,264 million as of December 31, 2023 and 2022, respectively. These primarily relate to excess capital loss carryforwards and excess U.S. foreign tax credits. The decrease in valuation allowance from December 31, 2022 to December 31, 2023 reflects utilization of losses against 2023 net capital gains of $1,413 million including gains reported in discontinued operations. The valuation allowance as of December 31, 2022 increased during the year primarily because it includes $1,327 million of valuation allowance against a deferred tax asset for deductible stock and restructuring losses for the year ended December 31, 2022 which was not likely to be utilized. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 16. SHAREHOLDERS’ EQUITY ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars) 2023 2022 2021 Beginning balance $ (5,893) $ (4,569) $ (4,395) AOCI before reclasses – net of taxes of $74, $144 and $(90) 12 (1,326) (101) Reclasses from AOCI – net of taxes of $(626), $0 and $87(a) 2,262 — (71) AOCI 2,274 (1,326) (172) Less AOCI attributable to noncontrolling interests 4 (2) 2 Currency translation adjustments AOCI $ (3,623) $ (5,893) $ (4,569) Beginning balance $ 6,531 $ 3,646 $ (5,395) AOCI before reclasses – net of taxes of $(497), $597 and $1,643 (1,874) 2,117 6,225 Reclasses from AOCI – net of taxes of $(778), $216 and $793(a) (2,873) 772 2,819 AOCI (4,747) 2,889 9,044 Less AOCI attributable to noncontrolling interests (2) 3 3 Benefit plans AOCI $ 1,786 $ 6,531 $ 3,646 Beginning balance $ (1,927) $ 5,172 $ 6,471 AOCI before reclasses – net of taxes of $248, $(1,861) and $(386) 1,046 (7,135) (1,343) Reclasses from AOCI – net of taxes of $(7), $(20) and $23(a) (78) 36 44 AOCI 968 (7,099) (1,299) Investment securities and cash flow hedges AOCI $ (959) $ (1,927) $ 5,172 Beginning balance $ (983) $ (9,109) $ (11,708) AOCI before reclasses – net of taxes of $(630), $2,160 and $691 (2,371) 8,126 2,599 AOCI (2,371) 8,126 2,599 Long-duration insurance contracts AOCI $ (3,354) $ (983) $ (9,109) AOCI at December 31 $ (6,150) $ (2,272) $ (4,860) Dividends declared per common share $ 0.32 $ 0.32 $ 0.32 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in first quarter of 2023 related to the spin-off of GE HealthCare. Preferred stock. On September 15, 2023 we redeemed the remaining outstanding shares of GE preferred stock. We redeemed $5,795 million and $144 million of GE preferred stock in the years ended December 31, 2023 and 2022, respectively. Dividends on GE preferred stock totaled $237 million, including cash dividends of $236 million, $289 million, including cash dividends of $284 million, and $237 million, including cash dividends of $220 million, for the years ended December 31, 2023, 2022 and 2021, respectively. Common stock. GE's authorized common stock consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. Common stock shares outstanding were 1,088,415,995 and 1,089,107,878 at December 31, 2023 and 2022, respectively. We repurchased 11.0 million, 13.6 million and 0.5 million shares, for a total of $1,135 million, $1,000 million and $36 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2007 and 2022 Long-Term Incentive Plans. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest, and performance share awards are earned, we issue shares from treasury stock. Stock options provide employees the opportunity to purchase GE shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three years, and expire 10 years from the grant date if not exercised. Restricted stock units (RSU) provide an employee with the right to receive one share of GE stock when the restrictions lapse over the vesting period. Upon vesting, each RSU is converted into one share of GE common stock for each unit. Performance share units (PSU) and performance shares provide an employee with the right to receive shares of GE stock based upon achievement of certain performance or market metrics. Upon vesting, each PSU earned is converted into shares of GE common stock. We value stock options using a Black-Scholes option pricing model, RSUs using market price on grant date, and PSUs and performance shares using market price on grant date and a Monte Carlo simulation as needed based on performance metrics. In connection with the separation of GE HealthCare, outstanding awards held by participants under the 2007 and 2022 Long-Term Incentive Plans were equitably converted into shares of GE and/or GE HealthCare Technologies Inc. awards as required, to preserve the intrinsic value of the awards prior to the separation. Adjustments to the stock-based compensation awards did not result in incremental compensation expense. WEIGHTED AVERAGE GRANT DATE FAIR VALUE 2023 2022 2021 Stock options $ 36.10 $ 34.03 $ 40.64 RSUs 89.60 87.68 104.98 PSUs/Performance shares 89.44 95.40 108.51 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 4.2%, 1.6%, and 1.1%, dividend yields of 0.4%, 0.4%, and 0.3%, expected volatility of 36%, 37%, and 40%, expected lives of 6.8 years, 6.8 years, and 6.2 years, and strike prices of $88.15, $92.33, and $105.12 for 2023, 2022, and 2021, respectively. STOCK-BASED COMPENSATION ACTIVITY Stock options RSUs Shares (in thousands) Weighted average exercise price Weighted average contractual term (in years) Intrinsic value (in millions) Shares (in thousands) Weighted average grant date fair value Weighted average contractual term (in years) Intrinsic value (in millions) Outstanding at January 1, 2023 31,023 $ 142.68 9,687 $ 79.82 Spin-off adjustment(a) 3,704 N/A (784) N/A Granted 358 88.15 3,203 89.60 Exercised (7,275) 77.64 (3,480) 67.96 Forfeited (21) 64.46 (523) 69.73 Expired (5,216) 152.04 N/A N/A Outstanding at December 31, 2023 22,573 $ 122.35 3.0 $ 544 8,103 $ 76.52 1.1 $ 1,034 Exercisable at December 31, 2023 21,389 $ 124.83 2.8 $ 484 N/A N/A N/A N/A Expected to vest 1,098 $ 77.50 7.7 $ 55 7,313 $ 76.09 1.0 $ 933 (a) The spin-off adjustment represents the net of shares converted into new GE awards and shares converted and transferred to GE HealthCare Technologies Inc. as a result of the January 3, 2023 separation of GE HealthCare. Total outstanding target PSUs and performance shares at December 31, 2023 were 2,315 thousand shares with a weighted average fair value of $68.58. The intrinsic value and weighted average contractual term of target PSUs and performance shares outstanding were $295 million and 1.3 years, respectively. 2023 2022 2021 Compensation expense (after-tax)(a) $ 299 $ 251 $ 305 Cash received from stock options exercised 565 62 93 Intrinsic value of stock options exercised and RSU/PSUs vested 561 170 217 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2023 was $318 million, which will be amortized over a weighted average period of 1.0 year. Income tax benefit recognized in earnings was $61 million, $12 million and an insignificant amount in 2023, 2022, and 2021, respectively. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE INFORMATION | NOTE 18. EARNINGS PER SHARE INFORMATION 2023 2022 2021 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 9,063 $ 9,066 $ (811) $ (811) $ (4,822) $ (4,822) Preferred stock dividends and other and accretion of preferred share repurchase(a) (295) (295) (286) (286) (246) (246) Earnings (loss) from continuing operations attributable to common shareholders 8,769 8,772 (1,097) (1,097) (5,067) (5,067) Earnings (loss) from discontinued operations 414 414 1,151 1,151 (1,516) (1,516) Net earnings (loss) attributable to GE common shareholders 9,182 9,186 54 54 (6,583) (6,583) Shares of GE common stock outstanding 1,089 1,089 1,096 1,096 1,098 1,098 Employee compensation-related shares (including stock options) 10 — — — — — Total average equivalent shares 1,099 1,089 1,096 1,096 1,098 1,098 Earnings (loss) from continuing operations $ 7.98 $ 8.06 $ (1.00) $ (1.00) $ (4.62) $ (4.62) Earnings (loss) from discontinued operations 0.38 0.38 1.05 1.05 (1.38) (1.38) Net earnings (loss) per share 8.36 8.44 0.05 0.05 (6.00) (6.00) Potentially dilutive securities(b) 26 45 41 (a) For the year ended December 31, 2023, included $(58) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. For the year ended December 31, 2023, application of this treatment had an insignificant effect. For the years ended December 31, 2022 and 2021, as a result of the loss from continuing operations, losses were not allocated to the participating securities. |
OTHER INCOME (LOSS)
OTHER INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (LOSS) | NOTE 19. OTHER INCOME (LOSS) 2023 2022 2021 Investment in GE HealthCare realized and unrealized gain (loss) $ 5,639 $ — $ — Investment in and note with AerCap realized and unrealized gain (loss) 129 (865) 711 Investment in Baker Hughes realized and unrealized gain (loss) 10 912 938 Gains (losses) on retained and sold ownership interests $ 5,778 $ 47 $ 1,649 Other net interest and investment income (loss)(a) 739 474 585 Licensing and royalty income 244 185 175 Equity method income 237 220 (123) Purchases and sales of business interests(b) 104 60 (52) Other items 28 185 462 Total other income (loss) $ 7,129 $ 1,172 $ 2,696 (a) Included interest income associated with customer advances of $156 million, $162 million and $167 million in 2023, 2022 and 2021, respectively. See Note 8 for further information. (b) Included a pre-tax loss of $170 million related to the sale of our boiler manufacturing business in China in our Power segment in 2021. Our investment in GE HealthCare comprises 61.6 million shares (approximately 13.5% ownership interest) at December 31, 2023. During the year ended December 31, 2023, we received total proceeds of $2,192 million from the disposition of GE HealthCare shares. During the year ended December 31, 2023, we received total proceeds of $6,587 million from the sale of our remaining AerCap shares, leaving an AerCap senior note as our only remaining position. During the first quarter of 2023, we received proceeds of $216 million from the sale of Baker Hughes shares and have now fully monetized our position. |
RESTRUCTURING CHARGES AND SEPAR
RESTRUCTURING CHARGES AND SEPARATION COSTS | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES AND SEPARATION COSTS | NOTE 20. RESTRUCTURING CHARGES AND SEPARATION COSTS RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. RESTRUCTURING AND OTHER CHARGES 2023 2022 2021 Workforce reductions $ 392 $ 281 $ 568 Plant closures & associated costs and other asset write-downs 258 533 117 Acquisition/disposition net charges and other 56 30 (21) Total restructuring and other charges $ 706 $ 845 $ 664 Cost of equipment/services $ 157 $ 206 $ 348 Selling, general and administrative expenses 549 669 390 Other (income) loss — (31) (75) Total restructuring and other charges $ 706 $ 845 $ 664 Aerospace $ 13 $ 20 $ 70 Renewable Energy 296 177 204 Power 107 155 369 Corporate 290 494 20 Total restructuring and other charges(a) $ 706 $ 845 $ 664 Restructuring and other charges cash expenditures(b) $ 508 $ 415 $ 683 (a) Includes $303 million, $366 million and $114 million primarily in non-cash impairment, accelerated depreciation and other charges for the years ended December 31, 2023, 2022 and 2021, respectively, not reflected in the liability table below. (b) Primarily for employee severance payments, contract and lease terminations. An analysis of changes in the liability for restructuring follows: 2023 2022 2021 Balance at beginning of period $ 977 $ 825 $ 1,065 Additions 403 479 550 Payments (351) (310) (570) Remeasurement (42) 15 (169) Effect of foreign currency and other (69) (32) (51) Balance at December 31(a) $ 918 $ 977 $ 825 (a) Includes actuarial determined post-employment severance benefits reserve of $324 million, $348 million and $321 million as of December 31, 2023, 2022 and 2021, respectively. In 2023 and 2022, restructuring primarily included exit activities related to the restructuring programs announced in 2022, reflecting lower Corporate shared-service and footprint needs as a result of the GE HealthCare spin-off, and exit activities across our businesses planned to be part of GE Vernova, primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize product variants at Renewable Energy. This plan was expanded during the third quarter of 2023 to include the consolidation of the global footprint and related resources at our Power business to better serve our customers. In 2021, restructuring primarily included exit activities at our Power business related to our new coal build wind-down actions, which included the exit of certain product lines, closing certain manufacturing and office facilities and other workforce reduction programs. SEPARATION COSTS. In November 2021, the company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. As a result of this plan, we have incurred and expect to continue to incur separation, transition, and operational costs, which will depend on specifics of the transactions. For the year ended December 31, 2023, we incurred pre-tax separation expense of $978 million and paid $1,059 million in cash, primarily related to employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation and transaction costs to transition to stand-alone public companies. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we recognized $197 million of net tax benefit, primarily associated with planned legal entity separation and tax on changes to indefinite reinvestment of foreign earnings. For the year ended December 31, 2022, we incurred pre-tax separation costs of $715 million, and paid $158 million in cash, and recognized $16 million of net tax benefit, related to separation activities. As discussed in Note 2, GE completed the separation of its HealthCare business into a separate, independent publicly traded company, GE HealthCare Technologies Inc. As a result, pre-tax separation costs specifically identifiable to GE HealthCare are now reflected in discontinued operations. We incurred $22 million and $258 million in pre-tax costs, recognized $5 million and $54 million of tax benefit and spent $182 million and $103 million in cash related to GE HealthCare for the year ended December 31, 2023 and 2022, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 21. FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in GE HealthCare and AerCap and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3(a) Netting Net balance(b) December 31 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Investment securities $ 4,767 $ 6,732 $ 32,098 $ 30,483 $ 6,841 $ 6,421 $ — $ — $ 43,706 $ 43,636 Derivatives — — 943 1,274 6 1 (512) (821) 437 454 Total assets $ 4,767 $ 6,732 $ 33,042 $ 31,757 $ 6,847 $ 6,421 $ (512) $ (821) $ 44,143 $ 44,090 Derivatives $ — $ — $ 669 $ 1,240 $ 2 $ — $ (510) $ (820) $ 161 $ 420 Other(c) — — 428 379 — — — — 428 379 Total liabilities $ — $ — $ 1,097 $ 1,619 $ 2 $ — $ (510) $ (820) $ 588 $ 799 (a) Included $3,873 million of U.S. corporate debt securities, $1,491 million of Mortgage and asset-backed debt securities, and the $944 million AerCap note at December 31, 2023. Included $3,548 million of U.S. corporate debt securities, $1,386 million of Mortgage and asset-backed debt securities, and the $900 million AerCap note at December 31, 2022. (b) Included investment securities in our run-off Insurance operations of $37,592 million and $35,503 million as of December 31, 2023 and 2022, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (c) Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. (d) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income. Balance at Net realized/unrealized gains(losses)(a) Purchases(b) Sales & Settlements Transfers Transfers Balance at 2023 Investment securities $ 6,421 $ 195 $ 617 $ (398) $ 37 $ (30) $ 6,841 2022 Investment securities $ 7,222 $ (1,002) $ 973 $ (628) $ 57 $ (201) $ 6,421 (a) Primarily included net unrealized gains (losses) of $134 million and $(994) million in Other comprehensive income for the years ended December 31, 2023 and 2022, respectively. (b) Included $379 million of U.S. corporate debt securities and $177 million of Mortgage and asset-backed debt securities for the year ended December 31, 2023. Included $508 million of U.S. corporate debt securities and $302 million of Mortgage and asset-backed debt securities for the year ended December 31, 2022. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 22. 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. December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,438 $ 2,379 $ 2,557 $ 2,418 Liabilities Borrowings (Note 10) $ 20,965 $ 20,689 $ 24,059 $ 22,849 Investment contracts (Note 12) 1,535 1,616 1,708 1,758 Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and equivalents, investment securities and derivative financial instruments. DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage currency risks related to foreign exchange, and interest rate and currency risk between financial assets and liabilities, and certain equity investments and commodity prices. We use cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes, net investment hedges to hedge investments in foreign operations as well as fair value hedges to hedge the effects of interest rate and currency changes on debt it has issued. We also use derivatives not designated as hedges from an accounting standpoint (and therefore we do not apply hedge accounting to the relationship) but otherwise serve the same economic purpose as other hedging arrangements. We use economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVES December 31, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,648 $ 156 $ 91 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 50,563 794 580 52,786 1,143 1,095 Gross derivatives $ 57,211 $ 950 $ 671 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (512) $ (510) $ (821) $ (820) Net derivatives in statement of financial position $ 437 $ 161 $ 454 $ 420 FAIR VALUE HEDGES. As of December 31, 2023, all fair value hedges were terminated. Gains (losses) associated with the terminated hedging relationships will continue to amortize into interest expense until the hedged borrowings mature. The cumulative amount of hedging adjustments of $1,162 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $9,253 million. At December 31, 2022, the cumulative amount of hedging adjustments of $1,240 million (all on discontinued hedging relationships) was included in the carrying amount of the previously hedged liability of $9,933 million. The cumulative amount of hedging adjustments was primarily recorded in long-term borrowings CASH FLOW HEDGES AND NET INVESTMENT HEDGES Gain (loss) recognized in AOCI for the year ended December 31 2023 2022 2021 Cash flow hedges(a) $ 83 $ (242) $ (140) Net investment hedges(b) (153) 341 487 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,726 million and $3,329 million as of December 31, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero, zero and $(87) million for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in the fair value of cash flow hedges are recorded in AOCI and recorded in earnings in the period in which the hedged transaction occurs. The total amount in AOCI related to cash flow hedges of forecasted transactions was a $2 million loss as of December 31, 2023. We expect to reclassify $6 million of loss to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. As of December 31, 2023, the maximum term of derivative instruments that hedge forecasted transactions was approximately 12 years. The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): 2023 2022 Revenues Interest Expense SG&A(b) Other Income(a) Revenues Debt Interest Expense SG&A(b) Other Income(a) $ 67,954 $ 1,118 $ 9,195 $ 57,521 $ 58,100 $ 465 $ 1,477 $ 9,173 $ 45,444 Cash flow hedges $ (1) $ (10) $ 1 $ 39 $ (23) $ (20) $ (2) $ (100) Fair value hedges $ — $ (16) Non-hedging derivatives $ — $ — $ 130 $ (167) $ 7 $ 159 $ (4) $ (269) $ (485) (a) Amounts are inclusive of cost of sales and other income (loss). (b) SG&A was primarily driven by hedges of deferred incentive compensation, and hedges of remeasurement of monetary assets and liabilities. COUNTERPARTY CREDIT RISK. Our exposures to counterparties were $374 million and $306 million at December 31, 2023 and December 31, 2022, respectively. Counterparties' exposures to our derivative liability were $120 million and $365 million at December 31, 2023 and December 31, 2022, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 23. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $117 million and $401 million and liabilities of $203 million and $206 million at December 31, 2023 and December 31, 2022, respectively, in consolidated Variable Interest Entities (VIEs). These entities were created to help our customers facilitate or finance the purchase of GE equipment and services and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. |
COMMITMENTS, GUARANTEES, PRODUC
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES | NOTE 24. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES COMMITMENTS. We had total investment commitments of $3,809 million and unfunded lending commitments, primarily at EFS, of $651 million at December 31, 2023. The investment commitments primarily comprise investments by our run-off insurance operations in investment securities and other assets of $3,662 million and included within these commitments are obligations to make investments in unconsolidated VIEs of $3,545 million. See Note 23 for further information. As of December 31, 2023, in our Aerospace segment, we have committed to provide financing assistance of $2,676 million of future customer acquisitions of aircraft equipped with our engines. GUARANTEES. Credit support. We have provided $916 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. The liability for such credit support was $21 million. Indemnification agreements – Continuing Operations. GE has obligations under the Tax Matters Agreement to indemnify GE HealthCare for certain tax costs and other indemnifications of $41 million, which are fully reserved. In addition, we have $289 million of other indemnification commitments, including representations and warranties in sales of business assets, for which we recorded a liability of $70 million. Indemnification agreements - Discontinued Operations . Following the Separation of GE HealthCare on January 3, 2023, GE has remaining performance and bank guarantees on behalf of its former HealthCare business, with a maximum aggregate exposure of $44 million. GE also has obligations under the Transition Services Agreement and Tax Matters Agreement to indemnify GE HealthCare for certain technology and tax costs of $81 million, which are fully reserved. In addition, we have provided specific indemnities to other buyers of assets of our business that, in the aggregate, represent a maximum potential claim of $721 million with related reserves of $71 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. An analysis of changes in the liability for product warranties follows. 2023 2022 2021 Balance at January 1 $ 1,960 $ 1,730 $ 1,897 Current-year provisions(a) 961 1,081 635 Expenditures (886) (768) (724) Other changes 18 (83) (78) Balance at December 31 $ 2,053 $ 1,960 $ 1,730 a) The increase in current and prior-year provisions is primarily related to Renewable Energy which, in 2022, was substantially all due to changes in estimates on pre-existing warranties and related to the deployment of repairs and other corrective measures. LEGAL MATTERS. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Alstom legacy legal matters. In 2015, we acquired the Steam Power, Renewables and Grid businesses from Alstom, which prior to our acquisition were the subject of significant cases involving anti-competitive activities and improper payments. We had reserves of $393 million and $455 million at December 31, 2023 and 2022, respectively, for legal and compliance matters related to the legacy business practices that were the subject of cases in various jurisdictions. Allegations in these cases relate to claimed anti-competitive conduct or improper payments in the pre-acquisition period as the source of legal violations or damages. Given the significant litigation and compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will ultimately be consistent with the reserve established. The estimation of this reserve may not reflect the full range of uncertainties and unpredictable outcomes inherent in litigation and investigations of this nature, and at this time we are unable to develop a meaningful estimate of the range of reasonably possible additional losses beyond the amount of this reserve. Factors that can affect the ultimate amount of losses associated with these and related matters include the way cooperation is assessed and valued, prosecutorial discretion in the determination of damages, formulas for determining disgorgement, fines or penalties, the duration and amount of legal and investigative resources applied, political and social influences within each jurisdiction, and tax consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and related matters could exceed the amount provided. Shareholder and related lawsuits. Since November 2017, several putative shareholder class actions under the federal securities laws were filed against GE and certain affiliated individuals and consolidated into a single action currently pending in the U.S. District Court for the Southern District of New York (the Hachem case, also referred to as the Sjunde AP-Fonden case). The complaint against defendants GE and current and former GE executive officers alleged violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 related to insurance reserves and accounting for long-term service agreements and seeks damages on behalf of shareholders who acquired GE stock between February 27, 2013 and January 23, 2018. GE filed a motion to dismiss in December 2019. In January 2021, the court granted the motion to dismiss as to the majority of the claims. Specifically, the court dismissed all claims related to insurance reserves, as well as all claims related to accounting for long-term service agreements, with the exception of certain claims about historic disclosures related to factoring in the Power business that survive as to GE and its former CFO Jeffrey S. Bornstein. All other individual defendants have been dismissed from the case. In April 2022, the court granted the plaintiffs' motion for class certification for shareholders who acquired stock between February 26, 2016 and January 23, 2018. In September 2022, GE filed a motion for summary judgment on the plaintiffs' remaining claims. In September 2023, the court denied GE’s motion for summary judgment, except as to claims arising from disclosures made between November 2017 and January 2018. Since February 2018, multiple shareholder derivative lawsuits were filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). 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. Two shareholder derivative lawsuits are currently pending: the Lindsey and Priest/Tola cases, which were filed in New York state court. The allegations in these two cases relate to substantially the same facts as those underlying the Sjunde AP-Fonden case. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Lindsey case has been stayed by agreement of the parties, and 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 April 2019, GE filed a motion to dismiss. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Sjunde AP-Fonden 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. GE Retirement Savings Plan class actions . In 2017, four putative class action lawsuits were filed regarding the oversight of the GE RSP, and those class actions were consolidated into a single action in the U.S. District Court for the District of Massachusetts. The consolidated complaint named as defendants GE, GE Asset Management, current and former GE and GE Asset Management executive officers and employees who served on fiduciary bodies responsible for aspects of the GE RSP during the class period. Like similar lawsuits that were brought against other companies in recent years, this action alleged that the defendants breached their fiduciary duties under the Employee Retirement Income Security Act (ERISA) in their oversight of the GE RSP, principally by retaining five proprietary funds that plaintiffs alleged were underperforming as investment options for plan participants and by charging higher management fees than some alternative funds. The plaintiffs sought unspecified damages on behalf of a class of GE RSP participants and beneficiaries from September 26, 2011 through the date of any judgment. In August and December 2018, the court issued orders dismissing one count of the complaint and denying GE's motion to dismiss the remaining counts. In September 2022, both GE and the plaintiffs filed motions for summary judgment on the remaining claims. In September 2023, GE executed a class action settlement with plaintiffs in the amount of $61 million, which the court preliminarily approved in October 2023 with a hearing on final approval scheduled for March 2024. Net of insurance contributions, this had an immaterial financial impact that GE recognized in its results for the quarter ended September 30, 2023. Bank BPH . As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. For a number of years, GE has observed an increase in the total number of lawsuits being brought against Bank BPH and other banks in Poland by current and former borrowers, and we expect this to continue in future reporting periods. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded an additional charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH as of December 31, 2023 was $2,669 million. The estimate of total losses for borrower litigation at Bank BPH as of December 31, 2023 accounts for the costs of payments to borrowers who we estimate will participate in the settlement program, as well as estimates for the results of litigation with other borrowers, which in either case can exceed the value of the current loan balance. This estimate represents our best estimate of the total losses we expect to incur over time. However, there are a number of factors that could affect the estimate in the future, including: potentially significant judicial decisions or binding resolutions by the European Court of Justice (ECJ) or the Polish Supreme Court, including a ruling by the ECJ in June 2023 that could significantly increase the cost to banks of loans invalidated by Polish courts and encourage more borrower lawsuits; the impact of any such decisions or resolutions on how Polish courts will interpret and apply the law in particular cases; the receptivity of borrowers over time to Bank BPH’s settlement program; the number of active and inactive borrowers who sue Bank BPH; the ability of Bank BPH to recover from borrowers the original principal amount of loans invalidated by Polish courts; and the impact of potential future legislation in Poland relating to foreign currency indexed or denominated mortgage loans. While we are unable at this time to develop a meaningful estimate of reasonably possible losses beyond the amount currently recorded, future changes related to any of the foregoing or in Bank BPH’s settlement approach, or other adverse developments such as actions by regulators, legislators or other governmental authorities (including consumer protection regulators), could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. See Note 2 for further information. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS . Our operations, like operations of other companies engaged in similar businesses, involve the use, disposal and cleanup of substances regulated under environmental protection laws and nuclear decommissioning regulations. We record reserves for obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup described below, and for additional liabilities we expect to incur in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged exposure by workers and others to asbestos or other hazardous materials. Liabilities for environmental remediation, nuclear decommissioning and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims were $2,465 million and $2,415 million at December 31, 2023 and 2022, respectively. In 2000, GE and the Environmental Protection Agency (EPA) entered into a consent decree relating to PCB cleanup of the Housatonic River in Massachusetts. 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. In March 2021, two local environmental advocacy groups filed a joint petition to the EAB challenging portions of the revised permit; in February 2022, the EAB denied the petition, and the permit became effective in March 2022. In May 2022, the two environmental advocacy groups petitioned the U.S. Court of Appeals for the First Circuit to review the EPA’s final permit. The Court's denial of this petition in July 2023 was not appealed, concluding these proceedings on the EPA’s remedy. As of December 31, 2023, and based on its assessment of current facts and circumstances, GE believes that it has recorded adequate reserves to cover future obligations associated with the EPA's final remedy. Expenditures for site remediation, nuclear decommissioning and worker exposure claims amounted to approximately $260 million, $220 million and $181 million for the years ended December 31, 2023, 2022 and 2021, respectively. We presently expect that such expenditures will be approximately $200 million in both 2024 and 2025. |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE 25. OPERATING SEGMENTS BASIS FOR PRESENTATION. Our operating businesses are organized based on the nature of markets and customers. Segment accounting policies are the same as described and referenced in Note 1. A description of our operating segments as of December 31, 2023 can be found in the Segment Operations section within MD&A. REVENUES Total revenues Intersegment revenues External revenues Years ended December 31 2023 2022 2021 2023 2022 2021 2023 2022 2021 Aerospace $ 31,770 $ 26,050 $ 21,310 $ 708 $ 660 $ 1,036 $ 31,062 $ 25,390 $ 20,274 Renewable Energy 15,050 12,977 15,697 76 80 138 14,974 12,896 15,559 Power 17,731 16,262 16,903 180 267 345 17,551 15,995 16,558 Corporate 3,403 2,812 2,559 (965) (1,008) (1,519) 4,367 3,819 4,078 Total $ 67,954 $ 58,100 $ 56,469 $ — $ — $ — $ 67,954 $ 58,100 $ 56,469 Years ended December 31 2023 2022 2021 Equipment Services Total Equipment Services Total Equipment Services Total Aerospace $ 9,319 $ 22,451 $ 31,770 $ 7,842 $ 18,207 $ 26,050 $ 7,531 $ 13,780 $ 21,310 Renewable Energy 12,625 2,425 15,050 10,191 2,785 12,977 13,224 2,473 15,697 Power 5,396 12,335 17,731 4,737 11,526 16,262 5,035 11,868 16,903 Total segment revenues $ 27,340 $ 37,211 $ 64,551 $ 22,770 $ 32,518 $ 55,289 $ 25,789 $ 28,121 $ 53,910 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Years ended December 31 2023 2022 2021 Aerospace Renewable Energy Power Corporate Total Total Total U.S. $ 13,486 $ 6,327 $ 6,008 $ 3,270 $ 29,090 $ 24,964 $ 25,607 Non-U.S. Europe 7,225 4,099 4,178 148 15,650 12,587 11,244 China region 2,607 214 1,081 (2) 3,900 3,537 4,044 Asia (excluding China region) 3,195 1,874 2,002 (102) 6,969 6,098 5,762 Americas 1,865 1,579 1,576 14 5,034 4,750 3,553 Middle East and Africa 3,393 958 2,885 75 7,310 6,164 6,259 Total Non-U.S. $ 18,285 $ 8,723 $ 11,722 $ 133 $ 38,863 $ 33,136 $ 30,862 Total geographic revenues $ 31,770 $ 15,050 $ 17,731 $ 3,403 $ 67,954 $ 58,100 $ 56,469 Non-U.S. revenues as a % of total 58 % 58 % 66 % 57 % 57 % 55 % REMAINING PERFORMANCE OBLIGATION. As of December 31, 2023, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations was $267,233 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $54,675 million of which 44%, 68% and 92% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $212,558 million of which 12%, 42%, 66% and 82% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations. Total sales of equipment and services to agencies of the U.S. Government were 8% of total revenues for the years ended December 31, 2023, 2022 and 2021. Within our Aerospace segment, defense-related sales were 6%, 7% and 7% of total revenues for the years ended December 31, 2023, 2022 and 2021, respectively. PROFIT AND EARNINGS For the years ended December 31 2023 2022 2021 Aerospace $ 6,115 $ 4,775 $ 2,882 Renewable Energy (1,437) (2,240) (795) Power 1,449 1,217 726 Total segment profit (loss) 6,126 3,751 2,812 Corporate(a) 3,785 (2,875) 1,158 Interest and other financial charges (1,073) (1,423) (1,727) Debt extinguishment costs — (465) (6,524) Non-operating benefit income (cost) 1,585 409 (1,136) Benefit (provision) for income taxes (1,357) (210) 595 Preferred stock dividends (295) (289) (237) Earnings (loss) from continuing operations attributable to GE common shareholders 8,772 (1,100) (5,058) Earnings (loss) from discontinued operations attributable to GE common shareholders 414 1,151 (1,515) Net earnings (loss) attributable to GE common shareholders $ 9,186 $ 51 $ (6,573) (a) Includes interest and other financial charges of $45 million, $54 million and $63 million and benefit for income taxes of $195 million, $213 million and $162 million related to EFS within Corporate for the years ended December 31, 2023, 2022, and 2021, respectively. Assets Property, plant and Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 2023 2022 2021 2023 2022 2021 2023 2022 2021 Aerospace $ 39,985 $ 39,243 $ 38,298 $ 734 $ 543 $ 445 $ 1,089 $ 1,037 $ 1,074 Renewable Energy 15,936 15,719 14,804 389 275 349 388 412 432 Power 23,255 22,173 23,569 348 210 189 478 506 692 Corporate 82,175 79,826 97,301 22 34 25 125 948 160 Total continuing $ 161,351 $ 156,961 $ 173,972 $ 1,494 $ 1,061 $ 1,007 $ 2,080 $ 2,903 $ 2,359 We classify certain assets that cannot meaningfully be associated with specific geographic areas as “Other Global” for this purpose. December 31 2023 2022 U.S. $ 105,676 $ 112,371 Non-U.S. Europe 38,899 26,875 Asia 7,988 8,054 Americas 5,875 5,796 Other Global 2,912 3,866 Total Non-U.S. $ 55,674 $ 44,590 Total assets (continuing operations) $ 161,351 $ 156,961 The increase in continuing assets in 2023 was primarily driven by higher cash from net income, the retention of an ownership interest in GEHC, partially offset by cash paid for share redemptions and repurchases and depreciation and amortization on property, plant and equipment and intangible assets. Property, plant and equipment – net associated with operations based in the United States and outside the United States was approximately 4% and 3% and 3% and 4% of total continuing assets as of December 31, 2023 and 2022, respectively. |
SUMMARIZED FINANCIAL INFORMATIO
SUMMARIZED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SUMMARIZED FINANCIAL INFORMATION | NOTE 26. SUMMARIZED FINANCIAL INFORMATION . As of September 14, 2023, our investment in AerCap ownership reduced below 20%, and as a result, we no longer have significant influence in AerCap. On November 16, 2023, we sold our remaining equity interest in AerCap and only the note remains outstanding. The fair value of our interest in AerCap, including the note, was $944 million and $7,403 million, which is included within Investment securities on our Statement of Financial Position at December 31, 2023 and 2022, respectively. We recognized a realized pre-tax and after-tax gain of $129 million based on several transactions during the year with share prices in the range of $55.75 to $65.89, an unrealized pre-tax loss of $865 million ($1,052 million after-tax) based on a share price of $58.32 and an unrealized pre-tax and after-tax gain of $711 million based on a share price of $65.42 related to our interest in AerCap for the years ended December 31, 2023, 2022, and 2021, respectively. See Notes 2, 3 and 19 for further information. Given AerCap summarized financial information is not available as of the date of this filing, the summarized financial information presented below is reported on a one quarter lag. For the years ended December 31 2023(a) 2022(b) Revenues $ 7,511 $ 6,627 Net income (loss) 2,539 (1,128) Net income (loss) attributable to the entity 2,525 (1,132) (a) We reported summarized financial information ending September 30, 2023 instead of September 14, 2023 (date investment reduced below 20%). (b) We reported summarized financial information starting October 1, 2021 instead of November 1, 2021 (the acquisition date). As of December 31 2023(a) 2022(b) Flight equipment held for operating leases, net $ — $ 54,611 Other — 15,200 Total assets $ — $ 69,811 $ — Debt $ — $ 47,350 Other — 6,817 Total liabilities $ — $ 54,167 Noncontrolling interests $ — $ 77 (a) As of September 14, 2023 (date investment reduced below 20%). As a result, we no longer have significant influence. (b) Financial information is from September 30, 2022. AerCap is a SEC registrant with separate filing requirements, and their respective financial information can be obtained from www.sec.gov. Equity method investments . Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in All other assets on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenues in our Statement of Earnings (Loss). See Notes 1, 9 and 19 for further information. Equity method investment balance (Note 9) Equity method income (loss) December 31 2023 2022 2023 2022 2021 Aerospace $ 1,958 $ 1,931 $ 295 $ 149 $ 58 Renewable Energy 808 752 74 32 39 Power 1,029 960 78 89 23 Corporate(a) 4,136 3,991 (34) 103 68 Total consolidated $ 7,931 $ 7,633 $ 413 $ 373 $ 188 (a) Equity method investments within Corporate include investments held by EFS of $1,718 million and $1,975 million and held by our run-off insurance operations of $2,383 million and $1,980 million as of December 31, 2023 and 2022, respectively. Summarized financial information of these equity method investments, exclusive of AerCap, is as follows. For the years ended December 31 2023 2022 2021 Revenues $ 43,463 $ 33,891 $ 27,210 Gross Profit 2,791 2,579 2,060 Net income (loss) 2,847 2,068 2,020 Net income (loss) attributable to the entity 2,802 2,035 2,000 As of December 31 2023 2022 Current assets $ 29,167 $ 26,659 Total assets $ 68,313 $ 61,105 Current liabilities $ 23,484 $ 21,918 Total liabilities $ 33,573 $ 31,947 Noncontrolling interests $ 552 $ 399 |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | NOTE 27. QUARTERLY INFORMATION (UNAUDITED) First quarter Second quarter Third quarter Fourth quarter (Per-share amounts in dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Total revenues $ 14,486 $ 12,675 $ 16,699 $ 14,127 $ 17,346 $ 14,470 $ 19,423 $ 16,828 Sales of equipment and services 13,695 11,910 15,852 13,361 16,504 13,826 18,514 16,045 Cost of equipment and services sold 10,729 9,774 12,362 10,525 12,905 11,534 14,396 12,440 Earnings (loss) from continuing operations 6,221 (1,209) 1,058 (1,127) 161 (245) 1,589 1,786 Earnings (loss) from discontinued operations 1,257 101 (1,019) 264 173 409 3 427 Net earnings (loss) 7,478 (1,108) 39 (863) 335 165 1,591 2,213 Less net earnings (loss) attributable to noncontrolling interests (27) 28 4 19 (14) 4 — 16 Net earnings (loss) attributable to the Company $ 7,506 $ (1,136) $ 35 $ (882) $ 348 $ 161 $ 1,591 $ 2,197 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 5.56 $ (1.16) $ 0.91 $ (1.09) $ 0.08 $ (0.29) $ 1.44 $ 1.53 Basic earnings (loss) per share 5.60 (1.16) 0.91 (1.09) 0.08 (0.29) 1.46 1.55 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share 1.15 0.08 (0.93) 0.23 0.16 0.37 — 0.37 Basic earnings (loss) per share 1.15 0.08 (0.94) 0.23 0.16 0.37 — 0.37 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share 6.71 (1.08) (0.02) (0.86) 0.23 0.08 1.45 1.90 Basic earnings (loss) per share 6.76 (1.08) (0.02) (0.86) 0.24 0.08 1.46 1.93 Dividends declared 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings (loss). As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings (loss) for the respective quarters. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
FINANCIAL STATEMENT PRESENTATION | FINANCIAL STATEMENT PRESENTATION. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position and cash flows. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, a change in the carrying amount of our tax assets and liabilities, or a change in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, businesses classified as held for sale, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. |
RECLASSIFICATIONS | We have reclassified certain prior-year amounts to conform to the current-year’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. |
CONSOLIDATION | CONSOLIDATION. |
REVENUES FROM THE SALE OF EQUIPMENT AND SALE OF SERVICES | REVENUES FROM THE SALE OF EQUIPMENT. Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power generation and aerospace equipment and long-term construction projects on an over-time basis as we customize the customer's equipment during the manufacturing or integration process and obtain right to payment for work performed. We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs incurred to date relative to our estimate of total expected costs. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to reflect changes in quantity or pricing of the inputs. We provide for potential losses on these agreements when it is probable that we will incur the loss. Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method and taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying liquidated damages to the customer or similar customers. During 2023, primarily as a result of changes in product and project cost estimates, we recorded additional project losses for certain Haliade-X contracts of $379 million. Further changes in our execution timelines or other adverse developments could result in further losses beyond the amounts that we currently estimate. Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. Performance Obligations Satisfied at a Point in Time. We recognize revenue on agreements for non-customized equipment including commercial aircraft engines and other goods we manufacture on a standardized basis for sale to the market at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (i.e., time between shipment and delivery). Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer. Our billing terms for these point-in-time equipment contracts generally coincide with delivery to the customer; however, within certain businesses, we receive progress collections from customers for large equipment purchases, to generally reserve production slots. Progress collections are not considered a significant financing component as they are intended to protect from the other party failing to adequately complete some or all of its obligations under the contract. For certain commercial engine programs, we make payments to airlines related to future aircraft deliveries by airframers (“aircraft allowances”). We record aircraft allowances as a reduction in revenue when control of the engine is transferred to our airframer customer. Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method and taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying liquidated damages to the customer or similar customers. REVENUES FROM THE SALE OF SERVICES. Consistent with our Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) discussion and the way we manage our businesses, we refer to sales under service agreements, which includes both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. See Note 8 for further information. Performance Obligations Satisfied Over Time. We enter into long-term service agreements with our customers primarily within our Aerospace and Power segments. These agreements require us to provide preventative maintenance, overhauls, and standby "warranty-type" services that include certain levels of assurance regarding asset performance and uptime throughout the contract periods, which generally range from 5 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision (e.g., equipment upgrade). We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at predetermined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our billing terms for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) or upon the occurrence of a major maintenance event within the contract, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 8 for further information. We also enter into long-term services agreements in our Renewable Energy segment. Revenues are recognized for these arrangements on a straight-line basis consistent with the nature, timing and extent of our services, which primarily relate to routine maintenance and as needed equipment repairs. We generally invoice periodically as services are provided. Performance Obligations Satisfied at a Point in Time. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenues and bill our customers at the point in time that the customer obtains control of the good, which is generally at the point in time we deliver the spare part to the customer. |
COLLABORATIVE ARRANGEMENTS | COLLABORATIVE ARRANGEMENTS. |
GOVERNMENT INCENTIVES | GOVERNMENT INCENTIVES |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH. |
INVESTMENT SECURITIES | INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to earnings. Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. |
CURRENT RECEIVABLES | CURRENT RECEIVABLES. |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables, contract assets and financing receivables arising from revenue transactions, as well as commercial mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses (CECL) inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period , the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses. |
INVENTORIES | INVENTORIES. |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT. |
LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS | LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. |
DERIVATIVES AND HEDGING | DERIVATIVES AND HEDGING. |
DEFERRED INCOME TAXES | DEFERRED INCOME TAXES. |
INSURANCE | INSURANCE. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Insurance revenues are comprised primarily of premiums and investment income. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, administration and surrender. Interest credited to policyholder accounts is charged to expense. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured for each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period earnings. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period earnings. As our insurance operations are in run-off, the locked-in discount rate is used for the computation of interest accretion on future policy benefit reserves recognized in earnings. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in AOCI. As a result, changes in the current discount rate at each reporting period are recognized as an adjustment to AOCI and not earnings each period, whereas changes relating to cash flow assumptions are recognized in the Statement of Earnings (Loss). Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. See Note 12 for further information. |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS. |
LOSS CONTINGENCIES | LOSS CONTINGENCIES. |
SUPPLY CHAIN FINANCE PROGRAMS | SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount, or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable. RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 21 for further information. Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendor to validate that the inputs used in that vendor’s pricing process are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing vendor are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3. Equity securities with readily determinable fair values . These publicly traded equity securities are valued using quoted prices and are included in Level 1. Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Investments in private equity, real estate and collective funds held within our pension plans . Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Note 13 for further information. NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the fair value of the underlying collateral, impaired equity securities without readily determinable fair value, equity method investments and long-lived assets, and remeasured retained investments in formerly consolidated subsidiaries upon a change in control that results in the deconsolidation of that subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs. Equity investments without readily determinable fair value and Associated companies. Equity investments without readily determinable fair value and associated companies are valued using market observable data such as transaction prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources or a combination of these approaches as appropriate. These investments are generally included in Level 3. Long-lived Assets . Fair values of long-lived assets are primarily derived internally and are based on observed sales transactions for similar assets or discounted cash flow estimates. In other instances for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adjustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of time and the occurrence of market events since receipt of the information. |
ADOPTIONS OF NEW ACCOUNTING STANDARDS | On January 1, 2023, we adopted Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts |
BUSINESSES HELD FOR SALE AND _2
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Financial Information for Assets and Liabilities of Businesses Held for Sale | ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31, 2023 December 31, 2022 Cash and cash equivalents $ 609 $ 35 Current receivables, inventories and contract assets 551 495 Non-current captive insurance investment securities 570 554 Property, plant and equipment and intangible assets - net 254 232 Valuation allowance on disposal group classified as held for sale (124) (17) All other assets 125 76 Assets of businesses held for sale $ 1,985 $ 1,374 Progress collections and deferred income $ 1,001 $ 1,127 Insurance liabilities and annuity benefits 376 358 Accounts payable, equipment project payables and other current liabilities 392 371 All other liabilities 57 87 Liabilities of businesses held for sale $ 1,826 $ 1,944 |
Schedule of Financial Information for Discontinued Operations | RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2023 GE HealthCare GECAS Bank BPH & Other Total Total revenues $ — $ — $ — $ — Cost of equipment and services sold — — — — Other income, costs and expenses (50) — (1,252) (1,301) Earnings (loss) of discontinued operations before income taxes (50) — (1,252) (1,301) Benefit (provision) for income taxes 1,706 — 4 1,710 Earnings (loss) of discontinued operations, net of taxes 1,656 — (1,248) 409 Gain (loss) on disposal before income taxes — — 6 6 Benefit (provision) for income taxes — — — — Gain (loss) on disposal, net of taxes — — 6 6 Earnings (loss) from discontinued operations, net of taxes $ 1,656 $ — $ (1,242) $ 414 For the year ended December 31, 2022 Total revenues $ 18,457 $ — $ — $ 18,457 Cost of equipment and services sold (11,265) — — (11,265) Other income, costs and expenses (4,842) — (808) (5,651) Earnings (loss) of discontinued operations before income taxes 2,350 — (808) 1,541 Benefit (provision) for income taxes (521) — (32) (553) Earnings (loss) of discontinued operations, net of taxes 1,829 — (841) 988 Gain (loss) on disposal before income taxes 6 (18) 75 64 Benefit (provision) for income taxes 11 139 — 150 Gain (loss) on disposal, net of taxes 17 121 75 213 Earnings (loss) from discontinued operations, net of taxes $ 1,846 $ 121 $ (765) $ 1,202 For the year ended December 31, 2021 Total revenues $ 17,717 $ — $ — $ 17,717 Cost of equipment and services sold (10,520) (398) — (10,918) Other income, costs and expenses (4,965) 1,992 (599) (3,572) Earnings (loss) of discontinued operations before income taxes 2,233 1,594 (599) 3,227 Benefit (provision) for income taxes (521) (258) (77) (856) Earnings (loss) of discontinued operations, net of taxes 1,711 1,336 (676) 2,371 Gain (loss) on disposal before income taxes 12 (3,312) 65 (3,234) Benefit (provision) for income taxes 2 (570) (38) (606) Gain (loss) on disposal, net of taxes 14 (3,882) 27 (3,841) Earnings (loss) from discontinued operations, net of taxes $ 1,726 $ (2,546) $ (649) $ (1,469) The tax benefit for the year ended December 31, 2023 for GE HealthCare relates to retroactive 2023 IRS guidance concerning foreign tax credits and accounting method changes and completion of the 2022 U.S. federal tax return as well as net tax benefit resulting from preparatory steps for the spin-off. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS December 31, 2023 December 31, 2022 Cash, cash equivalents and restricted cash $ 1,396 $ 2,627 Current receivables 14 3,361 Inventories, including deferred inventory costs — 2,512 Goodwill — 12,799 Other intangible assets - net — 1,520 Contract and other deferred assets — 854 Financing receivables held for sale (Polish mortgage portfolio)(a) — 1,200 Property, plant and equipment - net 58 2,379 All other assets 200 2,109 Deferred income taxes 27 2,528 Assets of discontinued operations $ 1,695 $ 31,890 Accounts payable and equipment project payables $ 36 $ 3,487 Progress collections and deferred income — 2,499 Long-term borrowings — 8,273 Non-current compensation and benefits 31 5,658 All other liabilities(a) 1,125 4,556 Liabilities of discontinued operations $ 1,193 $ 24,474 (a) Included $1,963 million and $848 million of valuation allowances against Financing receivables held for sale, of which $1,712 million and $611 million related to estimated borrower litigation losses, and $957 million and $748 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of December 31, 2023 and December 31, 2022, respectively. Accordingly, total estimated losses related to borrower litigation were $2,669 million and $1,359 million as of December 31, 2023 and December 31, 2022, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of December 31, 2023. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investment Securities | December 31, 2023 December 31, 2022 Amortized Gross Gross Estimated Amortized Gross Gross Estimated Equity (GE HealthCare) $ — $ — $ — $ 4,761 $ — $ — $ — $ — Equity and note (AerCap) — — — 944 — — — 7,403 Equity (Baker Hughes) — — — — — — — 207 Current investment securities $ — $ — $ — $ 5,706 $ — $ — $ — $ 7,609 Debt U.S. corporate $ 27,495 $ 1,034 $ (1,606) $ 26,923 $ 26,921 $ 675 $ (2,164) $ 25,432 Non-U.S. corporate 2,529 34 (209) 2,353 2,548 18 (300) 2,266 State and municipal 2,828 79 (185) 2,723 2,898 66 (241) 2,722 Mortgage and asset-backed 4,827 34 (291) 4,571 4,442 21 (290) 4,173 Government and agencies 1,213 3 (116) 1,100 1,172 2 (147) 1,026 Other equity 331 — — 331 408 — — 408 Non-current investment securities $ 39,222 $ 1,183 $ (2,406) $ 38,000 $ 38,388 $ 781 $ (3,143) $ 36,027 |
Realized and Unrealized Gain (Loss) on Securities | For the years ended December 31 2023 2022 2021 Net unrealized gains (losses) for equity securities with RDFV $ 6,413 $ (40) $ 1,660 Proceeds from debt/equity securities sales and early redemptions 12,712 7,267 6,665 Gross realized gains on debt securities 52 34 69 Gross realized losses and impairments on debt securities (66) (42) (11) |
Schedule of Cash Flows Associated Investment Securities | Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 31 2023 2022 Purchases of investment securities $ (5,163) $ (4,046) Dispositions and maturities of investment securities 4,176 3,170 Net (purchases) dispositions of insurance investment securities $ (986) $ (876) |
Contractual Maturities of Debt Securities (Excluding Mortgage and Asset-Backed Securities) | Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2023 are as follows: Amortized cost Estimated fair value Within one year $ 618 $ 609 After one year through five years 5,004 5,049 After five years through ten years 5,131 5,234 After ten years 23,311 22,205 |
CURRENT AND LONG-TERM RECEIVA_2
CURRENT AND LONG-TERM RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Receivables and Allowance for Credit Losses | CURRENT RECEIVABLES December 31 2023 2022 Customer receivables $ 12,349 $ 11,803 Revenue sharing program receivables(a) 1,252 1,326 Non-income based tax receivables 1,140 1,146 Supplier advances 891 691 Receivables from disposed businesses 121 115 Other sundry receivables 360 518 Allowance for credit losses (647) (768) Total current receivables $ 15,466 $ 14,831 (a) Revenue sharing program receivables in Aerospace are amounts due from third parties who participate in engine programs by developing and supplying certain engine components through the life of the program. The participants share in program revenues, receive a share of customer progress payments and share costs related to discounts and warranties. ALLOWANCE FOR CREDIT LOSSES 2023 2022 2021 Balance as of January 1 $ 768 $ 967 $ 1,055 New provisions, net of (releases) 32 (14) 136 Write-offs, net (161) (87) (198) Foreign exchange and other 8 (98) (26) Balance as of December 31 $ 647 $ 768 $ 967 December 31 2023 2022 Aerospace $ 8,010 $ 7,784 Renewable Energy 2,907 2,415 Power 4,232 4,229 Corporate 318 404 Total current receivables $ 15,466 $ 14,831 LONG-TERM RECEIVABLES December 31 2023 2022 Long-term customer receivables(a) $ 479 $ 457 Supplier advances 274 266 Non-income based tax receivables 174 213 Sundry receivables 373 483 Allowance for credit losses (171) (183) Total long-term receivables $ 1,129 $ 1,236 (a) The Company sold $83 million of long-term customer receivables to third parties for the year ended December 31, 2022, primarily in our Gas Power business for risk mitigation purposes. |
INVENTORIES, INCLUDING DEFERR_2
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31 2023 2022 Raw materials and work in process $ 11,209 $ 9,191 Finished goods 3,720 3,937 Deferred inventory costs(a) 1,599 1,764 Inventories, including deferred inventory costs $ 16,528 $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Depreciable lives Original Cost Net Carrying Value December 31 (in years) 2023 2022 2023 2022 Land and improvements 8 $ 482 $ 472 $ 469 $ 461 Buildings, structures and related equipment 8 - 40 6,340 6,024 2,852 2,703 Machinery and equipment 4 - 20 19,003 18,577 6,280 6,163 Leasehold costs and manufacturing plant under construction 1 - 10 1,507 1,568 1,053 1,012 ROU operating lease assets 1,840 1,854 Property, plant and equipment - net $ 27,332 $ 26,641 $ 12,494 $ 12,192 |
Summary of Operating Lease Expense | OPERATING LEASE EXPENSE 2023 2022 2021 Long-term (fixed) $ 567 $ 646 $ 644 Long-term (variable) 75 66 56 Short-term 178 150 188 Total operating lease expense $ 820 $ 863 $ 888 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES 2023 2022 2021 Operating cash flows used for operating leases $ 659 $ 682 $ 719 Right-of-use assets obtained in exchange for new lease liabilities 553 447 513 Weighted-average remaining lease term 7.1 years 5.7 years 7.5 years Weighted-average discount rate 4.4 % 3.4 % 4.2 % |
Schedule of Maturity of Lease Liabilities | MATURITY OF LEASE LIABILITIES 2024 2025 2026 2027 2028 Thereafter Total Undiscounted lease payments $ 564 $ 428 $ 325 $ 233 $ 165 $ 586 $ 2,302 Less: imputed interest (329) Total lease liability as of December 31, 2023 $ 1,973 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Goodwill Balances | CHANGES IN GOODWILL BALANCES Balance at December 31, 2021 Dispositions Currency exchange and other Balance at December 31, 2022 Acquisitions Currency exchange and other Balance at December 31, 2023 Aerospace $ 9,013 $ (6) $ (171) $ 8,835 $ — $ 113 $ 8,948 Renewable Energy 3,231 — (30) 3,201 — 86 3,287 Power 145 — (1) 144 164 — 307 Corporate(a) 914 — (96) 818 22 1 842 Total $ 13,303 $ (6) $ (299) $ 12,999 $ 186 $ 200 $ 13,385 |
schedule of Intangible Assets Subject to Amortization | 2023 2022 INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31 Useful lives Gross carrying Accumulated Net Gross carrying Accumulated Net Customer-related(a) 3-23 $ 6,201 $ (3,851) $ 2,351 $ 5,991 $ (3,453) $ 2,538 Patents and technology 5-15 5,924 (3,372) 2,553 5,888 (3,202) 2,686 Capitalized software 3-10 2,356 (1,639) 717 2,979 (2,186) 793 Trademarks & other 3-25 276 (200) 75 384 (295) 88 Total $ 14,757 $ (9,061) $ 5,695 $ 15,242 $ (9,137) $ 6,105 (a) Balance includes payments made to our customers, primarily within our Aerospace business. December 31 2023 2022 Aerospace $ 4,518 $ 4,748 Renewable Energy 149 183 Power 858 958 Corporate 169 216 Total other intangible assets, net $ 5,695 $ 6,105 |
Schedule of Estimated 5 Year Consolidation Amortization | Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION 2024 2025 2026 2027 2028 Estimated annual pre-tax amortization $ 597 $ 559 $ 534 $ 495 $ 483 |
CONTRACT AND OTHER DEFERRED A_2
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contractors [Abstract] | |
Contract with Customer, Asset and Liability | December 31, 2023 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,377 $ — $ 5,205 $ — $ 7,582 Billings in excess of revenues (7,902) — (1,810) — (9,712) Long-term service agreements $ (5,525) $ — $ 3,395 $ — $ (2,130) Equipment and other service agreements 494 1,374 1,499 263 3,630 Current contract assets $ (5,030) $ 1,374 $ 4,894 $ 263 $ 1,500 Nonrecurring engineering costs(a) 2,444 18 1 — 2,463 Customer advances and other(b) 2,342 — 601 — 2,943 Non-current contract and other deferred assets $ 4,785 $ 18 $ 603 $ — $ 5,406 Total contract and other deferred assets $ (245) $ 1,392 $ 5,497 $ 263 $ 6,907 December 31, 2022 Aerospace Renewable Energy Power Corporate Total Revenues in excess of billings $ 2,363 $ — $ 5,403 $ — $ 7,766 Billings in excess of revenues (6,681) — (1,763) — (8,443) Long-term service agreements $ (4,318) $ — $ 3,640 $ — $ (677) Equipment and other service agreements 433 1,063 1,404 245 3,144 Current contract assets $ (3,884) $ 1,063 $ 5,044 $ 245 $ 2,467 Nonrecurring engineering costs(a) 2,513 17 4 — 2,534 Customer advances and other(b) 2,519 — 724 — 3,243 Non-current contract and other deferred assets $ 5,032 $ 17 $ 728 $ — $ 5,776 Total contract and other deferred assets $ 1,148 $ 1,079 $ 5,772 $ 245 $ 8,244 (a) Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aerospace segment, which are amortized ratably over each unit produced. (b) Included amounts due from customers at Aerospace for the sales of engines, spare parts and services, and at Power, for the sale of services upgrades, which we collect through incremental fixed or usage-based fees from servicing the equipment under long-term service agreements. December 31, 2023 Aerospace Renewable Energy Power Corporate Total Progress collections $ 6,198 $ 6,886 $ 5,898 $ 124 $ 19,106 Current deferred income 201 239 20 112 571 Progress collections and deferred income $ 6,399 $ 7,125 $ 5,918 $ 236 $ 19,677 Non-current deferred income 1,150 122 48 20 1,339 Total Progress collections and deferred income $ 7,549 $ 7,247 $ 5,965 $ 256 $ 21,017 December 31, 2022 Progress collections $ 5,814 $ 5,195 $ 4,514 $ 131 $ 15,655 Current deferred income 233 208 13 107 562 Progress collections and deferred income $ 6,047 $ 5,404 $ 4,527 $ 238 $ 16,216 Non-current deferred income 1,110 183 104 12 1,409 Total Progress collections and deferred income $ 7,157 $ 5,586 $ 4,632 $ 250 $ 17,625 |
ALL OTHER ASSETS (Tables)
ALL OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of All Other Assets | December 31 2023 2022 Derivative instruments (Note 22) $ 437 $ 454 Prepaid taxes and deferred charges 248 313 Accrued interest and investment income 466 457 Other 495 176 All other current assets $ 1,647 $ 1,400 Equity method investments (Note 26) 7,931 7,633 Long-term receivables (Note 4) 1,129 1,236 Prepaid taxes and deferred charges 608 583 Insurance receivables(a) 2,364 2,438 Insurance investments without readily determinable fair value (Note 3) 939 548 Insurance cash and cash equivalents(b) 784 619 Pension surplus 1,468 1,793 Other 774 627 All other non-current assets $ 15,997 $ 15,477 Total All other assets $ 17,643 $ 16,876 (a) Included commercial mortgage loans related to our run-off insurance operations. See Note 12. (b) Cash and cash equivalents in our insurance entities are subject to regulatory restrictions and used for operations of those entities. Therefore, the balance is included in All other assets. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | December 31 2023 2022 Amount Average Rate Amount Average Rate Current portion of long-term borrowings Senior notes 1,044 2.42 % $ 3,525 1.30 % Subordinated notes and other 107 6.73 100 6.71 % Other short- term borrowings 103 115 Total short-term borrowings $ 1,253 $ 3,739 Maturities Amount Average Rate Amount Average Rate Senior notes 2025-2055 $ 17,509 3.99 % $ 18,079 3.96 % Subordinated notes 2035-2037 1,383 4.43 1,340 4.72 % Other 819 901 Total long-term borrowings $ 19,711 $ 20,320 Total borrowings $ 20,965 $ 24,059 |
Schedule of Maturities of Long-term Debt | Long-term debt maturities over the next five years as follows. 2024 2025 2026 2027 2028 Thereafter Total Long term debt maturities $1,151 (a) $1,827 $1,334 $1,580 $478 $14,493 $20,862 (a) |
ACCOUNTS PAYABLE AND EQUIPMEN_2
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals | December 31 2023 2022 Trade payables $ 10,678 $ 10,033 Supply chain finance programs(a) 3,133 3,689 Equipment project payables(b) 1,193 1,236 Non-income based tax payables 403 441 Accounts payable and equipment project payables $ 15,408 $ 15,399 (a) During the fourth quarter of 2023, Renewable Energy, Power and Corporate made prepayments of $473 million, $185 million and $76 million, respectively, related to supply chain finance programs. (b) Primarily related to projects at Power and Renewable Energy. |
INSURANCE LIABILITIES AND ANN_2
INSURANCE LIABILITIES AND ANNUITY BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Insurance and Investment Contract Liabilities | A summary of our insurance liabilities and annuity benefits is presented below: December 31, 2023 Long-term care Structured settlement annuities Life Other contracts Total Future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 382 $ 37,689 Investment contracts — 793 — 742 1,535 Other — — 116 285 400 Total $ 26,832 $ 10,150 $ 1,233 $ 1,409 $ 39,624 December 31, 2022 Future policy benefit reserves $ 24,256 $ 8,860 $ 1,040 $ 437 $ 34,593 Investment contracts — 860 — 848 1,708 Other — — 178 365 544 Total $ 24,256 $ 9,720 $ 1,218 $ 1,651 $ 36,845 |
Summary of Future Policy Benefits | The following tables summarize balances of and changes in future policy benefits reserves. 2023 2022 Present value of expected net premiums Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Balance, beginning of year $ 4,059 $ — $ 4,828 $ 5,652 $ — $ 6,622 Beginning balance at locked-in discount rate 3,958 — 5,210 4,451 — 5,443 Effect of changes in cash flow assumptions (4) — (77) (9) — 91 Effect of actual variances from expected experience (22) — (300) (289) — 6 Adjusted beginning of year balance 3,932 — 4,833 4,152 — 5,540 Interest accrual 207 — 192 223 — 203 Net premiums collected (394) — (315) (417) — (357) Effect of foreign currency — — 64 — — (176) Ending balance at locked-in discount rate 3,745 — 4,773 3,958 — 5,210 Effect of changes in discount rate assumptions 318 — 30 101 — (381) Balance, end of period $ 4,063 $ — $ 4,803 $ 4,059 $ — $ 4,828 Present value of expected future policy benefits Balance, beginning of year $ 28,316 $ 8,860 $ 5,868 $ 40,296 $ 12,328 $ 7,923 Beginning balance at locked-in discount rate 27,026 8,790 6,247 27,465 9,024 6,560 Effect of changes in cash flow assumptions (45) (16) 49 (413) (23) 120 Effect of actual variances from expected experience (13) 19 (241) (320) (10) 40 Adjusted beginning of year balance 26,968 8,793 6,055 26,732 8,990 6,720 Interest accrual 1,454 454 232 1,446 471 243 Benefit payments (1,278) (687) (508) (1,152) (671) (531) Effect of foreign currency — — 67 — — (185) Ending balance at locked-in discount rate 27,144 8,561 5,847 27,026 8,790 6,247 Effect of changes in discount rate assumptions 3,752 797 74 1,290 70 (380) Balance, end of period $ 30,895 $ 9,357 $ 5,921 $ 28,316 $ 8,860 $ 5,868 Net future policy benefit reserves $ 26,832 $ 9,357 $ 1,117 $ 24,256 $ 8,860 $ 1,040 Less: Reinsurance recoverables, net of allowance for credit losses (166) — (33) (171) — (67) Net future policy benefit reserves, after reinsurance recoverables $ 26,666 $ 9,357 $ 1,084 $ 24,085 $ 8,860 $ 973 The following table provides the amount of undiscounted and discounted expected future gross premiums and expected future benefits and expenses for nonparticipating traditional contracts. 2023 2022 Undiscounted Discounted(a) Undiscounted Discounted(a) Long-term care: Gross premiums $ 7,379 $ 4,895 $ 7,985 $ 4,918 Benefit payments 63,126 30,895 65,217 28,316 Structured settlement annuities: Benefit payments 19,291 9,357 19,936 8,860 Life: Gross premiums 12,388 5,800 13,754 5,916 Benefit payments 11,202 5,921 12,020 5,868 (a) Determined using the current discount rate as of December 31, 2023 and 2022. The following table provides the weighted-average durations of and weighted-average interest rates for the liability for future policy benefits. 2023 2022 Long-term care Structured settlement annuities Life Long-term care Structured settlement annuities Life Duration (years)(a) 12.8 11.3 5.3 13.0 10.7 5.0 Interest accretion rate 5.5% 5.4% 5.0% 5.5% 5.4% 4.9% Current discount rate 4.9% 4.8% 4.7% 5.6% 5.5% 5.4% (a) Determined using the current discount rate as of December 31, 2023 and 2022. |
POSTRETIREMENT BENEFIT PLANS (T
POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Description Postretirement Benefit Plans | DESCRIPTION OF OUR PLANS Plan Category Participants Funding Comments Principal Pension Plans GE Energy Pension Plan and GE Aerospace Pension Plan Covers U.S. participants ~115,400 retirees and beneficiaries, ~47,500 vested former employees and ~15,700 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level. Closed to new participants since 2012. Benefits for employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced October 2019). GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan Provides supplementary benefits to higher-level, longer-service U.S. employees Unfunded. We pay benefits on a pay-as-you-go basis from company cash. The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit. Other Pension Plans(a) 34 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~42,600 retirees and beneficiaries, ~28,300 vested former employees and ~7,700 active employees Our funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates. Principal Retiree Benefit Plans Provides health and life insurance benefits to certain eligible participants Covers U.S. participants ~89,300 retirees and dependents and ~15,000 active employees We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. Participants share in the cost of the healthcare benefits. (a) Plans for GE Energy, including Power and Renewable Energy (will be part of GE Vernova) and GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. |
Schedule of Funded Status | FUNDING STATUS BY PLAN TYPE Benefit Obligation Fair Value of Assets Deficit/(Surplus) 2023 2022 2023 2022 2023 2022 Principal Pension Plans: GE Pension Plan (subject to regulatory funding) $ — $ 48,134 $ — $ 44,993 $ — $ 3,141 GE Supplementary Pension Plan (not subject to regulatory funding) — 5,457 — — — 5,457 GE Energy Pension Plan and GE Aerospace Pension Plan (subject to regulatory funding) 32,676 — 29,744 — 2,932 — GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan (not subject to regulatory funding) 3,541 — — — 3,541 — 36,217 53,591 29,744 44,993 6,473 8,598 Other Pension Plans: Subject to regulatory funding 9,174 12,078 10,601 14,512 (1,427) (2,434) Not subject to regulatory funding 1,203 1,838 163 151 1,040 1,687 Principal retiree benefit (not subject to regulatory funding) 2,055 3,304 8 10 2,047 3,294 Total plans subject to regulatory funding 41,850 60,212 40,345 59,505 1,505 707 Total plans not subject to regulatory funding 6,799 10,599 171 161 6,628 10,438 Total plans 48,649 70,811 40,516 59,666 8,133 11,145 Less: discontinued operations — 23,513 — 19,291 — 4,222 Total plans - continuing operations $ 48,649 $ 47,298 $ 40,516 $ 40,375 $ 8,133 $ 6,923 FUNDING STATUS BY PLAN TYPE at December 31, 2023 Benefit Obligation Fair Value of Assets Deficit/(Surplus) Power and Renewable Energy: GE Energy Pension Plan $ 10,239 $ 9,491 $ 748 GE Energy Supplementary Pension Plan 541 — 541 Other pension plans 6,712 6,851 (139) Principal retiree benefit plans 766 — 766 18,258 16,342 1,916 Aerospace: GE Aerospace Pension Plan 22,437 20,253 2,184 GE Aerospace Supplementary Pension Plan 3,000 — 3,000 Other pension plans 3,665 3,913 (248) Principal retiree benefit plans 1,289 8 1,281 30,391 24,174 6,217 Total plans $ 48,649 $ 40,516 $ 8,133 PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME) 2023 2022 Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligations Balance at January 1 $ 53,591 $ 13,916 $ 3,304 $ 72,299 $ 22,256 $ 4,308 Service cost 94 37 17 221 86 39 Interest cost 1,892 422 111 2,069 398 108 Participant contributions 10 19 31 14 19 54 Plan amendments 49 — — — — — Actuarial loss (gain) - net 1,081 (a) 526 (a) (5) (17,281) (a) (6,282) (a) (778) (a) Benefits paid (2,503) (618) (254) (3,731) (920) (438) Dispositions/acquisitions/other - net (17,997) (4,387) (1,149) — — 11 Exchange rate adjustments — 462 — — (1,641) — Balance at December 31 $ 36,217 (b) $ 10,377 $ 2,055 (c) $ 53,591 (b) $ 13,916 $ 3,304 (c) Change in plan assets Balance at January 1 $ 44,993 $ 14,663 $ 10 $ 60,990 $ 22,490 $ 42 Actual gain (loss) on plan assets 1,869 442 — (12,605) (5,334) — Employer contributions 212 161 221 325 209 352 Participant contributions 10 19 31 14 19 54 Benefits paid (2,503) (618) (254) (3,731) (920) (438) Dispositions/acquisitions/other - net (14,837) (4,439) — — — — Exchange rate adjustments — 536 — — (1,801) — Balance at December 31 $ 29,744 $ 10,764 $ 8 $ 44,993 $ 14,663 $ 10 Funded status - surplus (deficit) $ (6,473) $ 387 $ (2,047) $ (8,598) $ 747 $ (3,294) Amounts recorded in Continuing operations: Non-current assets - other $ — $ 1,489 $ — $ — $ 1,747 $ — Current liabilities - other (224) (54) (205) (214) (55) (222) Non-current liabilities - compensation and benefits(d) (6,249) (1,048) (1,842) (5,243) (1,013) (1,923) Discontinued operations: Non-current assets — — — — 844 — Current and non-current liabilities — — — (3,141) (776) (1,149) Net amount recorded $ (6,473) $ 387 $ (2,047) $ (8,598) $ 747 $ (3,294) Amounts recorded in Accumulated other comprehensive loss (income) Prior service cost (credit) $ (25) $ (16) $ (909) $ (113) $ (42) $ (1,677) Net loss (gain) (1,454) 1,680 (990) (5,710) 1,787 (1,705) Total recorded in Accumulated other comprehensive loss (income) $ (1,479) $ 1,664 $ (1,899) $ (5,823) $ 1,745 $ (3,382) (a) Primarily due to impact of discount rates. (b) The benefit obligation for the GE Energy Supplementary Pension Plan and GE Aerospace Supplementary Pension Plan, which are unfunded plans, was $3,541 million at December 31, 2023 and the GE Supplementary Pension Plan was $5,457 million at December 31, 2022. (c) The benefit obligation for retiree health plans from continuing operations was $1,208 million at December 31, 2023. The benefit obligation for retiree health plans was $1,991 million at December 31, 2022. (d) Includes $37 million and $35 million of liabilities held for sale related to our Steam business as disclosed in Note 2 as of December 31, 2023 and 2022, respectively. |
Schedule of Cost of Benefits Plans and Assumptions | COST OF OUR BENEFITS PLANS 2023 2022 2021 AND ASSUMPTIONS Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income) Service cost - operating $ 94 $ 37 $ 17 $ 221 $ 86 $ 39 $ 237 $ 233 $ 44 Interest cost 1,892 422 111 2,069 398 108 1,951 383 103 Expected return on plan assets (2,376) (587) — (3,142) (967) — (3,049) (1,194) — Amortization of net loss (gain) (723) 20 (124) 1,422 101 (115) 3,483 403 (79) Amortization of prior service cost (credit) 5 (4) (148) 5 (8) (235) 28 (3) (236) Curtailment / settlement loss (gain) — (6) — — (6) — — 76 — Non-operating $ (1,202) $ (155) $ (161) $ 354 $ (482) $ (242) $ 2,413 $ (335) $ (212) Net periodic expense (income) $ (1,108) $ (118) $ (144) $ 575 $ (396) $ (203) $ 2,650 $ (102) $ (168) Less: discontinued operations — — — 199 (109) (80) 885 (8) (61) Continuing operations - net periodic expense (income) $ (1,108) $ (118) $ (144) — $ 376 $ (287) $ (123) — $ 1,765 $ (94) $ (107) Weighted-average benefit obligations assumptions Discount rate 5.18 % 3.93 % 5.09 % 5.53 % 4.59 % 5.43 % 2.94 % 1.93 % 2.64 % Compensation increases 3.86 2.24 3.25 3.07 2.44 3.12 3.05 2.35 2.63 Initial healthcare trend rate(a) N/A N/A 6.50 N/A N/A 6.40 N/A N/A 5.70 Weighted-average benefit cost assumptions Discount rate 5.53 4.59 5.43 2.94 1.93 2.64 2.61 1.44 2.15 Expected rate of return on plan assets 7.00 5.66 — 6.00 4.80 — 6.25 5.69 1.25 |
Schedule of Composition of Plan Assets | The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. December 31 2023 2022 Principal pension Other pension Principal pension Other pension Global equities $ 1,985 $ 1,152 $ 3,918 $ 1,097 Debt securities Fixed income and cash investment funds 1,764 4,188 4,918 6,506 U.S. corporate(a) 6,599 145 8,715 382 Other debt securities(b) 6,064 218 7,853 443 Real estate 775 18 1,486 53 Private equities and other investments 600 259 1,245 364 Total 17,787 5,980 28,135 8,845 Plan assets measured at net asset value Global equities $ 3,169 $ 612 $ 3,285 $ 1,029 Debt securities 1,907 2,224 3,469 1,024 Real estate 1,067 1,074 1,624 1,976 Private equities and other investments 5,814 874 8,480 1,789 Total plan assets at fair value 29,744 10,764 44,993 14,663 Less: discontinued operations — — 14,860 4,431 Total plan assets - continuing operations $ 29,744 $ 10,764 $ 30,133 $ 10,232 (a) Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b) Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. |
Schedule of Asset Allocation | ASSET ALLOCATION OF PENSION PLANS 2023 Target allocation 2023 Actual allocation Principal Pension Other Pension (weighted average) Principal Pension Other Pension (weighted average) Global equities 10.0 - 30.0 % 16 % 17 % 17 % Debt securities (including cash equivalents) 31.0 - 81.5 60 55 62 Real estate 1.0 - 10.0 8 6 10 Private equities & other investments 6.0 - 34.0 16 22 11 |
Schedule of Defined Benefit Plan Annual Returns | ANNUALIZED RETURNS(a) 1 year 5 years 10 years 25 years GE Aerospace Pension Plan 6.5 % 5.2 % 4.6 % 5.3 % GE Energy Pension Plan 6.6 % 5.2 % 4.6 % 5.3 % (a) Prior to 2023, the annualized returns represent the GE Pension Plan's returns. |
Schedule of Estimated Future Benefit Payments | EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a) Principal pension Other pension Principal retiree benefit 2024 $ 2,570 $ 570 $ 220 2025 2,590 560 210 2026 2,605 560 205 2027 2,615 580 200 2028 2,615 590 195 2029-2033 12,885 3,065 845 (a) As of the measurement date of December 31, 2023. |
Schedule of Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income | COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME For the years ended December 31 2023 2022 2021 (Pre-tax) Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans $ (1,108) $ (118) $ (144) $ 575 $ (396) $ (203) $ 2,650 $ (102) $ (168) Changes in other comprehensive loss (income) Prior service cost (credit) - current year 49 — — — — — — (1) — Net loss (gain) - current year(a) 1,588 721 (5) (1,533) (128) (778) (4,959) (2,104) (488) Reclassifications out of AOCI Curtailment/settlement gain (loss) — 6 — — 6 — — (68) — Dispositions/acquisitions/other - net 1,989 (792) 1,216 — — — — (68) — Amortization of net gain (loss) 723 (20) 124 (1,422) (101) 115 (3,483) (403) 79 Amortization of prior service credit (cost) (5) 4 148 (5) 8 235 (28) 3 236 Total changes in other comprehensive loss (income) 4,344 (81) 1,483 (2,960) (215) (428) (8,470) (2,641) (173) Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) $ 3,236 $ (199) $ 1,339 $ (2,385) $ (611) $ (631) $ (5,820) $ (2,743) $ (341) (a) Primarily due to impact of discount rates and investment performance. |
ALL OTHER LIABILITIES (Tables)
ALL OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Current and All Other Liabilities | December 31 2023 2022 Sales discounts and allowances(a) $ 3,746 $ 3,950 Equipment projects and other commercial liabilities 2,019 1,422 Product warranties (Note 24) 910 1,075 Employee compensation and benefit liabilities 4,001 3,339 Interest payable 323 352 Taxes payable 654 578 Environmental, health and safety liabilities (Note 24) 188 248 Derivative instruments (Note 22) 161 420 Other 711 746 All other current liabilities $ 12,712 $ 12,130 Equipment projects and other commercial liabilities $ 1,802 $ 2,192 Product warranties (Note 24) 1,143 885 Operating lease liabilities (Note 6) 1,973 2,089 Uncertain and other income taxes and related liabilities 2,182 2,459 Alstom legacy legal matters (Note 24) 393 455 Environmental, health and safety liabilities (Note 24) 2,278 2,166 Other 737 816 All other non-current liabilities $ 10,508 $ 11,063 Total All other liabilities $ 23,221 $ 23,193 (a) Primarily comprise amounts payable to airlines based on future aircraft deliveries by airframers and discounts on spare parts and repair sales at our Aerospace segment. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Benefit) Provision for Income Taxes | EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2023 2022 2021 U.S. earnings (loss) $ 7,037 $ (908) $ (3,596) Non-U.S. earnings (loss) 3,154 109 (2,099) Total $ 10,191 $ (799) $ (5,695) PROVISION (BENEFIT) FOR INCOME TAXES 2023 2022 2021 Current U.S. Federal $ (423) $ (311) $ (1,475) Non-U.S. 823 733 655 U.S. State 140 (52) (145) Deferred U.S. Federal 49 (617) (366) Non-U.S. 591 352 610 U.S. State (17) (108) (36) Total $ 1,162 $ (3) $ (757) |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate | RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE 2023 2022 2021 Amount Rate Amount Rate Amount Rate U.S. federal statutory income tax rate $ 2,140 21.0 % $ (168) 21.0 % $ (1,196) 21.0 % Tax on global activities including exports(a) 462 4.5 300 (37.6) 154 (2.7) U.S. general business credits(b) (273) (2.7) (233) 29.1 (175) 3.1 Debt tender and related valuation allowances — — 30 (3.8) 940 (16.5) Deductible stock and restructuring losses — — — — (583) 10.2 Retained and sold ownership interests (1,215) (11.9) 3 (0.4) 45 (0.8) All other – net(c)(d) 48 0.5 65 (7.9) 58 (1.0) (978) (9.6) 165 (20.6) 439 (7.7) Actual income tax rate $ 1,162 11.4 % $ (3) 0.4 % $ (757) 13.3 % (a) For the year ended December 31, 2023, 2022, and 2021, respectively, the expense/(benefit) related to the negotiated tax rate in Singapore was $(136) million, $(112) million and $(83) million. (b) Primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. (c) For the year ended December 31, 2023 and 2022, included $9 million and $134 million for separation income tax costs of which $38 million and $66 million was due to the repatriation of previously reinvested earnings. (d) |
Schedule of Unrecognized Tax Benefits | The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months (excluding the expected decrease to the GE balance due to the announced plan to spin-off GE Vernova and for 2022 and 2021 the impact of the spin-off of GE HealthCare) were: UNRECOGNIZED TAX BENEFITS 2023 2022 2021 Unrecognized tax benefits $ 3,399 $ 3,951 $ 4,224 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 2,708 3,072 3,351 Accrued interest on unrecognized tax benefits 635 614 597 Accrued penalties on unrecognized tax benefits 111 111 146 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-100 0-650 0-250 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-100 0-600 0-200 (a) Some portion of such reduction may be reported as discontinued operations. |
Schedule of Unrecognized Tax Benefits Reconciliation | UNRECOGNIZED TAX BENEFITS RECONCILIATION 2023 2022 2021 Balance at January 1 $ 3,951 $ 4,224 $ 4,191 Additions for tax positions of the current year 109 62 396 Additions for tax positions of prior years 156 120 327 Reductions for tax positions of prior years(a) (710) (393) (585) Settlements with tax authorities (56) (8) (33) Expiration of the statute of limitations (51) (54) (71) Balance at December 31 $ 3,399 $ 3,951 $ 4,224 (a) For 2023, reductions included $577 million related to the spin-off of GE HealthCare. |
Schedule of Components of Net Deferred Income Tax Asset (Liability) | The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 31 2023 2022 Total assets $ 11,128 $ 10,626 Total liabilities (553) (625) Net deferred income tax asset (liability) $ 10,575 $ 10,001 COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31 2023 2022 Deferred tax assets Insurance company loss reserves $ 3,185 $ 2,492 Progress collections, contract assets and deferred items 2,753 2,365 Accrued expenses and reserves 2,197 2,215 Deferred expenses 1,317 1,438 Other compensation and benefits 1,143 1,173 Principal pension plans 1,359 1,146 Non-U.S. loss carryforwards(a) 972 939 Other(b) 843 1,000 Total deferred tax assets $ 13,769 $ 12,768 Deferred tax liabilities Depreciation $ (702) $ (613) Global investments, partnerships, join ventures and non-consolidated entities (1,389) (1,440) Other (1,103) (714) Total deferred tax liabilities (3,194) (2,767) Net deferred income tax asset (liability) $ 10,575 $ 10,001 (a) Net of valuation allowances of $6,932 million and $6,369 million as of December 31, 2023 and 2022, respectively. Of the net deferred tax asset as of December 31, 2023 of $972 million, $73 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2024 through December 31, 2026; $327 million relates to net operating losses that expire in various years ending from December 31, 2027 through December 31, 2043; and $572 million relates to net operating loss carryforwards that may be carried forward indefinitely. (b) Included valuation allowances related to assets other than non-U.S. loss carryforwards of $1,937 million and $3,264 million as of December 31, 2023 and 2022, respectively. These primarily relate to excess capital loss carryforwards and excess U.S. foreign tax credits. The decrease in valuation allowance from December 31, 2022 to December 31, 2023 reflects utilization of losses against 2023 net capital gains of $1,413 million including gains reported in discontinued operations. The valuation allowance as of December 31, 2022 increased during the year primarily because it includes $1,327 million of valuation allowance against a deferred tax asset for deductible stock and restructuring losses for the year ended December 31, 2022 which was not likely to be utilized. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Shareholders' Equity | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars) 2023 2022 2021 Beginning balance $ (5,893) $ (4,569) $ (4,395) AOCI before reclasses – net of taxes of $74, $144 and $(90) 12 (1,326) (101) Reclasses from AOCI – net of taxes of $(626), $0 and $87(a) 2,262 — (71) AOCI 2,274 (1,326) (172) Less AOCI attributable to noncontrolling interests 4 (2) 2 Currency translation adjustments AOCI $ (3,623) $ (5,893) $ (4,569) Beginning balance $ 6,531 $ 3,646 $ (5,395) AOCI before reclasses – net of taxes of $(497), $597 and $1,643 (1,874) 2,117 6,225 Reclasses from AOCI – net of taxes of $(778), $216 and $793(a) (2,873) 772 2,819 AOCI (4,747) 2,889 9,044 Less AOCI attributable to noncontrolling interests (2) 3 3 Benefit plans AOCI $ 1,786 $ 6,531 $ 3,646 Beginning balance $ (1,927) $ 5,172 $ 6,471 AOCI before reclasses – net of taxes of $248, $(1,861) and $(386) 1,046 (7,135) (1,343) Reclasses from AOCI – net of taxes of $(7), $(20) and $23(a) (78) 36 44 AOCI 968 (7,099) (1,299) Investment securities and cash flow hedges AOCI $ (959) $ (1,927) $ 5,172 Beginning balance $ (983) $ (9,109) $ (11,708) AOCI before reclasses – net of taxes of $(630), $2,160 and $691 (2,371) 8,126 2,599 AOCI (2,371) 8,126 2,599 Long-duration insurance contracts AOCI $ (3,354) $ (983) $ (9,109) AOCI at December 31 $ (6,150) $ (2,272) $ (4,860) Dividends declared per common share $ 0.32 $ 0.32 $ 0.32 (a) The total reclassification from AOCI included $195 million, including currency translation of $2,234 million and benefit plans of $(2,030) million, net of taxes, in first quarter of 2023 related to the spin-off of GE HealthCare. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Weighted Average Grant Date Fair Value | WEIGHTED AVERAGE GRANT DATE FAIR VALUE 2023 2022 2021 Stock options $ 36.10 $ 34.03 $ 40.64 RSUs 89.60 87.68 104.98 PSUs/Performance shares 89.44 95.40 108.51 |
Stock-Based Compensation Activity | STOCK-BASED COMPENSATION ACTIVITY Stock options RSUs Shares (in thousands) Weighted average exercise price Weighted average contractual term (in years) Intrinsic value (in millions) Shares (in thousands) Weighted average grant date fair value Weighted average contractual term (in years) Intrinsic value (in millions) Outstanding at January 1, 2023 31,023 $ 142.68 9,687 $ 79.82 Spin-off adjustment(a) 3,704 N/A (784) N/A Granted 358 88.15 3,203 89.60 Exercised (7,275) 77.64 (3,480) 67.96 Forfeited (21) 64.46 (523) 69.73 Expired (5,216) 152.04 N/A N/A Outstanding at December 31, 2023 22,573 $ 122.35 3.0 $ 544 8,103 $ 76.52 1.1 $ 1,034 Exercisable at December 31, 2023 21,389 $ 124.83 2.8 $ 484 N/A N/A N/A N/A Expected to vest 1,098 $ 77.50 7.7 $ 55 7,313 $ 76.09 1.0 $ 933 (a) The spin-off adjustment represents the net of shares converted into new GE awards and shares converted and transferred to GE HealthCare Technologies Inc. as a result of the January 3, 2023 separation of GE HealthCare. |
Schedule of Compensation Expense | 2023 2022 2021 Compensation expense (after-tax)(a) $ 299 $ 251 $ 305 Cash received from stock options exercised 565 62 93 Intrinsic value of stock options exercised and RSU/PSUs vested 561 170 217 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2023 was $318 million, which will be amortized over a weighted average period of 1.0 year. Income tax benefit recognized in earnings was $61 million, $12 million and an insignificant amount in 2023, 2022, and 2021, respectively. |
Schedule of Cash Proceeds and Intrinsic Value | 2023 2022 2021 Compensation expense (after-tax)(a) $ 299 $ 251 $ 305 Cash received from stock options exercised 565 62 93 Intrinsic value of stock options exercised and RSU/PSUs vested 561 170 217 (a) Unrecognized compensation cost related to unvested equity awards as of December 31, 2023 was $318 million, which will be amortized over a weighted average period of 1.0 year. Income tax benefit recognized in earnings was $61 million, $12 million and an insignificant amount in 2023, 2022, and 2021, respectively. |
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | 2023 2022 2021 (Earnings for per-share calculation, shares in millions, per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Earnings (loss) from continuing operations $ 9,063 $ 9,066 $ (811) $ (811) $ (4,822) $ (4,822) Preferred stock dividends and other and accretion of preferred share repurchase(a) (295) (295) (286) (286) (246) (246) Earnings (loss) from continuing operations attributable to common shareholders 8,769 8,772 (1,097) (1,097) (5,067) (5,067) Earnings (loss) from discontinued operations 414 414 1,151 1,151 (1,516) (1,516) Net earnings (loss) attributable to GE common shareholders 9,182 9,186 54 54 (6,583) (6,583) Shares of GE common stock outstanding 1,089 1,089 1,096 1,096 1,098 1,098 Employee compensation-related shares (including stock options) 10 — — — — — Total average equivalent shares 1,099 1,089 1,096 1,096 1,098 1,098 Earnings (loss) from continuing operations $ 7.98 $ 8.06 $ (1.00) $ (1.00) $ (4.62) $ (4.62) Earnings (loss) from discontinued operations 0.38 0.38 1.05 1.05 (1.38) (1.38) Net earnings (loss) per share 8.36 8.44 0.05 0.05 (6.00) (6.00) Potentially dilutive securities(b) 26 45 41 (a) For the year ended December 31, 2023, included $(58) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. |
OTHER INCOME (LOSS) (Tables)
OTHER INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Loss) | 2023 2022 2021 Investment in GE HealthCare realized and unrealized gain (loss) $ 5,639 $ — $ — Investment in and note with AerCap realized and unrealized gain (loss) 129 (865) 711 Investment in Baker Hughes realized and unrealized gain (loss) 10 912 938 Gains (losses) on retained and sold ownership interests $ 5,778 $ 47 $ 1,649 Other net interest and investment income (loss)(a) 739 474 585 Licensing and royalty income 244 185 175 Equity method income 237 220 (123) Purchases and sales of business interests(b) 104 60 (52) Other items 28 185 462 Total other income (loss) $ 7,129 $ 1,172 $ 2,696 (a) Included interest income associated with customer advances of $156 million, $162 million and $167 million in 2023, 2022 and 2021, respectively. See Note 8 for further information. (b) Included a pre-tax loss of $170 million related to the sale of our boiler manufacturing business in China in our Power segment in 2021. Our investment in GE HealthCare comprises 61.6 million shares (approximately 13.5% ownership interest) at December 31, 2023. During the year ended December 31, 2023, we received total proceeds of $2,192 million from the disposition of GE HealthCare shares. During the year ended December 31, 2023, we received total proceeds of $6,587 million from the sale of our remaining AerCap shares, leaving an AerCap senior note as our only remaining position. During the first quarter of 2023, we received proceeds of $216 million from the sale of Baker Hughes shares and have now fully monetized our position. |
RESTRUCTURING CHARGES AND SEP_2
RESTRUCTURING CHARGES AND SEPARATION COSTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. RESTRUCTURING AND OTHER CHARGES 2023 2022 2021 Workforce reductions $ 392 $ 281 $ 568 Plant closures & associated costs and other asset write-downs 258 533 117 Acquisition/disposition net charges and other 56 30 (21) Total restructuring and other charges $ 706 $ 845 $ 664 Cost of equipment/services $ 157 $ 206 $ 348 Selling, general and administrative expenses 549 669 390 Other (income) loss — (31) (75) Total restructuring and other charges $ 706 $ 845 $ 664 Aerospace $ 13 $ 20 $ 70 Renewable Energy 296 177 204 Power 107 155 369 Corporate 290 494 20 Total restructuring and other charges(a) $ 706 $ 845 $ 664 Restructuring and other charges cash expenditures(b) $ 508 $ 415 $ 683 (a) Includes $303 million, $366 million and $114 million primarily in non-cash impairment, accelerated depreciation and other charges for the years ended December 31, 2023, 2022 and 2021, respectively, not reflected in the liability table below. (b) Primarily for employee severance payments, contract and lease terminations. An analysis of changes in the liability for restructuring follows: 2023 2022 2021 Balance at beginning of period $ 977 $ 825 $ 1,065 Additions 403 479 550 Payments (351) (310) (570) Remeasurement (42) 15 (169) Effect of foreign currency and other (69) (32) (51) Balance at December 31(a) $ 918 $ 977 $ 825 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Level 1 Level 2 Level 3(a) Netting Net balance(b) December 31 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Investment securities $ 4,767 $ 6,732 $ 32,098 $ 30,483 $ 6,841 $ 6,421 $ — $ — $ 43,706 $ 43,636 Derivatives — — 943 1,274 6 1 (512) (821) 437 454 Total assets $ 4,767 $ 6,732 $ 33,042 $ 31,757 $ 6,847 $ 6,421 $ (512) $ (821) $ 44,143 $ 44,090 Derivatives $ — $ — $ 669 $ 1,240 $ 2 $ — $ (510) $ (820) $ 161 $ 420 Other(c) — — 428 379 — — — — 428 379 Total liabilities $ — $ — $ 1,097 $ 1,619 $ 2 $ — $ (510) $ (820) $ 588 $ 799 (a) Included $3,873 million of U.S. corporate debt securities, $1,491 million of Mortgage and asset-backed debt securities, and the $944 million AerCap note at December 31, 2023. Included $3,548 million of U.S. corporate debt securities, $1,386 million of Mortgage and asset-backed debt securities, and the $900 million AerCap note at December 31, 2022. (b) Included investment securities in our run-off Insurance operations of $37,592 million and $35,503 million as of December 31, 2023 and 2022, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (c) Primarily represents the liabilities associated with certain of our deferred incentive compensation plans. (d) |
Schedule of Changes in Level 3 Investment Securities | Balance at Net realized/unrealized gains(losses)(a) Purchases(b) Sales & Settlements Transfers Transfers Balance at 2023 Investment securities $ 6,421 $ 195 $ 617 $ (398) $ 37 $ (30) $ 6,841 2022 Investment securities $ 7,222 $ (1,002) $ 973 $ (628) $ 57 $ (201) $ 6,421 (a) Primarily included net unrealized gains (losses) of $134 million and $(994) million in Other comprehensive income for the years ended December 31, 2023 and 2022, respectively. (b) Included $379 million of U.S. corporate debt securities and $177 million of Mortgage and asset-backed debt securities for the year ended December 31, 2023. Included $508 million of U.S. corporate debt securities and $302 million of Mortgage and asset-backed debt securities for the year ended December 31, 2022. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Estimated Fair Value of Assets and Liabilities | The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and the vast majority of our liabilities’ fair value are considered Level 2. December 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Assets Loans and other receivables $ 2,438 $ 2,379 $ 2,557 $ 2,418 Liabilities Borrowings (Note 10) $ 20,965 $ 20,689 $ 24,059 $ 22,849 Investment contracts (Note 12) 1,535 1,616 1,708 1,758 |
Schedule of Fair Value of Derivative Assets | FAIR VALUE OF DERIVATIVES December 31, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,648 $ 156 $ 91 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 50,563 794 580 52,786 1,143 1,095 Gross derivatives $ 57,211 $ 950 $ 671 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (512) $ (510) $ (821) $ (820) Net derivatives in statement of financial position $ 437 $ 161 $ 454 $ 420 |
Schedule of Fair Value of Derivative Liabilities | FAIR VALUE OF DERIVATIVES December 31, 2023 December 31, 2022 Gross Notional All other current assets All other current liabilities Gross Notional All other current assets All other current liabilities Qualifying currency exchange contracts $ 6,648 $ 156 $ 91 $ 5,112 $ 132 $ 146 Non-qualifying currency exchange contracts and other 50,563 794 580 52,786 1,143 1,095 Gross derivatives $ 57,211 $ 950 $ 671 $ 57,898 $ 1,275 $ 1,241 Netting and credit adjustments $ (512) $ (510) $ (821) $ (820) Net derivatives in statement of financial position $ 437 $ 161 $ 454 $ 420 |
Schedule of Effects of Derivatives on AOCI | CASH FLOW HEDGES AND NET INVESTMENT HEDGES Gain (loss) recognized in AOCI for the year ended December 31 2023 2022 2021 Cash flow hedges(a) $ 83 $ (242) $ (140) Net investment hedges(b) (153) 341 487 (a) Primarily related to currency exchange contracts. (b) The carrying value of foreign currency debt designated as net investment hedges was $4,726 million and $3,329 million as of December 31, 2023 and 2022, respectively. The total reclassified from AOCI into earnings was zero, zero and $(87) million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Schedule of Effects of Derivatives on Earnings | The table below presents the effects of hedges and resulting gains (losses) of our derivative financial instruments in the Statement of Earnings (Loss): 2023 2022 Revenues Interest Expense SG&A(b) Other Income(a) Revenues Debt Interest Expense SG&A(b) Other Income(a) $ 67,954 $ 1,118 $ 9,195 $ 57,521 $ 58,100 $ 465 $ 1,477 $ 9,173 $ 45,444 Cash flow hedges $ (1) $ (10) $ 1 $ 39 $ (23) $ (20) $ (2) $ (100) Fair value hedges $ — $ (16) Non-hedging derivatives $ — $ — $ 130 $ (167) $ 7 $ 159 $ (4) $ (269) $ (485) (a) Amounts are inclusive of cost of sales and other income (loss). (b) SG&A was primarily driven by hedges of deferred incentive compensation, and hedges of remeasurement of monetary assets and liabilities. |
COMMITMENTS, GUARANTEES, PROD_2
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability | 2023 2022 2021 Balance at January 1 $ 1,960 $ 1,730 $ 1,897 Current-year provisions(a) 961 1,081 635 Expenditures (886) (768) (724) Other changes 18 (83) (78) Balance at December 31 $ 2,053 $ 1,960 $ 1,730 a) The increase in current and prior-year provisions is primarily related to Renewable Energy which, in 2022, was substantially all due to changes in estimates on pre-existing warranties and related to the deployment of repairs and other corrective measures. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Reconciliation of Revenue from Segments to Consolidated | REVENUES Total revenues Intersegment revenues External revenues Years ended December 31 2023 2022 2021 2023 2022 2021 2023 2022 2021 Aerospace $ 31,770 $ 26,050 $ 21,310 $ 708 $ 660 $ 1,036 $ 31,062 $ 25,390 $ 20,274 Renewable Energy 15,050 12,977 15,697 76 80 138 14,974 12,896 15,559 Power 17,731 16,262 16,903 180 267 345 17,551 15,995 16,558 Corporate 3,403 2,812 2,559 (965) (1,008) (1,519) 4,367 3,819 4,078 Total $ 67,954 $ 58,100 $ 56,469 $ — $ — $ — $ 67,954 $ 58,100 $ 56,469 |
Schedule of Classification of Equipment and Services Revenues | Years ended December 31 2023 2022 2021 Equipment Services Total Equipment Services Total Equipment Services Total Aerospace $ 9,319 $ 22,451 $ 31,770 $ 7,842 $ 18,207 $ 26,050 $ 7,531 $ 13,780 $ 21,310 Renewable Energy 12,625 2,425 15,050 10,191 2,785 12,977 13,224 2,473 15,697 Power 5,396 12,335 17,731 4,737 11,526 16,262 5,035 11,868 16,903 Total segment revenues $ 27,340 $ 37,211 $ 64,551 $ 22,770 $ 32,518 $ 55,289 $ 25,789 $ 28,121 $ 53,910 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is presented separately from the remainder of the Americas. Years ended December 31 2023 2022 2021 Aerospace Renewable Energy Power Corporate Total Total Total U.S. $ 13,486 $ 6,327 $ 6,008 $ 3,270 $ 29,090 $ 24,964 $ 25,607 Non-U.S. Europe 7,225 4,099 4,178 148 15,650 12,587 11,244 China region 2,607 214 1,081 (2) 3,900 3,537 4,044 Asia (excluding China region) 3,195 1,874 2,002 (102) 6,969 6,098 5,762 Americas 1,865 1,579 1,576 14 5,034 4,750 3,553 Middle East and Africa 3,393 958 2,885 75 7,310 6,164 6,259 Total Non-U.S. $ 18,285 $ 8,723 $ 11,722 $ 133 $ 38,863 $ 33,136 $ 30,862 Total geographic revenues $ 31,770 $ 15,050 $ 17,731 $ 3,403 $ 67,954 $ 58,100 $ 56,469 Non-U.S. revenues as a % of total 58 % 58 % 66 % 57 % 57 % 55 % |
Schedule of Reconciliation of Profit and Earnings | PROFIT AND EARNINGS For the years ended December 31 2023 2022 2021 Aerospace $ 6,115 $ 4,775 $ 2,882 Renewable Energy (1,437) (2,240) (795) Power 1,449 1,217 726 Total segment profit (loss) 6,126 3,751 2,812 Corporate(a) 3,785 (2,875) 1,158 Interest and other financial charges (1,073) (1,423) (1,727) Debt extinguishment costs — (465) (6,524) Non-operating benefit income (cost) 1,585 409 (1,136) Benefit (provision) for income taxes (1,357) (210) 595 Preferred stock dividends (295) (289) (237) Earnings (loss) from continuing operations attributable to GE common shareholders 8,772 (1,100) (5,058) Earnings (loss) from discontinued operations attributable to GE common shareholders 414 1,151 (1,515) Net earnings (loss) attributable to GE common shareholders $ 9,186 $ 51 $ (6,573) (a) Includes interest and other financial charges of $45 million, $54 million and $63 million and benefit for income taxes of $195 million, $213 million and $162 million related to EFS within Corporate for the years ended December 31, 2023, 2022, and 2021, respectively. |
Schedule of Assets, PPE Additions, and Depreciation and Amortization | Assets Property, plant and Depreciation and amortization At December 31 For the years ended December 31 For the years ended December 31 2023 2022 2021 2023 2022 2021 2023 2022 2021 Aerospace $ 39,985 $ 39,243 $ 38,298 $ 734 $ 543 $ 445 $ 1,089 $ 1,037 $ 1,074 Renewable Energy 15,936 15,719 14,804 389 275 349 388 412 432 Power 23,255 22,173 23,569 348 210 189 478 506 692 Corporate 82,175 79,826 97,301 22 34 25 125 948 160 Total continuing $ 161,351 $ 156,961 $ 173,972 $ 1,494 $ 1,061 $ 1,007 $ 2,080 $ 2,903 $ 2,359 |
Schedule of Long-Lived Assets by Geographic Areas | December 31 2023 2022 U.S. $ 105,676 $ 112,371 Non-U.S. Europe 38,899 26,875 Asia 7,988 8,054 Americas 5,875 5,796 Other Global 2,912 3,866 Total Non-U.S. $ 55,674 $ 44,590 Total assets (continuing operations) $ 161,351 $ 156,961 |
SUMMARIZED FINANCIAL INFORMAT_2
SUMMARIZED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Associated Companies Summarized Financial Information | For the years ended December 31 2023(a) 2022(b) Revenues $ 7,511 $ 6,627 Net income (loss) 2,539 (1,128) Net income (loss) attributable to the entity 2,525 (1,132) (a) We reported summarized financial information ending September 30, 2023 instead of September 14, 2023 (date investment reduced below 20%). (b) We reported summarized financial information starting October 1, 2021 instead of November 1, 2021 (the acquisition date). As of December 31 2023(a) 2022(b) Flight equipment held for operating leases, net $ — $ 54,611 Other — 15,200 Total assets $ — $ 69,811 $ — Debt $ — $ 47,350 Other — 6,817 Total liabilities $ — $ 54,167 Noncontrolling interests $ — $ 77 (a) As of September 14, 2023 (date investment reduced below 20%). As a result, we no longer have significant influence. (b) Financial information is from September 30, 2022. Summarized financial information of these equity method investments, exclusive of AerCap, is as follows. For the years ended December 31 2023 2022 2021 Revenues $ 43,463 $ 33,891 $ 27,210 Gross Profit 2,791 2,579 2,060 Net income (loss) 2,847 2,068 2,020 Net income (loss) attributable to the entity 2,802 2,035 2,000 As of December 31 2023 2022 Current assets $ 29,167 $ 26,659 Total assets $ 68,313 $ 61,105 Current liabilities $ 23,484 $ 21,918 Total liabilities $ 33,573 $ 31,947 Noncontrolling interests $ 552 $ 399 |
Schedule of Equity Method Investments | Equity method investment balance (Note 9) Equity method income (loss) December 31 2023 2022 2023 2022 2021 Aerospace $ 1,958 $ 1,931 $ 295 $ 149 $ 58 Renewable Energy 808 752 74 32 39 Power 1,029 960 78 89 23 Corporate(a) 4,136 3,991 (34) 103 68 Total consolidated $ 7,931 $ 7,633 $ 413 $ 373 $ 188 (a) Equity method investments within Corporate include investments held by EFS of $1,718 million and $1,975 million and held by our run-off insurance operations of $2,383 million and $1,980 million as of December 31, 2023 and 2022, respectively. |
QUARTERLY INFORMATION (UNAUDI_2
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | First quarter Second quarter Third quarter Fourth quarter (Per-share amounts in dollars) 2023 2022 2023 2022 2023 2022 2023 2022 Total revenues $ 14,486 $ 12,675 $ 16,699 $ 14,127 $ 17,346 $ 14,470 $ 19,423 $ 16,828 Sales of equipment and services 13,695 11,910 15,852 13,361 16,504 13,826 18,514 16,045 Cost of equipment and services sold 10,729 9,774 12,362 10,525 12,905 11,534 14,396 12,440 Earnings (loss) from continuing operations 6,221 (1,209) 1,058 (1,127) 161 (245) 1,589 1,786 Earnings (loss) from discontinued operations 1,257 101 (1,019) 264 173 409 3 427 Net earnings (loss) 7,478 (1,108) 39 (863) 335 165 1,591 2,213 Less net earnings (loss) attributable to noncontrolling interests (27) 28 4 19 (14) 4 — 16 Net earnings (loss) attributable to the Company $ 7,506 $ (1,136) $ 35 $ (882) $ 348 $ 161 $ 1,591 $ 2,197 Per-share amounts – earnings (loss) from continuing operations Diluted earnings (loss) per share $ 5.56 $ (1.16) $ 0.91 $ (1.09) $ 0.08 $ (0.29) $ 1.44 $ 1.53 Basic earnings (loss) per share 5.60 (1.16) 0.91 (1.09) 0.08 (0.29) 1.46 1.55 Per-share amounts – earnings (loss) from discontinued operations Diluted earnings (loss) per share 1.15 0.08 (0.93) 0.23 0.16 0.37 — 0.37 Basic earnings (loss) per share 1.15 0.08 (0.94) 0.23 0.16 0.37 — 0.37 Per-share amounts – net earnings (loss) Diluted earnings (loss) per share 6.71 (1.08) (0.02) (0.86) 0.23 0.08 1.45 1.90 Basic earnings (loss) per share 6.76 (1.08) (0.02) (0.86) 0.24 0.08 1.46 1.93 Dividends declared 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues from Sale of Services (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Revenue from External Customer [Line Items] | |
Contract with customer, additional project losses, modification of contract | $ 379 |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from External Customer [Line Items] | |
Performance obligations expected to be satisfied, expected timing | 5 years |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from External Customer [Line Items] | |
Performance obligations expected to be satisfied, expected timing | 25 years |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Collaborative Arrangements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 14,396 | $ 12,905 | $ 12,362 | $ 10,729 | $ 12,440 | $ 11,534 | $ 10,525 | $ 9,774 | |||
Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 22,709 | $ 20,529 | $ 18,217 | ||||||||
Equipment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | 27,683 | 23,743 | 25,161 | ||||||||
Collaborative Arrangement | Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | 3,781 | 2,890 | 2,116 | ||||||||
Collaborative Arrangement | Equipment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Cost of sales | $ 663 | $ 658 | $ 751 |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Government Incentives (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Government grants | ||
Government Assistance [Line Items] | ||
Government assistance amount | $ 170 | $ 158 |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Research and development | Research and development |
Inflation Reduction Act, reduction to cost of equipment sold | ||
Government Assistance [Line Items] | ||
Government assistance amount | $ 234 | |
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of equipment and services sold |
BASIS OF PRESENTATION AND SUM_6
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 447 | $ 734 |
BUSINESSES HELD FOR SALE AND _3
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Assets Held for Sale Narrative (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | $ 1,985 | $ 1,374 |
Liabilities of businesses held for sale | 1,826 | $ 1,944 |
Electric Insurance Company | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of businesses held for sale | 541 | |
Liabilities of businesses held for sale | 378 | |
Pre-tax loss on sale | $ 109 |
BUSINESSES HELD FOR SALE AND _4
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Assets and Liabilities of Businesses Held for Sale (Details) - Held for sale, not discontinued operation - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 609 | $ 35 |
Current receivables, inventories and contract assets | 551 | 495 |
Non-current captive insurance investment securities | 570 | 554 |
Property, plant and equipment and intangible assets - net | 254 | 232 |
Valuation allowance on disposal group classified as held for sale | (124) | (17) |
All other assets | 125 | 76 |
Assets of discontinued operations | 1,985 | 1,374 |
Liabilities | ||
Progress collections and deferred income | 1,001 | 1,127 |
Insurance liabilities and annuity benefits | 376 | 358 |
Accounts payable, equipment project payables and other current liabilities | 392 | 371 |
All other liabilities | 57 | 87 |
Liabilities of discontinued operations | $ 1,826 | $ 1,944 |
BUSINESSES HELD FOR SALE AND _5
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Discontinued Operations Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jan. 03, 2023 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Spinoff | GE HealthCare | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest disposed of | 80.10% | ||||
Discontinued operations after disposal, cash collected (paid) | $ 842,000,000 | ||||
Discontinued operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Financing receivables held for sale | 0 | $ 1,200,000,000 | |||
Discontinued operations | Bank BPH | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pre-tax non-cash charges | $ 1,014,000,000 | 1,189,000,000 | 720,000,000 | $ 509,000,000 | |
Capital contribution, non-cash | 1,797,000,000 | ||||
Capital contribution, cash | $ 530,000,000 | ||||
Financing receivables held for sale | 0 | ||||
Discontinued operations | GECAS | AerCap | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued operations after disposal, cash collected (paid) | $ (203,000,000) |
BUSINESSES HELD FOR SALE AND _6
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ 3 | $ 173 | $ (1,019) | $ 1,257 | $ 427 | $ 409 | $ 264 | $ 101 | $ 414 | $ 1,202 | $ (1,469) |
Discontinued operations | |||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||
Total revenues | 0 | 18,457 | 17,717 | ||||||||
Cost of equipment and services sold | 0 | (11,265) | (10,918) | ||||||||
Other income, costs and expenses | (1,301) | (5,651) | (3,572) | ||||||||
Earnings (loss) of discontinued operations before income taxes | (1,301) | 1,541 | 3,227 | ||||||||
Benefit (provision) for income taxes | 1,710 | (553) | (856) | ||||||||
Earnings (loss) of discontinued operations, net of taxes | 409 | 988 | 2,371 | ||||||||
Gain (loss) on disposal before income taxes | 6 | 64 | (3,234) | ||||||||
Benefit (provision) for income taxes | 0 | 150 | (606) | ||||||||
Gain (loss) on disposal, net of taxes | 6 | 213 | (3,841) | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 414 | 1,202 | (1,469) | ||||||||
Assets | |||||||||||
Cash, cash equivalents and restricted cash | 1,396 | 2,627 | 1,396 | 2,627 | |||||||
Current receivables | 14 | 3,361 | 14 | 3,361 | |||||||
Inventories, including deferred inventory costs | 0 | 2,512 | 0 | 2,512 | |||||||
Goodwill | 0 | 12,799 | 0 | 12,799 | |||||||
Other intangible assets - net | 0 | 1,520 | 0 | 1,520 | |||||||
Contract and other deferred assets | 0 | 854 | 0 | 854 | |||||||
Financing receivables held for sale (Polish mortgage portfolio) | 0 | 1,200 | 0 | 1,200 | |||||||
Property, plant and equipment - net | 58 | 2,379 | 58 | 2,379 | |||||||
All other assets | 200 | 2,109 | 200 | 2,109 | |||||||
Deferred income taxes | 27 | 2,528 | 27 | 2,528 | |||||||
Assets of discontinued operations | 1,695 | 31,890 | 1,695 | 31,890 | |||||||
Liabilities | |||||||||||
Accounts payable and equipment project payables | 36 | 3,487 | 36 | 3,487 | |||||||
Progress collections and deferred income | 0 | 2,499 | 0 | 2,499 | |||||||
Long-term borrowings | 0 | 8,273 | 0 | 8,273 | |||||||
Non-current compensation and benefits | 31 | 5,658 | 31 | 5,658 | |||||||
All other liabilities | 1,125 | 4,556 | 1,125 | 4,556 | |||||||
Liabilities of discontinued operations | $ 1,193 | $ 24,474 | 1,193 | 24,474 | |||||||
Discontinued operations | GE HealthCare | |||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||
Total revenues | 0 | 18,457 | 17,717 | ||||||||
Cost of equipment and services sold | 0 | (11,265) | (10,520) | ||||||||
Other income, costs and expenses | (50) | (4,842) | (4,965) | ||||||||
Earnings (loss) of discontinued operations before income taxes | (50) | 2,350 | 2,233 | ||||||||
Benefit (provision) for income taxes | 1,706 | (521) | (521) | ||||||||
Earnings (loss) of discontinued operations, net of taxes | 1,656 | 1,829 | 1,711 | ||||||||
Gain (loss) on disposal before income taxes | 0 | 6 | 12 | ||||||||
Benefit (provision) for income taxes | 0 | 11 | 2 | ||||||||
Gain (loss) on disposal, net of taxes | 0 | 17 | 14 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 1,656 | 1,846 | 1,726 | ||||||||
Discontinued operations | GECAS | |||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Cost of equipment and services sold | 0 | 0 | (398) | ||||||||
Other income, costs and expenses | 0 | 0 | 1,992 | ||||||||
Earnings (loss) of discontinued operations before income taxes | 0 | 0 | 1,594 | ||||||||
Benefit (provision) for income taxes | 0 | 0 | (258) | ||||||||
Earnings (loss) of discontinued operations, net of taxes | 0 | 0 | 1,336 | ||||||||
Gain (loss) on disposal before income taxes | 0 | (18) | (3,312) | ||||||||
Benefit (provision) for income taxes | 0 | 139 | (570) | ||||||||
Gain (loss) on disposal, net of taxes | 0 | 121 | (3,882) | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 0 | 121 | (2,546) | ||||||||
Discontinued operations | Bank BPH & Other | |||||||||||
RESULTS OF DISCONTINUED OPERATIONS | |||||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Cost of equipment and services sold | 0 | 0 | 0 | ||||||||
Other income, costs and expenses | (1,252) | (808) | (599) | ||||||||
Earnings (loss) of discontinued operations before income taxes | (1,252) | (808) | (599) | ||||||||
Benefit (provision) for income taxes | 4 | (32) | (77) | ||||||||
Earnings (loss) of discontinued operations, net of taxes | (1,248) | (841) | (676) | ||||||||
Gain (loss) on disposal before income taxes | 6 | 75 | 65 | ||||||||
Benefit (provision) for income taxes | 0 | 0 | (38) | ||||||||
Gain (loss) on disposal, net of taxes | 6 | 75 | 27 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | $ (1,242) | $ (765) | $ (649) |
BUSINESSES HELD FOR SALE AND _7
BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS - Financial Information for Discontinued Operations - Footnote (Details) - Discontinued operations - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Valuation allowance on finance receivables classified as held for sale | $ 1,963 | $ 848 |
All other liabilities | 1,125 | 4,556 |
Bank BPH | Bank BPH litigation | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Valuation allowance on finance receivables classified as held for sale | 1,712 | 611 |
All other liabilities | 957 | 748 |
Estimated borrower litigation losses | $ 2,669 | $ 1,359 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest, current | $ 466 | $ 457 |
Accrued interest, current, statement of financial position | All other current assets (Note 9) | All other current assets (Note 9) |
Debt securities in unrealized loss position, total | $ 18,730 | $ 21,482 |
Debt securities in unrealized loss position, 12 months or more | 17,146 | 3,275 |
Gross unrealized losses, 12 months or more | (2,370) | (835) |
Gross unrealized losses | (2,406) | (3,143) |
Investments without readily determinable fair value | 1,012 | 614 |
Fair value adjustments, including impairment | 69 | |
Assets held by insurance regulators | 800 | |
Assets held in trust accounts, reinsurance agreements | 31,800 | |
CMBS | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross unrealized losses | (203) | |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross unrealized losses | (82) | |
Insurance | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments without readily determinable fair value | $ 939 | $ 548 |
GE HealthCare | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities, investment interest (in shares) | 61.6 | |
Equity securities, ownership percentage | 13.50% |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | $ 0 | $ 0 |
Estimated fair value | 5,706 | 7,609 |
Gross unrealized gains | 1,183 | 781 |
Gross unrealized losses | (2,406) | (3,143) |
Other equity | 331 | 408 |
Non-current investment securities, amortized cost | 39,222 | 38,388 |
Non-current investment securities, estimated fair value | 38,000 | 36,027 |
U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 27,495 | 26,921 |
Gross unrealized gains | 1,034 | 675 |
Gross unrealized losses | (1,606) | (2,164) |
Estimated fair value | 26,923 | 25,432 |
Non-U.S. corporate | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,529 | 2,548 |
Gross unrealized gains | 34 | 18 |
Gross unrealized losses | (209) | (300) |
Estimated fair value | 2,353 | 2,266 |
State and municipal | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 2,828 | 2,898 |
Gross unrealized gains | 79 | 66 |
Gross unrealized losses | (185) | (241) |
Estimated fair value | 2,723 | 2,722 |
Mortgage and asset-backed | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 4,827 | 4,442 |
Gross unrealized gains | 34 | 21 |
Gross unrealized losses | (291) | (290) |
Estimated fair value | 4,571 | 4,173 |
Government and agencies | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost, excluding accrued interest | 1,213 | 1,172 |
Gross unrealized gains | 3 | 2 |
Gross unrealized losses | (116) | (147) |
Estimated fair value | 1,100 | 1,026 |
GE HealthCare | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | 4,761 | 0 |
AerCap | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | 944 | 7,403 |
Baker Hughes | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized cost | 0 | 0 |
Estimated fair value | $ 0 | $ 207 |
INVESTMENT SECURITIES - Realize
INVESTMENT SECURITIES - Realized and Unrealized Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net unrealized gains (losses) for equity securities with RDFV | $ 6,413 | $ (40) | $ 1,660 |
Proceeds from debt/equity securities sales and early redemptions | 12,712 | 7,267 | 6,665 |
Gross realized gains on debt securities | 52 | 34 | 69 |
Gross realized losses and impairments on debt securities | $ (66) | $ (42) | $ (11) |
INVESTMENT SECURITIES - Sched_2
INVESTMENT SECURITIES - Schedule of Cash Flows Associated Investment Securities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Purchases of investment securities | $ (5,163) | $ (4,046) | |
Dispositions and maturities of investment securities | 4,176 | 3,170 | |
Net (purchases) dispositions of insurance investment securities | $ (986) | $ (876) | $ (1,290) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturities (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Amortized cost | |
Within one year | $ 618 |
After one year through five years | 5,004 |
After five years through ten years | 5,131 |
After ten years | 23,311 |
Estimated fair value | |
Within one year | 609 |
After one year through five years | 5,049 |
After five years through ten years | 5,234 |
After ten years | $ 22,205 |
CURRENT AND LONG-TERM RECEIVA_3
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Current Receivables (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Customer receivables | $ 12,349 | $ 11,803 | ||
Revenue sharing program receivables | 1,252 | 1,326 | ||
Non-income based tax receivables | 1,140 | 1,146 | ||
Supplier advances | 891 | 691 | ||
Receivables from disposed businesses | 121 | 115 | ||
Other sundry receivables | 360 | 518 | ||
Allowance for credit losses | (647) | (768) | $ (967) | $ (1,055) |
Total current receivables | 15,466 | 14,831 | ||
Operating segments | Aerospace | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 8,010 | 7,784 | ||
Operating segments | Renewable Energy | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 2,907 | 2,415 | ||
Operating segments | Power | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | 4,232 | 4,229 | ||
Corporate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total current receivables | $ 318 | $ 404 |
CURRENT AND LONG-TERM RECEIVA_4
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance For Credit Losses [Roll Forward] | |||
Balance as of January 1 | $ 768 | $ 967 | $ 1,055 |
New provisions, net of (releases) | 32 | (14) | 136 |
Write-offs, net | (161) | (87) | (198) |
Foreign exchange and other | 8 | (98) | (26) |
Balance as of December 31 | $ 647 | $ 768 | $ 967 |
CURRENT AND LONG-TERM RECEIVA_5
CURRENT AND LONG-TERM RECEIVABLES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 2,110 | $ 2,052 |
Gas Power business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale of current customer receivables | $ 82 |
CURRENT AND LONG-TERM RECEIVA_6
CURRENT AND LONG-TERM RECEIVABLES - Schedule of Long-term Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Receivables [Abstract] | ||
Long-term customer receivables | $ 457 | $ 479 |
Supplier advances | 266 | 274 |
Non-income based tax receivables | 213 | 174 |
Sundry receivables | 483 | 373 |
Allowance for credit losses | (183) | (171) |
Total long-term receivables | 1,236 | $ 1,129 |
Sale of long term customer receivables | $ 83 |
INVENTORIES, INCLUDING DEFERR_3
INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 11,209 | $ 9,191 |
Finished goods | 3,720 | 3,937 |
Deferred inventory costs | 1,599 | 1,764 |
Inventories, including deferred inventory costs | $ 16,528 | $ 14,891 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Schedule of Property, Plant and Equipment and Depreciable Lives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 27,332 | $ 26,641 |
Right-of-use operating lease assets | 1,840 | 1,854 |
Property, plant and equipment – net | $ 12,494 | $ 12,192 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment – net | Property, plant and equipment – net |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 8 years | |
Original Cost | $ 482 | $ 472 |
Net Carrying Value | 469 | 461 |
Buildings, structures and related equipment | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | 6,340 | 6,024 |
Net Carrying Value | $ 2,852 | 2,703 |
Buildings, structures and related equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 8 years | |
Buildings, structures and related equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 40 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 19,003 | 18,577 |
Net Carrying Value | $ 6,280 | 6,163 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 4 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 20 years | |
Leasehold costs and manufacturing plant under construction | ||
Property, Plant and Equipment [Line Items] | ||
Original Cost | $ 1,507 | 1,568 |
Net Carrying Value | $ 1,053 | $ 1,012 |
Leasehold costs and manufacturing plant under construction | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 1 year | |
Leasehold costs and manufacturing plant under construction | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable lives | 10 years |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | All other liabilities (Note 14) | All other liabilities (Note 14) |
Operating lease liabilities | $ 1,973 | $ 2,089 |
Remaining lease terms | 14 years | |
Power | ||
Property, Plant and Equipment [Line Items] | ||
Pre-tax impairment charges | $ 59 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Operating Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Long-term (fixed) | $ 567 | $ 646 | $ 644 |
Long-term (variable) | 75 | 66 | 56 |
Short-term | 178 | 150 | 188 |
Total operating lease expense | $ 820 | $ 863 | $ 888 |
PROPERTY, PLANT AND EQUIPMENT_6
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
2024 | $ 564 | |
2025 | 428 | |
2026 | 325 | |
2027 | 233 | |
2028 | 165 | |
Thereafter | 586 | |
Total undiscounted lease payments | 2,302 | |
Less: imputed interest | (329) | |
Operating lease liabilities | $ 1,973 | $ 2,089 |
PROPERTY, PLANT AND EQUIPMENT_7
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES - Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Operating cash flows used for operating leases | $ 659 | $ 682 | $ 719 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 553 | $ 447 | $ 513 |
Weighted-average remaining lease term | 7 years 1 month 6 days | 5 years 8 months 12 days | 7 years 6 months |
Weighted-average discount rate | 4.40% | 3.40% | 4.20% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Goodwill Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill | ||
Balance at beginning of period | $ 12,999 | $ 13,303 |
Dispositions | (6) | |
Acquisitions | 186 | |
Currency exchange and other | 200 | (299) |
Balance at end of period | 13,385 | 12,999 |
Operating segments | Aerospace | ||
Goodwill | ||
Balance at beginning of period | 8,835 | 9,013 |
Dispositions | (6) | |
Acquisitions | 0 | |
Currency exchange and other | 113 | (171) |
Balance at end of period | 8,948 | 8,835 |
Operating segments | Renewable Energy | ||
Goodwill | ||
Balance at beginning of period | 3,201 | 3,231 |
Dispositions | 0 | |
Acquisitions | 0 | |
Currency exchange and other | 86 | (30) |
Balance at end of period | 3,287 | 3,201 |
Operating segments | Power | ||
Goodwill | ||
Balance at beginning of period | 144 | 145 |
Dispositions | 0 | |
Acquisitions | 164 | |
Currency exchange and other | 0 | (1) |
Balance at end of period | 307 | 144 |
Corporate, non-segment | ||
Goodwill | ||
Balance at beginning of period | 818 | 914 |
Dispositions | 0 | |
Acquisitions | 22 | |
Currency exchange and other | 1 | (96) |
Balance at end of period | $ 842 | $ 818 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 USD ($) reporting_unit | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | |||||
Number of reporting units, fair value not substantially in excess of carrying value | reporting_unit | 1 | ||||
Goodwill | $ 13,385 | $ 13,385 | $ 12,999 | $ 13,303 | |
Increase (decrease) in intangible assets | (410) | ||||
Addition of intangible assets | 236 | ||||
Amortization of intangible assets | $ 606 | 1,338 | 738 | ||
Impairment, intangible asset, statement of income location | Selling, general and administrative expenses | ||||
Weighted-average amortizable period | 9 years 7 months 6 days | ||||
Capitalized software | |||||
Goodwill [Line Items] | |||||
Addition of intangible assets | $ 122 | ||||
Weighted-average amortizable period | 6 years 7 months 6 days | ||||
Aerospace and Power | Capitalized software and customer-related | |||||
Goodwill [Line Items] | |||||
Addition of intangible assets | $ 191 | ||||
Power | |||||
Goodwill [Line Items] | |||||
Non-cash pre-tax impairment charge | $ 765 | ||||
Operating segments | Aerospace | |||||
Goodwill [Line Items] | |||||
Goodwill | 8,948 | 8,948 | 8,835 | 9,013 | |
Operating segments | Power | |||||
Goodwill [Line Items] | |||||
Goodwill | 307 | 307 | $ 144 | $ 145 | |
Operating segments | Additive | Aerospace | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 247 | $ 247 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 14,757 | $ 15,242 |
Accumulated amortization | (9,061) | (9,137) |
Net | 5,695 | 6,105 |
Total other intangible assets, net | 5,695 | 6,105 |
Operating segments | Aerospace | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, net | 4,518 | 4,748 |
Operating segments | Renewable Energy | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, net | 149 | 183 |
Operating segments | Power | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, net | 858 | 958 |
Corporate and eliminations | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, net | 169 | 216 |
Customer-related | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 6,201 | 5,991 |
Accumulated amortization | (3,851) | (3,453) |
Net | $ 2,351 | 2,538 |
Customer-related | Minimum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Customer-related | Maximum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 23 years | |
Patents and technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 5,924 | 5,888 |
Accumulated amortization | (3,372) | (3,202) |
Net | $ 2,553 | 2,686 |
Patents and technology | Minimum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 5 years | |
Patents and technology | Maximum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 15 years | |
Capitalized software | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,356 | 2,979 |
Accumulated amortization | (1,639) | (2,186) |
Net | $ 717 | 793 |
Capitalized software | Minimum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Capitalized software | Maximum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 10 years | |
Trademarks & other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 276 | 384 |
Accumulated amortization | (200) | (295) |
Net | $ 75 | $ 88 |
Trademarks & other | Minimum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 3 years | |
Trademarks & other | Maximum | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Useful lives (in years) | 25 years |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated 5 Year Amortization (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Estimated annual pre-tax amortization | |
2024 | $ 597 |
2025 | 559 |
2026 | 534 |
2027 | 495 |
2028 | $ 483 |
CONTRACT AND OTHER DEFERRED A_3
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) in contract and other deferred assets | $ (1,337) | |
Increase in progress collections and deferred income due to timing of revenue recognition | 3,392 | |
Revenue recognized included in contract liability | 13,967 | $ 12,345 |
Long-term | ||
Capitalized Contract Cost [Line Items] | ||
Increase (decrease) due to billings | (13,165) | |
Revenues recognized | 11,312 | |
Long-term | Power | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | 90 | |
Long-term | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Net favorable (unfavorable) change in estimated profitability | $ 74 |
CONTRACT AND OTHER DEFERRED A_4
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Schedule of Contract Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | $ 7,582 | $ 7,766 |
Billings in excess of revenues | (9,712) | (8,443) |
Long-term service agreements | (2,130) | (677) |
Equipment and other service agreements | 3,630 | 3,144 |
Current contract assets | 1,500 | 2,467 |
Nonrecurring engineering costs | 2,463 | 2,534 |
Customer advances and other | 2,943 | 3,243 |
Non-current contract and other deferred assets | 5,406 | 5,776 |
Total contract and other deferred assets | 6,907 | 8,244 |
Operating segments | Aerospace | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 2,377 | 2,363 |
Billings in excess of revenues | (7,902) | (6,681) |
Long-term service agreements | (5,525) | (4,318) |
Equipment and other service agreements | 494 | 433 |
Current contract assets | (5,030) | (3,884) |
Nonrecurring engineering costs | 2,444 | 2,513 |
Customer advances and other | 2,342 | 2,519 |
Non-current contract and other deferred assets | 4,785 | 5,032 |
Total contract and other deferred assets | (245) | 1,148 |
Operating segments | Renewable Energy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Long-term service agreements | 0 | 0 |
Equipment and other service agreements | 1,374 | 1,063 |
Current contract assets | 1,374 | 1,063 |
Nonrecurring engineering costs | 18 | 17 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 18 | 17 |
Total contract and other deferred assets | 1,392 | 1,079 |
Operating segments | Power | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 5,205 | 5,403 |
Billings in excess of revenues | (1,810) | (1,763) |
Long-term service agreements | 3,395 | 3,640 |
Equipment and other service agreements | 1,499 | 1,404 |
Current contract assets | 4,894 | 5,044 |
Nonrecurring engineering costs | 1 | 4 |
Customer advances and other | 601 | 724 |
Non-current contract and other deferred assets | 603 | 728 |
Total contract and other deferred assets | 5,497 | 5,772 |
Corporate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Revenues in excess of billings | 0 | 0 |
Billings in excess of revenues | 0 | 0 |
Long-term service agreements | 0 | 0 |
Equipment and other service agreements | 263 | 245 |
Current contract assets | 263 | 245 |
Nonrecurring engineering costs | 0 | 0 |
Customer advances and other | 0 | 0 |
Non-current contract and other deferred assets | 0 | 0 |
Total contract and other deferred assets | $ 263 | $ 245 |
CONTRACT AND OTHER DEFERRED A_5
CONTRACT AND OTHER DEFERRED ASSETS & PROGRESS COLLECTIONS AND DEFERRED INCOME - Progress Collections and Deferred Income (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Capitalized Contract Cost [Line Items] | ||
Progress collections | $ 19,106 | $ 15,655 |
Current deferred income | 571 | 562 |
Progress collections and deferred income | 19,677 | 16,216 |
Non-current deferred income | 1,339 | 1,409 |
Total Progress collections and deferred income | 21,017 | 17,625 |
Operating segments | Aerospace | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,198 | 5,814 |
Current deferred income | 201 | 233 |
Progress collections and deferred income | 6,399 | 6,047 |
Non-current deferred income | 1,150 | 1,110 |
Total Progress collections and deferred income | 7,549 | 7,157 |
Operating segments | Renewable Energy | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 6,886 | 5,195 |
Current deferred income | 239 | 208 |
Progress collections and deferred income | 7,125 | 5,404 |
Non-current deferred income | 122 | 183 |
Total Progress collections and deferred income | 7,247 | 5,586 |
Operating segments | Power | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 5,898 | 4,514 |
Current deferred income | 20 | 13 |
Progress collections and deferred income | 5,918 | 4,527 |
Non-current deferred income | 48 | 104 |
Total Progress collections and deferred income | 5,965 | 4,632 |
Corporate | ||
Capitalized Contract Cost [Line Items] | ||
Progress collections | 124 | 131 |
Current deferred income | 112 | 107 |
Progress collections and deferred income | 236 | 238 |
Non-current deferred income | 20 | 12 |
Total Progress collections and deferred income | $ 256 | $ 250 |
ALL OTHER ASSETS - Schedule of
ALL OTHER ASSETS - Schedule of All Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Derivative instruments (Note 22) | $ 437 | $ 454 |
Prepaid taxes and deferred charges | 248 | 313 |
Accrued interest and investment income | 466 | 457 |
Other | 495 | 176 |
All other current assets | 1,647 | 1,400 |
Equity method investments (Note 26) | 7,931 | 7,633 |
Long-term receivables (Note 4) | 1,129 | 1,236 |
Prepaid taxes and deferred charges | 608 | 583 |
Insurance receivables | 2,364 | 2,438 |
Insurance investments without readily determinable fair value (Note 3) | 939 | 548 |
Insurance cash and cash equivalents | 784 | 619 |
Pension surplus | 1,468 | 1,793 |
Other | 774 | 627 |
All other non-current assets | 15,997 | 15,477 |
Other assets, total | $ 17,643 | $ 16,876 |
BORROWINGS - Schedule of Borrow
BORROWINGS - Schedule of Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term borrowings | ||
Total short-term borrowings | $ 1,253 | $ 3,739 |
Long-term borrowings | ||
Long-term borrowings and lease obligation | 19,711 | 20,320 |
Total borrowings | 20,965 | 24,059 |
Senior notes | ||
Long-term borrowings | ||
Long-term borrowings | $ 17,509 | $ 18,079 |
Average Rate | 3.99% | 3.96% |
Senior and subordinated notes | ||
Long-term borrowings | ||
Long-term borrowings | $ 1,383 | $ 1,340 |
Average Rate | 4.43% | 4.72% |
Other | ||
Long-term borrowings | ||
Long-term borrowings and lease obligation | $ 819 | $ 901 |
Senior notes | ||
Short-term borrowings | ||
Current portion of long-term borrowings | $ 1,044 | $ 3,525 |
Long-term borrowings | ||
Average Rate | 2.42% | 1.30% |
Senior and subordinated notes | ||
Short-term borrowings | ||
Current portion of long-term borrowings | $ 107 | $ 100 |
Long-term borrowings | ||
Average Rate | 6.73% | 6.71% |
Other | ||
Short-term borrowings | ||
Other | $ 103 | $ 115 |
BORROWINGS - Maturities of Borr
BORROWINGS - Maturities of Borrowings (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,151 |
2025 | 1,827 |
2026 | 1,334 |
2027 | 1,580 |
2028 | 478 |
Thereafter | 14,493 |
Total | 20,862 |
Fixed and floating rate notes | $ 343 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
Total interest payments on consolidated borrowings, 2024 | $ 823 |
Total interest payments on consolidated borrowings, 2025 | 774 |
Total interest payments on consolidated borrowings, 2026 | 706 |
Total interest payments on consolidated borrowings, 2027 | 653 |
Total interest payments on consolidated borrowings, 2028 | $ 628 |
ACCOUNTS PAYABLE AND EQUIPMEN_3
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES - Schedule of Accounts Payable and Accruals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplier Finance Program [Line Items] | ||
Trade payables | $ 10,678 | $ 10,033 |
Supply chain finance programs | 3,133 | 3,689 |
Equipment project accruals | 1,193 | 1,236 |
Non-income based tax payables | 403 | 441 |
Accounts payable and equipment project payables | 15,408 | $ 15,399 |
Operating segments | Renewable Energy | ||
Supplier Finance Program [Line Items] | ||
Supplier finance program, prepayments | 473 | |
Operating segments | Power | ||
Supplier Finance Program [Line Items] | ||
Supplier finance program, prepayments | 185 | |
Corporate, non-segment | ||
Supplier Finance Program [Line Items] | ||
Supplier finance program, prepayments | $ 76 |
ACCOUNTS PAYABLE AND EQUIPMEN_4
ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYBLES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Payables and Accruals [Abstract] | ||
Supplier finance program, settlement invoices paid | $ 8,552 | $ 6,990 |
INSURANCE LIABILITIES AND ANN_3
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 60 Months Ended | ||||||||||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) loan | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) loan | |
Disaggregation of Revenue [Line Items] | |||||||||||||
Insurance revenues | $ 3,389 | $ 2,957 | $ 3,101 | ||||||||||
Net earnings (loss) | $ 1,591 | $ 335 | $ 39 | $ 7,478 | $ 2,213 | $ 165 | $ (863) | $ (1,108) | $ 9,443 | 407 | (6,408) | ||
Percent of portfolio held in office sector | 33.30% | 33.30% | 33.30% | ||||||||||
Gross premium income | $ 869 | 935 | |||||||||||
Interest accretion | 1,741 | 1,735 | |||||||||||
Net premium ratio update, favorable (unfavorable) adjustment | (155) | 404 | |||||||||||
Insufficient gross premiums adjustment | 335 | 190 | |||||||||||
Policyholder account balance | $ 1,725 | 1,964 | 1,725 | 1,964 | $ 1,725 | ||||||||
Policyholder account balance, surrender, withdrawal and benefit payments | 489 | 441 | |||||||||||
Policyholder account balance, net additions and interest credited | 245 | 271 | |||||||||||
Reinsurance recoveries | 108 | 321 | 351 | ||||||||||
Reinsurance recoverables, net | $ 213 | $ 255 | $ 213 | $ 255 | 213 | ||||||||
Capital contributions to insurance subsidiaries | $ 1,815 | $ 13,215 | |||||||||||
Statutory capital level requirement | 300% | 300% | 300% | ||||||||||
Forecast | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Capital contributions to insurance subsidiaries | $ 1,820 | ||||||||||||
Minimum | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Policyholder account balance, crediting rate | 3% | 3% | 3% | 3% | 3% | ||||||||
Maximum | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Policyholder account balance, crediting rate | 6% | 6% | |||||||||||
Long-term care | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Gross premium income | $ 496 | $ 490 | |||||||||||
Interest accretion | 1,247 | 1,224 | |||||||||||
Life | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Gross premium income | 363 | 415 | |||||||||||
Structured settlement annuities | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Interest accretion | 454 | 471 | |||||||||||
Run-off insurance operations | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Insurance revenues | 3,389 | 2,957 | 3,101 | ||||||||||
Gross profit (loss) | 332 | 205 | 798 | ||||||||||
Net earnings (loss) | 260 | 159 | $ 627 | ||||||||||
Investment securities | $ 37,592 | $ 35,503 | 37,592 | 35,503 | $ 37,592 | ||||||||
Limited partnerships | 3,300 | 2,506 | 3,300 | 2,506 | 3,300 | ||||||||
Run-off insurance operations | CMBS | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Debt securities, net | 1,947 | 1,975 | 1,947 | 1,975 | 1,947 | ||||||||
Debt securities, allowance for credit losses | $ 48 | $ 27 | $ 48 | $ 27 | $ 48 | ||||||||
Number of delinquent loans | loan | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||
Number of nonaccrual loans | loan | 0 | 0 | 0 | ||||||||||
Weighted average loan to value ratio | 68% | 68% | 68% | ||||||||||
Debt service coverage ratio | 1.6 | 1.6 | 1.6 |
INSURANCE LIABILITIES AND ANN_4
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Schedule of Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefit reserves | $ 37,689 | $ 34,593 |
Investment contracts | 1,535 | 1,708 |
Other | 400 | 544 |
Total | 39,624 | 36,845 |
Long-term care | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefit reserves | 26,832 | 24,256 |
Investment contracts | 0 | 0 |
Other | 0 | 0 |
Total | 26,832 | 24,256 |
Structured settlement annuities | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefit reserves | 9,357 | 8,860 |
Investment contracts | 793 | 860 |
Other | 0 | 0 |
Total | 10,150 | 9,720 |
Life | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefit reserves | 1,117 | 1,040 |
Investment contracts | 0 | 0 |
Other | 116 | 178 |
Total | 1,233 | 1,218 |
Other contracts | ||
Liability for Future Policy Benefit, Activity [Line Items] | ||
Future policy benefit reserves | 382 | 437 |
Investment contracts | 742 | 848 |
Other | 285 | 365 |
Total | $ 1,409 | $ 1,651 |
INSURANCE LIABILITIES AND ANN_5
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Changes in Future Policy Benefit Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Present value of expected future policy benefits | |||
Future policy benefit reserves | $ 37,689 | $ 34,593 | |
Long-term care | |||
Present value of expected net premiums | |||
Balance, beginning of year | 4,059 | 5,652 | |
Beginning balance at locked-in discount rate | 3,958 | 4,451 | |
Effect of changes in cash flow assumptions | (4) | $ (9) | |
Effect of actual variances from expected experience | (22) | (289) | |
Adjusted beginning of year balance | 3,932 | 4,152 | |
Interest accrual | 207 | 223 | |
Net premiums collected | (394) | (417) | |
Effect of foreign currency | 0 | 0 | |
Ending balance at locked-in discount rate | 3,745 | 3,958 | |
Effect of changes in discount rate assumptions | 318 | 101 | |
Balance, end of period | 4,063 | 4,059 | |
Present value of expected future policy benefits | |||
Balance, beginning of year | 28,316 | 40,296 | |
Beginning balance at locked-in discount rate | 27,144 | 27,026 | 27,465 |
Effect of changes in cash flow assumptions | (45) | (413) | |
Effect of actual variances from expected experience | (13) | (320) | |
Adjusted beginning of year balance | 26,968 | 26,732 | |
Interest accrual | 1,454 | 1,446 | |
Benefit payments | (1,278) | (1,152) | |
Effect of foreign currency | 0 | 0 | |
Ending balance at locked-in discount rate | 27,144 | 27,026 | |
Effect of changes in discount rate assumptions | 3,752 | 1,290 | |
Balance, end of period | 30,895 | 28,316 | |
Future policy benefit reserves | 26,832 | 24,256 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (166) | (171) | |
Net future policy benefit reserves, after reinsurance recoverables | 26,666 | 24,085 | |
Structured settlement annuities | |||
Present value of expected net premiums | |||
Balance, beginning of year | 0 | 0 | |
Beginning balance at locked-in discount rate | 0 | 0 | |
Effect of changes in cash flow assumptions | 0 | 0 | |
Effect of actual variances from expected experience | 0 | 0 | |
Adjusted beginning of year balance | 0 | 0 | |
Interest accrual | 0 | 0 | |
Net premiums collected | 0 | 0 | |
Effect of foreign currency | 0 | 0 | |
Ending balance at locked-in discount rate | 0 | 0 | |
Effect of changes in discount rate assumptions | 0 | 0 | |
Balance, end of period | 0 | 0 | |
Present value of expected future policy benefits | |||
Balance, beginning of year | 8,860 | 12,328 | |
Beginning balance at locked-in discount rate | 8,561 | 8,790 | 9,024 |
Effect of changes in cash flow assumptions | (16) | (23) | |
Effect of actual variances from expected experience | 19 | (10) | |
Adjusted beginning of year balance | 8,793 | 8,990 | |
Interest accrual | 454 | 471 | |
Benefit payments | (687) | (671) | |
Effect of foreign currency | 0 | 0 | |
Ending balance at locked-in discount rate | 8,561 | 8,790 | |
Effect of changes in discount rate assumptions | 797 | 70 | |
Balance, end of period | 9,357 | 8,860 | |
Future policy benefit reserves | 9,357 | 8,860 | |
Less: Reinsurance recoverables, net of allowance for credit losses | 0 | 0 | |
Net future policy benefit reserves, after reinsurance recoverables | 9,357 | 8,860 | |
Life | |||
Present value of expected net premiums | |||
Balance, beginning of year | 4,828 | 6,622 | |
Beginning balance at locked-in discount rate | 5,210 | 5,443 | |
Effect of changes in cash flow assumptions | (77) | 91 | |
Effect of actual variances from expected experience | (300) | 6 | |
Adjusted beginning of year balance | 4,833 | 5,540 | |
Interest accrual | 192 | 203 | |
Net premiums collected | (315) | (357) | |
Effect of foreign currency | 64 | (176) | |
Ending balance at locked-in discount rate | 4,773 | 5,210 | |
Effect of changes in discount rate assumptions | 30 | (381) | |
Balance, end of period | 4,803 | 4,828 | |
Present value of expected future policy benefits | |||
Balance, beginning of year | 5,868 | 7,923 | |
Beginning balance at locked-in discount rate | 5,847 | 6,247 | 6,560 |
Effect of changes in cash flow assumptions | 49 | 120 | |
Effect of actual variances from expected experience | (241) | 40 | |
Adjusted beginning of year balance | 6,055 | $ 6,720 | |
Interest accrual | 232 | 243 | |
Benefit payments | (508) | (531) | |
Effect of foreign currency | 67 | (185) | |
Ending balance at locked-in discount rate | 5,847 | 6,247 | |
Effect of changes in discount rate assumptions | 74 | (380) | |
Balance, end of period | 5,921 | 5,868 | |
Future policy benefit reserves | 1,117 | 1,040 | |
Less: Reinsurance recoverables, net of allowance for credit losses | (33) | (67) | |
Net future policy benefit reserves, after reinsurance recoverables | $ 1,084 | $ 973 |
INSURANCE LIABILITIES AND ANN_6
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Undiscounted and Discounted Expected Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | $ 7,379 | $ 7,985 |
Undiscounted, Benefit payments | 63,126 | 65,217 |
Discounted, Gross premiums | 4,895 | 4,918 |
Discounted, Benefit payments | 30,895 | 28,316 |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Benefit payments | 19,291 | 19,936 |
Discounted, Benefit payments | 9,357 | 8,860 |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Undiscounted, Gross premiums | 12,388 | 13,754 |
Undiscounted, Benefit payments | 11,202 | 12,020 |
Discounted, Gross premiums | 5,800 | 5,916 |
Discounted, Benefit payments | $ 5,921 | $ 5,868 |
INSURANCE LIABILITIES AND ANN_7
INSURANCE LIABILITIES AND ANNUITY BENEFITS - Weighted-Average Durations and Interest Rates (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Long-term care | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 12 years 9 months 18 days | 13 years |
Interest accretion rate | 5.50% | 5.50% |
Current discount rate | 4.90% | 5.60% |
Structured settlement annuities | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 11 years 3 months 18 days | 10 years 8 months 12 days |
Interest accretion rate | 5.40% | 5.40% |
Current discount rate | 4.80% | 5.50% |
Life | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Duration (years) | 5 years 3 months 18 days | 5 years |
Interest accretion rate | 5% | 4.90% |
Current discount rate | 4.70% | 5.40% |
POSTRETIREMENT BENEFIT PLANS -
POSTRETIREMENT BENEFIT PLANS - Pension Benefits and Retiree Health and Life Benefits - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) category | Jan. 03, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Number of categories | category | 3 | |
Spinoff | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Postretirement and pension plan benefit obligation | $ 4,200 | |
Deferred compensation and benefit obligations | $ 700 | |
Other pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets or obligations of U.S. and non-U.S. pension plans, threshold | $ 50 |
POSTRETIREMENT BENEFIT PLANS _2
POSTRETIREMENT BENEFIT PLANS - Description of Postretirement Benefit Plans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) employee plan | |
Principal pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 115,400 |
Number of vested former employees | 47,500 |
Number of active employees | 15,700 |
Other pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 42,600 |
Number of vested former employees | 28,300 |
Number of active employees | 7,700 |
Number of U.S. and non-U.S. pension plans | plan | 34 |
Assets or obligations of U.S. and non-U.S. pension plans, threshold | $ | $ 50 |
Principal retiree benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of retirees and beneficiaries covered | 89,300 |
Number of active employees | 15,000 |
POSTRETIREMENT BENEFIT PLANS _3
POSTRETIREMENT BENEFIT PLANS - Funding Status by Plan Type (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | $ 48,649 | $ 70,811 | |
Fair Value of Assets | 40,516 | 59,666 | |
Deficit/(Surplus) | 8,133 | 11,145 | |
Power and renewable energy | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 18,258 | ||
Fair Value of Assets | 16,342 | ||
Deficit/(Surplus) | 1,916 | ||
Aerospace | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 30,391 | ||
Fair Value of Assets | 24,174 | ||
Deficit/(Surplus) | 6,217 | ||
Discontinued operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 0 | 23,513 | |
Fair Value of Assets | 0 | 19,291 | |
Deficit/(Surplus) | 0 | 4,222 | |
Continuing operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 48,649 | 47,298 | |
Fair Value of Assets | 40,516 | 40,375 | |
Deficit/(Surplus) | 8,133 | 6,923 | |
Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 41,850 | 60,212 | |
Fair Value of Assets | 40,345 | 59,505 | |
Deficit/(Surplus) | 1,505 | 707 | |
Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 6,799 | 10,599 | |
Fair Value of Assets | 171 | 161 | |
Deficit/(Surplus) | 6,628 | 10,438 | |
Principal pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 36,217 | 53,591 | $ 72,299 |
Fair Value of Assets | 29,744 | 44,993 | 60,990 |
Deficit/(Surplus) | 6,473 | 8,598 | |
Principal pension | GE pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 3,541 | ||
Principal pension | GE supplementary pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 5,457 | ||
Principal pension | Power and renewable energy | GE pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 10,239 | ||
Fair Value of Assets | 9,491 | ||
Deficit/(Surplus) | 748 | ||
Principal pension | Power and renewable energy | GE supplementary pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 541 | ||
Fair Value of Assets | 0 | ||
Deficit/(Surplus) | 541 | ||
Principal pension | Aerospace | GE pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 22,437 | ||
Fair Value of Assets | 20,253 | ||
Deficit/(Surplus) | 2,184 | ||
Principal pension | Aerospace | GE supplementary pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 3,000 | ||
Fair Value of Assets | 0 | ||
Deficit/(Surplus) | 3,000 | ||
Principal pension | Discontinued operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Assets | 0 | 14,860 | |
Principal pension | Continuing operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Assets | 29,744 | 30,133 | |
Principal pension | Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 32,676 | 48,134 | |
Fair Value of Assets | 29,744 | 44,993 | |
Deficit/(Surplus) | 2,932 | 3,141 | |
Principal pension | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 3,541 | 5,457 | |
Fair Value of Assets | 0 | 0 | |
Deficit/(Surplus) | 3,541 | 5,457 | |
Other pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 10,377 | 13,916 | 22,256 |
Fair Value of Assets | 10,764 | 14,663 | 22,490 |
Deficit/(Surplus) | (387) | (747) | |
Other pension | Power and renewable energy | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 6,712 | ||
Fair Value of Assets | 6,851 | ||
Deficit/(Surplus) | (139) | ||
Other pension | Aerospace | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 3,665 | ||
Fair Value of Assets | 3,913 | ||
Deficit/(Surplus) | (248) | ||
Other pension | Discontinued operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Assets | 0 | 4,431 | |
Other pension | Continuing operations | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Assets | 10,764 | 10,232 | |
Other pension | Subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 9,174 | 12,078 | |
Fair Value of Assets | 10,601 | 14,512 | |
Deficit/(Surplus) | (1,427) | (2,434) | |
Other pension | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 1,203 | 1,838 | |
Fair Value of Assets | 163 | 151 | |
Deficit/(Surplus) | 1,040 | 1,687 | |
Principal retiree benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 2,055 | 3,304 | 4,308 |
Fair Value of Assets | 8 | 10 | $ 42 |
Deficit/(Surplus) | 2,047 | 3,294 | |
Principal retiree benefit | Power and renewable energy | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 766 | ||
Fair Value of Assets | 0 | ||
Deficit/(Surplus) | 766 | ||
Principal retiree benefit | Aerospace | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 1,289 | ||
Fair Value of Assets | 8 | ||
Deficit/(Surplus) | 1,281 | ||
Principal retiree benefit | Not subject to regulatory funding | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit Obligation | 2,055 | 3,304 | |
Fair Value of Assets | 8 | 10 | |
Deficit/(Surplus) | $ 2,047 | $ 3,294 |
POSTRETIREMENT BENEFIT PLANS _4
POSTRETIREMENT BENEFIT PLANS - Funding (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Principal pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 235 |
Principal pension | Power and renewable energy | |
Defined Benefit Plan Disclosure [Line Items] | |
Funded percentage, ERISA | 87% |
Funded percentage | 93% |
Principal pension | Aerospace | |
Defined Benefit Plan Disclosure [Line Items] | |
Funded percentage, ERISA | 93% |
Funded percentage | 90% |
Other pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 100 |
Principal retiree benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 210 |
POSTRETIREMENT BENEFIT PLANS _5
POSTRETIREMENT BENEFIT PLANS - Cost of Benefits Plans and Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Forecast | Subsequent event | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | $ (1,235) | |||
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | (1,235) | |||
Increase in net periodic benefit cost | $ 135 | |||
Principal pension | ||||
Components of expense (income) | ||||
Service cost for benefits earned | $ 94 | $ 221 | $ 237 | |
Interest cost on benefit obligations | 1,892 | 2,069 | 1,951 | |
Expected return on plan assets | (2,376) | (3,142) | (3,049) | |
Net actuarial loss amortization and other | (723) | 1,422 | 3,483 | |
Amortization of prior service cost (credit) | 5 | 5 | 28 | |
Curtailment / settlement loss (gain) | 0 | 0 | 0 | |
Non-operating | (1,202) | 354 | 2,413 | |
Benefit plans expense (income) | (1,108) | 575 | 2,650 | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | (1,108) | 575 | 2,650 | |
Principal pension | Discontinued operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | 0 | 199 | 885 | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | 0 | 199 | 885 | |
Principal pension | Continuing operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | (1,108) | 376 | 1,765 | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | $ (1,108) | $ 376 | $ 1,765 | |
Principal pension | Weighted average | ||||
Weighted-average benefit obligations assumptions | ||||
Discount rate | 5.18% | 5.53% | 2.94% | |
Compensation increases | 3.86% | 3.07% | 3.05% | |
Weighted-average benefit cost assumptions | ||||
Discount rate | 5.53% | 2.94% | 2.61% | |
Expected rate of return on plan assets | 7% | 6% | 6.25% | |
Principal pension | Weighted average | Forecast | Subsequent event | ||||
Weighted-average benefit cost assumptions | ||||
Expected rate of return on plan assets | 7% | |||
Other pension | ||||
Components of expense (income) | ||||
Service cost for benefits earned | $ 37 | $ 86 | $ 233 | |
Interest cost on benefit obligations | 422 | 398 | 383 | |
Expected return on plan assets | (587) | (967) | (1,194) | |
Net actuarial loss amortization and other | 20 | 101 | 403 | |
Amortization of prior service cost (credit) | (4) | (8) | (3) | |
Curtailment / settlement loss (gain) | (6) | (6) | 76 | |
Non-operating | (155) | (482) | (335) | |
Benefit plans expense (income) | (118) | (396) | (102) | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | (118) | (396) | (102) | |
Other pension | Discontinued operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | 0 | (109) | (8) | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | 0 | (109) | (8) | |
Other pension | Continuing operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | (118) | (287) | (94) | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | $ (118) | $ (287) | $ (94) | |
Other pension | Weighted average | ||||
Weighted-average benefit obligations assumptions | ||||
Discount rate | 3.93% | 4.59% | 1.93% | |
Compensation increases | 2.24% | 2.44% | 2.35% | |
Weighted-average benefit cost assumptions | ||||
Discount rate | 4.59% | 1.93% | 1.44% | |
Expected rate of return on plan assets | 5.66% | 4.80% | 5.69% | |
Principal retiree benefit | ||||
Components of expense (income) | ||||
Service cost for benefits earned | $ 17 | $ 39 | $ 44 | |
Interest cost on benefit obligations | 111 | 108 | 103 | |
Expected return on plan assets | 0 | 0 | 0 | |
Net actuarial loss amortization and other | (124) | (115) | (79) | |
Amortization of prior service cost (credit) | (148) | (235) | (236) | |
Curtailment / settlement loss (gain) | 0 | 0 | 0 | |
Non-operating | (161) | (242) | (212) | |
Benefit plans expense (income) | $ (144) | (203) | (168) | |
Weighted-average benefit cost assumptions | ||||
Ultimate health care cost trend rate | 5% | |||
Cost (income) of postretirement benefit plans | $ (144) | (203) | (168) | |
Principal retiree benefit | Discontinued operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | 0 | (80) | (61) | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | 0 | (80) | (61) | |
Principal retiree benefit | Continuing operations | ||||
Components of expense (income) | ||||
Benefit plans expense (income) | (144) | (123) | (107) | |
Weighted-average benefit cost assumptions | ||||
Cost (income) of postretirement benefit plans | $ (144) | $ (123) | $ (107) | |
Principal retiree benefit | Weighted average | ||||
Weighted-average benefit obligations assumptions | ||||
Discount rate | 5.09% | 5.43% | 2.64% | |
Compensation increases | 3.25% | 3.12% | 2.63% | |
Initial healthcare trend rate | 6.50% | 6.40% | 5.70% | |
Weighted-average benefit cost assumptions | ||||
Discount rate | 5.43% | 2.64% | 2.15% | |
Expected rate of return on plan assets | 0% | 0% | 1.25% |
POSTRETIREMENT BENEFIT PLANS _6
POSTRETIREMENT BENEFIT PLANS - Plan Funded Status and Amounts Recorded in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in benefit obligations | |||
Balance at January 1 | $ 70,811 | ||
Balance at December 31 | 48,649 | $ 70,811 | |
Change in plan assets | |||
Balance at January 1 | 59,666 | ||
Balance at December 31 | 40,516 | 59,666 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (8,133) | (11,145) | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 1,468 | 1,793 | |
Continuing operations | |||
Change in benefit obligations | |||
Balance at January 1 | 47,298 | ||
Balance at December 31 | 48,649 | 47,298 | |
Change in plan assets | |||
Balance at January 1 | 40,375 | ||
Balance at December 31 | 40,516 | 40,375 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (8,133) | (6,923) | |
Continuing operations | Held for sale, not discontinued operation | Steam business | |||
Amounts recorded in Statement of Financial Position | |||
Non-current liabilities - compensation and benefits | (37) | (35) | |
Discontinued operations | |||
Change in benefit obligations | |||
Balance at January 1 | 23,513 | ||
Balance at December 31 | 0 | 23,513 | |
Change in plan assets | |||
Balance at January 1 | 19,291 | ||
Balance at December 31 | 0 | 19,291 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | 0 | (4,222) | |
Principal pension | |||
Change in benefit obligations | |||
Balance at January 1 | 53,591 | 72,299 | |
Service cost for benefits earned | 94 | 221 | $ 237 |
Interest cost on benefit obligations | 1,892 | 2,069 | 1,951 |
Participant contributions | 10 | 14 | |
Plan amendments | 49 | 0 | |
Actuarial loss (gain) - net | 1,081 | (17,281) | |
Benefits paid | (2,503) | (3,731) | |
Dispositions/acquisitions/other - net | (17,997) | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 36,217 | 53,591 | 72,299 |
Change in plan assets | |||
Balance at January 1 | 44,993 | 60,990 | |
Actual gain (loss) on plan assets | 1,869 | (12,605) | |
Employer contributions | 212 | 325 | |
Participant contributions | 10 | 14 | |
Benefits paid | (2,503) | (3,731) | |
Dispositions/acquisitions/other - net | (14,837) | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 29,744 | 44,993 | 60,990 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (6,473) | (8,598) | |
Amounts recorded in Statement of Financial Position | |||
Net amount recorded | (6,473) | (8,598) | |
Prior service cost (credit) | (25) | (113) | |
Net loss (gain) | (1,454) | (5,710) | |
Total recorded in Accumulated other comprehensive loss (income) | (1,479) | (5,823) | |
Principal pension | Continuing operations | |||
Change in plan assets | |||
Balance at January 1 | 30,133 | ||
Balance at December 31 | 29,744 | 30,133 | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current liabilities - other | (224) | (214) | |
Non-current liabilities - compensation and benefits | (6,249) | (5,243) | |
Principal pension | Discontinued operations | |||
Change in plan assets | |||
Balance at January 1 | 14,860 | ||
Balance at December 31 | 0 | 14,860 | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current and non-current liabilities | 0 | (3,141) | |
Principal pension | GE pension plan | |||
Change in benefit obligations | |||
Balance at December 31 | 3,541 | ||
Principal pension | GE supplementary pension plan | |||
Change in benefit obligations | |||
Balance at January 1 | 5,457 | ||
Balance at December 31 | 5,457 | ||
Other pension | |||
Change in benefit obligations | |||
Balance at January 1 | 13,916 | 22,256 | |
Service cost for benefits earned | 37 | 86 | 233 |
Interest cost on benefit obligations | 422 | 398 | 383 |
Participant contributions | 19 | 19 | |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) - net | 526 | (6,282) | |
Benefits paid | (618) | (920) | |
Dispositions/acquisitions/other - net | (4,387) | 0 | |
Exchange rate adjustments | 462 | (1,641) | |
Balance at December 31 | 10,377 | 13,916 | 22,256 |
Change in plan assets | |||
Balance at January 1 | 14,663 | 22,490 | |
Actual gain (loss) on plan assets | 442 | (5,334) | |
Employer contributions | 161 | 209 | |
Participant contributions | 19 | 19 | |
Benefits paid | (618) | (920) | |
Dispositions/acquisitions/other - net | (4,439) | 0 | |
Exchange rate adjustments | 536 | (1,801) | |
Balance at December 31 | 10,764 | 14,663 | 22,490 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | 387 | 747 | |
Amounts recorded in Statement of Financial Position | |||
Net amount recorded | 387 | 747 | |
Prior service cost (credit) | (16) | (42) | |
Net loss (gain) | 1,680 | 1,787 | |
Total recorded in Accumulated other comprehensive loss (income) | 1,664 | 1,745 | |
Other pension | Continuing operations | |||
Change in plan assets | |||
Balance at January 1 | 10,232 | ||
Balance at December 31 | 10,764 | 10,232 | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 1,489 | 1,747 | |
Current liabilities - other | (54) | (55) | |
Non-current liabilities - compensation and benefits | (1,048) | (1,013) | |
Other pension | Discontinued operations | |||
Change in plan assets | |||
Balance at January 1 | 4,431 | ||
Balance at December 31 | 0 | 4,431 | |
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 844 | |
Current and non-current liabilities | 0 | (776) | |
Principal retiree benefit | |||
Change in benefit obligations | |||
Balance at January 1 | 3,304 | 4,308 | |
Service cost for benefits earned | 17 | 39 | 44 |
Interest cost on benefit obligations | 111 | 108 | 103 |
Participant contributions | 31 | 54 | |
Plan amendments | 0 | 0 | |
Actuarial loss (gain) - net | (5) | (778) | |
Benefits paid | (254) | (438) | |
Dispositions/acquisitions/other - net | (1,149) | 11 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 2,055 | 3,304 | 4,308 |
Change in plan assets | |||
Balance at January 1 | 10 | 42 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Employer contributions | 221 | 352 | |
Participant contributions | 31 | 54 | |
Benefits paid | (254) | (438) | |
Dispositions/acquisitions/other - net | 0 | 0 | |
Exchange rate adjustments | 0 | 0 | |
Balance at December 31 | 8 | 10 | $ 42 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan, Total | (2,047) | (3,294) | |
Amounts recorded in Statement of Financial Position | |||
Net amount recorded | (2,047) | (3,294) | |
Prior service cost (credit) | (909) | (1,677) | |
Net loss (gain) | (990) | (1,705) | |
Total recorded in Accumulated other comprehensive loss (income) | (1,899) | (3,382) | |
Principal retiree benefit | Continuing operations | |||
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current liabilities - other | (205) | (222) | |
Non-current liabilities - compensation and benefits | (1,842) | (1,923) | |
Principal retiree benefit | Discontinued operations | |||
Amounts recorded in Statement of Financial Position | |||
Non-current assets - other | 0 | 0 | |
Current and non-current liabilities | 0 | (1,149) | |
Retiree health plans | |||
Change in benefit obligations | |||
Balance at January 1 | 1,991 | ||
Balance at December 31 | $ 1,991 | ||
Retiree health plans | Continuing operations | |||
Change in benefit obligations | |||
Balance at December 31 | $ 1,208 |
POSTRETIREMENT BENEFIT PLANS _7
POSTRETIREMENT BENEFIT PLANS - Sensitivities to Key Assumptions (Details) - Principal pension $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Increase in principal pension plan cost assuming 25 basis point decrease in discount rate | $ 85 |
Increase in principal pension benefit obligation assuming 25 basis point decrease in discount rate | 905 |
Increase in principal pension plan cost assuming 50 basis point decrease in expected return on assets | $ 165 |
POSTRETIREMENT BENEFIT PLANS _8
POSTRETIREMENT BENEFIT PLANS - Composition of Plan Assets, Pension Plans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 40,516 | $ 59,666 | |
Discontinued operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 19,291 | |
Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 40,516 | 40,375 | |
Principal pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 29,744 | 44,993 | $ 60,990 |
Principal pension | Discontinued operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 14,860 | |
Principal pension | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 29,744 | 30,133 | |
Principal pension | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 17,787 | 28,135 | |
Principal pension | Global equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,985 | 3,918 | |
Principal pension | Global equities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 3,169 | 3,285 | |
Principal pension | Fixed income and cash investment funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,764 | 4,918 | |
Principal pension | U.S. corporate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 6,599 | 8,715 | |
Principal pension | Other debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 6,064 | 7,853 | |
Principal pension | Debt securities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,907 | 3,469 | |
Principal pension | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 775 | 1,486 | |
Principal pension | Real estate | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,067 | 1,624 | |
Principal pension | Private equities and other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 600 | 1,245 | |
Principal pension | Private equities and other investments | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 5,814 | 8,480 | |
Other pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 10,764 | 14,663 | $ 22,490 |
Other pension | Discontinued operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 0 | 4,431 | |
Other pension | Continuing operations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 10,764 | 10,232 | |
Other pension | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 5,980 | 8,845 | |
Other pension | Global equities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,152 | 1,097 | |
Other pension | Global equities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 612 | 1,029 | |
Other pension | Fixed income and cash investment funds | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 4,188 | 6,506 | |
Other pension | U.S. corporate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 145 | 382 | |
Other pension | Other debt securities | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 218 | 443 | |
Other pension | Debt securities | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 2,224 | 1,024 | |
Other pension | Real estate | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 18 | 53 | |
Other pension | Real estate | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,074 | 1,976 | |
Other pension | Private equities and other investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 259 | 364 | |
Other pension | Private equities and other investments | Plan assets measured at net asset value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 874 | $ 1,789 |
POSTRETIREMENT BENEFIT PLANS _9
POSTRETIREMENT BENEFIT PLANS - Composition of Plan Assets, Pension Plans - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 40,516 | $ 59,666 | |
Principal pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 29,744 | 44,993 | $ 60,990 |
Principal pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 1,203 | 2,255 | |
Principal pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 4,034 | 6,759 | |
Principal pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 12,703 | 18,606 | |
Other pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 10,764 | 14,663 | 22,490 |
Other pension | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 26 | 81 | |
Other pension | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 786 | 841 | |
Other pension | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | 4,913 | 7,580 | |
Principal retiree benefit plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets at fair value | $ 8 | $ 10 | $ 42 |
POSTRETIREMENT BENEFIT PLANS_10
POSTRETIREMENT BENEFIT PLANS - Asset Allocation (Details) | Dec. 31, 2023 |
Principal pension | Global equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 17% |
Principal pension | Global equities | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 10% |
Principal pension | Global equities | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 30% |
Principal pension | Debt securities (including cash equivalents) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 55% |
Principal pension | Debt securities (including cash equivalents) | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 31% |
Principal pension | Debt securities (including cash equivalents) | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 81.50% |
Principal pension | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 6% |
Principal pension | Real estate | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 1% |
Principal pension | Real estate | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 10% |
Principal pension | Private equities and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Actual allocation | 22% |
Principal pension | Private equities and other investments | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 6% |
Principal pension | Private equities and other investments | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 34% |
Other pension | Global equities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 16% |
Actual allocation | 17% |
Other pension | Debt securities (including cash equivalents) | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 60% |
Actual allocation | 62% |
Other pension | Real estate | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 8% |
Actual allocation | 10% |
Other pension | Private equities and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation | 16% |
Actual allocation | 11% |
POSTRETIREMENT BENEFIT PLANS_11
POSTRETIREMENT BENEFIT PLANS - Asset Allocation - Narrative (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Principal pension | Qualifying employer securities (GE securities) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, percentage | 0.50% | 0.70% |
POSTRETIREMENT BENEFIT PLANS_12
POSTRETIREMENT BENEFIT PLANS - Annualized Returns (Details) - Principal pension | Dec. 31, 2023 |
GE Aerospace Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
1 year | 6.50% |
5 years | 5.20% |
10 years | 4.60% |
25 years | 5.30% |
GE Energy Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
1 year | 6.60% |
5 years | 5.20% |
10 years | 4.60% |
25 years | 5.30% |
POSTRETIREMENT BENEFIT PLANS_13
POSTRETIREMENT BENEFIT PLANS - Estimated Future Benefit Payments, Benefit Plans (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Principal pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | $ 2,570 |
2025 | 2,590 |
2026 | 2,605 |
2027 | 2,615 |
2028 | 2,615 |
2029-2033 | 12,885 |
Other pension | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 570 |
2025 | 560 |
2026 | 560 |
2027 | 580 |
2028 | 590 |
2029-2033 | 3,065 |
Principal retiree benefit | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2024 | 220 |
2025 | 210 |
2026 | 205 |
2027 | 200 |
2028 | 195 |
2029-2033 | $ 845 |
POSTRETIREMENT BENEFIT PLANS_14
POSTRETIREMENT BENEFIT PLANS - Defined Contribution and Deferred Compensation Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan costs | $ 342 | $ 444 | $ 418 |
Deferred compensation liability | 916 | 913 | |
Continuing operations | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan costs | 342 | 322 | 299 |
Deferred compensation expense | $ 63 | $ 46 | $ 43 |
POSTRETIREMENT BENEFIT PLANS_15
POSTRETIREMENT BENEFIT PLANS - Cost of Postretirement Benefit Plans and Changes in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Principal pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost (income) of postretirement benefit plans | $ (1,108) | $ 575 | $ 2,650 |
Prior service cost (credit) - current year | 49 | 0 | 0 |
Net loss (gain) - current year | 1,588 | (1,533) | (4,959) |
Reclassifications out of AOCI | |||
Curtailment/settlement gain (loss) | 0 | 0 | 0 |
Dispositions/acquisitions/other - net | 1,989 | 0 | 0 |
Amortization of net gain (loss) | 723 | (1,422) | (3,483) |
Amortization of prior service credit (cost) | (5) | (5) | (28) |
Total changes in other comprehensive loss (income) | 4,344 | (2,960) | (8,470) |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | 3,236 | (2,385) | (5,820) |
Other pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost (income) of postretirement benefit plans | (118) | (396) | (102) |
Prior service cost (credit) - current year | 0 | 0 | (1) |
Net loss (gain) - current year | 721 | (128) | (2,104) |
Reclassifications out of AOCI | |||
Curtailment/settlement gain (loss) | 6 | 6 | (68) |
Dispositions/acquisitions/other - net | (792) | 0 | (68) |
Amortization of net gain (loss) | (20) | (101) | (403) |
Amortization of prior service credit (cost) | 4 | 8 | 3 |
Total changes in other comprehensive loss (income) | (81) | (215) | (2,641) |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | (199) | (611) | (2,743) |
Principal retiree benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cost (income) of postretirement benefit plans | (144) | (203) | (168) |
Prior service cost (credit) - current year | 0 | 0 | 0 |
Net loss (gain) - current year | (5) | (778) | (488) |
Reclassifications out of AOCI | |||
Curtailment/settlement gain (loss) | 0 | 0 | 0 |
Dispositions/acquisitions/other - net | 1,216 | 0 | 0 |
Amortization of net gain (loss) | 124 | 115 | 79 |
Amortization of prior service credit (cost) | 148 | 235 | 236 |
Total changes in other comprehensive loss (income) | 1,483 | (428) | (173) |
Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income) | $ 1,339 | $ (631) | $ (341) |
ALL OTHER LIABILITIES (Details)
ALL OTHER LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Sales discounts and allowances | $ 3,746 | $ 3,950 |
Equipment projects and other commercial liabilities | 2,019 | 1,422 |
Product warranties (Note 24) | 910 | 1,075 |
Employee compensation and benefit liabilities | 4,001 | 3,339 |
Interest payable | 323 | 352 |
Taxes payable | 654 | 578 |
Environmental, health and safety liabilities (Note 24) | 188 | 248 |
Derivative instruments (Note 22) | 161 | 420 |
Other | 711 | 746 |
All other current liabilities | 12,712 | 12,130 |
Equipment projects and other commercial liabilities | 1,802 | 2,192 |
Product warranties (Note 24) | 1,143 | 885 |
Operating lease liabilities (Note 6) | 1,973 | 2,089 |
Uncertain and other income taxes and related liabilities | 2,182 | 2,459 |
Alstom legacy legal matters (Note 24) | 393 | 455 |
Environmental, health and safety liabilities (Note 24) | 2,278 | 2,166 |
Other | 737 | 816 |
All other non-current liabilities | 10,508 | 11,063 |
Total All other liabilities | $ 23,221 | $ 23,193 |
INCOME TAXES - Consolidated Ear
INCOME TAXES - Consolidated Earnings (Loss) from Continuing Operations Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
U.S. earnings (loss) | $ 7,037 | $ (908) | $ (3,596) |
Non-U.S. earnings (loss) | 3,154 | 109 | (2,099) |
Earnings (loss) from continuing operations before income taxes | $ 10,191 | $ (799) | $ (5,695) |
INCOME TAXES - Provision (Benef
INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
U.S. Federal | $ (423) | $ (311) | $ (1,475) |
Non-U.S. | 823 | 733 | 655 |
U.S. State | 140 | (52) | (145) |
Deferred | |||
U.S. Federal | 49 | (617) | (366) |
Non-U.S. | 591 | 352 | 610 |
U.S. State | (17) | (108) | (36) |
Total | $ 1,162 | $ (3) | $ (757) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) tax_return jurisdiction | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Tax Contingency [Line Items] | ||||
Income taxes paid (recovered) | $ 994 | $ 1,128 | $ 1,330 | |
Number of income tax returns filed annually | tax_return | 2,300 | |||
Number of taxing jurisdictions throughout the globe where we file tax returns on an annual basis | jurisdiction | 270 | |||
Interest expense (income) | $ 28 | 36 | 17 | |
Tax expense (income) related to penalties | 7 | (26) | $ (29) | |
Undistributed earnings of foreign affiliates and associated companies | 7,000 | |||
Tax reconciliation related to repatriation of earnings | 38 | 66 | ||
Deferred tax asset, capitalized research and development costs | $ 858 | 435 | ||
Discontinued operations | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax asset, capitalized research and development costs | $ 279 | |||
Her Majesty's Revenue and Customs (HMRC) | Foreign tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Potential impact on disallowance of interest deductions | $ 1,100 | |||
Tax adjustment | $ 112 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
U.S. federal statutory income tax rate | $ 2,140 | $ (168) | $ (1,196) |
Tax on global activities including exports | 462 | 300 | 154 |
U.S. general business credits | (273) | (233) | (175) |
Debt tender and related valuation allowances | 0 | 30 | 940 |
Deductible stock and restructuring losses | 0 | 0 | (583) |
Retained and sold ownership interests | (1,215) | 3 | 45 |
All other – net | 48 | 65 | 58 |
Total income tax reconciliation items | (978) | 165 | 439 |
Total | $ 1,162 | $ (3) | $ (757) |
Rate | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Tax on global activities including exports | 4.50% | (37.60%) | (2.70%) |
U.S. general business credits | (2.70%) | 29.10% | 3.10% |
Debt tender and related valuation allowances | 0% | (3.80%) | (16.50%) |
Deductible stock and restructuring losses | 0% | 0% | 10.20% |
Retained and sold ownership interests | (11.90%) | (0.40%) | (0.80%) |
All other – net | 0.50% | (7.90%) | (1.00%) |
Total income tax reconciliation items | (9.60%) | (20.60%) | (7.70%) |
Actual income tax rate | 11.40% | 0.40% | 13.30% |
Tax reconciliation related to separation income tax costs | $ 9 | $ 134 | |
Tax reconciliation related to repatriation of earnings | 38 | 66 | |
Singapore | |||
Amount | |||
Tax on global activities including exports | $ (136) | $ (112) | $ (83) |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized tax benefits | $ 3,399 | $ 3,951 | $ 4,224 | $ 4,191 |
Portion that, if recognized, would reduce tax expense and effective tax rate | 2,708 | 3,072 | 3,351 | |
Accrued interest on unrecognized tax benefits | 635 | 614 | 597 | |
Accrued penalties on unrecognized tax benefits | 111 | 111 | 146 | |
Minimum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 0 | 0 | 0 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | 0 | 0 | 0 | |
Maximum | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 100 | 650 | 250 | |
Portion that, if recognized, would reduce tax expense and effective tax rate | $ 100 | $ 600 | $ 200 |
INCOME TAXES - Unrecognized T_2
INCOME TAXES - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of period | $ 3,951 | $ 4,224 | $ 4,191 |
Additions for tax positions of the current year | 109 | 62 | 396 |
Additions for tax positions of prior years | 156 | 120 | 327 |
Reductions for tax positions of prior years | (710) | (393) | (585) |
Settlements with tax authorities | (56) | (8) | (33) |
Expiration of the statute of limitations | (51) | (54) | (71) |
Balance at end of period | 3,399 | 3,951 | 4,224 |
Reductions for tax positions of prior years | 710 | $ 393 | $ 585 |
Spinoff | GE HealthCare | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Reductions for tax positions of prior years | (577) | ||
Reductions for tax positions of prior years | $ 577 |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Total assets | $ 11,128 | $ 10,626 |
Total liabilities | (553) | (625) |
Net deferred income tax asset (liability) | $ 10,575 | $ 10,001 |
INCOME TAXES - Components of Ne
INCOME TAXES - Components of Net Deferred Income Tax Assets (Liability) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Insurance company loss reserves | $ 3,185 | $ 2,492 |
Progress collections, contract assets and deferred items | 2,753 | 2,365 |
Accrued expenses and reserves | 2,197 | 2,215 |
Deferred expenses | 1,317 | 1,438 |
Other compensation and benefits | 1,143 | 1,173 |
Principal pension plans | 1,359 | 1,146 |
Non-U.S. loss carryforwards | 972 | 939 |
Other | 843 | 1,000 |
Total deferred tax assets | 13,769 | 12,768 |
Deferred tax liabilities | ||
Depreciation | (702) | (613) |
Global investments, partnerships, join ventures and non-consolidated entities | (1,389) | (1,440) |
Other | (1,103) | (714) |
Total deferred tax liabilities | (3,194) | (2,767) |
Net deferred income tax asset (liability) | 10,575 | 10,001 |
Valuation allowances | 6,932 | 6,369 |
Valuation allowances related to assets other than non-U.S. loss carryforwards | 1,937 | 3,264 |
Net Operating Loss Carryforwards Expiring in Various Years Ending from 2022 Through 2024 | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | 73 | |
Net Operating Loss Carryforwards Expiring in Various Years Ending from 2025 Through 2041 | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | 327 | |
Net Operating Loss Carryforwards That May be Carried Forward Indefinitely | ||
Deferred tax assets | ||
Non-U.S. loss carryforwards | 572 | |
Net Capital Gains | ||
Deferred tax liabilities | ||
Deferred tax assets, valuation allowance | $ 1,413 | |
Deductible Stock and Restructuring Losses | ||
Deferred tax liabilities | ||
Deferred tax assets, valuation allowance | $ 1,327 |
SHAREHOLDERS' EQUITY - Schedule
SHAREHOLDERS' EQUITY - Schedule of Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ 34,912 | $ 33,346 | $ 34,912 | $ 33,346 | |||||||
Ending balance | $ 28,579 | $ 34,912 | $ 28,579 | $ 34,912 | $ 33,346 | ||||||
Dividends declared per common share (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.32 |
GE HealthCare | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Reclass from AOCI, net of taxes | $ 195 | ||||||||||
Accumulated other comprehensive income (loss) | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ (2,272) | $ (4,860) | (2,272) | $ (4,860) | $ (9,749) | ||||||
Ending balance | $ (6,150) | $ (2,272) | (6,150) | (2,272) | (4,860) | ||||||
Currency translation adjustments including noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (5,893) | (4,569) | (5,893) | (4,569) | (4,395) | ||||||
AOCI before reclass, net of taxes | 12 | (1,326) | (101) | ||||||||
Reclass from AOCI, net of taxes | 2,262 | 0 | (71) | ||||||||
Other comprehensive income (loss) | 2,274 | (1,326) | (172) | ||||||||
Ending balance | (5,893) | (5,893) | (4,569) | ||||||||
AOCI before reclasses, taxes | 74 | 144 | (90) | ||||||||
Reclass from AOCI, taxes | (626) | 0 | 87 | ||||||||
Currency translation adjustments including noncontrolling interests | GE HealthCare | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Reclass from AOCI, net of taxes | 2,234 | ||||||||||
Currency translation adjustments attributable to noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Other comprehensive income (loss) | 4 | (2) | 2 | ||||||||
Currency translation adjustments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (5,893) | (4,569) | (5,893) | (4,569) | |||||||
Other comprehensive income (loss) | 2,270 | (1,324) | (174) | ||||||||
Ending balance | (3,623) | (5,893) | (3,623) | (5,893) | (4,569) | ||||||
Benefit plans including noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | 6,531 | 3,646 | 6,531 | 3,646 | (5,395) | ||||||
AOCI before reclass, net of taxes | (1,874) | 2,117 | 6,225 | ||||||||
Reclass from AOCI, net of taxes | (2,873) | 772 | 2,819 | ||||||||
Other comprehensive income (loss) | (4,747) | 2,889 | 9,044 | ||||||||
Ending balance | 6,531 | 6,531 | 3,646 | ||||||||
AOCI before reclasses, taxes | (497) | 597 | 1,643 | ||||||||
Reclass from AOCI, taxes | (778) | 216 | 793 | ||||||||
Benefit plans including noncontrolling interests | GE HealthCare | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Reclass from AOCI, net of taxes | (2,030) | ||||||||||
Benefit plans attributable to noncontrolling interests | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Other comprehensive income (loss) | (2) | 3 | 3 | ||||||||
Benefit plans | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | 6,531 | 3,646 | 6,531 | 3,646 | |||||||
Other comprehensive income (loss) | (4,745) | 2,886 | 9,041 | ||||||||
Ending balance | 1,786 | 6,531 | 1,786 | 6,531 | 3,646 | ||||||
Investment securities and cash flow hedges | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | (1,927) | 5,172 | (1,927) | 5,172 | 6,471 | ||||||
AOCI before reclass, net of taxes | 1,046 | (7,135) | (1,343) | ||||||||
Reclass from AOCI, net of taxes | (78) | 36 | 44 | ||||||||
Other comprehensive income (loss) | 968 | (7,099) | (1,299) | ||||||||
Ending balance | (959) | (1,927) | (959) | (1,927) | 5,172 | ||||||
AOCI before reclasses, taxes | 248 | (1,861) | (386) | ||||||||
Reclass from AOCI, taxes | (7) | (20) | 23 | ||||||||
Long-duration insurance contracts | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax | |||||||||||
Beginning balance | $ (983) | $ (9,109) | (983) | (9,109) | (11,708) | ||||||
AOCI before reclass, net of taxes | (2,371) | 8,126 | 2,599 | ||||||||
Other comprehensive income (loss) | (2,371) | 8,126 | 2,599 | ||||||||
Ending balance | $ (3,354) | $ (983) | (3,354) | (983) | (9,109) | ||||||
AOCI before reclasses, taxes | $ (630) | $ 2,160 | $ 691 |
SHAREHOLDERS' EQUITY - Narrativ
SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Dividends, preferred stock | $ 237 | $ 289 | $ 237 | |
Dividends, preferred stock, cash | $ 236 | $ 284 | $ 220 | |
Common stock, shares authorized | 1,650,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.06 | |
Common stock, shares issued | 1,462,000,000 | |||
Common stock, shares outstanding | 1,088,415,995 | 1,089,107,878 | ||
Stock repurchased (in shares) | 11,000,000 | 13,600,000 | 500,000 | |
Stock repurchased | $ 1,135 | $ 1,000 | $ 36 | |
Preferred stock | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stock repurchased | $ 5,795 | $ 144 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Expiration period | 10 years | ||
Risk-free interest rate (as a percent) | 4.20% | 1.60% | 1.10% |
Dividend yield (as a percent) | 0.40% | 0.40% | 0.30% |
Expected volatility (as a percent) | 36% | 37% | 40% |
Expected lives (in years) | 6 years 9 months 18 days | 6 years 9 months 18 days | 6 years 2 months 12 days |
Strike price (in dollars per share) | $ 88.15 | $ 92.33 | $ 105.12 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU/common stock conversion ratio | 1 | ||
Outstanding (in shares) | shares | 8,103 | 9,687 | |
Outstanding (in dollars per share) | $ 76.52 | $ 79.82 | |
Intrinsic value, outstanding | $ | $ 1,034 | ||
Weighted average remaining contractual term, outstanding | 1 year 1 month 6 days | ||
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | shares | 2,315 | ||
Outstanding (in dollars per share) | $ 68.58 | ||
Intrinsic value, outstanding | $ | $ 295 | ||
Weighted average remaining contractual term, outstanding | 1 year 3 months 18 days |
SHARE-BASED COMPENSATION - Weig
SHARE-BASED COMPENSATION - Weighted Average Grant Date Fair Value (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value of stock options (in dollars per share) | $ 36.10 | $ 34.03 | $ 40.64 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | 89.60 | 87.68 | 104.98 |
PSUs/Performance shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value (in dollars per share) | $ 89.44 | $ 95.40 | $ 108.51 |
SHARE-BASED COMPENSATION - Stoc
SHARE-BASED COMPENSATION - Stock-Based Compensation Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares, Stock options | |||
Outstanding at beginning of period (in shares) | 31,023 | ||
Spin-off adjustment (in shares) | 3,704 | ||
Granted (in shares) | 358 | ||
Exercised (in shares) | (7,275) | ||
Forfeited (in shares) | (21) | ||
Expired (in shares) | (5,216) | ||
Outstanding at end of period (in shares) | 22,573 | 31,023 | |
Exercisable (in shares) | 21,389 | ||
Expected to vest (in shares) | 1,098 | ||
Weighted average exercise price, Stock options | |||
Outstanding at beginning of period (in dollars per share) | $ 142.68 | ||
Granted (in dollars per share) | 88.15 | ||
Exercised (in dollars per share) | 77.64 | ||
Forfeited (in dollars per share) | 64.46 | ||
Expired (in dollars per share) | 152.04 | ||
Outstanding at end of period (in dollars per share) | 122.35 | $ 142.68 | |
Exercisable (in dollars per share) | 124.83 | ||
Expected to vest (in dollars per share) | $ 77.50 | ||
Weighted average contractual term (in years) | |||
Stock options, weighted average remaining contractual term, outstanding | 3 years | ||
Stock options, weighted average remaining contractual term, exercisable | 2 years 9 months 18 days | ||
Stock options, weighted average remaining contractual term, expected to vest | 7 years 8 months 12 days | ||
Intrinsic value | |||
Stock options, intrinsic value, outstanding | $ 544 | ||
Stock options, intrinsic value, exercisable | 484 | ||
Stock options, intrinsic value, expected to vest | $ 55 | ||
RSUs | |||
Shares | |||
Outstanding at beginning of period (in shares) | 9,687 | ||
Spin-off adjustment (in shares) | (784) | ||
Granted (in shares) | 3,203 | ||
Exercised (in shares) | (3,480) | ||
Forfeited (in shares) | (523) | ||
Outstanding at end of period (in shares) | 8,103 | 9,687 | |
Expected to vest (in shares) | 7,313 | ||
Weighted average grant date fair value | |||
Outstanding at beginning of period (in dollars per share) | $ 79.82 | ||
Granted (in dollars per share) | 89.60 | $ 87.68 | $ 104.98 |
Exercised (in dollars per share) | 67.96 | ||
Forfeited (in dollars per share) | 69.73 | ||
Outstanding at end of period (in dollars per share) | 76.52 | $ 79.82 | |
Expected to vest (in dollars per share) | $ 76.09 | ||
Weighted average contractual term (in years) | |||
Weighted average remaining contractual term, outstanding | 1 year 1 month 6 days | ||
Weighted average remaining contractual term, expected to vest | 1 year | ||
Intrinsic value | |||
Intrinsic value, outstanding | $ 1,034 | ||
Intrinsic value, expected to vest | $ 933 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Compensation Expense, Cash Proceeds and Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (after-tax) | $ 299 | $ 251 | $ 305 |
Intrinsic value of stock options exercised and RSU/PSUs vested | 561 | 170 | 217 |
Unrecognized compensation expense related to unvested equity awards | $ 318 | ||
Amortization period of unrecognized compensation expense | 1 year | ||
Income tax benefit recognized in earnings | $ 61 | 12 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from stock options exercised | $ 565 | $ 62 | $ 93 |
EARNINGS PER SHARE INFORMATIO_2
EARNINGS PER SHARE INFORMATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Diluted | |||||||||||
Earnings (loss) from continuing operations | $ 9,063 | $ (811) | $ (4,822) | ||||||||
Preferred stock dividends and other and accretion of preferred share repurchase | (295) | (286) | (246) | ||||||||
Earnings (loss) from continuing operations attributable to common shareholders | 8,769 | (1,097) | (5,067) | ||||||||
Earnings (loss) from discontinued operations | 414 | 1,151 | (1,516) | ||||||||
Net earnings (loss) attributable to GE common shareholders | $ 9,182 | $ 54 | $ (6,583) | ||||||||
Total average equivalent shares (in shares) | 1,089 | 1,096 | 1,098 | ||||||||
Employee compensation-related shares (including stock options) (in shares) | 10 | 0 | 0 | ||||||||
Total average equivalent shares (in shares) | 1,099 | 1,096 | 1,098 | ||||||||
Earnings (loss) per share from continuing operations (in dollars per share) | $ 1.44 | $ 0.08 | $ 0.91 | $ 5.56 | $ 1.53 | $ (0.29) | $ (1.09) | $ (1.16) | $ 7.98 | $ (1) | $ (4.62) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 0.16 | (0.93) | 1.15 | 0.37 | 0.37 | 0.23 | 0.08 | 0.38 | 1.05 | (1.38) |
Net earnings (loss) per share (in dollars per share) | 1.45 | 0.23 | (0.02) | 6.71 | 1.90 | 0.08 | (0.86) | (1.08) | $ 8.36 | $ 0.05 | $ (6) |
Potentially dilutive securities (in shares) | 26 | 45 | 41 | ||||||||
Basic | |||||||||||
Earnings (loss) from continuing operations | $ 9,066 | $ (811) | $ (4,822) | ||||||||
Preferred stock dividends and other and accretion of preferred share repurchase | (295) | (286) | (246) | ||||||||
Earnings (loss) from continuing operations attributable to common shareholders | 8,772 | (1,097) | (5,067) | ||||||||
Earnings (loss) from discontinued operations | 414 | 1,151 | (1,516) | ||||||||
Net earnings (loss) attributable to GE common shareholders | $ 9,186 | $ 54 | $ (6,583) | ||||||||
Total average equivalent shares (in shares) | 1,089 | 1,096 | 1,098 | ||||||||
Earnings (loss) per share from continuing operations (in dollars per share) | 1.46 | 0.08 | 0.91 | 5.60 | 1.55 | (0.29) | (1.09) | (1.16) | $ 8.06 | $ (1) | $ (4.62) |
Earnings (loss) per share from discontinued operations (in dollars per share) | 0 | 0.16 | (0.94) | 1.15 | 0.37 | 0.37 | 0.23 | 0.08 | 0.38 | 1.05 | (1.38) |
Net earnings (loss) per share (in dollars per share) | $ 1.46 | $ 0.24 | $ (0.02) | $ 6.76 | $ 1.93 | $ 0.08 | $ (0.86) | $ (1.08) | $ 8.44 | $ 0.05 | $ (6) |
Preferred stock redemption, excise tax | $ 58 |
OTHER INCOME (LOSS) - Schedule
OTHER INCOME (LOSS) - Schedule of Other Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized and unrealized gain (loss) | $ 5,842 | $ (113) | $ 1,632 |
Other net interest and investment income (loss) | 739 | 474 | 585 |
Licensing and royalty income | 244 | 185 | 175 |
Equity method income | 413 | 373 | 188 |
Purchases and sales of business interests | 104 | 60 | (52) |
Other items | 28 | 185 | 462 |
Total other income (loss) | $ 7,129 | $ 1,172 | $ 2,696 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total other income (loss) | Total other income (loss) | Total other income (loss) |
Interest income | $ 156 | $ 162 | $ 167 |
Disposed of by sale, Not discontinued operations | Boiler Manufacturing Business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax loss on sale | 170 | ||
Other (income) loss | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity method income | 237 | 220 | (123) |
Retained and sold ownership interests | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized and unrealized gain (loss) | 5,778 | 47 | 1,649 |
GE HealthCare | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized and unrealized gain (loss) | 5,639 | 0 | 0 |
AerCap | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized and unrealized gain (loss) | 129 | (865) | 711 |
Baker Hughes | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Realized and unrealized gain (loss) | $ 10 | $ 912 | $ 938 |
OTHER INCOME (LOSS) - Narrative
OTHER INCOME (LOSS) - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Dispositions of retained ownership interests | $ 9,004 | $ 4,717 | $ 4,145 | |
GE HealthCare | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Equity securities, investment interest (in shares) | 61.6 | |||
Equity securities, ownership percentage | 13.50% | |||
Dispositions of retained ownership interests | $ 2,192 | |||
AerCap | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Dispositions of retained ownership interests | $ 6,587 | |||
Baker Hughes | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Dispositions of retained ownership interests | $ 216 |
RESTRUCTURING CHARGES AND SEP_3
RESTRUCTURING CHARGES AND SEPARATION COSTS - Restructuring and Other Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 706 | $ 845 | $ 664 |
Restructuring and other charges cash expenditures | 508 | 415 | 683 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 157 | 206 | 348 |
Selling, general and administrative expenses | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 549 | 669 | 390 |
Other (income) loss | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 0 | (31) | (75) |
Operating segments | Aerospace | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 13 | 20 | 70 |
Operating segments | Renewable Energy | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 296 | 177 | 204 |
Operating segments | Power | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 107 | 155 | 369 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 290 | 494 | 20 |
Workforce reductions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 392 | 281 | 568 |
Plant closures & associated costs and other asset write-downs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 258 | 533 | 117 |
Acquisition/disposition net charges and other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | 56 | 30 | (21) |
Non-cash asset impairment, accelerated depreciation and other charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and other charges | $ 303 | $ 366 | $ 114 |
RESTRUCTURING CHARGES AND SEP_4
RESTRUCTURING CHARGES AND SEPARATION COSTS - Changes in Restructuring Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | $ 977 | $ 825 | $ 1,065 |
Additions | 403 | 479 | 550 |
Payments | (351) | (310) | (570) |
Remeasurement | (42) | 15 | (169) |
Effect of foreign currency and other | (69) | (32) | (51) |
Balance at Ending of period | 918 | 977 | 825 |
Restructuring reserve | 918 | 977 | 825 |
Post-employment severance benefits | |||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | 348 | 321 | |
Balance at Ending of period | 324 | 348 | 321 |
Restructuring reserve | $ 324 | $ 348 | $ 321 |
RESTRUCTURING CHARGES AND SEP_5
RESTRUCTURING CHARGES AND SEPARATION COSTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Separation costs | $ 978 | $ 715 | $ 0 |
Payments for restructuring costs | 351 | 310 | $ 570 |
Separation costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Separation costs | 978 | 715 | |
Payments for restructuring costs | 1,059 | 158 | |
Restructuring, incurred net tax benefit | 197 | 16 | |
Separation costs | Discontinued operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Separation costs | 22 | 258 | |
Payments for restructuring costs | 182 | 103 | |
Restructuring, incurred net tax benefit | $ 5 | $ 54 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Gross derivatives | $ 950 | $ 1,275 |
Netting adjustment | (512) | (821) |
Derivative asset | 437 | 454 |
Liabilities | ||
Gross derivatives | 671 | 1,241 |
Netting adjustment | (510) | (820) |
Net derivative liabilities | 161 | 420 |
Recurring | ||
Assets | ||
Investment securities | 43,706 | 43,636 |
Netting adjustment | (512) | (821) |
Derivative asset | 437 | 454 |
Total assets | 44,143 | 44,090 |
Liabilities | ||
Netting adjustment | (510) | (820) |
Net derivative liabilities | 161 | 420 |
Other | 428 | 379 |
Total liabilities | 588 | 799 |
Recurring | Run-off insurance operations | ||
Assets | ||
Investment securities | 37,592 | 35,503 |
Recurring | Level 1 | ||
Assets | ||
Investment securities | 4,767 | 6,732 |
Gross derivatives | 0 | 0 |
Total assets | 4,767 | 6,732 |
Liabilities | ||
Gross derivatives | 0 | 0 |
Other | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Investment securities | 32,098 | 30,483 |
Gross derivatives | 943 | 1,274 |
Total assets | 33,042 | 31,757 |
Liabilities | ||
Gross derivatives | 669 | 1,240 |
Other | 428 | 379 |
Total liabilities | 1,097 | 1,619 |
Recurring | Level 3 | ||
Assets | ||
Investment securities | 6,841 | 6,421 |
Gross derivatives | 6 | 1 |
Total assets | 6,847 | 6,421 |
Liabilities | ||
Gross derivatives | 2 | 0 |
Other | 0 | 0 |
Total liabilities | 2 | 0 |
Recurring | Level 3 | U.S. corporate | ||
Assets | ||
Investment securities | 3,873 | 3,548 |
Recurring | Level 3 | Mortgage and asset-backed | ||
Assets | ||
Investment securities | 1,491 | 1,386 |
Recurring | Level 3 | Senior note | AerCap | ||
Assets | ||
Investment securities | $ 944 | $ 900 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Level 3 Instruments (Details) - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Net unrealized gain (losses) in other comprehensive income | $ 134 | $ (994) |
Investment securities | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Beginning balance | 6,421 | 7,222 |
Net realized/ unrealized gains (losses) | 195 | (1,002) |
Purchases | 617 | 973 |
Sales & Settlements | (398) | (628) |
Transfers into Level 3 | 37 | 57 |
Transfers out of Level 3 | (30) | (201) |
Ending balance | 6,841 | 6,421 |
U.S. corporate | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Purchases | 379 | 508 |
Mortgage and asset-backed | ||
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation | ||
Purchases | $ 177 | $ 302 |
FINANCIAL INSTRUMENTS - Assets
FINANCIAL INSTRUMENTS - Assets and Liabilities Not Carried at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Investment contracts (Note 12) | $ 1,535 | $ 1,708 |
Carrying amount (net) | ||
Assets | ||
Loans and other receivables | 2,438 | 2,557 |
Liabilities | ||
Borrowings (Note 10) | 20,965 | 24,059 |
Investment contracts (Note 12) | 1,535 | 1,708 |
Estimated fair value | ||
Assets | ||
Loans and other receivables | 2,379 | 2,418 |
Liabilities | ||
Borrowings (Note 10) | 20,689 | 22,849 |
Investment contracts (Note 12) | $ 1,616 | $ 1,758 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Notional | $ 57,211 | $ 57,898 |
All other current assets | ||
Derivative asset, statement of financial position | All other current assets (Note 9) | All other current assets (Note 9) |
Gross derivatives | $ 950 | $ 1,275 |
Netting and credit adjustments | (512) | (821) |
Net derivatives in statement of financial position | $ 437 | $ 454 |
All other current liabilities | ||
Derivative liability, statement of financial position | All other current liabilities (Note 14) | All other current liabilities (Note 14) |
Gross derivatives | $ 671 | $ 1,241 |
Netting and credit adjustments | (510) | (820) |
Net derivatives in statement of financial position | 161 | 420 |
Qualifying currency exchange contracts | ||
Derivative [Line Items] | ||
Gross Notional | 6,648 | 5,112 |
All other current assets | ||
Gross derivatives | 156 | 132 |
All other current liabilities | ||
Gross derivatives | 91 | 146 |
Non-qualifying currency exchange contracts and other | ||
Derivative [Line Items] | ||
Gross Notional | 50,563 | 52,786 |
All other current assets | ||
Gross derivatives | 794 | 1,143 |
All other current liabilities | ||
Gross derivatives | $ 580 | $ 1,095 |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair Value Hedges, Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cumulative amount of fair value hedging adjustments | $ 1,162 | $ 1,240 |
Cumulative amount of fair value hedging on discontinued hedging relationships | 1,162 | 1,240 |
Hedged liability | $ 9,253 | $ 9,933 |
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Long-term borrowings (Note 10) | Long-term borrowings (Note 10) |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivatives on AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Gain (loss) recognized in AOCI, cash flow hedges | $ 83 | $ (242) | $ (140) |
Gain (loss) recognized in AOCI, net investment hedges | (153) | 341 | 487 |
Reclassified from AOCI into earnings, investment hedges | 0 | 0 | $ (87) |
Foreign currency debt | |||
Derivative [Line Items] | |||
Carrying value designated as net investment hedges | $ 4,726 | $ 3,329 |
FINANCIAL INSTRUMENTS - Cash Fl
FINANCIAL INSTRUMENTS - Cash Flow and Net Investment Hedges, Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Pre-tax gain (loss) included in AOCI related to cash flow hedges of forecasted transactions | $ (2) |
Loss expected to be transferred to earnings as an expense | $ 6 |
Maximum term of hedged forecasted transactions | 12 years |
FINANCIAL INSTRUMENTS - Effec_2
FINANCIAL INSTRUMENTS - Effects of Derivatives on Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
Debt extinguishment costs | 0 | 465 | 6,524 | ||||||||
Interest Expense | 1,118 | 1,477 | 1,790 | ||||||||
SG&A | 9,195 | 9,173 | $ 8,177 | ||||||||
Other Income | 57,521 | 45,444 | |||||||||
Revenues | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Cash flow hedges | (1) | (23) | |||||||||
Non-hedging derivatives | 0 | 7 | |||||||||
Debt extinguishment costs | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Non-hedging derivatives | 159 | ||||||||||
Interest Expense | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Cash flow hedges | (10) | (20) | |||||||||
Fair value hedges | 0 | (16) | |||||||||
Non-hedging derivatives | 0 | (4) | |||||||||
SG&A | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Cash flow hedges | 1 | (2) | |||||||||
Non-hedging derivatives | 130 | (269) | |||||||||
Other Income | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Cash flow hedges | 39 | (100) | |||||||||
Non-hedging derivatives | $ (167) | $ (485) |
FINANCIAL INSTRUMENTS - Counter
FINANCIAL INSTRUMENTS - Counterparty Credit Risk, Narrative (Details) - Counterparty credit risk - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Exposure to counterparties including interest net collateral, excluding embedded derivatives | $ 374 | $ 306 |
Net amount | $ 120 | $ 365 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Assets | $ 163,045 | $ 188,851 |
Liabilities | 134,466 | 153,938 |
Consolidated VIE | ||
Variable Interest Entity [Line Items] | ||
Assets | 117 | 401 |
Liabilities | 203 | 206 |
Unconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Assets | 6,657 | 5,917 |
Unconsolidated VIEs | Energy Financial Services | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,272 | 1,481 |
Unconsolidated VIEs | Insurance | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 5,151 | $ 4,219 |
COMMITMENTS, GUARANTEES, PROD_3
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Commitments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Investment commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 3,809 |
Run-off insurance operations | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,662 |
Run-off insurance operations, unconsolidated VIE investment commitment | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 3,545 |
Unfunded lending commitments | |
Long-term Purchase Commitment [Line Items] | |
Commitments | 651 |
Aerospace | Financial assistance | |
Long-term Purchase Commitment [Line Items] | |
Commitments | $ 2,676 |
COMMITMENTS, GUARANTEES, PROD_4
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Guarantees (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Credit support agreement | |
Guarantor Obligations [Line Items] | |
Maximum exposure | $ 916 |
Guarantee obligations, liability | 21 |
Indemnification agreement, TMA | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 41 |
Other indemnification agreements | Continuing operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 289 |
Other indemnification agreements | Continuing operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | 70 |
Other indemnification agreements | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 721 |
Related reserves | 71 |
Guarantee of indebtedness of others | Discontinued operations | |
Guarantor Obligations [Line Items] | |
Maximum exposure | 44 |
Transition Services Agreement and Tax Matters Agreement | Discontinued operations | GE HealthCare | |
Guarantor Obligations [Line Items] | |
Guarantee obligations, liability | $ 81 |
COMMITMENTS, GUARANTEES, PROD_5
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Narrative - Product Warranties (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Liability for product warranties | $ 2,053 | $ 1,960 | $ 1,730 | $ 1,897 |
COMMITMENTS, GUARANTEES, PROD_6
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Schedule of Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Standard Product Warranty Accrual | |||
Balance at beginning of period | $ 1,960 | $ 1,730 | $ 1,897 |
Current-year provisions | 961 | 1,081 | 635 |
Expenditures | (886) | (768) | (724) |
Other changes | 18 | (83) | (78) |
Balance at end of period | $ 2,053 | $ 1,960 | $ 1,730 |
COMMITMENTS, GUARANTEES, PROD_7
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Alstom Legacy Matters (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Alstom Legacy Matters | ||
Loss Contingencies [Line Items] | ||
Loss contingency accrual | $ 393 | $ 455 |
COMMITMENTS, GUARANTEES, PROD_8
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Shareholder and Related Lawsuits and GE Retirement Savings Plan Class Actions (Details) $ in Millions | 1 Months Ended | ||
Sep. 30, 2023 USD ($) | Feb. 28, 2018 lawsuit | Dec. 31, 2017 lawsuit proprietary_fund | |
Lindsey and Priest/Tola cases | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 2 | ||
GE retirement savings plan class actions | |||
Loss Contingencies [Line Items] | |||
Number of putative class actions | 4 | ||
Number of propriety funds, allegedly underperforming | proprietary_fund | 5 | ||
Settlement, amount awarded to other party | $ | $ 61 |
COMMITMENTS, GUARANTEES, PROD_9
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Bank BPH (Details) - Bank BPH litigation - Bank BPH - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Litigation settlement expense | $ 1,014 | |
Estimate loss | $ 2,669 |
COMMITMENTS, GUARANTEES, PRO_10
COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES - Environmental, Health and Safety Matters (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2022 advocacyGroup | Mar. 31, 2021 advocacyGroup | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Total reserves related to environmental remediation, nuclear decommissioning and worker exposure claims | $ 2,465 | $ 2,415 | |||
Number of environmental advocacy groups | advocacyGroup | 2 | 2 | |||
Expenditures for site remediation, nuclear decommissioning and worker exposure claims | $ 260 | $ 220 | $ 181 | ||
Environmental Remediation Expense, Statement Of Income Or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag | Expenditures | Expenditures | Expenditures | ||
Expected expenditures for site remediation, nuclear decommissioning and worker exposure claims, 2024 | $ 200 | ||||
Expected expenditures for site remediation, nuclear decommissioning and worker exposure claims, 2025 | $ 200 |
OPERATING SEGMENTS - Reconcilia
OPERATING SEGMENTS - Reconciliation of Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 31,062 | 25,390 | 20,274 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,974 | 12,896 | 15,559 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,551 | 15,995 | 16,558 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 64,551 | 55,289 | 53,910 | ||||||||
Operating segments | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 31,770 | 26,050 | 21,310 | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,050 | 12,977 | 15,697 | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,731 | 16,262 | 16,903 | ||||||||
Corporate items and eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 3,403 | 2,812 | 2,559 | ||||||||
Intersegment revenues | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 965 | 1,008 | 1,519 | ||||||||
Intersegment revenues | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (708) | (660) | (1,036) | ||||||||
Intersegment revenues | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (76) | (80) | (138) | ||||||||
Intersegment revenues | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (180) | (267) | (345) | ||||||||
Corporate, non-segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 4,367 | $ 3,819 | $ 4,078 |
OPERATING SEGMENTS - Equipment
OPERATING SEGMENTS - Equipment and Services Revenues Classification (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 31,062 | 25,390 | 20,274 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,974 | 12,896 | 15,559 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,551 | 15,995 | 16,558 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 64,551 | 55,289 | 53,910 | ||||||||
Operating segments | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 31,770 | 26,050 | 21,310 | ||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 15,050 | 12,977 | 15,697 | ||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 17,731 | 16,262 | 16,903 | ||||||||
Equipment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 27,340 | 22,770 | 25,789 | ||||||||
Equipment | Operating segments | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 9,319 | 7,842 | 7,531 | ||||||||
Equipment | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 12,625 | 10,191 | 13,224 | ||||||||
Equipment | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 5,396 | 4,737 | 5,035 | ||||||||
Services | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 37,211 | 32,518 | 28,121 | ||||||||
Services | Operating segments | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 22,451 | 18,207 | 13,780 | ||||||||
Services | Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 2,425 | 2,785 | 2,473 | ||||||||
Services | Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 12,335 | $ 11,526 | $ 11,868 |
OPERATING SEGMENTS - Geographic
OPERATING SEGMENTS - Geographic Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 29,090 | 24,964 | 25,607 | ||||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,650 | 12,587 | 11,244 | ||||||||
China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,900 | 3,537 | 4,044 | ||||||||
Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,969 | 6,098 | 5,762 | ||||||||
Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,034 | 4,750 | 3,553 | ||||||||
Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 7,310 | 6,164 | 6,259 | ||||||||
Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 38,863 | $ 33,136 | $ 30,862 | ||||||||
Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 57% | 57% | 55% | ||||||||
Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 31,062 | $ 25,390 | $ 20,274 | ||||||||
Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 14,974 | 12,896 | 15,559 | ||||||||
Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,551 | 15,995 | 16,558 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 64,551 | 55,289 | 53,910 | ||||||||
Operating segments | Aerospace | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 31,770 | 26,050 | 21,310 | ||||||||
Operating segments | Aerospace | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,486 | ||||||||||
Operating segments | Aerospace | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 7,225 | ||||||||||
Operating segments | Aerospace | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,607 | ||||||||||
Operating segments | Aerospace | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,195 | ||||||||||
Operating segments | Aerospace | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,865 | ||||||||||
Operating segments | Aerospace | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,393 | ||||||||||
Operating segments | Aerospace | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 18,285 | ||||||||||
Operating segments | Aerospace | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 58% | ||||||||||
Operating segments | Renewable Energy | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 15,050 | 12,977 | 15,697 | ||||||||
Operating segments | Renewable Energy | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,327 | ||||||||||
Operating segments | Renewable Energy | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,099 | ||||||||||
Operating segments | Renewable Energy | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 214 | ||||||||||
Operating segments | Renewable Energy | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,874 | ||||||||||
Operating segments | Renewable Energy | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,579 | ||||||||||
Operating segments | Renewable Energy | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 958 | ||||||||||
Operating segments | Renewable Energy | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 8,723 | ||||||||||
Operating segments | Renewable Energy | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 58% | ||||||||||
Operating segments | Power | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 17,731 | 16,262 | 16,903 | ||||||||
Operating segments | Power | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6,008 | ||||||||||
Operating segments | Power | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,178 | ||||||||||
Operating segments | Power | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,081 | ||||||||||
Operating segments | Power | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,002 | ||||||||||
Operating segments | Power | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,576 | ||||||||||
Operating segments | Power | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,885 | ||||||||||
Operating segments | Power | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 11,722 | ||||||||||
Operating segments | Power | Non-U.S. | Revenue benchmark | Geographic Concentration Risk | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk (as a percentage) | 66% | ||||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 3,403 | $ 2,812 | $ 2,559 | ||||||||
Corporate | U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,270 | ||||||||||
Corporate | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 148 | ||||||||||
Corporate | China region | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (2) | ||||||||||
Corporate | Asia (excluding China region) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (102) | ||||||||||
Corporate | Americas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 14 | ||||||||||
Corporate | Middle East and Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 75 | ||||||||||
Corporate | Non-U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 133 |
OPERATING SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 267,233 | ||
U.S. | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, percent of total assets | 4% | 3% | |
Non-U.S. | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, percent of total assets | 3% | 4% | |
Equipment | |||
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 54,675 | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period one | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 44% | ||
Performance obligations expected to be satisfied, expected timing | 1 year | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period two | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 68% | ||
Performance obligations expected to be satisfied, expected timing | 2 years | ||
Equipment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period three | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 92% | ||
Performance obligations expected to be satisfied, expected timing | 5 years | ||
Services | |||
Segment Reporting Information [Line Items] | |||
Performance obligations expected to be satisfied | $ 212,558 | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period one | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 12% | ||
Performance obligations expected to be satisfied, expected timing | 1 year | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period two | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 42% | ||
Performance obligations expected to be satisfied, expected timing | 5 years | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period three | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 66% | ||
Performance obligations expected to be satisfied, expected timing | 10 years | ||
Services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Performance obligation satisfaction, period four | |||
Segment Reporting Information [Line Items] | |||
Performance obligation expected to be satisfied (as a percent) | 82% | ||
Performance obligations expected to be satisfied, expected timing | 15 years | ||
Revenue benchmark | Agencies of the U.S. Government | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percentage) | 8% | 8% | 8% |
Revenue benchmark | Defense-related | Customer Concentration Risk | Aerospace | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percentage) | 6% | 7% | 7% |
OPERATING SEGMENTS - Reconcil_2
OPERATING SEGMENTS - Reconciliation of Profit and Earnings (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Interest and other financial charges | $ (1,118) | $ (1,477) | $ (1,790) |
Debt extinguishment costs | 0 | (465) | (6,524) |
Non-operating benefit income (cost) | 1,585 | 409 | (1,136) |
Benefit (provision) for income taxes | (1,162) | 3 | 757 |
Preferred stock dividends and other | (295) | (289) | (237) |
Earnings (loss) from continuing operations attributable to GE common shareholders | 8,772 | (1,100) | (5,058) |
Earnings (loss) from discontinued operations attributable to GE common shareholders | 414 | 1,151 | (1,515) |
Net earnings (loss) attributable to GE common shareholders | 9,186 | 51 | (6,573) |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 6,126 | 3,751 | 2,812 |
Operating segments | Aerospace | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 6,115 | 4,775 | 2,882 |
Operating segments | Renewable Energy | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | (1,437) | (2,240) | (795) |
Operating segments | Power | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 1,449 | 1,217 | 726 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Gross profit (loss) | 3,785 | (2,875) | 1,158 |
Corporate | Energy Financial Services | |||
Segment Reporting Information [Line Items] | |||
Interest and other financial charges | (45) | (54) | (63) |
Benefit (provision) for income taxes | 195 | 213 | 162 |
Segment reconciling items | |||
Segment Reporting Information [Line Items] | |||
Interest and other financial charges | (1,073) | (1,423) | (1,727) |
Debt extinguishment costs | 0 | (465) | (6,524) |
Non-operating benefit income (cost) | 1,585 | 409 | (1,136) |
Benefit (provision) for income taxes | (1,357) | (210) | 595 |
Preferred stock dividends and other | $ (295) | $ (289) | $ (237) |
OPERATING SEGMENTS - Reconcil_3
OPERATING SEGMENTS - Reconciliation of Assets, Property, Plant and Equipment Additions and Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Assets | $ 163,045 | $ 188,851 | |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 161,351 | 156,961 | $ 173,972 |
Property, plant and equipment additions | 1,494 | 1,061 | 1,007 |
Depreciation and amortization | 2,080 | 2,903 | 2,359 |
Operating segments | Aerospace | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 39,985 | 39,243 | 38,298 |
Property, plant and equipment additions | 734 | 543 | 445 |
Depreciation and amortization | 1,089 | 1,037 | 1,074 |
Operating segments | Renewable Energy | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 15,936 | 15,719 | 14,804 |
Property, plant and equipment additions | 389 | 275 | 349 |
Depreciation and amortization | 388 | 412 | 432 |
Operating segments | Power | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 23,255 | 22,173 | 23,569 |
Property, plant and equipment additions | 348 | 210 | 189 |
Depreciation and amortization | 478 | 506 | 692 |
Corporate | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Assets | 82,175 | 79,826 | 97,301 |
Property, plant and equipment additions | 22 | 34 | 25 |
Depreciation and amortization | $ 125 | $ 948 | $ 160 |
OPERATING SEGMENTS - Long-Lived
OPERATING SEGMENTS - Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 161,351 | $ 156,961 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 105,676 | 112,371 |
Total Non-U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 55,674 | 44,590 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 38,899 | 26,875 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 7,988 | 8,054 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 5,875 | 5,796 |
Middle East and Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 2,912 | $ 3,866 |
SUMMARIZED FINANCIAL INFORMAT_3
SUMMARIZED FINANCIAL INFORMATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Unrealized gain (loss), pre-tax | $ 6,413 | $ (40) | $ 1,660 |
AerCap | |||
Schedule of Equity Method Investments [Line Items] | |||
Fair value of investment | 944 | $ 7,403 | |
Realized gain (loss), pre-tax | 129 | ||
Realized gain (loss), after-tax | $ 129 | ||
Share price (in dollars per share) | $ 58.32 | $ 65.42 | |
Unrealized gain (loss), pre-tax | $ (865) | $ 711 | |
Unrealized gain (loss), after-tax | $ (1,052) | $ 711 | |
AerCap | Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Share price (in dollars per share) | $ 55.75 | ||
AerCap | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Share price (in dollars per share) | $ 65.89 |
SUMMARIZED FINANCIAL INFORMAT_4
SUMMARIZED FINANCIAL INFORMATION - Schedule of Associated Companies Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
Net earnings (loss) | 1,591 | 335 | 39 | 7,478 | 2,213 | 165 | (863) | (1,108) | 9,443 | 407 | (6,408) |
Net earnings (loss) attributable to the Company | 1,591 | $ 348 | $ 35 | $ 7,506 | 2,197 | $ 161 | $ (882) | $ (1,136) | 9,481 | 339 | (6,337) |
Current assets | 59,799 | 58,384 | 59,799 | 58,384 | |||||||
Right-of-use operating lease assets | 1,840 | 1,854 | 1,840 | 1,854 | |||||||
Other | 17,643 | 16,876 | 17,643 | 16,876 | |||||||
Total assets | 163,045 | 188,851 | 163,045 | 188,851 | |||||||
Current liabilities | 50,876 | 49,428 | 50,876 | 49,428 | |||||||
Debt | 19,711 | 20,320 | 19,711 | 20,320 | |||||||
Other | 23,221 | 23,193 | 23,221 | 23,193 | |||||||
Total liabilities | 134,466 | 153,938 | 134,466 | 153,938 | |||||||
AerCap | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 7,511 | 6,627 | |||||||||
Net earnings (loss) | 2,539 | (1,128) | |||||||||
Net earnings (loss) attributable to the Company | 2,525 | (1,132) | |||||||||
Right-of-use operating lease assets | 0 | 54,611 | 0 | 54,611 | |||||||
Other | 0 | 15,200 | 0 | 15,200 | |||||||
Total assets | 0 | 69,811 | 0 | 69,811 | |||||||
Debt | 0 | 47,350 | 0 | 47,350 | |||||||
Other | 0 | 6,817 | 0 | 6,817 | |||||||
Total liabilities | 0 | 54,167 | 0 | 54,167 | |||||||
Noncontrolling interests | 0 | 77 | 0 | 77 | |||||||
Other investments | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 43,463 | 33,891 | 27,210 | ||||||||
Gross Profit | 2,791 | 2,579 | 2,060 | ||||||||
Net earnings (loss) | 2,847 | 2,068 | 2,020 | ||||||||
Net earnings (loss) attributable to the Company | 2,802 | 2,035 | $ 2,000 | ||||||||
Current assets | 29,167 | 26,659 | 29,167 | 26,659 | |||||||
Total assets | 68,313 | 61,105 | 68,313 | 61,105 | |||||||
Current liabilities | 23,484 | 21,918 | 23,484 | 21,918 | |||||||
Total liabilities | 33,573 | 31,947 | 33,573 | 31,947 | |||||||
Noncontrolling interests | $ 552 | $ 399 | $ 552 | $ 399 |
SUMMARIZED FINANCIAL INFORMAT_5
SUMMARIZED FINANCIAL INFORMATION - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Information [Line Items] | |||
Equity method investment | $ 7,931 | $ 7,633 | |
Equity method income (loss) | 413 | 373 | $ 188 |
Operating segments | Aerospace | |||
Entity Information [Line Items] | |||
Equity method investment | 1,958 | 1,931 | |
Equity method income (loss) | 295 | 149 | 58 |
Operating segments | Renewable Energy | |||
Entity Information [Line Items] | |||
Equity method investment | 808 | 752 | |
Equity method income (loss) | 74 | 32 | 39 |
Operating segments | Power | |||
Entity Information [Line Items] | |||
Equity method investment | 1,029 | 960 | |
Equity method income (loss) | 78 | 89 | 23 |
Corporate and eliminations | |||
Entity Information [Line Items] | |||
Equity method investment | 4,136 | 3,991 | |
Equity method income (loss) | (34) | 103 | $ 68 |
Corporate and eliminations | Energy Financial Services | |||
Entity Information [Line Items] | |||
Equity method investment | 1,718 | 1,975 | |
Corporate and eliminations | Insurance | |||
Entity Information [Line Items] | |||
Equity method investment | $ 2,383 | $ 1,980 |
QUARTERLY INFORMATION (UNAUDI_3
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Revenues | $ 19,423 | $ 17,346 | $ 16,699 | $ 14,486 | $ 16,828 | $ 14,470 | $ 14,127 | $ 12,675 | $ 67,954 | $ 58,100 | $ 56,469 |
Sales of equipment and services | 18,514 | 16,504 | 15,852 | 13,695 | 16,045 | 13,826 | 13,361 | 11,910 | |||
Cost of equipment and services sold | 14,396 | 12,905 | 12,362 | 10,729 | 12,440 | 11,534 | 10,525 | 9,774 | |||
Earnings (loss) from continuing operations | 1,589 | 161 | 1,058 | 6,221 | 1,786 | (245) | (1,127) | (1,209) | 9,029 | (795) | (4,939) |
Earnings (loss) from discontinued operations, net of taxes | 3 | 173 | (1,019) | 1,257 | 427 | 409 | 264 | 101 | 414 | 1,202 | (1,469) |
Net earnings (loss) | 1,591 | 335 | 39 | 7,478 | 2,213 | 165 | (863) | (1,108) | 9,443 | 407 | (6,408) |
Less: net earnings (loss) attributable to noncontrolling interests | 0 | (14) | 4 | (27) | 16 | 4 | 19 | 28 | (37) | 67 | (71) |
Net earnings (loss) attributable to the Company | $ 1,591 | $ 348 | $ 35 | $ 7,506 | $ 2,197 | $ 161 | $ (882) | $ (1,136) | $ 9,481 | $ 339 | $ (6,337) |
Per-share amounts – earnings (loss) from continuing operations | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | $ 1.44 | $ 0.08 | $ 0.91 | $ 5.56 | $ 1.53 | $ (0.29) | $ (1.09) | $ (1.16) | $ 7.98 | $ (1) | $ (4.62) |
Basic earnings (loss) per share (in dollars per share) | 1.46 | 0.08 | 0.91 | 5.60 | 1.55 | (0.29) | (1.09) | (1.16) | 8.06 | (1) | (4.62) |
Per-share amounts – earnings (loss) from discontinued operations | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | 0 | 0.16 | (0.93) | 1.15 | 0.37 | 0.37 | 0.23 | 0.08 | 0.38 | 1.05 | (1.38) |
Basic earnings (loss) per share (in dollars per share) | 0 | 0.16 | (0.94) | 1.15 | 0.37 | 0.37 | 0.23 | 0.08 | 0.38 | 1.05 | (1.38) |
Per-share amounts – net earnings (loss) | |||||||||||
Diluted earnings (loss) per share (in dollars per share) | 1.45 | 0.23 | (0.02) | 6.71 | 1.90 | 0.08 | (0.86) | (1.08) | 8.36 | 0.05 | (6) |
Basic earnings (loss) per share (in dollars per share) | 1.46 | 0.24 | (0.02) | 6.76 | 1.93 | 0.08 | (0.86) | (1.08) | 8.44 | 0.05 | (6) |
Dividends declared (in dollars per share) | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.08 | $ 0.32 | $ 0.32 | $ 0.32 |