FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31\u00a0(In millions) | 2019 | 2018 | ||||
Current receivables | $ | 499 | $ | 184 | ||
Inventories | 712 | 529 | ||||
Financing receivables held for sale | 197 | \u2014 | ||||
Property, plant, and equipment \u2013 net and Operating leases | 958 | 423 | ||||
Goodwill and Other intangible assets - net | 6,286 | 884 | ||||
Valuation allowance | (719 | ) | (1,013 | ) | ||
Deferred income taxes | 815 | \u2014 | ||||
All other assets | 400 | 622 | ||||
Assets of businesses held for sale | $ | 9,149 | $ | 1,629 | ||
Accounts payable & Progress collections and deferred income | $ | 843 | $ | 428 | ||
Non-current compensation and benefits | 466 | 152 | ||||
All other liabilities | 349 | 128 | ||||
Liabilities of businesses held for sale | $ | 1,658 | $ | 708 |
RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2019 (In millions) | Baker Hughes | Transportation and Other | \u00a0GE Capital | Total | |||||||||||
Sales of goods and services | $ | 16,047 | $ | 550 | $ | \u2014 | $ | 16,598 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | 33 | 33 | |||||||||||
Cost of goods and services sold | (13,317 | ) | (478 | ) | \u2014 | (13,795 | ) | ||||||||
Other costs and expenses | (2,390 | ) | (19 | ) | (240 | ) | (2,650 | ) | |||||||
\u2014 | |||||||||||||||
Earnings (loss) of discontinued operations before income taxes | 340 | 53 | (207 | ) | 186 | ||||||||||
Benefit (provision) for income taxes(b) | (176 | ) | (15 | ) | 344 | 153 | |||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | 165 | 39 | 136 | 339 | |||||||||||
Gain (loss) on disposal before income taxes | (8,715 | ) | 3,471 | 61 | (5,183 | ) | |||||||||
Benefit (provision) for income taxes(b) | 477 | (963 | ) | (5 | ) | (491 | ) | ||||||||
Gain (loss) on disposal, net of taxes | (8,238 | ) | 2,508 | 56 | (5,675 | ) | |||||||||
\u2014 | |||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (8,074 | ) | $ | 2,547 | $ | 192 | $ | (5,335 | ) |
For the year ended December 31, 2018 (In millions) | |||||||||||||||
Sales of goods and services | $ | 22,859 | $ | 3,898 | $ | \u2014 | $ | 26,757 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | (1,347 | ) | (1,347 | ) | |||||||||
Cost of goods and services sold | (19,198 | ) | (2,809 | ) | \u2014 | (22,007 | ) | ||||||||
Other costs and expenses | (3,346 | ) | (607 | ) | (407 | ) | (4,360 | ) | |||||||
Earnings (loss) of discontinued operations before income taxes | 315 | 482 | (1,755 | ) | (958 | ) | |||||||||
Benefit (provision) for income taxes(b) | (347 | ) | (143 | ) | 82 | (408 | ) | ||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | (33 | ) | 339 | (1,673 | ) | (1,366 | ) | ||||||||
Gain (loss) on disposal before income taxes | \u2014 | \u2014 | 4 | 4 | |||||||||||
Benefit (provision) for income taxes(b) | \u2014 | \u2014 | (1 | ) | (1 | ) | |||||||||
Gain (loss) on disposal, net of taxes | \u2014 | \u2014 | 3 | 3 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (33 | ) | $ | 339 | $ | (1,670 | ) | $ | (1,363 | ) |
For the year ended December 31, 2017 (In millions) | |||||||||||||||
Sales of goods and services | $ | 17,180 | $ | 3,935 | $ | \u2014 | $ | 21,115 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | 174 | 174 | |||||||||||
Cost of goods and services sold | (14,450 | ) | (2,990 | ) | \u2014 | (17,441 | ) | ||||||||
Other costs and expenses | (2,993 | ) | (483 | ) | (910 | ) | (4,386 | ) | |||||||
Earnings (loss) of discontinued operations before income taxes | (264 | ) | 461 | (735 | ) | (538 | ) | ||||||||
Benefit (provision) for income taxes(b) | (59 | ) | (138 | ) | 295 | 97 | |||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | (323 | ) | 323 | (440 | ) | (441 | ) | ||||||||
Gain (loss) on disposal before income taxes | \u2014 | \u2014 | 306 | 306 | |||||||||||
Benefit (provision) for income taxes(b) | \u2014 | \u2014 | (178 | ) | (178 | ) | |||||||||
Gain (loss) on disposal, net of taxes | \u2014 | \u2014 | 128 | 128 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (323 | ) | $ | 323 | $ | (312 | ) | $ | (312 | ) |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Cash, cash equivalents and restricted cash | $ | 638 | $ | 4,424 | ||
Investment securities | 202 | 522 | ||||
Current receivables | 81 | 6,258 | ||||
Inventories | \u2014 | 5,419 | ||||
Financing receivables held for sale (Polish mortgage portfolio) | 2,485 | 2,745 | ||||
Property, plant and equipment - net | \u2014 | 7,139 | ||||
Goodwill and intangible assets - net | \u2014 | 31,622 | ||||
Deferred income taxes | 264 | 1,174 | ||||
All other assets | 439 | 4,550 | ||||
Assets of discontinued operations(a) | $ | 4,109 | $ | 63,853 | ||
Accounts payable & Progress collections and deferred income | $ | 40 | $ | 6,806 | ||
All other liabilities | 163 | 12,476 | ||||
Liabilities of discontinued operations(b) | $ | 203 | $ | 19,281 |
FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE December 31\u00a0(In millions) | 2019 | 2018 | ||||
Current receivables | $ | 499 | $ | 184 | ||
Inventories | 712 | 529 | ||||
Financing receivables held for sale | 197 | \u2014 | ||||
Property, plant, and equipment \u2013 net and Operating leases | 958 | 423 | ||||
Goodwill and Other intangible assets - net | 6,286 | 884 | ||||
Valuation allowance | (719 | ) | (1,013 | ) | ||
Deferred income taxes | 815 | \u2014 | ||||
All other assets | 400 | 622 | ||||
Assets of businesses held for sale | $ | 9,149 | $ | 1,629 | ||
Accounts payable & Progress collections and deferred income | $ | 843 | $ | 428 | ||
Non-current compensation and benefits | 466 | 152 | ||||
All other liabilities | 349 | 128 | ||||
Liabilities of businesses held for sale | $ | 1,658 | $ | 708 |
RESULTS OF DISCONTINUED OPERATIONS For the year ended December 31, 2019 (In millions) | Baker Hughes | Transportation and Other | \u00a0GE Capital | Total | |||||||||||
Sales of goods and services | $ | 16,047 | $ | 550 | $ | \u2014 | $ | 16,598 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | 33 | 33 | |||||||||||
Cost of goods and services sold | (13,317 | ) | (478 | ) | \u2014 | (13,795 | ) | ||||||||
Other costs and expenses | (2,390 | ) | (19 | ) | (240 | ) | (2,650 | ) | |||||||
\u2014 | |||||||||||||||
Earnings (loss) of discontinued operations before income taxes | 340 | 53 | (207 | ) | 186 | ||||||||||
Benefit (provision) for income taxes(b) | (176 | ) | (15 | ) | 344 | 153 | |||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | 165 | 39 | 136 | 339 | |||||||||||
Gain (loss) on disposal before income taxes | (8,715 | ) | 3,471 | 61 | (5,183 | ) | |||||||||
Benefit (provision) for income taxes(b) | 477 | (963 | ) | (5 | ) | (491 | ) | ||||||||
Gain (loss) on disposal, net of taxes | (8,238 | ) | 2,508 | 56 | (5,675 | ) | |||||||||
\u2014 | |||||||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (8,074 | ) | $ | 2,547 | $ | 192 | $ | (5,335 | ) |
For the year ended December 31, 2018 (In millions) | |||||||||||||||
Sales of goods and services | $ | 22,859 | $ | 3,898 | $ | \u2014 | $ | 26,757 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | (1,347 | ) | (1,347 | ) | |||||||||
Cost of goods and services sold | (19,198 | ) | (2,809 | ) | \u2014 | (22,007 | ) | ||||||||
Other costs and expenses | (3,346 | ) | (607 | ) | (407 | ) | (4,360 | ) | |||||||
Earnings (loss) of discontinued operations before income taxes | 315 | 482 | (1,755 | ) | (958 | ) | |||||||||
Benefit (provision) for income taxes(b) | (347 | ) | (143 | ) | 82 | (408 | ) | ||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | (33 | ) | 339 | (1,673 | ) | (1,366 | ) | ||||||||
Gain (loss) on disposal before income taxes | \u2014 | \u2014 | 4 | 4 | |||||||||||
Benefit (provision) for income taxes(b) | \u2014 | \u2014 | (1 | ) | (1 | ) | |||||||||
Gain (loss) on disposal, net of taxes | \u2014 | \u2014 | 3 | 3 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (33 | ) | $ | 339 | $ | (1,670 | ) | $ | (1,363 | ) |
For the year ended December 31, 2017 (In millions) | |||||||||||||||
Sales of goods and services | $ | 17,180 | $ | 3,935 | $ | \u2014 | $ | 21,115 | |||||||
GE Capital revenues and other income (loss) | \u2014 | \u2014 | 174 | 174 | |||||||||||
Cost of goods and services sold | (14,450 | ) | (2,990 | ) | \u2014 | (17,441 | ) | ||||||||
Other costs and expenses | (2,993 | ) | (483 | ) | (910 | ) | (4,386 | ) | |||||||
Earnings (loss) of discontinued operations before income taxes | (264 | ) | 461 | (735 | ) | (538 | ) | ||||||||
Benefit (provision) for income taxes(b) | (59 | ) | (138 | ) | 295 | 97 | |||||||||
Earnings (loss) of discontinued operations, net of taxes(a) | (323 | ) | 323 | (440 | ) | (441 | ) | ||||||||
Gain (loss) on disposal before income taxes | \u2014 | \u2014 | 306 | 306 | |||||||||||
Benefit (provision) for income taxes(b) | \u2014 | \u2014 | (178 | ) | (178 | ) | |||||||||
Gain (loss) on disposal, net of taxes | \u2014 | \u2014 | 128 | 128 | |||||||||||
Earnings (loss) from discontinued operations, net of taxes | $ | (323 | ) | $ | 323 | $ | (312 | ) | $ | (312 | ) |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Cash, cash equivalents and restricted cash | $ | 638 | $ | 4,424 | ||
Investment securities | 202 | 522 | ||||
Current receivables | 81 | 6,258 | ||||
Inventories | \u2014 | 5,419 | ||||
Financing receivables held for sale (Polish mortgage portfolio) | 2,485 | 2,745 | ||||
Property, plant and equipment - net | \u2014 | 7,139 | ||||
Goodwill and intangible assets - net | \u2014 | 31,622 | ||||
Deferred income taxes | 264 | 1,174 | ||||
All other assets | 439 | 4,550 | ||||
Assets of discontinued operations(a) | $ | 4,109 | $ | 63,853 | ||
Accounts payable & Progress collections and deferred income | $ | 40 | $ | 6,806 | ||
All other liabilities | 163 | 12,476 | ||||
Liabilities of discontinued operations(b) | $ | 203 | $ | 19,281 |
2019 | 2018 | ||||||||||||||||||||||||
December 31 (In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||
Debt | |||||||||||||||||||||||||
U.S. corporate | $ | 23,037 | $ | 4,636 | $ | (11 | ) | $ | 27,661 | $ | 21,306 | $ | 2,257 | $ | (357 | ) | $ | 23,206 | |||||||
Non-U.S. corporate | 2,161 | 260 | (1 | ) | 2,420 | 1,906 | 53 | (76 | ) | 1,883 | |||||||||||||||
State and municipal | 3,086 | 598 | (15 | ) | 3,669 | 3,320 | 367 | (54 | ) | 3,633 | |||||||||||||||
Mortgage and asset-backed | 3,117 | 116 | (4 | ) | 3,229 | 3,325 | 51 | (54 | ) | 3,322 | |||||||||||||||
Government and agencies | 1,391 | 126 | \u2014 | 1,516 | 1,314 | 62 | (20 | ) | 1,357 | ||||||||||||||||
Equity | 10,025 | \u2014 | \u2014 | 10,025 | 107 | \u2014 | \u2014 | 107 | |||||||||||||||||
Total | $ | 42,816 | $ | 5,736 | $ | (31 | ) | $ | 48,521 | $ | 31,277 | $ | 2,792 | $ | (561 | ) | $ | 33,508 |
(In millions) | Amortized cost | Estimated fair value | ||||
Due | ||||||
Within one year | $ | 514 | $ | 527 | ||
After one year through five years | 2,615 | 2,766 | ||||
After five years through ten years | 6,614 | 7,599 | ||||
After ten years | 19,932 | 24,374 |
2019 | 2018 | ||||||||||||||||||||||||
December 31 (In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||||||||
Debt | |||||||||||||||||||||||||
U.S. corporate | $ | 23,037 | $ | 4,636 | $ | (11 | ) | $ | 27,661 | $ | 21,306 | $ | 2,257 | $ | (357 | ) | $ | 23,206 | |||||||
Non-U.S. corporate | 2,161 | 260 | (1 | ) | 2,420 | 1,906 | 53 | (76 | ) | 1,883 | |||||||||||||||
State and municipal | 3,086 | 598 | (15 | ) | 3,669 | 3,320 | 367 | (54 | ) | 3,633 | |||||||||||||||
Mortgage and asset-backed | 3,117 | 116 | (4 | ) | 3,229 | 3,325 | 51 | (54 | ) | 3,322 | |||||||||||||||
Government and agencies | 1,391 | 126 | \u2014 | 1,516 | 1,314 | 62 | (20 | ) | 1,357 | ||||||||||||||||
Equity | 10,025 | \u2014 | \u2014 | 10,025 | 107 | \u2014 | \u2014 | 107 | |||||||||||||||||
Total | $ | 42,816 | $ | 5,736 | $ | (31 | ) | $ | 48,521 | $ | 31,277 | $ | 2,792 | $ | (561 | ) | $ | 33,508 |
(In millions) | Amortized cost | Estimated fair value | ||||
Due | ||||||
Within one year | $ | 514 | $ | 527 | ||
After one year through five years | 2,615 | 2,766 | ||||
After five years through ten years | 6,614 | 7,599 | ||||
After ten years | 19,932 | 24,374 |
Consolidated | GE | ||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Power | $ | 4,689 | $ | 4,652 | $ | 3,289 | $ | 2,270 | |||||
Renewable Energy | 2,306 | 1,938 | 1,749 | 1,475 | |||||||||
Aviation(a) | 3,249 | 1,483 | 2,867 | 1,145 | |||||||||
Healthcare | 2,105 | 2,431 | 1,379 | 1,260 | |||||||||
Corporate | 246 | 238 | 223 | 205 | |||||||||
Customer receivables | 12,594 | 10,742 | 9,507 | 6,355 | |||||||||
Sundry receivables | 5,049 | 4,573 | 5,247 | 4,569 | |||||||||
Allowance for losses | (874 | ) | (670 | ) | (872 | ) | (662 | ) | |||||
Total current receivables | $ | 16,769 | $ | 14,645 | $ | 13,883 | $ | 10,262 |
(In millions) | GE Capital | Third Parties | GE Capital | Third Parties | |||||||||||
2019 | 2018 | ||||||||||||||
Balance at January 1 | $ | 4,386 | $ | 7,880 | $ | 9,656 | $ | 5,710 | |||||||
GE sales to GE Capital | 40,988 | \u2014 | 50,318 | \u2014 | |||||||||||
GE sales to third parties | \u2014 | 6,370 | \u2014 | 5,481 | |||||||||||
GE Capital sales to third parties | (28,073 | ) | 28,073 | (30,904 | ) | 30,904 | |||||||||
Collections and other | (14,621 | ) | (35,567 | ) | (25,414 | ) | (34,216 | ) | |||||||
Reclassification from long-term customer receivables | 407 | \u2014 | 731 | \u2014 | |||||||||||
Balance at December 31 | $ | 3,087 | (a) | $ | 6,757 | $ | 4,386 | (a) | $ | 7,880 |
Consolidated | GE | ||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Long-term customer receivables | $ | 906 | $ | 1,442 | $ | 506 | $ | 559 | |||||
Long-term sundry receivables | 1,504 | 1,180 | 1,834 | 1,519 | |||||||||
Allowance for losses | (128 | ) | (145 | ) | (128 | ) | (145 | ) | |||||
Total long-term receivables | $ | 2,282 | $ | 2,477 | $ | 2,212 | $ | 1,933 |
GE Capital\u00a0December 31 (In millions) | 2019 | 2018 | |||||
Balance at January 1 | $ | 883 | $ | 1,947 | |||
GE sales to GE Capital | \u2014 | 134 | |||||
Sales, collections, accretion and other | (75 | ) | (468 | ) | |||
Reclassification to current customer receivables | (407 | ) | (731 | ) | |||
Balance at December 31(a) | $ | 400 | $ | 883 |
For the years ended December 31 (In millions) | 2019 | 2018 | |||||
Customer receivables sold to receivables facilities | $ | 21,695 | $ | 23,984 | |||
Total cash purchase price for customer receivables | 21,202 | 18,040 | |||||
Cash collections re-invested to purchase customer receivables | 18,012 | 15,095 | |||||
Non-cash increases to deferred purchase price | $ | 257 | $ | 5,272 | |||
Cash payments received on deferred purchase price | 303 | 5,192 |
Consolidated | GE | ||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Long-term customer receivables | $ | 906 | $ | 1,442 | $ | 506 | $ | 559 | |||||
Long-term sundry receivables | 1,504 | 1,180 | 1,834 | 1,519 | |||||||||
Allowance for losses | (128 | ) | (145 | ) | (128 | ) | (145 | ) | |||||
Total long-term receivables | $ | 2,282 | $ | 2,477 | $ | 2,212 | $ | 1,933 |
Consolidated | GE | ||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Power | $ | 4,689 | $ | 4,652 | $ | 3,289 | $ | 2,270 | |||||
Renewable Energy | 2,306 | 1,938 | 1,749 | 1,475 | |||||||||
Aviation(a) | 3,249 | 1,483 | 2,867 | 1,145 | |||||||||
Healthcare | 2,105 | 2,431 | 1,379 | 1,260 | |||||||||
Corporate | 246 | 238 | 223 | 205 | |||||||||
Customer receivables | 12,594 | 10,742 | 9,507 | 6,355 | |||||||||
Sundry receivables | 5,049 | 4,573 | 5,247 | 4,569 | |||||||||
Allowance for losses | (874 | ) | (670 | ) | (872 | ) | (662 | ) | |||||
Total current receivables | $ | 16,769 | $ | 14,645 | $ | 13,883 | $ | 10,262 |
GE Capital\u00a0December 31 (In millions) | 2019 | 2018 | |||||
Balance at January 1 | $ | 883 | $ | 1,947 | |||
GE sales to GE Capital | \u2014 | 134 | |||||
Sales, collections, accretion and other | (75 | ) | (468 | ) | |||
Reclassification to current customer receivables | (407 | ) | (731 | ) | |||
Balance at December 31(a) | $ | 400 | $ | 883 |
For the years ended December 31 (In millions) | 2019 | 2018 | |||||
Customer receivables sold to receivables facilities | $ | 21,695 | $ | 23,984 | |||
Total cash purchase price for customer receivables | 21,202 | 18,040 | |||||
Cash collections re-invested to purchase customer receivables | 18,012 | 15,095 | |||||
Non-cash increases to deferred purchase price | $ | 257 | $ | 5,272 | |||
Cash payments received on deferred purchase price | 303 | 5,192 |
(In millions) | GE Capital | Third Parties | GE Capital | Third Parties | |||||||||||
2019 | 2018 | ||||||||||||||
Balance at January 1 | $ | 4,386 | $ | 7,880 | $ | 9,656 | $ | 5,710 | |||||||
GE sales to GE Capital | 40,988 | \u2014 | 50,318 | \u2014 | |||||||||||
GE sales to third parties | \u2014 | 6,370 | \u2014 | 5,481 | |||||||||||
GE Capital sales to third parties | (28,073 | ) | 28,073 | (30,904 | ) | 30,904 | |||||||||
Collections and other | (14,621 | ) | (35,567 | ) | (25,414 | ) | (34,216 | ) | |||||||
Reclassification from long-term customer receivables | 407 | \u2014 | 731 | \u2014 | |||||||||||
Balance at December 31 | $ | 3,087 | (a) | $ | 6,757 | $ | 4,386 | (a) | $ | 7,880 |
Consolidated | GE Capital | ||||||||||||
December 31\u00a0(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Loans, net of deferred income | $ | 1,098 | $ | 5,118 | $ | 4,927 | $ | 10,834 | |||||
Investment in financing leases, net of deferred income | 2,070 | 2,639 | 2,070 | 2,822 | |||||||||
3,168 | 7,757 | 6,996 | 13,656 | ||||||||||
Allowance for losses | (33 | ) | (58 | ) | (17 | ) | (28 | ) | |||||
Financing receivables \u2013 net | $ | 3,134 | $ | 7,699 | $ | 6,979 | $ | 13,628 |
NET INVESTMENT IN FINANCING LEASES | Total financing leases | Direct financing and sales type leases(a) | Leveraged leases | |||||||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Total minimum lease payments receivable | $ | 1,628 | $ | 2,719 | $ | 799 | $ | 1,421 | $ | 829 | $ | 1,298 | ||||||||
Less principal and interest on third-party non-recourse debt | (216 | ) | (474 | ) | \u2014 | \u2014 | (216 | ) | (474 | ) | ||||||||||
Net minimum lease payments receivable | 1,412 | 2,245 | 799 | 1,421 | 613 | 824 | ||||||||||||||
Less deferred income | (178 | ) | (329 | ) | (139 | ) | (286 | ) | (39 | ) | (43 | ) | ||||||||
Discounted lease receivable | 1,234 | 1,916 | 660 | 1,135 | 574 | 781 | ||||||||||||||
Estimated unguaranteed residual value of leased assets, net of deferred income | 835 | 906 | 412 | 420 | 423 | 486 | ||||||||||||||
Investment in financing leases, net of deferred income(b) | $ | 2,070 | $ | 2,822 | $ | 1,072 | $ | 1,556 | $ | 997 | $ | 1,266 |
Consolidated | GE Capital | ||||||||||||
December 31\u00a0(In millions) | 2019 | 2018 | 2019 | 2018 | |||||||||
Loans, net of deferred income | $ | 1,098 | $ | 5,118 | $ | 4,927 | $ | 10,834 | |||||
Investment in financing leases, net of deferred income | 2,070 | 2,639 | 2,070 | 2,822 | |||||||||
3,168 | 7,757 | 6,996 | 13,656 | ||||||||||
Allowance for losses | (33 | ) | (58 | ) | (17 | ) | (28 | ) | |||||
Financing receivables \u2013 net | $ | 3,134 | $ | 7,699 | $ | 6,979 | $ | 13,628 |
NET INVESTMENT IN FINANCING LEASES | Total financing leases | Direct financing and sales type leases(a) | Leveraged leases | |||||||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Total minimum lease payments receivable | $ | 1,628 | $ | 2,719 | $ | 799 | $ | 1,421 | $ | 829 | $ | 1,298 | ||||||||
Less principal and interest on third-party non-recourse debt | (216 | ) | (474 | ) | \u2014 | \u2014 | (216 | ) | (474 | ) | ||||||||||
Net minimum lease payments receivable | 1,412 | 2,245 | 799 | 1,421 | 613 | 824 | ||||||||||||||
Less deferred income | (178 | ) | (329 | ) | (139 | ) | (286 | ) | (39 | ) | (43 | ) | ||||||||
Discounted lease receivable | 1,234 | 1,916 | 660 | 1,135 | 574 | 781 | ||||||||||||||
Estimated unguaranteed residual value of leased assets, net of deferred income | 835 | 906 | 412 | 420 | 423 | 486 | ||||||||||||||
Investment in financing leases, net of deferred income(b) | $ | 2,070 | $ | 2,822 | $ | 1,072 | $ | 1,556 | $ | 997 | $ | 1,266 |
CONTRACTUAL MATURITIES, DUE IN\u00a0 (In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
Total loans | $ | 3,832 | $ | 511 | $ | 238 | $ | 113 | $ | 93 | $ | 140 | $ | 4,927 | |||||||
Net minimum lease payments receivable | 303 | 270 | 194 | 281 | 198 | 166 | 1,412 |
NET INVESTMENT IN FINANCING LEASES | Total financing leases | Direct financing and sales type leases(a) | Leveraged leases | |||||||||||||||||
December 31 (In millions) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||||||||||
Total minimum lease payments receivable | $ | 1,628 | $ | 2,719 | $ | 799 | $ | 1,421 | $ | 829 | $ | 1,298 | ||||||||
Less principal and interest on third-party non-recourse debt | (216 | ) | (474 | ) | \u2014 | \u2014 | (216 | ) | (474 | ) | ||||||||||
Net minimum lease payments receivable | 1,412 | 2,245 | 799 | 1,421 | 613 | 824 | ||||||||||||||
Less deferred income | (178 | ) | (329 | ) | (139 | ) | (286 | ) | (39 | ) | (43 | ) | ||||||||
Discounted lease receivable | 1,234 | 1,916 | 660 | 1,135 | 574 | 781 | ||||||||||||||
Estimated unguaranteed residual value of leased assets, net of deferred income | 835 | 906 | 412 | 420 | 423 | 486 | ||||||||||||||
Investment in financing leases, net of deferred income(b) | $ | 2,070 | $ | 2,822 | $ | 1,072 | $ | 1,556 | $ | 997 | $ | 1,266 |
CONTRACTUAL MATURITIES, DUE IN\u00a0 (In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
Total loans | $ | 3,832 | $ | 511 | $ | 238 | $ | 113 | $ | 93 | $ | 140 | $ | 4,927 | |||||||
Net minimum lease payments receivable | 303 | 270 | 194 | 281 | 198 | 166 | 1,412 |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Raw materials and work in process | $ | 8,771 | $ | 8,057 | ||
Finished goods | 5,333 | 5,746 | ||||
Total inventories | $ | 14,104 | $ | 13,803 |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Raw materials and work in process | $ | 8,771 | $ | 8,057 | ||
Finished goods | 5,333 | 5,746 | ||||
Total inventories | $ | 14,104 | $ | 13,803 |
Depreciable lives-new | Original Cost | Net Carrying Value | ||||||||||||
December 31 (Dollars in millions) | (in years) | 2019 | 2018 | 2019 | 2018 | |||||||||
Land and improvements | 8 | $ | 608 | $ | 700 | $ | 596 | $ | 673 | |||||
Buildings, structures and related equipment | 8-40 | 7,824 | 8,455 | 3,875 | 4,083 | |||||||||
Machinery and equipment | 4-20 | 20,082 | 19,425 | 8,360 | 8,048 | |||||||||
Leasehold costs and manufacturing plant under construction | 1-10 | 2,165 | 2,646 | 1,539 | 2,024 | |||||||||
GE | $ | 30,680 | $ | 31,225 | $ | 14,370 | $ | 14,828 | ||||||
Land and improvements, buildings, structures and related equipment | 1-40 | 149 | $ | 153 | 29 | $ | 32 | |||||||
Equipment leased to others (ELTO) | ||||||||||||||
\u00a0\u00a0\u00a0Aircraft | 15-20 | 35,507 | 36,476 | 21,414 | 22,201 | |||||||||
Engines | 15-20 | 4,113 | 3,234 | 3,283 | 2,489 | |||||||||
Helicopters | 15-20 | 5,474 | 5,230 | 4,709 | 4,660 | |||||||||
\u00a0\u00a0\u00a0All other | 15-35 | 237 | 209 | 214 | 128 | |||||||||
GE Capital(a) | $ | 45,480 | $ | 45,302 | $ | 29,649 | $ | 29,510 | ||||||
Eliminations | (972 | ) | (909 | ) | (729 | ) | (728 | ) | ||||||
Total | $ | 75,187 | $ | 75,618 | $ | 43,290 | $ | 43,611 |
(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
$ | 2,982 | $ | 2,625 | $ | 2,258 | $ | 1,820 | $ | 1,647 | $ | 5,652 | $ | 16,985 |
OPERATING LEASE EXPENSE\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||||
Long-term (fixed) | $ | 834 | $ | 966 | $ | 1,003 | |||||
Long-term (variable) | 136 | 177 | 231 | ||||||||
Short-term | 206 | 133 | 131 | ||||||||
Total operating lease expense | $ | 1,176 | $ | 1,276 | $ | 1,365 |
MATURITY OF LEASE LIABILITIES\u00a0(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
Undiscounted lease payments | $ | 766 | $ | 655 | $ | 561 | $ | 465 | $ | 375 | $ | 914 | $ | 3,737 | |||||||
Less: imputed interest | (575 | ) | |||||||||||||||||||
Total lease liability as of December 31, 2019 | $ | 3,162 |
SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES\u00a0(Dollars in millions) | |||
Operating cash flows used for operating leases for the year ended December 31, 2019 | $ | 888 | |
Right-of-use assets obtained in exchange for new lease liabilities for the year ended December 31, 2019 | $ | 746 | |
Weighted-average remaining lease term at December 31, 2019 | 6.9 years | ||
Weighted-average discount rate at December 31, 2019 | 4.9 | % |
Depreciable lives-new | Original Cost | Net Carrying Value | ||||||||||||
December 31 (Dollars in millions) | (in years) | 2019 | 2018 | 2019 | 2018 | |||||||||
Land and improvements | 8 | $ | 608 | $ | 700 | $ | 596 | $ | 673 | |||||
Buildings, structures and related equipment | 8-40 | 7,824 | 8,455 | 3,875 | 4,083 | |||||||||
Machinery and equipment | 4-20 | 20,082 | 19,425 | 8,360 | 8,048 | |||||||||
Leasehold costs and manufacturing plant under construction | 1-10 | 2,165 | 2,646 | 1,539 | 2,024 | |||||||||
GE | $ | 30,680 | $ | 31,225 | $ | 14,370 | $ | 14,828 | ||||||
Land and improvements, buildings, structures and related equipment | 1-40 | 149 | $ | 153 | 29 | $ | 32 | |||||||
Equipment leased to others (ELTO) | ||||||||||||||
\u00a0\u00a0\u00a0Aircraft | 15-20 | 35,507 | 36,476 | 21,414 | 22,201 | |||||||||
Engines | 15-20 | 4,113 | 3,234 | 3,283 | 2,489 | |||||||||
Helicopters | 15-20 | 5,474 | 5,230 | 4,709 | 4,660 | |||||||||
\u00a0\u00a0\u00a0All other | 15-35 | 237 | 209 | 214 | 128 | |||||||||
GE Capital(a) | $ | 45,480 | $ | 45,302 | $ | 29,649 | $ | 29,510 | ||||||
Eliminations | (972 | ) | (909 | ) | (729 | ) | (728 | ) | ||||||
Total | $ | 75,187 | $ | 75,618 | $ | 43,290 | $ | 43,611 |
(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
$ | 2,982 | $ | 2,625 | $ | 2,258 | $ | 1,820 | $ | 1,647 | $ | 5,652 | $ | 16,985 |
OPERATING LEASE EXPENSE\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||||
Long-term (fixed) | $ | 834 | $ | 966 | $ | 1,003 | |||||
Long-term (variable) | 136 | 177 | 231 | ||||||||
Short-term | 206 | 133 | 131 | ||||||||
Total operating lease expense | $ | 1,176 | $ | 1,276 | $ | 1,365 |
SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES\u00a0(Dollars in millions) | |||
Operating cash flows used for operating leases for the year ended December 31, 2019 | $ | 888 | |
Right-of-use assets obtained in exchange for new lease liabilities for the year ended December 31, 2019 | $ | 746 | |
Weighted-average remaining lease term at December 31, 2019 | 6.9 years | ||
Weighted-average discount rate at December 31, 2019 | 4.9 | % |
MATURITY OF LEASE LIABILITIES\u00a0(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | ||||||||||||||
Undiscounted lease payments | $ | 766 | $ | 655 | $ | 561 | $ | 465 | $ | 375 | $ | 914 | $ | 3,737 | |||||||
Less: imputed interest | (575 | ) | |||||||||||||||||||
Total lease liability as of December 31, 2019 | $ | 3,162 |
CHANGES IN GOODWILL BALANCES | |||||||||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||||||||
(In millions) | Balance at December 31, 2017 | Dispositions and classifications to held for sale | Impairments | Currency exchange and other | Balance at December 31, 2018 | Dispositions and classifications to held for sale | Impairments | Currency exchange and other | Balance at December 31, 2019 | ||||||||||||||||||
Power | $ | 20,855 | $ | (1,903 | ) | $ | (18,443 | ) | $ | (369 | ) | $ | 139 | $ | \u2014 | $ | \u2014 | $ | 6 | $ | 145 | ||||||
Renewable Energy | 7,626 | (3 | ) | (2,859 | ) | (35 | ) | 4,730 | \u2014 | (1,486 | ) | 46 | 3,290 | ||||||||||||||
Aviation | 10,008 | (12 | ) | \u2014 | (158 | ) | 9,839 | \u2014 | \u2014 | 20 | 9,859 | ||||||||||||||||
Healthcare | 17,306 | (21 | ) | \u2014 | (58 | ) | 17,226 | (5,558 | ) | \u2014 | 59 | 11,728 | |||||||||||||||
Capital(a) | 984 | \u2014 | \u2014 | (80 | ) | 904 | (39 | ) | \u2014 | (26 | ) | 839 | |||||||||||||||
Corporate(b) | 2,042 | (81 | ) | (833 | ) | 9 | 1,136 | \u2014 | \u2014 | (262 | ) | 873 | |||||||||||||||
Total | $ | 58,821 | $ | (2,020 | ) | $ | (22,136 | ) | $ | (691 | ) | $ | 33,974 | $ | (5,597 | ) | $ | (1,486 | ) | $ | (157 | ) | $ | 26,734 |
2019 | 2018 | ||||||||||||||||||
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION\u00a0December 31 (In millions) | Gross carrying amount | Accumulated amortization | Net | Gross carrying amount | Accumulated amortization | Net | |||||||||||||
Customer-related(a) | $ | 6,770 | $ | (3,070 | ) | $ | 3,701 | $ | 7,107 | $ | (2,768 | ) | $ | 4,341 | |||||
Patents and technology | 8,180 | (3,730 | ) | 4,450 | 9,166 | (3,973 | ) | 5,192 | |||||||||||
Capitalized software | 5,822 | (3,651 | ) | 2,171 | 5,951 | (3,643 | ) | 2,308 | |||||||||||
Trademarks & other | 737 | (406 | ) | 332 | 818 | (481 | ) | 337 | |||||||||||
Total | $ | 21,510 | $ | (10,857 | ) | $ | 10,653 | $ | 23,041 | $ | (10,865 | ) | $ | 12,178 |
ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION\u00a0(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
Estimated annual pre-tax amortization | $ | 1,358 | $ | 1,274 | $ | 1,173 | $ | 1,081 | $ | 1,107 |
CHANGES IN GOODWILL BALANCES | |||||||||||||||||||||||||||
2018 | 2019 | ||||||||||||||||||||||||||
(In millions) | Balance at December 31, 2017 | Dispositions and classifications to held for sale | Impairments | Currency exchange and other | Balance at December 31, 2018 | Dispositions and classifications to held for sale | Impairments | Currency exchange and other | Balance at December 31, 2019 | ||||||||||||||||||
Power | $ | 20,855 | $ | (1,903 | ) | $ | (18,443 | ) | $ | (369 | ) | $ | 139 | $ | \u2014 | $ | \u2014 | $ | 6 | $ | 145 | ||||||
Renewable Energy | 7,626 | (3 | ) | (2,859 | ) | (35 | ) | 4,730 | \u2014 | (1,486 | ) | 46 | 3,290 | ||||||||||||||
Aviation | 10,008 | (12 | ) | \u2014 | (158 | ) | 9,839 | \u2014 | \u2014 | 20 | 9,859 | ||||||||||||||||
Healthcare | 17,306 | (21 | ) | \u2014 | (58 | ) | 17,226 | (5,558 | ) | \u2014 | 59 | 11,728 | |||||||||||||||
Capital(a) | 984 | \u2014 | \u2014 | (80 | ) | 904 | (39 | ) | \u2014 | (26 | ) | 839 | |||||||||||||||
Corporate(b) | 2,042 | (81 | ) | (833 | ) | 9 | 1,136 | \u2014 | \u2014 | (262 | ) | 873 | |||||||||||||||
Total | $ | 58,821 | $ | (2,020 | ) | $ | (22,136 | ) | $ | (691 | ) | $ | 33,974 | $ | (5,597 | ) | $ | (1,486 | ) | $ | (157 | ) | $ | 26,734 |
2019 | 2018 | ||||||||||||||||||
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION\u00a0December 31 (In millions) | Gross carrying amount | Accumulated amortization | Net | Gross carrying amount | Accumulated amortization | Net | |||||||||||||
Customer-related(a) | $ | 6,770 | $ | (3,070 | ) | $ | 3,701 | $ | 7,107 | $ | (2,768 | ) | $ | 4,341 | |||||
Patents and technology | 8,180 | (3,730 | ) | 4,450 | 9,166 | (3,973 | ) | 5,192 | |||||||||||
Capitalized software | 5,822 | (3,651 | ) | 2,171 | 5,951 | (3,643 | ) | 2,308 | |||||||||||
Trademarks & other | 737 | (406 | ) | 332 | 818 | (481 | ) | 337 | |||||||||||
Total | $ | 21,510 | $ | (10,857 | ) | $ | 10,653 | $ | 23,041 | $ | (10,865 | ) | $ | 12,178 |
ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION\u00a0(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
Estimated annual pre-tax amortization | $ | 1,358 | $ | 1,274 | $ | 1,173 | $ | 1,081 | $ | 1,107 |
December 31, 2019\u00a0(In millions) | Power | Aviation | Renewable Energy | Healthcare | Other | Total | ||||||||||||
Revenues in excess of billings | $ | 5,342 | $ | 4,996 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 10,338 | ||||||
Billings in excess of revenues | (1,561 | ) | (3,719 | ) | \u2014 | \u2014 | \u2014 | (5,280 | ) | |||||||||
Long-term service agreements(a) | $ | 3,781 | $ | 1,278 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 5,058 | ||||||
Short-term and other service agreements | 190 | 316 | 43 | 169 | \u2014 | 717 | ||||||||||||
Equipment contract revenues(b) | 2,508 | 82 | 1,217 | 324 | 106 | 4,236 | ||||||||||||
Total contract assets | 6,478 | 1,675 | 1,260 | 492 | 106 | 10,011 | ||||||||||||
Deferred inventory costs(c) | 943 | 287 | 1,677 | 359 | \u2014 | 3,267 | ||||||||||||
Nonrecurring engineering costs(d) | 44 | 2,257 | 47 | 35 | 8 | 2,391 | ||||||||||||
Customer advances and other(e) | \u2014 | 1,165 | \u2014 | \u2014 | (32 | ) | 1,133 | |||||||||||
Contract and other deferred assets | $ | 7,465 | $ | 5,384 | $ | 2,985 | $ | 886 | $ | 82 | $ | 16,801 |
December 31, 2018\u00a0(In millions) | ||||||||||||||||||
Revenues in excess of billings | $ | 5,368 | $ | 5,412 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 10,780 | ||||||
Billings in excess of revenues | (1,693 | ) | (3,297 | ) | \u2014 | \u2014 | \u2014 | (4,989 | ) | |||||||||
Long-term service agreements(a) | $ | 3,675 | $ | 2,115 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 5,790 | ||||||
Short-term and other service agreements | 167 | 272 | \u2014 | 251 | \u2014 | 690 | ||||||||||||
Equipment contract revenues(b) | 2,761 | 80 | 1,174 | 320 | 64 | 4,400 | ||||||||||||
Total contract assets | 6,603 | 2,468 | 1,174 | 571 | 64 | 10,880 | ||||||||||||
Deferred inventory costs(c) | 1,003 | 673 | 1,267 | 360 | 5 | 3,309 | ||||||||||||
Nonrecurring engineering costs(d) | 43 | 1,916 | 85 | 34 | 17 | 2,095 | ||||||||||||
Customer advances and other(e) | \u2014 | 1,146 | \u2014 | \u2014 | \u2014 | 1,146 | ||||||||||||
Contract and other deferred assets | $ | 7,650 | $ | 6,204 | $ | 2,525 | $ | 966 | $ | 87 | $ | 17,431 |
(a) | Included amounts due from customers at Aviation for the sales of engines, spare parts and services, which we will collect through higher usage-based fees from servicing equipment under long-term service agreements, totaling $1,712 million and $1,562 million as of December 31, 2019 and 2018, respectively. The corresponding discount is recorded within liabilities as Deferred income and amounted to $308 million and $310 million as of December 31, 2019 and 2018, respectively.\u00a0 |
(b) | Included are amounts due from customers 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, totaling $909 million and $886 million as of December 31, 2019 and 2018, respectively.\u00a0 |
(c) | Represents cost deferral for shipped goods (such as components for wind turbine assemblies within our Renewable Energy segment) and labor and overhead costs on time and material service contracts (primarily originating in Power and Aviation) and other costs for which the criteria for revenue recognition has not yet been met. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
(d) | Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aviation segment, which are allocated ratably to each unit produced. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
(e) | Included advances to and amounts due from customers at Aviation for the sale of engines, spare parts and services, which we will collect through incremental fees for goods and services to be delivered in future periods, totaling $986 million and $950 million as of December 31, 2019 and 2018, respectively. The corresponding discount is recorded within liabilities as Deferred income and amounted to $256 million and $223 million as of December 31, 2019 and 2018, respectively.\u00a0 |
December 31, 2019\u00a0(In millions) | Power | Aviation | Renewable Energy | Healthcare | Other | Total | ||||||||||||
Progress collections on equipment contracts | $ | 5,857 | $ | 115 | $ | 1,268 | $ | \u2014 | $ | \u2014 | $ | 7,240 | ||||||
Other progress collections | 413 | 4,748 | 4,193 | 305 | 189 | 9,849 | ||||||||||||
Total progress collections | $ | 6,270 | $ | 4,863 | $ | 5,461 | $ | 305 | $ | 189 | $ | 17,089 | ||||||
Deferred income(a) | 49 | 1,528 | 284 | 1,647 | 98 | 3,606 | ||||||||||||
GE Progress collections and deferred income | $ | 6,319 | $ | 6,391 | $ | 5,745 | $ | 1,952 | $ | 287 | $ | 20,694 |
December 31, 2018\u00a0(In millions) | ||||||||||||||||||
Progress collections on equipment contracts | $ | 5,536 | $ | 114 | $ | 1,325 | $ | \u2014 | $ | \u2014 | $ | 6,975 | ||||||
Other progress collections | 691 | 4,034 | 3,557 | 299 | 201 | 8,783 | ||||||||||||
Total progress collections | $ | 6,227 | $ | 4,148 | $ | 4,883 | $ | 299 | $ | 201 | $ | 15,758 | ||||||
Deferred income(a) | 112 | 1,338 | 260 | 1,692 | 79 | 3,480 | ||||||||||||
GE Progress collections and deferred income | $ | 6,339 | $ | 5,486 | $ | 5,143 | $ | 1,991 | $ | 280 | $ | 19,239 |
December 31, 2019\u00a0(In millions) | Power | Aviation | Renewable Energy | Healthcare | Other | Total | ||||||||||||
Revenues in excess of billings | $ | 5,342 | $ | 4,996 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 10,338 | ||||||
Billings in excess of revenues | (1,561 | ) | (3,719 | ) | \u2014 | \u2014 | \u2014 | (5,280 | ) | |||||||||
Long-term service agreements(a) | $ | 3,781 | $ | 1,278 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 5,058 | ||||||
Short-term and other service agreements | 190 | 316 | 43 | 169 | \u2014 | 717 | ||||||||||||
Equipment contract revenues(b) | 2,508 | 82 | 1,217 | 324 | 106 | 4,236 | ||||||||||||
Total contract assets | 6,478 | 1,675 | 1,260 | 492 | 106 | 10,011 | ||||||||||||
Deferred inventory costs(c) | 943 | 287 | 1,677 | 359 | \u2014 | 3,267 | ||||||||||||
Nonrecurring engineering costs(d) | 44 | 2,257 | 47 | 35 | 8 | 2,391 | ||||||||||||
Customer advances and other(e) | \u2014 | 1,165 | \u2014 | \u2014 | (32 | ) | 1,133 | |||||||||||
Contract and other deferred assets | $ | 7,465 | $ | 5,384 | $ | 2,985 | $ | 886 | $ | 82 | $ | 16,801 |
December 31, 2018\u00a0(In millions) | ||||||||||||||||||
Revenues in excess of billings | $ | 5,368 | $ | 5,412 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 10,780 | ||||||
Billings in excess of revenues | (1,693 | ) | (3,297 | ) | \u2014 | \u2014 | \u2014 | (4,989 | ) | |||||||||
Long-term service agreements(a) | $ | 3,675 | $ | 2,115 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 5,790 | ||||||
Short-term and other service agreements | 167 | 272 | \u2014 | 251 | \u2014 | 690 | ||||||||||||
Equipment contract revenues(b) | 2,761 | 80 | 1,174 | 320 | 64 | 4,400 | ||||||||||||
Total contract assets | 6,603 | 2,468 | 1,174 | 571 | 64 | 10,880 | ||||||||||||
Deferred inventory costs(c) | 1,003 | 673 | 1,267 | 360 | 5 | 3,309 | ||||||||||||
Nonrecurring engineering costs(d) | 43 | 1,916 | 85 | 34 | 17 | 2,095 | ||||||||||||
Customer advances and other(e) | \u2014 | 1,146 | \u2014 | \u2014 | \u2014 | 1,146 | ||||||||||||
Contract and other deferred assets | $ | 7,650 | $ | 6,204 | $ | 2,525 | $ | 966 | $ | 87 | $ | 17,431 |
(a) | Included amounts due from customers at Aviation for the sales of engines, spare parts and services, which we will collect through higher usage-based fees from servicing equipment under long-term service agreements, totaling $1,712 million and $1,562 million as of December 31, 2019 and 2018, respectively. The corresponding discount is recorded within liabilities as Deferred income and amounted to $308 million and $310 million as of December 31, 2019 and 2018, respectively.\u00a0 |
(b) | Included are amounts due from customers 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, totaling $909 million and $886 million as of December 31, 2019 and 2018, respectively.\u00a0 |
(c) | Represents cost deferral for shipped goods (such as components for wind turbine assemblies within our Renewable Energy segment) and labor and overhead costs on time and material service contracts (primarily originating in Power and Aviation) and other costs for which the criteria for revenue recognition has not yet been met. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
(d) | Included costs incurred prior to production (such as requisition engineering) for equipment production contracts, primarily within our Aviation segment, which are allocated ratably to each unit produced. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
December 31, 2019\u00a0(In millions) | Power | Aviation | Renewable Energy | Healthcare | Other | Total | ||||||||||||
Progress collections on equipment contracts | $ | 5,857 | $ | 115 | $ | 1,268 | $ | \u2014 | $ | \u2014 | $ | 7,240 | ||||||
Other progress collections | 413 | 4,748 | 4,193 | 305 | 189 | 9,849 | ||||||||||||
Total progress collections | $ | 6,270 | $ | 4,863 | $ | 5,461 | $ | 305 | $ | 189 | $ | 17,089 | ||||||
Deferred income(a) | 49 | 1,528 | 284 | 1,647 | 98 | 3,606 | ||||||||||||
GE Progress collections and deferred income | $ | 6,319 | $ | 6,391 | $ | 5,745 | $ | 1,952 | $ | 287 | $ | 20,694 |
December 31, 2018\u00a0(In millions) | ||||||||||||||||||
Progress collections on equipment contracts | $ | 5,536 | $ | 114 | $ | 1,325 | $ | \u2014 | $ | \u2014 | $ | 6,975 | ||||||
Other progress collections | 691 | 4,034 | 3,557 | 299 | 201 | 8,783 | ||||||||||||
Total progress collections | $ | 6,227 | $ | 4,148 | $ | 4,883 | $ | 299 | $ | 201 | $ | 15,758 | ||||||
Deferred income(a) | 112 | 1,338 | 260 | 1,692 | 79 | 3,480 | ||||||||||||
GE Progress collections and deferred income | $ | 6,339 | $ | 5,486 | $ | 5,143 | $ | 1,991 | $ | 280 | $ | 19,239 |
(a) | Included in this balance are finance discounts associated with customer advances at Aviation of $564 million and $533 million as of December 31, 2019 and 2018, respectively. |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Equity method and other investments (Notes 3 and 26) | $ | 4,015 | $ | 4,003 | ||
Long-term receivables (Note 4) | 2,212 | 1,933 | ||||
Prepaid taxes and deferred charges | 1,480 | 1,763 | ||||
Derivative instruments (Note 21) | 211 | 30 | ||||
Other | 481 | 849 | ||||
Total GE | $ | 8,399 | $ | 8,578 | ||
Equity method and other investments (Notes 3 and 26) | $ | 2,227 | $ | 3,097 | ||
GECAS pre-delivery payments (Note 23) | 2,934 | 3,086 | ||||
Assets held for sale | 2,294 | 2,762 | ||||
Derivative instruments (Note 21) | 529 | 175 | ||||
Other | 664 | 748 | ||||
Total GE Capital | $ | 8,648 | $ | 9,869 | ||
Eliminations | (586 | ) | (90 | ) | ||
Total Consolidated | $ | 16,461 | $ | 18,357 |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Equity method and other investments (Notes 3 and 26) | $ | 4,015 | $ | 4,003 | ||
Long-term receivables (Note 4) | 2,212 | 1,933 | ||||
Prepaid taxes and deferred charges | 1,480 | 1,763 | ||||
Derivative instruments (Note 21) | 211 | 30 | ||||
Other | 481 | 849 | ||||
Total GE | $ | 8,399 | $ | 8,578 | ||
Equity method and other investments (Notes 3 and 26) | $ | 2,227 | $ | 3,097 | ||
GECAS pre-delivery payments (Note 23) | 2,934 | 3,086 | ||||
Assets held for sale | 2,294 | 2,762 | ||||
Derivative instruments (Note 21) | 529 | 175 | ||||
Other | 664 | 748 | ||||
Total GE Capital | $ | 8,648 | $ | 9,869 | ||
Eliminations | (586 | ) | (90 | ) | ||
Total Consolidated | $ | 16,461 | $ | 18,357 |
December 31\u00a0(Dollars in millions) | 2019 | 2018 | |||||||||
Amount | Average Rate | Amount | Average Rate | ||||||||
Commercial paper | $ | 3,008 | 1.62 | % | $ | 3,005 | 1.64 | % | |||
Current portion of long-term borrowings | 766 | 0.36 | 60 | 4.02 | |||||||
Current portion of long-term borrowings assumed by GE | 5,473 | 3.71 | 4,207 | 3.76 | |||||||
Other | 1,832 | 2,081 | |||||||||
Total GE short-term borrowings | $ | 11,079 | $ | 9,354 | |||||||
Current portion of long-term borrowings | 11,226 | 3.01 | % | 3,984 | 2.00 | % | |||||
Intercompany payable to GE | 2,104 | 2,684 | |||||||||
Other | 804 | 1,015 | |||||||||
Total GE Capital short-term borrowings | $ | 14,134 | $ | 7,684 | |||||||
Eliminations | (3,140 | ) | (4,262 | ) | |||||||
Total short-term borrowings | $ | 22,072 | $ | 12,776 | |||||||
Maturities | Amount | Average Rate | Amount | Average Rate | |||||||
Senior notes | 2022-2044 | $ | 14,762 | 2.11 | % | $ | 20,387 | 2.28 | % | ||
Senior notes assumed by GE | 2021-2054 | 23,024 | 4.17 | 29,218 | 4.30 | ||||||
Subordinated notes assumed by GE | 2021-2037 | 2,871 | 3.68 | 2,836 | 3.64 | ||||||
Other | 324 | 417 | |||||||||
Total GE long-term borrowings | $ | 40,980 | $ | 52,858 | |||||||
Senior notes | 2021-2042 | $ | 25,371 | 3.66 | % | $ | 35,105 | 3.49 | % | ||
Subordinated notes | 178 | 165 | |||||||||
Intercompany payable to GE | 17,038 | 19,828 | |||||||||
Other | 626 | 885 | |||||||||
Total GE Capital long-term borrowings | $ | 43,213 | $ | 55,982 | |||||||
Eliminations | (17,038 | ) | (19,892 | ) | |||||||
Total long-term borrowings | $ | 67,155 | $ | 88,949 | |||||||
Non-recourse borrowings of consolidated securitization entities | 2020-2021 | 1,655 | 1.34 | % | 1,875 | 2.05 | % | ||||
Total borrowings | $ | 90,882 | $ | 103,599 |
(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
GE excluding assumed debt | $ | 766 | $ | 47 | $ | 4,994 | $ | 1,360 | $ | 773 | |||||
GE Capital debt assumed by GE(a) | 5,473 | 4,685 | 1,954 | 2,842 | 918 | ||||||||||
GE Capital other debt | 11,226 | (b) | 1,930 | 2,215 | 2,418 | 117 |
(a) | Of these maturities, $3,369 million, $442 million, zero, zero and $528 million for 2020, 2021, 2022, 2023 and 2024 respectively, were effectively transferred to GE through intercompany loans with right of offset. |
December 31\u00a0(Dollars in millions) | 2019 | 2018 | |||||||||
Amount | Average Rate | Amount | Average Rate | ||||||||
Commercial paper | $ | 3,008 | 1.62 | % | $ | 3,005 | 1.64 | % | |||
Current portion of long-term borrowings | 766 | 0.36 | 60 | 4.02 | |||||||
Current portion of long-term borrowings assumed by GE | 5,473 | 3.71 | 4,207 | 3.76 | |||||||
Other | 1,832 | 2,081 | |||||||||
Total GE short-term borrowings | $ | 11,079 | $ | 9,354 | |||||||
Current portion of long-term borrowings | 11,226 | 3.01 | % | 3,984 | 2.00 | % | |||||
Intercompany payable to GE | 2,104 | 2,684 | |||||||||
Other | 804 | 1,015 | |||||||||
Total GE Capital short-term borrowings | $ | 14,134 | $ | 7,684 | |||||||
Eliminations | (3,140 | ) | (4,262 | ) | |||||||
Total short-term borrowings | $ | 22,072 | $ | 12,776 | |||||||
Maturities | Amount | Average Rate | Amount | Average Rate | |||||||
Senior notes | 2022-2044 | $ | 14,762 | 2.11 | % | $ | 20,387 | 2.28 | % | ||
Senior notes assumed by GE | 2021-2054 | 23,024 | 4.17 | 29,218 | 4.30 | ||||||
Subordinated notes assumed by GE | 2021-2037 | 2,871 | 3.68 | 2,836 | 3.64 | ||||||
Other | 324 | 417 | |||||||||
Total GE long-term borrowings | $ | 40,980 | $ | 52,858 | |||||||
Senior notes | 2021-2042 | $ | 25,371 | 3.66 | % | $ | 35,105 | 3.49 | % | ||
Subordinated notes | 178 | 165 | |||||||||
Intercompany payable to GE | 17,038 | 19,828 | |||||||||
Other | 626 | 885 | |||||||||
Total GE Capital long-term borrowings | $ | 43,213 | $ | 55,982 | |||||||
Eliminations | (17,038 | ) | (19,892 | ) | |||||||
Total long-term borrowings | $ | 67,155 | $ | 88,949 | |||||||
Non-recourse borrowings of consolidated securitization entities | 2020-2021 | 1,655 | 1.34 | % | 1,875 | 2.05 | % | ||||
Total borrowings | $ | 90,882 | $ | 103,599 |
(In millions) | 2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
GE excluding assumed debt | $ | 766 | $ | 47 | $ | 4,994 | $ | 1,360 | $ | 773 | |||||
GE Capital debt assumed by GE(a) | 5,473 | 4,685 | 1,954 | 2,842 | 918 | ||||||||||
GE Capital other debt | 11,226 | (b) | 1,930 | 2,215 | 2,418 | 117 |
(a) | Of these maturities, $3,369 million, $442 million, zero, zero and $528 million for 2020, 2021, 2022, 2023 and 2024 respectively, were effectively transferred to GE through intercompany loans with right of offset. |
December 31, 2019\u00a0(In millions) | Long-term care insurance contracts | Structured settlement annuities & life insurance contracts | Other contracts | Other adjustments(a) | Total | ||||||||||
Future policy benefit reserves | $ | 16,755 | $ | 9,511 | $ | 183 | $ | 5,655 | $ | 32,104 | |||||
Claim reserves(b) | 4,238 | 252 | 1,125 | 5,615 | |||||||||||
Investment contracts(c) | \u2014 | 1,136 | 1,055 | \u2014 | 2,191 | ||||||||||
Unearned premiums and other | 30 | 196 | 96 | \u2014 | 322 | ||||||||||
21,023 | 11,095 | 2,459 | 5,655 | 40,232 | |||||||||||
Eliminations | \u2014 | \u2014 | (406 | ) | \u2014 | (406 | ) | ||||||||
Total | $ | 21,023 | $ | 11,095 | $ | 2,053 | $ | 5,655 | $ | 39,826 |
December 31, 2018\u00a0(In millions) | |||||||||||||||
Future policy benefit reserves | $ | 16,029 | $ | 9,495 | $ | 169 | $ | 2,247 | $ | 27,940 | |||||
Claim reserves(b) | 3,917 | 230 | 1,178 | \u2014 | 5,324 | ||||||||||
Investment contracts(c) | \u2014 | 1,239 | 1,149 | \u2014 | 2,388 | ||||||||||
Unearned premiums and other | 34 | 205 | 103 | \u2014 | 342 | ||||||||||
19,980 | 11,169 | 2,599 | 2,247 | 35,994 | |||||||||||
Eliminations | \u2014 | \u2014 | (432 | ) | \u2014 | (432 | ) | ||||||||
Total | $ | 19,980 | $ | 11,169 | $ | 2,167 | $ | 2,247 | $ | 35,562 |
(a) | To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Other comprehensive income in our consolidated Statement of Earnings (Loss).\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
(b) | Other contracts included claim reserves of $342 million and $346 million related to short-duration contracts at Electric Insurance Company, net of eliminations, at December 31, 2019 and December 31, 2018, respectively.\u00a0\u00a0 |
(c) | Investment contracts are contracts without significant mortality or morbidity risks.\u00a0\u00a0 |
\u2022 | We have observed a significant decline in market interest rates this year, which has resulted in a lower discount rate and adversely impacted our reserve margin by $1,344 million. As noted above, our discount rate is based upon the actual yields on our investment portfolio and our forecasted reinvestment rates, which comprise the future rates at which we expect to invest proceeds from investment maturities, net of operating cash flows, and projected future capital contributions. Market interest rates have declined by approximately 130 basis points since our 2018 premium deficiency test, with 60 basis points of this reduction occurring since the second quarter 2019. Although the movement in market rates impacts the reinvestment rate, it does not materially impact the actual yield on our existing investments. Furthermore, our assumed reinvestment rate on future fixed income investments is based both on current expected long-term average rates and market interest rates. Thus, a decline in market interest rates will not result in an equivalent decline in our discount rate assumption. Our discount rate assumption for purposes of performing the premium deficiency assessment resulted in weighted average rate of 5.74% compared to 6.04% in 2018. This decline in the discount rate from 2018 to 2019 reflected a lower reinvestment rate increasing to an expected long-term average investment yield over a longer period, lower prospective expected returns on higher yielding assets classes introduced with our 2018 strategic initiatives, and slightly lower actual yields on our investment security portfolio.\u00a0 |
\u2022 | Higher levels of projected long-term care premium rate increases due to larger rate filings by some ceding companies than previously planned, which favorably impacted our reserve margin by $263 million. Since our premium deficiency testing performed in 2018, we have implemented approximately $200 million of previously approved rate increase actions. Our 2019 premium deficiency test includes approximately $2,000 million of anticipated future premium increases or benefit reductions associated with future in-force rate actions. This represents an increase of $300 million from our 2018 premium deficiency test to account for actions that are: (a) approved and not yet implemented, (b) filed but not yet approved, and (c) estimated on future filings through 2028, and includes the effect of the lower discount rate mentioned above.\u00a0 |
December 31, 2019\u00a0(In millions) | Long-term care insurance contracts | Structured settlement annuities & life insurance contracts | Other contracts | Other adjustments(a) | Total | ||||||||||
Future policy benefit reserves | $ | 16,755 | $ | 9,511 | $ | 183 | $ | 5,655 | $ | 32,104 | |||||
Claim reserves(b) | 4,238 | 252 | 1,125 | 5,615 | |||||||||||
Investment contracts(c) | \u2014 | 1,136 | 1,055 | \u2014 | 2,191 | ||||||||||
Unearned premiums and other | 30 | 196 | 96 | \u2014 | 322 | ||||||||||
21,023 | 11,095 | 2,459 | 5,655 | 40,232 | |||||||||||
Eliminations | \u2014 | \u2014 | (406 | ) | \u2014 | (406 | ) | ||||||||
Total | $ | 21,023 | $ | 11,095 | $ | 2,053 | $ | 5,655 | $ | 39,826 |
December 31, 2018\u00a0(In millions) | |||||||||||||||
Future policy benefit reserves | $ | 16,029 | $ | 9,495 | $ | 169 | $ | 2,247 | $ | 27,940 | |||||
Claim reserves(b) | 3,917 | 230 | 1,178 | \u2014 | 5,324 | ||||||||||
Investment contracts(c) | \u2014 | 1,239 | 1,149 | \u2014 | 2,388 | ||||||||||
Unearned premiums and other | 34 | 205 | 103 | \u2014 | 342 | ||||||||||
19,980 | 11,169 | 2,599 | 2,247 | 35,994 | |||||||||||
Eliminations | \u2014 | \u2014 | (432 | ) | \u2014 | (432 | ) | ||||||||
Total | $ | 19,980 | $ | 11,169 | $ | 2,167 | $ | 2,247 | $ | 35,562 |
(a) | To the extent that unrealized gains on specific investment securities supporting our insurance contracts would result in a premium deficiency should those gains be realized, an increase in future policy benefit reserves is recorded, with an after-tax reduction of net unrealized gains recognized through Other comprehensive income in our consolidated Statement of Earnings (Loss).\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 |
(b) | Other contracts included claim reserves of $342 million and $346 million related to short-duration contracts at Electric Insurance Company, net of eliminations, at December 31, 2019 and December 31, 2018, respectively.\u00a0\u00a0 |
COST OF OUR BENEFITS PLANS AND ASSUMPTIONS | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
(Dollars in millions) | 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 | $ | 654 | $ | 246 | $ | 58 | $ | 888 | $ | 323 | $ | 63 | $ | 1,055 | $ | 542 | $ | 94 | |||||||||||
Interest cost | 2,780 | 542 | 202 | 2,658 | 548 | 196 | 2,856 | 561 | 224 | ||||||||||||||||||||
Expected return on plan assets | (3,428 | ) | (1,144 | ) | (21 | ) | (3,248 | ) | (1,285 | ) | (29 | ) | (3,390 | ) | (1,176 | ) | (36 | ) | |||||||||||
Amortization of net actuarial loss (gain) | 3,439 | 319 | (118 | ) | 3,785 | 312 | (79 | ) | 2,812 | 418 | (80 | ) | |||||||||||||||||
Amortization of prior service cost (credit) | 135 | 3 | (232 | ) | 143 | (9 | ) | (230 | ) | 290 | (5 | ) | (171 | ) | |||||||||||||||
Curtailment / settlement loss (gain)(a) | 349 | 13 | (38 | ) | 34 | 1 | \u2014 | 64 | 24 | 4 | |||||||||||||||||||
Non-operating | 3,275 | (267 | ) | (207 | ) | 3,372 | (433 | ) | (142 | ) | 2,632 | (178 | ) | (59 | ) | ||||||||||||||
Net periodic expense (income) | $ | 3,929 | $ | (21 | ) | $ | (149 | ) | $ | 4,260 | $ | (110 | ) | $ | (79 | ) | $ | 3,687 | $ | 364 | $ | 35 | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||||||||||||||||||||||||
Discount rate | 3.36 | % | 1.97 | % | 3.05 | % | 4.34 | % | 2.75 | % | 4.12 | % | 3.64 | % | 2.41 | % | 3.43 | % | |||||||||||
Compensation increases | 2.95 | 3.16 | 3.75 | 3.60 | 3.16 | 3.60 | 3.55 | 3.09 | 3.55 | ||||||||||||||||||||
Initial healthcare trend rate(b) | N/A | N/A | 5.90 | N/A | N/A | 6.00 | N/A | N/A | 6.00 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit cost | |||||||||||||||||||||||||||||
Discount rate(c) | 4.07 | 2.75 | 4.12 | 3.64 | 2.41 | 3.43 | 4.11 | 2.55 | 3.75 | ||||||||||||||||||||
Expected rate of return on plan assets | 6.75 | 6.76 | 7.00 | 6.75 | 6.75 | 7.00 | 7.50 | 6.75 | 7.00 |
PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
(in millions) | Principal pension | Other pension | Principal retiree benefit | Principal pension | Other pension | Principal retiree benefit | ||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||
Balance at January 1 | $ | 68,500 | $ | 21,091 | $ | 5,153 | $ | 74,985 | $ | 23,066 | $ | 6,006 | ||||||||||||
Service cost | 654 | 246 | 58 | 888 | 323 | 63 | ||||||||||||||||||
Interest cost | 2,780 | 542 | 202 | 2,658 | 548 | 196 | ||||||||||||||||||
Participant contributions | 77 | 29 | 61 | 90 | 37 | 60 | ||||||||||||||||||
Plan amendments | (42 | ) | (a) | (17 | ) | (23 | ) | \u2014 | 82 | \u2014 | ||||||||||||||
Actuarial loss (gain) | 7,073 | (b) | 2,422 | (e) | 275 | (e) | (6,263 | ) | (e) | (879 | ) | (e) | (593 | ) | (f) | |||||||||
Benefits paid | (3,788 | ) | (1,043 | ) | (533 | ) | (3,729 | ) | (1,002 | ) | (569 | ) | \u00a0\u00a0 | |||||||||||
Curtailments | (838 | ) | (32 | ) | (33 | ) | \u2014 | (11 | ) | \u2014 | ||||||||||||||
Settlements | (2,657 | ) | (c) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||||
Acquisitions (dispositions) / other - net | (3 | ) | (1,030 | ) | \u2014 | (129 | ) | (90 | ) | (10 | ) | \u00a0\u00a0 | ||||||||||||
Exchange rate adjustments | \u2014 | 713 | \u2014 | \u2014 | (983 | ) | \u2014 | \u00a0\u00a0 | ||||||||||||||||
Balance at December 31 | $ | 71,756 | (d) | $ | 22,921 | $ | 5,160 | (g) | $ | 68,500 | (d) | $ | 21,091 | $ | 5,153 | (g) | ||||||||
Change in plan assets | ||||||||||||||||||||||||
Balance at January 1 | 50,009 | 17,537 | 362 | 50,361 | 19,306 | 518 | ||||||||||||||||||
Actual gain (loss) on plan assets | 8,694 | 2,229 | 57 | (2,996 | ) | (245 | ) | (17 | ) | |||||||||||||||
Employer contributions | 298 | 716 | 342 | 6,283 | 475 | 370 | ||||||||||||||||||
Participant contributions | 77 | 29 | 61 | 90 | 37 | 60 | ||||||||||||||||||
Benefits paid | (3,788 | ) | (1,043 | ) | (533 | ) | (3,729 | ) | (1,002 | ) | (569 | ) | ||||||||||||
Settlements | (2,657 | ) | (c) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||||
Acquisitions (dispositions) / other - net | \u2014 | (1,030 | ) | \u2014 | \u2014 | (185 | ) | \u2014 | ||||||||||||||||
Exchange rate adjustments | \u2014 | 704 | \u2014 | \u2014 | (849 | ) | \u2014 | |||||||||||||||||
Balance at December 31 | $ | 52,633 | $ | 19,142 | $ | 289 | $ | 50,009 | $ | 17,537 | $ | 362 | ||||||||||||
Funded status - deficit(h) | $ | 19,123 | $ | 3,779 | $ | 4,871 | $ | 18,491 | $ | 3,554 | $ | 4,791 | ||||||||||||
Amounts recorded in the consolidated Statement of Financial Position | ||||||||||||||||||||||||
Non-current assets - other | \u2014 | 475 | \u2014 | \u2014 | 746 | \u2014 | ||||||||||||||||||
Current liabilities - other | (296 | ) | (123 | ) | (355 | ) | (280 | ) | (117 | ) | (378 | ) | ||||||||||||
Non-current liabilities - compensation and benefits | (18,827 | ) | (4,131 | ) | (4,516 | ) | (18,211 | ) | (4,183 | ) | (4,413 | ) | ||||||||||||
Net amount recorded | $ | (19,123 | ) | $ | (3,779 | ) | $ | (4,871 | ) | $ | (18,491 | ) | $ | (3,554 | ) | $ | (4,791 | ) | ||||||
Amounts recorded in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||
Prior service cost (credit) | 67 | (16 | ) | (2,376 | ) | 596 | 7 | (2,584 | ) | |||||||||||||||
Actuarial loss (gain) | 7,961 | 4,665 | (833 | ) | 10,430 | 3,740 | (1,196 | ) | ||||||||||||||||
Total recorded in Accumulated other comprehensive income (loss) | $ | 8,028 | $ | 4,649 | $ | (3,209 | ) | $ | 11,026 | $ | 3,747 | $ | (3,780 | ) |
(a) | GE Supplementary Pension Plan amendment for the U.S. pension changes announced in October 2019 offset by other plan amendments adopted in 2019. |
(b) | Principally associated with discount rate changes offset by impact of the one-time lump sum payments. |
(c) | Payments made to former employees from the GE Pension Trust for the one-time lump sum payments. |
(d) | The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $6,691 million and $6,110 million at year-end 2019 and 2018, respectively. |
(e) | Principally associated with discount rate changes. |
(f) | Principally due to discount rate changes and favorable cost trends. |
(g) | The benefit obligation for retiree health plans was $3,306 million and $3,425 million at December 31, 2019 and 2018, respectively. |
(h) | Total unfunded status for principal pension plan, other pension plans and principal retiree benefit plans was $27,773 million and $26,836 million at December 31, 2019 and 2018, respectively. Of these amounts, $14,340 million and $13,292 million at December 31, 2019 and 2018, respectively, related to plans that are not subject to regulatory funding requirements and the benefits for these plans are funded as they become due. |
2019 | 2018 | ||||||||||||||
(In millions) | Principal pension | Other pension | Principal pension | Other pension | |||||||||||
Global equity | $ | 6,826 | $ | 3,484 | $ | 6,015 | $ | 4,323 | |||||||
Debt securities | |||||||||||||||
Fixed income and cash investment funds | 4,398 | 8,089 | 2,069 | 6,320 | |||||||||||
U.S. corporate(a) | 8,025 | 365 | 8,734 | 397 | |||||||||||
Other debt securities(b) | 6,076 | 424 | 5,264 | 472 | |||||||||||
Real estate | 2,309 | 140 | 2,218 | 175 | |||||||||||
Private equities and other investments | 23 | 452 | 557 | 369 | |||||||||||
Total | 27,657 | 12,954 | 24,857 | 12,056 | |||||||||||
Plan assets measured at net asset value | |||||||||||||||
Global equity | 14,616 | 1,450 | 12,558 | 1,228 | |||||||||||
Debt securities | 3,744 | 914 | 6,400 | 883 | |||||||||||
Real estate | 1,167 | 1,930 | 1,261 | 1,704 | |||||||||||
Private equities and other investments | 5,449 | 1,894 | 4,933 | 1,666 | |||||||||||
Total plan assets at fair value | $ | 52,633 | $ | 19,142 | $ | 50,009 | $ | 17,537 |
(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. |
ASSET ALLOCATION OF PENSION PLANS | 2019 Target allocation | 2019 Actual allocation | |||||||||
Principal Pension | Other Pension (weighted average) | Principal Pension | Other Pension (weighted average) | ||||||||
Global equity | 30.0 - 47.0 | % | 23 | % | 41 | % | 27 | % | |||
Debt securities (including cash equivalents) | 21.0 - 65.0 | 55 | 42 | 51 | |||||||
Real estate | 3.5 - 13.5 | 9 | 7 | 11 | |||||||
Private equities & other investments | 6.0 - 16.0 | 13 | 10 | 11 |
EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS (In millions) | Principal pension | Other pension | Principal retiree benefit | ||||||||
2020 | $ | 3,795 | $ | 1,030 | $ | 495 | |||||
2021 | 3,875 | 1,005 | 475 | ||||||||
2022 | 3,930 | 1,015 | 455 | ||||||||
2023 | 3,965 | 1,035 | 435 | ||||||||
2024 | 3,980 | 1,050 | 415 | ||||||||
2025 - 2029 | 19,965 | 5,550 | 1,775 |
COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||
For the years ended December 31 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
(In millions, 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 | $ | 3,929 | $ | (21 | ) | $ | (149 | ) | $ | 4,260 | $ | (110 | ) | $ | (79 | ) | $ | 3,687 | $ | 364 | $ | 35 | |||||||
Changes in other comprehensive income | |||||||||||||||||||||||||||||
Prior service cost (credit) - current year | (42 | ) | (17 | ) | (23 | ) | \u2014 | 82 | \u2014 | \u2014 | \u2014 | (8 | ) | ||||||||||||||||
Actuarial loss (gain) - current year | 971 | 1,252 | 240 | (111 | ) | 464 | (543 | ) | 474 | (639 | ) | (128 | ) | ||||||||||||||||
Reclassifications out of AOCI | |||||||||||||||||||||||||||||
Curtailment / settlement gain (loss) | (353 | ) | (12 | ) | 4 | (45 | ) | (2 | ) | \u2014 | (64 | ) | (20 | ) | (4 | ) | |||||||||||||
Amortization of net actuarial gain (loss) | (3,439 | ) | (319 | ) | 118 | (3,785 | ) | (312 | ) | 79 | (2,812 | ) | (418 | ) | 80 | ||||||||||||||
Amortization of prior service credit (cost) | (135 | ) | (3 | ) | 232 | (143 | ) | 9 | 230 | (290 | ) | 5 | 171 | ||||||||||||||||
Total changes in other comprehensive income | (2,998 | ) | 901 | 571 | (4,084 | ) | 241 | (234 | ) | (2,692 | ) | (1,072 | ) | 111 | |||||||||||||||
Cost of postretirement benefit plans and changes in other comprehensive income | $ | 931 | $ | 880 | $ | 422 | $ | 176 | $ | 131 | $ | (313 | ) | $ | 995 | $ | (708 | ) | $ | 146 |
COST OF OUR BENEFITS PLANS AND ASSUMPTIONS | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
(Dollars in millions) | 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 | $ | 654 | $ | 246 | $ | 58 | $ | 888 | $ | 323 | $ | 63 | $ | 1,055 | $ | 542 | $ | 94 | |||||||||||
Interest cost | 2,780 | 542 | 202 | 2,658 | 548 | 196 | 2,856 | 561 | 224 | ||||||||||||||||||||
Expected return on plan assets | (3,428 | ) | (1,144 | ) | (21 | ) | (3,248 | ) | (1,285 | ) | (29 | ) | (3,390 | ) | (1,176 | ) | (36 | ) | |||||||||||
Amortization of net actuarial loss (gain) | 3,439 | 319 | (118 | ) | 3,785 | 312 | (79 | ) | 2,812 | 418 | (80 | ) | |||||||||||||||||
Amortization of prior service cost (credit) | 135 | 3 | (232 | ) | 143 | (9 | ) | (230 | ) | 290 | (5 | ) | (171 | ) | |||||||||||||||
Curtailment / settlement loss (gain)(a) | 349 | 13 | (38 | ) | 34 | 1 | \u2014 | 64 | 24 | 4 | |||||||||||||||||||
Non-operating | 3,275 | (267 | ) | (207 | ) | 3,372 | (433 | ) | (142 | ) | 2,632 | (178 | ) | (59 | ) | ||||||||||||||
Net periodic expense (income) | $ | 3,929 | $ | (21 | ) | $ | (149 | ) | $ | 4,260 | $ | (110 | ) | $ | (79 | ) | $ | 3,687 | $ | 364 | $ | 35 | |||||||
Weighted-average assumptions used to determine benefit obligations | |||||||||||||||||||||||||||||
Discount rate | 3.36 | % | 1.97 | % | 3.05 | % | 4.34 | % | 2.75 | % | 4.12 | % | 3.64 | % | 2.41 | % | 3.43 | % | |||||||||||
Compensation increases | 2.95 | 3.16 | 3.75 | 3.60 | 3.16 | 3.60 | 3.55 | 3.09 | 3.55 | ||||||||||||||||||||
Initial healthcare trend rate(b) | N/A | N/A | 5.90 | N/A | N/A | 6.00 | N/A | N/A | 6.00 | ||||||||||||||||||||
Weighted-average assumptions used to determine benefit cost | |||||||||||||||||||||||||||||
Discount rate(c) | 4.07 | 2.75 | 4.12 | 3.64 | 2.41 | 3.43 | 4.11 | 2.55 | 3.75 | ||||||||||||||||||||
Expected rate of return on plan assets | 6.75 | 6.76 | 7.00 | 6.75 | 6.75 | 7.00 | 7.50 | 6.75 | 7.00 |
PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
(in millions) | Principal pension | Other pension | Principal retiree benefit | Principal pension | Other pension | Principal retiree benefit | ||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||
Balance at January 1 | $ | 68,500 | $ | 21,091 | $ | 5,153 | $ | 74,985 | $ | 23,066 | $ | 6,006 | ||||||||||||
Service cost | 654 | 246 | 58 | 888 | 323 | 63 | ||||||||||||||||||
Interest cost | 2,780 | 542 | 202 | 2,658 | 548 | 196 | ||||||||||||||||||
Participant contributions | 77 | 29 | 61 | 90 | 37 | 60 | ||||||||||||||||||
Plan amendments | (42 | ) | (a) | (17 | ) | (23 | ) | \u2014 | 82 | \u2014 | ||||||||||||||
Actuarial loss (gain) | 7,073 | (b) | 2,422 | (e) | 275 | (e) | (6,263 | ) | (e) | (879 | ) | (e) | (593 | ) | (f) | |||||||||
Benefits paid | (3,788 | ) | (1,043 | ) | (533 | ) | (3,729 | ) | (1,002 | ) | (569 | ) | \u00a0\u00a0 | |||||||||||
Curtailments | (838 | ) | (32 | ) | (33 | ) | \u2014 | (11 | ) | \u2014 | ||||||||||||||
Settlements | (2,657 | ) | (c) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||||
Acquisitions (dispositions) / other - net | (3 | ) | (1,030 | ) | \u2014 | (129 | ) | (90 | ) | (10 | ) | \u00a0\u00a0 | ||||||||||||
Exchange rate adjustments | \u2014 | 713 | \u2014 | \u2014 | (983 | ) | \u2014 | \u00a0\u00a0 | ||||||||||||||||
Balance at December 31 | $ | 71,756 | (d) | $ | 22,921 | $ | 5,160 | (g) | $ | 68,500 | (d) | $ | 21,091 | $ | 5,153 | (g) | ||||||||
Change in plan assets | ||||||||||||||||||||||||
Balance at January 1 | 50,009 | 17,537 | 362 | 50,361 | 19,306 | 518 | ||||||||||||||||||
Actual gain (loss) on plan assets | 8,694 | 2,229 | 57 | (2,996 | ) | (245 | ) | (17 | ) | |||||||||||||||
Employer contributions | 298 | 716 | 342 | 6,283 | 475 | 370 | ||||||||||||||||||
Participant contributions | 77 | 29 | 61 | 90 | 37 | 60 | ||||||||||||||||||
Benefits paid | (3,788 | ) | (1,043 | ) | (533 | ) | (3,729 | ) | (1,002 | ) | (569 | ) | ||||||||||||
Settlements | (2,657 | ) | (c) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||||
Acquisitions (dispositions) / other - net | \u2014 | (1,030 | ) | \u2014 | \u2014 | (185 | ) | \u2014 | ||||||||||||||||
Exchange rate adjustments | \u2014 | 704 | \u2014 | \u2014 | (849 | ) | \u2014 | |||||||||||||||||
Balance at December 31 | $ | 52,633 | $ | 19,142 | $ | 289 | $ | 50,009 | $ | 17,537 | $ | 362 | ||||||||||||
Funded status - deficit(h) | $ | 19,123 | $ | 3,779 | $ | 4,871 | $ | 18,491 | $ | 3,554 | $ | 4,791 | ||||||||||||
Amounts recorded in the consolidated Statement of Financial Position | ||||||||||||||||||||||||
Non-current assets - other | \u2014 | 475 | \u2014 | \u2014 | 746 | \u2014 | ||||||||||||||||||
Current liabilities - other | (296 | ) | (123 | ) | (355 | ) | (280 | ) | (117 | ) | (378 | ) | ||||||||||||
Non-current liabilities - compensation and benefits | (18,827 | ) | (4,131 | ) | (4,516 | ) | (18,211 | ) | (4,183 | ) | (4,413 | ) | ||||||||||||
Net amount recorded | $ | (19,123 | ) | $ | (3,779 | ) | $ | (4,871 | ) | $ | (18,491 | ) | $ | (3,554 | ) | $ | (4,791 | ) | ||||||
Amounts recorded in Accumulated other comprehensive income (loss) | ||||||||||||||||||||||||
Prior service cost (credit) | 67 | (16 | ) | (2,376 | ) | 596 | 7 | (2,584 | ) | |||||||||||||||
Actuarial loss (gain) | 7,961 | 4,665 | (833 | ) | 10,430 | 3,740 | (1,196 | ) | ||||||||||||||||
Total recorded in Accumulated other comprehensive income (loss) | $ | 8,028 | $ | 4,649 | $ | (3,209 | ) | $ | 11,026 | $ | 3,747 | $ | (3,780 | ) |
(a) | GE Supplementary Pension Plan amendment for the U.S. pension changes announced in October 2019 offset by other plan amendments adopted in 2019. |
(b) | Principally associated with discount rate changes offset by impact of the one-time lump sum payments. |
(c) | Payments made to former employees from the GE Pension Trust for the one-time lump sum payments. |
(d) | The PBO for the GE Supplementary Pension Plan, which is an unfunded plan, was $6,691 million and $6,110 million at year-end 2019 and 2018, respectively. |
(e) | Principally associated with discount rate changes. |
(f) | Principally due to discount rate changes and favorable cost trends. |
(g) | The benefit obligation for retiree health plans was $3,306 million and $3,425 million at December 31, 2019 and 2018, respectively. |
2019 | 2018 | ||||||||||||||
(In millions) | Principal pension | Other pension | Principal pension | Other pension | |||||||||||
Global equity | $ | 6,826 | $ | 3,484 | $ | 6,015 | $ | 4,323 | |||||||
Debt securities | |||||||||||||||
Fixed income and cash investment funds | 4,398 | 8,089 | 2,069 | 6,320 | |||||||||||
U.S. corporate(a) | 8,025 | 365 | 8,734 | 397 | |||||||||||
Other debt securities(b) | 6,076 | 424 | 5,264 | 472 | |||||||||||
Real estate | 2,309 | 140 | 2,218 | 175 | |||||||||||
Private equities and other investments | 23 | 452 | 557 | 369 | |||||||||||
Total | 27,657 | 12,954 | 24,857 | 12,056 | |||||||||||
Plan assets measured at net asset value | |||||||||||||||
Global equity | 14,616 | 1,450 | 12,558 | 1,228 | |||||||||||
Debt securities | 3,744 | 914 | 6,400 | 883 | |||||||||||
Real estate | 1,167 | 1,930 | 1,261 | 1,704 | |||||||||||
Private equities and other investments | 5,449 | 1,894 | 4,933 | 1,666 | |||||||||||
Total plan assets at fair value | $ | 52,633 | $ | 19,142 | $ | 50,009 | $ | 17,537 |
(a) | Primarily represented investment-grade bonds of U.S. issuers from diverse industries. |
ASSET ALLOCATION OF PENSION PLANS | 2019 Target allocation | 2019 Actual allocation | |||||||||
Principal Pension | Other Pension (weighted average) | Principal Pension | Other Pension (weighted average) | ||||||||
Global equity | 30.0 - 47.0 | % | 23 | % | 41 | % | 27 | % | |||
Debt securities (including cash equivalents) | 21.0 - 65.0 | 55 | 42 | 51 | |||||||
Real estate | 3.5 - 13.5 | 9 | 7 | 11 | |||||||
Private equities & other investments | 6.0 - 16.0 | 13 | 10 | 11 |
EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS (In millions) | Principal pension | Other pension | Principal retiree benefit | ||||||||
2020 | $ | 3,795 | $ | 1,030 | $ | 495 | |||||
2021 | 3,875 | 1,005 | 475 | ||||||||
2022 | 3,930 | 1,015 | 455 | ||||||||
2023 | 3,965 | 1,035 | 435 | ||||||||
2024 | 3,980 | 1,050 | 415 | ||||||||
2025 - 2029 | 19,965 | 5,550 | 1,775 |
COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||||||||
For the years ended December 31 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||
(In millions, 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 | $ | 3,929 | $ | (21 | ) | $ | (149 | ) | $ | 4,260 | $ | (110 | ) | $ | (79 | ) | $ | 3,687 | $ | 364 | $ | 35 | |||||||
Changes in other comprehensive income | |||||||||||||||||||||||||||||
Prior service cost (credit) - current year | (42 | ) | (17 | ) | (23 | ) | \u2014 | 82 | \u2014 | \u2014 | \u2014 | (8 | ) | ||||||||||||||||
Actuarial loss (gain) - current year | 971 | 1,252 | 240 | (111 | ) | 464 | (543 | ) | 474 | (639 | ) | (128 | ) | ||||||||||||||||
Reclassifications out of AOCI | |||||||||||||||||||||||||||||
Curtailment / settlement gain (loss) | (353 | ) | (12 | ) | 4 | (45 | ) | (2 | ) | \u2014 | (64 | ) | (20 | ) | (4 | ) | |||||||||||||
Amortization of net actuarial gain (loss) | (3,439 | ) | (319 | ) | 118 | (3,785 | ) | (312 | ) | 79 | (2,812 | ) | (418 | ) | 80 | ||||||||||||||
Amortization of prior service credit (cost) | (135 | ) | (3 | ) | 232 | (143 | ) | 9 | 230 | (290 | ) | 5 | 171 | ||||||||||||||||
Total changes in other comprehensive income | (2,998 | ) | 901 | 571 | (4,084 | ) | 241 | (234 | ) | (2,692 | ) | (1,072 | ) | 111 | |||||||||||||||
Cost of postretirement benefit plans and changes in other comprehensive income | $ | 931 | $ | 880 | $ | 422 | $ | 176 | $ | 131 | $ | (313 | ) | $ | 995 | $ | (708 | ) | $ | 146 |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Sales allowances, equipment projects and other commercial liabilities | $ | 5,203 | $ | 5,255 | ||
Product warranties (Note 23) | 1,371 | 1,346 | ||||
Employee compensation and benefit liabilities | 5,114 | 5,138 | ||||
Taxes payable | 1,349 | 503 | ||||
Environmental, health and safety liabilities (Note 23) | 330 | 204 | ||||
Due to GE Capital | 1,080 | 1,578 | ||||
Other | 2,385 | 2,422 | ||||
Other GE current liabilities | 16,833 | 16,444 | ||||
Eliminations | (1,080 | ) | (1,578 | ) | ||
Consolidated other GE current liabilities | $ | 15,753 | $ | 14,866 | ||
Sales allowances, equipment projects and other commercial liabilities | 4,422 | 5,136 | ||||
Product warranties (Note 23) | 793 | 846 | ||||
Uncertain tax positions and related liabilities | 2,585 | 3,404 | ||||
Alstom legacy legal matters (Note 23) | 875 | 889 | ||||
Environmental, health and safety liabilities (Note 23) | 2,154 | 1,968 | ||||
Redeemable noncontrolling interests (Note 16) | 439 | 378 | ||||
Derivative instruments (Note 21) | 171 | 328 | ||||
Other | 1,349 | 1,931 | ||||
GE all other liabilities | $ | 12,787 | $ | 14,881 | ||
Aircraft maintenance reserve, sales deposits and other commercial liabilities | 2,900 | 2,585 | ||||
Interest payable | 1,189 | 1,458 | ||||
Uncertain tax positions and other taxes payable | 394 | 1,646 | ||||
Derivative instruments (Note 21) | 31 | 258 | ||||
Other | 525 | 1,615 | ||||
GE Capital other liabilities | $ | 5,040 | $ | 7,562 | ||
Eliminations | (1,244 | ) | (1,605 | ) | ||
Consolidated all other liabilities | $ | 16,583 | $ | 20,839 | ||
Total | $ | 32,336 | $ | 35,705 |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
Sales allowances, equipment projects and other commercial liabilities | $ | 5,203 | $ | 5,255 | ||
Product warranties (Note 23) | 1,371 | 1,346 | ||||
Employee compensation and benefit liabilities | 5,114 | 5,138 | ||||
Taxes payable | 1,349 | 503 | ||||
Environmental, health and safety liabilities (Note 23) | 330 | 204 | ||||
Due to GE Capital | 1,080 | 1,578 | ||||
Other | 2,385 | 2,422 | ||||
Other GE current liabilities | 16,833 | 16,444 | ||||
Eliminations | (1,080 | ) | (1,578 | ) | ||
Consolidated other GE current liabilities | $ | 15,753 | $ | 14,866 | ||
Sales allowances, equipment projects and other commercial liabilities | 4,422 | 5,136 | ||||
Product warranties (Note 23) | 793 | 846 | ||||
Uncertain tax positions and related liabilities | 2,585 | 3,404 | ||||
Alstom legacy legal matters (Note 23) | 875 | 889 | ||||
Environmental, health and safety liabilities (Note 23) | 2,154 | 1,968 | ||||
Redeemable noncontrolling interests (Note 16) | 439 | 378 | ||||
Derivative instruments (Note 21) | 171 | 328 | ||||
Other | 1,349 | 1,931 | ||||
GE all other liabilities | $ | 12,787 | $ | 14,881 | ||
Aircraft maintenance reserve, sales deposits and other commercial liabilities | 2,900 | 2,585 | ||||
Interest payable | 1,189 | 1,458 | ||||
Uncertain tax positions and other taxes payable | 394 | 1,646 | ||||
Derivative instruments (Note 21) | 31 | 258 | ||||
Other | 525 | 1,615 | ||||
GE Capital other liabilities | $ | 5,040 | $ | 7,562 | ||
Eliminations | (1,244 | ) | (1,605 | ) | ||
Consolidated all other liabilities | $ | 16,583 | $ | 20,839 | ||
Total | $ | 32,336 | $ | 35,705 |
(BENEFIT) PROVISION FOR INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
Current tax expense (benefit) | $ | 2,551 | $ | 1,743 | $ | 2,405 | |||
Deferred tax expense (benefit) from temporary differences | (1,242 | ) | (1,276 | ) | 1,088 | ||||
Total GE | 1,309 | 467 | 3,493 | ||||||
Current tax expense (benefit) | (720 | ) | 596 | (1,008 | ) | ||||
Deferred tax expense (benefit) from temporary differences | 138 | (970 | ) | (5,294 | ) | ||||
Total GE Capital | (582 | ) | (374 | ) | (6,302 | ) | |||
Current tax expense (benefit) | 1,831 | 2,339 | 1,397 | ||||||
Deferred tax expense (benefit) from temporary differences | (1,104 | ) | (2,245 | ) | (4,205 | ) | |||
Total consolidated | $ | 726 | $ | 93 | $ | (2,808 | ) |
CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
U.S. earnings | $ | 506 | $ | (9,861 | ) | $ | (17,918 | ) | |
Non-U.S. earnings | 643 | (11,126 | ) | 6,573 | |||||
Total | $ | 1,149 | $ | (20,987 | ) | $ | (11,345 | ) |
CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
U.S. Federal | |||||||||
Current | $ | 146 | $ | 1,019 | $ | (734 | ) | ||
Deferred | (1,266 | ) | (3,144 | ) | (3,625 | ) | |||
Non - U.S. | |||||||||
Current | 2,008 | 1,132 | 1,820 | ||||||
Deferred | 106 | 1,197 | (429 | ) | |||||
Other | (267 | ) | (111 | ) | 160 | ||||
Total | $ | 726 | $ | 93 | $ | (2,808 | ) |
INCOME TAXES PAID (RECOVERED) (In millions) | 2019 | 2018 | 2017 | ||||||
GE | $ | 2,183 | $ | 1,803 | $ | 2,700 | |||
GE Capital | 45 | 65 | (264 | ) | |||||
Total(a) | $ | 2,228 | $ | 1,868 | $ | 2,436 |
RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE | Consolidated | GE | GE Capital | |||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||
U.S. federal statutory income tax rate | 21.0 | \u00a0% | 21.0 | \u00a0% | 35.0 | \u00a0% | 21.0 | \u00a0% | 21.0 | \u00a0% | 35.0 | \u00a0% | 21.0 | % | 21.0 | \u00a0% | 35.0 | \u00a0% | ||
Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE | \u2014 | \u2014 | \u2014 | 8.8 | (0.5 | ) | (43.2 | ) | \u2014 | \u2014 | \u2014 | |||||||||
Tax on global activities including exports | 91.0 | (5.0 | ) | 30.3 | 86.5 | (5.0 | ) | 34.6 | 8.1 | 3.2 | 12.2 | |||||||||
U.S. business credits(a) | (22.5 | ) | 2.6 | 4.3 | (9.1 | ) | 0.4 | 1.5 | 21.9 | 120.0 | 3.2 | |||||||||
Goodwill impairments | 26.0 | (21.5 | ) | (7.8 | ) | 23.5 | (21.4 | ) | (7.3 | ) | \u2014 | \u2014 | (3.8 | ) | ||||||
Tax Cuts and Jobs Act enactment | 0.2 | (0.2 | ) | (39.8 | ) | 7.9 | 0.5 | (89.6 | ) | 15.2 | (36.5 | ) | 3.1 | |||||||
All other \u2013 net(b)(c)(d) | (52.5 | ) | 2.7 | 2.8 | (35.6 | ) | 2.8 | 5.2 | 23.1 | (8.0 | ) | 0.2 | ||||||||
42.2 | (21.4 | ) | (10.2 | ) | 82.0 | (23.2 | ) | (98.8 | ) | 68.3 | 78.7 | 14.9 | ||||||||
Actual income tax rate | 63.2 | \u00a0% | (0.4 | )% | 24.8 | \u00a0% | 103.0 | \u00a0% | (2.2 | )% | (63.8 | )% | 89.3 | % | 99.7 | \u00a0% | 49.9 | \u00a0% |
(a) | U.S. general business credits, primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. |
(b) | Included, for each period, the expense or benefit for Other taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect for the years ended December 31, 2019 and 2018 and 35.0% federal effect for the year ended December 31, 2017. |
(c) | For the year ended December 31, 2019, included (12.5)% and (11.3)% in consolidated and GE, respectively, related to the disposition of the Digital ServiceMax business. For the year ended December 31, 2018, included 2.8% and 2.8% in consolidated and GE, respectively, related to deductible stock losses. Included in 2017 is 5.6% and 11.7% in consolidated and GE, respectively, related to the disposition of the Water business. Also included in 2017 is (3.1)% and (6.4)% in consolidated and GE, respectively, related to losses on planned dispositions. |
(d) | For the year ended December 31, 2019, included (32.9)%, (27.9)% and 3.5% in consolidated, GE and GE Capital, respectively for the resolution of the IRS audit of our consolidated U.S. income tax returns for 2012-2013. |
UNRECOGNIZED TAX BENEFITS December 31\u00a0(Dollars in millions) | 2019 | 2018 | ||||
Unrecognized tax benefits | $ | 4,169 | $ | 5,563 | ||
Portion that, if recognized, would reduce tax expense and effective tax rate(a) | 2,701 | 4,265 | ||||
Accrued interest on unrecognized tax benefits | 722 | 934 | ||||
Accrued penalties on unrecognized tax benefits | 195 | 182 | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 0-700 | 0-1,300 | ||||
Portion that, if recognized, would reduce tax expense and effective tax rate(a) | 0-650 | 0-1,200 |
UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) | 2019 | 2018 | ||||
Balance at January 1 | $ | 5,563 | $ | 5,449 | ||
Additions for tax positions of the current year | 403 | 300 | ||||
Additions for tax positions of prior years | 500 | 945 | ||||
Reductions for tax positions of prior years(a) | (1,927 | ) | (905 | ) | ||
Settlements with tax authorities | (155 | ) | (64 | ) | ||
Expiration of the statute of limitations | (214 | ) | (162 | ) | ||
Balance at December 31 | $ | 4,169 | $ | 5,563 |
(a) | For 2019, reductions included $710 million related to the completion of the 2012-2013 IRS audit and $442 million related to the deconsolidation of Baker Hughes. |
DEFERRED INCOME TAXES\u00a0December 31\u00a0(In millions) | 2019 | 2018 | ||||
GE | $ | 12,807 | $ | 14,479 | ||
GE Capital | 5,124 | 6,214 | ||||
Total assets | 17,931 | 20,693 | ||||
GE | (4,618 | ) | (4,302 | ) | ||
GE Capital | (3,424 | ) | (4,278 | ) | ||
Eliminations | \u2014 | 4 | ||||
Total liabilities | (8,042 | ) | (8,576 | ) | ||
Net deferred income tax asset (liability) | $ | 9,889 | $ | 12,117 |
COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31\u00a0(In millions) | 2019 | 2018 | ||||
Principal pension plans | $ | 4,016 | $ | 3,883 | ||
Other non-current compensation and benefits | 2,206 | 2,431 | ||||
Provision for expenses | 1,990 | 2,208 | ||||
Intangible assets | 1,315 | 820 | ||||
Retiree insurance plans | 1,023 | 1,006 | ||||
Non-U.S. loss carryforwards(a) | 602 | 1,362 | ||||
U.S. credit carryforwards(b) | 74 | 74 | ||||
Baker Hughes investment | (1,256 | ) | 721 | |||
Contract assets | (1,232 | ) | (1,781 | ) | ||
Depreciation | (823 | ) | (855 | ) | ||
Other \u2013 net(c) | 274 | 307 | ||||
GE | 8,189 | 10,176 | ||||
Operating leases | (2,218 | ) | (2,690 | ) | ||
Financing leases | (477 | ) | (599 | ) | ||
Intangible assets | (10 | ) | (16 | ) | ||
Insurance company loss reserves | 1,715 | 1,386 | ||||
Non-U.S. loss carryforwards(a) | 1,274 | 1,231 | ||||
U.S. credit carryforwards(b) | 785 | 2,491 | ||||
Other \u2013 net(c) | 631 | 133 | ||||
GE Capital | 1,700 | 1,936 | ||||
Eliminations | \u2014 | 4 | ||||
Net deferred income tax asset (liability) | $ | 9,889 | $ | 12,117 |
(a) | Net of valuation allowances of $4,801 million and $3,799 million for GE and $201 million and $767 million for GE Capital as of December 31, 2019 and 2018, respectively. Of the net deferred tax asset as of December 31, 2019 of $1,876 million, $3 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2020 through December 31, 2022; $193 million relates to net operating losses that expire in various years ending from December 31, 2023 through December 31, 2039 and $1,680 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
(b) | Of the net deferred tax asset as of December 31, 2019 of $859 million for U.S. credit carryforwards, $74 million expires in the years ending December 31, 2030 through 2032 and $785 million expires in various years ending from December 31, 2036 through December 31, 2039. |
(BENEFIT) PROVISION FOR INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
Current tax expense (benefit) | $ | 2,551 | $ | 1,743 | $ | 2,405 | |||
Deferred tax expense (benefit) from temporary differences | (1,242 | ) | (1,276 | ) | 1,088 | ||||
Total GE | 1,309 | 467 | 3,493 | ||||||
Current tax expense (benefit) | (720 | ) | 596 | (1,008 | ) | ||||
Deferred tax expense (benefit) from temporary differences | 138 | (970 | ) | (5,294 | ) | ||||
Total GE Capital | (582 | ) | (374 | ) | (6,302 | ) | |||
Current tax expense (benefit) | 1,831 | 2,339 | 1,397 | ||||||
Deferred tax expense (benefit) from temporary differences | (1,104 | ) | (2,245 | ) | (4,205 | ) | |||
Total consolidated | $ | 726 | $ | 93 | $ | (2,808 | ) |
CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
U.S. earnings | $ | 506 | $ | (9,861 | ) | $ | (17,918 | ) | |
Non-U.S. earnings | 643 | (11,126 | ) | 6,573 | |||||
Total | $ | 1,149 | $ | (20,987 | ) | $ | (11,345 | ) |
CONSOLIDATED (BENEFIT) PROVISION FOR INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
U.S. Federal | |||||||||
Current | $ | 146 | $ | 1,019 | $ | (734 | ) | ||
Deferred | (1,266 | ) | (3,144 | ) | (3,625 | ) | |||
Non - U.S. | |||||||||
Current | 2,008 | 1,132 | 1,820 | ||||||
Deferred | 106 | 1,197 | (429 | ) | |||||
Other | (267 | ) | (111 | ) | 160 | ||||
Total | $ | 726 | $ | 93 | $ | (2,808 | ) |
CONSOLIDATED EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (In millions) | 2019 | 2018 | 2017 | ||||||
U.S. earnings | $ | 506 | $ | (9,861 | ) | $ | (17,918 | ) | |
Non-U.S. earnings | 643 | (11,126 | ) | 6,573 | |||||
Total | $ | 1,149 | $ | (20,987 | ) | $ | (11,345 | ) |
INCOME TAXES PAID (RECOVERED) (In millions) | 2019 | 2018 | 2017 | ||||||
GE | $ | 2,183 | $ | 1,803 | $ | 2,700 | |||
GE Capital | 45 | 65 | (264 | ) | |||||
Total(a) | $ | 2,228 | $ | 1,868 | $ | 2,436 |
RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE | Consolidated | GE | GE Capital | |||||||||||||||||
2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||
U.S. federal statutory income tax rate | 21.0 | \u00a0% | 21.0 | \u00a0% | 35.0 | \u00a0% | 21.0 | \u00a0% | 21.0 | \u00a0% | 35.0 | \u00a0% | 21.0 | % | 21.0 | \u00a0% | 35.0 | \u00a0% | ||
Increase (reduction) in rate resulting from inclusion of after-tax earnings of GE Capital in before-tax earnings of GE | \u2014 | \u2014 | \u2014 | 8.8 | (0.5 | ) | (43.2 | ) | \u2014 | \u2014 | \u2014 | |||||||||
Tax on global activities including exports | 91.0 | (5.0 | ) | 30.3 | 86.5 | (5.0 | ) | 34.6 | 8.1 | 3.2 | 12.2 | |||||||||
U.S. business credits(a) | (22.5 | ) | 2.6 | 4.3 | (9.1 | ) | 0.4 | 1.5 | 21.9 | 120.0 | 3.2 | |||||||||
Goodwill impairments | 26.0 | (21.5 | ) | (7.8 | ) | 23.5 | (21.4 | ) | (7.3 | ) | \u2014 | \u2014 | (3.8 | ) | ||||||
Tax Cuts and Jobs Act enactment | 0.2 | (0.2 | ) | (39.8 | ) | 7.9 | 0.5 | (89.6 | ) | 15.2 | (36.5 | ) | 3.1 | |||||||
All other \u2013 net(b)(c)(d) | (52.5 | ) | 2.7 | 2.8 | (35.6 | ) | 2.8 | 5.2 | 23.1 | (8.0 | ) | 0.2 | ||||||||
42.2 | (21.4 | ) | (10.2 | ) | 82.0 | (23.2 | ) | (98.8 | ) | 68.3 | 78.7 | 14.9 | ||||||||
Actual income tax rate | 63.2 | \u00a0% | (0.4 | )% | 24.8 | \u00a0% | 103.0 | \u00a0% | (2.2 | )% | (63.8 | )% | 89.3 | % | 99.7 | \u00a0% | 49.9 | \u00a0% |
(a) | U.S. general business credits, primarily the credit for energy produced from renewable sources and the credit for research performed in the U.S. |
(b) | Included, for each period, the expense or benefit for Other taxes reported above in the consolidated (benefit) provision for income taxes, net of 21.0% federal effect for the years ended December 31, 2019 and 2018 and 35.0% federal effect for the year ended December 31, 2017. |
(c) | For the year ended December 31, 2019, included (12.5)% and (11.3)% in consolidated and GE, respectively, related to the disposition of the Digital ServiceMax business. For the year ended December 31, 2018, included 2.8% and 2.8% in consolidated and GE, respectively, related to deductible stock losses. Included in 2017 is 5.6% and 11.7% in consolidated and GE, respectively, related to the disposition of the Water business. Also included in 2017 is (3.1)% and (6.4)% in consolidated and GE, respectively, related to losses on planned dispositions. |
UNRECOGNIZED TAX BENEFITS December 31\u00a0(Dollars in millions) | 2019 | 2018 | ||||
Unrecognized tax benefits | $ | 4,169 | $ | 5,563 | ||
Portion that, if recognized, would reduce tax expense and effective tax rate(a) | 2,701 | 4,265 | ||||
Accrued interest on unrecognized tax benefits | 722 | 934 | ||||
Accrued penalties on unrecognized tax benefits | 195 | 182 | ||||
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months | 0-700 | 0-1,300 | ||||
Portion that, if recognized, would reduce tax expense and effective tax rate(a) | 0-650 | 0-1,200 |
UNRECOGNIZED TAX BENEFITS RECONCILIATION (In millions) | 2019 | 2018 | ||||
Balance at January 1 | $ | 5,563 | $ | 5,449 | ||
Additions for tax positions of the current year | 403 | 300 | ||||
Additions for tax positions of prior years | 500 | 945 | ||||
Reductions for tax positions of prior years(a) | (1,927 | ) | (905 | ) | ||
Settlements with tax authorities | (155 | ) | (64 | ) | ||
Expiration of the statute of limitations | (214 | ) | (162 | ) | ||
Balance at December 31 | $ | 4,169 | $ | 5,563 |
(a) | For 2019, reductions included $710 million related to the completion of the 2012-2013 IRS audit and $442 million related to the deconsolidation of Baker Hughes. |
DEFERRED INCOME TAXES\u00a0December 31\u00a0(In millions) | 2019 | 2018 | ||||
GE | $ | 12,807 | $ | 14,479 | ||
GE Capital | 5,124 | 6,214 | ||||
Total assets | 17,931 | 20,693 | ||||
GE | (4,618 | ) | (4,302 | ) | ||
GE Capital | (3,424 | ) | (4,278 | ) | ||
Eliminations | \u2014 | 4 | ||||
Total liabilities | (8,042 | ) | (8,576 | ) | ||
Net deferred income tax asset (liability) | $ | 9,889 | $ | 12,117 |
COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31\u00a0(In millions) | 2019 | 2018 | ||||
Principal pension plans | $ | 4,016 | $ | 3,883 | ||
Other non-current compensation and benefits | 2,206 | 2,431 | ||||
Provision for expenses | 1,990 | 2,208 | ||||
Intangible assets | 1,315 | 820 | ||||
Retiree insurance plans | 1,023 | 1,006 | ||||
Non-U.S. loss carryforwards(a) | 602 | 1,362 | ||||
U.S. credit carryforwards(b) | 74 | 74 | ||||
Baker Hughes investment | (1,256 | ) | 721 | |||
Contract assets | (1,232 | ) | (1,781 | ) | ||
Depreciation | (823 | ) | (855 | ) | ||
Other \u2013 net(c) | 274 | 307 | ||||
GE | 8,189 | 10,176 | ||||
Operating leases | (2,218 | ) | (2,690 | ) | ||
Financing leases | (477 | ) | (599 | ) | ||
Intangible assets | (10 | ) | (16 | ) | ||
Insurance company loss reserves | 1,715 | 1,386 | ||||
Non-U.S. loss carryforwards(a) | 1,274 | 1,231 | ||||
U.S. credit carryforwards(b) | 785 | 2,491 | ||||
Other \u2013 net(c) | 631 | 133 | ||||
GE Capital | 1,700 | 1,936 | ||||
Eliminations | \u2014 | 4 | ||||
Net deferred income tax asset (liability) | $ | 9,889 | $ | 12,117 |
(a) | Net of valuation allowances of $4,801 million and $3,799 million for GE and $201 million and $767 million for GE Capital as of December 31, 2019 and 2018, respectively. Of the net deferred tax asset as of December 31, 2019 of $1,876 million, $3 million relates to net operating loss carryforwards that expire in various years ending from December 31, 2020 through December 31, 2022; $193 million relates to net operating losses that expire in various years ending from December 31, 2023 through December 31, 2039 and $1,680 million relates to net operating loss carryforwards that may be carried forward indefinitely. |
(b) | Of the net deferred tax asset as of December 31, 2019 of $859 million for U.S. credit carryforwards, $74 million expires in the years ending December 31, 2030 through 2032 and $785 million expires in various years ending from December 31, 2036 through December 31, 2039. |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) | 2019 | 2018 | 2017 | ||||||||
Beginning balance | $ | (39 | ) | $ | (102 | ) | $ | 674 | |||
Other comprehensive income (loss) (OCI) before reclassifications \u2013 net of deferred taxes of $32, $41 and $(335)(a) | 141 | 87 | (627 | ) | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $(11), $(6) and $(81) | (42 | ) | (23 | ) | (149 | ) | |||||
Other comprehensive income (loss) | 100 | 64 | (776 | ) | |||||||
Less OCI attributable to noncontrolling interests | \u2014 | \u2014 | 1 | ||||||||
Investment securities ending balance | $ | 61 | $ | (39 | ) | $ | (102 | ) | |||
Beginning balance | $ | (6,134 | ) | $ | (4,661 | ) | $ | (6,806 | ) | ||
OCI before reclassifications \u2013 net of deferred taxes of $(98), $29 and $(537) | 41 | (2,076 | ) | 846 | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $(9), $89 and $(543)(b) | 1,234 | 412 | 1,333 | ||||||||
Other comprehensive income (loss) | 1,275 | (1,664 | ) | 2,179 | |||||||
Less OCI attributable to noncontrolling interests | (40 | ) | (192 | ) | 35 | ||||||
Currency translation adjustments ending balance | $ | (4,818 | ) | $ | (6,134 | ) | $ | (4,661 | ) | ||
Beginning balance | $ | 13 | $ | 62 | $ | 12 | |||||
OCI before reclassifications \u2013 net of deferred taxes of $6, $(26) and $31 | (21 | ) | (149 | ) | 171 | ||||||
Reclassifications from OCI \u2013 net of deferred taxes of $2, $4 and $(28) | 58 | 98 | (120 | ) | |||||||
Other comprehensive income (loss) | 37 | (51 | ) | 51 | |||||||
Less OCI attributable to noncontrolling interests | 2 | (2 | ) | 1 | |||||||
Cash flow hedges ending balance | $ | 49 | $ | 13 | $ | 62 | |||||
Beginning balance | $ | (8,254 | ) | $ | (9,702 | ) | $ | (12,469 | ) | ||
OCI before reclassifications \u2013 net of deferred taxes of $(355), $115 and $32 | (1,820 | ) | 71 | 550 | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $852, $2,610 and $1,111 | 3,048 | 1,345 | 2,232 | ||||||||
Other comprehensive income (loss) | 1,228 | 1,416 | 2,782 | ||||||||
Less OCI attributable to noncontrolling interests | (2 | ) | (32 | ) | 15 | ||||||
Benefit plans ending balance | $ | (7,024 | ) | $ | (8,254 | ) | $ | (9,702 | ) | ||
Accumulated other comprehensive income (loss) at December 31 | $ | (11,732 | ) | $ | (14,414 | ) | $ | (14,404 | ) |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (In millions) | 2019 | 2018 | 2017 | ||||||||
Beginning balance | $ | (39 | ) | $ | (102 | ) | $ | 674 | |||
Other comprehensive income (loss) (OCI) before reclassifications \u2013 net of deferred taxes of $32, $41 and $(335)(a) | 141 | 87 | (627 | ) | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $(11), $(6) and $(81) | (42 | ) | (23 | ) | (149 | ) | |||||
Other comprehensive income (loss) | 100 | 64 | (776 | ) | |||||||
Less OCI attributable to noncontrolling interests | \u2014 | \u2014 | 1 | ||||||||
Investment securities ending balance | $ | 61 | $ | (39 | ) | $ | (102 | ) | |||
Beginning balance | $ | (6,134 | ) | $ | (4,661 | ) | $ | (6,806 | ) | ||
OCI before reclassifications \u2013 net of deferred taxes of $(98), $29 and $(537) | 41 | (2,076 | ) | 846 | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $(9), $89 and $(543)(b) | 1,234 | 412 | 1,333 | ||||||||
Other comprehensive income (loss) | 1,275 | (1,664 | ) | 2,179 | |||||||
Less OCI attributable to noncontrolling interests | (40 | ) | (192 | ) | 35 | ||||||
Currency translation adjustments ending balance | $ | (4,818 | ) | $ | (6,134 | ) | $ | (4,661 | ) | ||
Beginning balance | $ | 13 | $ | 62 | $ | 12 | |||||
OCI before reclassifications \u2013 net of deferred taxes of $6, $(26) and $31 | (21 | ) | (149 | ) | 171 | ||||||
Reclassifications from OCI \u2013 net of deferred taxes of $2, $4 and $(28) | 58 | 98 | (120 | ) | |||||||
Other comprehensive income (loss) | 37 | (51 | ) | 51 | |||||||
Less OCI attributable to noncontrolling interests | 2 | (2 | ) | 1 | |||||||
Cash flow hedges ending balance | $ | 49 | $ | 13 | $ | 62 | |||||
Beginning balance | $ | (8,254 | ) | $ | (9,702 | ) | $ | (12,469 | ) | ||
OCI before reclassifications \u2013 net of deferred taxes of $(355), $115 and $32 | (1,820 | ) | 71 | 550 | |||||||
Reclassifications from OCI \u2013 net of deferred taxes of $852, $2,610 and $1,111 | 3,048 | 1,345 | 2,232 | ||||||||
Other comprehensive income (loss) | 1,228 | 1,416 | 2,782 | ||||||||
Less OCI attributable to noncontrolling interests | (2 | ) | (32 | ) | 15 | ||||||
Benefit plans ending balance | $ | (7,024 | ) | $ | (8,254 | ) | $ | (9,702 | ) | ||
Accumulated other comprehensive income (loss) at December 31 | $ | (11,732 | ) | $ | (14,414 | ) | $ | (14,404 | ) |
WEIGHTED AVERAGE GRANT DATE FAIR VALUE | 2019 | 2018 | 2017 | |||||||
Stock Options | $ | 3.48 | $ | 3.00 | $ | 3.81 | ||||
RSUs | 10.12 | 13.96 | 24.89 | |||||||
PSUs | 10.73 | 4.80 | N/A |
STOCK-BASED COMPENSATION ACTIVITY | Stock Options | RSUs | |||||||||||||||||
Shares (in millions) | Weighted average exercise price | Weighted average contractual term (in years) | Intrinsic value (in millions) | Shares (in millions) | Weighted average grant date fair value | Weighted average contractual term (in years) | Intrinsic value (in millions) | ||||||||||||
Outstanding at January 1, 2019 | 466 | $ | 19.59 | 29 | $ | 18.07 | |||||||||||||
Spin-off adjustment (a) | 17 | N/A | 1 | N/A | |||||||||||||||
Granted | 34 | 10.00 | 16 | 10.12 | |||||||||||||||
Exercised | (7 | ) | 9.36 | (15 | ) | 17.04 | |||||||||||||
Forfeited | (11 | ) | 13.66 | (3 | ) | 15.40 | |||||||||||||
Expired | (41 | ) | 17.24 | N/A | N/A | ||||||||||||||
Outstanding at December 31, 2019 | 458 | $ | 18.66 | 4.6 | $ | 185 | 28 | $ | 13.29 | 1.4 | $ | 315 | |||||||
Exercisable at December 31, 2019 | 335 | $ | 21.03 | 3.1 | $ | \u2014 | N/A | N/A | N/A | N/A | |||||||||
Expected to vest | 113 | $ | 12.36 | 8.5 | $ | 165 | 26 | $ | 13.45 | 1.3 | $ | 285 |
(a) | In connection with the spin-off of GE Transportation and pursuant to the anti-dilution provisions of the 2007 Long Term Incentive Plan, the Company made adjustments to exercise price and the number of shares to preserve the intrinsic value of the awards prior to the separation. The adjustments to the stock-based compensation awards did not result in additional compensation expense. |
(In millions) | 2019 | 2018 | 2017 | ||||||
Compensation expense (after-tax)(a)(b) | $ | 400 | $ | 336 | $ | 241 | |||
Cash received from stock options exercised | 69 | 24 | 528 | ||||||
Intrinsic value of stock options exercised and RSUs vested | 154 | 83 | 493 |
(a) | Unrecognized compensation cost related to unvested equity awards as of December 31, 2019 was $515 million, which will be amortized over a weighted average period of 1.1 years. |
WEIGHTED AVERAGE GRANT DATE FAIR VALUE | 2019 | 2018 | 2017 | |||||||
Stock Options | $ | 3.48 | $ | 3.00 | $ | 3.81 | ||||
RSUs | 10.12 | 13.96 | 24.89 | |||||||
PSUs | 10.73 | 4.80 | N/A |
STOCK-BASED COMPENSATION ACTIVITY | Stock Options | RSUs | |||||||||||||||||
Shares (in millions) | Weighted average exercise price | Weighted average contractual term (in years) | Intrinsic value (in millions) | Shares (in millions) | Weighted average grant date fair value | Weighted average contractual term (in years) | Intrinsic value (in millions) | ||||||||||||
Outstanding at January 1, 2019 | 466 | $ | 19.59 | 29 | $ | 18.07 | |||||||||||||
Spin-off adjustment (a) | 17 | N/A | 1 | N/A | |||||||||||||||
Granted | 34 | 10.00 | 16 | 10.12 | |||||||||||||||
Exercised | (7 | ) | 9.36 | (15 | ) | 17.04 | |||||||||||||
Forfeited | (11 | ) | 13.66 | (3 | ) | 15.40 | |||||||||||||
Expired | (41 | ) | 17.24 | N/A | N/A | ||||||||||||||
Outstanding at December 31, 2019 | 458 | $ | 18.66 | 4.6 | $ | 185 | 28 | $ | 13.29 | 1.4 | $ | 315 | |||||||
Exercisable at December 31, 2019 | 335 | $ | 21.03 | 3.1 | $ | \u2014 | N/A | N/A | N/A | N/A | |||||||||
Expected to vest | 113 | $ | 12.36 | 8.5 | $ | 165 | 26 | $ | 13.45 | 1.3 | $ | 285 |
(In millions) | 2019 | 2018 | 2017 | ||||||
Compensation expense (after-tax)(a)(b) | $ | 400 | $ | 336 | $ | 241 | |||
Cash received from stock options exercised | 69 | 24 | 528 | ||||||
Intrinsic value of stock options exercised and RSUs vested | 154 | 83 | 493 |
(a) | Unrecognized compensation cost related to unvested equity awards as of December 31, 2019 was $515 million, which will be amortized over a weighted average period of 1.1 years. |
(In millions) | 2019 | 2018 | 2017 | ||||||
Compensation expense (after-tax)(a)(b) | $ | 400 | $ | 336 | $ | 241 | |||
Cash received from stock options exercised | 69 | 24 | 528 | ||||||
Intrinsic value of stock options exercised and RSUs vested | 154 | 83 | 493 |
(a) | Unrecognized compensation cost related to unvested equity awards as of December 31, 2019 was $515 million, which will be amortized over a weighted average period of 1.1 years. |
2019 | 2018 | 2017 | ||||||||||||||||||
(In millions; per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | Diluted | Basic | ||||||||||||||
Earnings (loss) from continuing operations for \u00a0\u00a0per-share calculation | $ | 416 | $ | 416 | $ | (20,997 | ) | $ | (20,997 | ) | $ | (8,270 | ) | $ | (8,270 | ) | ||||
Preferred stock dividends | (460 | ) | (460 | ) | (447 | ) | (447 | ) | (436 | ) | (436 | ) | ||||||||
Earnings (loss) from continuing operations attributable to common shareholders for per-share\u00a0calculation | $ | (45 | ) | $ | (45 | ) | $ | (21,445 | ) | $ | (21,445 | ) | $ | (8,706 | ) | $ | (8,706 | ) | ||
Earnings (loss) from discontinued operations for \u00a0\u00a0per-share calculation | (5,396 | ) | (5,396 | ) | (1,372 | ) | (1,372 | ) | (251 | ) | (251 | ) | ||||||||
Net earnings (loss) attributable to GE common \u00a0\u00a0shareholders for per-share calculation | (5,440 | ) | (5,440 | ) | (22,809 | ) | (22,809 | ) | (8,944 | ) | (8,944 | ) | ||||||||
Shares of GE common stock outstanding | 8,724 | 8,724 | 8,691 | 8,691 | 8,687 | 8,687 | ||||||||||||||
Employee compensation-related shares (including stock options) and warrants(a) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||
Total average equivalent shares | 8,724 | 8,724 | 8,691 | 8,691 | 8,687 | 8,687 | ||||||||||||||
Earnings (loss) from continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (2.47 | ) | $ | (2.47 | ) | $ | (1.00 | ) | $ | (1.00 | ) | ||
Earnings (loss) from discontinued operations | (0.62 | ) | (0.62 | ) | (0.16 | ) | (0.16 | ) | (0.03 | ) | (0.03 | ) | ||||||||
Net earnings (loss) | (0.62 | ) | (0.62 | ) | (2.62 | ) | (2.62 | ) | (1.03 | ) | (1.03 | ) | ||||||||
Potentially dilutive securities(a) | 450 | 420 | 119 |
2019 | 2018 | 2017 | ||||||||||||||||||
(In millions; per-share amounts in dollars) | Diluted | Basic | Diluted | Basic | Diluted | Basic | ||||||||||||||
Earnings (loss) from continuing operations for \u00a0\u00a0per-share calculation | $ | 416 | $ | 416 | $ | (20,997 | ) | $ | (20,997 | ) | $ | (8,270 | ) | $ | (8,270 | ) | ||||
Preferred stock dividends | (460 | ) | (460 | ) | (447 | ) | (447 | ) | (436 | ) | (436 | ) | ||||||||
Earnings (loss) from continuing operations attributable to common shareholders for per-share\u00a0calculation | $ | (45 | ) | $ | (45 | ) | $ | (21,445 | ) | $ | (21,445 | ) | $ | (8,706 | ) | $ | (8,706 | ) | ||
Earnings (loss) from discontinued operations for \u00a0\u00a0per-share calculation | (5,396 | ) | (5,396 | ) | (1,372 | ) | (1,372 | ) | (251 | ) | (251 | ) | ||||||||
Net earnings (loss) attributable to GE common \u00a0\u00a0shareholders for per-share calculation | (5,440 | ) | (5,440 | ) | (22,809 | ) | (22,809 | ) | (8,944 | ) | (8,944 | ) | ||||||||
Shares of GE common stock outstanding | 8,724 | 8,724 | 8,691 | 8,691 | 8,687 | 8,687 | ||||||||||||||
Employee compensation-related shares (including stock options) and warrants(a) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | ||||||||||||||
Total average equivalent shares | 8,724 | 8,724 | 8,691 | 8,691 | 8,687 | 8,687 | ||||||||||||||
Earnings (loss) from continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | $ | (2.47 | ) | $ | (2.47 | ) | $ | (1.00 | ) | $ | (1.00 | ) | ||
Earnings (loss) from discontinued operations | (0.62 | ) | (0.62 | ) | (0.16 | ) | (0.16 | ) | (0.03 | ) | (0.03 | ) | ||||||||
Net earnings (loss) | (0.62 | ) | (0.62 | ) | (2.62 | ) | (2.62 | ) | (1.03 | ) | (1.03 | ) | ||||||||
Potentially dilutive securities(a) | 450 | 420 | 119 |
(In millions) | 2019 | 2018 | 2017 | ||||||
Purchases and sales of business interests(a) | $ | 3 | $ | 1,234 | $ | 1,024 | |||
Licensing and royalty income | 256 | 218 | 188 | ||||||
Associated companies | 206 | 21 | 208 | ||||||
Net interest and investment income(b) | 1,220 | 562 | 358 | ||||||
Other items | 515 | 282 | 115 | ||||||
GE | 2,200 | 2,317 | 1,893 | ||||||
Eliminations | 22 | 4 | 189 | ||||||
Total | $ | 2,222 | $ | 2,321 | $ | 2,083 |
(a) | Included a pre-tax gain of $224 million on the sale of ServiceMax partially offset by charges to the valuation allowance on businesses classified as held for sale of $245 million in 2019. Included pre-tax gains of $737 million on the sale of Distributed Power, $681 million on the sale of Value-Based Care and $267 million on the sale of Industrial Solutions, partially offset by charges to the valuation allowance on businesses classified as held for sale of $554 million in 2018. Included a pre-tax gain of $1,931 million on the sale of our Water business, partially offset by charges to the valuation allowance on businesses classified as held for sale of $1,000 million in 2017. See Note 2 for further information. |
(In millions) | 2019 | 2018 | 2017 | ||||||
Purchases and sales of business interests(a) | $ | 3 | $ | 1,234 | $ | 1,024 | |||
Licensing and royalty income | 256 | 218 | 188 | ||||||
Associated companies | 206 | 21 | 208 | ||||||
Net interest and investment income(b) | 1,220 | 562 | 358 | ||||||
Other items | 515 | 282 | 115 | ||||||
GE | 2,200 | 2,317 | 1,893 | ||||||
Eliminations | 22 | 4 | 189 | ||||||
Total | $ | 2,222 | $ | 2,321 | $ | 2,083 |
(a) | Included a pre-tax gain of $224 million on the sale of ServiceMax partially offset by charges to the valuation allowance on businesses classified as held for sale of $245 million in 2019. Included pre-tax gains of $737 million on the sale of Distributed Power, $681 million on the sale of Value-Based Care and $267 million on the sale of Industrial Solutions, partially offset by charges to the valuation allowance on businesses classified as held for sale of $554 million in 2018. Included a pre-tax gain of $1,931 million on the sale of our Water business, partially offset by charges to the valuation allowance on businesses classified as held for sale of $1,000 million in 2017. See Note 2 for further information. |
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS December 31 (In millions) | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(a) | Netting adjustment(d) | Net balance(b) | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
Investment securities | $ | 9,704 | $ | 88 | $ | 33,606 | $ | 29,408 | $ | 5,210 | $ | 4,013 | $ | \u2014 | $ | \u2014 | $ | 48,521 | $ | 33,508 | ||||||||||
Derivatives | \u2014 | \u2014 | 2,561 | 2,197 | 11 | 8 | (1,832 | ) | (2,001 | ) | 740 | 205 | ||||||||||||||||||
Total assets | $ | 9,704 | $ | 88 | $ | 36,167 | $ | 31,605 | $ | 5,221 | $ | 4,021 | $ | (1,832 | ) | $ | (2,001 | ) | $ | 49,261 | $ | 33,713 | ||||||||
Derivatives | $ | \u2014 | $ | \u2014 | $ | 834 | $ | 1,814 | $ | 19 | $ | 6 | $ | (651 | ) | $ | (1,234 | ) | $ | 202 | $ | 586 | ||||||||
Other(c) | \u2014 | \u2014 | 807 | 722 | \u2014 | \u2014 | \u2014 | \u2014 | 807 | 722 | ||||||||||||||||||||
Total liabilities | $ | \u2014 | $ | \u2014 | $ | 1,641 | $ | 2,535 | $ | 19 | $ | 6 | $ | (651 | ) | $ | (1,234 | ) | $ | 1,009 | $ | 1,308 |
(a) | Included debt securities classified within Level 3 of $3,977 million of U.S. corporate and $330 million of Government and agencies securities at December 31, 2019, and $3,498 million of U.S. corporate and $292 million of Government and agencies securities at December 31, 2018. \u00a0\u00a0 |
(b) | See Notes 3 and 21 for further information on the composition of our investment securities and derivative portfolios.\u00a0\u00a0\u00a0 |
(c) | Primarily represents the liabilities associated with certain of our deferred incentive compensation plans.\u00a0\u00a0\u00a0 |
(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. |
(In millions) | Balance at January 1 | Net realized/unrealized gains(losses)(a) | Purchases(b) | Sales & Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance at December 31 | ||||||||||||||
2019 | |||||||||||||||||||||
Investment securities | $ | 4,013 | $ | 399 | $ | 2,159 | $ | (1,308 | ) | $ | \u2014 | $ | (53 | ) | $ | 5,210 | |||||
2018 | |||||||||||||||||||||
Investment securities | $ | 4,109 | $ | (231 | ) | $ | 729 | $ | (333 | ) | $ | 2 | $ | (262 | ) | $ | 4,013 |
(a) | Primarily included net unrealized gains (losses) of $404 million and $(231) million in other comprehensive income for the years ended December 31, 2019 and December 31, 2018, respectively.\u00a0\u00a0 |
(b) | Included $975 million and $615 million of U.S. corporate debt securities for the years ended December 31, 2019 and 2018, respectively.\u00a0 |
Remeasured during the years ended December 31 | |||||||||||||
2019 | 2018 | ||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||
Financing receivables and financing receivables held for sale | $ | \u2014 | $ | 21 | $ | \u2014 | $ | 47 | |||||
Equity securities without readily determinable fair value and equity method investments | \u2014 | 306 | 479 | 874 | |||||||||
Long-lived assets | 12 | 412 | 152 | 422 | |||||||||
Goodwill | \u2014 | \u2014 | \u2014 | 2,440 | |||||||||
Total | $ | 12 | $ | 739 | $ | 631 | $ | 3,783 |
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS December 31 (In millions) | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(a) | Netting adjustment(d) | Net balance(b) | ||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
Investment securities | $ | 9,704 | $ | 88 | $ | 33,606 | $ | 29,408 | $ | 5,210 | $ | 4,013 | $ | \u2014 | $ | \u2014 | $ | 48,521 | $ | 33,508 | ||||||||||
Derivatives | \u2014 | \u2014 | 2,561 | 2,197 | 11 | 8 | (1,832 | ) | (2,001 | ) | 740 | 205 | ||||||||||||||||||
Total assets | $ | 9,704 | $ | 88 | $ | 36,167 | $ | 31,605 | $ | 5,221 | $ | 4,021 | $ | (1,832 | ) | $ | (2,001 | ) | $ | 49,261 | $ | 33,713 | ||||||||
Derivatives | $ | \u2014 | $ | \u2014 | $ | 834 | $ | 1,814 | $ | 19 | $ | 6 | $ | (651 | ) | $ | (1,234 | ) | $ | 202 | $ | 586 | ||||||||
Other(c) | \u2014 | \u2014 | 807 | 722 | \u2014 | \u2014 | \u2014 | \u2014 | 807 | 722 | ||||||||||||||||||||
Total liabilities | $ | \u2014 | $ | \u2014 | $ | 1,641 | $ | 2,535 | $ | 19 | $ | 6 | $ | (651 | ) | $ | (1,234 | ) | $ | 1,009 | $ | 1,308 |
(a) | Included debt securities classified within Level 3 of $3,977 million of U.S. corporate and $330 million of Government and agencies securities at December 31, 2019, and $3,498 million of U.S. corporate and $292 million of Government and agencies securities at December 31, 2018. \u00a0\u00a0 |
(b) | See Notes 3 and 21 for further information on the composition of our investment securities and derivative portfolios.\u00a0\u00a0\u00a0 |
(c) | Primarily represents the liabilities associated with certain of our deferred incentive compensation plans.\u00a0\u00a0\u00a0 |
(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. |
(In millions) | Balance at January 1 | Net realized/unrealized gains(losses)(a) | Purchases(b) | Sales & Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance at December 31 | ||||||||||||||
2019 | |||||||||||||||||||||
Investment securities | $ | 4,013 | $ | 399 | $ | 2,159 | $ | (1,308 | ) | $ | \u2014 | $ | (53 | ) | $ | 5,210 | |||||
2018 | |||||||||||||||||||||
Investment securities | $ | 4,109 | $ | (231 | ) | $ | 729 | $ | (333 | ) | $ | 2 | $ | (262 | ) | $ | 4,013 |
(a) | Primarily included net unrealized gains (losses) of $404 million and $(231) million in other comprehensive income for the years ended December 31, 2019 and December 31, 2018, respectively.\u00a0\u00a0 |
Remeasured during the years ended December 31 | |||||||||||||
2019 | 2018 | ||||||||||||
(In millions) | Level 2 | Level 3 | Level 2 | Level 3 | |||||||||
Financing receivables and financing receivables held for sale | $ | \u2014 | $ | 21 | $ | \u2014 | $ | 47 | |||||
Equity securities without readily determinable fair value and equity method investments | \u2014 | 306 | 479 | 874 | |||||||||
Long-lived assets | 12 | 412 | 152 | 422 | |||||||||
Goodwill | \u2014 | \u2014 | \u2014 | 2,440 | |||||||||
Total | $ | 12 | $ | 739 | $ | 631 | $ | 3,783 |
December\u00a031, 2019 | December\u00a031, 2018 | ||||||||||||
(In millions) | Carrying amount (net) | Estimated fair value | Carrying amount (net) | Estimated fair value | |||||||||
Assets | |||||||||||||
Loans and other receivables | $ | 4,113 | $ | 4,208 | $ | 8,811 | $ | 8,829 | |||||
Liabilities | |||||||||||||
Borrowings (Note 11) | $ | 90,882 | $ | 97,754 | $ | 103,599 | $ | 100,492 | |||||
Investment contracts (Note 12) | 2,191 | 2,588 | 2,388 | 2,630 |
December\u00a031, 2019 | December\u00a031, 2018 | ||||||||||||||||||
(In millions) | Gross Notional | All other assets | All other liabilities | Gross Notional | All other assets | All other liabilities | |||||||||||||
Interest rate contracts | $ | 23,918 | $ | 1,636 | $ | 11 | $ | 22,904 | $ | 1,335 | $ | 23 | |||||||
Currency exchange contracts | 7,044 | 99 | 46 | 7,854 | 175 | 114 | |||||||||||||
Derivatives accounted for as hedges | $ | 30,961 | $ | 1,734 | $ | 57 | $ | 30,758 | $ | 1,511 | $ | 138 | |||||||
Interest rate contracts | $ | 3,185 | $ | 18 | $ | 12 | $ | 6,198 | $ | 28 | $ | 2 | |||||||
Currency exchange contracts | 62,165 | 697 | 744 | 77,544 | 653 | 1,472 | |||||||||||||
Other contracts | 1,706 | 123 | 40 | 2,604 | 13 | 209 | |||||||||||||
Derivatives not accounted for as hedges | $ | 67,056 | $ | 838 | $ | 796 | $ | 86,346 | $ | 695 | $ | 1,682 | |||||||
Gross derivatives | $ | 98,018 | $ | 2,572 | $ | 853 | $ | 117,104 | $ | 2,205 | $ | 1,820 | |||||||
Netting and credit adjustments | $ | (546 | ) | $ | (546 | ) | $ | (959 | ) | $ | (967 | ) | |||||||
Cash collateral adjustments | (1,286 | ) | (105 | ) | (1,042 | ) | (267 | ) | |||||||||||
Net derivatives recognized in Statement of Financial Position | $ | 740 | $ | 202 | $ | 205 | $ | 586 | |||||||||||
Net accrued interest | $ | 182 | $ | 1 | $ | 205 | $ | 1 | |||||||||||
Securities held as collateral | (469 | ) | \u2014 | (235 | ) | \u2014 | |||||||||||||
Net amount | $ | 452 | $ | 203 | $ | 174 | $ | 587 |
2019 | 2018 | ||||||||||||||||||||||||||||||
(In millions) | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | |||||||||||||||||||||
Total amounts presented in \u00a0\u00a0the consolidated Statement \u00a0\u00a0of Earnings (Loss) | $ | 95,214 | $ | 70,029 | $ | 4,227 | $ | 13,949 | $ | 2,222 | $ | 97,012 | $ | 72,818 | $ | 4,766 | $ | 14,643 | $ | 2,321 | |||||||||||
Total effect of cash flow \u00a0\u00a0hedges | $ | 5 | $ | (24 | ) | $ | (37 | ) | $ | (3 | ) | $ | \u2014 | $ | (53 | ) | $ | (10 | ) | $ | (39 | ) | $ | \u2014 | $ | \u2014 | |||||
Hedged items | $ | (1,276 | ) | $ | 617 | ||||||||||||||||||||||||||
Derivatives designated as \u00a0\u00a0hedging instruments | 1,229 | (724 | ) | ||||||||||||||||||||||||||||
Total effect of fair value \u00a0\u00a0hedges | $ | (48 | ) | $ | (107 | ) | |||||||||||||||||||||||||
Interest rate contracts | $ | (24 | ) | $ | \u2014 | $ | (50 | ) | $ | \u2014 | $ | \u2014 | $ | (72 | ) | $ | \u2014 | $ | (4 | ) | $ | \u2014 | $ | \u2014 | |||||||
Currency exchange contracts | 180 | (35 | ) | \u2014 | (6 | ) | (59 | ) | (1,303 | ) | (520 | ) | \u2014 | \u2014 | (47 | ) | |||||||||||||||
Other | (2 | ) | \u2014 | 195 | \u2014 | 1 | (1 | ) | \u2014 | (95 | ) | \u2014 | (10 | ) | |||||||||||||||||
Total effect of derivatives \u00a0\u00a0not designated as hedges | $ | 154 | $ | (35 | ) | $ | 145 | $ | (6 | ) | $ | (58 | ) | $ | (1,375 | ) | $ | (520 | ) | $ | (99 | ) | $ | \u2014 | $ | (56 | ) |
December\u00a031, 2019 | December\u00a031, 2018 | ||||||||||||
(In millions) | Carrying amount (net) | Estimated fair value | Carrying amount (net) | Estimated fair value | |||||||||
Assets | |||||||||||||
Loans and other receivables | $ | 4,113 | $ | 4,208 | $ | 8,811 | $ | 8,829 | |||||
Liabilities | |||||||||||||
Borrowings (Note 11) | $ | 90,882 | $ | 97,754 | $ | 103,599 | $ | 100,492 | |||||
Investment contracts (Note 12) | 2,191 | 2,588 | 2,388 | 2,630 |
December\u00a031, 2019 | December\u00a031, 2018 | ||||||||||||||||||
(In millions) | Gross Notional | All other assets | All other liabilities | Gross Notional | All other assets | All other liabilities | |||||||||||||
Interest rate contracts | $ | 23,918 | $ | 1,636 | $ | 11 | $ | 22,904 | $ | 1,335 | $ | 23 | |||||||
Currency exchange contracts | 7,044 | 99 | 46 | 7,854 | 175 | 114 | |||||||||||||
Derivatives accounted for as hedges | $ | 30,961 | $ | 1,734 | $ | 57 | $ | 30,758 | $ | 1,511 | $ | 138 | |||||||
Interest rate contracts | $ | 3,185 | $ | 18 | $ | 12 | $ | 6,198 | $ | 28 | $ | 2 | |||||||
Currency exchange contracts | 62,165 | 697 | 744 | 77,544 | 653 | 1,472 | |||||||||||||
Other contracts | 1,706 | 123 | 40 | 2,604 | 13 | 209 | |||||||||||||
Derivatives not accounted for as hedges | $ | 67,056 | $ | 838 | $ | 796 | $ | 86,346 | $ | 695 | $ | 1,682 | |||||||
Gross derivatives | $ | 98,018 | $ | 2,572 | $ | 853 | $ | 117,104 | $ | 2,205 | $ | 1,820 | |||||||
Netting and credit adjustments | $ | (546 | ) | $ | (546 | ) | $ | (959 | ) | $ | (967 | ) | |||||||
Cash collateral adjustments | (1,286 | ) | (105 | ) | (1,042 | ) | (267 | ) | |||||||||||
Net derivatives recognized in Statement of Financial Position | $ | 740 | $ | 202 | $ | 205 | $ | 586 | |||||||||||
Net accrued interest | $ | 182 | $ | 1 | $ | 205 | $ | 1 | |||||||||||
Securities held as collateral | (469 | ) | \u2014 | (235 | ) | \u2014 | |||||||||||||
Net amount | $ | 452 | $ | 203 | $ | 174 | $ | 587 |
December\u00a031, 2019 | December\u00a031, 2018 | ||||||||||||||||||
(In millions) | Gross Notional | All other assets | All other liabilities | Gross Notional | All other assets | All other liabilities | |||||||||||||
Interest rate contracts | $ | 23,918 | $ | 1,636 | $ | 11 | $ | 22,904 | $ | 1,335 | $ | 23 | |||||||
Currency exchange contracts | 7,044 | 99 | 46 | 7,854 | 175 | 114 | |||||||||||||
Derivatives accounted for as hedges | $ | 30,961 | $ | 1,734 | $ | 57 | $ | 30,758 | $ | 1,511 | $ | 138 | |||||||
Interest rate contracts | $ | 3,185 | $ | 18 | $ | 12 | $ | 6,198 | $ | 28 | $ | 2 | |||||||
Currency exchange contracts | 62,165 | 697 | 744 | 77,544 | 653 | 1,472 | |||||||||||||
Other contracts | 1,706 | 123 | 40 | 2,604 | 13 | 209 | |||||||||||||
Derivatives not accounted for as hedges | $ | 67,056 | $ | 838 | $ | 796 | $ | 86,346 | $ | 695 | $ | 1,682 | |||||||
Gross derivatives | $ | 98,018 | $ | 2,572 | $ | 853 | $ | 117,104 | $ | 2,205 | $ | 1,820 | |||||||
Netting and credit adjustments | $ | (546 | ) | $ | (546 | ) | $ | (959 | ) | $ | (967 | ) | |||||||
Cash collateral adjustments | (1,286 | ) | (105 | ) | (1,042 | ) | (267 | ) | |||||||||||
Net derivatives recognized in Statement of Financial Position | $ | 740 | $ | 202 | $ | 205 | $ | 586 | |||||||||||
Net accrued interest | $ | 182 | $ | 1 | $ | 205 | $ | 1 | |||||||||||
Securities held as collateral | (469 | ) | \u2014 | (235 | ) | \u2014 | |||||||||||||
Net amount | $ | 452 | $ | 203 | $ | 174 | $ | 587 |
2019 | 2018 | ||||||||||||||||||||||||||||||
(In millions) | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | Revenues | Cost of sales | Interest Expense | SG&A | Other Income | |||||||||||||||||||||
Total amounts presented in \u00a0\u00a0the consolidated Statement \u00a0\u00a0of Earnings (Loss) | $ | 95,214 | $ | 70,029 | $ | 4,227 | $ | 13,949 | $ | 2,222 | $ | 97,012 | $ | 72,818 | $ | 4,766 | $ | 14,643 | $ | 2,321 | |||||||||||
Total effect of cash flow \u00a0\u00a0hedges | $ | 5 | $ | (24 | ) | $ | (37 | ) | $ | (3 | ) | $ | \u2014 | $ | (53 | ) | $ | (10 | ) | $ | (39 | ) | $ | \u2014 | $ | \u2014 | |||||
Hedged items | $ | (1,276 | ) | $ | 617 | ||||||||||||||||||||||||||
Derivatives designated as \u00a0\u00a0hedging instruments | 1,229 | (724 | ) | ||||||||||||||||||||||||||||
Total effect of fair value \u00a0\u00a0hedges | $ | (48 | ) | $ | (107 | ) | |||||||||||||||||||||||||
Interest rate contracts | $ | (24 | ) | $ | \u2014 | $ | (50 | ) | $ | \u2014 | $ | \u2014 | $ | (72 | ) | $ | \u2014 | $ | (4 | ) | $ | \u2014 | $ | \u2014 | |||||||
Currency exchange contracts | 180 | (35 | ) | \u2014 | (6 | ) | (59 | ) | (1,303 | ) | (520 | ) | \u2014 | \u2014 | (47 | ) | |||||||||||||||
Other | (2 | ) | \u2014 | 195 | \u2014 | 1 | (1 | ) | \u2014 | (95 | ) | \u2014 | (10 | ) | |||||||||||||||||
Total effect of derivatives \u00a0\u00a0not designated as hedges | $ | 154 | $ | (35 | ) | $ | 145 | $ | (6 | ) | $ | (58 | ) | $ | (1,375 | ) | $ | (520 | ) | $ | (99 | ) | $ | \u2014 | $ | (56 | ) |
(In millions) | 2019 | 2018 | 2017 | ||||||
Balance at January 1 | $ | 2,192 | $ | 2,103 | $ | 1,743 | |||
Current-year provisions | 713 | 945 | 929 | ||||||
Expenditures | (715 | ) | (788 | ) | (708 | ) | |||
Other changes | (26 | ) | (69 | ) | 139 | ||||
Balance at December 31 | $ | 2,165 | $ | 2,192 | $ | 2,103 |
(In millions) | 2019 | 2018 | 2017 | ||||||
Balance at January 1 | $ | 2,192 | $ | 2,103 | $ | 1,743 | |||
Current-year provisions | 713 | 945 | 929 | ||||||
Expenditures | (715 | ) | (788 | ) | (708 | ) | |||
Other changes | (26 | ) | (69 | ) | 139 | ||||
Balance at December 31 | $ | 2,165 | $ | 2,192 | $ | 2,103 |
GE For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | ||||||
Increase (decrease) in employee benefit liabilities(a) | $ | 227 | $ | 587 | $ | (68 | ) | ||
Other gains on investing activities | (723 | ) | (378 | ) | (138 | ) | |||
Restructuring and other charges(b) | 1,144 | 2,244 | 2,781 | ||||||
Restructuring and other cash expenditures | (1,157 | ) | (1,474 | ) | (1,484 | ) | |||
Increase (decrease) in equipment project accruals | (314 | ) | (939 | ) | (212 | ) | |||
Baker Hughes Class B dividends received | 282 | 494 | 251 | ||||||
Other(c) | 613 | 142 | 374 | ||||||
All other operating activities | $ | 72 | $ | 676 | $ | 1,504 | |||
Derivative settlements (net) | $ | (14 | ) | $ | (947 | ) | $ | (1,016 | ) |
Investments in intangible assets (net) | (30 | ) | (496 | ) | (321 | ) | |||
Other investments (net)(d) | 791 | 726 | (1,404 | ) | |||||
Sales of retained ownership interests in Wabtec | 3,383 | \u2014 | \u2014 | ||||||
Other(e) | (455 | ) | 77 | (6,698 | ) | ||||
All other investing activities | $ | 3,675 | $ | (640 | ) | $ | (9,439 | ) | |
Disposition of Baker Hughes noncontrolling interests | $ | \u2014 | $ | 4,373 | $ | 308 | |||
Acquisition of noncontrolling interests(f) | (28 | ) | (3,345 | ) | (135 | ) | |||
Other(g) | (284 | ) | 79 | 117 | |||||
All other financing activities | $ | (312 | ) | $ | 1,107 | $ | 290 | ||
Open market purchases under share repurchase program | $ | (10 | ) | $ | (245 | ) | $ | (3,506 | ) |
Other purchases | (47 | ) | (23 | ) | (67 | ) | |||
Dispositions | 84 | 250 | 1,021 | ||||||
Net dispositions (purchases) of GE shares for treasury | $ | 29 | $ | (17 | ) | $ | (2,550 | ) |
(a) | Included non-cash adjustments for stock-based compensation expenses. |
(b) | Excluded non-cash adjustments reflected as Depreciation and amortization of property, plant and equipment or Amortization of intangible assets in our consolidated Statement of Cash Flows. |
(c) | Included other adjustments to net income, such as write-downs of assets and the impacts of acquisition accounting and changes in other assets and other liabilities classified as operating activities, such as the timing of payments of customer allowances. |
(d) | Included the provision of a promissory note to Baker Hughes in 2017 and subsequent principal collections in 2018 and 2019. See Note 2. |
(e) | Included net activity related to settlements between our continuing operations and discontinued operations. In 2017, this was primarily driven by funding in order to complete the Baker Hughes acquisition. |
(f) | Primarily included the acquisition of Alstom's interest in the grid technology, renewable energy, and global nuclear and French steam power joint ventures for $(3,105) million in the fourth quarter of 2018. See Note 16. |
(g) | Primarily included debt tender expenditures of $(255) million incurred to purchase GE long-term debt in 2019. |
GE CAPITAL\u00a0For the years ended December 31\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||
Cash collateral and settlements received (paid) on derivative contracts | $ | 1,263 | $ | (708 | ) | $ | 836 | ||
Increase (decrease) in other liabilities | (1,470 | ) | 240 | (798 | ) | ||||
Other(a) | 811 | 627 | 11,076 | ||||||
All other operating activities | $ | 605 | $ | 158 | $ | 11,114 | |||
Increase in loans to customers | $ | (15,022 | ) | $ | (30,207 | ) | $ | (45,251 | ) |
Principal collections from customers - loans | 18,083 | 37,237 | 47,471 | ||||||
Investment in equipment for financing leases | (18 | ) | (306 | ) | (585 | ) | |||
Principal collections from customers - financing leases(b) | \u2014 | 802 | 1,011 | ||||||
Sales of financing receivables | 345 | 2,458 | 251 | ||||||
Net decrease (increase) in GE Capital financing receivables | $ | 3,389 | $ | 9,986 | $ | 2,897 | |||
Purchases of investment securities | $ | (6,205 | ) | $ | (5,775 | ) | $ | (2,867 | ) |
Dispositions and maturities of investment securities | 4,589 | 8,309 | 10,001 | ||||||
Decrease (increase) in other assets - investments | 1,347 | (4,516 | ) | (8,497 | ) | ||||
Other(c) | 2,886 | 2,464 | 4,375 | ||||||
All other investing activities | $ | 2,617 | $ | 482 | $ | 3,013 | |||
Short-term (91 to 365 days) | $ | (10,515 | ) | $ | (14,251 | ) | $ | (18,591 | ) |
Long-term (longer than one year) | (991 | ) | (5,460 | ) | (2,054 | ) | |||
Principal payments - non-recourse, leveraged leases | (126 | ) | (125 | ) | (362 | ) | |||
Repayments and other reductions (maturities longer than 90 days) | $ | (11,632 | ) | $ | (19,836 | ) | $ | (21,007 | ) |
Redemption of investment contracts | $ | (279 | ) | $ | (268 | ) | $ | (344 | ) |
Settlements paid on derivative contracts | (864 | ) | (2,235 | ) | (212 | ) | |||
Other | 324 | 95 | 276 | ||||||
All other financing activities | $ | (819 | ) | $ | (2,408 | ) | $ | (280 | ) |
(a) | Primarily included non-cash adjustments for insurance-related charges recorded in 2019 and 2017. |
(b) | In 2019, per ASU No. 2016-02, Leases, principal collections from customers on financing leases is classified as cash from operating activities. |
GE For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | ||||||
Increase (decrease) in employee benefit liabilities(a) | $ | 227 | $ | 587 | $ | (68 | ) | ||
Other gains on investing activities | (723 | ) | (378 | ) | (138 | ) | |||
Restructuring and other charges(b) | 1,144 | 2,244 | 2,781 | ||||||
Restructuring and other cash expenditures | (1,157 | ) | (1,474 | ) | (1,484 | ) | |||
Increase (decrease) in equipment project accruals | (314 | ) | (939 | ) | (212 | ) | |||
Baker Hughes Class B dividends received | 282 | 494 | 251 | ||||||
Other(c) | 613 | 142 | 374 | ||||||
All other operating activities | $ | 72 | $ | 676 | $ | 1,504 | |||
Derivative settlements (net) | $ | (14 | ) | $ | (947 | ) | $ | (1,016 | ) |
Investments in intangible assets (net) | (30 | ) | (496 | ) | (321 | ) | |||
Other investments (net)(d) | 791 | 726 | (1,404 | ) | |||||
Sales of retained ownership interests in Wabtec | 3,383 | \u2014 | \u2014 | ||||||
Other(e) | (455 | ) | 77 | (6,698 | ) | ||||
All other investing activities | $ | 3,675 | $ | (640 | ) | $ | (9,439 | ) | |
Disposition of Baker Hughes noncontrolling interests | $ | \u2014 | $ | 4,373 | $ | 308 | |||
Acquisition of noncontrolling interests(f) | (28 | ) | (3,345 | ) | (135 | ) | |||
Other(g) | (284 | ) | 79 | 117 | |||||
All other financing activities | $ | (312 | ) | $ | 1,107 | $ | 290 | ||
Open market purchases under share repurchase program | $ | (10 | ) | $ | (245 | ) | $ | (3,506 | ) |
Other purchases | (47 | ) | (23 | ) | (67 | ) | |||
Dispositions | 84 | 250 | 1,021 | ||||||
Net dispositions (purchases) of GE shares for treasury | $ | 29 | $ | (17 | ) | $ | (2,550 | ) |
(a) | Included non-cash adjustments for stock-based compensation expenses. |
(b) | Excluded non-cash adjustments reflected as Depreciation and amortization of property, plant and equipment or Amortization of intangible assets in our consolidated Statement of Cash Flows. |
(c) | Included other adjustments to net income, such as write-downs of assets and the impacts of acquisition accounting and changes in other assets and other liabilities classified as operating activities, such as the timing of payments of customer allowances. |
(d) | Included the provision of a promissory note to Baker Hughes in 2017 and subsequent principal collections in 2018 and 2019. See Note 2. |
(e) | Included net activity related to settlements between our continuing operations and discontinued operations. In 2017, this was primarily driven by funding in order to complete the Baker Hughes acquisition. |
(f) | Primarily included the acquisition of Alstom's interest in the grid technology, renewable energy, and global nuclear and French steam power joint ventures for $(3,105) million in the fourth quarter of 2018. See Note 16. |
(g) | Primarily included debt tender expenditures of $(255) million incurred to purchase GE long-term debt in 2019. |
GE CAPITAL\u00a0For the years ended December 31\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||
Cash collateral and settlements received (paid) on derivative contracts | $ | 1,263 | $ | (708 | ) | $ | 836 | ||
Increase (decrease) in other liabilities | (1,470 | ) | 240 | (798 | ) | ||||
Other(a) | 811 | 627 | 11,076 | ||||||
All other operating activities | $ | 605 | $ | 158 | $ | 11,114 | |||
Increase in loans to customers | $ | (15,022 | ) | $ | (30,207 | ) | $ | (45,251 | ) |
Principal collections from customers - loans | 18,083 | 37,237 | 47,471 | ||||||
Investment in equipment for financing leases | (18 | ) | (306 | ) | (585 | ) | |||
Principal collections from customers - financing leases(b) | \u2014 | 802 | 1,011 | ||||||
Sales of financing receivables | 345 | 2,458 | 251 | ||||||
Net decrease (increase) in GE Capital financing receivables | $ | 3,389 | $ | 9,986 | $ | 2,897 | |||
Purchases of investment securities | $ | (6,205 | ) | $ | (5,775 | ) | $ | (2,867 | ) |
Dispositions and maturities of investment securities | 4,589 | 8,309 | 10,001 | ||||||
Decrease (increase) in other assets - investments | 1,347 | (4,516 | ) | (8,497 | ) | ||||
Other(c) | 2,886 | 2,464 | 4,375 | ||||||
All other investing activities | $ | 2,617 | $ | 482 | $ | 3,013 | |||
Short-term (91 to 365 days) | $ | (10,515 | ) | $ | (14,251 | ) | $ | (18,591 | ) |
Long-term (longer than one year) | (991 | ) | (5,460 | ) | (2,054 | ) | |||
Principal payments - non-recourse, leveraged leases | (126 | ) | (125 | ) | (362 | ) | |||
Repayments and other reductions (maturities longer than 90 days) | $ | (11,632 | ) | $ | (19,836 | ) | $ | (21,007 | ) |
Redemption of investment contracts | $ | (279 | ) | $ | (268 | ) | $ | (344 | ) |
Settlements paid on derivative contracts | (864 | ) | (2,235 | ) | (212 | ) | |||
Other | 324 | 95 | 276 | ||||||
All other financing activities | $ | (819 | ) | $ | (2,408 | ) | $ | (280 | ) |
(a) | Primarily included non-cash adjustments for insurance-related charges recorded in 2019 and 2017. |
(b) | In 2019, per ASU No. 2016-02, Leases, principal collections from customers on financing leases is classified as cash from operating activities. |
(In millions) | 2019 | 2018 | 2017 | ||||||
Combined GE and GE Capital cash from (used for) operating activities - continuing operations | $ | 6,495 | $ | 2,282 | $ | 13,853 | |||
\u00a0\u00a0GE current receivables sold to GE Capital | 1,081 | 5 | (4,435 | ) | |||||
\u00a0\u00a0GE long-term receivables sold to GE Capital | 468 | 1,079 | (250 | ) | |||||
Supply chain finance programs(a) | 2,289 | (18 | ) | 302 | |||||
GE Capital common dividends to GE | \u2014 | \u2014 | (4,016 | ) | |||||
Other reclassifications and eliminations | 86 | (138 | ) | 387 | |||||
Consolidated cash from (used for) operating activities-continuing operations | $ | 10,419 | $ | 3,210 | $ | 5,840 | |||
Combined GE and GE Capital cash from (used for) investing activities - continuing operations | $ | 13,509 | $ | 14,915 | $ | (3,473 | ) | ||
\u00a0\u00a0GE current receivables sold to GE Capital | (1,677 | ) | (839 | ) | 4,561 | ||||
\u00a0\u00a0GE long-term receivables sold to GE Capital | (468 | ) | (1,079 | ) | 250 | ||||
Supply chain finance programs(a) | (2,289 | ) | 18 | (302 | ) | ||||
\u00a0\u00a0GE Capital loans to GE | \u2014 | 6,479 | 7,271 | ||||||
\u00a0\u00a0Repayment of GE Capital loans by GE | (1,523 | ) | \u2014 | (1,329 | ) | ||||
\u00a0\u00a0Capital contribution from GE to GE Capital | 4,000 | \u2014 | \u2014 | ||||||
\u00a0\u00a0Other reclassifications and eliminations | (868 | ) | (570 | ) | (251 | ) | |||
Consolidated cash from (used for) investing activities-continuing operations | $ | 10,684 | $ | 18,925 | $ | 6,728 | |||
Combined GE and GE Capital cash from (used for) financing activities - continuing operations | $ | (14,665 | ) | $ | (22,408 | ) | $ | (21,738 | ) |
\u00a0\u00a0GE current receivables sold to GE Capital | 596 | 835 | (127 | ) | |||||
\u00a0\u00a0GE Capital common dividends to GE | \u2014 | \u2014 | 4,016 | ||||||
\u00a0\u00a0GE Capital loans to GE | \u2014 | (6,479 | ) | (7,271 | ) | ||||
\u00a0\u00a0Repayment of GE Capital loans by GE | 1,523 | \u2014 | 1,329 | ||||||
Capital contribution from GE to GE Capital | (4,000 | ) | \u2014 | \u2014 | |||||
\u00a0\u00a0Other reclassifications and eliminations | 782 | 706 | (136 | ) | |||||
Consolidated cash from (used for) financing activities-continuing operations | $ | (15,764 | ) | $ | (27,345 | ) | $ | (23,927 | ) |
(a) | Represents the reduction of the GE liability associated with the funded participation in a supply chain finance program with GE Capital, primarily as a result of GE Capital's sale of the program platform to MUFG Union Bank, N.A. (MUFG) in 2019. |
(In millions) | 2019 | 2018 | 2017 | ||||||
Combined GE and GE Capital cash from (used for) operating activities - continuing operations | $ | 6,495 | $ | 2,282 | $ | 13,853 | |||
\u00a0\u00a0GE current receivables sold to GE Capital | 1,081 | 5 | (4,435 | ) | |||||
\u00a0\u00a0GE long-term receivables sold to GE Capital | 468 | 1,079 | (250 | ) | |||||
Supply chain finance programs(a) | 2,289 | (18 | ) | 302 | |||||
GE Capital common dividends to GE | \u2014 | \u2014 | (4,016 | ) | |||||
Other reclassifications and eliminations | 86 | (138 | ) | 387 | |||||
Consolidated cash from (used for) operating activities-continuing operations | $ | 10,419 | $ | 3,210 | $ | 5,840 | |||
Combined GE and GE Capital cash from (used for) investing activities - continuing operations | $ | 13,509 | $ | 14,915 | $ | (3,473 | ) | ||
\u00a0\u00a0GE current receivables sold to GE Capital | (1,677 | ) | (839 | ) | 4,561 | ||||
\u00a0\u00a0GE long-term receivables sold to GE Capital | (468 | ) | (1,079 | ) | 250 | ||||
Supply chain finance programs(a) | (2,289 | ) | 18 | (302 | ) | ||||
\u00a0\u00a0GE Capital loans to GE | \u2014 | 6,479 | 7,271 | ||||||
\u00a0\u00a0Repayment of GE Capital loans by GE | (1,523 | ) | \u2014 | (1,329 | ) | ||||
\u00a0\u00a0Capital contribution from GE to GE Capital | 4,000 | \u2014 | \u2014 | ||||||
\u00a0\u00a0Other reclassifications and eliminations | (868 | ) | (570 | ) | (251 | ) | |||
Consolidated cash from (used for) investing activities-continuing operations | $ | 10,684 | $ | 18,925 | $ | 6,728 | |||
Combined GE and GE Capital cash from (used for) financing activities - continuing operations | $ | (14,665 | ) | $ | (22,408 | ) | $ | (21,738 | ) |
\u00a0\u00a0GE current receivables sold to GE Capital | 596 | 835 | (127 | ) | |||||
\u00a0\u00a0GE Capital common dividends to GE | \u2014 | \u2014 | 4,016 | ||||||
\u00a0\u00a0GE Capital loans to GE | \u2014 | (6,479 | ) | (7,271 | ) | ||||
\u00a0\u00a0Repayment of GE Capital loans by GE | 1,523 | \u2014 | 1,329 | ||||||
Capital contribution from GE to GE Capital | (4,000 | ) | \u2014 | \u2014 | |||||
\u00a0\u00a0Other reclassifications and eliminations | 782 | 706 | (136 | ) | |||||
Consolidated cash from (used for) financing activities-continuing operations | $ | (15,764 | ) | $ | (27,345 | ) | $ | (23,927 | ) |
(a) | Represents the reduction of the GE liability associated with the funded participation in a supply chain finance program with GE Capital, primarily as a result of GE Capital's sale of the program platform to MUFG Union Bank, N.A. (MUFG) in 2019. |
Years ended December 31 | |||||||||||||||||||||||||||||
Total revenues(a) | Intersegment revenues(b) | External revenues | |||||||||||||||||||||||||||
REVENUES (In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Power | $ | 18,625 | $ | 22,150 | $ | 29,426 | $ | 357 | $ | 152 | $ | 326 | $ | 18,267 | $ | 21,997 | $ | 29,100 | |||||||||||
Renewable Energy | 15,337 | 14,288 | 14,321 | 139 | 186 | 242 | 15,198 | 14,102 | 14,080 | ||||||||||||||||||||
Aviation | 32,875 | 30,566 | 27,013 | 758 | 375 | 459 | 32,117 | 30,191 | 26,554 | ||||||||||||||||||||
Healthcare | 19,942 | 19,784 | 19,017 | \u2014 | \u2014 | \u2014 | 19,942 | 19,784 | 19,017 | ||||||||||||||||||||
Total industrial segment revenues | 86,778 | 86,789 | 89,776 | 1,254 | 714 | 1,027 | 85,524 | 86,075 | 88,749 | ||||||||||||||||||||
Capital | 8,741 | 9,551 | 9,070 | 971 | 1,384 | 1,558 | 7,770 | 8,167 | 7,512 | ||||||||||||||||||||
Corporate items and eliminations | (305 | ) | 673 | 433 | (2,225 | ) | (2,097 | ) | (2,585 | ) | 1,920 | 2,770 | 3,018 | ||||||||||||||||
Total | $ | 95,214 | $ | 97,012 | $ | 99,279 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 95,214 | $ | 97,012 | $ | 99,279 |
(a) | Revenues of GE businesses include income from sales of goods and services to customers. |
(b) | Sales from one component to another generally are priced at equivalent commercial selling prices. |
Years ended December 31 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
(In millions) | Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | ||||||||||||||||||||
Power | $ | 6,247 | $ | 12,378 | $ | 18,625 | $ | 8,077 | $ | 14,073 | $ | 22,150 | $ | 12,909 | $ | 16,517 | $ | 29,426 | |||||||||||
Renewable Energy | 12,267 | 3,069 | 15,337 | 11,419 | 2,870 | 14,288 | 13,969 | 352 | 14,321 | ||||||||||||||||||||
Aviation | 12,804 | 20,071 | 32,875 | 11,499 | 19,067 | 30,566 | 10,215 | 16,797 | 27,013 | ||||||||||||||||||||
Healthcare | 11,585 | 8,357 | 19,942 | 11,422 | 8,363 | 19,784 | 10,771 | 8,246 | 19,017 | ||||||||||||||||||||
Total industrial segment revenues | $ | 42,904 | $ | 43,875 | $ | 86,778 | $ | 42,416 | $ | 44,372 | $ | 86,789 | $ | 47,864 | $ | 41,913 | $ | 89,776 |
SEGMENT REVENUES | Years ended December 31 | ||||||||||
\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||||
Gas Power | $ | 13,122 | $ | 13,296 | $17,100 | ||||||
Power Portfolio | 5,503 | 8,853 | 12,326 | ||||||||
Power | $ | 18,625 | $ | 22,150 | $ | 29,426 | |||||
Onshore Wind | $ | 10,421 | $ | 8,220 | $ | 8,055 | |||||
Grid Solutions equipment and services | 4,062 | 4,772 | 5,117 | ||||||||
Other | 855 | 1,296 | 1,149 | ||||||||
Renewable Energy | $ | 15,337 | $ | 14,288 | $ | 14,321 | |||||
Commercial | $ | 24,217 | $ | 22,724 | $ | 19,709 | |||||
Military | 4,389 | 4,103 | 3,991 | ||||||||
Systems & Other | 4,269 | 3,740 | 3,314 | ||||||||
Aviation | $ | 32,875 | $ | 30,566 | $ | 27,013 | |||||
Healthcare Systems | $ | 14,648 | $ | 14,886 | $ | 14,460 | |||||
Life Sciences | 5,294 | 4,898 | 4,557 | ||||||||
Healthcare | $ | 19,942 | $ | 19,784 | $ | 19,017 | |||||
Total industrial segment revenues | $ | 86,778 | $ | 86,789 | $ | 89,776 | |||||
Capital(a) | 8,741 | 9,551 | 9,070 | ||||||||
Corporate items and eliminations | (305 | ) | 673 | 433 | |||||||
Consolidated revenues | $ | 95,214 | $ | 97,012 | $ | 99,279 |
PROFIT AND EARNINGS For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | ||||||
Power | $ | 386 | $ | (808 | ) | $ | 1,894 | ||
Renewable Energy | (666 | ) | 292 | 728 | |||||
Aviation | 6,820 | 6,466 | 5,370 | ||||||
Healthcare | 3,896 | 3,698 | 3,488 | ||||||
Total industrial segment profit | 10,436 | 9,647 | 11,479 | ||||||
Capital | (530 | ) | (489 | ) | (6,765 | ) | |||
Total segment profit | 9,906 | 9,158 | 4,714 | ||||||
Corporate items and eliminations | (2,212 | ) | (2,837 | ) | (3,798 | ) | |||
GE goodwill impairments | (1,486 | ) | (22,136 | ) | (1,165 | ) | |||
GE interest and other financial charges | (2,115 | ) | (2,415 | ) | (2,538 | ) | |||
GE non-operating benefit costs | (2,828 | ) | (2,740 | ) | (2,409 | ) | |||
GE provision for income taxes | (1,309 | ) | (467 | ) | (3,493 | ) | |||
Earnings (loss) from continuing operations attributable to\u00a0GE common shareholders | (44 | ) | (21,438 | ) | (8,689 | ) | |||
Earnings (loss) from discontinued operations, net of taxes | (5,335 | ) | (1,363 | ) | (312 | ) | |||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 60 | 1 | (81 | ) | |||||
Earnings (loss) from discontinued operations, net of taxes and noncontrolling interests | (5,395 | ) | (1,364 | ) | (231 | ) | |||
Consolidated net earnings (loss) attributable to GE common shareholders | $ | (5,439 | ) | $ | (22,802 | ) | $ | (8,920 | ) |
Interest and other financial charges | Benefit (provision) for income taxes | ||||||||||||||||||
For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||
Capital | $ | 2,532 | $ | 2,982 | $ | 3,145 | $ | 582 | $ | 374 | $ | 6,302 | |||||||
Corporate items and eliminations(a) | 1,695 | 1,784 | 1,510 | (1,309 | ) | (467 | ) | (3,493 | ) | ||||||||||
Total | $ | 4,227 | $ | 4,766 | $ | 4,655 | $ | (726 | ) | $ | (93 | ) | $ | 2,808 |
(a) | Included amounts for Power, Renewable Energy, Aviation and Healthcare, for which our measure of segment profit excludes interest and other financial charges and income taxes. |
Assets | Property, plant and equipment additions(a) | Depreciation and amortization(b) | |||||||||||||||||||||||||||
At December 31 | For the years ended December 31 | For the years ended December 31 | |||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Power | $ | 26,731 | $ | 27,389 | $ | 55,827 | $ | 277 | $ | 358 | $ | 1,018 | $ | 880 | $ | 1,307 | $ | 1,228 | |||||||||||
Renewable Energy | 15,935 | 16,400 | 18,466 | 455 | 303 | 677 | 425 | 474 | 382 | ||||||||||||||||||||
Aviation | 41,647 | 38,021 | 37,473 | 1,031 | 1,070 | 1,426 | 1,150 | 1,042 | 979 | ||||||||||||||||||||
Healthcare | 30,514 | 28,048 | 28,408 | 395 | 378 | 393 | 702 | 832 | 806 | ||||||||||||||||||||
Capital(c) | 117,546 | 119,329 | 150,805 | 3,830 | 4,569 | 3,680 | 2,083 | 2,163 | 2,342 | ||||||||||||||||||||
Corporate items and eliminations(d) | 29,565 | 18,032 | 10,758 | (175 | ) | (46 | ) | (64 | ) | 355 | 763 | 456 | |||||||||||||||||
Total continuing | $ | 261,939 | $ | 247,219 | $ | 301,737 | $ | 5,813 | $ | 6,632 | $ | 7,130 | $ | 5,595 | $ | 6,582 | $ | 6,193 |
(a) | Additions to property, plant and equipment include amounts relating to principal businesses purchased. |
(b) | Included amortization expense related to intangible assets. |
(c) | Included Capital deferred income taxes that are presented as assets for purposes of our balance sheet presentation. |
(d) | Included GE deferred income taxes that are presented as assets for purposes of our balance sheet presentation. |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
U.S. | $ | 144,405 | $ | 126,566 | ||
Non-U.S. | ||||||
Europe | 70,565 | 70,007 | ||||
Asia | 22,089 | 22,355 | ||||
Americas | 13,435 | 12,871 | ||||
Other Global | 11,445 | 15,420 | ||||
Total Non-U.S. | $ | 117,534 | $ | 120,653 | ||
Total assets (Continuing Operations) | $ | 261,939 | $ | 247,219 |
Years ended December 31 | |||||||||||||||||||||||||||||
Total revenues(a) | Intersegment revenues(b) | External revenues | |||||||||||||||||||||||||||
REVENUES (In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Power | $ | 18,625 | $ | 22,150 | $ | 29,426 | $ | 357 | $ | 152 | $ | 326 | $ | 18,267 | $ | 21,997 | $ | 29,100 | |||||||||||
Renewable Energy | 15,337 | 14,288 | 14,321 | 139 | 186 | 242 | 15,198 | 14,102 | 14,080 | ||||||||||||||||||||
Aviation | 32,875 | 30,566 | 27,013 | 758 | 375 | 459 | 32,117 | 30,191 | 26,554 | ||||||||||||||||||||
Healthcare | 19,942 | 19,784 | 19,017 | \u2014 | \u2014 | \u2014 | 19,942 | 19,784 | 19,017 | ||||||||||||||||||||
Total industrial segment revenues | 86,778 | 86,789 | 89,776 | 1,254 | 714 | 1,027 | 85,524 | 86,075 | 88,749 | ||||||||||||||||||||
Capital | 8,741 | 9,551 | 9,070 | 971 | 1,384 | 1,558 | 7,770 | 8,167 | 7,512 | ||||||||||||||||||||
Corporate items and eliminations | (305 | ) | 673 | 433 | (2,225 | ) | (2,097 | ) | (2,585 | ) | 1,920 | 2,770 | 3,018 | ||||||||||||||||
Total | $ | 95,214 | $ | 97,012 | $ | 99,279 | $ | \u2014 | $ | \u2014 | $ | \u2014 | $ | 95,214 | $ | 97,012 | $ | 99,279 |
(a) | Revenues of GE businesses include income from sales of goods and services to customers. |
Years ended December 31 | |||||||||||||||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||||||||||||||
(In millions) | Equipment | Services | Total | Equipment | Services | Total | Equipment | Services | Total | ||||||||||||||||||||
Power | $ | 6,247 | $ | 12,378 | $ | 18,625 | $ | 8,077 | $ | 14,073 | $ | 22,150 | $ | 12,909 | $ | 16,517 | $ | 29,426 | |||||||||||
Renewable Energy | 12,267 | 3,069 | 15,337 | 11,419 | 2,870 | 14,288 | 13,969 | 352 | 14,321 | ||||||||||||||||||||
Aviation | 12,804 | 20,071 | 32,875 | 11,499 | 19,067 | 30,566 | 10,215 | 16,797 | 27,013 | ||||||||||||||||||||
Healthcare | 11,585 | 8,357 | 19,942 | 11,422 | 8,363 | 19,784 | 10,771 | 8,246 | 19,017 | ||||||||||||||||||||
Total industrial segment revenues | $ | 42,904 | $ | 43,875 | $ | 86,778 | $ | 42,416 | $ | 44,372 | $ | 86,789 | $ | 47,864 | $ | 41,913 | $ | 89,776 |
SEGMENT REVENUES | Years ended December 31 | ||||||||||
\u00a0(In millions) | 2019 | 2018 | 2017 | ||||||||
Gas Power | $ | 13,122 | $ | 13,296 | $17,100 | ||||||
Power Portfolio | 5,503 | 8,853 | 12,326 | ||||||||
Power | $ | 18,625 | $ | 22,150 | $ | 29,426 | |||||
Onshore Wind | $ | 10,421 | $ | 8,220 | $ | 8,055 | |||||
Grid Solutions equipment and services | 4,062 | 4,772 | 5,117 | ||||||||
Other | 855 | 1,296 | 1,149 | ||||||||
Renewable Energy | $ | 15,337 | $ | 14,288 | $ | 14,321 | |||||
Commercial | $ | 24,217 | $ | 22,724 | $ | 19,709 | |||||
Military | 4,389 | 4,103 | 3,991 | ||||||||
Systems & Other | 4,269 | 3,740 | 3,314 | ||||||||
Aviation | $ | 32,875 | $ | 30,566 | $ | 27,013 | |||||
Healthcare Systems | $ | 14,648 | $ | 14,886 | $ | 14,460 | |||||
Life Sciences | 5,294 | 4,898 | 4,557 | ||||||||
Healthcare | $ | 19,942 | $ | 19,784 | $ | 19,017 | |||||
Total industrial segment revenues | $ | 86,778 | $ | 86,789 | $ | 89,776 | |||||
Capital(a) | 8,741 | 9,551 | 9,070 | ||||||||
Corporate items and eliminations | (305 | ) | 673 | 433 | |||||||
Consolidated revenues | $ | 95,214 | $ | 97,012 | $ | 99,279 |
PROFIT AND EARNINGS For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | ||||||
Power | $ | 386 | $ | (808 | ) | $ | 1,894 | ||
Renewable Energy | (666 | ) | 292 | 728 | |||||
Aviation | 6,820 | 6,466 | 5,370 | ||||||
Healthcare | 3,896 | 3,698 | 3,488 | ||||||
Total industrial segment profit | 10,436 | 9,647 | 11,479 | ||||||
Capital | (530 | ) | (489 | ) | (6,765 | ) | |||
Total segment profit | 9,906 | 9,158 | 4,714 | ||||||
Corporate items and eliminations | (2,212 | ) | (2,837 | ) | (3,798 | ) | |||
GE goodwill impairments | (1,486 | ) | (22,136 | ) | (1,165 | ) | |||
GE interest and other financial charges | (2,115 | ) | (2,415 | ) | (2,538 | ) | |||
GE non-operating benefit costs | (2,828 | ) | (2,740 | ) | (2,409 | ) | |||
GE provision for income taxes | (1,309 | ) | (467 | ) | (3,493 | ) | |||
Earnings (loss) from continuing operations attributable to\u00a0GE common shareholders | (44 | ) | (21,438 | ) | (8,689 | ) | |||
Earnings (loss) from discontinued operations, net of taxes | (5,335 | ) | (1,363 | ) | (312 | ) | |||
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations | 60 | 1 | (81 | ) | |||||
Earnings (loss) from discontinued operations, net of taxes and noncontrolling interests | (5,395 | ) | (1,364 | ) | (231 | ) | |||
Consolidated net earnings (loss) attributable to GE common shareholders | $ | (5,439 | ) | $ | (22,802 | ) | $ | (8,920 | ) |
Interest and other financial charges | Benefit (provision) for income taxes | ||||||||||||||||||
For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||
Capital | $ | 2,532 | $ | 2,982 | $ | 3,145 | $ | 582 | $ | 374 | $ | 6,302 | |||||||
Corporate items and eliminations(a) | 1,695 | 1,784 | 1,510 | (1,309 | ) | (467 | ) | (3,493 | ) | ||||||||||
Total | $ | 4,227 | $ | 4,766 | $ | 4,655 | $ | (726 | ) | $ | (93 | ) | $ | 2,808 |
Interest and other financial charges | Benefit (provision) for income taxes | ||||||||||||||||||
For the years ended December 31 (In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||
Capital | $ | 2,532 | $ | 2,982 | $ | 3,145 | $ | 582 | $ | 374 | $ | 6,302 | |||||||
Corporate items and eliminations(a) | 1,695 | 1,784 | 1,510 | (1,309 | ) | (467 | ) | (3,493 | ) | ||||||||||
Total | $ | 4,227 | $ | 4,766 | $ | 4,655 | $ | (726 | ) | $ | (93 | ) | $ | 2,808 |
(a) | Included amounts for Power, Renewable Energy, Aviation and Healthcare, for which our measure of segment profit excludes interest and other financial charges and income taxes. |
Assets | Property, plant and equipment additions(a) | Depreciation and amortization(b) | |||||||||||||||||||||||||||
At December 31 | For the years ended December 31 | For the years ended December 31 | |||||||||||||||||||||||||||
(In millions) | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Power | $ | 26,731 | $ | 27,389 | $ | 55,827 | $ | 277 | $ | 358 | $ | 1,018 | $ | 880 | $ | 1,307 | $ | 1,228 | |||||||||||
Renewable Energy | 15,935 | 16,400 | 18,466 | 455 | 303 | 677 | 425 | 474 | 382 | ||||||||||||||||||||
Aviation | 41,647 | 38,021 | 37,473 | 1,031 | 1,070 | 1,426 | 1,150 | 1,042 | 979 | ||||||||||||||||||||
Healthcare | 30,514 | 28,048 | 28,408 | 395 | 378 | 393 | 702 | 832 | 806 | ||||||||||||||||||||
Capital(c) | 117,546 | 119,329 | 150,805 | 3,830 | 4,569 | 3,680 | 2,083 | 2,163 | 2,342 | ||||||||||||||||||||
Corporate items and eliminations(d) | 29,565 | 18,032 | 10,758 | (175 | ) | (46 | ) | (64 | ) | 355 | 763 | 456 | |||||||||||||||||
Total continuing | $ | 261,939 | $ | 247,219 | $ | 301,737 | $ | 5,813 | $ | 6,632 | $ | 7,130 | $ | 5,595 | $ | 6,582 | $ | 6,193 |
(a) | Additions to property, plant and equipment include amounts relating to principal businesses purchased. |
(b) | Included amortization expense related to intangible assets. |
(c) | Included Capital deferred income taxes that are presented as assets for purposes of our balance sheet presentation. |
December 31\u00a0(In millions) | 2019 | 2018 | ||||
U.S. | $ | 144,405 | $ | 126,566 | ||
Non-U.S. | ||||||
Europe | 70,565 | 70,007 | ||||
Asia | 22,089 | 22,355 | ||||
Americas | 13,435 | 12,871 | ||||
Other Global | 11,445 | 15,420 | ||||
Total Non-U.S. | $ | 117,534 | $ | 120,653 | ||
Total assets (Continuing Operations) | $ | 261,939 | $ | 247,219 |
\u2022 | General Electric Company (the Parent Company Guarantor) \u2013 prepared with investments in subsidiaries accounted for under the equity method of accounting and excluding any inter-segment eliminations; |
\u2022 | GE Capital International Funding Company Unlimited Company (the Subsidiary Issuer) \u2013 finance subsidiary that issued the guaranteed notes for debt; |
\u2022 | GE Capital International Holdings Limited (GECIHL) (the Subsidiary Guarantor) \u2013 prepared with investments in non-guarantor subsidiaries accounted for under the equity method of accounting; |
\u2022 | Non-Guarantor Subsidiaries \u2013 prepared on an aggregated basis excluding any elimination or consolidation adjustments and includes predominantly all non-cash adjustments for cash flows; |
\u2022 | Consolidating Adjustments \u2013 adjusting entries necessary to consolidate the Parent Company Guarantor with the Subsidiary Issuer, the Subsidiary Guarantor and Non-Guarantor Subsidiaries and in the comparative periods, this category includes the impact of new accounting policies adopted as described in Note 1; and |
\u2022 | Consolidated \u2013 prepared on a consolidated basis. |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 28,078 | $ | \u2014 | $ | \u2014 | $ | 154,927 | $ | (95,518 | ) | $ | 87,487 | |||||
GE Capital revenues from services | \u2014 | 964 | 64 | 9,949 | (3,250 | ) | 7,728 | |||||||||||
Total revenues | 28,078 | 964 | 64 | 164,876 | (98,768 | ) | 95,214 | |||||||||||
Interest and other financial charges | 1,612 | 980 | 1,405 | 1,975 | (1,745 | ) | 4,227 | |||||||||||
Other costs and expenses | 32,563 | 1 | \u2014 | 166,371 | (106,876 | ) | 92,059 | |||||||||||
Total costs and expenses | 34,175 | 981 | 1,406 | 168,346 | (108,622 | ) | 96,287 | |||||||||||
Other income | (3,853 | ) | \u2014 | \u2014 | 30,453 | (24,378 | ) | 2,222 | ||||||||||
Equity in earnings (loss) of affiliates | 5,923 | \u2014 | 1,290 | 75,445 | (82,658 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (4,028 | ) | (17 | ) | (52 | ) | 102,427 | (97,182 | ) | 1,149 | ||||||||
Benefit (provision) for income taxes | (1,143 | ) | 1 | \u2014 | (228 | ) | 643 | (726 | ) | |||||||||
Earnings (loss) from continuing operations | (5,170 | ) | (16 | ) | (52 | ) | 102,200 | (96,539 | ) | 423 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 192 | \u2014 | 59 | \u2014 | (5,585 | ) | (5,335 | ) | ||||||||||
Net earnings (loss) | (4,979 | ) | (16 | ) | 7 | 102,200 | (102,124 | ) | (4,912 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | 7 | 59 | 66 | ||||||||||||
Net earnings (loss) attributable to the Company | (4,979 | ) | (16 | ) | 7 | 102,192 | (102,184 | ) | (4,979 | ) | ||||||||
Other comprehensive income | 2,681 | \u2014 | (1,022 | ) | 2,280 | (1,258 | ) | 2,681 | ||||||||||
Comprehensive income (loss) attributable to the Company | $ | (2,297 | ) | $ | (16 | ) | $ | (1,015 | ) | $ | 104,472 | $ | (103,441 | ) | $ | (2,297 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 34,972 | $ | \u2014 | $ | \u2014 | $ | 164,691 | $ | (110,723 | ) | $ | 88,940 | |||||
GE Capital revenues from services | \u2014 | 917 | 1,038 | 9,531 | (3,414 | ) | 8,072 | |||||||||||
Total revenues | 34,972 | 917 | 1,038 | 174,222 | (114,136 | ) | 97,012 | |||||||||||
Interest and other financial charges | 1,728 | 911 | 2,560 | 2,459 | (2,893 | ) | 4,766 | |||||||||||
Other costs and expenses | 47,471 | \u2014 | 1 | 186,262 | (118,180 | ) | 115,554 | |||||||||||
Total costs and expenses | 49,199 | 911 | 2,561 | 188,721 | (121,073 | ) | 120,320 | |||||||||||
Other income | 3,910 | \u2014 | \u2014 | 29,268 | (30,857 | ) | 2,321 | |||||||||||
Equity in earnings (loss) of affiliates | (11,404 | ) | \u2014 | 1,554 | 240,036 | (230,186 | ) | \u2014 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (21,721 | ) | 6 | 31 | 254,803 | (254,106 | ) | (20,987 | ) | |||||||||
Benefit (provision) for income taxes | 1,092 | 5 | \u2014 | (2,381 | ) | 1,191 | (93 | ) | ||||||||||
Earnings (loss) from continuing operations | (20,629 | ) | 11 | 31 | 252,422 | (252,915 | ) | (21,080 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,726 | ) | \u2014 | (39 | ) | \u2014 | 401 | (1,363 | ) | |||||||||
Net earnings (loss) | (22,355 | ) | 11 | (8 | ) | 252,422 | (252,514 | ) | (22,443 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (204 | ) | 116 | (89 | ) | ||||||||||
Net earnings (loss) attributable to the Company | (22,355 | ) | 11 | (8 | ) | 252,627 | (252,629 | ) | (22,355 | ) | ||||||||
Other comprehensive income | (10 | ) | \u2014 | (82 | ) | (2,840 | ) | 2,922 | (10 | ) | ||||||||
Comprehensive income (loss) attributable to the Company | $ | (22,364 | ) | $ | 11 | $ | (90 | ) | $ | 249,786 | $ | (249,707 | ) | $ | (22,364 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2017 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 35,551 | $ | \u2014 | $ | \u2014 | $ | 161,172 | $ | (104,782 | ) | $ | 91,942 | |||||
GE Capital revenues from services | \u2014 | 703 | 800 | 9,888 | (4,053 | ) | 7,337 | |||||||||||
Total revenues | 35,551 | 703 | 800 | 171,060 | (108,835 | ) | 99,279 | |||||||||||
Interest and other financial charges | 1,644 | 652 | 2,006 | 3,343 | (2,990 | ) | 4,655 | |||||||||||
Other costs and expenses | 38,765 | \u2014 | 18 | 177,223 | (107,954 | ) | 108,052 | |||||||||||
Total costs and expenses | 40,409 | 653 | 2,023 | 180,566 | (110,943 | ) | 112,707 | |||||||||||
Other income | (959 | ) | \u2014 | \u2014 | 75,291 | (72,249 | ) | 2,083 | ||||||||||
Equity in earnings (loss) of affiliates | 553 | \u2014 | 1,938 | 109,521 | (112,012 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (5,263 | ) | 50 | 714 | 175,307 | (182,152 | ) | (11,345 | ) | |||||||||
Benefit (provision) for income taxes | (2,896 | ) | (5 | ) | 115 | 5,877 | (282 | ) | 2,808 | |||||||||
Earnings (loss) from continuing operations | (8,159 | ) | 45 | 829 | 181,184 | (182,435 | ) | (8,536 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (325 | ) | \u2014 | 41 | 4 | (32 | ) | (312 | ) | |||||||||
Net earnings (loss) | (8,484 | ) | 45 | 870 | 181,187 | (182,467 | ) | (8,849 | ) | |||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (137 | ) | (228 | ) | (365 | ) | |||||||||
Net earnings (loss) attributable to the Company | (8,484 | ) | 45 | 870 | 181,324 | (182,239 | ) | (8,484 | ) | |||||||||
Other comprehensive income | 4,184 | \u2014 | 567 | (7,552 | ) | 6,985 | 4,184 | |||||||||||
Comprehensive income (loss) attributable to the Company | $ | (4,300 | ) | $ | 45 | $ | 1,436 | $ | 173,773 | $ | (175,254 | ) | $ | (4,300 | ) |
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION | ||||||||||||||||||
DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 10,591 | $ | \u2014 | $ | \u2014 | $ | 26,438 | $ | (636 | ) | $ | 36,394 | |||||
Receivables - net | 47,170 | 17,726 | 230 | 61,026 | (99,104 | ) | 27,047 | |||||||||||
Investment in subsidiaries | 147,397 | \u2014 | 40,408 | 421,613 | (609,418 | ) | \u2014 | |||||||||||
All other assets | 28,377 | 236 | \u2014 | 291,995 | (118,000 | ) | 202,607 | |||||||||||
Total assets | $ | 233,535 | $ | 17,961 | $ | 40,638 | $ | 801,071 | $ | (827,158 | ) | $ | 266,048 | |||||
Short-term borrowings | $ | 135,172 | $ | \u2014 | $ | 2,981 | $ | 9,712 | $ | (125,792 | ) | $ | 22,072 | |||||
Long-term and non-recourse borrowings | 40,660 | 16,771 | 24,417 | 34,262 | (47,301 | ) | 68,809 | |||||||||||
All other liabilities | 66,808 | 161 | 70 | 146,972 | (68,705 | ) | 145,306 | |||||||||||
Total liabilities | 242,640 | 16,932 | 27,468 | 190,946 | (241,799 | ) | 236,187 | |||||||||||
Total liabilities and equity | $ | 233,535 | $ | 17,961 | $ | 40,638 | $ | 801,071 | $ | (827,158 | ) | $ | 266,048 |
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION | ||||||||||||||||||
DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 9,561 | $ | \u2014 | $ | \u2014 | $ | 25,975 | $ | (4,412 | ) | $ | 31,124 | |||||
Receivables - net | 30,466 | 17,467 | 2,792 | 69,268 | (90,504 | ) | 29,488 | |||||||||||
Investment in subsidiaries | 176,239 | \u2014 | 45,832 | 733,535 | (955,605 | ) | \u2014 | |||||||||||
All other assets | 29,615 | 12 | \u2014 | 359,063 | (138,230 | ) | 250,460 | |||||||||||
Total assets | $ | 245,881 | $ | 17,479 | $ | 48,623 | $ | 1,187,841 | $ | (1,188,751 | ) | $ | 311,072 | |||||
Short-term borrowings | $ | 150,426 | $ | \u2014 | $ | 9,854 | $ | 9,649 | $ | (157,153 | ) | $ | 12,776 | |||||
Long-term and non-recourse borrowings | 59,800 | 16,115 | 24,341 | 41,066 | (50,498 | ) | 90,824 | |||||||||||
All other liabilities | 43,872 | 336 | 245 | 153,160 | (41,622 | ) | 155,992 | |||||||||||
Total liabilities | 254,098 | 16,452 | 34,439 | 203,875 | (249,273 | ) | 259,591 | |||||||||||
Total liabilities and equity | $ | 245,881 | $ | 17,479 | $ | 48,623 | $ | 1,187,841 | $ | (1,188,751 | ) | $ | 311,072 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | 5,526 | $ | 137 | $ | (1,685 | ) | $ | 33,515 | $ | (28,721 | ) | $ | 8,772 | ||||
Cash from (used for) investing activities | 32,210 | (137 | ) | 6,223 | 400,190 | (429,548 | ) | 8,939 | ||||||||||
Cash from (used for) financing activities | (36,706 | ) | \u2014 | (4,538 | ) | (436,933 | ) | 462,045 | (16,133 | ) | ||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | (50 | ) | \u2014 | (50 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,030 | \u2014 | \u2014 | (3,277 | ) | 3,776 | 1,529 | |||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 9,561 | \u2014 | \u2014 | 30,399 | (4,412 | ) | 35,548 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 10,591 | \u2014 | \u2014 | 27,121 | (636 | ) | 37,077 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 638 | \u2014 | 638 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 10,591 | $ | \u2014 | $ | \u2014 | $ | 26,484 | $ | (636 | ) | $ | 36,439 |
(a) | Parent Company Guarantor cash flows included cash from (used for) operating activities of discontinued operations of $(1,282) million. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | 42,950 | $ | (387 | ) | $ | 34,361 | $ | 328,029 | $ | (399,976 | ) | $ | 4,978 | ||||
Cash from (used for) investing activities | 1,292 | 457 | 27,415 | (297,621 | ) | 286,736 | 18,280 | |||||||||||
Cash from (used for) financing activities | (38,154 | ) | (70 | ) | (61,779 | ) | (48,782 | ) | 116,979 | (31,807 | ) | |||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | (628 | ) | \u2014 | (628 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 6,089 | \u2014 | (3 | ) | (19,002 | ) | 3,739 | (9,176 | ) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 3,472 | \u2014 | 3 | 49,400 | (8,151 | ) | 44,724 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 9,561 | \u2014 | \u2014 | 30,399 | (4,412 | ) | 35,548 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 4,424 | \u2014 | 4,424 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 9,561 | $ | \u2014 | $ | \u2014 | $ | 25,975 | $ | (4,412 | ) | $ | 31,124 |
(a) | Parent Company Guarantor cash flows included cash from (used for) operating activities of discontinued operations of $1,991 million. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2017 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | (29,441 | ) | $ | 52 | $ | 4,305 | $ | 149,385 | $ | (117,747 | ) | $ | 6,554 | ||||
Cash from (used for) investing activities | (4,432 | ) | (52 | ) | (1,871 | ) | (222,298 | ) | 234,032 | 5,379 | ||||||||
Cash from (used for) financing activities | 34,616 | \u2014 | (2,473 | ) | 70,782 | (121,410 | ) | (18,484 | ) | |||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | 891 | \u2014 | 891 | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 743 | \u2014 | (39 | ) | (1,239 | ) | (5,125 | ) | (5,659 | ) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 2,729 | \u2014 | 41 | 50,640 | (3,026 | ) | 50,384 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 3,472 | \u2014 | 3 | 49,400 | (8,151 | ) | 44,724 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 7,901 | \u2014 | 7,901 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 3,472 | $ | \u2014 | $ | 3 | $ | 41,499 | $ | (8,151 | ) | $ | 36,823 |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 28,078 | $ | \u2014 | $ | \u2014 | $ | 154,927 | $ | (95,518 | ) | $ | 87,487 | |||||
GE Capital revenues from services | \u2014 | 964 | 64 | 9,949 | (3,250 | ) | 7,728 | |||||||||||
Total revenues | 28,078 | 964 | 64 | 164,876 | (98,768 | ) | 95,214 | |||||||||||
Interest and other financial charges | 1,612 | 980 | 1,405 | 1,975 | (1,745 | ) | 4,227 | |||||||||||
Other costs and expenses | 32,563 | 1 | \u2014 | 166,371 | (106,876 | ) | 92,059 | |||||||||||
Total costs and expenses | 34,175 | 981 | 1,406 | 168,346 | (108,622 | ) | 96,287 | |||||||||||
Other income | (3,853 | ) | \u2014 | \u2014 | 30,453 | (24,378 | ) | 2,222 | ||||||||||
Equity in earnings (loss) of affiliates | 5,923 | \u2014 | 1,290 | 75,445 | (82,658 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (4,028 | ) | (17 | ) | (52 | ) | 102,427 | (97,182 | ) | 1,149 | ||||||||
Benefit (provision) for income taxes | (1,143 | ) | 1 | \u2014 | (228 | ) | 643 | (726 | ) | |||||||||
Earnings (loss) from continuing operations | (5,170 | ) | (16 | ) | (52 | ) | 102,200 | (96,539 | ) | 423 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 192 | \u2014 | 59 | \u2014 | (5,585 | ) | (5,335 | ) | ||||||||||
Net earnings (loss) | (4,979 | ) | (16 | ) | 7 | 102,200 | (102,124 | ) | (4,912 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | 7 | 59 | 66 | ||||||||||||
Net earnings (loss) attributable to the Company | (4,979 | ) | (16 | ) | 7 | 102,192 | (102,184 | ) | (4,979 | ) | ||||||||
Other comprehensive income | 2,681 | \u2014 | (1,022 | ) | 2,280 | (1,258 | ) | 2,681 | ||||||||||
Comprehensive income (loss) attributable to the Company | $ | (2,297 | ) | $ | (16 | ) | $ | (1,015 | ) | $ | 104,472 | $ | (103,441 | ) | $ | (2,297 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 34,972 | $ | \u2014 | $ | \u2014 | $ | 164,691 | $ | (110,723 | ) | $ | 88,940 | |||||
GE Capital revenues from services | \u2014 | 917 | 1,038 | 9,531 | (3,414 | ) | 8,072 | |||||||||||
Total revenues | 34,972 | 917 | 1,038 | 174,222 | (114,136 | ) | 97,012 | |||||||||||
Interest and other financial charges | 1,728 | 911 | 2,560 | 2,459 | (2,893 | ) | 4,766 | |||||||||||
Other costs and expenses | 47,471 | \u2014 | 1 | 186,262 | (118,180 | ) | 115,554 | |||||||||||
Total costs and expenses | 49,199 | 911 | 2,561 | 188,721 | (121,073 | ) | 120,320 | |||||||||||
Other income | 3,910 | \u2014 | \u2014 | 29,268 | (30,857 | ) | 2,321 | |||||||||||
Equity in earnings (loss) of affiliates | (11,404 | ) | \u2014 | 1,554 | 240,036 | (230,186 | ) | \u2014 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (21,721 | ) | 6 | 31 | 254,803 | (254,106 | ) | (20,987 | ) | |||||||||
Benefit (provision) for income taxes | 1,092 | 5 | \u2014 | (2,381 | ) | 1,191 | (93 | ) | ||||||||||
Earnings (loss) from continuing operations | (20,629 | ) | 11 | 31 | 252,422 | (252,915 | ) | (21,080 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,726 | ) | \u2014 | (39 | ) | \u2014 | 401 | (1,363 | ) | |||||||||
Net earnings (loss) | (22,355 | ) | 11 | (8 | ) | 252,422 | (252,514 | ) | (22,443 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (204 | ) | 116 | (89 | ) | ||||||||||
Net earnings (loss) attributable to the Company | (22,355 | ) | 11 | (8 | ) | 252,627 | (252,629 | ) | (22,355 | ) | ||||||||
Other comprehensive income | (10 | ) | \u2014 | (82 | ) | (2,840 | ) | 2,922 | (10 | ) | ||||||||
Comprehensive income (loss) attributable to the Company | $ | (22,364 | ) | $ | 11 | $ | (90 | ) | $ | 249,786 | $ | (249,707 | ) | $ | (22,364 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2017 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 35,551 | $ | \u2014 | $ | \u2014 | $ | 161,172 | $ | (104,782 | ) | $ | 91,942 | |||||
GE Capital revenues from services | \u2014 | 703 | 800 | 9,888 | (4,053 | ) | 7,337 | |||||||||||
Total revenues | 35,551 | 703 | 800 | 171,060 | (108,835 | ) | 99,279 | |||||||||||
Interest and other financial charges | 1,644 | 652 | 2,006 | 3,343 | (2,990 | ) | 4,655 | |||||||||||
Other costs and expenses | 38,765 | \u2014 | 18 | 177,223 | (107,954 | ) | 108,052 | |||||||||||
Total costs and expenses | 40,409 | 653 | 2,023 | 180,566 | (110,943 | ) | 112,707 | |||||||||||
Other income | (959 | ) | \u2014 | \u2014 | 75,291 | (72,249 | ) | 2,083 | ||||||||||
Equity in earnings (loss) of affiliates | 553 | \u2014 | 1,938 | 109,521 | (112,012 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (5,263 | ) | 50 | 714 | 175,307 | (182,152 | ) | (11,345 | ) | |||||||||
Benefit (provision) for income taxes | (2,896 | ) | (5 | ) | 115 | 5,877 | (282 | ) | 2,808 | |||||||||
Earnings (loss) from continuing operations | (8,159 | ) | 45 | 829 | 181,184 | (182,435 | ) | (8,536 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (325 | ) | \u2014 | 41 | 4 | (32 | ) | (312 | ) | |||||||||
Net earnings (loss) | (8,484 | ) | 45 | 870 | 181,187 | (182,467 | ) | (8,849 | ) | |||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (137 | ) | (228 | ) | (365 | ) | |||||||||
Net earnings (loss) attributable to the Company | (8,484 | ) | 45 | 870 | 181,324 | (182,239 | ) | (8,484 | ) | |||||||||
Other comprehensive income | 4,184 | \u2014 | 567 | (7,552 | ) | 6,985 | 4,184 | |||||||||||
Comprehensive income (loss) attributable to the Company | $ | (4,300 | ) | $ | 45 | $ | 1,436 | $ | 173,773 | $ | (175,254 | ) | $ | (4,300 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 28,078 | $ | \u2014 | $ | \u2014 | $ | 154,927 | $ | (95,518 | ) | $ | 87,487 | |||||
GE Capital revenues from services | \u2014 | 964 | 64 | 9,949 | (3,250 | ) | 7,728 | |||||||||||
Total revenues | 28,078 | 964 | 64 | 164,876 | (98,768 | ) | 95,214 | |||||||||||
Interest and other financial charges | 1,612 | 980 | 1,405 | 1,975 | (1,745 | ) | 4,227 | |||||||||||
Other costs and expenses | 32,563 | 1 | \u2014 | 166,371 | (106,876 | ) | 92,059 | |||||||||||
Total costs and expenses | 34,175 | 981 | 1,406 | 168,346 | (108,622 | ) | 96,287 | |||||||||||
Other income | (3,853 | ) | \u2014 | \u2014 | 30,453 | (24,378 | ) | 2,222 | ||||||||||
Equity in earnings (loss) of affiliates | 5,923 | \u2014 | 1,290 | 75,445 | (82,658 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (4,028 | ) | (17 | ) | (52 | ) | 102,427 | (97,182 | ) | 1,149 | ||||||||
Benefit (provision) for income taxes | (1,143 | ) | 1 | \u2014 | (228 | ) | 643 | (726 | ) | |||||||||
Earnings (loss) from continuing operations | (5,170 | ) | (16 | ) | (52 | ) | 102,200 | (96,539 | ) | 423 | ||||||||
Earnings (loss) from discontinued operations, net of taxes | 192 | \u2014 | 59 | \u2014 | (5,585 | ) | (5,335 | ) | ||||||||||
Net earnings (loss) | (4,979 | ) | (16 | ) | 7 | 102,200 | (102,124 | ) | (4,912 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | 7 | 59 | 66 | ||||||||||||
Net earnings (loss) attributable to the Company | (4,979 | ) | (16 | ) | 7 | 102,192 | (102,184 | ) | (4,979 | ) | ||||||||
Other comprehensive income | 2,681 | \u2014 | (1,022 | ) | 2,280 | (1,258 | ) | 2,681 | ||||||||||
Comprehensive income (loss) attributable to the Company | $ | (2,297 | ) | $ | (16 | ) | $ | (1,015 | ) | $ | 104,472 | $ | (103,441 | ) | $ | (2,297 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 34,972 | $ | \u2014 | $ | \u2014 | $ | 164,691 | $ | (110,723 | ) | $ | 88,940 | |||||
GE Capital revenues from services | \u2014 | 917 | 1,038 | 9,531 | (3,414 | ) | 8,072 | |||||||||||
Total revenues | 34,972 | 917 | 1,038 | 174,222 | (114,136 | ) | 97,012 | |||||||||||
Interest and other financial charges | 1,728 | 911 | 2,560 | 2,459 | (2,893 | ) | 4,766 | |||||||||||
Other costs and expenses | 47,471 | \u2014 | 1 | 186,262 | (118,180 | ) | 115,554 | |||||||||||
Total costs and expenses | 49,199 | 911 | 2,561 | 188,721 | (121,073 | ) | 120,320 | |||||||||||
Other income | 3,910 | \u2014 | \u2014 | 29,268 | (30,857 | ) | 2,321 | |||||||||||
Equity in earnings (loss) of affiliates | (11,404 | ) | \u2014 | 1,554 | 240,036 | (230,186 | ) | \u2014 | ||||||||||
Earnings (loss) from continuing operations before income taxes | (21,721 | ) | 6 | 31 | 254,803 | (254,106 | ) | (20,987 | ) | |||||||||
Benefit (provision) for income taxes | 1,092 | 5 | \u2014 | (2,381 | ) | 1,191 | (93 | ) | ||||||||||
Earnings (loss) from continuing operations | (20,629 | ) | 11 | 31 | 252,422 | (252,915 | ) | (21,080 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (1,726 | ) | \u2014 | (39 | ) | \u2014 | 401 | (1,363 | ) | |||||||||
Net earnings (loss) | (22,355 | ) | 11 | (8 | ) | 252,422 | (252,514 | ) | (22,443 | ) | ||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (204 | ) | 116 | (89 | ) | ||||||||||
Net earnings (loss) attributable to the Company | (22,355 | ) | 11 | (8 | ) | 252,627 | (252,629 | ) | (22,355 | ) | ||||||||
Other comprehensive income | (10 | ) | \u2014 | (82 | ) | (2,840 | ) | 2,922 | (10 | ) | ||||||||
Comprehensive income (loss) attributable to the Company | $ | (22,364 | ) | $ | 11 | $ | (90 | ) | $ | 249,786 | $ | (249,707 | ) | $ | (22,364 | ) |
CONDENSED CONSOLIDATING STATEMENT OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2017 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Sales of goods and services | $ | 35,551 | $ | \u2014 | $ | \u2014 | $ | 161,172 | $ | (104,782 | ) | $ | 91,942 | |||||
GE Capital revenues from services | \u2014 | 703 | 800 | 9,888 | (4,053 | ) | 7,337 | |||||||||||
Total revenues | 35,551 | 703 | 800 | 171,060 | (108,835 | ) | 99,279 | |||||||||||
Interest and other financial charges | 1,644 | 652 | 2,006 | 3,343 | (2,990 | ) | 4,655 | |||||||||||
Other costs and expenses | 38,765 | \u2014 | 18 | 177,223 | (107,954 | ) | 108,052 | |||||||||||
Total costs and expenses | 40,409 | 653 | 2,023 | 180,566 | (110,943 | ) | 112,707 | |||||||||||
Other income | (959 | ) | \u2014 | \u2014 | 75,291 | (72,249 | ) | 2,083 | ||||||||||
Equity in earnings (loss) of affiliates | 553 | \u2014 | 1,938 | 109,521 | (112,012 | ) | \u2014 | |||||||||||
Earnings (loss) from continuing operations before income taxes | (5,263 | ) | 50 | 714 | 175,307 | (182,152 | ) | (11,345 | ) | |||||||||
Benefit (provision) for income taxes | (2,896 | ) | (5 | ) | 115 | 5,877 | (282 | ) | 2,808 | |||||||||
Earnings (loss) from continuing operations | (8,159 | ) | 45 | 829 | 181,184 | (182,435 | ) | (8,536 | ) | |||||||||
Earnings (loss) from discontinued operations, net of taxes | (325 | ) | \u2014 | 41 | 4 | (32 | ) | (312 | ) | |||||||||
Net earnings (loss) | (8,484 | ) | 45 | 870 | 181,187 | (182,467 | ) | (8,849 | ) | |||||||||
Less net earnings (loss) attributable to noncontrolling interests | \u2014 | \u2014 | \u2014 | (137 | ) | (228 | ) | (365 | ) | |||||||||
Net earnings (loss) attributable to the Company | (8,484 | ) | 45 | 870 | 181,324 | (182,239 | ) | (8,484 | ) | |||||||||
Other comprehensive income | 4,184 | \u2014 | 567 | (7,552 | ) | 6,985 | 4,184 | |||||||||||
Comprehensive income (loss) attributable to the Company | $ | (4,300 | ) | $ | 45 | $ | 1,436 | $ | 173,773 | $ | (175,254 | ) | $ | (4,300 | ) |
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION | ||||||||||||||||||
DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 10,591 | $ | \u2014 | $ | \u2014 | $ | 26,438 | $ | (636 | ) | $ | 36,394 | |||||
Receivables - net | 47,170 | 17,726 | 230 | 61,026 | (99,104 | ) | 27,047 | |||||||||||
Investment in subsidiaries | 147,397 | \u2014 | 40,408 | 421,613 | (609,418 | ) | \u2014 | |||||||||||
All other assets | 28,377 | 236 | \u2014 | 291,995 | (118,000 | ) | 202,607 | |||||||||||
Total assets | $ | 233,535 | $ | 17,961 | $ | 40,638 | $ | 801,071 | $ | (827,158 | ) | $ | 266,048 | |||||
Short-term borrowings | $ | 135,172 | $ | \u2014 | $ | 2,981 | $ | 9,712 | $ | (125,792 | ) | $ | 22,072 | |||||
Long-term and non-recourse borrowings | 40,660 | 16,771 | 24,417 | 34,262 | (47,301 | ) | 68,809 | |||||||||||
All other liabilities | 66,808 | 161 | 70 | 146,972 | (68,705 | ) | 145,306 | |||||||||||
Total liabilities | 242,640 | 16,932 | 27,468 | 190,946 | (241,799 | ) | 236,187 | |||||||||||
Total liabilities and equity | $ | 233,535 | $ | 17,961 | $ | 40,638 | $ | 801,071 | $ | (827,158 | ) | $ | 266,048 |
CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION | ||||||||||||||||||
DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash, cash equivalents and restricted cash | $ | 9,561 | $ | \u2014 | $ | \u2014 | $ | 25,975 | $ | (4,412 | ) | $ | 31,124 | |||||
Receivables - net | 30,466 | 17,467 | 2,792 | 69,268 | (90,504 | ) | 29,488 | |||||||||||
Investment in subsidiaries | 176,239 | \u2014 | 45,832 | 733,535 | (955,605 | ) | \u2014 | |||||||||||
All other assets | 29,615 | 12 | \u2014 | 359,063 | (138,230 | ) | 250,460 | |||||||||||
Total assets | $ | 245,881 | $ | 17,479 | $ | 48,623 | $ | 1,187,841 | $ | (1,188,751 | ) | $ | 311,072 | |||||
Short-term borrowings | $ | 150,426 | $ | \u2014 | $ | 9,854 | $ | 9,649 | $ | (157,153 | ) | $ | 12,776 | |||||
Long-term and non-recourse borrowings | 59,800 | 16,115 | 24,341 | 41,066 | (50,498 | ) | 90,824 | |||||||||||
All other liabilities | 43,872 | 336 | 245 | 153,160 | (41,622 | ) | 155,992 | |||||||||||
Total liabilities | 254,098 | 16,452 | 34,439 | 203,875 | (249,273 | ) | 259,591 | |||||||||||
Total liabilities and equity | $ | 245,881 | $ | 17,479 | $ | 48,623 | $ | 1,187,841 | $ | (1,188,751 | ) | $ | 311,072 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2019 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | 5,526 | $ | 137 | $ | (1,685 | ) | $ | 33,515 | $ | (28,721 | ) | $ | 8,772 | ||||
Cash from (used for) investing activities | 32,210 | (137 | ) | 6,223 | 400,190 | (429,548 | ) | 8,939 | ||||||||||
Cash from (used for) financing activities | (36,706 | ) | \u2014 | (4,538 | ) | (436,933 | ) | 462,045 | (16,133 | ) | ||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | (50 | ) | \u2014 | (50 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 1,030 | \u2014 | \u2014 | (3,277 | ) | 3,776 | 1,529 | |||||||||||
Cash, cash equivalents and restricted cash at beginning of year | 9,561 | \u2014 | \u2014 | 30,399 | (4,412 | ) | 35,548 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 10,591 | \u2014 | \u2014 | 27,121 | (636 | ) | 37,077 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 638 | \u2014 | 638 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 10,591 | $ | \u2014 | $ | \u2014 | $ | 26,484 | $ | (636 | ) | $ | 36,439 |
(a) | Parent Company Guarantor cash flows included cash from (used for) operating activities of discontinued operations of $(1,282) million. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2018 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | 42,950 | $ | (387 | ) | $ | 34,361 | $ | 328,029 | $ | (399,976 | ) | $ | 4,978 | ||||
Cash from (used for) investing activities | 1,292 | 457 | 27,415 | (297,621 | ) | 286,736 | 18,280 | |||||||||||
Cash from (used for) financing activities | (38,154 | ) | (70 | ) | (61,779 | ) | (48,782 | ) | 116,979 | (31,807 | ) | |||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | (628 | ) | \u2014 | (628 | ) | ||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 6,089 | \u2014 | (3 | ) | (19,002 | ) | 3,739 | (9,176 | ) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 3,472 | \u2014 | 3 | 49,400 | (8,151 | ) | 44,724 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 9,561 | \u2014 | \u2014 | 30,399 | (4,412 | ) | 35,548 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 4,424 | \u2014 | 4,424 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 9,561 | $ | \u2014 | $ | \u2014 | $ | 25,975 | $ | (4,412 | ) | $ | 31,124 |
(a) | Parent Company Guarantor cash flows included cash from (used for) operating activities of discontinued operations of $1,991 million. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||
FOR THE YEAR ENDED DECEMBER\u00a031, 2017 | ||||||||||||||||||
(In millions) | Parent Company Guarantor | Subsidiary Issuer | Subsidiary Guarantor | Non- Guarantor Subsidiaries | Consolidating Adjustments | Consolidated | ||||||||||||
Cash from (used for) operating activities(a) | $ | (29,441 | ) | $ | 52 | $ | 4,305 | $ | 149,385 | $ | (117,747 | ) | $ | 6,554 | ||||
Cash from (used for) investing activities | (4,432 | ) | (52 | ) | (1,871 | ) | (222,298 | ) | 234,032 | 5,379 | ||||||||
Cash from (used for) financing activities | 34,616 | \u2014 | (2,473 | ) | 70,782 | (121,410 | ) | (18,484 | ) | |||||||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | \u2014 | \u2014 | \u2014 | 891 | \u2014 | 891 | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 743 | \u2014 | (39 | ) | (1,239 | ) | (5,125 | ) | (5,659 | ) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 2,729 | \u2014 | 41 | 50,640 | (3,026 | ) | 50,384 | |||||||||||
Cash, cash equivalents and restricted cash at end of year | 3,472 | \u2014 | 3 | 49,400 | (8,151 | ) | 44,724 | |||||||||||
Less cash, cash equivalents and restricted cash of discontinued operations at end of year | \u2014 | \u2014 | \u2014 | 7,901 | \u2014 | 7,901 | ||||||||||||
Cash, cash equivalents and restricted cash of continuing operations at end of year | $ | 3,472 | $ | \u2014 | $ | 3 | $ | 41,499 | $ | (8,151 | ) | $ | 36,823 |
From September 16 to December 31, 2019 (In millions) | |||
Revenues | $ | 7,751 | |
Gross Profit | 1,558 | ||
Net income (loss) | 120 | ||
Net income (loss) attributable to the entity | 60 |
December 31, 2019\u00a0(In millions) | |||
Current | $ | 15,222 | |
Noncurrent | 38,147 | ||
Total assets | $ | 53,369 | |
Current | $ | 10,014 | |
Noncurrent | 8,857 | ||
Total liabilities | $ | 18,871 | |
Noncontrolling interests | $ | 12,570 |
From September 16 to December 31, 2019 (In millions) | |||
Revenues | $ | 7,751 | |
Gross Profit | 1,558 | ||
Net income (loss) | 120 | ||
Net income (loss) attributable to the entity | 60 |
December 31, 2019\u00a0(In millions) | |||
Current | $ | 15,222 | |
Noncurrent | 38,147 | ||
Total assets | $ | 53,369 | |
Current | $ | 10,014 | |
Noncurrent | 8,857 | ||
Total liabilities | $ | 18,871 | |
Noncontrolling interests | $ | 12,570 |
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||||||||||||||
(In millions; per-share amounts in dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Consolidated operations | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 983 | $ | 446 | $ | (115 | ) | $ | 791 | $ | (1,290 | ) | $ | (23,014 | ) | $ | 845 | $ | 697 | ||||||||
Earnings (loss) from discontinued operations | 2,663 | (1,559 | ) | 219 | (122 | ) | (8,093 | ) | 155 | (123 | ) | 163 | |||||||||||||||
Net earnings (loss) | 3,645 | (1,113 | ) | 104 | 669 | (9,383 | ) | (22,859 | ) | 721 | 860 | ||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 57 | 34 | (23 | ) | (132 | ) | 40 | (90 | ) | (7 | ) | 99 | |||||||||||||||
Net earnings (loss) attributable to the Company | $ | 3,588 | $ | (1,147 | ) | $ | 127 | $ | 800 | $ | (9,423 | ) | $ | (22,769 | ) | $ | 728 | $ | 761 | ||||||||
Per-share amounts \u2013 earnings (loss) from continuing operations | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.10 | $ | 0.03 | $ | (0.03 | ) | $ | 0.08 | $ | (0.15 | ) | $ | (2.64 | ) | $ | 0.07 | $ | 0.06 | ||||||||
Basic earnings (loss) per share | 0.10 | 0.03 | (0.03 | ) | 0.08 | (0.15 | ) | (2.64 | ) | 0.08 | 0.06 | ||||||||||||||||
Per-share amounts \u2013 earnings (loss) from discontinued operations | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.30 | (0.17 | ) | 0.03 | (0.01 | ) | (0.93 | ) | 0.02 | (0.02 | ) | 0.01 | |||||||||||||||
Basic earnings (loss) per share | 0.30 | (0.17 | ) | 0.03 | (0.01 | ) | (0.93 | ) | 0.02 | (0.01 | ) | 0.01 | |||||||||||||||
Per-share amounts \u2013 net earnings (loss) | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.40 | (0.14 | ) | (0.01 | ) | 0.07 | (1.08 | ) | (2.62 | ) | 0.06 | 0.07 | |||||||||||||||
Basic earnings (loss) per share | 0.41 | (0.14 | ) | (0.01 | ) | 0.07 | (1.08 | ) | (2.62 | ) | 0.06 | 0.07 | |||||||||||||||
Dividends declared | 0.01 | 0.12 | 0.01 | 0.12 | 0.01 | 0.12 | 0.01 | 0.01 | |||||||||||||||||||
Selected data | |||||||||||||||||||||||||||
GE | |||||||||||||||||||||||||||
Sales of goods and services | $ | 20,324 | $ | 21,138 | $ | 21,416 | $ | 22,190 | $ | 21,519 | $ | 21,273 | $ | 24,460 | $ | 24,437 | |||||||||||
Gross profit from sales | 4,494 | 4,879 | 4,500 | 5,100 | 4,660 | 3,924 | 5,780 | 4,261 | |||||||||||||||||||
GE Capital | |||||||||||||||||||||||||||
Total revenues | 2,227 | 2,173 | 2,321 | 2,429 | 2,097 | 2,473 | 2,096 | 2,476 | |||||||||||||||||||
Earnings (loss) from continuing operations \u00a0\u00a0attributable to the Company | 175 | (179 | ) | 99 | (22 | ) | (603 | ) | 58 | 259 | 101 |
First quarter | Second quarter | Third quarter | Fourth quarter | ||||||||||||||||||||||||
(In millions; per-share amounts in dollars) | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||
Consolidated operations | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 983 | $ | 446 | $ | (115 | ) | $ | 791 | $ | (1,290 | ) | $ | (23,014 | ) | $ | 845 | $ | 697 | ||||||||
Earnings (loss) from discontinued operations | 2,663 | (1,559 | ) | 219 | (122 | ) | (8,093 | ) | 155 | (123 | ) | 163 | |||||||||||||||
Net earnings (loss) | 3,645 | (1,113 | ) | 104 | 669 | (9,383 | ) | (22,859 | ) | 721 | 860 | ||||||||||||||||
Less net earnings (loss) attributable to noncontrolling interests | 57 | 34 | (23 | ) | (132 | ) | 40 | (90 | ) | (7 | ) | 99 | |||||||||||||||
Net earnings (loss) attributable to the Company | $ | 3,588 | $ | (1,147 | ) | $ | 127 | $ | 800 | $ | (9,423 | ) | $ | (22,769 | ) | $ | 728 | $ | 761 | ||||||||
Per-share amounts \u2013 earnings (loss) from continuing operations | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.10 | $ | 0.03 | $ | (0.03 | ) | $ | 0.08 | $ | (0.15 | ) | $ | (2.64 | ) | $ | 0.07 | $ | 0.06 | ||||||||
Basic earnings (loss) per share | 0.10 | 0.03 | (0.03 | ) | 0.08 | (0.15 | ) | (2.64 | ) | 0.08 | 0.06 | ||||||||||||||||
Per-share amounts \u2013 earnings (loss) from discontinued operations | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.30 | (0.17 | ) | 0.03 | (0.01 | ) | (0.93 | ) | 0.02 | (0.02 | ) | 0.01 | |||||||||||||||
Basic earnings (loss) per share | 0.30 | (0.17 | ) | 0.03 | (0.01 | ) | (0.93 | ) | 0.02 | (0.01 | ) | 0.01 | |||||||||||||||
Per-share amounts \u2013 net earnings (loss) | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | 0.40 | (0.14 | ) | (0.01 | ) | 0.07 | (1.08 | ) | (2.62 | ) | 0.06 | 0.07 | |||||||||||||||
Basic earnings (loss) per share | 0.41 | (0.14 | ) | (0.01 | ) | 0.07 | (1.08 | ) | (2.62 | ) | 0.06 | 0.07 | |||||||||||||||
Dividends declared | 0.01 | 0.12 | 0.01 | 0.12 | 0.01 | 0.12 | 0.01 | 0.01 | |||||||||||||||||||
Selected data | |||||||||||||||||||||||||||
GE | |||||||||||||||||||||||||||
Sales of goods and services | $ | 20,324 | $ | 21,138 | $ | 21,416 | $ | 22,190 | $ | 21,519 | $ | 21,273 | $ | 24,460 | $ | 24,437 | |||||||||||
Gross profit from sales | 4,494 | 4,879 | 4,500 | 5,100 | 4,660 | 3,924 | 5,780 | 4,261 | |||||||||||||||||||
GE Capital | |||||||||||||||||||||||||||
Total revenues | 2,227 | 2,173 | 2,321 | 2,429 | 2,097 | 2,473 | 2,096 | 2,476 | |||||||||||||||||||
Earnings (loss) from continuing operations \u00a0\u00a0attributable to the Company | 175 | (179 | ) | 99 | (22 | ) | (603 | ) | 58 | 259 | 101 |