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GENERAL ELECTRIC CO

For the period ended Dec 31, 2023. Filed Feb 2, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 2, 2024

GE$337.91+0.7%Stored close · as of Nov 10, 2026

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United States Securities and Exchange Commission

WASHINGTON, D.C. 20549

FORM 10-K

☑ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2023

Commission file number 001-00035

GENERAL ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)

New York14-0689340
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Financial Center, Suite 3700BostonMA02111
(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code) (617)443-3000

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareGENew York Stock Exchange
0.875% Notes due 2025GE 25New York Stock Exchange
1.875% Notes due 2027GE 27ENew York Stock Exchange
1.500% Notes due 2029GE 29New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035GE /35New York Stock Exchange
2.125% Notes due 2037GE 37New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act:

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes¨ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐ No☑

The aggregate market value of the outstanding common equity of the registrant not held by affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was at least $117.9 billion. There were 1,088,334,304 shares of common stock with a par value of $0.01 outstanding at January 15, 2024.

DOCUMENTS INCORPORATED BY REFERENCE

The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May 7, 2024, is incorporated by reference into Part III to the extent described therein.

TABLE OF CONTENTS

Page
Forward-Looking Statements3
About General Electric4
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)6
Consolidated Results6
Segment Operations7
Corporate13
Other Consolidated Information14
Capital Resources and Liquidity15
Critical Accounting Estimates18
Other Items20
Non-GAAP Financial Measures23
Other Financial Data26
Cybersecurity26
Risk Factors27
Legal Proceedings36
Management and Auditor's Reports37
Audited Financial Statements and Notes41
Statement of Earnings (Loss)41
Statement of Financial Position42
Statement of Cash Flows43
Statement of Comprehensive Income (Loss)44
Statement of Changes in Shareholders' Equity44
Note 1 Basis of Presentation and Summary of Significant Accounting Policies45
Note 2 Businesses Held for Sale and Discontinued Operations50
Note 3 Investment Securities52
Note 4 Current and Long-Term Receivables54
Note 5 Inventories, Including Deferred Inventory Costs54
Note 6 Property, Plant and Equipment and Operating Leases55
Note 7 Goodwill and Other Intangible Assets55
Note 8 Contract and Other Deferred Assets & Progress Collections and Deferred Income56
Note 9 All Other Assets57
Note 10 Borrowings58
Note 11 Accounts Payable and Equipment Project Payables58
Note 12 Insurance Liabilities and Annuity Benefits58
Note 13 Postretirement Benefit Plans61
Note 14 Current and All Other Liabilities67
Note 15 Income Taxes67
Note 16 Shareholders' Equity70
Note 17 Share-Based Compensation71
Note 18 Earnings Per Share Information72
Note 19 Other Income (Loss)72
Note 20 Restructuring Charges and Separation Costs73
Note 21 Fair Value Measurements74
Note 22 Financial Instruments74
Note 23 Variable Interest Entities76
Note 24 Commitments, Guarantees, Product Warranties and Other Loss Contingencies76
Note 25 Operating Segments78
Note 26 Summarized Financial Information80
Note 27 Quarterly Information81
Directors, Executive Officers and Corporate Governance82
Exhibits and Financial Statement Schedules82
Signatures87
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