GENERAL ELECTRIC CO
For the period ended Dec 31, 2023. Filed Feb 2, 2024.
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FY2023 · Filed Feb 2, 2024
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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 York | 14-0689340 | ||
|---|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
| One Financial Center, Suite 3700 | Boston | MA | 02111 |
| (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 class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value $0.01 per share | GE | New York Stock Exchange |
| 0.875% Notes due 2025 | GE 25 | New York Stock Exchange |
| 1.875% Notes due 2027 | GE 27E | New York Stock Exchange |
| 1.500% Notes due 2029 | GE 29 | New York Stock Exchange |
| 7 1/2% Guaranteed Subordinated Notes due 2035 | GE /35 | New York Stock Exchange |
| 2.125% Notes due 2037 | GE 37 | New 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 Statements | 3 |
| About General Electric | 4 |
| Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) | 6 |
| Consolidated Results | 6 |
| Segment Operations | 7 |
| Corporate | 13 |
| Other Consolidated Information | 14 |
| Capital Resources and Liquidity | 15 |
| Critical Accounting Estimates | 18 |
| Other Items | 20 |
| Non-GAAP Financial Measures | 23 |
| Other Financial Data | 26 |
| Cybersecurity | 26 |
| Risk Factors | 27 |
| Legal Proceedings | 36 |
| Management and Auditor's Reports | 37 |
| Audited Financial Statements and Notes | 41 |
| Statement of Earnings (Loss) | 41 |
| Statement of Financial Position | 42 |
| Statement of Cash Flows | 43 |
| Statement of Comprehensive Income (Loss) | 44 |
| Statement of Changes in Shareholders' Equity | 44 |
| Note 1 Basis of Presentation and Summary of Significant Accounting Policies | 45 |
| Note 2 Businesses Held for Sale and Discontinued Operations | 50 |
| Note 3 Investment Securities | 52 |
| Note 4 Current and Long-Term Receivables | 54 |
| Note 5 Inventories, Including Deferred Inventory Costs | 54 |
| Note 6 Property, Plant and Equipment and Operating Leases | 55 |
| Note 7 Goodwill and Other Intangible Assets | 55 |
| Note 8 Contract and Other Deferred Assets & Progress Collections and Deferred Income | 56 |
| Note 9 All Other Assets | 57 |
| Note 10 Borrowings | 58 |
| Note 11 Accounts Payable and Equipment Project Payables | 58 |
| Note 12 Insurance Liabilities and Annuity Benefits | 58 |
| Note 13 Postretirement Benefit Plans | 61 |
| Note 14 Current and All Other Liabilities | 67 |
| Note 15 Income Taxes | 67 |
| Note 16 Shareholders' Equity | 70 |
| Note 17 Share-Based Compensation | 71 |
| Note 18 Earnings Per Share Information | 72 |
| Note 19 Other Income (Loss) | 72 |
| Note 20 Restructuring Charges and Separation Costs | 73 |
| Note 21 Fair Value Measurements | 74 |
| Note 22 Financial Instruments | 74 |
| Note 23 Variable Interest Entities | 76 |
| Note 24 Commitments, Guarantees, Product Warranties and Other Loss Contingencies | 76 |
| Note 25 Operating Segments | 78 |
| Note 26 Summarized Financial Information | 80 |
| Note 27 Quarterly Information | 81 |
| Directors, Executive Officers and Corporate Governance | 82 |
| Exhibits and Financial Statement Schedules | 82 |
| Signatures | 87 |
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