GENERAL ELECTRIC CO
For the period ended Mar 31, 2024. Filed Apr 23, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 23, 2024
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
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.) | ||
| 1 Neumann Way | Evendale | OH | 45215 |
| (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 |
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 þ 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ 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 the 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☑
There were 1,094,606,676 shares of common stock with a par value of $0.01 per share outstanding at March 31, 2024.
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) | 4 |
| Consolidated Results | 4 |
| Segment Operations | 6 |
| Corporate | 9 |
| Other Consolidated Information | 10 |
| Capital Resources and Liquidity | 11 |
| Critical Accounting Estimates | 13 |
| Other Items | 13 |
| Non-GAAP Financial Measures | 14 |
| Controls and Procedures | 17 |
| Other Financial Data | 17 |
| Risk Factors | 17 |
| Financial Statements and Notes | 26 |
| Statement of Earnings (Loss) | 26 |
| Statement of Financial Position | 27 |
| Statement of Cash Flows | 28 |
| Statement of Comprehensive Income (Loss) | 29 |
| Statement of Changes in Shareholders' Equity | 29 |
| Note 1 Basis of Presentation and Summary of Significant Accounting Policies | 30 |
| Note 2 Businesses Held for Sale and Discontinued Operations | 30 |
| Note 3 Investment Securities | 32 |
| Note 4 Current and Long-Term Receivables | 33 |
| Note 5 Inventories, Including Deferred Inventory Costs | 34 |
| Note 6 Property, Plant and Equipment and Operating Leases | 34 |
| Note 7 Goodwill and Other Intangible Assets | 35 |
| Note 8 Revenues | 35 |
| Note 9 Contract and Other Deferred Assets & Progress Collections and Deferred Income | 36 |
| Note 10 All Other Assets | 37 |
| Note 11 Borrowings | 37 |
| Note 12 Accounts Payable and Equipment Project Payables | 37 |
| Note 13 Insurance Liabilities and Annuity Benefits | 37 |
| Note 14 Postretirement Benefit Plans | 39 |
| Note 15 Current and All Other Liabilities | 39 |
| Note 16 Income Taxes | 39 |
| Note 17 Shareholders' Equity | 40 |
| Note 18 Earnings Per Share Information | 41 |
| Note 19 Other Income (Loss) | 41 |
| Note 20 Restructuring Charges and Separation Costs | 41 |
| Note 21 Financial Instruments | 42 |
| Note 22 Variable Interest Entities | 44 |
| Note 23 Commitments, Guarantees, Product Warranties and Other Loss Contingencies | 44 |
| Note 24 Subsequent Event | 46 |
| Exhibits | 46 |
| Form 10-Q Cross Reference Index | 47 |
| Signatures | 47 |
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