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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Corporate
CORPORATE. The Corporate amounts related to revenues and earnings include the results of disposed businesses, certain amounts not included in operating segment results because they are excluded from measurement of their operating performance for internal and external purposes and the elimination of intersegment activities. In addition, the Corporate amounts related to earnings include certain costs of our principal retirement plans, significant, higher-cost restructuring programs, separation costs, and other costs reported in Corporate.
1Q 2024 FORM 10-Q 9
Corporate includes the results of the GE Digital business, which is part of GE Vernova, and our run-off Insurance operations (see Note 13 for further information).
| REVENUES AND OPERATING PROFIT (COST) | Three months ended March 31 | |
|---|---|---|
| 2024 | 2023 | |
| GE Digital revenues | $209 | $237 |
| Insurance revenues (Note 13) | 879 | 791 |
| Eliminations and other | (237) | (181) |
| Total Corporate revenues | $850 | $848 |
| Gains (losses) on retained and sold ownership interests (Note 19) | $628 | $5,908 |
| Gains (losses) on other equity securities | 7 | (2) |
| Gains (losses) on purchases and sales of business interests | 4 | (55) |
| Restructuring and other charges (Note 20) | (218) | (151) |
| Separation costs (Note 20) | (355) | (205) |
| Insurance profit (loss) (Note 13) | 200 | 70 |
| Adjusted total Corporate operating profit (costs) (Non-GAAP) | 10 | (109) |
| Total Corporate operating profit (cost) (GAAP) | $276 | $5,456 |
| Less: gains (losses), impairments, Insurance, and restructuring & other | 266 | 5,565 |
| Adjusted total Corporate operating profit (costs) (Non-GAAP) | $10 | $(109) |
| Functions & operations | $(74) | $(145) |
| Environmental, health and safety (EHS) and other items | 81 | 30 |
| Eliminations | 4 | 6 |
| Adjusted total Corporate operating profit (costs) (Non-GAAP) | $10 | $(109) |
Adjusted total corporate operating profit (costs)* excludes gains (losses) on purchases and sales of business interests, significant, higher-cost restructuring programs, separation costs, gains (losses) on equity securities, and our run-off Insurance operations profit. We believe that adjusting corporate costs to exclude the effects of items that are not closely associated with ongoing corporate operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.
For the three months ended March 31, 2024, revenues remained relatively flat due to higher revenue in our run-off Insurance operations offset by higher intersegment eliminations. Corporate operating profit decreased by $5.2 billion due to $5.3 billion of lower gains on retained and sold ownership interests, primarily related to our GE HealthCare investment, partially offset by the nonrecurrence of a prior year loss on our AerCap investment. In addition, Corporate operating profit decreased as the result of $0.2 billion of higher separation costs and $0.1 billion of higher restructuring and other charges.
Adjusted total corporate operating profit* increased by $0.1 billion driven by favorability in functions and operations due to lower functional costs and favorability in EHS and other items as a result of higher bank interest, partially offset by higher EHS costs.
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