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GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
 
 
Consolidated
 
 
GE(a)
 
Financial Services (GE Capital)
Three months ended December 31
 
2018

 
2017

 
V%

 
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales of goods and services
 
$
31,112

 
$
30,512

 
2
 %
 
 
$
31,213

 
$
30,571

 
2
%
 
$
21

 
$
29

 
(28
)%
GE Capital revenues from services
 
2,166

 
1,091

 
 
 
 

 

 
 
 
2,455

 
1,516

 
 
Total revenues
 
33,278

 
31,603

 
5
 %
 
 
31,213

 
30,571

 
2
%
 
2,476

 
1,545

 
60
 %
Costs and expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
 
25,876

 
25,358

 
 
 
 
25,475

 
24,900

 
 
 
532

 
546

 
 
Selling, general and administrative expenses
 
4,565

 
4,389

 
 
 
 
4,329

 
4,207

 
 
 
354

 
316

 
 
Interest and other financial charges
 
1,252

 
1,324

 
 
 
 
714

 
834

 
 
 
686

 
772

 
 
Investment contracts, insurance losses and
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
insurance annuity benefits
 
782

 
10,260

 
 
 
 

 

 
 
 
777

 
10,255

 
 
Goodwill impairments
 
162

 
1,603

 
 
 
 
162

 
217

 
 
 

 
1,386

 
 
Non-operating benefit costs
 
589

 
576

 
 
 
 
586

 
574

 
 
 
3

 
2

 
 
Other costs and expenses
 
178

 
498

 
 
 
 

 

 
 
 
231

 
357

 
 
Total costs and expenses
 
33,404

 
44,008

 
(24
)%
 
 
31,266

 
30,732

 
2
%
 
2,584

 
13,634

 
(81
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
 
984

 
(566
)
 
 
 
 
1,018

 
(722
)
 
 
 

 

 
 
GE Capital earnings (loss) from continuing operations
 

 

 
 
 
 
(86
)
 
(6,569
)
 
 
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
before income taxes
 
858

 
(12,971
)
 
F

 
 
880

 
(7,452
)
 
F

 
(107
)
 
(12,088
)
 
99
 %
Benefit (provision) for income taxes
 
94

 
1,918

 
 
 
 
(115
)
 
(3,784
)
 
 
 
209

 
5,702

 
 
Earnings (loss) from continuing operations
 
952

 
(11,053
)
 
F

 
 
765

 
(11,237
)
 
F

 
102

 
(6,386
)
 
F

Earnings (loss) from discontinued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
operations, net of taxes
 
(92
)
 
182

 
 
 
 
(92
)
 
182

 
 
 
(91
)
 
182

 
 
Net earnings (loss)
 
860

 
(10,872
)
 
F

 
 
673

 
(11,055
)
 
F

 
10

 
(6,204
)
 
F

Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests
 
99

 
(53
)
 
 
 
 
99

 
(52
)
 
 
 

 
(1
)
 
 
Net earnings (loss) attributable to the Company
 
761

 
(10,818
)
 
F

 
 
574

 
(11,003
)
 
F

 
10

 
(6,203
)
 
F

Preferred stock dividends
 
(187
)
 
(184
)
 
 
 
 

 

 
 
 
(187
)
 
(184
)
 
 
Net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GE common shareowners
 
$
574

 
$
(11,003
)
 
F

 
 
$
574

 
$
(11,003
)
 
F

 
$
(177
)
 
$
(6,388
)
 
(97
)%
Amounts attributable to GE common shareowners:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
$
952

 
$
(11,053
)
 
F

 
 
$
765

 
$
(11,237
)
 
F

 
$
102

 
$
(6,386
)
 
F

Less net earnings (loss) attributable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
to noncontrolling interests, continuing operations
 
99

 
(53
)
 
 
 
 
99

 
(52
)
 
 
 

 
(1
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
attributable to the Company
 
853

 
(11,000
)
 
F

 
 
666

 
(11,184
)
 
F

 
101

 
(6,385
)
 
F

Preferred stock dividends
 
(187
)
 
(184
)
 
 
 
 

 

 
 
 
(187
)
 
(184
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
666

 
(11,184
)
 
F

 
 
666

 
(11,184
)
 
F

 
(86
)
 
(6,569
)
 
99
 %
Earnings (loss) from discontinued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
operations, net of taxes
 
(92
)
 
182

 
 
 
 
(92
)
 
182

 
 
 
(91
)
 
182

 
 
Less net earnings (loss) attributable to
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests, discontinued operations
 

 

 
 
 
 

 

 
 
 

 

 
 
Net earnings (loss) attributable to GE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
common shareowners
 
$
574

 
$
(11,003
)
 
F

 
 
$
574

 
$
(11,003
)
 
F

 
$
(177
)
 
$
(6,388
)
 
97
 %
Per-share amounts - earnings (loss) from
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
0.08

 
$
(1.29
)
 
F

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
0.08

 
$
(1.29
)
 
F

 
 
 
 
 
 
 
 
 
 
 
 
 
Per-share amounts - net earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
 
$
0.07

 
$
(1.27
)
 
F

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
 
$
0.07

 
$
(1.27
)
 
F

 
 
 
 
 
 
 
 
 
 
 
 
 
Total average equivalent shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
8,701

 
8,676

 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
8,700

 
8,676

 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
 
$
0.01

 
$
0.12

 
(92
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
Amounts may not add due to rounding. Dollar amounts and share amounts in millions; per-share amounts in dollars.
"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.

4



GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF EARNINGS (LOSS) (UNAUDITED)
 
Consolidated
 
 
GE(a)
 
Financial Services (GE Capital)
Twelve months ended December 31
2018

 
2017

 
V%

 
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales of goods and services
$
113,543

 
$
110,968

 
2
 %
 
 
$
113,642

 
$
111,255

 
2
%
 
$
121

 
$
130

 
(7
)%
GE Capital revenues from services
8,072

 
7,276

 
 

 
 

 

 
 

 
9,430

 
8,940

 
 
Total revenues
121,615

 
118,243

 
3
 %
 
 
113,642

 
111,255

 
2
%
 
9,551

 
9,070

 
5
 %
Costs and expenses
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
Cost of sales
92,671

 
90,883

 
 

 
 
90,729

 
89,001

 
 

 
2,183

 
2,298

 
 
Selling, general and administrative expenses
18,111

 
17,569

 
 

 
 
17,319

 
16,406

 
 

 
1,341

 
1,662

 
 
Interest and other financial charges
5,059

 
4,869

 
 

 
 
2,708

 
2,753

 
 

 
2,982

 
3,145

 
 
Investment contracts, insurance losses and
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
insurance annuity benefits
2,790

 
12,168

 
 

 
 

 

 
 

 
2,849

 
12,213

 
 
Goodwill impairments
22,136

 
2,550

 
 
 
 
22,136

 
1,165

 
 
 

 
1,386

 
 
Non-operating benefit costs
2,777

 
2,399

 
 
 
 
2,764

 
2,385

 
 
 
12

 
14

 
 
Other costs and expenses
464

 
1,082

 
 

 
 

 

 
 

 
558

 
986

 
 
Total costs and expenses
144,008

 
131,520

 
9
 %
 
 
135,656

 
111,710

 
21
%
 
9,926

 
21,703

 
(54
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income
2,259

 
2,126

 
 

 
 
2,255

 
1,937

 
 

 

 

 
 
GE Capital earnings (loss) from continuing operations

 

 
 

 
 
(489
)
 
(6,765
)
 
 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) from continuing operations
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
before income taxes
(20,134
)
 
(11,151
)
 
(81
)%
 
 
(20,248
)
 
(5,282
)
 
U

 
(375
)
 
(12,633
)
 
97
 %
Benefit (provision) for income taxes
(583
)
 
2,611

 
 

 
 
(957
)
 
(3,691
)
 
 

 
374

 
6,302

 
 
Earnings (loss) from continuing operations
(20,717
)
 
(8,540
)
 
U

 
 
(21,205
)
 
(8,973
)
 
U

 
(1
)
 
(6,331
)
 
F

Earnings (loss) from discontinued
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
operations, net of taxes
(1,726
)
 
(309
)
 
 

 
 
(1,726
)
 
(315
)
 
 

 
(1,670
)
 
(312
)
 
 
Net earnings (loss)
(22,443
)
 
(8,849
)
 
U

 
 
(22,931
)
 
(9,288
)
 
U

 
(1,672
)
 
(6,643
)
 
75
 %
Less net earnings (loss) attributable to
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
noncontrolling interests
(89
)
 
(365
)
 
 

 
 
(129
)
 
(368
)
 
 

 
40

 
4

 
 
Net earnings (loss) attributable to the Company
(22,355
)
 
(8,484
)
 
U

 
 
(22,802
)
 
(8,920
)
 
U

 
(1,712
)
 
(6,647
)
 
74
 %
Preferred stock dividends
(447
)
 
(436
)
 
 

 
 

 

 
 

 
(447
)
 
(436
)
 
 
Net earnings (loss) attributable to
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
GE common shareowners
$
(22,802
)
 
$
(8,920
)
 
U

 
 
$
(22,802
)
 
$
(8,920
)
 
U

 
$
(2,159
)
 
$
(7,083
)
 
70
 %
Amounts attributable to GE common shareowners:
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
Earnings (loss) from continuing operations
$
(20,717
)
 
$
(8,540
)
 
U

 
 
$
(21,205
)
 
$
(8,973
)
 
U

 
$
(1
)
 
$
(6,331
)
 
F

Less net earnings (loss) attributable
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
to noncontrolling interests, continuing operations
(89
)
 
(371
)
 
 

 
 
(129
)
 
(368
)
 
 

 
40

 
(3
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
attributable to the Company
(20,629
)
 
(8,169
)
 
U

 
 
(21,076
)
 
(8,605
)
 
U

 
(42
)
 
(6,328
)
 
99
 %
Preferred stock dividends
(447
)
 
(436
)
 
 

 
 

 

 
 

 
(447
)
 
(436
)
 
 
Earnings (loss) from continuing operations
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
attributable to GE common shareowners
(21,076
)
 
(8,605
)
 
U

 
 
(21,076
)
 
(8,605
)
 
U

 
(489
)
 
(6,765
)
 
93
 %
Earnings (loss) from discontinued
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
operations, net of taxes
(1,726
)
 
(309
)
 
 

 
 
(1,726
)
 
(315
)
 
 

 
(1,670
)
 
(312
)
 
 
Less net earnings (loss) attributable to
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
noncontrolling interests, discontinued operations

 
6

 
 

 
 

 

 
 

 

 
6

 
 
Net earnings (loss) attributable to GE
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 
 
 
 
common shareowners
$
(22,802
)
 
$
(8,920
)
 
U

 
 
$
(22,802
)
 
$
(8,920
)
 
U

 
$
(2,159
)
 
$
(7,083
)
 
70
 %
Per-share amounts - earnings (loss) from
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
continuing operations
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(2.43
)
 
$
(0.99
)
 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(2.43
)
 
$
(0.99
)
 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Per-share amounts - net earnings (loss)
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share
$
(2.62
)
 
$
(1.03
)
 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per share
$
(2.62
)
 
$
(1.03
)
 
U

 
 
 
 
 
 
 
 
 
 
 
 
 
Total average equivalent shares
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
8,691

 
8,687

 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
8,691

 
8,687

 
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.37

 
$
0.84

 
(56
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
Amounts may not add due to rounding. Dollar amounts and share amounts in millions; per-share amounts in dollars.
"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.

5



GENERAL ELECTRIC COMPANY
 
 
 
 
 
 
 
 
 
 
 
 
SUMMARY OF OPERATING SEGMENTS (UNAUDITED)
 
 
 
 
 
 
 
 
 
 
Three months ended December 31
 
Twelve months ended December 31
(Dollars in millions)
 
2018

 
2017

 
V%

 
2018

 
2017

 
V%

Revenues(a)
 
 
 
 
 
 
 
 
 
 
 
 
Power
 
$
6,760

 
$
9,011

 
(25
)%
 
$
27,300

 
$
34,878

 
(22
)%
Renewable Energy
 
3,361

 
2,618

 
28
 %
 
9,533

 
9,205

 
4
 %
Aviation
 
8,456

 
7,010

 
21
 %
 
30,566

 
27,013

 
13
 %
Oil & Gas
 
6,250

 
5,786

 
8
 %
 
22,859

 
17,180

 
33
 %
Healthcare
 
5,398

 
5,314

 
2
 %
 
19,784

 
19,017

 
4
 %
Transportation
 
1,152

 
929

 
24
 %
 
3,898

 
3,935

 
(1
)%
Lighting
 
451

 
534

 
(16
)%
 
1,723

 
1,941

 
(11
)%
Total industrial segment revenues
 
31,827

 
31,202

 
2
 %
 
115,664

 
113,168

 
2
 %
Capital
 
2,476

 
1,545

 
60
 %
 
9,551

 
9,070

 
5
 %
Total segment revenues
 
34,303

 
32,747

 
5
 %
 
125,215

 
122,239

 
2
 %
Corporate items and eliminations(a)
 
(1,025
)
 
(1,144
)
 
10
 %
 
(3,600
)
 
(3,995
)
 
10
 %
Consolidated revenues
 
$
33,278

 
$
31,603

 
5
 %
 
$
121,615

 
$
118,243

 
3
 %
Segment profit (loss)(a)
 
 
 
 
 
 
 
 
 
 
 
 
Power
 
$
(872
)
 
$
51

 
U

 
$
(808
)
 
$
1,947

 
U

Renewable Energy
 
67

 
138

 
(51
)%
 
287

 
583

 
(51
)%
Aviation
 
1,723

 
1,388

 
24
 %
 
6,466

 
5,370

 
20
 %
Oil & Gas
 
320

 
(165
)
 
F

 
429

 
158

 
F

Healthcare
 
1,176

 
1,153

 
2
 %
 
3,698

 
3,488

 
6
 %
Transportation
 
185

 
221

 
(16
)%
 
633

 
641

 
(1
)%
Lighting
 
18

 
(15
)
 
F

 
70

 
27

 
F

Total industrial segment profit
 
2,617

 
2,772

 
(6
)%
 
10,774

 
12,213

 
(12
)%
Capital
 
(86
)
 
(6,569
)
 
99
 %
 
(489
)
 
(6,765
)
 
93
 %
Total segment profit (loss)
 
2,531

 
(3,798
)
 
F

 
10,285

 
5,448

 
89
 %
Corporate items and eliminations(a)
 
(288
)
 
(1,977
)
 
85
 %
 
(2,796
)
 
(4,060
)
 
31
 %
GE goodwill impairments
 
(162
)
 
(217
)
 
25
 %
 
(22,136
)
 
(1,165
)
 
U

GE interest and other financial charges
 
(714
)
 
(834
)
 
14
 %
 
(2,708
)
 
(2,753
)
 
2
 %
GE non-operating benefit costs
 
(586
)
 
(574
)
 
(2
)%
 
(2,764
)
 
(2,385
)
 
(16
)%
GE benefit (provision) for income taxes
 
(115
)
 
(3,784
)
 
97
 %
 
(957
)
 
(3,691
)
 
74
 %
Earnings (loss) from continuing operations
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
666

 
(11,184
)
 
F

 
(21,076
)
 
(8,605
)
 
U

Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
net of taxes
 
(92
)
 
182

 
U

 
(1,726
)
 
(309
)
 
U

Less net earnings attributable to
 
 
 
 
 
 
 
 
 
 
 
 
noncontrolling interests, discontinued operations
 

 

 
 %
 

 
6

 
U

Earnings (loss) from discontinued operations,
 
 
 
 
 
 
 
 
 
 
 
 
net of tax and noncontrolling interests
 
(92
)
 
182

 
U

 
(1,726
)
 
(315
)
 
U

Consolidated net earnings (loss)
 
 
 
 
 
 
 
 
 
 
 
 
attributable to GE common shareowners
 
$
574

 
$
(11,003
)
 
F

 
$
(22,802
)
 
$
(8,920
)
 
U

(a)
Segment revenues include sales of products and services related to the segment. Segment profit excludes results reported as discontinued operations and material accounting changes other than those applied retrospectively, goodwill impairment, restructuring and other charges (with the exception of Oil & Gas), the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Segment profit excludes or includes interest and other financial charges, non-operating benefit costs, income taxes, and preferred stock dividends according to how a particular segment's management is measured – excluded in determining segment profit for Power, Renewable Energy, Aviation, Oil & Gas, Healthcare, Transportation and Lighting; included in determining segment profit, which we sometimes refer to as "net earnings," for Capital. Other income is included in segment profit for the industrial segments. Certain corporate costs, such as shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs is allocated based on each segment's relative net cost of operations. Industrial segment revenues and profit include the sum of our seven industrial reporting segments without giving effect to the elimination of transactions among such segments and between these segments and our financial services segment. Total segment revenues and profit include the sum of our seven industrial segments and one financial services segment, without giving effect to the elimination of transactions among such segments. We believe that this provides investors with a view as to the results of all of our segments, without inter-segment eliminations and corporate items.

Amounts may not add due to rounding



6



GENERAL ELECTRIC COMPANY
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
 
 
Consolidated
 
GE(a)
 
Financial Services (GE Capital)
 
 
December 31,

 
December 31,

 
December 31,

 
December 31,

 
December 31,

 
December 31,

(Dollars in billions)
 
2018

 
2017

 
2018

 
2017

 
2018

 
2017

Assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash and marketable securities(b)(c)
 
$
68.9


$
82.7

 
$
21.0


$
19.4


$
47.9


$
63.4

Receivables
 
19.9


24.2

 
15.4


14.6





Inventories
 
19.3


19.4

 
19.2


19.3




0.1

GE Capital financing receivables - net
 
7.7


10.3

 




13.6


22.0

Property, plant & equipment - net
 
50.7


53.9

 
22.0


24.0


29.5


30.6

Receivable from GE Capital(e)(f)
 



 
22.5


39.8





Investment in GE Capital
 



 
11.4


13.5





Goodwill & intangible assets
 
77.8


104.2

 
76.6


103.0


1.1


1.2

Contract and other deferred assets
 
20.0


20.4

 
20.0


20.4





Other assets
 
38.7


44.1

 
20.8


21.4


27.1


33.5

Assets of businesses held for sale
 
1.6


4.2

 
1.5


3.8





Assets of discontinued operations
 
4.6


5.9

 




4.6


5.9

Total assets
 
$
309.1


$
369.2

 
$
230.5


$
279.3


$
123.9


$
156.7

Liabilities and equity
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings(d)(f)
 
$
110.0


$
134.6

 
$
32.3

 
$
34.5

 
$
43.0

 
$
55.4

Borrowings assumed by GE(e)
 

 

 
36.3

 
47.1

 
22.5

 
39.8

Investment contracts, insurance liabilities and
 
 
 
 
 
 
 
 
 
 
 
 
insurance annuity benefits
 
35.6


38.1

 




36.0


38.6

Non-current compensation and benefits
 
33.8


41.6

 
32.9


40.8


0.9


0.8

Other liabilities
 
75.4


76.0

 
76.3


78.9


8.3


7.7

Liabilities of businesses held for sale
 
0.7


1.2

 
0.7


1.2





Liabilities of discontinued operations
 
1.9


0.7

 
0.1




1.8


0.7

Redeemable noncontrolling interests
 
0.4


3.4

 
0.4


3.4





GE shareowners' equity
 
31.0


56.0

 
31.0


56.0


11.4


13.5

Noncontrolling interests
 
20.5


17.5

 
20.5


17.3




0.2

Total liabilities and equity
 
$
309.1


$
369.2

 
$
230.5


$
279.3


$
123.9


$
156.7

(a)
Represents the adding together of all affiliated companies except GE Capital, which is presented on a one-line basis.
(b)
At December 31, 2018, GE Capital maintained liquidity sources of $15.0 billion that consisted of cash, cash equivalents and restricted cash of $14.5 billion for continuing operations, cash equivalents and restricted cash of $0.4 billion classified as discontinued operations. Additionally, at December 31, 2018, GE has $47.5 billion ($40.8 billion net of offset provisions) of committed credit lines, consisting primarily of a $20 billion unused syndicated credit facility extended by 36 banks expiring in 2021, a $19.8 billion unused syndicated credit facility extended by six banks expiring in 2020, and $3.6 billion of credit facilities extended by seven banks with expiration dates ranging from February 2019 to May 2019. GE Capital has the right to compel GE to borrow under certain of these credit lines and transfer the proceeds as loans to GE Capital, which would be subject to the same terms and conditions as those between GE and the lending banks.
(c)
Balance included consolidated restricted cash of $0.5 billion and $0.7 billion at December 31, 2018 and December 31, 2017, respectively. GE restricted cash was $0.5 billion and $0.6 billion at December 31, 2018 and December 31, 2017, respectively, and GE Capital restricted cash was an insignificant amount and $0.1 billion at December 31, 2018 and December 31, 2017, respectively.
(d)
GE borrowings includes commercial paper of $3 billion at both December 31, 2018 and December 31, 2017. GE Capital borrowings includes commercial paper of an insignificant amount and $5 billion at December 31, 2018 and December 31, 2017, respectively.
(e)
At December 31, 2018, the remaining GE Capital borrowings that had been assumed by GE as part of the GE Capital Exit Plan was $36.3 billion, for which GE has an offsetting receivable from GE Capital of $22.5 billion, The difference of $13.7 billion represents the amount of borrowings GE Capital has funded with available cash to GE via an intercompany loan in lieu of issuing borrowings externally.
(f)
At December 31, 2018, total GE borrowings is comprised of GE-issued borrowings of $32.3 billion and the $13.7 billion of borrowings from GE Capital as described in note (e) above for a total of $46.1 billion (including $6.3 billion BHGE borrowings).

Amounts may not add due to rounding

"GE Capital" means GE Capital Global Holdings, LLC (GECGH) and all of their affiliates and associated companies. Separate information is shown for "GE" and "Financial Services (GE Capital)." Transactions between GE and GE Capital have been eliminated from the "Consolidated" column. See Note 1 to the 2017 consolidated financial statements at www.ge.com/ar2017 for further information about consolidation matters.


7



GENERAL ELECTRIC COMPANY
Financial Measures That Supplement GAAP


We sometimes use financial measures derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. The following non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure.

Adjusted earnings (loss)
Adjusted earnings (loss) per share (EPS)
Adjusted GE Industrial profit and profit margin (excluding certain items)
GE Industrial segment organic revenues
Healthcare organic revenues
Adjusted Oil & Gas segment profit and profit margin
GE Industrial free cash flows (FCF) and adjusted GE Industrial FCF

The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow. Certain columns, rows or percentages within these reconciliations may not add or recalculate due to the use of rounded numbers. Totals and percentages presented are calculated from the underlying numbers in millions.

8



ADJUSTED EARNINGS (LOSS) (NON-GAAP)
 
 
 
 
 
Three months ended December 31

Twelve months ended December 31
(In millions)
2018

2017

V%

 
2018

2017

V%

 
 
 
 
 
 
 
 
Consolidated earnings (loss) from continuing operations attributable to GE common shareowners (GAAP)
$
666

$
(11,184
)
F

 
$
(21,076
)
$
(8,605
)
U

Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareowners (GAAP)
(86
)
(6,569
)
 
 
(489
)
(6,765
)
 
GE Industrial earnings (loss) (Non-GAAP)
752

(4,615
)
F

 
(20,587
)
(1,841
)
U

 
 
 
 
 
 
 
 
Non-operating benefits costs (pre-tax) (GAAP)
(586
)
(574
)
 
 
(2,764
)
(2,385
)
 
Tax effect on non-operating benefit costs(a)
123

201

 
 
581

835

 
Less: non-operating benefit costs (net of tax)
(463
)
(373
)
 
 
(2,184
)
(1,550
)
 
Gains (losses) and impairments for disposed or held for sale businesses (pre-tax)
900

(961
)
 
 
1,350

926

 
Tax effect on gains (losses) and impairments for disposed or held for sale businesses(b)
(186
)
(16
)
 
 
(375
)
(62
)
 
Less: gains (losses) and impairments for disposed or held for sale businesses (net of tax)
714

(977
)
 
 
974

864

 
Restructuring & other (pre-tax)
(706
)
(1,001
)
 
 
(3,440
)
(4,030
)
 
Tax effect on restructuring & other(b)
95

299

 
 
492

1,252

 
Less: restructuring & other (net of tax)
(611
)
(702
)
 
 
(2,948
)
(2,778
)
 
Goodwill impairments (pre-tax)
(162
)
(217
)
 
 
(22,136
)
(1,165
)
 
Tax effect on goodwill impairments(b)
11

2

 
 
(235
)
9

 
Less: goodwill impairments (net of tax)
(151
)
(215
)
 
 
(22,371
)
(1,156
)
 
Unrealized gains (losses) (pre-tax)
(193
)

 
 


 
Tax effect on unrealized gains (losses)(a)
41


 
 


 
Less: unrealized gains (losses) (net of tax)
(153
)

 
 


 
Less: GE Industrial U.S. tax reform enactment adjustment
17

(4,905
)
 
 
(38
)
(4,905
)
 
Adjusted GE Industrial earnings (loss) (Non-GAAP)
$
1,399

$
2,558

(45
)%
 
$
5,980

$
7,685

(22
)%