General Electric Co (GE) 10-K Annual Report February 2021

GE Chairman and CEO H. Lawrence Culp, Jr. said, “As 2020 progressed, we significantly improved GE's profitability and cash performance despite a still-difficult macro environment. The fourth quarter marked a strong free cash flow finish to a challenging year, reflecting the results of better operations as well as strong and improving orders in Power and Renewable Energy."

Culp continued, “Over the past year our team proved resilient, and momentum is growing across our businesses. We are in leading positions to capture opportunities in the energy transition, precision health, and the future of flight. As we continue our transformation, we remain focused on strengthening GE and delivering value for the long term.”

GE made meaningful progress in 2020 on its priorities:

•Supporting the fight against COVID-19: Quadrupled ventilator production capacity and increased manufacturing capacity of other technologies used in the diagnosis and treatment of COVID-19. Supported 3,900 employees and their families through GE's Employee Relief Fund and supported global and community health and disaster relief efforts through the GE Foundation.

•Accelerating lean transformation: Reflected in improved results, including sequential margin expansion throughout the year and positive free cash flow. Realized more than $2 billion in cost actions and $3 billion in cash actions, in line with 2020 targets.

•Investing in leading technology and delivering for customers: Supplied the first purpose-built hydrogen-burning power plant in the U.S. with Gas Power's 7HA.02 turbine. Secured the first order for Renewable Energy's Haliade-X offshore wind turbine, which is now capable of generating up to 14 MW and has 5.7 GW of commitments. Received U.S. Federal Aviation Administration (FAA) certification of Aviation's GE9X engine, the world’s most powerful aircraft engine. Launched more than 40 new Healthcare products, including enhancing Mural Virtual Care Solution, which provides a complete view of patients' status across a care area, hospital, or system.

•Solidifying financial position: Reduced debt by $16 billion in 2020 and by $30 billion since the beginning of 2019. Reduced near-term liquidity needs by $10.5 billion, ending 2020 with $37 billion of liquidity. Closed sales of BioPharma and GE Lighting and launched program to fully monetize remaining stake in Baker Hughes.

•Continuing to build and empower world-class team: Appointed new CFO; CEOs of Aviation, Power Portfolio, and GE Capital; Chief Diversity Officer; Chief Audit Executive; and leaders throughout businesses and functions, including in commercial, supply chain, services, lean, and inclusion and diversity roles. Invested in new, virtual leadership development courses and lean training for employees.

*Non-GAAP Financial Measure

1 Includes negative impact from restructuring recast, detailed further on page 2. 1

The following information was filed by General Electric Co (GE) on Tuesday, January 26, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

General Electric Co provided additional information to their SEC Filing as exhibits

Exhibit 4.K: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.L: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.C: Material Contract

Exhibit 10.F: Material Contract

Exhibit 10.G: Material Contract

Exhibit 10.K: Material Contract

Exhibit 10.L: Material Contract

Exhibit 10.N: Material Contract

Exhibit 10.R: Material Contract

Exhibit 10.S: Material Contract

Exhibit 10.T: Material Contract

Exhibit 10.V: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 22: Published Report Regarding Matters Submitted To Vote Of Security Holders

Exhibit 23: Consents Of Experts And Counsel

Exhibit 24: Power Of Attorney

Exhibit 31.A: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.B: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Exhibit 99.C: Additional Exhibits

Ticker: GE
CIK: 40545
Form Type: 10-K Annual Report
Accession Number: 0000040545-21-000011
Submitted to the SEC: Fri Feb 12 2021 10:24:28 AM EST
Accepted by the SEC: Fri Feb 12 2021
Period: Thursday, December 31, 2020
Industry: Electronic And Other Electrical Equipment No Computer Equip

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General Electric Co (GE) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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