filings.toolsGeneral Electric (GE) 10-K risk factor changes: FY2021 vs FY2020
The 2021-12-31 10-K against the 2020-12-31 one, compared heading by heading and sentence by sentence.
Item 1A0 rewritten1 added0 removed0 unchanged
All filing items1,546 rewritten1,140 added1,633 removed1,308 unchanged
Summary
counted, not written
- Item 1A headings could not be compared: only 0 carried over between the two years, which usually means one filing was read wrongly, so none is reported as new or removed.
- Sentence by sentence, 1,140 added, 1,633 removed, 1,546 rewritten and 1,308 unchanged across 6 items that differ.
- New this year: Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable.
Sentences by item
23 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Item 1A. Risk Factors 35-43 | 1 | 0 | 0 | 0 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 6-34 | 0 | 0 | 0 | 1 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk 20-21, 77-79 | 0 | 0 | 0 | 1 |
| Item 1. Business 4-6, 10-15, 83-84 | 0 | 0 | 0 | 1 |
| Item 3. Legal Proceedings 80-82 | 0 | 0 | 0 | 1 |
| Cover and table of contents | 1,128 | 1,624 | 1,537 | 1,260 |
| Item 1B. Unresolved Staff Comments Not applicable | 0 | 0 | 0 | 1 |
| Item 2. Properties 4 | 0 | 0 | 0 | 1 |
| Item 4. Mine Safety Disclosures Not applicable | 0 | 0 | 0 | 1 |
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 | 0 | 0 | 0 | 1 |
| Item 6. [Reserved] Not applicable | 0 | 0 | 0 | 1 |
| Item 8. Financial Statements and Supplementary Data 47-86 | 0 | 0 | 0 | 1 |
| Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Not applicable | 0 | 0 | 0 | 1 |
| Item 9A. Controls and Procedures 43 | 0 | 0 | 0 | 1 |
| Item 9B. Other Information Not applicable | 1 | 1 | 0 | 0 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicablenew | 1 | 0 | 0 | 0 |
| Item 10. Directors, Executive Officers and Corporate Governance 87 | 0 | 0 | 0 | 1 |
| Item 11. Executive Compensation (a) | 0 | 0 | 0 | 1 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (b), 75-76 | 0 | 0 | 0 | 1 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence (c) | 0 | 0 | 0 | 1 |
| Item 14. Principal Accountant Fees and Services (d) | 0 | 0 | 0 | 1 |
| Item 15. Exhibits and Financial Statement Schedules 88-90 | 1 | 0 | 0 | 0 |
| Item 16. Form 10-K Summary Not applicable | 8 | 8 | 9 | 31 |
Underlined words on a shaded ground are new in FY2021; struck-through words were in FY2020. Sentences that are wholly new or wholly gone are labelled rather than marked.
Item 1A. Risk Factors 35-43
0 rewritten, 1 added, 0 removed, 0 unchanged
| | | | | | | | | | | | | | | |
Cover and table of contents
1,537 rewritten, 1,128 added, 1,624 removed, 1,260 unchanged
[added: |] For the [removed: fiscal] year ended December 31, 2020 [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]
Commission file [removed: number 001-00035][added: number 001-00035]
[removed: ][added: ]
| 5 Necco [removed: Street,] [added: Street] | | | Boston | | | MA | | | | | | 02210 | | |
| Common stock, par value [removed: $0.06] [added: $0.01] per share | | | GE | | | New York Stock Exchange | | |
Yes ¨ No [removed: þ][added: ☑]
Yes [removed: þ No] ¨ [added: No ☑]
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 [removed: report.☑][added: report.☑]
Yes [removed: ☐] [added: ☑] No [removed: þ][added: ¨]
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 [removed: $58.9] [added: $116.5] billion.
There were [removed: 8,767,942,000] [added: 1,099,321,882] shares of common stock with a par value of [removed: $0.06] [added: $0.01] outstanding at January 31, [removed: 2021.][added: 2022.]
The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May 4, [removed: 2021,] [added: 2022,] is incorporated by reference into Part III to the extent described therein.
[removed: |] TABLE OF CONTENTS [removed: | | | | | |]
| [Forward-Looking [removed: Statements](#id348b41460ad4867960687efa04c98df_265)] [added: Statements](#ie109e35a0dca407b881ee484bbc3979c_10)] | | | [removed: [3](#id348b41460ad4867960687efa04c98df_265)] [added: [3](#ie109e35a0dca407b881ee484bbc3979c_10)] | | |
| [About General [removed: Electric](#id348b41460ad4867960687efa04c98df_10)] [added: Electric](#ie109e35a0dca407b881ee484bbc3979c_235)] | | | [removed: [4](#id348b41460ad4867960687efa04c98df_10)] [added: [4](#ie109e35a0dca407b881ee484bbc3979c_235)] | | |
| [Management’s Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A)](#id348b41460ad4867960687efa04c98df_13)] [added: (MD&A)](#ie109e35a0dca407b881ee484bbc3979c_238)] | | | [removed: [5](#id348b41460ad4867960687efa04c98df_13)] [added: [6](#ie109e35a0dca407b881ee484bbc3979c_238)] | | |
| [Consolidated [removed: Results](#id348b41460ad4867960687efa04c98df_19)] [added: Results](#ie109e35a0dca407b881ee484bbc3979c_19)] | | | [removed: [6](#id348b41460ad4867960687efa04c98df_19)] [added: [7](#ie109e35a0dca407b881ee484bbc3979c_19)] | | |
| [Segment [removed: Operations](#id348b41460ad4867960687efa04c98df_25)] [added: Operations](#ie109e35a0dca407b881ee484bbc3979c_22)] | | | [removed: [9](#id348b41460ad4867960687efa04c98df_25)] [added: [9](#ie109e35a0dca407b881ee484bbc3979c_22)] | | |
| [Other Consolidated [removed: Information](#id348b41460ad4867960687efa04c98df_49)] [added: Information](#ie109e35a0dca407b881ee484bbc3979c_43)] | | | [removed: [21](#id348b41460ad4867960687efa04c98df_49)] [added: [17](#ie109e35a0dca407b881ee484bbc3979c_43)] | | |
| [Capital Resources and [removed: Liquidity](#id348b41460ad4867960687efa04c98df_52)] [added: Liquidity](#ie109e35a0dca407b881ee484bbc3979c_46)] | | | [removed: [24](#id348b41460ad4867960687efa04c98df_52)] [added: [19](#ie109e35a0dca407b881ee484bbc3979c_46)] | | |
| [Critical Accounting [removed: Estimates](#id348b41460ad4867960687efa04c98df_67)] [added: Estimates](#ie109e35a0dca407b881ee484bbc3979c_58)] | | | [removed: [31](#id348b41460ad4867960687efa04c98df_67)] [added: [24](#ie109e35a0dca407b881ee484bbc3979c_58)] | | |
| [Other [removed: Items](#id348b41460ad4867960687efa04c98df_73)] [added: Items](#ie109e35a0dca407b881ee484bbc3979c_61)] | | | [removed: [33](#id348b41460ad4867960687efa04c98df_73)] [added: [26](#ie109e35a0dca407b881ee484bbc3979c_61)] | | |
| [Non-GAAP Financial [removed: Measures](#id348b41460ad4867960687efa04c98df_76)] [added: Measures](#ie109e35a0dca407b881ee484bbc3979c_64)] | | | [removed: [39](#id348b41460ad4867960687efa04c98df_76)] [added: [32](#ie109e35a0dca407b881ee484bbc3979c_64)] | | |
| [removed: Other] [added: [Other] Financial [removed: Data] [added: Data](#ie109e35a0dca407b881ee484bbc3979c_73)] | | | [removed: [43](#id348b41460ad4867960687efa04c98df_82)] [added: [35](#ie109e35a0dca407b881ee484bbc3979c_73)] | | |
| [Risk [removed: Factors](#id348b41460ad4867960687efa04c98df_85)] [added: Factors](#ie109e35a0dca407b881ee484bbc3979c_76)] | | | [removed: [44](#id348b41460ad4867960687efa04c98df_85)] [added: [35](#ie109e35a0dca407b881ee484bbc3979c_76)] | | |
| [Legal [removed: Proceedings](#id348b41460ad4867960687efa04c98df_88)] [added: Proceedings](#ie109e35a0dca407b881ee484bbc3979c_79)] | | | [removed: [51](#id348b41460ad4867960687efa04c98df_88)] [added: [43](#ie109e35a0dca407b881ee484bbc3979c_79)] | | |
| [Management and Auditor's [removed: Reports](#id348b41460ad4867960687efa04c98df_91)] [added: Reports](#ie109e35a0dca407b881ee484bbc3979c_2036)] | | | [removed: [52](#id348b41460ad4867960687efa04c98df_91)] [added: [43](#ie109e35a0dca407b881ee484bbc3979c_2036)] | | |
| [removed: [Audited](#id348b41460ad4867960687efa04c98df_103) [Financial] [added: [Audited Financial] Statements and [removed: Notes](#id348b41460ad4867960687efa04c98df_103)] [added: Notes](#ie109e35a0dca407b881ee484bbc3979c_82)] | | | [removed: [56](#id348b41460ad4867960687efa04c98df_103)] [added: [47](#ie109e35a0dca407b881ee484bbc3979c_88)] | | |
| [removed: [Statement of Earnings (Loss)](#id348b41460ad4867960687efa04c98df_103)] [added: STATEMENT OF EARNINGS (LOSS)] | | | [removed: [56](#id348b41460ad4867960687efa04c98df_103)] | | | [added: | | | | | |]
| [removed: [Statement of Financial Position](#id348b41460ad4867960687efa04c98df_106)] [added: STATEMENT OF FINANCIAL POSITION] | | | [removed: [58](#id348b41460ad4867960687efa04c98df_106)] | | | [added: | | |]
[removed: | [Statement of Cash Flows](#id348b41460ad4867960687efa04c98df_112) | | | [60](#id348b41460ad4867960687efa04c98df_112) | | |][added: STATEMENT OF CASH FLOWS]
| [removed: [Consolidated Statement of Comprehensive Income (Loss)](#id348b41460ad4867960687efa04c98df_115)] [added: STATEMENT OF COMPREHENSIVE INCOME (LOSS)] | | | [removed: [62](#id348b41460ad4867960687efa04c98df_115)] | | | [added: | | | | | | | | | | | | | | |]
| [removed: [Consolidated Statement of Changes in Shareholders' Equity](#id348b41460ad4867960687efa04c98df_118)] [added: STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY] | | | [removed: [62](#id348b41460ad4867960687efa04c98df_118)] | | | [added: | | | | | | | | | | | | | | |]
| [Note 1 Basis of Presentation and Summary of Significant Accounting [removed: Policies](#id348b41460ad4867960687efa04c98df_124)] [added: Policies](#ie109e35a0dca407b881ee484bbc3979c_2047)] | | | [removed: [63](#id348b41460ad4867960687efa04c98df_124)] [added: [51](#ie109e35a0dca407b881ee484bbc3979c_2047)] | | |
| [Note 2 Businesses Held for Sale and Discontinued [removed: Operations](#id348b41460ad4867960687efa04c98df_133)] [added: Operations](#ie109e35a0dca407b881ee484bbc3979c_112)] | | | [removed: [68](#id348b41460ad4867960687efa04c98df_133)] [added: [56](#ie109e35a0dca407b881ee484bbc3979c_112)] | | |
| [Note 3 Investment [removed: Securities](#id348b41460ad4867960687efa04c98df_136)] [added: Securities](#ie109e35a0dca407b881ee484bbc3979c_118)] | | | [removed: [70](#id348b41460ad4867960687efa04c98df_136)] [added: [58](#ie109e35a0dca407b881ee484bbc3979c_118)] | | |
| [Note 4 Current and [removed: Long-term Receivables](#id348b41460ad4867960687efa04c98df_139)] [added: Long-Term Receivables](#ie109e35a0dca407b881ee484bbc3979c_121)] | | | [removed: [71](#id348b41460ad4867960687efa04c98df_139)] [added: [59](#ie109e35a0dca407b881ee484bbc3979c_121)] | | |
| [removed: [Note 6 Inventories,] [added: [Note](#ie109e35a0dca407b881ee484bbc3979c_130) [5](#ie109e35a0dca407b881ee484bbc3979c_130) [Inventories](#ie109e35a0dca407b881ee484bbc3979c_130)[,] Including Deferred Inventory [removed: Costs](#id348b41460ad4867960687efa04c98df_145)] [added: Costs](#ie109e35a0dca407b881ee484bbc3979c_130)] | | | [removed: [74](#id348b41460ad4867960687efa04c98df_145)] [added: [61](#ie109e35a0dca407b881ee484bbc3979c_130)] | | |
| [removed: [Note 7 Property,] [added: [Note](#ie109e35a0dca407b881ee484bbc3979c_250) [6](#ie109e35a0dca407b881ee484bbc3979c_250) [Property,] Plant and [removed: Equipment and Operating Leases](#id348b41460ad4867960687efa04c98df_148)] [added: Equipment](#ie109e35a0dca407b881ee484bbc3979c_250)] | | | [removed: [74](#id348b41460ad4867960687efa04c98df_148)] [added: [61](#ie109e35a0dca407b881ee484bbc3979c_250)] | | |
| [removed: [Note 8 Goodwill] [added: [Note](#ie109e35a0dca407b881ee484bbc3979c_253) [7](#ie109e35a0dca407b881ee484bbc3979c_253) [Goodwill] and Other Intangible [removed: Assets](#id348b41460ad4867960687efa04c98df_154)] [added: Assets](#ie109e35a0dca407b881ee484bbc3979c_253)] | | | [removed: [75](#id348b41460ad4867960687efa04c98df_154)] [added: [61](#ie109e35a0dca407b881ee484bbc3979c_253)] | | |
Yes ☑ No ¨
Yes ☐ No ☑
| [Corporate](#ie109e35a0dca407b881ee484bbc3979c_40) | | | [16](#ie109e35a0dca407b881ee484bbc3979c_40) | | |
| | | | | | |
| [Note 1](#ie109e35a0dca407b881ee484bbc3979c_259)[0](#ie109e35a0dca407b881ee484bbc3979c_259) [](#ie109e35a0dca407b881ee484bbc3979c_259)[](#ie109e35a0dca407b881ee484bbc3979c_259)[Borrowings](#ie109e35a0dca407b881ee484bbc3979c_259) | | | [64](#ie109e35a0dca407b881ee484bbc3979c_259) | | |
| [Note 2](#ie109e35a0dca407b881ee484bbc3979c_280)[3](#ie109e35a0dca407b881ee484bbc3979c_280) [](#ie109e35a0dca407b881ee484bbc3979c_280)[](#ie109e35a0dca407b881ee484bbc3979c_280)[Operating Segments](#ie109e35a0dca407b881ee484bbc3979c_280) | | | [82](#ie109e35a0dca407b881ee484bbc3979c_280) | | |
| [Note 24 Summarized Financial Information](#ie109e35a0dca407b881ee484bbc3979c_283) | | | [85](#ie109e35a0dca407b881ee484bbc3979c_283) | | |
| [Note 2](#ie109e35a0dca407b881ee484bbc3979c_2222)[5](#ie109e35a0dca407b881ee484bbc3979c_2222) [](#ie109e35a0dca407b881ee484bbc3979c_2222)[Q](#ie109e35a0dca407b881ee484bbc3979c_2222)[uarterly](#ie109e35a0dca407b881ee484bbc3979c_2222) [I](#ie109e35a0dca407b881ee484bbc3979c_2222)[nformation](#ie109e35a0dca407b881ee484bbc3979c_2222) | | | [86](#ie109e35a0dca407b881ee484bbc3979c_2222) | | |
| | | | | | |
| | | | | | |
| [Signatures](#ie109e35a0dca407b881ee484bbc3979c_2292) | | | [92](#ie109e35a0dca407b881ee484bbc3979c_2292) | | |
| | | | | | |
2021 FORM 10-K 3
Our products include commercial and military aircraft engines and systems; healthcare systems and pharmaceutical diagnostics; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear and other power generation equipment.
We have significant global installed bases of equipment across these sectors, and services to support these products are also an important part of our business alongside new equipment sales.
As described further below, in November 2021 we announced a strategic plan to form three industry-leading, global, investment-grade public companies from our (i) Aviation business, (ii) Healthcare business and (iii) combined Renewable Energy, Power and Digital businesses.
This section provides an overview of GE’s business at a consolidated level.
Over our 130-year history, GE’s innovation and technology have improved quality of life around the world.
GE’s businesses today are working to adapt and innovate solutions to three of the world’s most pressing challenges: the future of smarter and more efficient flight, precision healthcare that personalizes diagnoses and treatments and the energy transition to drive decarbonization.
- Future of flight – The future of flight will be defined by how the aviation industry emerges from the current market cycle and innovates to lower emissions and improves fuel efficiency.
The focus on long-term sustainability has accelerated notwithstanding the significant challenges that the industry has faced, and continues to face, with the significant disruptions and decreases in commercial air travel globally in connection with the Coronavirus Disease 2019 (COVID-19) pandemic.
Our Aviation business over many decades has contributed to advances in engine architectures, aerodynamics and materials and the use of sustainable aviation fuels that have resulted in today’s aircraft engines consuming significantly less fuel with lower emissions.
The Aviation business continues to invest in and work toward development of the next suite of engine technologies, including open fan architectures, hybrid electric and electrical propulsion concepts and advanced thermal management concepts, that offer the potential for future efficiency improvements and emission reductions to meet our customers’ needs and global standards governing commercial aviation.
- Precision health – The healthcare industry faces the need to address productivity challenges by improving access, enabling more precise patient diagnosis and treatment, shortening hospital stays and wait times and lowering overall costs.
Amidst the limited resources and burdens on healthcare systems, both from the COVID-19 pandemic recently and from aging populations more generally, these challenges are even more pronounced.
Our Healthcare business is working to help support the future of healthcare that will merge clinical medicine and data science by applying advanced analytics and artificial intelligence across the patient journey.
With its products, services and digital capabilities, the Healthcare business is focused on building an intelligence-based healthcare system and a healthier world and greater access to the half of the world’s population that is underserved.
- Energy transition – Addressing climate change is an urgent global priority, and at the same time energy demand is increasing and roughly one billion people around the world are without access to reliable power.
Our Renewable Energy and Power businesses play a central role in helping our customers meet this demand for electricity generation while lowering carbon intensity and making power generation more reliable, affordable and sustainable.
These businesses’ technology and expertise include onshore and offshore wind turbines, gas turbines and digital controls and hardware solutions that bring more renewables onto power grids while making the grid more resilient.
Increasingly there is a focus on the potential for breakthrough technologies that can help drive deeper decarbonization of the power sector in the future, such as small modular or other advanced nuclear power, hydrogen and carbon capture.
Progress in significantly reducing power sector emissions in the near term, while significantly accelerating technological innovation for higher renewable penetration and lower carbon-power generation, will also enable further emission reductions of other sectors through the electrification of transportation, heat and industry.
We believe our businesses’ strategies and focus on these significant global challenges are well aligned with broader goals of sustainable development, and we approach sustainability with GE’s commitment to innovation as a central element.
Sustainability priorities are embedded in our policies, leadership engagement, operating mechanisms, commitments, and, ultimately, our products.
In addition to working to develop technologies that will help build a more sustainable world, we advance GE’s sustainability priorities through our own commitments to our people, communities and planet.
More information that may be of interest to a variety of stakeholders about GE’s sustainability approach, priorities and performance, including about safety, greenhouse gas emission reductions for our own operations and for our products, environmental stewardship, diversity and inclusion (as also discussed further below), supply chain and human rights and other matters, can be found in our Sustainability Report.
2021 FORM 10-K 4
As we execute on the Company’s strategy in the coming years, our focus on organizational performance and talent will remain front and center.
The following are our human capital priorities:
In 2021, we hired a Chief Safety Officer and launched a Safety Promotion Office to augment our safety program, leveraging lean as a critical tool to prevent injuries and incidents and drive safety as a core operational attribute for the businesses.
| | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| [Corporate Items and Eliminations](#id348b41460ad4867960687efa04c98df_46) | | | [20](#id348b41460ad4867960687efa04c98df_46) | | |
| [Note 5 Financing Receivables and Allowances](#id348b41460ad4867960687efa04c98df_142) | | | [73](#id348b41460ad4867960687efa04c98df_142) | | |
| [Note 11 Borrowings](#id348b41460ad4867960687efa04c98df_178) | | | [79](#id348b41460ad4867960687efa04c98df_178) | | |
| [Note 24 Intercompany Transactions](#id348b41460ad4867960687efa04c98df_244) | | | [102](#id348b41460ad4867960687efa04c98df_244) | | |
| [Note 25 Operating Segments](#id348b41460ad4867960687efa04c98df_247) | | | [102](#id348b41460ad4867960687efa04c98df_247) | | |
| [Note 26 Baker Hughes Summarized Financial Information](#id348b41460ad4867960687efa04c98df_259) | | | [106](#id348b41460ad4867960687efa04c98df_259) | | |
| [Signatures](#id348b41460ad4867960687efa04c98df_280) | | | [112](#id348b41460ad4867960687efa04c98df_280) | | |
GE 2020 FORM 10-K 3
Results of segments reclassified to discontinued operations have been recast for all periods presented.
The businesses in which GE Capital engages are subject to competition from various types of financial institutions.
We have not been adversely affected by our inability to obtain raw materials.
The priorities focus on:
- Promoting inclusion and diversity across the enterprise: GE is committed to fostering an inclusive culture, where everyone feels empowered to do their best work.
Compared to the year-end 2019 figure of 205,000, the number of those employed at year-end 2020 decreased primarily as a result of restructuring, including actions at GE businesses to manage risk and proactively mitigate the financial impact from COVID-19 and efforts to reduce Corporate costs, and business exits.
GE 2020 FORM 10-K 4
For purposes of the financial statement display of sales and costs of sales in our consolidated Statement of Earnings (Loss), “goods” is required by SEC regulations to include all sales of tangible products, and "services" must include all other sales, including other services activities.
In our MD&A section of this report, we refer to sales under product services agreements and sales of both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations.
Effective December 31, 2020, in order to enhance our financial statement presentation, we voluntarily made the following reporting changes for all periods presented:
- changed our presentation of GE Industrial restructuring program costs.
Previously these costs were recorded within Corporate Items and Eliminations.
Now these costs are recorded within segment profit, except for significant, higher-cost programs that continue to be recorded within Corporate Items and Eliminations.
This change better aligns restructuring expense with cash spend at the segments, driving accountability in both managing costs and benefits;
- changed the presentation of our Statement of Financial Position to reflect the classification of assets and liabilities into current and non-current and revised the definition of operating working capital in our Statement of Cash Flows, to drive increased transparency to operational drivers for near- and long-term cash needs and enhanced linkage to free cash flows metrics;
- began presenting research and development (R&D) expenses separately as part of costs and expenses in our consolidated Statement of Earnings (Loss) to provide increased transparency to R&D spend and trends as part of GE's total investment in innovation.
These costs were previously reported in costs of goods and services sold; and
- ceased reporting GE Capital as an equity method investment within the GE Industrial column.
This change simplified reporting for GE Industrial and has no impact on the GE Capital or Consolidated columns.
Consistent with our historical practice, all commercial transactions between GE Industrial and GE Capital continue to be reported on arms-length terms and are eliminated upon consolidation.
We believe investors will gain a better understanding of our company if they understand how we measure and talk about our results.
We believe that this provides useful information to investors.
When used in this report, unless otherwise indicated by the context, we use these terms to mean the following:
- Consolidated – the adding together of GE Industrial and GE Capital, giving effect to the elimination of transactions between the two.
We present consolidated results in the left-side column of our consolidated Statements of Earnings (Loss), Financial Position and Cash Flows.
Any intercompany profits resulting from transactions between GE Industrial and GE Capital are eliminated at the GE Industrial level.
We present the results of GE Industrial in the center column of our consolidated Statements of Earnings (Loss), Financial Position and Cash Flows.
An excerpt. Shown here: 40 of 1,537 rewritten, 40 of 1,128 added and 40 of 1,624 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2021 filing and the FY2020 filing.
Item 9B. Other Information Not applicable
0 rewritten, 1 added, 1 removed, 0 unchanged
| | | | | | | | | | | | | | | |
| Part III | | | | | | | | | | | | | | |
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable
0 rewritten, 1 added, 0 removed, 0 unchanged
New section this year
| Part III | | | | | | | | | | | | | | |
Item 15. Exhibits and Financial Statement Schedules 88-90
0 rewritten, 1 added, 0 removed, 0 unchanged
| | | | | | | | | | | | | | | |
Item 16. Form 10-K Summary Not applicable
9 rewritten, 8 added, 8 removed, 31 unchanged
| Signatures | | | | | | | | | | | | [removed: 112] [added: 92] | | |
(a)Incorporated by reference to “Compensation” in the [removed: 2021] [added: 2022] Proxy Statement.
(b)Incorporated by reference to “Stock Ownership Information” in the [removed: 2021] [added: 2022] Proxy Statement.
(c)Incorporated by reference to “Related Person Transactions” and “How We Assess Director Independence” in the [removed: 2021] [added: 2022] Proxy Statement.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report on Form 10-K for the fiscal year ended December 31, [removed: 2020,] [added: 2021,] to be signed on its behalf by the undersigned, and in the capacities indicated, thereunto duly authorized in the City of Boston and Commonwealth of Massachusetts on the [removed: 12th] [added: 11th] day of February [removed: 2021.][added: 2022.]
| | | | [added: /s/] Thomas S. Timko [removed: Vice President, Chief] [added: | | | | | | Principal] Accounting Officer [removed: and Controller (Principal Accounting Officer)] | | | [added: | | | February 11, 2022 | | |]
| | | | /s/ Carolina Dybeck Happe | | | | | | Principal Financial Officer | | | | | | February [removed: 12, 2021] [added: 11, 2022] | | |
| | | | /s/ H. Lawrence Culp, Jr. | | | | | | Principal Executive Officer | | | | | | February [removed: 12, 2021] [added: 11, 2022] | | |
| | | | Ashton B. [removed: Carter] [added: Carter*] | | | | | | Director | | | | | | | | |
(d)Incorporated by reference to “Independent Auditor Information” in the 2022 Proxy Statement for Deloitte and Touche LLP (PCAOB ID No. 34) and KPMG LLP (PCAOB ID No. 185).
2021 FORM 10-K 91
| By | | | /s/ Carolina Dybeck Happe | | |
| | | | Carolina Dybeck Happe Senior Vice President and Chief Financial Officer (Principal Financial Officer) | | |
| *By | | | /s/ Michael J. Holston | | | | | | | | | | | | | | |
| | | | Michael J. Holston Attorney-in-fact | | | | | | | | | | | | | | |
| | | | February 11, 2022 | | | | | | | | | | | | | | |
2021 FORM 10-K 92
(d)Incorporated by reference to “Independent Auditor Information” in the 2021 Proxy Statement.
GE 2020 FORM 10-K 111
| By | | | /s/ Thomas S. Timko | | |
| | | | /s/ Thomas S. Timko | | | | | | Principal Accounting Officer | | | | | | February 12, 2021 | | |
| *By | | | /s/ Christoph A. Pereira | | | | | | | | | | | | | | |
| | | | Christoph A. Pereira Attorney-in-fact | | | | | | | | | | | | | | |
| | | | February 12, 2021 | | | | | | | | | | | | | | |
GE 2020 FORM 10-K 112