filings.toolsGeneral Electric (GE) 10-K risk factor changes: FY2022 vs FY2021
The 2022-12-31 10-K against the 2021-12-31 one, compared heading by heading and sentence by sentence.
Item 1A0 rewritten0 added0 removed1 unchanged
All filing items1,632 rewritten817 added747 removed1,524 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, 817 added, 747 removed, 1,632 rewritten and 1,524 unchanged across 2 items that differ.
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 30-39 | 0 | 0 | 0 | 1 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 6-29 | 0 | 0 | 0 | 1 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk 18, 75-77 | 0 | 0 | 0 | 1 |
| Item 1. Business 4-6, 8-14, 80-83 | 0 | 0 | 0 | 1 |
| Item 3. Legal Proceedings 78-80 | 0 | 0 | 0 | 1 |
| Cover and table of contents | 809 | 739 | 1,623 | 1,472 |
| 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 30 | 0 | 0 | 0 | 1 |
| Item 6. [Reserved] Not applicable | 0 | 0 | 0 | 1 |
| Item 8. Financial Statements and Supplementary Data 44-86 | 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 40 | 0 | 0 | 0 | 1 |
| Item 9B. Other Information Not applicable | 0 | 0 | 0 | 1 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable | 0 | 0 | 0 | 1 |
| Item 10. Directors, Executive Officers and Corporate Governance 86, (a) | 0 | 0 | 0 | 1 |
| Item 11. Executive Compensation (b) | 0 | 0 | 0 | 1 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (c) | 0 | 0 | 0 | 1 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence (d) | 0 | 0 | 0 | 1 |
| Item 14. Principal Accountant Fees and Services (e) | 0 | 0 | 0 | 1 |
| Item 15. Exhibits and Financial Statement Schedules 87-90 | 0 | 0 | 0 | 1 |
| Item 16. Form 10-K Summary Not applicable | 8 | 8 | 9 | 31 |
Underlined words on a shaded ground are new in FY2022; struck-through words were in FY2021. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
1,623 rewritten, 809 added, 739 removed, 1,472 unchanged
[added: |] For the [removed: fiscal] year ended December 31, 2021 [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]
[removed: ][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: $116.5] [added: $68.8] billion.
There were [removed: 1,099,321,882] [added: 1,089,286,553] shares of common stock with a par value of $0.01 outstanding at January 31, [removed: 2022.][added: 2023.]
The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May [removed: 4, 2022,] [added: 3, 2023,] is incorporated by reference into Part III to the extent described therein.
| [Forward-Looking [removed: Statements](#ie109e35a0dca407b881ee484bbc3979c_10)] [added: Statements](#i74391f3f94184d90a6db5fbb0accdb81_10)] | | | [removed: [3](#ie109e35a0dca407b881ee484bbc3979c_10)] [added: [3](#i74391f3f94184d90a6db5fbb0accdb81_10)] | | |
| [About General [removed: Electric](#ie109e35a0dca407b881ee484bbc3979c_235)] [added: Electric](#i74391f3f94184d90a6db5fbb0accdb81_193)] | | | [removed: [4](#ie109e35a0dca407b881ee484bbc3979c_235)] [added: [4](#i74391f3f94184d90a6db5fbb0accdb81_193)] | | |
| [Management’s Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A)](#ie109e35a0dca407b881ee484bbc3979c_238)] [added: (MD&A)](#i74391f3f94184d90a6db5fbb0accdb81_16)] | | | [removed: [6](#ie109e35a0dca407b881ee484bbc3979c_238)] [added: [6](#i74391f3f94184d90a6db5fbb0accdb81_16)] | | |
| [Consolidated [removed: Results](#ie109e35a0dca407b881ee484bbc3979c_19)] [added: Results](#i74391f3f94184d90a6db5fbb0accdb81_19)] | | | [removed: [7](#ie109e35a0dca407b881ee484bbc3979c_19)] [added: [6](#i74391f3f94184d90a6db5fbb0accdb81_19)] | | |
| [Segment [removed: Operations](#ie109e35a0dca407b881ee484bbc3979c_22)] [added: Operations](#i74391f3f94184d90a6db5fbb0accdb81_22)] | | | [removed: [9](#ie109e35a0dca407b881ee484bbc3979c_22)] [added: [8](#i74391f3f94184d90a6db5fbb0accdb81_22)] | | |
| [Other Consolidated [removed: Information](#ie109e35a0dca407b881ee484bbc3979c_43)] [added: Information](#i74391f3f94184d90a6db5fbb0accdb81_202)] | | | [removed: [17](#ie109e35a0dca407b881ee484bbc3979c_43)] [added: [15](#i74391f3f94184d90a6db5fbb0accdb81_202)] | | |
| [Capital Resources and [removed: Liquidity](#ie109e35a0dca407b881ee484bbc3979c_46)] [added: Liquidity](#i74391f3f94184d90a6db5fbb0accdb81_43)] | | | [removed: [19](#ie109e35a0dca407b881ee484bbc3979c_46)] [added: [16](#i74391f3f94184d90a6db5fbb0accdb81_43)] | | |
| [Critical Accounting [removed: Estimates](#ie109e35a0dca407b881ee484bbc3979c_58)] [added: Estimates](#i74391f3f94184d90a6db5fbb0accdb81_208)] | | | [removed: [24](#ie109e35a0dca407b881ee484bbc3979c_58)] [added: [20](#i74391f3f94184d90a6db5fbb0accdb81_208)] | | |
| [Other [removed: Items](#ie109e35a0dca407b881ee484bbc3979c_61)] [added: Items](#i74391f3f94184d90a6db5fbb0accdb81_187)] | | | [removed: [26](#ie109e35a0dca407b881ee484bbc3979c_61)] [added: [22](#i74391f3f94184d90a6db5fbb0accdb81_187)] | | |
| [Non-GAAP Financial [removed: Measures](#ie109e35a0dca407b881ee484bbc3979c_64)] [added: Measures](#i74391f3f94184d90a6db5fbb0accdb81_58)] | | | [removed: [32](#ie109e35a0dca407b881ee484bbc3979c_64)] [added: [26](#i74391f3f94184d90a6db5fbb0accdb81_58)] | | |
| [Other Financial [removed: Data](#ie109e35a0dca407b881ee484bbc3979c_73)] [added: Data](#i74391f3f94184d90a6db5fbb0accdb81_211)] | | | [removed: [35](#ie109e35a0dca407b881ee484bbc3979c_73)] [added: [30](#i74391f3f94184d90a6db5fbb0accdb81_211)] | | |
| [Risk [removed: Factors](#ie109e35a0dca407b881ee484bbc3979c_76)] [added: Factors](#i74391f3f94184d90a6db5fbb0accdb81_217)] | | | [removed: [35](#ie109e35a0dca407b881ee484bbc3979c_76)] [added: [30](#i74391f3f94184d90a6db5fbb0accdb81_217)] | | |
| [Legal [removed: Proceedings](#ie109e35a0dca407b881ee484bbc3979c_79)] [added: Proceedings](#i74391f3f94184d90a6db5fbb0accdb81_67)] | | | [removed: [43](#ie109e35a0dca407b881ee484bbc3979c_79)] [added: [39](#i74391f3f94184d90a6db5fbb0accdb81_67)] | | |
| [Management and Auditor's [removed: Reports](#ie109e35a0dca407b881ee484bbc3979c_2036)] [added: Reports](#i74391f3f94184d90a6db5fbb0accdb81_220)] | | | [removed: [43](#ie109e35a0dca407b881ee484bbc3979c_2036)] [added: [39](#i74391f3f94184d90a6db5fbb0accdb81_220)] | | |
| [removed: [Audited Financial] [added: Audited [Financial] Statements and [removed: Notes](#ie109e35a0dca407b881ee484bbc3979c_82)] [added: Notes](#i74391f3f94184d90a6db5fbb0accdb81_76)] | | | [removed: [47](#ie109e35a0dca407b881ee484bbc3979c_88)] [added: [44](#i74391f3f94184d90a6db5fbb0accdb81_76)] | | |
| [Statement of Earnings [removed: (Loss)](#ie109e35a0dca407b881ee484bbc3979c_88)] [added: (Loss)](#i74391f3f94184d90a6db5fbb0accdb81_76)] | | | [removed: [47](#ie109e35a0dca407b881ee484bbc3979c_88)] [added: [44](#i74391f3f94184d90a6db5fbb0accdb81_76)] | | |
| [Statement of Financial [removed: Position](#ie109e35a0dca407b881ee484bbc3979c_91)] [added: Position](#i74391f3f94184d90a6db5fbb0accdb81_79)] | | | [removed: [48](#ie109e35a0dca407b881ee484bbc3979c_91)] [added: [45](#i74391f3f94184d90a6db5fbb0accdb81_79)] | | |
| [Statement of Cash [removed: Flows](#ie109e35a0dca407b881ee484bbc3979c_97)] [added: Flows](#i74391f3f94184d90a6db5fbb0accdb81_85)] | | | [removed: [49](#ie109e35a0dca407b881ee484bbc3979c_97)] [added: [46](#i74391f3f94184d90a6db5fbb0accdb81_85)] | | |
| [Statement of Comprehensive Income [removed: (Loss)](#ie109e35a0dca407b881ee484bbc3979c_100)] [added: (Loss)](#i74391f3f94184d90a6db5fbb0accdb81_88)] | | | [removed: [50](#ie109e35a0dca407b881ee484bbc3979c_100)] [added: [47](#i74391f3f94184d90a6db5fbb0accdb81_88)] | | |
| [Statement of Changes in Shareholders' [removed: Equity](#ie109e35a0dca407b881ee484bbc3979c_103)] [added: Equity](#i74391f3f94184d90a6db5fbb0accdb81_91)] | | | [removed: [50](#ie109e35a0dca407b881ee484bbc3979c_103)] [added: [47](#i74391f3f94184d90a6db5fbb0accdb81_91)] | | |
| [Note 1 Basis of Presentation and Summary of Significant Accounting [removed: Policies](#ie109e35a0dca407b881ee484bbc3979c_2047)] [added: Policies](#i74391f3f94184d90a6db5fbb0accdb81_223)] | | | [removed: [51](#ie109e35a0dca407b881ee484bbc3979c_2047)] [added: [48](#i74391f3f94184d90a6db5fbb0accdb81_223)] | | |
| [Note 2 Businesses Held for Sale and Discontinued [removed: Operations](#ie109e35a0dca407b881ee484bbc3979c_112)] [added: Operations](#i74391f3f94184d90a6db5fbb0accdb81_226)] | | | [removed: [56](#ie109e35a0dca407b881ee484bbc3979c_112)] [added: [52](#i74391f3f94184d90a6db5fbb0accdb81_226)] | | |
| [Note 3 Investment [removed: Securities](#ie109e35a0dca407b881ee484bbc3979c_118)] [added: Securities](#i74391f3f94184d90a6db5fbb0accdb81_103)] | | | [removed: [58](#ie109e35a0dca407b881ee484bbc3979c_118)] [added: [54](#i74391f3f94184d90a6db5fbb0accdb81_103)] | | |
| [Note 4 Current and Long-Term [removed: Receivables](#ie109e35a0dca407b881ee484bbc3979c_121)] [added: Receivables](#i74391f3f94184d90a6db5fbb0accdb81_109)] | | | [removed: [59](#ie109e35a0dca407b881ee484bbc3979c_121)] [added: [56](#i74391f3f94184d90a6db5fbb0accdb81_109)] | | |
| [removed: [Note](#ie109e35a0dca407b881ee484bbc3979c_130) [5](#ie109e35a0dca407b881ee484bbc3979c_130) [Inventories](#ie109e35a0dca407b881ee484bbc3979c_130)[,] [added: [Note 5 Inventories,] Including Deferred Inventory [removed: Costs](#ie109e35a0dca407b881ee484bbc3979c_130)] [added: Costs](#i74391f3f94184d90a6db5fbb0accdb81_115)] | | | [removed: [61](#ie109e35a0dca407b881ee484bbc3979c_130)] [added: [57](#i74391f3f94184d90a6db5fbb0accdb81_115)] | | |
| [removed: [Note](#ie109e35a0dca407b881ee484bbc3979c_250) [6](#ie109e35a0dca407b881ee484bbc3979c_250) [Property, Plant] [added: Additions to property, plant] and [removed: Equipment](#ie109e35a0dca407b881ee484bbc3979c_250)] [added: equipment] | | | [removed: [61](#ie109e35a0dca407b881ee484bbc3979c_250)] [added: (1,371)] | | | [added: (1,250) | | | (1,579) | | |]
| [removed: [Note](#ie109e35a0dca407b881ee484bbc3979c_253) [7](#ie109e35a0dca407b881ee484bbc3979c_253)] [added: [Note 7](#i74391f3f94184d90a6db5fbb0accdb81_235) [Acquis](#i74391f3f94184d90a6db5fbb0accdb81_235)[itions,](#i74391f3f94184d90a6db5fbb0accdb81_235)] [Goodwill and Other Intangible [removed: Assets](#ie109e35a0dca407b881ee484bbc3979c_253)] [added: Assets](#i74391f3f94184d90a6db5fbb0accdb81_235)] | | | [removed: [61](#ie109e35a0dca407b881ee484bbc3979c_253)] [added: [58](#i74391f3f94184d90a6db5fbb0accdb81_235)] | | |
| [removed: [Note](#ie109e35a0dca407b881ee484bbc3979c_142) [8](#ie109e35a0dca407b881ee484bbc3979c_142) [](#ie109e35a0dca407b881ee484bbc3979c_142)[](#ie109e35a0dca407b881ee484bbc3979c_142)[Contract] [added: [Note](#i74391f3f94184d90a6db5fbb0accdb81_127) [8](#i74391f3f94184d90a6db5fbb0accdb81_127) [Contract] and Other Deferred Assets & Progress Collections and Deferred [removed: Income](#ie109e35a0dca407b881ee484bbc3979c_142)] [added: Income](#i74391f3f94184d90a6db5fbb0accdb81_127)] | | | [removed: [62](#ie109e35a0dca407b881ee484bbc3979c_142)] [added: [59](#i74391f3f94184d90a6db5fbb0accdb81_127)] | | |
| [removed: [Note](#ie109e35a0dca407b881ee484bbc3979c_256) [9](#ie109e35a0dca407b881ee484bbc3979c_256) [](#ie109e35a0dca407b881ee484bbc3979c_256)[](#ie109e35a0dca407b881ee484bbc3979c_256)[All] [added: [Note](#i74391f3f94184d90a6db5fbb0accdb81_238) [9](#i74391f3f94184d90a6db5fbb0accdb81_238) [All] Other [removed: Assets](#ie109e35a0dca407b881ee484bbc3979c_256)] [added: Assets](#i74391f3f94184d90a6db5fbb0accdb81_238)] | | | [removed: [64](#ie109e35a0dca407b881ee484bbc3979c_256)] [added: [60](#i74391f3f94184d90a6db5fbb0accdb81_238)] | | |
| [removed: [Note 1](#ie109e35a0dca407b881ee484bbc3979c_154)[1](#ie109e35a0dca407b881ee484bbc3979c_154) [](#ie109e35a0dca407b881ee484bbc3979c_154)[](#ie109e35a0dca407b881ee484bbc3979c_154)[Insurance Liabilities] [added: Insurance liabilities] and [removed: Annuity Benefits](#ie109e35a0dca407b881ee484bbc3979c_154)] [added: annuity benefits (Note 12)] | | | [removed: [65](#ie109e35a0dca407b881ee484bbc3979c_154)] [added: 33,347] | | | [added: 37,166 | | |]
| [Note [removed: 1](#ie109e35a0dca407b881ee484bbc3979c_262)[2](#ie109e35a0dca407b881ee484bbc3979c_262) [](#ie109e35a0dca407b881ee484bbc3979c_262)[](#ie109e35a0dca407b881ee484bbc3979c_262)[Postretirement] [added: 1](#i74391f3f94184d90a6db5fbb0accdb81_247)[3](#i74391f3f94184d90a6db5fbb0accdb81_247) [Postretirement] Benefit [removed: Plans](#ie109e35a0dca407b881ee484bbc3979c_262)] [added: Plans](#i74391f3f94184d90a6db5fbb0accdb81_247)] | | | [removed: [66](#ie109e35a0dca407b881ee484bbc3979c_262)] [added: [63](#i74391f3f94184d90a6db5fbb0accdb81_247)] | | |
| [removed: [Note 1](#ie109e35a0dca407b881ee484bbc3979c_265)[3](#ie109e35a0dca407b881ee484bbc3979c_265) [](#ie109e35a0dca407b881ee484bbc3979c_265)[](#ie109e35a0dca407b881ee484bbc3979c_265)[Current and] All [removed: Other Liabilities](#ie109e35a0dca407b881ee484bbc3979c_265)] [added: other current liabilities (Note 14)] | | | [removed: [71](#ie109e35a0dca407b881ee484bbc3979c_265)] [added: 14,485] | | | [added: 13,977 | | |]
| [Note [removed: 1](#ie109e35a0dca407b881ee484bbc3979c_268)[4](#ie109e35a0dca407b881ee484bbc3979c_268) [](#ie109e35a0dca407b881ee484bbc3979c_268)[](#ie109e35a0dca407b881ee484bbc3979c_268)[Income Taxes](#ie109e35a0dca407b881ee484bbc3979c_268)] [added: 1](#i74391f3f94184d90a6db5fbb0accdb81_253)[5](#i74391f3f94184d90a6db5fbb0accdb81_253) [Income Taxes](#i74391f3f94184d90a6db5fbb0accdb81_253)] | | | [removed: [71](#ie109e35a0dca407b881ee484bbc3979c_268)] [added: [68](#i74391f3f94184d90a6db5fbb0accdb81_253)] | | |
| [Note [removed: 1](#ie109e35a0dca407b881ee484bbc3979c_166)[5](#ie109e35a0dca407b881ee484bbc3979c_166) [](#ie109e35a0dca407b881ee484bbc3979c_166)[](#ie109e35a0dca407b881ee484bbc3979c_166)[Shareholders' Equity](#ie109e35a0dca407b881ee484bbc3979c_166)] [added: 1](#i74391f3f94184d90a6db5fbb0accdb81_148)[6](#i74391f3f94184d90a6db5fbb0accdb81_148) [Shareholders' Equity](#i74391f3f94184d90a6db5fbb0accdb81_148)] | | | [removed: [74](#ie109e35a0dca407b881ee484bbc3979c_166)] [added: [71](#i74391f3f94184d90a6db5fbb0accdb81_148)] | | |
| [Note [removed: 16 Share-Based Compensation](#ie109e35a0dca407b881ee484bbc3979c_271)] [added: 1](#i74391f3f94184d90a6db5fbb0accdb81_259)[7](#i74391f3f94184d90a6db5fbb0accdb81_259) [Share-Based Compensation](#i74391f3f94184d90a6db5fbb0accdb81_259)] | | | [removed: [75](#ie109e35a0dca407b881ee484bbc3979c_271)] [added: [72](#i74391f3f94184d90a6db5fbb0accdb81_259)] | | |
| [Corporate](#i74391f3f94184d90a6db5fbb0accdb81_37) | | | [14](#i74391f3f94184d90a6db5fbb0accdb81_37) | | |
| [Note 6 Property, Plant and Equipment](#i74391f3f94184d90a6db5fbb0accdb81_232) and Operating Leases | | | [57](#i74391f3f94184d90a6db5fbb0accdb81_232) | | |
| [Note 1](#i74391f3f94184d90a6db5fbb0accdb81_241)[0](#i74391f3f94184d90a6db5fbb0accdb81_241) [Borrowings](#i74391f3f94184d90a6db5fbb0accdb81_241) | | | [61](#i74391f3f94184d90a6db5fbb0accdb81_241) | | |
| [Note 11 Accounts Payable and Equipment Project](#i74391f3f94184d90a6db5fbb0accdb81_2340) Payables | | | [61](#i74391f3f94184d90a6db5fbb0accdb81_136) | | |
| [Note](#i74391f3f94184d90a6db5fbb0accdb81_136) [1](#i74391f3f94184d90a6db5fbb0accdb81_136)[2](#i74391f3f94184d90a6db5fbb0accdb81_136) [Insurance Liab](#i74391f3f94184d90a6db5fbb0accdb81_136)[ilities and Annuity Benefits](#i74391f3f94184d90a6db5fbb0accdb81_136) | | | [61](#i74391f3f94184d90a6db5fbb0accdb81_136) | | |
| [Note 1](#i74391f3f94184d90a6db5fbb0accdb81_250)[4](#i74391f3f94184d90a6db5fbb0accdb81_250) [](#i74391f3f94184d90a6db5fbb0accdb81_250)[](#i74391f3f94184d90a6db5fbb0accdb81_250)[All Other Liabilities](#i74391f3f94184d90a6db5fbb0accdb81_250) | | | [68](#i74391f3f94184d90a6db5fbb0accdb81_250) | | |
| [Note](#i74391f3f94184d90a6db5fbb0accdb81_4947802327162) [18](#i74391f3f94184d90a6db5fbb0accdb81_4947802327162) [Earnings Per Share Information](#i74391f3f94184d90a6db5fbb0accdb81_4947802327162) | | | [73](#i74391f3f94184d90a6db5fbb0accdb81_4947802327162) | | |
| [Note](#i74391f3f94184d90a6db5fbb0accdb81_157) [19](#i74391f3f94184d90a6db5fbb0accdb81_157) [Other Income](#i74391f3f94184d90a6db5fbb0accdb81_157) (Loss) | | | [73](#i74391f3f94184d90a6db5fbb0accdb81_157) | | |
| [Note 20 Restructuring Charges and Separation Costs](#i74391f3f94184d90a6db5fbb0accdb81_2346) | | | [74](#i74391f3f94184d90a6db5fbb0accdb81_2346) | | |
| [Note 2](#i74391f3f94184d90a6db5fbb0accdb81_277)[7](#i74391f3f94184d90a6db5fbb0accdb81_277) [Quarterly Information](#i74391f3f94184d90a6db5fbb0accdb81_277) | | | [85](#i74391f3f94184d90a6db5fbb0accdb81_277) | | |
| [Note 2](#i74391f3f94184d90a6db5fbb0accdb81_2321)[8](#i74391f3f94184d90a6db5fbb0accdb81_2321) [Subsequent Event](#i74391f3f94184d90a6db5fbb0accdb81_2321) | | | [85](#i74391f3f94184d90a6db5fbb0accdb81_2321) | | |
| [Signatures](#i74391f3f94184d90a6db5fbb0accdb81_289) | | | [91](#i74391f3f94184d90a6db5fbb0accdb81_289) | | |
- the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of virus variants and resurgences, and of government, business and individual responses, such as continued or new government-imposed lockdowns and travel restrictions, and in particular any adverse impacts to the aviation industry and its participants;
- the other factors that are described in the "Risk Factors" in this Annual Report on Form 10-K for the year ended December 31, 2022, as such descriptions may be updated or amended in any future reports we file with the SEC.
2022 FORM 10-K 3
In July 2022, we announced the new brand names for our three planned future companies: GE Aerospace, GE HealthCare and GE Vernova.
For purposes of this report, we refer to our reporting segments as Aerospace (previously Aviation), HealthCare (previously Healthcare), Renewable Energy and Power.
The composition of these reporting segments is unchanged.
On January 3, 2023, we completed the separation of the HealthCare business from GE through the spin-off of GE HealthCare Technologies Inc. (GE HealthCare).
In the spin-off, GE made a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare’s common stock to GE shareholders, retaining approximately 19.9% of GE HealthCare common stock.
This spin-off marked the culmination of our first business separation in accordance with the November 2021 strategic plan, and we are working toward the planned spin-off of GE Vernova.
At GE Aerospace, with a differentiated product and technology portfolio across the commercial and military sectors, we are well positioned to serve customers in expanding and upgrading their fleets amidst the demand ramp for engines and services with the ongoing recovery from the peak of the COVID-19 pandemic.
At the same time, we are working to develop next generation engine programs that will allow a smarter and more efficient future of flight, including efforts to support increased use of sustainable aviation fuel with our engines’ capabilities and developing new engine architectures such as open fan, hybrid electric and hydrogen technologies.
The GE Vernova portfolio of businesses are positioned to lead the energy transition, helping the energy sector solve for sustainability, reliability and affordability.
These businesses are at the center of a dynamic and growing market, as the world faces a significant increase in electricity demand in the coming decades along with the need to electrify and decarbonize.
With a range of power generation technologies spanning gas power, onshore and offshore wind and others, as well as power grid automation and hardware, these businesses offer solutions for customers to reduce emissions, meet the growth in electricity demand and make energy more accessible globally, secure and resilient.
And GE HealthCare, as an independent company since January 2023, will carry forward its mission of advancing precision care to help solve the healthcare industry’s challenges in harnessing data more effectively to provide better outcomes for patients, improving productivity and extending care out of the hospital to alternative care sites.
In the remainder of this report, we discuss GE on a consolidated basis and its businesses as of, and for the years ended, December 31, 2022 unless otherwise indicated.
The HealthCare business was a segment included in GE’s consolidated results for all of 2022, and accordingly we include GE HealthCare’s results and other details for 2022 in this report.
The historical results of GE HealthCare and certain assets and liabilities included in the spin-off will be reported in GE's consolidated financial statements as discontinued operations beginning in the first quarter of 2023.
For the GE Vernova businesses, we continue to refer to our reporting segments of Renewable Energy and Power, reflecting the organization and management of these businesses within GE today.
2022 FORM 10-K 4
Our focus on organizational performance and talent will remain front and center through the execution of our strategic plan to separate into three independent companies.
For the past two years, our annual bonus program for executives has included a modifier based on the Company’s safety performance.
In early 2022, we conducted an annual enterprise-wide culture survey.
While survey results varied among our businesses, a Company-wide view of trends in responses confirmed our employees’ view of GE’s solid foundations in safety, compliance, and employee development.
In 2022, we disclosed in our Diversity Annual Report our long-standing commitment to fair and competitive pay practices.
On average, men and women performing similar work are paid within 1% of each other in each GE business.
Going forward, our goal remains 100% pay equity in each of our businesses.
In connection with the January 3, 2023 spin-off of GE HealthCare, approximately 49,000 of our full-time employees formerly associated with our HealthCare segment became employees of GE HealthCare.
| 0.375% Notes due 2022 | | | GE 22A | | | New York Stock Exchange | | |
| | | | | | | | | | | | |
| [Corporate](#ie109e35a0dca407b881ee484bbc3979c_40) | | | [16](#ie109e35a0dca407b881ee484bbc3979c_40) | | |
| [Note 1](#ie109e35a0dca407b881ee484bbc3979c_259)[0](#ie109e35a0dca407b881ee484bbc3979c_259) [](#ie109e35a0dca407b881ee484bbc3979c_259)[](#ie109e35a0dca407b881ee484bbc3979c_259)[Borrowings](#ie109e35a0dca407b881ee484bbc3979c_259) | | | [64](#ie109e35a0dca407b881ee484bbc3979c_259) | | |
| [Note](#ie109e35a0dca407b881ee484bbc3979c_217) [18](#ie109e35a0dca407b881ee484bbc3979c_217) [](#ie109e35a0dca407b881ee484bbc3979c_217)[](#ie109e35a0dca407b881ee484bbc3979c_217)[Other Income](#ie109e35a0dca407b881ee484bbc3979c_217) | | | [76](#ie109e35a0dca407b881ee484bbc3979c_217) | | |
| [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) | | |
- the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic, of businesses’ and governments’ responses to the pandemic and of individual factors such as aviation passenger confidence, on our operations and personnel, on commercial activity and demand across our and our customers’ businesses, and on global supply chains;
- the extent to which the COVID-19 pandemic and related impacts, including global supply chain disruptions and price inflation, will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives;
- the other factors that are described in "Risk Factors" in this form 10-K report.
2021 FORM 10-K 3
This section provides an overview of GE’s business at a consolidated level.
See the Segment Operations section within Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for more details about segment-level business descriptions, product and service offerings and competitive, regulatory and other trends, dynamics and developments.
See also the Consolidated Results section within MD&A and Note 2 to the consolidated financial statements for information regarding our announced and recent business portfolio actions.
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.
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.
Compared to the year-end 2020 figure of 174,000, the number of those employed at year-end 2021 decreased primarily as a result of restructuring.
In the United States, GE has approximately 5,750 union-represented manufacturing and service employees, the majority of whom are covered by four-year collective bargaining agreements ratified in August 2019.
2021 FORM 10-K 5
Upon completion of this transaction, in order to focus on our core industrial businesses of Aviation, Healthcare, Renewable Energy and Power, we voluntarily transitioned from three-column to simpler one-column reporting for all periods presented.
Previously, we presented our financial statements in a three-column format, which allowed investors to see our industrial operations separately from our financial services operations (GE Capital).
Moving to one-column consolidated financial statements reflects the reduction in size of our financial services portfolio as a result of various strategic actions taken over recent years.
We also made these related reporting changes for all periods presented:
- began presenting the results of the remainder of our former Capital segment, including Energy Financial Services (EFS) and our run-off insurance operations, within Corporate;
- reclassified amounts related to our EFS, Working Capital Solutions (WCS) and Treasury businesses from our formerly captioned GE Capital revenues from services to Other income to align with our industrial segment presentation of derivative, equity method and other investment income.
There was no change to the presentation of our run-off Insurance revenues and, consequently, our run-off Insurance revenues are now presented as a separate line in our Statement of Earnings (Loss);
An excerpt. Shown here: 40 of 1,623 rewritten, 40 of 809 added and 40 of 739 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2022 filing and the FY2021 filing.
Item 16. Form 10-K Summary Not applicable
9 rewritten, 8 added, 8 removed, 31 unchanged
| Signatures | | | | | | | | | | | | [removed: 92] [added: 91] | | |
(a)Incorporated by reference to [removed: “Compensation”] [added: "Governance"] in the [removed: 2022] [added: 2023] Proxy Statement.
[removed: (b)Incorporated] [added: (c)Incorporated] by reference to “Stock Ownership Information” [added: and "Equity Compensation Plan Information"] in the [removed: 2022] [added: 2023] Proxy Statement.
[removed: (c)Incorporated] [added: (d)Incorporated] by reference to “Related Person Transactions” and “How We Assess Director Independence” in the [removed: 2022] [added: 2023] Proxy Statement.
[removed: (d)Incorporated] [added: (e)Incorporated] by reference to “Independent [removed: Auditor Information”] [added: Auditor”] in the [removed: 2022] [added: 2023] Proxy Statement for Deloitte and Touche LLP (PCAOB ID No. 34) and KPMG LLP (PCAOB ID No. 185).
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: 2021,] [added: 2022,] 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: 11th] [added: 10th] day of February [removed: 2022.][added: 2023.]
| | | | /s/ Carolina Dybeck Happe | | | | | | Principal Financial Officer | | | | | | February [removed: 11, 2022] [added: 10, 2023] | | |
| | | | /s/ Thomas S. Timko | | | | | | Principal Accounting Officer | | | | | | February [removed: 11, 2022] [added: 10, 2023] | | |
| | | | /s/ H. Lawrence Culp, Jr. | | | | | | Principal Executive Officer | | | | | | February [removed: 11, 2022] [added: 10, 2023] | | |
(b)Incorporated by reference to "Compensation Discussion & Analysis", “Other Executive Compensation Policies & Practices” and "Management Development & Compensation Committee Report" in the 2023 Proxy Statement.
2022 FORM 10-K 90
| | | | Stephen Angel* | | | | | | Director | | | | | | | | |
| | | | Isabella Goren* | | | | | | Director | | | | | | | | |
| *By | | | /s/ Brandon Smith | | | | | | | | | | | | | | |
| | | | Brandon Smith Attorney-in-fact | | | | | | | | | | | | | | |
| | | | February 10, 2023 | | | | | | | | | | | | | | |
2022 FORM 10-K 91
2021 FORM 10-K 91
| | | | Ashton B. Carter* | | | | | | Director | | | | | | | | |
| | | | Risa Lavizzo-Mourey* | | | | | | Director | | | | | | | | |
| | | | James S. Tisch* | | | | | | Director | | | | | | | | |
| *By | | | /s/ Michael J. Holston | | | | | | | | | | | | | | |
| | | | Michael J. Holston Attorney-in-fact | | | | | | | | | | | | | | |
| | | | February 11, 2022 | | | | | | | | | | | | | | |
2021 FORM 10-K 92