filings.toolsGeneral Electric (GE) 10-K risk factor changes: FY2023 vs FY2022
The 2023-12-31 10-K against the 2022-12-31 one, compared heading by heading and sentence by sentence.
Item 1A0 rewritten0 added0 removed1 unchanged
All filing items1,405 rewritten1,003 added968 removed1,514 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, 1,003 added, 968 removed, 1,405 rewritten and 1,514 unchanged across 3 items that differ.
- New this year: Item 1C. Cybersecurity 26-27.
Sentences by item
24 items, with every count and a link to each item that changed
| Item | Added | Removed | Rewritten | Unchanged |
|---|---|---|---|---|
| Item 1A. Risk Factors 27-36 | 0 | 0 | 0 | 1 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 6-25 | 0 | 0 | 0 | 1 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk 16, 74-76 | 0 | 0 | 0 | 1 |
| Item 1. Business 4-6, 7-13, 78-80 | 0 | 0 | 0 | 1 |
| Item 3. Legal Proceedings 36 | 0 | 0 | 0 | 1 |
| Cover and table of contents | 993 | 961 | 1,398 | 1,459 |
| Item 1B. Unresolved Staff Comments Not applicable | 0 | 0 | 0 | 1 |
| Item 1C. Cybersecurity 26-27new | 1 | 0 | 0 | 0 |
| 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 26 | 0 | 0 | 0 | 1 |
| Item 6. [Reserved] Not applicable | 0 | 0 | 0 | 1 |
| Item 8. Financial Statements and Supplementary Data 41-81 | 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 37 | 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 82, (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 82-86 | 0 | 0 | 0 | 1 |
| Item 16. Form 10-K Summary Not applicable | 9 | 7 | 7 | 34 |
Underlined words on a shaded ground are new in FY2023; struck-through words were in FY2022. Sentences that are wholly new or wholly gone are labelled rather than marked.
Cover and table of contents
1,398 rewritten, 993 added, 961 removed, 1,459 unchanged
[added: |] For the [removed: fiscal] year ended December 31, 2022 [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]
[removed: ][added: ]
Yes [removed: ¨ No] ☑ [added: No ¨]
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: $68.8] [added: $117.9] billion.
There were [removed: 1,089,286,553] [added: 1,088,334,304] shares of common stock with a par value of $0.01 outstanding at January [removed: 31, 2023.][added: 15, 2024.]
The definitive proxy statement relating to the registrant’s Annual Meeting of Shareholders, to be held May [removed: 3, 2023,] [added: 7, 2024,] is incorporated by reference into Part III to the extent described therein.
| [Forward-Looking [removed: Statements](#i74391f3f94184d90a6db5fbb0accdb81_10)] [added: Statements](#if2092b9b2d904d44b27e92b75eb3740e_10)] | | | [removed: [3](#i74391f3f94184d90a6db5fbb0accdb81_10)] [added: [3](#if2092b9b2d904d44b27e92b75eb3740e_10)] | | |
| [About General [removed: Electric](#i74391f3f94184d90a6db5fbb0accdb81_193)] [added: Electric](#if2092b9b2d904d44b27e92b75eb3740e_196)] | | | [removed: [4](#i74391f3f94184d90a6db5fbb0accdb81_193)] [added: [4](#if2092b9b2d904d44b27e92b75eb3740e_196)] | | |
| [Management’s Discussion and Analysis of Financial Condition and Results of Operations [removed: (MD&A)](#i74391f3f94184d90a6db5fbb0accdb81_16)] [added: (MD&A)](#if2092b9b2d904d44b27e92b75eb3740e_16)] | | | [removed: [6](#i74391f3f94184d90a6db5fbb0accdb81_16)] [added: [6](#if2092b9b2d904d44b27e92b75eb3740e_16)] | | |
| [Consolidated [removed: Results](#i74391f3f94184d90a6db5fbb0accdb81_19)] [added: Results](#if2092b9b2d904d44b27e92b75eb3740e_19)] | | | [removed: [6](#i74391f3f94184d90a6db5fbb0accdb81_19)] [added: [6](#if2092b9b2d904d44b27e92b75eb3740e_19)] | | |
| [Segment [removed: Operations](#i74391f3f94184d90a6db5fbb0accdb81_22)] [added: Operations](#if2092b9b2d904d44b27e92b75eb3740e_22)] | | | [removed: [8](#i74391f3f94184d90a6db5fbb0accdb81_22)] [added: [7](#if2092b9b2d904d44b27e92b75eb3740e_22)] | | |
| [Other Consolidated [removed: Information](#i74391f3f94184d90a6db5fbb0accdb81_202)] [added: Information](#if2092b9b2d904d44b27e92b75eb3740e_217)] | | | [removed: [15](#i74391f3f94184d90a6db5fbb0accdb81_202)] [added: [14](#if2092b9b2d904d44b27e92b75eb3740e_217)] | | |
| [Capital Resources and [removed: Liquidity](#i74391f3f94184d90a6db5fbb0accdb81_43)] [added: Liquidity](#if2092b9b2d904d44b27e92b75eb3740e_43)] | | | [removed: [16](#i74391f3f94184d90a6db5fbb0accdb81_43)] [added: [15](#if2092b9b2d904d44b27e92b75eb3740e_43)] | | |
| [Critical Accounting [removed: Estimates](#i74391f3f94184d90a6db5fbb0accdb81_208)] [added: Estimates](#if2092b9b2d904d44b27e92b75eb3740e_223)] | | | [removed: [20](#i74391f3f94184d90a6db5fbb0accdb81_208)] [added: [18](#if2092b9b2d904d44b27e92b75eb3740e_223)] | | |
| [Non-GAAP Financial [removed: Measures](#i74391f3f94184d90a6db5fbb0accdb81_58)] [added: Measures](#if2092b9b2d904d44b27e92b75eb3740e_58)] | | | [removed: [26](#i74391f3f94184d90a6db5fbb0accdb81_58)] [added: [23](#if2092b9b2d904d44b27e92b75eb3740e_58)] | | |
[removed: | [Other Financial Data](#i74391f3f94184d90a6db5fbb0accdb81_211) | | | [30](#i74391f3f94184d90a6db5fbb0accdb81_211) | | |][added: OTHER FINANCIAL DATA]
| [Legal [removed: Proceedings](#i74391f3f94184d90a6db5fbb0accdb81_67)] [added: Proceedings](#if2092b9b2d904d44b27e92b75eb3740e_67)] | | | [removed: [39](#i74391f3f94184d90a6db5fbb0accdb81_67)] [added: [36](#if2092b9b2d904d44b27e92b75eb3740e_67)] | | |
| [Management and Auditor's [removed: Reports](#i74391f3f94184d90a6db5fbb0accdb81_220)] [added: Reports](#if2092b9b2d904d44b27e92b75eb3740e_211)] | | | [removed: [39](#i74391f3f94184d90a6db5fbb0accdb81_220)] [added: [37](#if2092b9b2d904d44b27e92b75eb3740e_211)] | | |
| Audited [Financial Statements and [removed: Notes](#i74391f3f94184d90a6db5fbb0accdb81_76)] [added: Notes](#if2092b9b2d904d44b27e92b75eb3740e_235)] | | | [removed: [44](#i74391f3f94184d90a6db5fbb0accdb81_76)] [added: [41](#if2092b9b2d904d44b27e92b75eb3740e_235)] | | |
| [Statement of Earnings [removed: (Loss)](#i74391f3f94184d90a6db5fbb0accdb81_76)] [added: (Loss)](#if2092b9b2d904d44b27e92b75eb3740e_235)] | | | [removed: [44](#i74391f3f94184d90a6db5fbb0accdb81_76)] [added: [41](#if2092b9b2d904d44b27e92b75eb3740e_235)] | | |
| [Statement of Financial [removed: Position](#i74391f3f94184d90a6db5fbb0accdb81_79)] [added: Position](#if2092b9b2d904d44b27e92b75eb3740e_76)] | | | [removed: [45](#i74391f3f94184d90a6db5fbb0accdb81_79)] [added: [42](#if2092b9b2d904d44b27e92b75eb3740e_76)] | | |
| [Statement of Cash [removed: Flows](#i74391f3f94184d90a6db5fbb0accdb81_85)] [added: Flows](#if2092b9b2d904d44b27e92b75eb3740e_82)] | | | [removed: [46](#i74391f3f94184d90a6db5fbb0accdb81_85)] [added: [43](#if2092b9b2d904d44b27e92b75eb3740e_82)] | | |
| [Statement of Comprehensive Income [removed: (Loss)](#i74391f3f94184d90a6db5fbb0accdb81_88)] [added: (Loss)](#if2092b9b2d904d44b27e92b75eb3740e_85)] | | | [removed: [47](#i74391f3f94184d90a6db5fbb0accdb81_88)] [added: [44](#if2092b9b2d904d44b27e92b75eb3740e_85)] | | |
| [Statement of Changes in Shareholders' [removed: Equity](#i74391f3f94184d90a6db5fbb0accdb81_91)] [added: Equity](#if2092b9b2d904d44b27e92b75eb3740e_88)] | | | [removed: [47](#i74391f3f94184d90a6db5fbb0accdb81_91)] [added: [44](#if2092b9b2d904d44b27e92b75eb3740e_88)] | | |
| [Note 1 Basis of Presentation and Summary of Significant Accounting [removed: Policies](#i74391f3f94184d90a6db5fbb0accdb81_223)] [added: Policies](#if2092b9b2d904d44b27e92b75eb3740e_238)] | | | [removed: [48](#i74391f3f94184d90a6db5fbb0accdb81_223)] [added: [45](#if2092b9b2d904d44b27e92b75eb3740e_238)] | | |
| [Note 2 Businesses Held for Sale and Discontinued [removed: Operations](#i74391f3f94184d90a6db5fbb0accdb81_226)] [added: Operations](#if2092b9b2d904d44b27e92b75eb3740e_241)] | | | [removed: [52](#i74391f3f94184d90a6db5fbb0accdb81_226)] [added: [50](#if2092b9b2d904d44b27e92b75eb3740e_241)] | | |
| [Note 3 Investment [removed: Securities](#i74391f3f94184d90a6db5fbb0accdb81_103)] [added: Securities](#if2092b9b2d904d44b27e92b75eb3740e_103)] | | | [removed: [54](#i74391f3f94184d90a6db5fbb0accdb81_103)] [added: [52](#if2092b9b2d904d44b27e92b75eb3740e_103)] | | |
| [Note 4 Current and Long-Term [removed: Receivables](#i74391f3f94184d90a6db5fbb0accdb81_109)] [added: Receivables](#if2092b9b2d904d44b27e92b75eb3740e_109)] | | | [removed: [56](#i74391f3f94184d90a6db5fbb0accdb81_109)] [added: [54](#if2092b9b2d904d44b27e92b75eb3740e_109)] | | |
| [Note 5 Inventories, Including Deferred Inventory [removed: Costs](#i74391f3f94184d90a6db5fbb0accdb81_115)] [added: Costs](#if2092b9b2d904d44b27e92b75eb3740e_115)] | | | [removed: [57](#i74391f3f94184d90a6db5fbb0accdb81_115)] [added: [54](#if2092b9b2d904d44b27e92b75eb3740e_115)] | | |
| [Note 6 Property, Plant and [removed: Equipment](#i74391f3f94184d90a6db5fbb0accdb81_232)] [added: Equipment] and Operating [removed: Leases] [added: Leases](#if2092b9b2d904d44b27e92b75eb3740e_247)] | | | [removed: [57](#i74391f3f94184d90a6db5fbb0accdb81_232)] [added: [55](#if2092b9b2d904d44b27e92b75eb3740e_247)] | | |
| [Note [removed: 7](#i74391f3f94184d90a6db5fbb0accdb81_235) [Acquis](#i74391f3f94184d90a6db5fbb0accdb81_235)[itions,](#i74391f3f94184d90a6db5fbb0accdb81_235) [Goodwill] [added: 7 Goodwill] and Other Intangible [removed: Assets](#i74391f3f94184d90a6db5fbb0accdb81_235)] [added: Assets](#if2092b9b2d904d44b27e92b75eb3740e_250)] | | | [removed: [58](#i74391f3f94184d90a6db5fbb0accdb81_235)] [added: [55](#if2092b9b2d904d44b27e92b75eb3740e_250)] | | |
| [removed: [Note](#i74391f3f94184d90a6db5fbb0accdb81_127) [8](#i74391f3f94184d90a6db5fbb0accdb81_127)] [added: [Note](#if2092b9b2d904d44b27e92b75eb3740e_130) [8](#if2092b9b2d904d44b27e92b75eb3740e_130)] [Contract and Other Deferred Assets & Progress Collections and Deferred [removed: Income](#i74391f3f94184d90a6db5fbb0accdb81_127)] [added: Income](#if2092b9b2d904d44b27e92b75eb3740e_130)] | | | [removed: [59](#i74391f3f94184d90a6db5fbb0accdb81_127)] [added: [56](#if2092b9b2d904d44b27e92b75eb3740e_130)] | | |
| [removed: [Note](#i74391f3f94184d90a6db5fbb0accdb81_238) [9](#i74391f3f94184d90a6db5fbb0accdb81_238)] [added: [Note](#if2092b9b2d904d44b27e92b75eb3740e_253) [9](#if2092b9b2d904d44b27e92b75eb3740e_253)] [All Other [removed: Assets](#i74391f3f94184d90a6db5fbb0accdb81_238)] [added: Assets](#if2092b9b2d904d44b27e92b75eb3740e_253)] | | | [removed: [60](#i74391f3f94184d90a6db5fbb0accdb81_238)] [added: [57](#if2092b9b2d904d44b27e92b75eb3740e_253)] | | |
| [Note [removed: 11 Accounts] [added: 1](#if2092b9b2d904d44b27e92b75eb3740e_139)[1](#if2092b9b2d904d44b27e92b75eb3740e_139) [Accounts] Payable and Equipment [removed: Project](#i74391f3f94184d90a6db5fbb0accdb81_2340)] [added: Project](#if2092b9b2d904d44b27e92b75eb3740e_139)] Payables | | | [removed: [61](#i74391f3f94184d90a6db5fbb0accdb81_136)] [added: [58](#if2092b9b2d904d44b27e92b75eb3740e_139)] | | |
| [removed: [Note](#i74391f3f94184d90a6db5fbb0accdb81_136) [1](#i74391f3f94184d90a6db5fbb0accdb81_136)[2](#i74391f3f94184d90a6db5fbb0accdb81_136)] [added: [Note 1](#if2092b9b2d904d44b27e92b75eb3740e_142)[2](#if2092b9b2d904d44b27e92b75eb3740e_142)] [Insurance [removed: Liab](#i74391f3f94184d90a6db5fbb0accdb81_136)[ilities] [added: Liabilities] and Annuity [removed: Benefits](#i74391f3f94184d90a6db5fbb0accdb81_136)] [added: Benefits](#if2092b9b2d904d44b27e92b75eb3740e_142)] | | | [removed: [61](#i74391f3f94184d90a6db5fbb0accdb81_136)] [added: [58](#if2092b9b2d904d44b27e92b75eb3740e_142)] | | |
| [Note [removed: 1](#i74391f3f94184d90a6db5fbb0accdb81_247)[3](#i74391f3f94184d90a6db5fbb0accdb81_247)] [added: 1](#if2092b9b2d904d44b27e92b75eb3740e_262)[3](#if2092b9b2d904d44b27e92b75eb3740e_262)] [Postretirement Benefit [removed: Plans](#i74391f3f94184d90a6db5fbb0accdb81_247)] [added: Plans](#if2092b9b2d904d44b27e92b75eb3740e_262)] | | | [removed: [63](#i74391f3f94184d90a6db5fbb0accdb81_247)] [added: [61](#if2092b9b2d904d44b27e92b75eb3740e_262)] | | |
| [removed: [Note 1](#i74391f3f94184d90a6db5fbb0accdb81_250)[4](#i74391f3f94184d90a6db5fbb0accdb81_250) [](#i74391f3f94184d90a6db5fbb0accdb81_250)[](#i74391f3f94184d90a6db5fbb0accdb81_250)[All Other Liabilities](#i74391f3f94184d90a6db5fbb0accdb81_250)] [added: All other liabilities (Note 14)] | | | [removed: [68](#i74391f3f94184d90a6db5fbb0accdb81_250)] [added: 10,508] | | | [added: 11,063 | | |]
| [Note [removed: 1](#i74391f3f94184d90a6db5fbb0accdb81_253)[5](#i74391f3f94184d90a6db5fbb0accdb81_253)] [added: 1](#if2092b9b2d904d44b27e92b75eb3740e_268)[5](#if2092b9b2d904d44b27e92b75eb3740e_268)] [Income [removed: Taxes](#i74391f3f94184d90a6db5fbb0accdb81_253)] [added: Taxes](#if2092b9b2d904d44b27e92b75eb3740e_268)] | | | [removed: [68](#i74391f3f94184d90a6db5fbb0accdb81_253)] [added: [67](#if2092b9b2d904d44b27e92b75eb3740e_268)] | | |
| [Note [removed: 1](#i74391f3f94184d90a6db5fbb0accdb81_148)[6](#i74391f3f94184d90a6db5fbb0accdb81_148)] [added: 1](#if2092b9b2d904d44b27e92b75eb3740e_157)[6](#if2092b9b2d904d44b27e92b75eb3740e_157)] [Shareholders' [removed: Equity](#i74391f3f94184d90a6db5fbb0accdb81_148)] [added: Equity](#if2092b9b2d904d44b27e92b75eb3740e_157)] | | | [removed: [71](#i74391f3f94184d90a6db5fbb0accdb81_148)] [added: [70](#if2092b9b2d904d44b27e92b75eb3740e_157)] | | |
| [Note [removed: 1](#i74391f3f94184d90a6db5fbb0accdb81_259)[7](#i74391f3f94184d90a6db5fbb0accdb81_259) [Share-Based Compensation](#i74391f3f94184d90a6db5fbb0accdb81_259)] [added: 17 Share-Based Compensation](#if2092b9b2d904d44b27e92b75eb3740e_274)] | | | [removed: [72](#i74391f3f94184d90a6db5fbb0accdb81_259)] [added: [71](#if2092b9b2d904d44b27e92b75eb3740e_274)] | | |
| One Financial Center, Suite 3700 | | | Boston | | | MA | | | | | | 02111 | | |
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).
| [Corporate](#if2092b9b2d904d44b27e92b75eb3740e_37) | | | [13](#if2092b9b2d904d44b27e92b75eb3740e_37) | | |
| [Cybersecurity](#if2092b9b2d904d44b27e92b75eb3740e_2145) | | | [26](#if2092b9b2d904d44b27e92b75eb3740e_2145) | | |
| [Risk Factors](#if2092b9b2d904d44b27e92b75eb3740e_202) | | | [27](#if2092b9b2d904d44b27e92b75eb3740e_202) | | |
| [Note 1](#if2092b9b2d904d44b27e92b75eb3740e_256)[0](#if2092b9b2d904d44b27e92b75eb3740e_256) [Borrowings](#if2092b9b2d904d44b27e92b75eb3740e_256) | | | [58](#if2092b9b2d904d44b27e92b75eb3740e_256) | | |
| [Signatures](#if2092b9b2d904d44b27e92b75eb3740e_325) | | | [87](#if2092b9b2d904d44b27e92b75eb3740e_325) | | |
2023 FORM 10-K 3
Additionally, on January 1, 2023, we adopted Accounting Standards Update No. 2018-12, *Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts*.
2023 FORM 10-K 4
2023 FORM 10-K 5
These increases were partially offset by an increase in separation costs of $0.3 billion.
FCF* increased primarily due to the same reasons as noted for CFOA above, after adjusting for an increase in separation cash expenditures, which are excluded from FCF*, partially offset by an increase in cash used for additions to property, plant and equipment and internal-use software.
Services RPO includes the estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period, the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty.
2023 FORM 10-K 6
| Equipment | | | $ | 54,675 | | $ | 44,198 | | $ | 40,834 | | | | |
| Services | | | 212,558 | | | 194,198 | | | 185,786 | | | | | |
| Total RPO | | | $ | 267,233 | | $ | 238,396 | | $ | 226,620 | | | | |
As of December 31, 2023, RPO increased $28.8 billion (12%) from December 31, 2022, primarily at Aerospace, from increases in both equipment and services; at Renewable Energy, from new orders at Grid and Onshore Wind; and at Power, driven by increases in Gas Power services and equipment and Power Conversion equipment.
| Equipment revenues | | | | | | | | | | | | $ | 26,793 | | $ | 22,334 | | $ | 25,096 | |
| Services revenues | | | | | | | | | | | | 37,772 | | | 32,808 | | | 28,272 | | |
| Insurance revenues | | | | | | | | | | | | 3,389 | | | 2,957 | | | 3,101 | | |
Equipment revenues increased, primarily at Renewable Energy, due to higher equipment revenue at Offshore Wind associated with the Haliade-X ramp up, as well as at Grid; at Aerospace, due to an increase in commercial install and spare engine unit shipments; and at Power, due to increases at Gas Power and Power Conversion.
| EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE | | | | | | | | | | | | | | | | | | | | |
These increases were partially offset by an increase in provision for income taxes of $1.1 billion and an increase in separation costs of $0.3 billion.
Also, because we operate in many countries around the world, we are subject to complex global geopolitical forces.
Due to an expansion of U.S. sanctions related to the ongoing Russia and Ukraine conflict, we recorded a charge of $0.2 billion in the year ended December 31, 2023, primarily related to our Power segment, and as a result our remaining net asset exposure to Russia is not material.
2023 FORM 10-K 7
| Total segment revenues | | | | | | | | | | | | | | | | | | 64,551 | | | 55,289 | | | | | | | | | 53,910 | | |
| Corporate | | | | | | | | | | | | | | | | | | 3,403 | | | 2,812 | | | | | | | | | 2,559 | | |
| Total revenues | | | | | | | | | | | | | | | | | | $ | 67,954 | | $ | 58,100 | | | | | | | | $ | 56,469 | |
| Corporate(a) | | | | | | | | | | | | | | | | | | 3,785 | | | (2,875) | | | | | | | | | 1,158 | | |
Competition & Regulation.
Significant Trends & Developments.
Our results in 2023 reflect robust demand for commercial air travel and continued strength in services, which represents over 70% of Aerospace’s revenue this year.
The air traffic growth trends vary by region given economic conditions, airline competition and government regulations.
Consistent with industry projections, we estimate departures growth to decelerate to mid-single digits in 2024.
2023 FORM 10-K 8
The U.S. Department of Defense and foreign governments have continued flight operations and have allocated budgets to upgrade and modernize their existing fleets, including support for next generation large-combat engine architecture such as Aerospace’s XA100 program.
| 5 Necco Street | | | Boston | | | MA | | | | | | 02210 | | |
| 1.250% Notes due 2023 | | | GE 23E | | | New York Stock Exchange | | |
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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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| --- | --- | --- | --- | --- | --- |
| [Corporate](#i74391f3f94184d90a6db5fbb0accdb81_37) | | | [14](#i74391f3f94184d90a6db5fbb0accdb81_37) | | |
| [Other Items](#i74391f3f94184d90a6db5fbb0accdb81_187) | | | [22](#i74391f3f94184d90a6db5fbb0accdb81_187) | | |
| [Risk Factors](#i74391f3f94184d90a6db5fbb0accdb81_217) | | | [30](#i74391f3f94184d90a6db5fbb0accdb81_217) | | |
| [Note 1](#i74391f3f94184d90a6db5fbb0accdb81_241)[0](#i74391f3f94184d90a6db5fbb0accdb81_241) [Borrowings](#i74391f3f94184d90a6db5fbb0accdb81_241) | | | [61](#i74391f3f94184d90a6db5fbb0accdb81_241) | | |
| [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;
- our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;
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.
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.
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.
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
Going forward, our goal remains 100% pay equity in each of our businesses.
These groups also support our goals to build a diverse talent pipeline through efforts such as partnering with organizations to raise money for scholarship funds and promoting professional development opportunities.
Our Aerospace, Renewable Energy, Power, and HealthCare segments employed approximately 45,000, 36,000, 32,000, and 49,000 people, respectively.
In addition, Corporate employed approximately 10,000 employees, including legacy GE Capital employees.
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.
Following the spin-off of GE HealthCare, GE has approximately 4,670 union-represented manufacturing and service employees in the United States.
GE will hold negotiations to enter into new agreements on or before their termination dates.
While the outcome of the 2023 negotiations cannot be predicted, GE’s recent past negotiations have resulted in agreements that provide employees with good wages and benefits while addressing the competitive realities facing GE.
2022 FORM 10-K 5
*Non-GAAP Financial Measure
2022 FORM 10-K 6
FCF* increased primarily due to the same reasons as noted for CFOA above.
| Equipment | | | $ | 48,936 | | $ | 45,065 | | $ | 45,991 | |
| Services | | | 202,061 | | | 194,755 | | | 184,608 | | |
| Total RPO | | | $ | 250,997 | | $ | 239,820 | | $ | 230,600 | |
As of December 31, 2022, RPO increased $11.2 billion (5%) from December 31, 2021, primarily at Aerospace, from engines contracted under long-term service agreements that have now been put into service and an increase in Commercial and Military orders; at Renewable Energy, from new orders at Grid and Hydro exceeding sales; and at Power, driven by Gas Power services and equipment; partially offset by a decrease at HealthCare, from the impact of contract renewal timing in services.
An excerpt. Shown here: 40 of 1,398 rewritten, 40 of 993 added and 40 of 961 removed. The counts are complete. For every sentence, read Cover and table of contents in the FY2023 filing and the FY2022 filing.
Item 1C. Cybersecurity 26-27
0 rewritten, 1 added, 0 removed, 0 unchanged
New section this year
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Item 16. Form 10-K Summary Not applicable
7 rewritten, 9 added, 7 removed, 34 unchanged
| Signatures | | | | | | | | | | | | [removed: 91] [added: 87] | | |
(e)Incorporated by reference to “Independent Auditor” in the 2023 Proxy Statement for Deloitte [removed: and] [added: &] Touche LLP (PCAOB ID No. [removed: 34) and KPMG LLP (PCAOB ID No. 185).][added: 34).]
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: 2022,] [added: 2023,] 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: 10th] [added: 2nd] day of February [removed: 2023.][added: 2024.]
| | | | [removed: Carolina Dybeck Happe] [added: Rahul Ghai] Senior Vice President and Chief Financial Officer (Principal Financial Officer) | | |
| | | | [removed: Carolina Dybeck Happe] [added: Rahul Ghai] Senior Vice President and Chief Financial Officer | | | | | | | | | | | | | | |
| | | | /s/ Thomas S. Timko | | | | | | Principal Accounting Officer | | | | | | February [removed: 10, 2023] [added: 2, 2024] | | |
| | | | /s/ H. Lawrence Culp, Jr. | | | | | | Principal Executive Officer | | | | | | February [removed: 10, 2023] [added: 2, 2024] | | |
2023 FORM 10-K 86
| By | | | /s/ Rahul Ghai | | |
| | | | /s/ Rahul Ghai | | | | | | Principal Financial Officer | | | | | | February 2, 2024 | | |
| | | | Margaret Billson* | | | | | | Director | | | | | | | | |
| | | | Thomas Enders* | | | | | | Director | | | | | | | | |
| | | | Darren W. McDew* | | | | | | Director | | | | | | | | |
| | | | Jessica Uhl* | | | | | | Director | | | | | | | | |
| | | | February 2, 2024 | | | | | | | | | | | | | | |
2023 FORM 10-K 87
2022 FORM 10-K 90
| By | | | /s/ Carolina Dybeck Happe | | |
| | | | /s/ Carolina Dybeck Happe | | | | | | Principal Financial Officer | | | | | | February 10, 2023 | | |
| | | | Francisco D'Souza* | | | | | | Director | | | | | | | | |
| | | | Leslie F. Seidman* | | | | | | Director | | | | | | | | |
| | | | February 10, 2023 | | | | | | | | | | | | | | |
2022 FORM 10-K 91