General Electric 10-Q 2022-06-30

Filed 2022-07-26. 6 sections, 264K characters. Original on sec.gov · Markdown · JSON

Cover and table of contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-00035

GENERAL ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)


New York			14-0689340
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5 Necco Street	Boston	MA	02210
(Address of principal executive offices)			(Zip Code)

(Registrant’s telephone number, including area code) (617) 443-3000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GE	New York Stock Exchange
1.250% Notes due 2023	GE 23E	New York Stock Exchange
0.875% Notes due 2025	GE 25	New York Stock Exchange
1.875% Notes due 2027	GE 27E	New York Stock Exchange
1.500% Notes due 2029	GE 29	New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035	GE /35	New York Stock Exchange
2.125% Notes due 2037	GE 37	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 1,096,553,102 shares of common stock with a par value of $0.01 per share outstanding at June 30, 2022.

TABLE OF CONTENTS


			Page

Forward-Looking Statements			3
About General Electric			4
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)			4
Consolidated Results			4
Segment Operations			6
Corporate			11
Other Consolidated Information			12
Capital Resources and Liquidity			14
Critical Accounting Estimates			16
New Accounting Standards			16

Non-GAAP Financial Measures			17
Controls and Procedures			22
Other Financial Data			22





Financial Statements and Notes			23
Statement of Earnings (Loss)			23
Statement of Financial Position			25
Statement of Cash Flows			26
Statement of Comprehensive Income (Loss)			27
Statement of Changes in Shareholders' Equity			27
Note 1 Basis of Presentation and Summary of Significant Accounting Policies			28
Note 2 Businesses Held for Sale and Discontinued Operations			28
Note 3 Investment Securities			29
Note 4 Current and Long-Term Receivables			30
Note 5 Inventories, Including Deferred Inventory Costs			31
Note 6 Property, Plant and Equipment and Operating Leases			31
Note 7 Goodwill and Other Intangible Assets			32
Note 8 Revenues			32

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Item 3. Quantitative and Qualitative Disclosures About Market Risk 15, 39

Item 1. Legal Proceedings 40-41

Item 1A. Risk Factors Not applicable(a)

Item 4. Mine Safety Disclosures Not applicable

Item 5. Other Information Not applicable

(a) There have been no material changes to our risk factors since March 31, 2022. For a discussion of our risk factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2021, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


July 26, 2022						/s/ Thomas S. Timko
Date						Thomas S. Timko Vice President, Chief Accounting Officer and Controller Principal Accounting Officer

2022 2Q FORM 10-Q 42