General Electric 10-Q 2023-06-30

Filed 2023-07-25. 1 sections, 281K characters. Original on sec.gov · Markdown · JSON

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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, 2023

OR

☐ 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

geform10qimage.jpg

GENERAL ELECTRIC COMPANY

(Exact name of registrant as specified in its charter)

New York14-0689340
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Financial Center, Suite 3700BostonMA02111
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareGENew York Stock Exchange
0.875% Notes due 2025GE 25New York Stock Exchange
1.875% Notes due 2027GE 27ENew York Stock Exchange
1.500% Notes due 2029GE 29New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035GE /35New York Stock Exchange
2.125% Notes due 2037GE 37New 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 1,088,378,193 shares of common stock with a par value of $0.01 per share outstanding at June 30, 2023.

TABLE OF CONTENTS

Page
Forward-Looking Statements3
About General Electric4
Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)4
Consolidated Results4
Segment Operations6
Corporate10
Other Consolidated Information11
Capital Resources and Liquidity11
Critical Accounting Estimates14
Non-GAAP Financial Measures14
Controls and Procedures18
Other Financial Data18
Financial Statements and Notes19
Statement of Earnings (Loss)19
Statement of Financial Position20
Statement of Cash Flows21
Statement of Comprehensive Income (Loss)22
Statement of Changes in Shareholders' Equity22
Note 1 Basis of Presentation and Summary of Significant Accounting Policies23
Note 2 Businesses Held for Sale and Discontinued Operations23
Note 3 Investment Securities25
Note 4 Current and Long-Term Receivables26
Note 5 Inventories, Including Deferred Inventory Costs27
Note 6 Property, Plant and Equipment and Operating Leases27
Note 7 Goodwill and Other Intangible Assets27
Note 8 Revenues28
Note 9 Contract and Other Deferred Assets & Progress Collections and Deferred Income29

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