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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, 2022
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
ge-20220630_g1.jpg
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
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FORWARD-LOOKING STATEMENTS. Our public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; the impacts of the COVID-19 pandemic; planned and potential transactions, including our plan to pursue spin-offs of HealthCare and our combined Renewable Energy, Power and Digital businesses; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses’ cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:
our success in executing and completing asset dispositions or other transactions, including our plan to pursue spin-offs of HealthCare and our combined Renewable Energy, Power and Digital businesses, and sales of our equity ownership positions in Baker Hughes and AerCap, the timing of closing for such transactions, the ability to satisfy closing conditions, and the expected proceeds, consideration and benefits to GE;
changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising interest rates, the value of securities and other financial assets (including our equity ownership positions in Baker Hughes and AerCap, and expected equity interest in HealthCare after its spin-off), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;
the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and virus variants and resurgences; of businesses’ and governments’ responses to the pandemic, such as continued or new government-imposed lockdowns and travel restrictions; 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;
our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the capital structures of the three public companies that we plan to form from our businesses, the timing and amount of dividends, share repurchases, organic investments, and other priorities;
downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our liquidity, funding profile, costs and competitive position;
our liquidity and the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
capital and liquidity needs associated with our financial services operations, including in connection with our run-off insurance operations and Bank BPH, the amount and timing of any required capital contributions and any strategic actions that we may pursue;
global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, changes in the rates of investment or economic growth globally or in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;
market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as secular, cyclical and competitive pressures across our businesses; pricing, cost and volume, the timing of customer investment and other factors in renewable energy markets; demand for air travel and other dynamics related to the COVID-19 pandemic; conditions in key geographic markets; and other shifts in the competitive landscape for our products and services;
operational execution by our businesses, including the success in improving operational performance at our Renewable Energy business, and the performance of Aerospace amidst the ongoing market recovery;
changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including uncertainty relating to the U.S. wind Production Tax Credit and other policies), and the effects of tax law changes;
our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;
our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;
the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom, Bank BPH and other investigative and legal proceedings;
the impact of actual or potential quality issues or failures of our products or third-party products with which our products are integrated, and related reputational effects;
the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and
the other factors that are described in the "Risk Factors" section of 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, as such descriptions may be updated or amended in any future reports we file with the SEC.
These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.
2022 2Q FORM 10-Q 3



ABOUT GENERAL ELECTRIC. General Electric Company (General Electric, GE or the Company) is a high-tech industrial company that operates worldwide through its four segments, Aerospace, HealthCare, Renewable Energy, and Power. 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. In November 2021 we announced a strategic plan to form three industry-leading, global, investment-grade public companies from our (i) Aerospace business, (ii) HealthCare business and (iii) combined Renewable Energy, Power and Digital businesses. In July 2022, we announced the new brand names for our three planned future companies: GE Aerospace, GE HealthCare and GE Vernova.

GE Aerospace will be the name of GE’s aviation business. This new name opens the aperture, expanding upon our established expertise, extensive partnerships, and commitment to customers in the aviation sector, while setting forth a confident new vision to propel a new era of possibility in aerospace.
GE HealthCare will be the name of GE’s healthcare business. Given the global prominence and established reputation of the current GE Healthcare business unit name, in addition to its trusted familiarity with billions of patients around the world, it made the most sense from both a customer and business standpoint to keep the name as-is.
GE Vernova will be the name of GE’s energy portfolio of renewable energy, power, and digital businesses. With “ver” conveying green and “nova” signaling a new era of reliable, affordable, and sustainable energy, this name was selected as a unifying banner under which these businesses will set out to lead the world’s energy transition.

For the 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.

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 Internet address at www.ge.com, Investor Relations website at www.ge.com/investor-relations and our corporate blog at www.gereports.com, as well as GE’s Facebook page, Twitter accounts and other social media, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of General Electric Company are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements.

In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

CONSOLIDATED RESULTS
SECOND QUARTER 2022 RESULTS. Total revenues were $18.6 billion, up $0.4 billion for the quarter, driven primarily by increases at Aerospace and HealthCare, offset by decreases at Renewable Energy and Power.

Continuing earnings (loss) per share was $(0.59). Excluding gains (losses) on equity securities, separation costs, earnings from our run-off Insurance business and non-operating benefit costs, Adjusted earnings per share* was $0.78. For the three months ended June 30, 2022, profit (loss) was $(0.2) billion and profit (loss) margin was (1.3)%, up $0.8 billion, primarily due to the nonrecurrence of debt extinguishment costs of $1.4 billion, a decrease in non-operating benefit costs of $0.7 billion, higher segment profit of $0.5 billion, a decrease in significant, higher-cost restructuring charges of $0.2 billion and lower adjusted corporate operating costs* of $0.2 billion, partially offset by a net loss on the value of equity securities of $2.0 billion compared to the prior year gain and separation costs of $0.2 billion. Adjusted organic profit* increased $0.7 billion (79%), driven primarily by an increase at Aerospace and lower adjusted total corporate operating costs*, partially offset by decreases at Renewable Energy and HealthCare.






*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 4


Cash used for operating activities (CFOA) was less than $0.1 billion and $3.0 billion for the six months ended June 30, 2022 and 2021, respectively. Cash used for operating activities decreased primarily due to a decrease in cash collateral paid net of settlements on interest rate derivative contracts, an increase in net income (after adjusting for amortization of intangible assets, non-cash losses related to our interests in AerCap Holdings N.V. (AerCap) and Baker Hughes and non-operating debt extinguishment costs) and a decrease in cash used for all other operating activities. Free cash flows* (FCF) were $(0.7) billion and $(3.2) billion for the six months ended June 30, 2022 and 2021, respectively. FCF* increased primarily due to the same reasons as noted for CFOA above, partially offset by an increase in cash used for working capital (after adjusting for the impact from discontinued factoring programs and eliminations related to our receivables factoring and supply chain finance programs). See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.

Remaining performance obligation (RPO) is unfilled customer orders for products and product services (expected life of contract sales for product services) excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 8 for further information.

RPOJune 30, 2022December 31, 2021
Equipment$44,773 $45,065 
Services197,222 194,755 
Total RPO$241,995 $239,820 

As of June 30, 2022, RPO increased $2.2 billion from December 31, 2021, primarily at Aerospace, from engines contracted under long-term service agreements that have now been put into service and contract modifications; partially offset by decreases at Power, from the continued wind down of the Steam Power new build coal business and sales outpacing new orders in Gas Power contractual services; at Renewable Energy, primarily from sales exceeding new orders at Onshore Wind and the overall impact of a stronger U.S. dollar; and at HealthCare, from the impact of contract renewal timing in services.

REVENUESThree months ended June 30Six months ended June 30
2022202120222021
Equipment revenues$7,603 $8,298 $14,467 $16,269 
Services revenues10,277 9,172 19,686 17,517 
Insurance revenues765 783 1,533 1,538 
Total revenues$18,646 $18,253 $35,686 $35,323 

For the three months ended June 30, 2022, total revenues increased $0.4 billion (2%). Equipment revenues decreased, primarily at Renewable Energy, due to fewer wind turbine deliveries at Onshore Wind and lower revenues at Offshore Wind; and at Aerospace, due to lower GEnx engine production rates, supply chain disruptions and product transition with fewer engine shipments on legacy programs; partially offset by increases at Power, due to higher Gas Power aeroderivative deliveries; and at HealthCare, due to Imaging and Ultrasound, mainly due to strong growth in the U.S. and Europe, the Middle East and Africa, offset by COVID-19 impacts in China. Services revenues increased, primarily at Aerospace, due to increased shop visit volume, higher volume of commercial spare part shipments and net favorable changes in estimated profitability of long-term service agreements; partially offset by decreases at Power, due to a decrease in Gas Power contractual services and prior year Steam Power services volume that did not repeat; and at Renewable Energy, primarily due to fewer repower unit deliveries at Onshore Wind. Insurance revenues decreased 2%.
Excluding the change in Insurance revenues, the net effects of acquisitions of $0.1 billion, the net effects of dispositions of $0.1 billion and the effects of a stronger U.S. dollar of $0.5 billion, organic revenues* increased $0.9 billion (5%), with equipment revenues down $0.5 billion (6%) and services revenues up $1.4 billion (15%). Organic revenues* increased at Aerospace, HealthCare and Power, partially offset by a decrease at Renewable Energy.
For the six months ended June 30, 2022, total revenues increased $0.4 billion (1%). Equipment revenues decreased, primarily at Renewable Energy, due to fewer wind turbine deliveries at Onshore Wind; at Aerospace, due to lower GEnx engine production rates, supply chain disruptions and product transition with fewer engine shipments on legacy programs; and at Power, due to a decrease in Steam Power equipment on the exit of new build coal; partially offset by an increase at HealthCare, driven by Imaging, mainly due to strong growth in the U.S. and Europe, the Middle East and Africa, offset by COVID-19 impacts in China. Services revenues increased, primarily at Aerospace, due to increased shop visit volume, higher volume of commercial spare part shipments and net favorable changes in estimated profitability of long-term service agreements; and at Renewable Energy, primarily due to higher services revenue at Onshore Wind from a larger installed base and more repower unit deliveries; partially offset by a decrease at Power, due to a decrease in Gas Power contractual services and prior year Steam Power services volume that did not repeat. Insurance revenues were flat.
Excluding the change in Insurance revenues, the net effects of acquisitions of $0.1 billion, the net effects of dispositions of $0.1 billion and the effects of a stronger U.S. dollar of $0.7 billion, organic revenues* increased $1.0 billion (3%), with equipment revenues down $1.6 billion (10%) and services revenues up $2.6 billion (15%). Organic revenues* increased at Aerospace and HealthCare, partially offset by decreases at Renewable Energy and Power.




*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 5


EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHAREThree months ended June 30Six months ended June 30
(Per-share in dollars and diluted)2022202120222021
Continuing earnings (loss) attributable to GE common shareholders$(647)$(624)$(1,456)$(604)
Continuing earnings (loss) per share$(0.59)$(0.57)$(1.33)$(0.55)

For the three months ended June 30, 2022, continuing earnings decreased 4% primarily due to a net loss on the value of equity securities of $2.0 billion compared to the prior year gain, an increase in provision for income taxes of $0.8 billion and separation costs of $0.2 billion, partially offset by the nonrecurrence of debt extinguishment costs of $1.4 billion, a decrease in non-operating benefit costs of $0.7 billion, higher segment profit $0.5 billion, a decrease in significant, higher-cost restructuring charges of $0.2 billion and lower adjusted total corporate operating costs of $0.2 billion. Adjusted earnings* was $0.9 billion, an increase of $0.6 billion. Profit margin was (1.3)%, an increase from (5.7)%. Adjusted profit* was $1.7 billion, an increase of $0.7 billion organically*, due to increases at Aerospace and Power, partially offset by decreases Renewable Energy and HealthCare. Adjusted profit margin* was 9.3%, an increase of 380 basis points organically*.
For the six months ended June 30, 2022, continuing earnings decreased $0.9 billion primarily due to a net loss on the value of equity securities of $2.6 billion compared to the prior year gain, an increase in provision for income taxes of $0.9 billion, the Steam asset sale impairment of $0.8 billion, separation costs of $0.3 billion and Russia and Ukraine charges of $0.2 billion, partially offset by the nonrecurrence of debt extinguishment costs of $1.4 billion, a decrease in non-operating benefit costs of $1.2 billion, higher segment profit of $0.6 billion, a decrease in significant, higher-cost restructuring charges of $0.3 billion, lower adjusted total corporate operating costs of $0.3 billion and lower interest and other financial charges of $0.2 billion. Adjusted earnings* were $1.1 billion, an increase of $0.7 billion. Profit margin was (2.2)%, an increase from (2.3)%. Adjusted profit* was $2.6 billion, an increase of $0.9 billion organically*, due to increases at Aerospace and Power, partially offset by decreases Renewable Energy and HealthCare. Adjusted profit margin* was 7.6%, an increase of 250 basis points organically*.

We continue to experience inflation pressure in our supply chain, as well as delays in sourcing key materials needed for our products. This has delayed our ability to convert RPO to revenue and negatively impacted our profit margins. While we are taking actions to limit this pressure, we may continue to experience impacts in future periods. Also, geopolitical uncertainties with the ongoing Russia and Ukraine conflict, as well as recent COVID-19 impacts in China, are introducing additional challenges. As of June 30, 2022, we have approximately $0.5 billion of remaining assets in Russia and Ukraine, primarily in our Power and HealthCare businesses, which relate to activity not subject to sanctions or restricted under Company policy.

SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2021, for further information regarding our determination of segment profit for continuing operations, and for our allocations of corporate costs to our segments.
Three months ended June 30Six months ended June 30
SUMMARY OF REPORTABLE SEGMENTS20222021V%20222021V%
Aerospace$6,127 $4,840 27 %$11,730 $9,832 19 %
HealthCare4,519 4,454 1 %8,882 8,761 1 %
Renewable Energy3,099 4,049 (23)%5,970 7,297 (18)%
Power4,202 4,295 (2)%7,703 8,216 (6)%
Total segment revenues17,947 17,638 2 %34,285 34,106 1 %
Corporate698 615 13 %1,401 1,217 15 %
Total revenues$18,646 $18,253 2 %$35,686 $35,323 1 %
Aerospace$1,148 $176 F$2,057 $818 F
HealthCare651 801 (19)%1,189 1,500 (21)%
Renewable Energy(419)(99)U(853)(333)U
Power320 299 7 %383 212 81 %
Total segment profit (loss)1,701 1,177 45 %2,776 2,197 26 %
Corporate(a)
(1,659)241 U(2,987)401 U
Interest and other financial charges(379)(472)20 %(769)(957)20 %
Debt extinguishment costs (1,416)F (1,416)F
Non-operating benefit income (cost)134 (517)F271 (947)F
Benefit (provision) for income taxes(378)419 U(629)247 U
Preferred stock dividends(67)(57)U(119)(129)8 %
Earnings (loss) from continuing operations attributable to GE common shareholders
(647)(624)(4)%(1,456)(604)U
Earnings (loss) from discontinued operations attributable to GE common shareholders
(210)(564)63 %(496)(3,458)86 %
Net earnings (loss) attributable to GE common shareholders
$(857)$(1,188)28 %$(1,952)$(4,062)52 %
(a) Includes interest and other financial charges of $15 million and $16 million, and $32 million and $31 million; and benefit for income taxes of $61 million and $47 million, and $108 million and $78 million related to EFS within Corporate for the three and six months ended June 30, 2022 and 2021, respectively.
*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 6


GE AEROSPACE. Our results in the second quarter of 2022 reflect the continued recovery of the commercial markets from the effects of the COVID-19 pandemic, although global industrial supply chain disruptions in material and labor affected performance. A key underlying driver of our commercial engine and services business is global commercial air traffic. We regularly track global departures, which improved 28% during the second quarter of 2022 compared to the second quarter of 2021, and now stands at approximately 80% of 2019 levels as of June 30, 2022. However, government travel restrictions, public health advisories, individuals' propensity to travel and continued cases of the virus have driven varied levels of recovery regionally, due in large part to the emergence of COVID-19 virus variants. We remain confident in the recovery, and current trends are in line with our recovery forecast. Consistent with industry projections, we continue to estimate single-aisle air traffic to recover to 2019 levels in early 2023, with twin-aisle air traffic recovering in early 2024. We are in frequent dialogue with our airline, airframe, and maintenance, repair and overhaul customers about the outlook for commercial air travel, new aircraft production, fleet retirements, and after-market services, including shop visit and spare parts demand.

Global supply chain constraints and labor shortages, in part driven by the pandemic, are causing supply chain disruptions for us and our suppliers. While these disruptions have impacted our production and delivery, we continue to partner with our airline and leasing customers and collaborate with our airframe partners on production rates for 2022 and beyond.

As it relates to the military environment, we continue to forecast strong military demand creating future growth opportunities for our Military business as the U.S. Department of Defense and foreign governments have continued flight operations, and have allocated budgets to upgrade and modernize their existing fleets.

Total engineering, comprising company, customer and partner-funded and nonrecurring engineering costs, increased compared to the prior year. We continue to be committed to investment in developing and maturing technologies that enable a more sustainable future of flight. In May 2022, we completed successful testing of our Passport long-range business aviation engine using 100% sustainable aviation fuel.

We continue to take actions to protect our ability to serve our customers now and as the global airline industry recovers. Our deep history of innovation and technology leadership, commercial engine installed base of approximately 39,400 units, with approximately 11,100 units under long-term service agreements, and military engine installed base of approximately 26,200 units represents strong long-term fundamentals. We expect to emerge from the current environment well-positioned to drive long-term profitable growth and cash generation over time.
Three months ended June 30Six months ended June 30
Sales in units, except where noted2022202120222021
Commercial Engines(a)355 383 698 742 
LEAP Engines(b)226 211 465 399 
Military Engines131 155 315 251 
Spare Parts Rate(c)$23.5 $15.0 $23.1 $14.1 
(a) Commercial Engines now includes Business Aviation and Aeroderivative units for all periods presented.
(b) LEAP engines are subsets of commercial engines.
(c) Commercial externally shipped spare parts and spare parts used in time and material shop visits in millions of dollars per day.

RPOJune 30, 2022December 31, 2021
Equipment$11,866 $11,139 
Services118,269 114,133 
Total RPO$130,135 $125,272 

SEGMENT REVENUES AND PROFITThree months ended June 30Six months ended June 30
2022202120222021
Commercial Engines & Services$4,306 $3,115 $8,159 $6,469 
Military1,096 1,041 2,132 1,997 
Systems & Other725 684 1,439 1,366 
Total segment revenues$6,127 $4,840 $11,730 $9,832 
Equipment$1,757 $1,865 $3,411 $3,712 
Services4,370 2,974 8,319 6,120 
Total segment revenues$6,127 $4,840 $11,730 $9,832 
Segment profit$1,148 $176 $2,057 $818 
Segment profit margin18.7 %3.6 %17.5 %8.3 %




2022 2Q FORM 10-Q 7


For the three months ended June 30, 2022, segment revenues were up $1.3 billion (27%) and segment profit was up $1.0 billion.
Revenues increased $1.3 billion (27%) organically*. Commercial Services revenues increased, primarily due to increased shop visit volume and higher volume of commercial spare part shipments. Commercial Services revenues also increased due to a net favorable change of $0.1 billion for its long-term service agreements compared to a net unfavorable change of $0.3 billion for the same period in the prior year. Commercial Engines revenues decreased, primarily driven by lower GEnx engine production rates, supply chain disruptions and product transition with fewer engine shipments on legacy programs, partially offset by more shipments on newer programs, including 15 more LEAP units versus the prior year. Military revenues increased, primarily due to growth in services, partially offset by 24 fewer engine shipments than the prior year.
Profit increased $0.9 billion organically*, primarily due to increased shop visit volume and higher volume of commercial spare part shipments. Profit also increased due to higher prices and the impact of favorable contract margin reviews in the quarter for long-term service agreements. These increases in profit were partially offset by inflation in our supply chain and additional growth investment.
For the six months ended June 30, 2022, segment revenues were up $1.9 billion (19%) and segment profit was up $1.2 billion.
RPO as of June 30, 2022 increased $4.9 billion (4%) from December 31, 2021, primarily due to increases in services. Services increased primarily as a result of engines contracted under long-term service agreements that have now been put into service and contract modifications.
Revenues increased $1.9 billion (20%) organically*. Commercial Services revenues increased, primarily due to increased shop visit volume and higher volume of commercial spare part shipments. Commercial Services revenues also increased due to a net favorable change of $0.1 billion for its long-term service agreements compared to a net unfavorable change of $0.3 billion for the same period in the prior year. Commercial Engines revenues decreased, primarily driven by lower GEnx engine production rates, supply chain disruptions and product transition with fewer engine shipments on legacy programs, partially offset by more shipments on newer programs, including 66 more LEAP units versus the prior year. Military revenues increased, primarily due to growth in services and 64 more engine shipments than the prior year, partially offset by product mix.
Profit increased $1.2 billion organically*, primarily due to increased shop visit volume and higher volume of commercial spare part shipments. Profit also increased due to higher prices and the impact of favorable contract margin reviews for long-term service agreements. These increases in profit were partially offset by lower profit on Commercial Engine shipments driven by product transition with fewer engine shipments on legacy programs and more shipments on newer programs, inflation in our supply chain and additional growth investment.

GE HEALTHCARE. U.S. healthcare market demand continues to be strong. In Europe, the Middle East and Africa we are seeing growth from EU tenders and post COVID spending. China has seen COVID-19 impacts in certain regions during most of the second quarter of 2022, which constrained output from our Shanghai contrast media and Healthcare Systems (HCS) equipment factories. We took measures to partially mitigate the impact to our customers. We continue to see growth in hospital spending to increase capacity and improve quality of care. Both HCS and Pharmaceutical Diagnostics (PDx) demand has recovered to at or above pre-pandemic levels. We are experiencing delays in sourcing key materials needed for our products, delaying our ability to convert RPO to revenue. We have proactively managed sourcing and logistics inflation, material and design costs to partially mitigate supply chain impacts. Delivering for our customers remains a top priority. In response to the cost pressures we are experiencing, we have continued to adjust pricing of our products, manage discretionary and structural cost in our business, as well as prioritize research and development investments.

We continue to grow and invest in precision health, with a focus on creating new products and digital solutions as well as expanding uses of existing offerings that are tailored to the different needs of our global customers. We launched Voluson Expert 22, artificial intelligence powered ultrasound with our proprietary Lyric Architecture to unlock new imaging and processing power, achieving higher resolution, detailed images and scanning flexibility. We remain committed to innovate and invest to create more integrated, efficient and personalized precision healthcare.

RPOJune 30, 2022December 31, 2021
Equipment$4,442 $4,232 
Services9,905 10,375 
Total RPO$14,346 $14,606 













*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 8


SEGMENT REVENUES AND PROFITThree months ended June 30Six months ended June 30
2022202120222021
Healthcare Systems$4,037 $3,915 $7,913 $7,740 
Pharmaceutical Diagnostics482 539 969 1,021 
Total segment revenues$4,519 $4,454 $8,882 $8,761 
Equipment$2,337 $2,257 $4,593 $4,484 
Services2,182 2,197 4,288 4,278 
Total segment revenues$4,519 $4,454 $8,882 $8,761 
Segment profit$651 $801 $1,189 $1,500 
Segment profit margin14.4 %18.0 %13.4 %17.1 %

For the three months ended June 30, 2022, segment revenues were up $0.1 billion (1%) and segment profit was down $0.1 billion (19%).
Revenues increased $0.2 billion (4%) organically*. Equipment revenues increased driven by Imaging and Ultrasound mainly due to strong growth in the U.S. and Europe, the Middle East and Africa, partially offset by COVID-19 impacts in China. Services revenues increased, driven by the continued growth of HCS services, partially offset by PDx primarily due to China.
Profit decreased $0.1 billion (13%) organically*, driven by increased material inflation and logistics cost across all product lines, partially offset by increased volume and price. We also continued to make research and development and commercial investments.
For the six months ended June 30, 2022, segment revenues were up $0.1 billion (1%) and segment profit was down $0.3 billion (21%).
RPO as of June 30, 2022 decreased $0.3 billion (2%) from December 31, 2021, primarily due to an increase in equipment orders, more than offset by the impact of contract renewal timing in services.
Revenues increased $0.3 billion (3%) organically*. Equipment revenues increased, driven by Imaging, mainly due to strong growth in the U.S. and Europe, the Middle East and Africa offset by COVID-19 impacts in China. Services revenues increased, driven by the continued growth of HCS services offset by PDx primarily due to China.
Profit decreased $0.2 billion (14%) organically*, driven by increased material inflation and logistics cost across all product lines, partially offset by increased volume and price. We also continued to make research and development and commercial investments.

RENEWABLE ENERGY – will be part of GE Vernova, GE’s portfolio of energy businesses. While we continue to expect long-term growth in U.S. onshore wind, the expiry of U.S. Production Tax Credits (PTC) in 2021 and U.S. policy uncertainty, together with rising inflation continues to result in project delays and deferral of customer investments. The offshore wind industry continues to expect strong global growth through the decade and our Grid business is positioned to support grid modernization needs. We have experienced significant cost inflation in materials and logistics costs across the entire business that impact price and customer demand, and our financial results are dependent on U.S. tax credit policy, the inflationary environment, improved selectivity, pricing and execution of cost reduction initiatives, including rationalization of operations in response to lower forecasted near-term demand.

New product introductions account for a large portion of our RPO in Onshore and Offshore wind driven by significant demand for larger turbines that decrease the levelized cost of energy, such as our 5 MW Cypress and 3 MW Sierra Onshore units, and our 12-14 MW Haliade-X Offshore units. We expect to start shipping Haliade-X units for our first commercial project in the second half of this year. Improving product and fleet durability and preparing for large scale production, while reducing the cost of these new product platforms and blade technologies, remains a key priority. At Grid Solutions, new technology such as flexible transformers and g³ switchgears are solving for a more resilient and efficient electric grid and lower greenhouse gas emissions, respectively. We also introduced Lifespan, a software suite designed to optimize asset performance and operations across an operator's wind turbine fleet.

Three months ended June 30Six months ended June 30
Onshore and Offshore sales in units2022202120222021
Wind Turbines561 887 1,063 1,665 
Wind Turbine Gigawatts1.9 2.9 3.6 5.4 
Repower units124 249 275 249 

RPOJune 30, 2022December 31, 2021
Equipment$18,166 $18,639 
Services12,363 12,872 
Total RPO$30,529 $31,511 





*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 9


SEGMENT REVENUES AND PROFITThree months ended June 30Six months ended June 30
2022202120222021
Onshore Wind$2,052 $2,883 $3,958 $5,001 
Grid Solutions equipment and services733 776 1,401 1,571 
Hydro, Offshore Wind and Hybrid Solutions
314 390 611 725 
Total segment revenues$3,099 $4,049 $5,970 $7,297 
Equipment$2,445 $3,305 $4,618 $6,148 
Services654 745 1,352 1,149 
Total segment revenues$3,099 $4,049 $5,970 $7,297 
Segment profit (loss)$(419)$(99)$(853)$(333)
Segment profit margin(13.5)%(2.4)%(14.3)%(4.6)%

For the three months ended June 30, 2022, segment revenues were down $1.0 billion (23%) and segment losses were up $0.3 billion.
Revenues decreased $0.8 billion (20%) organically*, primarily from 306 fewer wind turbine and 125 fewer repower unit deliveries at Onshore Wind, partially offset by higher revenue at Grid and core services at Onshore Wind.
Segment losses increased $0.4 billion organically*, primarily from lower U.S. volume and margins at Onshore Wind, higher costs associated with newer product offerings in Onshore internationally and cost inflation across all businesses. These increases were partially offset by higher volumes and the impact of cost reduction initiatives at Grid and $0.1 billion of cost recoveries on legacy Hydro projects.
For the six months ended June 30, 2022, segment revenues were down $1.3 billion (18%) and segment losses were up $0.5 billion.
RPO as of June 30, 2022 decreased $1.0 billion (3%) from December 31, 2021 primarily from sales exceeding new orders at Onshore Wind and the overall impact of a stronger U.S. dollar, partially offset by new orders at Grid and Hydro exceeding sales. The decline in new equipment orders at Onshore Wind is primarily attributable to the U.S. market decline and inflation-related pricing increases negatively impacting near-term demand.
Revenues decreased $1.1 billion (16%) organically* across all businesses, primarily from 565 fewer wind turbine deliveries at Onshore Wind and lower revenue at Grid due to increased commercial selectivity, partially offset by higher services revenue at Onshore Wind from a larger installed base and 26 more repower unit deliveries.
Segment losses increased $0.6 billion organically*, primarily from lower U.S. volume and margins at Onshore Wind and cost inflation across all businesses, partially offset by the impact of cost reduction initiatives. Onshore Wind results were adversely impacted by execution of lower margin RPO and the impact of transitioning to newer product offerings internationally.

POWER – will be part of GE Vernova, GE’s portfolio of energy businesses. During the current period, global gas generation and gas turbine utilization were both up low-single-digits in line with electricity demand. The fleet continues to operate in line with the market, even as the market manages through the uncertainty and disruptions from the conflict in Ukraine. Looking ahead, we anticipate the power market to continue to be impacted by overcapacity in the industry, continued price pressure from competition on servicing the installed base, and the uncertain timing of deal closures due to financing and the complexities of working in emerging markets, as well as the ongoing impacts of COVID-19. Although market factors related to the energy transition such as greater renewable energy penetration and the adoption of climate change-related policies continue to impact long-term demand (and related financing), to differing degrees across markets globally, we expect the gas market to remain stable over the next decade with gas generation continuing to grow low-single-digits. We believe gas will play a critical role in the energy transition. We remain focused on our underwriting discipline and risk management to ensure we are securing deals that meet our financial hurdles and we have high confidence to deliver for our customers.

In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to Électricité de France S.A. (EDF), which resulted in a reclassification of that business to held for sale. We expect to complete the sale, subject to regulatory approval, in the first half of 2023. In the second quarter of 2022, we announced that Gas Power intends to acquire Nexus Controls, a business specializing in aftermarket control system upgrades and controls field services. The deal, which is subject to customary closing conditions including regulatory approval and mandatory information and consultation processes with employees and their representatives, is expected to close in the second quarter of 2023.

We continue to invest in new product development, such as our HA-Turbines and Nuclear small modular reactors. Our fundamentals remain strong with approximately $67.4 billion in RPO and a gas turbine installed base greater than 7,000 units, including approximately 1,800 units under long-term service agreements.






*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 10


Three months ended June 30Six months ended June 30
Sales in units2022202120222021
GE Gas Turbines29 14 49 25 
Heavy-Duty Gas Turbines(a)10 23 20 
HA-Turbines(b)
Aeroderivatives(a)19 26 
(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines.
(b) HA-Turbines are a subset of Heavy-Duty Gas Turbines.

RPOJune 30, 2022December 31, 2021
Equipment$11,402 $12,169 
Services56,007 56,569 
Total RPO$67,409 $68,738 

SEGMENT REVENUES AND PROFITThree months ended June 30Six months ended June 30
2022202120222021
Gas Power$3,133 $3,049 $5,621 $5,878 
Steam Power691 831 1,327 1,537 
Power Conversion, Nuclear and other378 415 755 800 
Total segment revenues$4,202 $4,295 $7,703 $8,216 
Equipment$1,196 $1,071 $2,162 $2,312 
Services3,006 3,224 5,542 5,904 
Total segment revenues$4,202 $4,295 $7,703 $8,216 
Segment profit (loss)$320 $299 $383 $212 
Segment profit margin7.6 %7.0 %5.0 %2.6 %

For the three months ended June 30, 2022, segment revenues were down $0.1 billion (2%) and segment profit was up 7%.
Revenues increased $0.2 billion (4%) organically*, primarily due to higher Gas Power aeroderivative deliveries and an increase in Gas Power transactional service volume, partially offset by a reduction in Gas Power contractual service outages, decreases at Steam Power equipment on the exit of new build coal and prior year Steam Power services volume that did not repeat.
Profit increased 10% organically* due to increases in Gas Power aeroderivative deliveries, Gas Power transactional service volume, Gas Power contractual service price and from prior year project and legal charges at Steam Power that did not repeat, partially offset by unfavorable mix at Gas Power with higher equipment and lower contractual planned outages, Steam Power equipment on the exit of new build coal and prior year Steam services volume that did not repeat.
For the six months ended June 30, 2022, segment revenues were down $0.5 billion (6%) and segment profit was up $0.2 billion (81%).
RPO as of June 30, 2022 decreased $1.3 billion (2%) from December 31, 2021, primarily driven by the continued wind down of the Steam Power new build coal business, sales outpacing new orders in Gas Power contractual services and the impact of the Russia and Ukraine conflict at Power Conversion.
Revenues were flat organically*, primarily due to higher Gas Power aeroderivative deliveries and an increase in Gas Power transactional service volume, partially offset by a reduction in Gas Power contractual services, a reduction in Steam Power equipment on the exit of new build coal and prior year Steam Power services volume that did not repeat.
Profit increased $0.2 billion (67%) organically* from prior year project and legal charges at Steam Power that did not repeat and higher Gas Power aeroderivative deliveries.

CORPORATE. The Corporate amounts related to revenues and earnings include the results of disposed businesses, certain amounts not included in operating segment results because they are excluded from measurement of their operating performance for internal and external purposes and the elimination of intersegment activities. In addition, the Corporate amounts related to earnings include certain costs of our principal retirement plans, significant, higher-cost restructuring programs, separation costs, and other costs reported in Corporate.

Corporate includes the results of the GE Digital business and our remaining GE Capital businesses, our former financial services business, including our run-off Insurance business (see Other Items - Insurance for further information).







*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 11


REVENUES AND OPERATING PROFIT (COST)Three months ended June 30Six months ended June 30
2022202120222021
Corporate revenues$205 $229 $425 $456 
Insurance revenues765 783 1,533 1,538 
Eliminations and other(273)(397)(557)(777)
Total Corporate revenues$698 $615 $1,401 $1,217 
Gains (losses) on purchases and sales of business interests$$(5)$$(2)
Gains (losses) on equity securities(1,552)497 (1,770)844 
Restructuring and other charges(35)(225)(70)(331)
Separation costs(207)— (327)— 
Steam asset sale impairment (Notes 6 and 7)(1)— (825)— 
Russia and Ukraine charges— — (230)— 
Insurance profit (loss) (Note 12)172 233 397 371 
Adjusted total corporate operating costs (Non-GAAP)(38)(259)(167)(480)
Total Corporate operating profit (cost) (GAAP)$(1,659)$241 $(2,987)$401 
Less: gains (losses), impairments, Insurance, and restructuring & other(1,621)500 (2,820)881 
Adjusted total corporate operating costs (Non-GAAP)$(38)$(259)$(167)$(480)
Functions & operations$(54)$(179)$(132)$(368)
Environmental, health and safety (EHS) and other items(8)(28)(59)(83)
Eliminations24 (52)23 (29)
Adjusted total corporate operating costs (Non-GAAP)$(38)$(259)$(167)$(480)

Adjusted total corporate operating costs* excludes gains (losses) on purchases and sales of business interests, significant, higher-cost restructuring programs, separation costs, gains (losses) on equity securities, impairments and our run-off Insurance business profit. We believe that adjusting corporate costs to exclude the effects of items that are not closely associated with ongoing corporate operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

For the three months ended June 30, 2022, revenues increased by $0.1 billion due to lower intersegment eliminations. Corporate operating profit decreased by $1.9 billion due to a $2.0 billion change in gains (losses) on equity securities, primarily related to $1.1 billion of mark-to-market losses on our AerCap shares and note and $0.9 billion of higher mark-to-market losses on our Baker Hughes shares. Operating profit also decreased due to $0.2 billion of separation costs and $0.1 billion of lower profit in our run-off Insurance business, primarily driven by higher claims as COVID-19 favorability subsides and claims continue to normalize. These decreases were partially offset by $0.2 billion of lower restructuring and other charges, primarily related to our Power segment.
Adjusted total corporate operating costs* decreased by $0.2 billion primarily as the result of $0.1 billion lower corporate cost due to core reductions and $0.1 billion due to lower intercompany eliminations.

For the six months ended June 30, 2022, revenues increased by $0.2 billion due to lower intersegment eliminations.
Corporate operating profit decreased by $3.4 billion due to a $2.6 billion change in gains (losses) on equity securities, primarily related to $2.8 billion of mark to market losses on our AerCap shares and note partially offset by $0.3 billion of higher mark to market gains on our Baker Hughes shares. In addition, operating profit decreased due to $0.8 billion of non-cash impairment charges related to property, plant and equipment and intangible assets as a result of reclassification of a portion of our Steam Power business to held for sale in the first quarter of 2022 (see Note 2), $0.3 billion of separation costs and $0.2 billion of charges from contracts and recoverability of assets in connection with the conflict between Russia and Ukraine and resulting sanctions, primarily within our Aerospace and Power businesses. These decreases were partially offset by $0.3 billion of lower restructuring and other charges, primarily related to our Power segment.
Adjusted total corporate operating costs* decreased by $0.3 billion primarily as the result of $0.2 billion of core reductions and $0.1 billion due to lower intercompany eliminations.

OTHER CONSOLIDATED INFORMATION
RESTRUCTURING. This table is inclusive of all restructuring charges in our segments and at Corporate, and the charges are shown below for the business where they originated. Separately, in our reported segment results, significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate (see the Corporate section).




*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 12


RESTRUCTURING AND OTHER CHARGESThree months ended June 30Six months ended June 30
2022202120222021
Workforce reductions$14 $290 $37 $501 
Plant closures & associated costs and other asset write-downs26 38 55 64 
Acquisition/disposition net charges and other16 28 
Other— — (3)— 
Total restructuring and other charges$55 $330 $116 $572 
Cost of equipment/services$18 $188 $49 $288 
Selling, general and administrative expenses37 142 71 290 
Other (income) loss— — (3)(7)
Total restructuring and other charges$55 $330 $116 $572 
Aerospace$$(2)$10 $61 
HealthCare10 20 22 59 
Renewable Energy59 12 135 
Power32 227 67 276 
Corporate26 42 
Total restructuring and other charges$55 $330 $116 $572 
Restructuring and other charges cash expenditures$102 $190 $256 $413 

Liabilities associated with restructuring activities were approximately $0.8 billion and $1.0 billion, including actuarial determined post-employment severance benefits of $0.5 billion and $0.5 billion as of June 30, 2022 and December 31, 2021, respectively.

SEPARATION COSTS. In November 2021, the company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aviation, healthcare, and energy. Over the next two years, we expect to incur separation, transition, and operational costs of approximately $2 billion and net tax costs of less than $0.5 billion, which will depend on specifics of the transactions.

We incurred pre-tax separation costs of $207 million and $327 million, primarily related to employee costs, costs to establish certain stand-alone functions and information technology systems, professional fees, and other transformation and transaction costs to transition to three stand-alone public companies, for the three and six months ended June 30, 2022, respectively. These costs are presented as separation costs in our consolidated Statement of Earnings (Loss). In addition, we incurred $28 million and $8 million of net tax benefit, including taxes associated with planned legal entity restructuring and changes to indefinite reinvestment, for the three and six months ended June 30, 2022, respectively.

INTEREST AND OTHER FINANCIAL CHARGES were $0.4 billion and $0.5 billion for the three months ended and $0.8 billion and $1.0 billion for the six months ended June 30, 2022 and 2021, respectively. The decrease was primarily due to lower average borrowings balances, partially offset by a lower allocation of interest expense to discontinued operations. Inclusive of interest expense in discontinued operations, total interest and other financial charges were $0.4 billion and $0.7 billion for the three months ended and $0.8 billion and $1.4 billion for the six months ended June 30, 2022 and 2021, respectively. The primary components of interest and other financial charges are interest on short- and long-term borrowings.

POSTRETIREMENT BENEFIT PLANS. Refer to Note 13 for information about our pension and retiree benefit plans.

INCOME TAXES. For the three months ended June 30, 2022, the income tax rate was (129.9)% compared to 44.9% for the three months ended June 30, 2021. The tax rate for 2022 reflects a tax expense on a pre-tax loss. The tax rate for 2021 reflects a tax benefit on a pre-tax loss.

The provision (benefit) for income taxes was $0.3 billion for the three months ended June 30, 2022 and $(0.5) billion for the three months ended June 30, 2021. The increase in tax was primarily due to the increase in pre-tax income excluding the net loss in 2022 on our interest in AerCap and Baker Hughes and the nonrecurrence of the tax benefit associated with an internal restructuring to recognize deductible loan losses in the second quarter of 2021. There was only an insignificant tax effect on the net loss in 2022 on AerCap and Baker Hughes as a result of our excess capital loss position.

For the three months ended June 30, 2022, the adjusted income tax rate* was 23.5% compared to 24.9% for the three months ended June 30, 2021. The adjusted income tax rate* decreased primarily due to higher income for the three months ended June 30, 2022, which is taxed at below the average tax rate.

For the six months ended June 30, 2022, the income tax rate was (67.5)% compared to 40.7% for the six months ended June 30, 2021. The tax rate for 2022 reflects a tax expense on a pre-tax loss. The tax rate for 2021 reflects a tax benefit on a pre-tax loss.




*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 13


The provision (benefit) for income taxes was $0.5 billion for the six months ended June 30, 2022 compared to $(0.3) billion for the six months ended June 30, 2021. The increase in tax was primarily due to the increase in pre-tax income excluding the net loss in 2022 on our interest in AerCap and Baker Hughes and asset impairments and the nonrecurrence of the tax benefit associated with an internal restructuring to recognize deductible loan losses in the second quarter of 2021. There was only an insignificant tax effect on the net loss in 2022 on AerCap and Baker Hughes as a result of our excess capital loss position.

For the six months ended June 30, 2022, the adjusted income tax rate* was 27.3% compared to 23.7% for the six months ended June 30, 2021. The adjusted income tax rate* increased primarily due to higher expense associated with global activities including the nonrecurrence of a 2021 benefit from planning to utilize non-U.S. loss carryovers.

DISCONTINUED OPERATIONS primarily comprise our GE Capital Aviation Services (GECAS) business, discontinued in 2021, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. See Note 2 for further information regarding our businesses in discontinued operations.

CAPITAL RESOURCES AND LIQUIDITY
FINANCIAL POLICY. We intend to maintain a disciplined financial policy with a sustainable investment-grade long-term credit rating. In the fourth quarter of 2021, the Company announced plans to form three industry-leading, global, investment-grade companies, each of which will determine their own financial policies, including capital allocation, dividend, mergers and acquisitions and buy back decisions.

LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs.

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flows* from our operating businesses, cash generated from asset sales and dispositions, and short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including seasonality, receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of Aerospace-related customer allowances, market conditions and our ability to execute dispositions. Total cash, cash equivalents and restricted cash was $13.2 billion at June 30, 2022, of which $8.0 billion was held in the U.S. and $5.2 billion was held outside the U.S.

Cash held in non-U.S. entities has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated earnings were subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without additional federal tax cost. Any foreign withholding tax on a repatriation to the U.S. would potentially be partially offset by a U.S. foreign tax credit. With regards to our announcement to form three public companies, we expect that planning for and execution of this separation will impact indefinite reinvestment. The impact of that change will be recorded when there is a specific change in ability and intent to reinvest earnings.

Cash, cash equivalents and restricted cash at June 30, 2022 included $2.1 billion of cash held in countries with currency control restrictions (including a total of $0.2 billion in Russia and Ukraine) and $0.4 billion of restricted use cash. Cash held in countries with currency controls represents amounts held in countries that may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Restricted use cash represents amounts that are not available to fund operations, and primarily comprised funds restricted in connection with certain ongoing litigation matters. Excluded from cash, cash equivalents and restricted cash was $0.6 billion of cash in our run-off Insurance business, which was classified as All other assets in the Statement of Financial Position.

In connection with the program we launched in 2020 to fully monetize our Baker Hughes position over approximately three years, we received proceeds of $3.8 billion during the first half of 2022. In addition, we expect to fully monetize our stake in AerCap over time.

We provided a total of $11.4 billion of capital contributions to our insurance subsidiaries since 2018, including $2.0 billion in the first quarter of 2022, and expect to provide further capital contributions of approximately $3.6 billion through 2024. These contributions are subject to ongoing monitoring by the Kansas Insurance Department (KID), and the total amount to be contributed could increase or decrease, or the timing could be accelerated, based upon the results of reserve adequacy testing or a decision by KID to modify the schedule of contributions set forth in January 2018. We are required to maintain specified capital levels at these insurance subsidiaries under capital maintenance agreements.

On March 6, 2022, the Board of Directors authorized up to $3 billion of common share repurchases. During the second quarter of 2022, we repurchased 4.6 million shares for $0.3 billion in connection with this authorization.

BORROWINGS. Consolidated total borrowings were $32.5 billion and $35.2 billion at June 30, 2022 and December 31, 2021, respectively, a decrease of $2.7 billion. The reduction in borrowings was driven primarily by $1.7 billion of net maturities and repayments of debt and $0.8 billion related to changes in foreign exchange rates.

We have in place committed revolving credit facilities totaling $14.4 billion at June 30, 2022, comprising a $10.0 billion unused back-up revolving syndicated credit facility and a total of $4.4 billion of bilateral revolving credit facilities.
*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 14


CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the short- and long-term debt capital markets to fund, among other things, a significant portion of our operations. The cost and availability of debt financing is influenced by our credit ratings. Moody’s Investors Service (Moody’s), Standard and Poor’s Global Ratings (S&P), and Fitch Ratings (Fitch) currently issue ratings on our short- and long-term debt. Our credit ratings as of the date of this filing are set forth in the table below.

Moody'sS&PFitch
OutlookNegativeCreditWatch NegativeStable
Short termP-2A-2F3
Long termBaa1BBB+BBB

We are disclosing our credit ratings and any current quarter updates to these ratings to enhance understanding of our sources of liquidity and the effects of our ratings on our costs of funds and access to liquidity. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating. For a description of some of the potential consequences of a reduction in our credit ratings, see the Financial Risks section of Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021.

Substantially all of the Company's debt agreements in place at June 30, 2022 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility and certain of our bilateral revolving credit facilities contain a customary net debt-to-EBITDA financial covenant, which we satisfied at June 30, 2022.

The Company may from time to time enter into agreements that contain minimum ratings requirements. The following table provides a summary of the maximum estimated liquidity impact in the event of further downgrades below each stated ratings level.

Triggers Below
At June 30, 2022
BBB+/A-2/P-2$50 
BBB/A-3/P-3244 
BBB- 1,166 
BB+ and below561 
Our most significant contractual ratings requirements are related to ordinary course commercial activities. The timing within the quarter of the potential liquidity impact of these areas may differ, as can the remedies to resolving any potential breaches of required ratings levels.

FOREIGN EXCHANGE. As a result of our global operations, we generate and incur a significant portion of our revenues and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the Chinese renminbi, the Indian rupee and Japanese yen, among others. The effects of foreign currency fluctuations on earnings was less than $0.1 billion for both the three and six months ended June 30, 2022 and 2021. See Note 19 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

STATEMENT OF CASH FLOWS
CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and post retirement plans.

Cash used for operating activities was less than $0.1 billion in 2022, a decrease of $3.0 billion compared with 2021, primarily due to: a decrease in financial services-related cash collateral paid net of settlements on interest rate derivative contracts of $1.1 billion, which is a standard market practice to minimize derivative counterparty exposures; an increase in net income (after adjusting for amortization of intangible assets, non-cash losses related to our interests in AerCap and Baker Hughes and non-operating debt extinguishment costs) primarily in our Aerospace business; a decrease in cash used for working capital of $0.1 billion; and a decrease in cash used for All other operating activities of $0.7 billion. The components of All other operating activities were as follows:

Six months ended June 3020222021
Increase (decrease) in employee benefit liabilities$(568)$(455)
Net restructuring and other charges/(cash expenditures)(158)135 
Decrease in factoring related liabilities(26)(477)
Cash settlement of Alstom legacy legal matter— (175)
Net interest and other financial charges/(cash paid)25 (435)
Other(299)(348)
All other operating activities$(1,026)$(1,755)


2022 2Q FORM 10-Q 15


The cash impacts from changes in working capital compared to prior year were as follows: current receivables of $(2.3) billion, driven by lower collections and higher volume, partially offset by the impact of decreases in sales of receivables to third parties in 2021; inventories, including deferred inventory, of $(1.0) billion, driven by higher material purchases; current contract assets were less than $0.1 billion, driven by higher billings on our long-term service agreements, offset by lower revenue recognition on those agreements and net favorable changes in estimated profitability; accounts payable and equipment project accruals of $1.2 billion, driven by lower disbursements related to purchases of materials in prior periods; and progress collections and current deferred income of $2.1 billion, driven by lower liquidations and higher collections, including $0.3 billion of increased customer collections on equipment orders to support production at our Aerospace business.

Cash from investing activities was $1.0 billion in 2022, a decrease of $0.5 billion compared with 2021, primarily due to: cash paid related to net settlements between our continuing operations and businesses in discontinued operations of $0.4 billion in 2022, primarily related to a capital contribution to Bank BPH, as compared to cash received of $1.4 billion in 2021, primarily from our GECAS business (both components of All other investing activities); the nonrecurrence of deferred purchase price collections on our receivable facilities of $0.2 billion; an increase in purchases of insurance investment securities of $0.2 billion; partially offset by an increase in proceeds of $2.1 billion from the sales of our retained ownership interest in Baker Hughes. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flows*, was $0.7 billion and $0.6 billion in 2022 and 2021, respectively.

Cash used for financing activities was $3.1 billion in 2022, a decrease of $8.9 billion compared with 2021, primarily due to: the nonrecurrence of cash paid to repurchase long term debt of $8.7 billion, including cash paid for debt extinguishment costs of $1.7 billion in 2021; lower other net debt maturities of $1.1 billion; partially offset by higher cash paid on derivatives hedging foreign currency debt of $0.6 billion; and an increase in purchases of GE common stock for treasury of $0.3 billion.

CASH FLOWS FROM DISCONTINUED OPERATIONS. Cash from investing activities in 2022 was primarily due to a capital contribution to Bank BPH from continuing operations. Cash from operating activities and cash used for investing activities in 2021 was primarily due to cash generated from earnings in our GECAS business and net settlements from GECAS to continuing operations, respectively.

SUPPLY CHAIN FINANCE PROGRAMS. We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE receivables to third parties at the sole discretion of both the suppliers and the third parties. At June 30, 2022 and December 31, 2021, included in accounts payable was $3.6 billion and $3.4 billion, respectively, of supplier invoices that are subject to the third-party programs. Total supplier invoices paid through these third-party programs were $3.7 billion and $3.0 billion for the six months ended June 30, 2022 and 2021, respectively.

CRITICAL ACCOUNTING ESTIMATES. Please refer to the Critical Accounting Estimates and Other Items sections within MD&A and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2021 for a discussion of our accounting policies and critical accounting estimates.

NEW ACCOUNTING STANDARDS. The Financial Accounting Standards Board issued new guidance on accounting for long-duration insurance contracts that is effective for our interim and annual periods beginning January 1, 2023 and applied retrospectively to January 1, 2021 (i.e., the transition date). We will adopt the new guidance using the modified retrospective transition method where permitted. We expect adoption of the new guidance will significantly change the accounting for measurements of our long-duration insurance liabilities and reinsurance recoverables and materially affect our consolidated financial statements and require changes to our actuarial, accounting and financial reporting processes, systems, and internal controls. The new guidance requires cash flow assumptions used in the measurement of various insurance liabilities to be reviewed at least annually and updated if actual experience or other evidence indicates previous assumptions warrant revision with any required changes recorded in earnings. These changes will result in the elimination of premium deficiency testing and shadow adjustments. Under the new guidance, the discount rate will be equivalent to the upper-medium grade (i.e., single A) fixed-income instrument yield reflecting the duration characteristics of our insurance liabilities and is required to be updated in each reporting period with changes recorded in Accumulated other comprehensive income (AOCI). As reinsurance recoverables are recognized in a manner consistent with the liabilities relating to the underlying reinsurance contracts, changes in reinsurance recoverables from updating the single A discount rate in each reporting period are also recognized in AOCI. The allowance for credit losses on reinsurance recoverables will continue to be based on the locked-in discount rate for purposes of assessing changes in each reporting period. As such, movements in the gross reinsurance recoverable balance resulting from changes in the single A discount rate will not impact the allowance for credit losses.

In conjunction with the adoption of the new guidance, we are in process of converting our long-term care insurance claim cost projection models to first principles models that are based on more granular assumptions of expected future experience and will facilitate the new guidance's requirements.









*Non-GAAP Financial Measure
2022 2Q FORM 10-Q 16


As we are approaching the effective date for the new accounting guidance, as well as our implementation of the first principles models, we have estimated the impact of those changes on Shareholders' equity as of the new guidance's transition date of January 1, 2021. We currently estimate a decrease in Shareholders’ equity at the transition date from adoption of the new guidance to be in an after-tax range of $7.0 billion to $8.0 billion, including approximately $5.5 billion to $6.0 billion in AOCI and $1.5 billion to $2.0 billion in Retained earnings. The decrease in AOCI is primarily attributable to remeasuring our insurance liabilities and reinsurance recoverables using the single A rate required under the new guidance, which is lower than our current locked-in discount rate, and the removal of shadow adjustments. The decrease in Retained earnings at the transition date is primarily attributable to certain long-term care insurance exposures where the projected present value of future cash flows exceeds the reserves at the transition date, based on the required lower level of grouping of contracts, combined with converting our long-term care insurance claim cost projection models to first principles models.

To demonstrate the sensitivity of market interest rates on both our insurance liabilities and related assets, if the January 1, 2021 transition date adjustment used rates as of June 30, 2022, while holding everything else constant, we estimate the decrease in Shareholders’ equity at the transition date would be in an after-tax range of $4.0 billion to $5.0 billion.

The new guidance is only applicable to the measurements of our long-duration insurance liabilities under GAAP. While first principles models, in isolation, may result in some variances that reduce our GAAP insurance premium deficiency margin, we expect to maintain a positive margin in connection with these changes. In addition, we do not expect changes to statutory insurance reserves, regulatory capital requirements or projected funding.

NON-GAAP FINANCIAL MEASURES. We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business. In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenues, specifically organic revenues by segment; organic revenues; and equipment and services organic revenues (2) profit, specifically organic profit and profit margin by segment; Adjusted profit and profit margin; Adjusted organic profit and profit margin; Adjusted earnings (loss) and Adjusted income tax rate; and Adjusted earnings (loss) per share (EPS), and (3) cash flows, specifically free cash flows (FCF). The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.

ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)
RevenuesSegment profit (loss)Profit margin
Three months ended June 3020222021V%20222021V%20222021V pts
Aerospace (GAAP)$6,127 $4,840 27 %$1,148 $176 F18.7 %3.6 %15.1pts
Less: acquisitions— — — — 
Less: business dispositions— — — — 
Less: foreign currency effect(19)— 33 
Aerospace organic (Non-GAAP)$6,146 $4,839 27 %$1,116 $171 F18.2 %3.5 %14.7pts
HealthCare (GAAP)$4,519 $4,454 %$651 $801 (19)%14.4 %18.0 %(3.6)pts
Less: acquisitions49 — (29)(5)
Less: business dispositions— — — — 
Less: foreign currency effect(166)— (40)(18)
HealthCare organic (Non-GAAP)$4,636 $4,453 %$720 $824 (13)%15.5 %18.5 %(3.0)pts
Renewable Energy (GAAP)$3,099 $4,049 (23)%$(419)$(99)U(13.5)%(2.4)%(11.1)pts
Less: acquisitions— (10)— (4)
Less: business dispositions— — — — 
Less: foreign currency effect(151)40 (12)
Renewable Energy organic (Non-GAAP)$3,250 $4,058 (20)%$(459)$(83)U(14.1)%(2.0)%(12.1)pts
Power (GAAP)$4,202 $4,295 (2)%$320 $299 %7.6 %7.0 %0.6pts
Less: acquisitions— — — — 
Less: business dispositions— 162 — — 
Less: foreign currency effect(106)(13)(5)
Power organic (Non-GAAP)$4,309 $4,125 %$333 $304 10 %7.7 %7.4 %0.3pts

2022 2Q FORM 10-Q 17


ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)
RevenueSegment profit (loss)Profit margin
Six months ended June 3020222021V%20222021V%20222021V pts
Aerospace (GAAP)$11,730 $9,832 19 %$2,057 $818 F17.5 %8.3 %9.2pts
Less: acquisitions— — — — 
Less: business dispositions— — — — 
Less: foreign currency effect(28)49 
Aerospace organic (Non-GAAP)$11,758 $9,831 20 %$2,008 $810 F17.1 %8.2 %8.9pts
HealthCare (GAAP)$8,882 $8,761 %$1,189 $1,500 (21)%13.4 %17.1 %(3.7)pts
Less: acquisitions115 — (58)(5)
Less: business dispositions— — — — 
Less: foreign currency effect(252)— (69)(19)
HealthCare organic (Non-GAAP)$9,019 $8,761 %$1,316 $1,523 (14)%14.6 %17.4 %(2.8)pts
Renewable Energy (GAAP)$5,970 $7,297 (18)%$(853)$(333)U(14.3)%(4.6)%(9.7)pts
Less: acquisitions— (21)— (8)
Less: business dispositions— — — — 
Less: foreign currency effect(211)57 (6)
Renewable Energy organic (Non-GAAP)$6,180 $7,315 (16)%$(910)$(319)U(14.7)%(4.4)%(10.3)pts
Power (GAAP)$7,703 $8,216 (6)%$383 $212 81 %5.0 %2.6 %2.4pts
Less: acquisitions— — — — 
Less: business dispositions— 318 — — 
Less: foreign currency effect(175)(9)(18)(28)
Power organic (Non-GAAP)$7,879 $7,907 — %$401 $240 67 %5.1 %3.0 %2.1pts
We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

ORGANIC REVENUES (NON-GAAP)Three months ended June 30Six months ended June 30
20222021V%20222021V%
Total revenues (GAAP)$18,646 $18,253 %$35,686 $35,323 %
Less: Insurance revenues765 783 1,533 1,538 
Adjusted revenues (Non-GAAP)$17,880 $17,470 %$34,153 $33,785 %
Less: acquisitions50 (10)116 (21)
Less: business dispositions— 63 — 109 
Less: foreign currency effect(a)(450)10 (677)(5)
Organic revenues (Non-GAAP)$18,280 $17,407 %$34,713 $33,702 %
(a) Foreign currency impact in 2022 was primarily driven by U.S. Dollar appreciation against the euro, Japanese yen, and British pound.
We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

EQUIPMENT AND SERVICESThree months ended June 30Six months ended June 30
ORGANIC REVENUES (NON-GAAP)20222021V%20222021V%
Total equipment revenues (GAAP)$7,603 $8,298 (8)%$14,467 $16,269 (11)%
Less: acquisitions48 — 113 — 
Less: business dispositions— (39)— (101)