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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 September 30, 2021
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-20210930_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
0.375% Notes due 2022
GE 22A
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
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Non-accelerated filer 
Smaller reporting company 
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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 1,098,137,128 shares of common stock with a par value of $0.01 per share outstanding at September 30, 2021.




TABLE OF CONTENTS
Page
Note 6 Inventories, Including Deferred Inventory Costs




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 the COVID-19 pandemic on our business operations, financial results and financial position and on the world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; macroeconomic and market conditions and volatility; planned and potential business or asset dispositions, including our plan to combine our GE Capital Aviation Services (GECAS) business with AerCap Holdings N.V. (AerCap); our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; GE's and GE Capital's 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:
the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic, of businesses’ and governments’ responses to the pandemic and of individual factors such as aviation passenger confidence on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains;
the extent to which the COVID-19 pandemic and related impacts, including global supply chain disruptions, will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives;
our success in executing and completing asset dispositions or other transactions, including our plan to combine our GECAS business with AerCap and our plan to exit our equity ownership position in Baker Hughes, 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 developments and volatility arising from the COVID-19 pandemic), including inflation, interest rates, the value of securities and other financial assets (including our equity ownership position in Baker Hughes and the equity ownership position that we will hold in AerCap after completing our announced plan to combine GECAS with AerCap), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our financial position and businesses;
our de-leveraging and capital allocation plans, including with respect to actions to reduce our indebtedness, the timing and amount of GE dividends, organic investments, and other priorities;
further 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;
GE’s liquidity and the amount and timing of our GE Industrial cash flows and earnings, which may be impacted by customer, supplier, competitive, contractual and other dynamics and conditions;
GE Capital's capital and liquidity needs, including in connection with GE Capital’s run-off insurance operations and discontinued operations such as Bank BPH, the amount and timing of any required capital contributions and any strategic actions that we may pursue; the impact of conditions in the financial and credit markets on GE Capital's ability to sell financial assets; the availability and cost of funding; and GE Capital's exposure to particular counterparties and markets, including through GECAS to the aviation sector and adverse impacts related to COVID-19;
global economic trends, competition and geopolitical risks, including changes in the rates of investment or economic growth 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 in our Power business; pricing, 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 operations and execution of our Power and Renewable Energy businesses, and the performance of our Aviation business;
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 extension of the U.S. wind Production Tax Credit), and the effects of tax law changes;
our decisions about investments in 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 changes, 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 and other investigative and legal proceedings;
the impact of actual or potential 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, 2020 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, 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.
2021 3Q 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 industrial segments, Aviation, Healthcare, Renewable Energy, and Power, and its financial services segment, Capital. See the Segment Operations section within Management’s Discussion and Analysis of Financial Condition (MD&A) for segment business descriptions and product and service offerings. See the Consolidated Results section within MD&A and Results of Operations and Note 2 to the consolidated financial statements for information regarding our recent business portfolio actions. Results of businesses reclassified to discontinued operations have been recast for all periods presented.

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). See Note 1 for a discussion of the basis of presentation for our consolidated financial statements and this MD&A. Discussions throughout 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. For purposes of the financial statement display of sales and costs of sales in our consolidated Statement of Earnings (Loss), “goods” is required by SEC regulations to include all sales of tangible products, and "services" must include all other sales, including other services activities. Throughout MD&A we refer to sales under product services agreements and sales of both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs) as sales of “services,” which is an important part of our operations.

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
SIGNIFICANT DEVELOPMENTS. Coronavirus Disease 2019 (COVID-19) Pandemic. The COVID-19 pandemic has impacted global economies, resulting in workforce and travel restrictions, supply chain and production disruptions and reduced demand and spending across many sectors. Since the latter part of the first quarter of 2020, these factors have had a material adverse impact on our operations and financial performance, as well as on the operations and financial performance of many of the customers and suppliers in industries that we serve. While factors related directly and indirectly to the COVID-19 pandemic have been impacting operations and financial performance at varying levels across all our businesses, the most significant impact to date has been at our Aviation segment and our GE Capital Aviation Services (GECAS) aircraft leasing business within discontinued operations. For details about impacts related to our businesses and actions we have taken in response, as applicable, refer to the respective segment sections within MD&A. We also continue to evaluate market conditions as they evolve and take precautionary measures to strengthen our financial position. We ended the third quarter of 2021 with $25.0 billion of consolidated cash, cash equivalents and restricted cash, in addition to our available credit lines of $14.5 billion. See the Capital Resources and Liquidity section for further information. We anticipate that our operations and financial performance will continue to be impacted by the COVID-19 pandemic in future periods. These impacts will ultimately depend on many factors that are not within our control, including the severity and duration of the pandemic; governmental, business and individuals’ actions in response to the pandemic; and the development, availability and public acceptance of effective treatments and vaccines.

GECAS. On March 9, 2021, we announced an agreement to combine GECAS with AerCap Holdings N.V. (AerCap), for which the Company expects to receive approximately $22.6 billion in cash, inclusive of estimated contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at approximately $6.4 billion based on the AerCap’s closing share price on September 30, 2021, and $1 billion in AerCap notes (GECAS transaction). In connection with the signing of the transaction agreement, GE Capital recorded a non-cash after-tax charge of $3.6 billion in discontinued operations in 2021, including a $0.2 billion gain in the third quarter driven by the increase in AerCap's share price. This was partially offset by $1.2 billion of GECAS earnings in 2021, including $0.5 billion of earnings in the third quarter. The results of GECAS are presented in discontinued operations. Given the economics of GECAS accrue to AerCap in conjunction with the transaction, the net impact of GECAS (loss on sale and operations) could change materially, mainly due to fluctuations in AerCap's closing share price. In October 2021, we received final regulatory approvals and are now expecting the transaction to be completed on November 1, 2021. See Note 2 for further information.

After completion of the transaction, we will elect to prospectively measure our investment in AerCap at fair value and expect to have continuing involvement with AerCap, primarily through our ownership interest and ongoing sales or leases of products and services. In addition, we expect to sell our stake in an orderly fashion over time. The remainder of GE Capital, including Energy Financial Services (EFS) and our run-off insurance operations, will be reported within Corporate. Effective for our Annual Report on Form 10-K for the year ended December 31, 2021, we will move from three-column to one-column financial statement reporting. At that point, while we will continue to provide the same level of Insurance disclosures, the results of our Insurance business will be excluded from certain non-GAAP financial measures.

Liability Management Actions. In the second quarter of 2021, we completed a debt tender to repurchase a total of $7.3 billion of debt, comprising $4.1 billion of GE Industrial and $3.2 billion of GE Capital debt. The total after-tax loss on the tender was $1.1 billion ($1.4 billion pre-tax), comprising $0.5 billion in GE Industrial and $0.6 billion in GE Capital.

2021 3Q FORM 10-Q 4


Factoring. Effective April 1, 2021, the Company discontinued the majority of its factoring programs. For the six months ended September 30, 2021, the adverse impact to GE Industrial CFOA was $3.1 billion, which primarily represents the cash that GE Industrial would have otherwise collected in the period had customer receivables not been previously sold and is excluded from GE Industrial free cash flows*.

Reverse Stock Split. In the second quarter of 2021, we announced that we would proceed with the 1-for-8 reverse stock split, as approved by shareholders, and filed an amendment to our certificate of incorporation to effectuate the reverse stock split after the close of trading on July 30, 2021. GE common stock began trading on a split-adjusted basis on August 2, 2021. Effective this quarter, our shares of outstanding common stock and earnings per share calculation have been retroactively restated for all periods presented.

BK Medical. In the third quarter of 2021, we entered into an agreement to acquire BK Medical, a leader in surgical ultrasound imaging and guidance, from Altaris Capital Partners for a cash purchase price of $1.45 billion. The parties expect the transaction to close in 2022, subject to review by the relevant regulatory authorities.

THIRD QUARTER 2021 RESULTS. Consolidated revenues were $18.4 billion, down $0.1 billion for the quarter, driven by decreased GE Industrial and GE Capital revenues. GE Industrial revenues decreased $0.1 billion (1%), driven primarily by decreases at Renewable Energy and Healthcare. GE Capital revenues decreased 3%.

Continuing earnings (loss) per share was $0.54. Excluding gains (losses) on equity securities, non-operating benefit costs, gains (losses) on purchases and sales of business interests, and restructuring and other charges, Adjusted earnings per share* was $0.57.

For the three months ended September 30, 2021, GE Industrial profit was $0.9 billion and profit margins were 5.0%, up $2.2 billion, driven primarily by a higher net gain on equity securities of $1.1 billion, higher profit at our industrial segments of $0.4 billion, the nonrecurrence of prior year asset impairments in Steam of $0.4 billion, a decrease in non-operating benefit costs of $0.2 billion, lower GE Industrial interest and other financial charges of $0.1 billion and a decrease in adjusted corporate operating costs of $0.1 billion. Adjusted GE Industrial organic profit* increased $0.5 billion, driven primarily by increases at Aviation and Power, partially offset by decreases at Renewable Energy and Healthcare. Additionally, we are starting to experience inflation pressure in our supply chain as well as delays in sourcing key materials needed for our products. The most significant impact to date has been at our Healthcare segment, which has delayed our ability to convert remaining performance obligation (RPO) to revenue. While we are taking actions to limit this pressure, we may experience a greater impact on our longer cycle businesses in future periods.

GE Industrial cash flows from operating activities (CFOA) were $(0.8) billion and $(3.2) billion for the nine months ended September 30, 2021 and 2020, respectively. GE Industrial cash used for operating activities decreased primarily due to an increase in net income (after adjusting for the gain on the sale of BioPharma, non-cash gains/losses related to our interest in Baker Hughes, non-operating benefit costs and non-operating debt extinguishment costs), and a decrease in cash paid for income taxes, partially offset by a decrease in Aviation-related customer allowance accruals and the settlement of an Alstom legacy legal matter in 2021. GE Industrial free cash flows (FCF)* were $1.3 billion and $(3.8) billion for the nine months ended September 30, 2021 and 2020, respectively. GE Industrial FCF increased primarily due to a decrease in cash used for operating activities and a decrease in additions to property, plant and equipment and internal-use software. In addition, effective April 1, 2021, the Company discontinued the majority of its factoring programs. In the second and third quarter of 2021, the adverse impact to GE Industrial CFOA was $3.1 billion, which primarily represents the cash that GE Industrial would have otherwise collected in the period had customer receivables not been previously sold and is excluded from GE Industrial FCF*. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.

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. Historical cancellations of customer orders have been limited prior to the COVID-19 pandemic. In the second quarter of 2021, we voluntarily replaced our quarterly disclosures of backlog with RPO as a key metric, one commonly used across our industries, in order to simplify our reporting and align with our peers. See Note 9 for further information.

RPOSeptember 30, 2021December 31, 2020September 30, 2020
Equipment$46,666 $45,991 $44,634 
Services191,839 184,608 182,032 
Total RPO$238,505 $230,600 $226,666 

As of September 30, 2021, RPO increased $7.9 billion (3%) from December 31, 2020, primarily at Aviation, from engines contracted under long-term service agreements that have now been put into service; at Healthcare, from new contracts and renewals with large customers; and at Renewable Energy, primarily at Offshore Wind; partially offset by a decrease at Power from sales outpacing new orders in Gas Power contractual services and the continued wind down of new build coal business. RPO increased $11.8 billion (5%) from September 30, 2020, primarily due to the same net increases as described above.






*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 5


REVENUESThree months ended September 30Nine months ended September 30
2021202020212020
Consolidated revenues$18,429 $18,529 $53,826 $54,823 
Equipment8,905 9,625 25,178 26,928 
Services8,916 8,293 26,459 25,901 
GE Industrial revenues$17,821 $17,918 $51,637 $52,828 
GE Capital revenues$734 $758 $2,470 $2,455 

For the three months ended September 30, 2021, Consolidated revenues were down $0.1 billion, driven by decreases in GE Industrial and GE Capital revenues.
GE Industrial revenues decreased $0.1 billion (1%). Equipment revenues decreased primarily at Healthcare, driven by the nonrecurrence of the prior year order from the U.S. Department of Health and Human Services to deliver ventilators in partnership with Ford and reductions in Life Care Solutions (LCS) for Healthcare Systems (HCS) products; and at Power, due to decreases in Steam Power and Gas Power equipment revenues. Services revenues increased primarily at Aviation, due to higher volume on commercial spare part shipments and increased shop visit volume; and at Power, due to increases in Steam Power services revenues and Gas Power services revenues on strong long-term service agreement volume; partially offset by a decrease at Renewable Energy, primarily from lower repower unit deliveries at Onshore Wind. The decrease in GE Industrial revenues included the net effects of dispositions of $0.1 billion and an increase from foreign currency translation of $0.2 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, GE Industrial organic revenues* decreased $0.2 billion (1%), with a decrease in equipment revenues of $0.9 billion (9%) and an increase in services revenues of $0.6 billion (7%). GE Industrial organic revenues* decreased at Renewable Energy, Healthcare and Power, partially offset by an increase at Aviation.
GE Capital revenues decreased 3%, as lower factoring revenue and EFS gains were partially offset by lower marks and impairments.

For the nine months ended September 30, 2021, Consolidated revenues were down $1.0 billion, driven by a decrease in GE Industrial revenues, partially offset by an increase in GE Capital revenues.
GE Industrial revenues decreased $1.2 billion (2%). Equipment revenues decreased primarily at Power, due to decreased Gas Power equipment revenues on lower turnkey sales; at Aviation, due to fewer commercial install and spare engine unit shipments; and at Healthcare, due to the disposition of the BioPharma business; partially offset by an increase in Renewable Energy driven by more wind turbine deliveries and higher revenue at Offshore Wind. Services revenues increased primarily at Power, due to an increase in Gas Power services revenues; and at Healthcare, due to increased volume in Imaging and Ultrasound and a return to pre-pandemic volume in PDx; partially offset by decreases at Renewable Energy, primarily due to lower repower unit deliveries at Onshore Wind; and at Aviation, primarily due to our Military business. The decrease in GE Industrial revenues included the effects of acquisitions of $0.1 billion, the net effects of dispositions of $1.4 billion and an increase from foreign currency translation of $1.0 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, GE Industrial organic revenues* decreased $0.9 billion (2%), with equipment revenues down $1.3 billion (5%) and services revenues up $0.4 billion (2%). GE Industrial organic revenues* decreased at Aviation, Power and Renewable Energy, partially offset by an increase at Healthcare.
GE Capital revenues increased 1%, primarily as a result of lower marks and impairments primarily in Insurance, partially offset by lower WCS factoring revenue and project revenues at EFS.

EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHAREThree months ended September 30Nine months ended September 30
(Per-share in dollars and diluted)2021202020212020
Continuing earnings (loss)$603 $(1,132)$(1)$3,857 
Continuing earnings (loss) per share$0.54 $(1.04)$(0.01)$3.39 

For the three months ended September 30, 2021, Consolidated continuing earnings increased $1.7 billion primarily due to an increase in GE Industrial profit, partially offset by an increase in GE Industrial provision for income taxes and an increase in GE Capital continuing losses.
GE Industrial profit increased $2.2 billion driven primarily by a higher net gain on equity securities of $1.1 billion, higher profit at our industrial segments of $0.4 billion, the nonrecurrence of prior year asset impairments in Steam of $0.4 billion, a decrease in non-operating benefit costs of $0.2 billion, lower GE Industrial interest and other financial charges of $0.1 billion and a decrease in adjusted corporate operating costs of $0.1 billion. GE Industrial profit margin was 5.0%, an increase from (7.2)%, primarily due to the same net increases as described above. Adjusted GE Industrial profit* was $1.3 billion, an increase of $0.5 billion organically*, due to increases at Aviation and Power, partially offset by decreases at Renewable Energy and Healthcare. Adjusted GE Industrial profit margin* was 7.5%, an increase of 270 basis points organically*. At Aviation, the primary drivers were higher volume on commercial spare part shipments, increased shop visit volume, the nonrecurrence of prior year charges related to lower commercial engine production volume and an impairment charge in a joint venture in the Systems business. At Power, the primary drivers were increases in Gas Power services revenues and margins and aeroderivative sales. At Renewable Energy, the primary drivers were lower repower volume and lower margins on new product introductions. At Healthcare, the primary drivers were lower LCS equipment volume, and higher material, logistics and restructuring costs.
GE Capital continuing losses increased $0.1 billion primarily as a result of lower tax benefits, partially offset by the discontinuation of preferred dividend payments to GE Industrial.

*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 6


For the nine months ended September 30, 2021, Consolidated continuing earnings decreased $3.9 billion primarily due to a decrease in GE Industrial profit and an increase in GE Capital continuing losses.
GE Industrial profit decreased $3.3 billion driven by the nonrecurrence of the prior year gain on the sale of our BioPharma business of $12.4 billion and higher debt extinguishment costs of $0.6 billion, partially offset by a higher net gain on equity securities of $5.8 billion, higher profit at our industrial segments of $1.7 billion, decreased GE Industrial goodwill impairments of $0.7 billion, the nonrecurrence of Steam asset impairments in the prior year of $0.4 billion, a decrease in non-operating benefit costs of $0.4 billion, lower GE Industrial interest and other financial charges of $0.3 billion, a decrease in adjusted corporate operating costs of $0.2 billion, lower restructuring and other charges of $0.1 billion and the nonrecurrence of the legal reserves associated with the SEC investigation in the prior year of $0.1 billion. GE Industrial profit margin was 2.0%, a decrease from 8.3%, primarily due to the same net decreases as described above. Adjusted GE Industrial profit* was $3.1 billion, an increase of $2.2 billion organically*, due to increases at each of our industrial segments. Adjusted GE Industrial profit margin* was 6.0%, an increase of 440 basis points organically*. At Aviation, the primary drivers were lower net unfavorable changes in estimated profitability in long-term service agreements, operational cost reduction from the actions taken in 2020 and the first half of 2021, and the nonrecurrence of prior year charges related to customer credit risk and lower commercial engine production volumes. At Power, the primary drivers were increases in Gas Power services revenues and margins and aeroderivative sales and continued efforts to streamline the businesses. At Healthcare, the primary drivers were increased volume for Imaging and Ultrasound products, increases in PDx volume as well as continued cost reduction actions. At Renewable Energy, the primary drivers were higher new unit volume at Onshore Wind, the favorable impact of cost reduction actions, and improved project execution.
GE Capital continuing losses increased $0.2 billion (28%) primarily as a result of higher debt extinguishment costs, lower tax benefits and the nonrecurrence of the tax benefit related to the BioPharma sale in the first quarter of 2020, partially offset by the discontinuation of preferred dividend payments to GE Industrial, lower marks and impairments in Insurance and EFS, lower interest expense due to a lower debt balance and lower claims and higher terminations in Insurance.

SEGMENT OPERATIONS. Refer to our Annual Report on Form 10-K for the year ended December 31, 2020, for further information regarding our determination of Industrial and Capital segment profit for continuing operations, and for our allocations of corporate costs to our segments.
SUMMARY OF REPORTABLE SEGMENTSThree months ended September 30Nine months ended September 30
20212020V%20212020V%
Aviation
$5,398 $4,919 10 %$15,230 $16,196 (6)%
Healthcare
4,339 4,565 (5)%13,100 13,185 (1)%
Renewable Energy
4,208 4,525 (7)%11,505 11,224 3 %
Power
4,026 4,025  %12,242 12,206  %
Capital
734 758 (3)%2,470 2,455 1 %
Total segment revenues
18,704 18,793  %54,546 55,266 (1)%
Corporate items and eliminations
(275)(264)(4)%(720)(443)(63)%
Consolidated revenues
$18,429 $18,529 (1)%$53,826 $54,823 (2)%
Aviation
$846 $350 F$1,664 $665 F
Healthcare
704 738 (5)%2,203 2,111 4 %
Renewable Energy
(151)(51)U(484)(628)23 %
Power204 148 38 %416 (32)F
Capital
(142)(29)U(887)(692)(28)%
Total segment profit (loss)
1,461 1,156 26 %2,912 1,424 F
Corporate items and eliminations
(74)(1,515)95 %2 6,182 U
GE Industrial goodwill impairments   % (877)F
GE Industrial interest and other financial charges(225)(313)28 %(753)(1,016)26 %
GE Industrial debt extinguishment costs   %(645)(63)U
GE Industrial non-operating benefit costs(426)(603)29 %(1,376)(1,815)24 %
GE Industrial benefit (provision) for income taxes(81)143 U(1)22 U
GE Industrial preferred stock dividends(52) U(139) U
Earnings (loss) from continuing operations attributable to GE common shareholders
603 (1,132)F(1)3,857 U
Earnings (loss) from discontinued operations
   attributable to GE common shareholders
602 (58)F(2,856)(1,070)U
Consolidated net earnings (loss) attributable to the GE common shareholders
$1,205 $(1,190)F$(2,857)$2,787 U






*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 7


AVIATION. The global COVID-19 pandemic continues to have a material adverse effect on the global airline industry, although Aviation’s results in the third quarter of 2021 reflect improvement in market fundamentals. A key underlying driver of Aviation’s commercial engine and services business is global commercial air traffic, which in turn is driven by economic activity and consumer and business propensity to travel. Since the beginning of the pandemic in the first quarter of 2020, we have seen varied levels of recovery in global markets. Government travel restrictions, public health advisories, individuals' propensity to travel and continued cases of the virus have all impacted the level of air travel. Aviation regularly tracks global departures, which as of September 30, 2021, were approximately 25% below third quarter 2019. Broadly, global departures improved in the third quarter of 2021 compared to the second quarter of 2021, but levels of recovery varied across regions due in large part to the emergence of the COVID-19 Delta variant. Aviation is closely monitoring government actions and economic and industry forecasts. We are in frequent dialogue with our airline and airframe customers about the outlook for commercial air travel, new aircraft production, fleet retirements, and after-market services, including shop visit and spare parts demand. Given current trends, we expect domestic travel routes primarily served by narrowbody aircraft to recover before long-haul, international travel routes, which are primarily served by widebody aircraft. Consistent with industry projections, Aviation continues to estimate the duration of the market recovery to be prolonged over multiple years, dependent on containing the spread of the virus, effective inoculation programs and government collaboration to encourage travel, particularly around reducing quarantine requirements.

Aviation has taken several actions to respond to the current adverse environment. Aviation is actively monitoring the pace of demand recovery to ensure the business is appropriately sized for the future. In addition, we continue to partner with our airline and leasing customers and collaborate with our airframe partners on production rates for 2021 and beyond.

As it relates to the military environment, Aviation continues to forecast strong military demand creating future growth opportunities for our Military business unit 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. During the third quarter of 2021, Aviation continued to experience supply chain challenges, which the business is actively addressing.

Total engineering, comprising company, customer and partner-funded and nonrecurring engineering costs, decreased compared to prior year in line with the changes in the commercial environment and due to the timing of planned program expenditures. Aviation continues to be committed to investment in developing and maturing technology that enables a more sustainable future of flight. In June 2021, Aviation and Safran announced Revolutionary Innovation for Sustainable Engines (RISE), a technology development program targeting more than 20% lower fuel consumption and CO2 emissions compared to today’s engines. In September 2021, Aviation’s Catalyst engine, the first clean-sheet turboprop design entering the business and general aviation market in 50 years, completed its first flight.

Aviation is taking actions to protect its ability to serve its customers now and as the global airline industry recovers. Aviation’s deep history of innovation and technology leadership, commercial engine installed base of approximately 37,700 units, with approximately 12,800 units under long-term service agreements, and military engine installed base of approximately 26,500 units represents strong long-term fundamentals. Aviation expects to emerge from this crisis stronger and drive long-term cash and profitable growth over time.

Three months ended September 30Nine months ended September 30
Sales in units, except where noted2021202020212020
Commercial Engines(a)377 391 1,119 1,283 
LEAP Engines(b)226 172 625 622 
Military Engines154 107 405 457 
Spare Parts Rate(c)$19.3 $14.4 $15.8 $18.1 
(a) Commercial Engines now includes Business and General 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.

September 30, 2021December 31, 2020September 30, 2020
Equipment$11,523 $10,597 $10,373 
Services111,224 103,500 103,015 
Total RPO$122,747 $114,097 $113,388 

Three months ended September 30Nine months ended September 30
2021202020212020
Commercial Engines & Services$3,602 $3,087 $10,071 $10,718 
Military1,107 1,137 3,104 3,258 
Systems & Other689 696 2,055 2,220 
Total segment revenues$5,398 $4,919 $15,230 $16,196 
Equipment$1,837 $1,933 $5,549 $6,234 
Services3,562 2,987 9,681 9,961 
Total segment revenues$5,398 $4,919 $15,230 $16,196 
Segment profit$846 $350 $1,664 $665 
Segment profit margin15.7 %7.1 %10.9 %4.1 %

2021 3Q FORM 10-Q 8


For the three months ended September 30, 2021, segment revenues were up $0.5 billion (10%) and segment profit was up $0.5 billion.
Revenues increased $0.5 billion (10%) organically*. Commercial Services revenues increased, primarily due to higher volume on commercial spare part shipments and increased shop visit volume. Commercial Engines revenues decreased due to 14 fewer commercial install and spare engine unit shipments, driven by fewer engine shipments on legacy programs, partially offset by 54 more LEAP units versus the prior year. Military revenues decreased marginally due to lower services, partially offset by 47 more engine shipments.
Profit increased $0.5 billion organically*, primarily due to higher volume on commercial spare part shipments, increased shop visit volume and the receipt of a payment from a partner associated with engine program activity. Profit also increased due to operational cost reduction from the actions taken in 2020 and the first half of 2021 and the nonrecurrence of prior year charges related to lower commercial engine production volume and an impairment charge in a joint venture in the Systems business.
For the nine months ended September 30, 2021, segment revenues were down $1.0 billion (6%) and segment profit was up $1.0 billion.
RPO as of September 30, 2021 increased $8.7 billion (8%) from December 31, 2020, due to increases in both equipment and services. Equipment increased primarily due an increase in Military orders in the third quarter of 2021, reflecting a large order from Hindustan Aeronautics for 99 F404s, along with multiple other T700 orders. Services increased primarily as a result of engines contracted under long-term service agreements that have now been put into service. RPO increased $9.4 billion (8%) from September 30, 2020, due to increases in both equipment and services.
Revenues decreased $0.9 billion (6%) organically*. Commercial Engines revenues decreased, due to 164 fewer commercial install and spare engine unit shipments, including fewer engine shipments on legacy programs, offset by three more LEAP units versus the prior year. Commercial Services revenues increased, primarily due to higher volume on commercial spare part shipments and increased shop visit volume. Commercial Services revenues for the nine months ended September 30, 2021, included a net unfavorable change in estimated profitability of $0.3 billion for its long-term service agreements compared to a net unfavorable change of $0.9 billion for the same period in the prior year. Military revenues decreased due to lower services, partially offset by product mix with 52 fewer engine shipments.
Profit increased $1.0 billion organically*, primarily due to lower net unfavorable changes in estimated profitability in long-term service agreements, operational cost reduction from the actions taken in 2020 and the first half of 2021, and the nonrecurrence of prior year charges related to customer credit risk and lower commercial engine production volumes. These increases in profit were partially offset by lower volume on commercial spare part shipments and an accrual for a contract in a loss position in the long-term service agreement portfolio.

HEALTHCARE. We continue to see an overall recovery in hospital spending; the expectation is that this will continue in line with the worldwide COVID-19 vaccine rollout. Both HCS and PDx demand has largely recovered to pre-COVID levels. Similar to many industries, we are experiencing inflation in our supply chain as well as delays in sourcing key materials needed for our products, such as electronics and resins, delaying our ability to convert RPO to revenue. In response to near-term volatility and cost pressures, we have continued to execute on structural cost reductions and cash optimization actions, in order to invest in growth and research and development.

We continue to grow and invest in precision health, with 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. Healthcare recently launched CarestationTM Insights LIVE, a mobile application designed for anesthesiologists overseeing operating room patients, using data from GE patient monitors and anesthesia Carestations to help clinicians view patient status and assess how therapy is being delivered in real time. We have also launched a cloud based Edison True Picture Archive and Communication System, which offers AI-enabled decision support to help radiologists adapt to higher workloads and increased exam complexity, and improve diagnostic accuracy. We remain committed to innovate and invest to create more integrated, efficient, and personalized precision healthcare.

In the third quarter of 2021, we entered into an agreement to acquire BK Medical, a leader in surgical ultrasound imaging and guidance, from Altaris Capital Partners for a cash purchase price of $1.45 billion. The parties expect the transaction to close in 2022, subject to review by the relevant regulatory authorities.
September 30, 2021December 31, 2020September 30, 2020
Equipment$3,827 $3,465 $3,489 
Services10,425 9,458 9,419 
Total RPO$14,252 $12,923 $12,908 












*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 9


Three months ended September 30Nine months ended September 30
2021202020212020
Healthcare Systems (HCS)$3,832 $4,085 $11,572 $11,056 
Pharmaceutical Diagnostics (PDx)507 480 1,528 1,300 
BioPharma— — — 830 
Total segment revenues$4,339 $4,565 $13,100 $13,185 
Equipment$2,187 $2,538 $6,671 $7,287 
Services2,151 2,027 6,429 5,899 
Total segment revenues$4,339 $4,565 $13,100 $13,185 
Segment profit$704 $738 $2,203 $2,111 
Segment profit margin16.2 %16.2 %16.8 %16.0 %
For the three months ended September 30, 2021, segment revenues were down $0.2 billion (5%) and segment profit was down 5%.
Revenues decreased $0.3 billion (6%) organically*, driven by the nonrecurrence of the prior year order from the U.S. Department of Health and Human Services to deliver ventilators in partnership with Ford and reductions in LCS for HCS products, partially offset by increased volume in Imaging and Ultrasound and a return to pre-pandemic volume in PDx.
Profit decreased $0.1 billion (10%) organically*, driven by higher inflation, supply chain and restructuring costs and lower LCS equipment volume associated with the nonrecurrence of the prior year order from the U.S. Department of Health and Human Services to deliver ventilators in partnership with Ford, partially offset by productivity and higher PDx volume.
For the nine months ended September 30, 2021, segment revenues were down $0.1 billion (1%) and segment profit was up $0.1 billion (4%).
RPO as of September 30, 2021 increased $1.3 billion (10%) from December 31, 2020 and $1.3 billion (10%) from September 30, 2020 primarily due to services on new contracts and renewals with large customers and from equipment on strong orders across all regions.
Revenues increased $0.4 billion (3%) organically*, driven by increased volume in Imaging and Ultrasound and a return to pre-pandemic volume in PDx, partially offset by reductions in LCS for HCS products.
Profit increased $0.3 billion (18%) organically*, driven by increased volume for Imaging and Ultrasound products, increases in PDx volume as well as continued cost reduction actions.

RENEWABLE ENERGY. Renewable Energy includes a portfolio of business units comprising Onshore Wind (with our separate LM Wind blades business), Grid Solutions equipment and services, Hydro Solutions, and Offshore Wind and Hybrid Solutions. These businesses are uniquely positioned to lead the energy transition with products, services and integrated solutions by growing new renewable energy generation, lowering the cost of electricity and modernizing the grid. Across our businesses, we have RPO of $31.4 billion together with an Onshore and Offshore Wind installed base of approximately 50,000 units, of which, approximately half are under service agreements.

While we expect long term growth in the U.S onshore wind market, pending modifications to and extension of the Production Tax Credit (PTC) has caused further deterioration in the market outlook and continues to drive customer uncertainty. The latest Wood Mackenzie market forecast expects the U.S onshore market to decline from 14 gigawatts of new installations in 2021 to approximately 10 gigawatts in 2022. In the international onshore wind markets, we continue to observe strong demand. The offshore wind industry continues to experience strong global market momentum. Customer preference continues to shift to larger, more efficient units to drive down costs and compete with other power generation options and we are monitoring the impact across the industry from rising inflationary costs of transportation and commodities. The Grid and Hydro business units are executing their turnaround plans and we are observing improved operating results. Underwriting discipline, risk management and commercial selectivity of new orders remains a key priority across each of our businesses.

New product introductions remain important to our onshore and offshore customers who are demonstrating the willingness to adopt the new technology of larger turbines that decrease the levelized cost of energy. We have observed significant market demand for our 5-6 MW Cypress and 3-4 MW Sierra Onshore units and our 12-14 MW Haliade-X Offshore units. Our Haliade-X prototype unit is currently operating at 14MW, a first in the industry. 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 emissions, respectively.
Three months ended September 30Nine months ended September 30
Onshore and Offshore sales in units2021202020212020
Wind Turbines1,083 1,170 2,748 2,731 
Wind Turbine Gigawatts3.6 3.4 8.9 7.8 
Repower units27 300 276 876 

September 30, 2021December 31, 2020September 30, 2020
Equipment$18,211 $18,273 $17,579 
Services13,214 12,531 10,767 
Total RPO$31,425 $30,804 $28,346 
*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 10


Three months ended September 30Nine months ended September 30
2021202020212020
Onshore Wind$3,047 $3,303 $8,048 $7,914 
Grid Solutions equipment and services759 936 2,330 2,587 
Hydro190 160 549 490 
Offshore Wind and Hybrid Solutions
211 127 577 232 
Total segment revenues$4,208 $4,525 $11,505 $11,224 
Equipment$3,695 $3,771 $9,844 $9,068 
Services512 754 1,661 2,155 
Total segment revenues$4,208 $4,525 $11,505 $11,224 
Segment profit (loss)$(151)$(51)$(484)$(628)
Segment profit margin(3.6)%(1.1)%(4.2)%(5.6)%

For the three months ended September 30, 2021, segment revenues were down $0.3 billion (7%) and segment losses were up $0.1 billion.
Revenues decreased $0.4 billion (9%) organically*, primarily from 273 fewer U.S. repower unit deliveries and lower volumes in Grid Solutions due to continued commercial selectivity, in addition to 87 fewer wind turbine deliveries on a unit basis, which was largely driven by PTC uncertainty and customer site readiness in the U.S. These decreases were partially offset by higher core Onshore services revenue and higher revenue from the Offshore EDF 6 MW project in Saint Nazaire, France.
Segment losses increased $0.1 billion organically*, primarily from lower repower volume, lower margins on new product introductions and higher supply chain costs at Onshore, lower volumes at Grid and higher costs at Offshore Wind from legacy projects, partially offset by the favorable impact of cost reduction actions across our businesses and improved project execution at Grid and Hydro.
For the nine months ended September 30, 2021, segment revenues were up $0.3 billion (3%) and segment losses were down $0.1 billion (23%).
RPO as of September 30, 2021 increased $0.6 billion (2%) from December 31, 2020 primarily driven by the Offshore Vineyard Wind and Dogger Bank wind farms and from higher Onshore services, partially offset by equipment sales exceeding new orders at Onshore and Grid. The decrease at Onshore Wind is largely driven by PTC dynamics in North America, while at Grid is primarily due to increased commercial selectivity in certain product lines. RPO increased $3.1 billion (11%) from September 30, 2020, primarily driven by new Haliade-X orders at Offshore Wind.
Revenues decreased $0.1 billion (1%) organically*, primarily from lower repower unit deliveries at Onshore Wind and lower revenue at Grid due to increased commercial selectivity, partially offset by 17 more wind turbine deliveries and higher revenue at Offshore Wind’s EDF 6 MW project in Saint Nazaire, France.
Segment losses decreased $0.2 billion (29%) organically*, primarily from higher new unit volume at Onshore Wind, the favorable impact of cost reduction actions, and improved project execution. These improvements were partially offset by lower margins on new product introductions, lower repower units at Onshore Wind and higher restructuring costs.

POWER. Power continues to streamline its business to better align with market demand and drive its business units with an operational rigor and discipline that is focused on its customers’ lifecycle experience. We remain focused on our underwriting discipline, commercial selectivity and risk management to ensure we are securing deals that meet our financial hurdles and we have a high confidence to deliver for our customers.

During the current period, global gas generation was down high-single-digits due to price-driven gas-to-coal switching. However, GE gas turbine utilization continues to be resilient as megawatt hours grew low-single-digits. 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, to differing degrees across markets globally, we expect the gas market to remain stable through 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 are encouraged by the growth in Gas Power Services, while at the same time, Steam Power continues to execute on the exit of new build coal.

We continue to invest in new product development, such as our HA-Turbines. Our fundamentals remain strong with approximately $70.5 billion in RPO and a gas turbine installed base greater than 7,000 units, including approximately 1,800 units under long-term service agreements.
Three months ended September 30Nine months ended September 30
Sales in units2021202020212020
GE Gas Turbines22 11 47 43 
Heavy-Duty Gas Turbines(a)14 34 29 
HA-Turbines(b)11 12 
Aeroderivatives(a)13 14 
(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines.
(b) HA-Turbines are a subset of Heavy-Duty Gas Turbines.

*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 11


September 30, 2021December 31, 2020September 30, 2020
Equipment$14,231 $14,991 $14,774 
Services56,257 58,318 58,160 
Total RPO$70,488 $73,308 $72,934 

Three months ended September 30Nine months ended September 30
2021202020212020
Gas Power$2,861 $2,940 $8,739 $8,876 
Steam Power790 769 2,327 2,340 
Power Conversion, Nuclear and other376 316 1,176 990 
Total segment revenues$4,026 $4,025 $12,242 $12,206 
Equipment$1,368 $1,595 $3,680 $4,589 
Services2,658 2,430 8,561 7,617 
Total segment revenues$4,026 $4,025 $12,242 $12,206 
Segment profit (loss)$204 $148 $416 $(32)
Segment profit margin5.1 %3.7 %3.4 %(0.3)%

For the three months ended September 30, 2021, segment revenues were flat and segment profit was up $0.1 billion (38%).
Revenues decreased 1% organically*, primarily due to decreases in Steam Power equipment revenues and decreases in Gas Power equipment revenues on lower turnkey sales, partially offset by increases in Steam Power services revenues and Gas Power services revenues on strong long-term service agreement volume.
Profit increased 34% organically* due to increases in Gas Power services revenues and margins and aeroderivative sales.
For the nine months ended September 30, 2021, segment revenues were flat and segment profit was up $0.4 billion.
RPO as of September 30, 2021 decreased $2.8 billion (4%) and $2.4 billion (3%) from December 31, 2020 and September 30, 2020, respectively, primarily driven by sales outpacing new orders in Gas Power contractual services and the continued wind down of the Steam Power new build coal business.
Revenues decreased $0.2 billion (2%) organically*, primarily due to decreased Gas Power equipment revenues on lower turnkey sales, partially offset by an increase in Gas Power services revenues.
Profit increased $0.5 billion organically* due to increases in Gas Power services revenues and margins and aeroderivative sales, continued efforts to streamline the businesses, and a prior year charge related to an under-performing joint venture (JV) in China at Gas Power and the nonrecurrence of a quality reserve on the legacy product line that we have since exited at Power Conversion, partially offset by unfavorable legacy project arbitration resolutions and Steam Power project execution.

CAPITAL. In the first quarter of 2021, we announced an agreement to combine GECAS with AerCap, for which the Company expects to receive approximately $22.6 billion in cash, inclusive of estimated contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at approximately $6.4 billion based on the AerCap’s closing share price of $57.81 on September 30, 2021, and $1 billion in AerCap notes. The Company expects to transfer GECAS’ net assets, including its engine leasing and Milestone helicopter leasing business units, as well as GECAS’ more than 400 employees and its current purchase obligations, to AerCap. In addition, upon the closing of the transaction, the remainder of GE Capital will be reported within Corporate. In October 2021, we received final regulatory approvals and are now expecting the transaction to be completed on November 1, 2021.

In connection with the signing of the transaction agreement, GE Capital recorded a total non-cash after-tax charge of $3.6 billion in discontinued operations for the nine months ended September 30, 2021, and the results of GECAS are now presented in discontinued operations.

In the first quarter of 2021, we announced our intention to discontinue the majority of our factoring programs in WCS, which was effective April 1, 2021.

We annually perform premium deficiency testing in the aggregate across our run-off insurance portfolio in the third quarter. As a result of the testing, we identified no premium deficiency in the third quarter of 2021. See the Other Items section and Note 13 to the consolidated financial statements for further information.
September 30, 2021December 31, 2020
Energy Financial Services (EFS)$2,358 $2,385 
Working Capital Solutions (WCS)1,337 5,884 
Insurance50,839 50,824 
Other continuing operations(a)11,762 18,577 
Total segment assets - continuing operations$66,295 $77,670 
(a) Included cash, cash equivalents and restricted cash of $6,834 million and $13,245 million and deferred income taxes of $3,595 million and $3,680 million as of September 30, 2021 and December 31, 2020, respectively.

*Non-GAAP Financial Measure
2021 3Q FORM 10-Q 12


Three months ended September 30Nine months ended September 30
2021202020212020
EFS$(75)$15 $(32)$77 
WCS28 57 105 270 
Insurance770 764 2,348 2,167 
Other continuing operations11 (78)49 (59)
Total segment revenues$734 $758 $2,470 $2,455 
EFS$18 $18 $70 $13 
WCS(2)15 (8)51 
Insurance52 57 360 78 
Other continuing operations(a)(211)(119)(1,310)(834)
Total segment profit (loss)$(142)$(29)$(887)$(692)
(a) Other continuing operations primarily comprised excess interest costs from debt previously allocated to assets that have been sold, interest costs not allocated to GE Capital businesses, and preferred stock dividend costs prior to January 2021, at which time these became a GE Industrial obligation (see Note 17 for further information). Interest costs are allocated to GE Capital businesses based on the tenor of their assets using the market rate at the time of origination, which differs from the asset profile when the debt was originated. As a result, actual interest expense is higher than interest expense allocated to the remaining GE Capital businesses. We anticipate unallocated interest costs to gradually decline as debt matures and/or is refinanced.

For the three months ended September 30, 2021, segment revenues decreased 3% and segment losses increased $0.1 billion.
Capital revenues decreased 3%, as lower factoring revenue and EFS gains were partially offset by lower marks and impairments.
Capital losses increased $0.1 billion primarily as a result of lower tax benefits, partially offset by the discontinuation of preferred dividend payments to GE Industrial.
For the nine months ended September 30, 2021, segment revenues increased 1% and segment losses increased $0.2 billion (28%).
Capital revenues increased 1%, primarily as a result of lower marks and impairments primarily in Insurance, partially offset by lower WCS factoring revenue and project revenues at EFS.
Capital losses increased $0.2 billion (28%) primarily as a result of higher debt extinguishment costs, lower tax benefits and the nonrecurrence of the tax benefit related to the BioPharma sale in the first quarter of 2020, partially offset by the discontinuation of preferred dividend payments to GE Industrial, lower marks and impairments in Insurance and EFS, lower interest expense due to a lower debt balance and lower claims and higher terminations in Insurance.

CORPORATE ITEMS AND ELIMINATIONS. Corporate items and eliminations includes the results of our Lighting segment, through its disposition in the second quarter of 2020, and GE Digital business for all periods presented.
Three months ended September 30Nine months ended September 30
2021202020212020
Revenues
Corporate revenues$237 $251 $693 $1,039 
Eliminations and other(512)(515)(1,412)(1,482)
Total Corporate Items and Eliminations$(275)$(264)$(720)$(443)
Operating profit (cost)
Gains (losses) on purchases and sales of business interests$(156)$28 $(159)$12,431 
Gains (losses) on equity securities412 (669)1,256 (4,527)
Restructuring and other charges(64)(91)(395)(523)
Steam asset impairments(a) (Notes 7 & 8)— (363)— (363)
SEC settlement charge(b)— (100)— (100)
Goodwill impairments(c) (Note 8)— — — (728)
Adjusted total corporate operating costs (Non-GAAP)(266)(321)(701)(885)
Total Corporate Items and Eliminations (GAAP)$(74)$(1,515)$$5,305 
Less: gains (losses) and restructuring & other192 (1,195)702 6,190 
Adjusted total corporate operating costs (Non-GAAP)$(266)$(321)$(701)$(885)
Functions & operations$(152)$(246)$(475)$(709)
Environmental, health and safety (EHS) and other items(100)(21)(184)
Eliminations(13)(54)(42)(184)
Adjusted total corporate operating costs (Non-GAAP)$(266)$(321)$(701)$(885)
(a) Included non-cash pre-tax impairment charges of $429 million, net of $65 million attributable to noncontrolling interests for the Steam business within our Power segment in 2020.
(b) GE reached a settlement with the SEC and paid a civil penalty of $200 million in December 2020, of which $100 million was recorded and paid at Corporate and $100 million was recorded and paid at GE Capital.
(c) Included a non-cash pre-tax impairment charge of $877 million, net of $149 million attributable to noncontrolling interest, for our Additive reporting unit within our Aviation segment for the nine months ended September 30, 2020.
2021 3Q FORM 10-Q 13


Adjusted total corporate operating costs* excludes gains (losses) on purchases and sales of business interests, significant higher-cost restructuring programs, gains (losses) on equity securities and goodwill impairments. 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 September 30, 2021, revenues remained relatively flat year over year. Corporate operating profit increased by $1.4 billion primarily due to a $1.1 billion change in gains/(losses) on equity securities primarily related to mark-to-market activity on our Baker Hughes shares. In addition, Corporate operating profit also increased due to the nonrecurrence of $0.4 billion of non-cash impairment charges related to property, plant and equipment and intangible assets at our Steam business within our Power segment, and $0.1 billion legal reserves associated with the settlement of the SEC investigation in 2020. These increases were partially offset by $0.2 billion of higher losses on purchases and sales of business interests due to a $0.2 billion held for sale loss within our Power segment in 2021.
Adjusted total corporate operating costs* were down $0.1 billion due to lower costs associated with our Corporate functions and operations partially offset by higher costs associated with EHS and other items.

For the nine months ended September 30, 2021, revenues decreased by $0.3 billion, primarily due to the sale of our Lighting business in June 2020, partially offset by $0.1 billion of lower inter-segment eliminations. Corporate operating profit decreased by $5.3 billion due to $12.6 billion of lower gains on purchases and sales of business interests primarily due to a $12.4 billion gain from the sale of our BioPharma business in 2020 and a $0.2 billion held for sale loss within our Power segment in 2021. This decrease was partially offset by a $5.8 billion change in gains (losses) on equity securities primarily related to mark-to-market activity on our Baker Hughes shares. In addition, Corporate operating profit increased due to the nonrecurrence of a $0.7 billion non-cash goodwill impairment charge related to our Aviation segment, $0.4 billion of non-cash impairment charges related to property, plant and equipment and intangible assets at our Steam business within our Power segment, and $0.1 billion legal reserves associated with the settlement of the SEC investigation in 2020. Restructuring and other charges decreased by $0.1 billion due to lower restructuring in Aviation and Corporate, partially offset by higher restructuring in our Power segment, primarily related to our exit from the new build coal power market.
Adjusted total corporate operating costs* decreased by $0.2 billion primarily as the result of $0.2 billion of cost reductions in our Corporate functions and operations. Costs also decreased due to $0.1 billion of lower intercompany profit eliminations primarily as the result of lower activity from project financing investments associated with wind energy projects in our Renewable Energy segment.

OTHER CONSOLIDATED INFORMATION
RESTRUCTURING. Restructuring actions are essential to our cost improvement efforts for both existing operations and those acquired. Restructuring and other charges relate primarily to workforce reductions, facility exit costs associated with the consolidation of sales, service and manufacturing facilities, the integration of acquisitions, and certain other asset write-downs such as those associated with product line exits. We also recognize an obligation for severance benefits that vest or accumulate with service. We continue to closely monitor the economic environment and expect to undertake further restructuring actions to more closely align our cost structure with earnings goals. 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 industrial 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 Items and Eliminations section).

Three months ended September 30Nine months ended September 30
2021202020212020
Workforce reductions$132 $137 $634 $630 
Plant closures & associated costs and other asset write-downs23 93 87 201 
Acquisition/disposition net charges12 16 57 
Total restructuring and other charges$164 $242 $736 $888 
Cost of product/services