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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, 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-20210630_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 $0.06 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
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 8,781,303,049 shares of common stock with a par value of $0.06 per share outstanding at June 30, 2021.




TABLE OF CONTENTS
Page
3
4
4
4
7
New Accounting Standards
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 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 secure regulatory approvals and satisfy other closing conditions (as applicable), 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 levels of demand and the financial performance of the major industries and customers we serve, such as secular, cyclical and competitive pressures in our Power business, pricing and other pressures in the renewable energy market, levels of 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 related to climate change, 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 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 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 second quarter of 2021 with $22.5 billion of consolidated cash, cash equivalents and restricted cash, in addition to our available credit lines of $14.9 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 $23.9 billion in cash, subject to contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at approximately $5.7 billion based on the AerCap’s closing share price on June 30, 2021, and $1 billion in AerCap notes and/or cash upon closing. In connection with the signing of the transaction agreement, GE Capital recorded a non-cash after-tax charge of $3.9 billion in discontinued operations in the first half of 2021, including $1.1 billion in the second quarter driven by the decline in AerCap's share price. This was partially offset by $0.7 billion of GECAS earnings, including $0.5 billion of earnings in the second quarter of 2021. 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. While AerCap shareholders have approved the transaction, completion remains subject to regulatory approvals and other customary closing conditions. 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. This means we will move from three-column to one-column financial statement reporting.


2021 2Q FORM 10-Q 4


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.

Reverse Stock Split. In the second quarter of 2021, we announced that we will proceed with the 1-for-8 reverse stock split, approved by shareholders, and plan to file 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 will begin trading on a split-adjusted basis on August 2, 2021. Beginning in the third quarter, our earnings per share calculation will be retroactively restated for all periods presented.

Factoring. Effective April 1, 2021, the Company discontinued the majority of its factoring programs. In the second quarter of 2021, the adverse impact to GE Industrial CFOA was $2.7 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*.

SECOND QUARTER 2021 RESULTS. Consolidated revenues were $18.3 billion, up $1.5 billion for the quarter, driven by increased GE Industrial revenues. GE Industrial revenues increased $1.4 billion (9%), driven primarily by increases at each of our industrial segments. GE Capital revenues were flat.

Continuing earnings (loss) per share was $(0.07). Excluding debt extinguishment costs, realized and unrealized gains (losses), non-operating benefit costs, and restructuring and other charges, Adjusted earnings per share* was $0.05.

For the three months ended June 30, 2021, GE Industrial profit was $(0.2) billion and profit margins were (1.3)%, up $0.7 billion, driven primarily by higher profit at our industrial segments of $1.7 billion, decreased goodwill impairments of $0.9 billion and a decrease in non-operating benefit costs of $0.1 billion, partially offset by a lower net gain on equity securities of $1.4 billion, primarily on our investment in Baker Hughes, and higher debt extinguishment costs of $0.6 billion. Adjusted GE Industrial organic profit* increased $1.6 billion, driven by increases at each of our industrial segments.

GE Industrial cash flows from operating activities (CFOA) were $(2.5) billion and $(3.3) billion for the six months ended June 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 and non-operating debt extinguishment costs), a lower decrease in employee benefit liabilities and a decrease in cash used for working capital, partially offset by a decrease in Aviation-related customer allowance accruals; and lower principal pension plans cost. GE Industrial free cash flows (FCF)* were $(0.5) billion and $(4.3) billion for the six months ended June 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 quarter of 2021, the adverse impact to GE Industrial CFOA was $2.7 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.

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. In the second quarter of 2021, we have 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.
RPO June 30, 2021 December 31, 2020 June 30, 2020
Equipment $ 44,097  $ 45,991  $ 44,411 
Services 183,368  184,608  183,188 
Total RPO $ 227,465  $ 230,600  $ 227,598 

As of June 30, 2021, RPO decreased $3.1 billion (1%) from December 31, 2020, primarily at Power, from sales outpacing new orders at Gas Power, and at Renewable Energy, from sales outpacing new orders at Onshore Wind. RPO decreased $0.1 billion from June 30, 2020, due to decreases at Aviation and Power, partially offset by an increase at Renewable Energy. Aviation decreased from a reduction in equipment, due to sales, and a reduction in services, due to updated estimates in our long-term service agreements. Renewable Energy increased primarily at Offshore Wind from our first Haliade-X order and higher services at Onshore and Offshore Wind.

REVENUES Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Consolidated revenues $ 18,279  $ 16,805  $ 35,397  $ 36,294 
Equipment 8,302  8,206  16,273  17,303 
Services 9,185  7,860  17,543  17,608 
GE Industrial revenues $ 17,487  $ 16,066  $ 33,816  $ 34,910 
GE Capital revenues $ 858  $ 861  $ 1,736  $ 1,698 

*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 5


For the three months ended June 30, 2021, Consolidated revenues were up $1.5 billion, driven by an increase in GE Industrial revenues.
GE Industrial revenues increased $1.4 billion (9%), with increases in services and equipment. The increase in services was primarily at Power, due to an increase in Steam Power and Gas Power services revenues; at Aviation, due to higher commercial spare part shipments and increased shop visits; and at Healthcare, due to increased volume in Healthcare Systems (HCS), partially offset by a decrease at Renewable Energy. The increase in equipment was primarily at Renewable Energy, due to more Onshore and Offshore Wind turbine sales; and Healthcare, due to increased volume in HCS products; partially offset by a decrease at Power, due to decreases in Steam Power and Gas Power on lower gas turbine shipments and turnkey sales. The increase in GE Industrial revenues included the net effects of dispositions of $0.2 billion and an increase from foreign currency translation of $0.6 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, GE Industrial organic revenues* increased $1.1 billion (7%), with an increase in services revenues of $1.2 billion (15%) and a decrease in equipment revenues of $0.1 billion (1%). GE Industrial organic revenues* increased at Aviation, Healthcare and Renewable Energy, while Power was flat.
GE Capital revenues were flat, as higher gains and lower marks and impairments in EFS were offset by lower EFS project revenues and Working Capital Solutions (WCS) factoring revenue.

For the six months ended June 30, 2021, Consolidated revenues were down $0.9 billion, driven by a decrease in GE Industrial revenues, partially offset by an increase in GE Capital revenues.
GE Industrial revenues decreased $1.1 billion (3%). Equipment revenues decreased primarily at Power, due to decreased Gas Power equipment revenues; 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 from more Onshore and Offshore Wind turbine sales. Services revenues increased primarily at Power, due to an increase in Gas Power services revenues; and at Healthcare, due to increased volume in HCS products; partially offset by decreases at Aviation and Renewable Energy. The decrease in GE Industrial revenues included the net effects of dispositions of $1.3 billion and an increase from foreign currency translation of $0.9 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, GE Industrial organic revenues* decreased $0.7 billion (2%), with services revenues down $0.2 billion (1%) and equipment revenues down $0.5 billion (3%). GE Industrial organic revenues* decreased at Aviation and Power, partially offset by increases at Healthcare and Renewable Energy.
GE Capital revenues increased 2%, primarily as a result of lower marks and impairments in Insurance and EFS, partially offset by lower WCS factoring revenue and project revenues at EFS.

EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE Three months ended June 30 Six months ended June 30
(Per-share in dollars and diluted) 2021 2020 2021 2020
Continuing earnings (loss) $ (624) $ (1,185) $ (604) $ 4,989 
Continuing earnings (loss) per share $ (0.07) $ (0.15) $ (0.07) $ 0.55 

For the three months ended June 30, 2021, Consolidated continuing earnings increased $0.6 billion due to an increase in GE Industrial profit, partially offset by an increase in GE Capital continuing losses.
GE Industrial profit increased $0.7 billion driven primarily by higher profit at our industrial segments of $1.7 billion, decreased goodwill impairments of $0.9 billion and a decrease in non-operating benefit costs of $0.1 billion, partially offset by a lower net gain on equity securities of $1.4 billion, primarily on our investment in Baker Hughes, and higher debt extinguishment costs of $0.6 billion. GE Industrial profit margin was (1.3)%, an increase from (5.7)%, primarily due to the same net increases as described above. Adjusted GE Industrial profit* was $0.9 billion, an increase of $1.6 billion organically*, due to increases at each of our industrial segments. Adjusted GE Industrial profit margin* was 5.3%, an increase of 1,000 basis points organically*. At Aviation, the primary drivers were higher volume on commercial spare part and commercial spare engine shipments, increased shop visits, and lower net unfavorable changes in estimated profitability in long-term service agreements. At Power, the primary drivers were growth in Gas Power and Steam Power services revenues and margins and continued efforts to streamline the business. At Healthcare, the primary drivers were increased volume for HCS products and Pharmaceutical Diagnostics (PDx). At Renewable Energy, the primary drivers were higher new unit volume and lower product cost at Onshore Wind and the favorable impact of cost reduction actions.
GE Capital continuing losses increased $0.1 billion (20%) primarily as a result of higher debt extinguishment costs, partially offset by the discontinuation of preferred dividend payments to GE Industrial, higher gains and lower marks and impairments mainly at EFS, lower interest expense due to a lower debt balance, and lower claims and higher terminations in Insurance.













*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 6


For the six months ended June 30, 2021, Consolidated continuing earnings decreased $5.6 billion due to a decrease in GE Industrial profit and an increase in GE Capital continuing losses.
GE Industrial profit decreased $5.5 billion driven primarily by the nonrecurrence of the $12.3 billion gain on the sale of our BioPharma business and higher debt extinguishment costs of $0.6 billion, partially offset by a higher net gain on equity securities of $4.7 billion, higher profit at our industrial segments of $1.3 billion, decreased goodwill impairments of $0.9 billion, a decrease in non-operating benefit costs of $0.3 billion, and a decrease in interest and other financial charges of $0.2 billion. GE Industrial profit margin was 0.5%, a decrease from 16.2%, primarily due to the same net decreases as described above. Adjusted GE Industrial profit* was $1.8 billion, an increase of $1.8 billion organically*, due to increases at each of our industrial segments. Adjusted GE Industrial profit margin* was 5.2%, an increase of 530 basis points organically*. At Aviation, the primary drivers were lower net unfavorable changes in estimated profitability in long-term service agreements, operational cost reduction, and the nonrecurrence of prior year charges related to customer credit risk and lower commercial engine production volumes. At Power, the primary drivers were growth in Gas Power services revenues and margins and continued efforts to streamline the businesses. At Healthcare, the primary drivers were increased volume for HCS products and PDx. At Renewable Energy, the primary drivers were higher new unit volume and lower product cost at Onshore Wind, the favorable impact of cost reduction measures and improved project execution.
GE Capital continuing losses increased $0.1 billion (12%) primarily as a result of higher debt extinguishment costs 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 SEGMENTS Three months ended June 30 Six months ended June 30
2021 2020 V % 2021 2020 V %
Aviation
$ 4,840  $ 4,384  10  % $ 9,832  $ 11,276  (13) %
Healthcare
4,454  3,893  14  % 8,761  8,620  %
Renewable Energy
4,049  3,505  16  % 7,297  6,698  %
Power
4,295  4,156  % 8,216  8,181  —  %
Capital
858  861  —  % 1,736  1,698  %
Total segment revenues
18,496  16,799  10  % 35,842  36,473  (2) %
Corporate items and eliminations
(217) U (445) (179) U
Consolidated revenues
$ 18,279  $ 16,805  % $ 35,397  $ 36,294  (2) %
Aviation
$ 176  $ (687) F $ 818  $ 316  F
Healthcare
801  506  58  % 1,500  1,373  %
Renewable Energy
(99) (251) 61  % (333) (578) 42  %
Power 299  (50) F 212  (180) F
Capital
(573) (476) (20) % (745) (663) (12) %
Total segment profit (loss)
604  (957) F 1,451  268  F
Corporate items and eliminations
23  1,575  (99) % 75  7,698  (99) %
GE Industrial goodwill impairments —  (877) F —  (877) F
GE Industrial interest and other financial charges (261) (333) 22  % (528) (703) 25  %
GE Industrial debt extinguishment costs (645) (63) U (645) (63) U
GE Industrial non-operating benefit costs (517) (596) 13  % (950) (1,212) 22  %
GE Industrial benefit (provision) for income taxes 228  66  F 80  (121) F
GE Industrial preferred stock dividends (57) —  U (88) —  U
Earnings (loss) from continuing operations attributable to GE common shareholders
(624) (1,185) 47  % (604) 4,989  U
Earnings (loss) from discontinued operations, net of taxes
(564) (993) 43  % (3,458) (1,015) U
Less net earnings (loss) attributable to noncontrolling interests, discontinued operations —  —  —  % —  (2) F
Earnings (loss) from discontinued operations, net of tax and noncontrolling interest
(564) (993) 43  % (3,458) (1,012) U
Consolidated net earnings (loss) attributable to the GE common shareholders
$ (1,188) $ (2,179) 45  % $ (4,062) $ 3,977  U

*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 7


AVIATION. The global COVID-19 pandemic continues to have a material adverse effect on the global airline industry. 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 June 30, 2021, were approximately 33% below second quarter 2019. Broadly, global departures improved in the second quarter of 2021 compared to the first quarter of 2021, but levels of recovery varied across regions. Aviation is closely monitoring government actions and economic and industry forecasts. More broadly, 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 business actions to respond to the current adverse environment. The business 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 second 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.

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 June 30 Six months ended June 30
Sales in units, except where noted 2021 2020 2021 2020
Commercial Engines(a) 383  362  742  892 
LEAP Engines(b) 211  178  399  450 
Military Engines 155  204  251  350 
Spare Parts Rate(c) $ 15.0  $ 13.1  $ 14.1  $ 20.0 
(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.

June 30, 2021 December 31, 2020 June 30, 2020
Equipment $ 10,548  $ 10,597  $ 11,496 
Services 103,236  103,500  104,190 
Total RPO $ 113,784  $ 114,097  $ 115,686 

Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Commercial Engines & Services $ 3,115  $ 2,519  $ 6,469  $ 7,631 
Military 1,041  1,161  1,997  2,121 
Systems & Other 684  703  1,366  1,524 
Total segment revenues $ 4,840  $ 4,384  $ 9,832  $ 11,276 
Equipment $ 1,865  $ 1,938  $ 3,712  $ 4,302 
Services 2,974  2,446  6,120  6,975 
Total segment revenues $ 4,840  $ 4,384  $ 9,832  $ 11,276 
Segment profit $ 176  $ (687) $ 818  $ 316 
Segment profit margin 3.6  % (15.7) % 8.3  % 2.8  %


2021 2Q FORM 10-Q 8


For the three months ended June 30, 2021, segment revenues were up $0.5 billion (10%) and segment profit was up $0.9 billion.
Revenues increased $0.5 billion (10%) organically*. Commercial Engines revenues increased marginally due to 21 more commercial install and spare engine unit shipments, including 33 more LEAP units versus the prior year. Commercial Services revenues increased, primarily due to higher commercial spare part shipments and increased shop visits. Commercial Services revenues for the three months ended June 30, 2021 included a net unfavorable change in estimated profitability of $0.3 billion for its long-term service agreements, including the revenue impact from a contract in a loss position, compared to a net unfavorable change of $0.6 billion for the same period in the prior year. Military revenues decreased with 49 fewer engine shipments due to continued supply chain challenges.
Profit increased $0.9 billion organically*, primarily due to higher volume on commercial spare part and commercial spare engine shipments, increased shop visits, and lower net unfavorable changes in estimated profitability in long-term service agreements. Profit also increased due to operational cost reduction from the actions taken in 2020 and the first half of 2021, along with the nonrecurrence of prior year charges related to customer credit risk and lower commercial engine production volumes. During the three months ended June 30, 2021, Aviation also accrued $0.1 billion within cost of services sold for the aforementioned contract in a loss position in its long-term service agreement portfolio. The impact of unfavorable contract margin reviews in the quarter totaled $0.4 billion, inclusive of $0.3 billion associated with the contract in a loss position.
For the six months ended June 30, 2021, segment revenues were down $1.4 billion (13%) and segment profit was up $0.5 billion.
RPO as of June 30, 2021 decreased $0.3 billion from December 31, 2020, primarily due to a reduction in services. RPO decreased $1.9 billion (2%) from June 30, 2020, primarily due to a reduction in equipment due to sales and a reduction in services to reflect estimates of lower engine utilization.
Revenues decreased $1.4 billion (13%) organically*. Commercial Engines revenues decreased, primarily due to 150 fewer commercial install and spare engine unit shipments, including 51 fewer LEAP units versus the prior year. Commercial Services revenues decreased, primarily due to lower commercial spare part shipments and decreased shop visits. Commercial Services revenues for the six months ended June 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 $0.8 billion for the same period in the prior year. Military revenues decreased with 99 fewer engine shipments due to continued supply chain challenges.
Profit increased $0.5 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, decreased shop visits in our service agreements 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 and increases in procedure volume; the expectation is that this will continue in line with the worldwide COVID-19 vaccine rollout. PDx demand has largely recovered to pre-COVID levels in line with increases in procedure volume. However, in some markets we expect capital expenditures to remain under pressure from revenue declines related to COVID-19 impacts. Similar to many industries, we are experiencing some inflation in our supply chain as well as delays in sourcing key materials needed for our products. In response to continuing 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. We recently announced that AIR Recon DL, the industry’s first deep learning image reconstruction technology that works across all anatomies, is now FDA 510(k) cleared on SIGNA 7.0T magnetic resonance imaging (MRI) scanners – the world’s most advanced FDA-cleared MRI device. GE Healthcare launched Xeleris V, an AI-enabled virtual processing radiology solution that provides clinicians with simplified workflows, better data access and more time with patients. We acquired Zionexa, a French biotech company with an FDA-approved PET imaging agent called Cerianna. Cerianna is used in addition to a biopsy to help inform treatment in patients with recurrent or metastatic breast cancer. With this acquisition, we are building our pipeline of oncology and neurology tracers to help physicians better personalize treatment. We remain committed to innovate and invest to create more integrated, efficient, and personalized precision healthcare.

June 30, 2021 December 31, 2020 June 30, 2020
Equipment $ 3,660  $ 3,465  $ 3,642 
Services 9,342  9,458  8,943 
Total RPO $ 13,002  $ 12,923  $ 12,585 









*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 9


Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Healthcare Systems (HCS) $ 3,915  $ 3,523  $ 7,740  $ 6,971 
Pharmaceutical Diagnostics (PDx) 539  370  1,021  820 
BioPharma —  —  —  830 
Total segment revenues $ 4,454  $ 3,893  $ 8,761  $ 8,620 
Equipment $ 2,257  $ 2,050  $ 4,484  $ 4,749 
Services 2,197  1,843  4,278  3,872 
Total segment revenues $ 4,454  $ 3,893  $ 8,761  $ 8,620 
Segment profit $ 801  $ 506  $ 1,500  $ 1,373 
Segment profit margin 18.0  % 13.0  % 17.1  % 15.9  %

For the three months ended June 30, 2021, segment revenues were up $0.6 billion (14%) and segment profit was up $0.3 billion (58%).
Revenues increased $0.4 billion (10%) organically*, driven by increased volume in Imaging and Ultrasound, partially offset by reductions in Life Care Solutions for HCS products, and a return to pre-pandemic volume in PDx.
Profit increased $0.3 billion (48%) organically*, driven by increased volume for HCS products, increases in PDx volume as well as continued cost reduction actions.
For the six months ended June 30, 2021, segment revenues were up $0.1 billion (2%) and segment profit was up $0.1 billion (9%).
RPO as of June 30, 2021 increased $0.1 billion (1%) from December 31, 2020 and $0.4 billion (3%) from June 30, 2020 primarily due to increases in orders of longer cycle time Imaging products, partially offset by decreases in Life Care Solutions products.
Revenues increased $0.7 billion (9%) organically*, driven by increased volume in Imaging and Ultrasound, partially offset by reductions in Life Care Solutions for HCS products, and a return to pre-pandemic volume in PDx.
Profit increased $0.4 billion (39%) organically*, driven by increased volume for HCS 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, 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.

We continue to observe strong demand in the international regions and slower demand in the U.S. onshore wind markets where we are monitoring the impact of any further Production Tax Credit (PTC) extensions in the U.S. The offshore wind industry continues to experience strong global momentum. Customer preference is shifting to larger, more efficient units to drive down costs and compete with other power generation options. The Grid and Hydro business units are executing their turnaround plans and we are expecting improved operating results in 2021. 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 Onshore 5-6 MW Cypress units and Offshore Haliade-X 12-13 MW units and are preparing for large scale production in response to this market demand. Reducing the cost of these new product platforms and blade technologies remains a key priority.
Three months ended June 30 Six months ended June 30
Onshore and Offshore sales in units 2021 2020 2021 2020
Wind Turbines 887  830  1,665  1,561 
Wind Turbine Gigawatts 2.9  2.3  5.4  4.4 
Repower units 249  357  249  576 

June 30, 2021 December 31, 2020 June 30, 2020
Equipment $ 16,116  $ 18,273  $ 16,764 
Services 13,192  12,531  10,444 
Total RPO $ 29,308  $ 30,804  $ 27,208 





*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 10


Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Onshore Wind $ 2,883  $ 2,487  $ 5,001  $ 4,612 
Grid Solutions equipment and services 776  812  1,571  1,652 
Hydro 194  151  359  330 
Offshore Wind and Hybrid Solutions
196  54  366  105 
Total segment revenues $ 4,049  $ 3,505  $ 7,297  $ 6,698 
Equipment $ 3,305  $ 2,722  $ 6,148  $ 5,298 
Services 745  783  1,149  1,401 
Total segment revenues $ 4,049  $ 3,505  $ 7,297  $ 6,698 
Segment profit (loss) $ (99) $ (251) $ (333) $ (578)
Segment profit margin (2.4) % (7.2) % (4.6) % (8.6) %

For the three months ended June 30, 2021, segment revenues were up $0.5 billion (16%) and segment losses were down $0.2 billion (61%).
Revenues increased $0.3 billion (9%) organically*, from 57 more Onshore and Offshore Wind turbine sales on a unit basis and 26% more on a gigawatt basis, partially offset by lower repower unit deliveries at Onshore Wind.
Segment losses decreased $0.2 billion (71%) organically*, primarily from higher new unit volume and lower product cost at Onshore Wind and the favorable impact of cost reduction actions, primarily at Grid. These improvements were partially offset by lower margins on new product introductions, lower repower units at Onshore Wind and higher restructuring costs.
For the six months ended June 30, 2021, segment revenues were up $0.6 billion (9%) and segment losses were down $0.2 billion (42%).
RPO as of June 30, 2021 decreased $1.5 billion (5%) from December 31, 2020 primarily from sales at Onshore Wind and Grid during the first half of 2021 exceeding new orders, partially offset by an increase in Onshore services, primarily due to higher repower units. RPO increased $2.1 billion (8%) from June 30, 2020 primarily at Offshore Wind from our first Haliade-X order for the Dogger Bank Wind Farm and higher services at Onshore and Offshore Wind, partially offset by sales exceeding new orders at Onshore Wind and Grid. The decrease at Onshore Wind is largely driven by the progressive PTC phase out, while at Grid is primarily due to increased commercial selectivity in certain product lines.
Revenues increased $0.3 billion (4%) organically*, from 104 more Onshore and Offshore Wind turbine sales on a unit basis and 22% more on a gigawatt basis, including higher revenue associated with Offshore Wind’s EDF 6MW project in Saint Nazaire, France. These increases were partially offset by lower repower unit deliveries at Onshore Wind and lower revenue at Grid, primarily due to increased commercial selectivity.
Segment losses decreased $0.3 billion (48%) organically*, primarily from higher new unit volume and lower product cost at Onshore Wind, the favorable impact of cost reduction actions, primarily at Grid and Hydro, 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.

Global electricity demand increased during the first half of 2021, driving increases in GE gas turbine utilization and long-term service agreement billings. 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. 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 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 planned exit of new build coal.

We continue to invest in new product development, such as our HA-Turbines. Our fundamentals remain strong with approximately $71.8 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
2021 2Q FORM 10-Q 11


Three months ended June 30 Six months ended June 30
Sales in units 2021 2020 2021 2020
GE Gas Turbines 14  25  25  32 
Heavy-Duty Gas Turbines(a) 15  20  20 
HA-Turbines(b)
Aeroderivatives(a) 10  12 
(a) Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines.
(b) HA-Turbines are a subset of Heavy-Duty Gas Turbines.

June 30, 2021 December 31, 2020 June 30, 2020
Equipment $ 14,893  $ 14,991  $ 14,694 
Services 56,899  58,318  58,568 
Total RPO $ 71,792  $ 73,308  $ 73,262 

Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
Gas Power $ 3,049  $ 3,077  $ 5,878  $ 5,936 
Steam Power 831  763  1,537  1,571 
Power Conversion, Nuclear and other 415  316  800  674 
Total segment revenues $ 4,295  $ 4,156  $ 8,216  $ 8,181 
Equipment $ 1,071  $ 1,488  $ 2,312  $ 2,994 
Services 3,224  2,669  5,904  5,187 
Total segment revenues $ 4,295  $ 4,156  $ 8,216  $ 8,181 
Segment profit (loss) $ 299  $ (50) $ 212  $ (180)
Segment profit margin 7.0  % (1.2) % 2.6  % (2.2) %

For the three months ended June 30, 2021, segment revenues were up $0.1 billion (3%) and segment profit was up $0.3 billion.
Revenues were flat organically*, primarily due to an increase in Steam Power services revenues and Gas Power services revenues, where there was an increase in the number of planned outages compared to the prior year due to the impacts of COVID-19, offset by decreases in Steam Power equipment revenues and decreases in Gas Power equipment revenues on lower gas turbine shipments and turnkey sales.
Profit increased $0.4 billion organically* due to growth in Gas Power and Steam Power services revenues and margins, 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 a quality reserve on the legacy product line that we have since exited in Power Conversion that did not repeat.
For the six months ended June 30, 2021, segment revenues were flat and segment profit was up $0.4 billion.
RPO as of June 30, 2021 decreased $1.5 billion (2%) and $1.5 billion (2%) from December 31, 2020 and June 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 $0.1 billion (2%) organically*, primarily due to decreased Gas Power equipment revenues on lower gas turbine shipments and turnkey sales, partially offset by an increase in Gas Power services revenues.
Profit increased $0.4 billion organically* due to growth in Gas Power services revenues and margins, 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 a quality reserve on the legacy product line that we have since exited in Power Conversion that did not repeat, partially offset by unfavorable legacy project arbitration resolutions and Steam Power project execution.















*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 12


CAPITAL. In the first quarter of 2021, we announced an agreement to combine GECAS with AerCap, for which the Company expects to receive $23.9 billion in cash, subject to contractual closing adjustments, 111.5 million shares of AerCap common stock (approximately 46% ownership interest) valued at approximately $5.7 billion based on the AerCap’s closing share price of $51.21 on June 30, 2021, and $1 billion in AerCap notes and/or cash upon closing. 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 connection with the signing of the transaction agreement, GE Capital recorded a total non-cash after-tax charge of $3.9 billion in discontinued operations for the six months ended June 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.
June 30, 2021 December 31, 2020
Energy Financial Services (EFS) $ 2,554  $ 2,385 
Working Capital Solutions (WCS) 1,869  5,884 
Insurance 51,810  50,824 
Other continuing operations(a) 11,693  18,577 
Total segment assets - continuing operations $ 67,926  $ 77,670 
(a) Included cash, cash equivalents and restricted cash of $6,637 million as of June 30, 2021 and $13,245 million as of December 31, 2020.
Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
EFS $ 46  $ (2) $ 43  $ 62 
WCS 22  82  77  213 
Insurance 803  786  1,578  1,402 
Other continuing operations (14) (5) 37  21 
Total segment revenues $ 858  $ 861  $ 1,736  $ 1,698 
EFS $ 56  $ (58) $ 51  $ (5)
WCS (8) 12  (6) 36 
Insurance 192  114  308  21 
Other continuing operations(a) (814) (543) (1,099) (714)
Total segment profit (loss) $ (573) $ (476) $ (745) $ (663)
(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 June 30, 2021, segment revenues were flat and segment losses increased $0.1 billion (20%).
Capital revenues were flat, as higher gains and lower marks and impairments in EFS were offset by lower EFS project revenues and WCS factoring revenue. Capital losses increased $0.1 billion (20%) primarily as a result of higher debt extinguishment costs, partially offset by the discontinuation of preferred dividend payments to GE Industrial, higher gains and lower marks and impairments mainly at EFS, lower interest expense due to a lower debt balance, and lower claims and higher terminations in Insurance.
For the six months ended June 30, 2021, segment revenues increased 2% and segment losses increased $0.1 billion (12%).
Capital revenues increased 2%, primarily as a result of lower marks and impairments in Insurance and EFS, partially offset by lower WCS factoring revenue and project revenues at EFS. Capital losses increased $0.1 billion (12%) primarily as a result of higher debt extinguishment costs 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.

2021 2Q FORM 10-Q 13


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 June 30 Six months ended June 30
2021 2020 2021 2020
Revenues
Corporate revenues $ 229  $ 410  $ 456  $ 788 
Eliminations and other (446) (405) (900) (967)
Total Corporate Items and Eliminations $ (217) $ $ (445) $ (179)
Operating profit (cost)
Gains (losses) on purchases and sales of business interests $ (5) $ 32  $ (2) $ 12,403 
Gains (losses) on equity securities 497  1,867  844  (3,859)
Restructuring and other charges (225) (289) (331) (432)
Goodwill impairments(a) (Note 8) —  (728) —  (728)
Adjusted total corporate operating costs (Non-GAAP) (243) (185) (435) (564)
Total Corporate Items and Eliminations (GAAP) $ 23  $ 697  $ 75  $ 6,820 
Less: gains (losses) and restructuring & other 266  882  510  7,384 
Adjusted total corporate operating costs (Non-GAAP) $ (243) $ (185) $ (435) $ (564)
Functions & operations $ (164) $ (191) $ (322) $ (463)
Environmental, health and safety (EHS) and other items (28) 38  (83) 29 
Eliminations (52) (32) (29) (130)
Adjusted total corporate operating costs (Non-GAAP) $ (243) $ (185) $ (435) $ (564)
(a) 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 three and six months ended June 30, 2020.

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 June 30, 2021, revenues decreased by $0.2 billion, primarily as a result of the sale of our Lighting business in June 2020. Corporate operating profit decreased by $0.7 billion primarily due to a $1.4 billion change in gains/(loss) on equity securities primarily related to mark-to-market activity on our Baker Hughes shares. This decrease was partially offset by the nonrecurrence of a $0.7 billion goodwill impairment charge related to our Aviation segment in 2020, and $0.1 billion of lower restructuring and other charges due to lower restructuring in our Aviation segment, 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* increased by $0.1 billion in the second quarter of 2021 primarily as the result of $0.1 billion of higher costs primarily associated with EHS and other items. Costs associated with our Corporate functions and operations declined year over year.

For the six months ended June 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 $6.7 billion due to $12.4 billion of lower gains on purchases and sales of business interests primarily due to a $12.3 billion gain from the sale of our BioPharma business in 2020. This decrease was partially offset by a $4.7 billion change in gains (losses) on equity securities primarily related to mark-to-market activity on our Baker Hughes shares and the nonrecurrence of a $0.7 billion goodwill impairment charge related to our Aviation segment 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 $0.1 billion primarily as the result of $0.1 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 a result of lower activity from project financing investments associated with wind energy projects in our Renewable Energy segment. These decreases were partially offset by $0.1 billion of higher costs associated with EHS and other items.










*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 14


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 June 30 Six months ended June 30
2021 2020 2021 2020
Workforce reductions $ 290  $ 338  $ 501  $ 492 
Plant closures & associated costs and other asset write-downs 38  79  64  108 
Acquisition/disposition net charges 19  45 
Total restructuring and other charges $ 330  $ 436  $ 572  $ 646 
Cost of product/services $ 188  $ 141  $ 288  $ 257 
Selling, general and administrative expenses 142  295  290  389 
Other income —  —  (7) — 
Total restructuring and other charges $ 330  $ 436  $ 572  $ 646 
Aviation $ (2) $ 176  $ 61  $ 244 
Healthcare 20  46  59  76 
Renewable Energy 59  57  135  84 
Power 227  95  276  128 
Corporate 20  58  30  109 
Total GE Industrial restructuring and other charges $ 324  $ 433  $ 561  $ 641 
Capital 11 
Total restructuring and other charges $ 330  $ 436  $ 572  $ 646 
Restructuring and other charges cash expenditures $ 190  $ 324  $ 413  $ 535 

Liabilities associated with restructuring activities were approximately $1.4 billion and $1.3 billion as of June 30, 2021 and December 31, 2020, respectively, including actuarial determined post-employment severance benefits of $0.7 billion in both periods.

INTEREST AND OTHER FINANCIAL CHARGES Three months ended June 30 Six months ended June 30
2021 2020 2021 2020
GE Industrial $ 261  $ 333  $ 528  $ 703 
GE Capital 250  283  540  554 

The decrease in GE Industrial interest and other financial charges for the three and six months ended June 30, 2021 was primarily due to a lower intercompany loan balance and lower financing costs on sales of receivables, partially offset by a higher long-term debt balance. Total GE interest and other financial charges of $0.2 billion and $0.2 billion was recorded at Corporate and $0.1 billion and $0.1 billion was recorded by the industrial segments for the three months ended June 30, 2021 and 2020, respectively, and $0.4 billion and $0.5 billion was recorded at Corporate and $0.1 billion and $0.2 billion was recorded by the industrial segments for the six months ended June 30, 2021 and 2020, respectively.

The decrease in GE Capital interest and other financial charges during the three and six months ended June 30, 2021 was primarily due to lower average borrowing balances and weighted average interest rates, partially offset by a lower allocation of interest expense to discontinued operations as a result of lower market rates.


2021 2Q FORM 10-Q 15


CONSOLIDATED INCOME TAXES. For the three months ended June 30, 2021, the consolidated income tax rate was 44.9% compared to 12.3% for the three months ended June 30, 2020. In both periods, the tax rate reflects a tax benefit on a pre-tax loss.

The consolidated provision (benefit) for income taxes was $(0.5) billion for the three months ended June 30, 2021 and $(0.2) billion for the three months ended June 30, 2020. The income tax benefit increased due to a second quarter 2021 tax benefit associated with an internal restructuring to recognize historical losses due to the decrease in fair value, as well as a decrease in tax due to lower unrealized gain on our remaining interest in Baker Hughes in the second quarter of 2021 as compared to the second quarter of 2020. Partially offsetting these items was an increase in tax associated with the increase in income, excluding gain on Baker Hughes, in the second quarter of 2021 compared to the second quarter of 2020.

The consolidated tax provision (benefit) includes $(0.2) billion and $(0.1) billion for GE Industrial for the three months ended June 30, 2021 and 2020, respectively.

For the six months ended June 30, 2021, the consolidated income tax rate was 40.7% compared to (2.1)% for the six months ended June 30, 2020. The tax rate for 2021 reflects a tax benefit on a pre-tax loss. The negative tax rate for 2020 reflects a tax benefit on pre-tax income.

The consolidated provision (benefit) for income taxes was $(0.3) billion for the six months ended June 30, 2021 and $(0.1) billion for the six months ended June 30, 2020. The benefit increased due to the nonrecurrence of the tax expense associated with the disposition of the BioPharma business in the first quarter of 2020, as well as a tax benefit associated with an internal restructuring to recognize historical losses due to the decrease in fair value. Partially offsetting these items was a tax expense associated with the unrealized gain on our remaining interest in Baker Hughes for the six months ended June 30, 2021, compared to a tax benefit associated with the unrealized loss recorded for the six months ended June 30, 2020. Additionally, there was an increase in tax associated with the increase in income, excluding gains on BioPharma and Baker Hughes, for the six months ended June 30, 2021 as compared to the six months ended June 30, 2020.

The consolidated tax provision (benefit) includes $(0.1) billion and $0.1 billion for GE Industrial for the six months ended June 30, 2021 and 2020, respectively.

DISCONTINUED OPERATIONS primarily comprise our GECAS business, our mortgage portfolio in Poland, and other trailing assets and liabilities associated with prior dispositions. See Notes 2 and 21 for further financial information.

CAPITAL RESOURCES AND LIQUIDITY
FINANCIAL POLICY. We intend to maintain a disciplined financial policy, targeting a sustainable long-term credit rating in the Single-A range, achieving a GE Industrial net debt*-to-EBITDA ratio of less than 2.5x over the next few years and a dividend in line with our peers over time. In addition to net debt*-to-EBITDA, we also evaluate other leverage measures, including gross debt-to-EBITDA, and we will ultimately size our deleveraging actions across a range of measures to ensure we are operating the Company based on a strong balance sheet.

Following the closing of the GECAS transaction, the Company intends to use the transaction proceeds and its existing cash sources to significantly reduce debt.

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 obligations under both normal and stressed conditions. At both GE Industrial and GE Capital, we manage our liquidity to provide access to sufficient funding to meet our business needs and financial obligations, as well as capital allocation and growth objectives, throughout business cycles.

At GE Capital, we continue to hold cash levels to cover at least 12 months of long-term debt maturities.

We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs.
















*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 16


CONSOLIDATED LIQUIDITY. Following is a summary of cash, cash equivalents and restricted cash at June 30, 2021.
June 30, 2021 June 30, 2021
GE Industrial $ 15,591  U.S. $ 11,199 
GE Capital 6,870  Non-U.S. 11,261 
Consolidated $ 22,460  Consolidated $ 22,460 

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.

GE INDUSTRIAL LIQUIDITY. GE Industrial's primary sources of liquidity consist of cash and cash equivalents, free cash flows from our operating businesses, remaining receivable monetization programs, 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, market conditions and our ability to execute dispositions. Additionally, in connection with the program we launched in 2020 to fully monetize our Baker Hughes position over approximately three years, we received proceeds of $1.0 billion in the second quarter of 2021 and expect to receive approximately $1.3 billion in the third quarter of 2021.

GE Industrial cash, cash equivalents and restricted cash totaled $15.6 billion at June 30, 2021, including $2.2 billion of cash held in countries with currency control restrictions and $0.3 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.

In the first quarter of 2021, we announced our intention to discontinue the majority of our factoring programs, which was effective April 1, 2021. The estimated adverse impact to GE Industrial CFOA for 2021 is expected to be approximately $3.5 to $4 billion, including $2.7 billion in the second quarter of 2021, 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*.

During 2021, GE Capital’s liquidity and capital needs will be evaluated based on the anticipated timing of the closing of the GECAS transaction, as well as GE Capital’s overall performance, to determine if additional capital contributions to GE Capital are necessary.

GE CAPITAL LIQUIDITY. GE Capital’s primary sources of liquidity consist of cash and cash equivalents, cash generated from asset sales (including the expected proceeds from the GECAS transaction) and cash flows from our businesses, as well as GE Industrial repayments of intercompany loans and capital contributions from GE Industrial. We expect to maintain a sufficient liquidity position to fund our insurance obligations, debt maturities and other obligations. See the Segment Operations - Capital section for further information regarding allocation of GE Capital interest expense to the GE Capital businesses.

GE Capital cash, cash equivalents and restricted cash totaled $6.9 billion at June 30, 2021, excluding $1.0 billion of cash in Insurance, which was classified as All other assets on the GE Capital Statement of Financial Position.

GE Capital provided capital contributions to its insurance subsidiaries of $2.0 billion, $2.0 billion, $1.9 billion and $3.5 billion in the first quarters of 2021, 2020, 2019 and 2018, respectively, and expects to provide further capital contributions of approximately $5.5 billion through 2024. These contributions are subject to ongoing monitoring by 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. GE is required to maintain specified capital levels at these insurance subsidiaries under capital maintenance agreements. Going forward, we anticipate funding any capital needs for Insurance through a combination of GE Capital liquidity, GE Capital asset sales, GE Capital future earnings and capital contributions from GE Industrial.














*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 17


BORROWINGS. Consolidated total borrowings were $63.5 billion and $74.9 billion at June 30, 2021 and December 31, 2020, respectively, a decrease of $11.4 billion ($11.8 billion excluding intercompany eliminations). See the following table for a summary of GE Industrial and GE Capital borrowings.

GE Industrial June 30, 2021 December 31, 2020 GE Capital June 30, 2021 December 31, 2020
GE Industrial senior notes $ 14,832  $ 18,994  Senior and subordinated notes $ 29,125  $ 30,987 
Senior and subordinated notes assumed by GE Industrial 18,173  22,390 
Intercompany loans from
GE Capital
3,177  3,177  Intercompany loans to
GE Industrial
(3,177) (3,177)
Other GE Industrial borrowings 799  1,352  Other GE Capital
borrowings
738  1,779 
Total GE Industrial Total GE Capital
adjusted borrowings(a) $ 18,808  $ 23,523  adjusted borrowings(a)(b) $ 44,859  $ 51,979 
(a) Consolidated total borrowings of $63,524 million and $74,902 million at June 30, 2021 and December 31, 2020, respectively, are net of intercompany eliminations of $143 million and $600 million, respectively, of other GE Industrial borrowings from GE Capital, primarily related to timing of cash settlements associated with GE Industrial receivables monetization programs.
(b) Included $4,038 million and $5,687 million at June 30, 2021 and December 31, 2020, respectively, of fair value adjustments for debt in fair value hedge relationships. See Note 19 for further information.

The reduction in GE Industrial adjusted borrowings at June 30, 2021 compared to December 31, 2020 was driven by debt repurchases of $4.1 billion, net repayments and maturities of other debt of $0.6 billion and $0.1 billion related to changes in foreign exchange rates.

GE Industrial net debt* was $33.2 billion and $32.3 billion at June 30, 2021 and December 31, 2020, respectively. The increase was driven primarily by a decrease in the net cash deduction of $5.7 billion due to a lower cash balance, partially offset by a lower debt balance of $4.7 billion, mainly due to debt repurchases.

The reduction in GE Capital adjusted borrowings at June 30, 2021 compared to December 31, 2020 was driven primarily by debt repurchases of $3.2 billion, long-term debt maturities of $1.8 billion, lower non-recourse borrowings of $0.8 billion, and $1.3 billion of fair value adjustments for debt in fair value hedge relationships.

Liability Management Actions. In the second quarter of 2021, we completed a debt tender to repurchase a total of $7.3 billion of debt, comprised of $4.1 billion of GE Industrial debt with maturities ranging from 2022 through 2050, and $3.2 billion of GE Capital debt with maturities ranging from 2021 through 2039.

The following table provides a reconciliation of total short- and long-term borrowings as reported on the respective GE Industrial and GE Capital Statements of Financial Position to borrowings adjusted for assumed debt and intercompany loans:
June 30, 2021
GE Industrial GE Capital Consolidated
Total short- and long-term borrowings $ 33,804  $ 29,863  $ 63,524 
Debt assumed by GE Industrial from GE Capital(a) (18,173) 18,173  — 
Intercompany loans with right of offset(a) 3,177  (3,177) — 
Total intercompany payable (receivable) between GE Industrial and GE Capital (14,996) 14,996  — 
Total borrowings adjusted for assumed debt and intercompany loans $ 18,808  $ 44,859  $ 63,524 
(a) See the Capital Resources and Liquidity section of our Annual Report on Form 10-K for the year ended December 31, 2020 for further details on the assumed debt and intercompany loans with right of offset.

The intercompany loans from GE Capital to GE Industrial bear the right of offset against amounts owed by GE Capital to GE Industrial under the assumed debt agreement and can be prepaid by GE Industrial at any time, in whole or in part, without premium or penalty. These loans are priced at market terms and have a collective weighted average interest rate of 3.7% and term of approximately 15.2 years at June 30, 2021.

On May 27, 2021, we entered into an amended agreement for our back-up revolving syndicated credit facility, reducing the amount available under the former facility from $15 billion to $10 billion and extending the maturity date to May 2026. In addition to this facility, we have in place a total of $4.9 billion of bilateral revolving credit facilities, resulting in a total of $14.9 billion of committed revolving credit facilities.

Under the terms of an agreement between GE Capital and GE Industrial, GE Capital has the right to compel GE Industrial to borrow under the $10.0 billion unused back-up revolving syndicated credit facility. Under this agreement, GE Industrial would transfer the proceeds to GE Capital as intercompany loans, which would be subject to the same terms and conditions as those between GE Industrial and the lending banks. GE Capital has not exercised this right.



*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 18


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 separate ratings on GE Industrial and GE Capital short- and long-term debt. The credit ratings of GE Industrial and GE Capital as of the date of this filing are set forth in the table below.
Moody's S&P Fitch
GE Industrial Outlook Negative CreditWatch Negative Stable
Short term P-2 A-2 F3
Long term Baa1 BBB+ BBB
GE Capital Outlook Negative CreditWatch Negative Stable
Short term P-2 A-2 F3
Long term Baa1 BBB+ BBB
In the first quarter of 2021, Moody’s and Fitch affirmed their respective credit ratings, and S&P announced that they have placed us on CreditWatch with negative implications and currently expect to lower our credit ratings by one notch upon the closing of the GECAS transaction.

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, 2020.

Substantially all of the Company's debt agreements in place at June 30, 2021 do not contain material credit rating covenants. GE’s 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 GE satisfied at June 30, 2021.

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, 2021
BBB+/A-2/P-2 $ 320 
BBB/A-3/P-3 665 
BBB- 1,279 
BB+ and below 448 

Our most significant contractual ratings requirements are related to ordinary course commercial activities, our receivables sales programs, and our derivatives portfolio. 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 British pound sterling and the Indian rupee, among others. The effects of foreign currency fluctuations on earnings, excluding the earnings impact of the underlying hedged item, was less than $0.1 billion for both the three and six months ended June 30, 2021 and 2020. This analysis excludes any offsetting effect from the forecasted future transactions that are economically hedged.

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 – SIX MONTHS ENDED JUNE 30, 2021 VERSUS 2020. We manage the cash flow performance of our industrial and financial services businesses separately, in order to enable us and our investors to evaluate the cash from operating activities of our industrial businesses separately from the cash flows of our financial services business.

Transactions between GE Industrial and GE Capital are reported in the respective columns of our Statement of Cash Flows, but are eliminated in deriving our consolidated Statement of Cash Flows. See the GE Industrial Working Capital Transactions section and Notes 4 and 22 for further information regarding certain transactions affecting our consolidated Statement of Cash Flows.


2021 2Q FORM 10-Q 19


GE INDUSTRIAL CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in GE Industrial 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, contribute to post retirement plans and pay others for a wide range of material, services and taxes.

GE Industrial cash used for operating activities was $2.5 billion in 2021, a decrease of $0.7 billion compared with 2020, primarily due to: an increase in net income (after adjusting for the gain on the sale of BioPharma, non-cash losses related to our interest in Baker Hughes and non-operating debt extinguishment costs) primarily due to COVID-19 impacts in our Aviation segment in 2020; a lower decrease in employee benefit liabilities of $0.4 billion; and a decrease in cash used for working capital of $0.3 billion; partially offset by increases in Aviation-related customer allowance accruals of $0.9 billion in 2020; and lower principal pension plans cost of $0.5 billion. There was a $0.1 billion increase in Aviation-related customer allowance accruals in 2021.

Changes in working capital compared to prior year were as follows: current receivables of $(1.7) billion, driven by a higher decrease in sales of receivables to discontinued factoring programs of $(1.8) billion and lower net collections, partially offset by a prior year decrease in sales of receivables to our continuing unconsolidated receivables facility of $0.8 billion which did not reoccur in 2021; inventories, including deferred inventory, of $(0.5) billion, driven by lower liquidations partially offset by lower material purchases; current contract assets of $(0.3) billion, driven by lower net unfavorable changes in estimated profitability at Aviation; accounts payable and equipment project accruals of $3.4 billion, driven by lower disbursements related to purchases of materials in prior periods; and progress collections and current deferred income of $(0.7) billion, driven by higher net liquidations. Progress collections and current deferred income included lower early payments received at our Aviation Military equipment business of $0.3 billion from a foreign government in 2021 compared to $0.7 billion from the U.S. Department of Defense in 2020.

GE Industrial cash from investing activities was $1.3 billion in 2021, a decrease of $18.4 billion compared with 2020, primarily due to: the nonrecurrence of proceeds from the sale our BioPharma business of $20.3 billion; partially offset by proceeds from the sales of a portion of our retained ownership interest in Baker Hughes of $1.7 billion. Cash used for additions to property, plant and equipment and internal-use software, which are components of GE Industrial free cash flows*, was $0.6 billion in 2021, down $0.5 billion compared with 2020.

GE Industrial cash used for financing activities was $6.3 billion in 2021, a decrease of $2.1 billion compared with 2020, primarily due to: the nonrecurrence of repayments of commercial paper of $2.5 billion in 2020; partially offset by an increase of $0.5 billion in debt tender offers. GE Industrial paid cash to repurchase long term debt of $4.8 billion and $4.3 billion, including debt extinguishment costs of $0.6 billion and $0.1 billion (a component of All other financing activities) in 2021 and 2020, respectively.

GE CAPITAL CASH FLOWS FROM CONTINUING OPERATIONS. GE Capital cash used for operating activities was $2.6 billion in 2021, an increase of $2.4 billion compared with 2020, primarily due to: cash collateral paid, which is a standard market practice to minimize derivative counterparty exposures, and settlements received on derivative contracts (components of All other operating activities) of $1.3 billion in 2021, compared with collateral and settlements received of $1.4 billion in 2020.

GE Capital cash from investing activities was $3.4 billion in 2021, a decrease of $5.2 billion compared with 2020, primarily due to: the nonrecurrence of the repayment of GE Capital intercompany loans of $7.5 billion by GE Industrial in 2020; a decrease in cash of $0.7 billion related to our current receivables and supply chain finance programs with GE Industrial; partially offset by higher net collections of financing receivables of $3.0 billion mainly driven by the discontinuation of certain factoring programs.

GE Capital cash used for financing activities was $6.8 billion in 2021, a decrease of $4.5 billion compared with 2020, primarily due to: lower net repayments of borrowings of $4.9 billion; higher cash settlements of $0.5 billion on derivatives hedging foreign currency debt; partially offset by higher debt tender incentive and fees of $0.9 billion. GE Capital paid cash to repurchase long term debt of $3.9 billion and $10.0 billion, including debt tender incentive and fees of $1.1 billion and $0.2 billion (a component of All other financing activities), excluding a non-cash debt basis adjustment of $0.3 billion and an insignificant amount in 2021 and 2020, respectively.

GE CAPITAL CASH FLOWS FROM DISCONTINUED OPERATIONS. GE Capital cash from operating activities relates primarily to cash generated from earnings (loss) from discontinued operations in our GECAS business. GE Capital cash used for investing activities increased $0.4 billion primarily due to an increase in net purchases of plant, property and equipment of $0.8 billion, partially offset by an increase in net collections of financing receivables of $0.4 billion.













*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 20


GE INDUSTRIAL WORKING CAPITAL TRANSACTIONS. Sales of Receivables. In order to manage short-term liquidity and credit exposure, GE Industrial may sell current customer receivables to GE Capital and other third parties. These transactions are made on arms-length terms and any discount related to time value of money is recognized within the respective GE Industrial business in the period these receivables were sold to GE Capital or third parties. See Note 4 for further information.

Supply Chain Finance Programs. GE Industrial facilitates voluntary supply chain finance programs with third parties, which provide participating GE Industrial suppliers the opportunity to sell their GE Industrial receivables to third parties at the sole discretion of both the suppliers and the third parties.

At June 30, 2021 and December 31, 2020, included in GE Industrial's accounts payable was $3.3 billion and $2.9 billion, respectively, of supplier invoices that are subject to the third-party programs. Total GE Industrial supplier invoices paid through these third-party programs were $3.0 billion and $2.5 billion for the six months ended June 30, 2021 and 2020, respectively.

INTERCOMPANY TRANSACTIONS BETWEEN GE INDUSTRIAL AND GE CAPITAL. Transactions between related companies are made on arms-length terms and are reported in the GE Industrial and GE Capital columns of our financial statements, which we believe provide useful supplemental information to our consolidated financial statements. See Note 22 for further information.

GE Capital Finance Transactions. During the six months ended June 30, 2021 and 2020, GE Capital acquired from third parties 13 aircraft with a list price totaling $1.0 billion and five aircraft with a list price totaling $0.6 billion, respectively, that will be leased to others and are powered by engines manufactured by GE Aviation and affiliates. GE Capital also made payments to GE Aviation and affiliates related to spare engines and engine parts of an insignificant amount and $0.1 billion during the six months ended June 30, 2021 and 2020, respectively, all of which were made to CFM International. Additionally, GE Capital had $2.0 billion and $2.1 billion of net book value of engines, originally manufactured by GE Aviation and affiliates and subsequently leased back to GE Aviation and affiliates at June 30, 2021 and December 31, 2020, respectively. There were four spare engine sales from our Aviation segment to our GECAS business in the three months ended June 30, 2021.

Also, during the six months ended June 30, 2021 and 2020, GE Industrial recognized equipment revenues of $1.1 billion and $1.2 billion, respectively, from customers within our Power and Renewable Energy segments in which GE Capital is an investee or is committed to be an investee in the underlying projects. At June 30, 2021, GE Capital had funded related investments of $0.1 billion.

For certain of these investments, in order to meet its underwriting criteria, GE Capital may obtain a direct guarantee from GE Industrial related to the performance of the third party. GE Industrial guarantees include direct performance or payment guarantees, return on investment guarantees and asset value guarantees. As of June 30, 2021, GE Industrial had outstanding guarantees to GE Capital on $0.8 billion of funded exposure and an insignificant amount of unfunded commitments, which included guarantees issued by industrial businesses. The recorded contingent liability for these guarantees was insignificant as of June 30, 2021 and is based on individual transaction level defaults, losses and/or returns.

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, 2020 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 January 1, 2023. Early adoption is permitted, and if elected, the transition date can be either the beginning of the prior period or the earliest prior period presented. We are evaluating the effect of the new guidance on our consolidated financial statements and anticipate that its adoption will significantly change the accounting for measurements of our long-duration insurance liabilities. 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 need to be revised with any required changes recorded in earnings. Under the current accounting guidance, the discount rate is based on expected investment yields, while 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 the liability and is required to be updated in each reporting period with changes recorded in other comprehensive income. In measuring the insurance liabilities under the new guidance, contracts shall not be grouped together from different issue years. These changes result in the elimination of premium deficiency testing and shadow adjustments. While we continue to evaluate the effect of the new guidance on our ongoing financial reporting, we anticipate that its adoption will materially affect our financial statements. As the new guidance is only applicable to the measurements of our long-duration insurance liabilities under GAAP, it will not affect the accounting for our insurance reserves or the levels of capital and surplus under statutory accounting practices.

2021 2Q FORM 10-Q 21


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 GE Industrial organic revenues by segment; GE Industrial organic revenues, and GE Industrial equipment and services organic revenues, (2) profit, specifically GE Industrial organic profit and profit margin by segment; Adjusted GE Industrial profit and profit margin (excluding certain items); Adjusted GE Industrial organic profit and profit margin; Adjusted earnings (loss); and Adjusted earnings (loss) per share (EPS), (3) cash flows, specifically GE Industrial free cash flows (FCF), and (4) debt balances, specifically GE Industrial net debt.

The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.
GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)
Revenues Segment profit (loss) Profit margin
Three months ended June 30 2021 2020 V% 2021 2020 V% 2021 2020 V pts
Aviation (GAAP) $ 4,840  $ 4,384  10  % $ 176  $ (687) F 3.6  % (15.7) % 19.3pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  11  —  (18)
Less: foreign currency effect 12  —  (16) — 
Aviation organic (Non-GAAP) $ 4,828  $ 4,372  10  % $ 192  $ (669) F 4.0  % (15.3) % 19.3pts
Healthcare (GAAP) $ 4,454  $ 3,893  14  % $ 801  $ 506  58  % 18.0  % 13.0  % 5.0pts
Less: acquisitions —  (29) (4) (16)
Less: business dispositions —  25  —  (5)
Less: foreign currency effect 165  —  31  — 
Healthcare organic (Non-GAAP) $ 4,288  $ 3,897  10  % $ 775  $ 527  47  % 18.1  % 13.5  % 4.6pts
Renewable Energy (GAAP) $ 4,049  $ 3,505  16  % $ (99) $ (251) 61  % (2.4) % (7.2) % 4.8pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  —  — 
Less: foreign currency effect 246  —  (26) — 
Renewable Energy organic (Non-GAAP) $ 3,803  $ 3,497  % $ (73) $ (250) 71  % (1.9) % (7.1) % 5.2pts
Power (GAAP) $ 4,295  $ 4,156  % $ 299  $ (50) F 7.0  % (1.2) % 8.2pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  —  —  — 
Less: foreign currency effect 135  —  (30) — 
Power organic (Non-GAAP) $ 4,160  $ 4,156  —  % $ 329  $ (50) F 7.9  % (1.2) % 9.1pts
2021 2Q FORM 10-Q 22


GE INDUSTRIAL ORGANIC REVENUES, PROFIT (LOSS) AND PROFIT MARGIN BY SEGMENT (NON-GAAP)
Revenues Segment profit (loss) Profit margin
Six months ended June 30 2021 2020 V% 2021 2020 V% 2021 2020 V pts
Aviation (GAAP) $ 9,832  $ 11,276  (13) % $ 818  $ 316  F 8.3  % 2.8  % 5.5pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  36  —  (35)
Less: foreign currency effect 22  —  (15) — 
Aviation organic (Non-GAAP) $ 9,810  $ 11,240  (13) % $ 833  $ 351  F 8.5  % 3.1  % 5.4pts
Healthcare (GAAP) $ 8,761  $ 8,620  % $ 1,500  $ 1,373  % 17.1  % 15.9  % 1.2pts
Less: acquisitions 18  (50) (22)
Less: business dispositions —  890  —  375 
Less: foreign currency effect 285  —  79  — 
Healthcare organic (Non-GAAP) $ 8,458  $ 7,780  % $ 1,417  $ 1,020  39  % 16.8  % 13.1  % 3.7pts
Renewable Energy (GAAP) $ 7,297  $ 6,698  % $ (333) $ (578) 42  % (4.6) % (8.6) % 4.0pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  33  —  (4)
Less: foreign currency effect 337  —  (37) — 
Renewable Energy organic (Non-GAAP) $ 6,960  $ 6,666  % $ (296) $ (574) 48  % (4.3) % (8.6) % 4.3pts
Power (GAAP) $ 8,216  $ 8,181  —  % $ 212  $ (180) F 2.6  % (2.2) % 4.8pts
Less: acquisitions —  —  —  — 
Less: business dispositions —  15  — 
Less: foreign currency effect 198  —  (31) — 
Power organic (Non-GAAP) $ 8,018  $ 8,165  (2) % $ 243  $ (182) F 3.0  % (2.2) % 5.2pts
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, as these activities can obscure underlying trends. We also believe presenting organic revenues* and organic profit* separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial companies.

GE INDUSTRIAL ORGANIC REVENUES (NON-GAAP) Three months ended June 30 Six months ended June 30
2021 2020 V% 2021 2020 V%
GE Industrial revenues (GAAP) $ 17,487  $ 16,066  % $ 33,816  $ 34,910  (3) %
Less: acquisitions —  (24) 18  (46)
Less: business dispositions(a) —  241  —  1,336 
Less: foreign currency effect(b) 570  —  857  — 
GE Industrial organic revenues (Non-GAAP) $ 16,917  $ 15,850  % $ 32,940  $ 33,620  (2) %
(a) Dispositions impact in 2020 primarily related to our BioPharma business, with revenues of $830 million.
(b) Foreign currency impact in 2021 was primarily driven by U.S. Dollar appreciation against euro, Brazilian real, and Chinese renminbi.

GE INDUSTRIAL EQUIPMENT AND SERVICES Three months ended June 30 Six months ended June 30
ORGANIC REVENUES (NON-GAAP) 2021 2020 V% 2021 2020 V%
GE Industrial equipment revenues (GAAP) $ 8,302  $ 8,206  % $ 16,273  $ 17,303  (6) %
Less: acquisitions —  —  —  — 
Less: business dispositions —  176  —  1,124 
Less: foreign currency effect 380  —  568  — 
GE Industrial equipment organic revenues (Non-GAAP) $ 7,923  $ 8,030  (1) % $ 15,705  $ 16,178  (3) %
GE Industrial services revenues (GAAP) $ 9,185  $ 7,860  17  % $ 17,543  $ 17,608  —  %
Less: acquisitions —  (24) 18  (46)
Less: business dispositions —  65  —  212 
Less: foreign currency effect 190  —  289  — 
GE Industrial services organic revenues (Non-GAAP) $ 8,995  $ 7,820  15  % $ 17,236  $ 17,441  (1) %
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, as these activities can obscure underlying trends.


*Non-GAAP Financial Measure
2021 2Q FORM 10-Q 23


ADJUSTED GE INDUSTRIAL PROFIT AND PROFIT MARGIN Three months ended June 30 Six months ended June 30
(EXCLUDING CERTAIN ITEMS) (NON-GAAP) 2021 2020 V% 2021 2020 V%
GE Industrial total revenues (GAAP) $ 17,487  $ 16,066  % $ 33,816  $ 34,910  (3) %
Costs
GE Industrial total costs and expenses (GAAP) $ 18,428  $ 19,105  (4) % $ 35,001  $ 38,238  (8) %
Less: GE Industrial interest and other financial charges 261  333  528  703 
Less: GE Industrial debt extinguishment costs 645  63  645  63 
Less: non-operating benefit costs 517  596  950  1,212 
Less: restructuring & other(a) 225  289  338  432 
Less: goodwill impairments —  728  —  728 
Add: noncontrolling interests (1) (147) (110)
Adjusted GE Industrial costs (Non-GAAP) $ 16,778  $ 16,949  (1) % $ 32,545  $ 34,989  (7) %
Other Income
GE Industrial other income (GAAP) $ 717  $ 2,116  (66) % $ 1,339  $ 8,990  (85) %
Less: gains (losses) on equity securities(a) 497  1,867  844  (3,859)
Less: restructuring & other —  —  — 
Less: gains (losses) on purchases and sales of business interests(a) (5) 32  (2) 12,403 
Adjusted GE Industrial other income (Non-GAAP) $ 225  $ 217  % $ 491  $ 445  10  %
GE Industrial profit (loss) (GAAP) $ (224) $ (922) 76  % $ 154  $ 5,663  (97) %
GE Industrial profit (loss) margin (GAAP) (1.3) % (5.7) % 4.4pts 0.5  % 16.2  % (15.7)pts
Adjusted GE Industrial profit (loss) (Non-GAAP) $ 934  $ (666) F $ 1,762  $ 367  F
Adjusted GE Industrial profit (loss) margin (Non-GAAP) 5.3  % (4.1) % 9.4pts 5.2  % 1.1  % 4.1pts
(a) See the Corporate Items and Eliminations section for further information.
We believe that adjusting industrial profit to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability. Gains (losses) and restructuring and other items are impacted by the timing and magnitude of gains associated with dispositions, and the timing and magnitude of costs associated with restructuring and other activities.

ADJUSTED GE INDUSTRIAL ORGANIC PROFIT
Three months ended June 30 Six months ended June 30
 (NON-GAAP)
2021 2020 V% 2021 2020 V%
Adjusted GE Industrial profit (loss) (Non-GAAP) $ 934  $ (666) F $ 1,762  $ 367  F
Less: acquisitions (4) 17 
Less: business dispositions —  (10) —  356 
Less: foreign currency effect (37) —  — 
Adjusted GE Industrial organic profit (loss) (Non-GAAP) $ 976  $ (664) F $ 1,752  $ (6) F
Adjusted GE Industrial profit (loss) margin (Non-GAAP) 5.3  % (4.1) % 9.4pts 5.2  % 1.1  % 4.1pts
Adjusted GE Industrial organic profit (loss) margin
(Non-GAAP)
5.8  % (4.2) % 10.0pts 5.3  % —  % 5.3pts
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, as these activities can obscure underlying trends.

2021 2Q FORM 10-Q 24


ADJUSTED EARNINGS (LOSS) (NON-GAAP) Three months ended June 30 Six months ended June 30
2021 2020 V% 2021 2020 V%
Consolidated earnings (loss) from continuing operations attributable to GE common shareholders (GAAP)(a) $ (624) $ (1,186) 47  % $ (605) $ 4,977  U
Add: Accretion of redeemable noncontrolling interests (RNCI) (2) (135) —  (135)
Less: GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) (573) (476) (745) (663)
GE Industrial earnings (loss) (Non-GAAP) $ (53) $ (845) 94  % $ 141  $ 5,504  (97) %
Non-operating benefits costs (pre-tax) (GAAP) (517) (596) (950) (1,212)
Tax effect on non-operating benefit costs 109  125  199  255 
Less: non-operating benefit costs (net of tax) (408) (471) (750) (957)
Gains (losses) on purchases and sales of business interests (pre-tax)(b) (5) 32  (2) 12,403 
Tax effect on gains (losses) on purchases and sales of business interests 33  (1,227)
Less: gains (losses) on purchases and sales of business interests (net of tax) (4) 65  (2) 11,176 
Restructuring & other (pre-tax)(b) (225) (289) (331) (432)
Tax effect on restructuring & other 61  29  90 
Less: restructuring & other (net of tax) (218) (228) (302) (342)
Goodwill impairments (pre-tax)(b) —  (728) —  (728)
Tax effect on goodwill impairments —  (23) —  (23)
Less: goodwill impairments (net of tax) —  (751) —  (751)
Gains (losses) on equity securities (pre-tax)(b) 497  1,867  844  (3,859)
Tax effect on gains (losses) on equity securities (losses)(c) 195  (280) 77  811 
Less: gains (losses) on equity securities (net of tax) 692  1,587  921  (3,048)
Debt extinguishment costs (pre-tax) (645) (63) (645) (63)
Tax effect on debt extinguishment costs 136  13  136  13 
Less: debt extinguishment costs (net of tax) (510) (50) (510) (50)
Accretion of RNCI (pre-tax) (2) (135) —  (135)
Tax effect on accretion of RNCI —  —  —  — 
Less: Accretion of RNCI (net of tax) (2) (135) —  (135)
Adjusted GE Industrial earnings (loss) (Non-GAAP) $ 398  $ (862) F $ 784  $ (389) F
GE Capital earnings (loss) from continuing operations attributable to GE common shareholders (GAAP) $ (573) $ (476) (20) % $ (745) $ (663) (12)