8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 13, 2018
	General Electric Company
(Exact name of registrant as specified in its charter)
New York		001-00035	14-0689340
(State or other jurisdiction  of incorporation)		(Commission  File Number)	(IRS Employer  Identification No.)
41 Farnsworth Street, Boston, MA			02210
(Address of principal executive offices)			(Zip Code)
Registrant's telephone number, including area code   (617) 443-3000
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
	Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
	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 pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01. Other Events

As previously disclosed in our Form 10-K for the year ended December 31, 2017, we were required to adopt several new accounting standards effective as of January 1, 2018. In addition, we voluntarily changed one accounting principle. Except as noted below, each of the accounting changes either required or provided the option to present the change on a retrospective basis. Therefore, our financial statements beginning in the first quarter of 2018 will reflect both current and historical comparable periods on this new basis reflective of these retrospective accounting changes.

A summary of the changes effective as of January 1, 2018 are as follows:

• A new revenue standard, Accounting Standards Update (ASU) No. 2014-09 (and related amendments, which are jointly referred to as ASC 606 or the new revenue standard below), which replaced most previous revenue guidance.

• A new pension and benefit cost standard, ASU No. 2017-07, which required a change in the presentation of non-operating pension and benefit costs on the income statement.

• A new cash flows related standard, ASU No. 2016-18, which resulted in a reclassification of restricted cash balances.

• A new cash flows related standard, ASU No. 2016-15, which resulted in a reclassification of certain securitization-related cash inflows to be reclassified from operating activities to investing activities.

• A new income tax related standard, ASU No. 2016-16, which eliminated the deferral of tax effects of intra-entity asset transfers other than inventory and was reflected as an adjustment to our January 1, 2018 retained earnings.

• We elected to simplify our inventory cost accounting assumption from last-in, first-out (LIFO) to first-in, first-out (FIFO) basis for those U.S. inventories that were previously measured on a LIFO basis. We are now on a more consistent basis of measurement for our inventories.

• While not a change in accounting, we elected to reclassify other income from total revenue within our statement of earnings to clarify our financial reporting.

The following table summarizes the effect of these accounting changes on certain key performance indicators:

	Required change	Continuing Diluted EPS						Total Revenues						Earnings (loss) from continuing operations
(in millions; per-share amounts in dollars)		2017			2016			2017			2016			2017			2016
As Reported		$	(0.68	)	$	1.00		$	122,092		$	123,693		$	(5,748	)	$	9,494
Revenue related standard, ASC 606	Yes	(0.17		)	(0.13		)	(2,224		)	(220		)	(1,558		)	(1,182		)
Pension related standard, ASU 2017-07	Yes	—			—			—			—			—			—
Cash Flows standard, ASU 2016-18	Yes	—			—			—			—			—			—
Cash Flows standard, ASU 2016-15	Yes	—			—			—			—			—			—
Income Tax standard, ASU 2016-16	Yes	—			—			—			—			—			—
Inventory cost change from LIFO to FIFO	No	(0.01		)	(0.02		)	—			—			(46		)	(147		)
Other Income reclassification	-	—			—			(1,625		)	(4,005		)	—			—
U.S. tax reform effect on changes above (a)	-	(0.14		)	—			—			—			(1,188		)	—
As Restated (Unaudited)		$	(0.99	)	$	0.85		$	118,243		$	119,469		$	(8,540	)	$	8,165

(a) U.S. tax reform effect includes adjustments of $(0.13) to Continuing Diluted EPS and $(1,110) million to Earnings (loss) from continuing operations for the ASC 606 change and $(0.01) to Continuing Diluted EPS and $(78) million to Earnings (loss) from continuing operations for the Inventory cost change from LIFO to FIFO.

Amounts may not add due to rounding.

CHANGES EFFECTIVE AS OF JANUARY 1, 2018

ASC 606, REVENUE FROM CONTRACTS WITH CUSTOMERS

The new revenue standard requires companies to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time based on when control of goods and services transfers to a customer. As a result of the adoption of the standard, we recorded significant changes in the timing of revenue recognition and in the classification between revenues and costs. The new standard does not impact cash or the economics of our underlying customer contracts.

As a result of the adoption of the new revenue standard, our previously reported retained earnings as of January 1, 2016 decreased by $4,243 million and our previously reported revenues and earnings (loss) from continuing operations decreased by $2,224 million and $2,668 million (or $1,558 million before impact of U.S. tax reform), respectively, for the year ended December 31, 2017 and by $220 million and $1,182 million, respectively, for the year ended December 31, 2016. The effect on our statement of financial position was principally comprised of changes to our contract assets, inventories, deferred taxes, deferred income and progress collections balances resulting in an $8,317 million decrease to previously reported total assets as of December 31, 2017.

2

In our Form 10-K for the year ended December 31, 2017 we estimated that our 2016 and 2017 earnings per share would be lower by approximately $0.13 and $0.16 (before impact of U.S. tax reform), respectively, and we indicated that our estimates were still being finalized. Upon completion of our implementation effort, our 2016 and 2017 earnings per share is lower by $0.13 and $0.17, respectively (before impact of U.S. tax reform).

The changes to our previously reported earnings had a significant impact on our deferred tax balances, which were reflected at the tax rates in effect in the period the activity was recorded. As a result of the enactment of U.S. tax reform, we recorded $1,110 million of additional deferred income tax to reflect the restated income and deferred tax positions at the lower rate in effect in the fourth quarter of 2017, which further reduced 2017 earnings per share by $0.13.

As discussed in prior filings, some of the impacts of adopting the new revenue standard are:

Long-Term Service Agreements - For our long-term service agreements, we will continue to recognize revenue over time using percentage of completion based on costs incurred relative to total estimated costs. We will also continue to record cumulative effect adjustments resulting from changes to our estimated contract billings or costs (excluding those resulting from contract modifications as discussed below). Our accounting will be impacted by various changes in the new revenue standard including (1) accounting for contract modifications and their related impacts and (2) changes in the accounting scope and term of our contracts.

• Modifications - Under the new revenue standard, contract modifications will generally be accounted for as if we entered into a new contract, resulting in prospective recognition of changes to our estimates of contract billings and costs. That is, cumulative effect adjustments will generally no longer be recognized in the period that modifications occur.

There was limited guidance for accounting for contract modifications under prior U.S. GAAP. As a result, our previous method of accounting for contract modifications was developed with the objective of accounting for the nature of the contract modifications. Generally, contract modifications were accounted for as cumulative effect adjustments, which reflected an update to the contract margin for the impact of the modification (i.e., changes to estimates of future contract billings and costs); however, modifications that substantially changed the economics of the arrangement were effectively accounted for as a new contract.

• Scope and term - The new revenue standard provides more prescriptive guidance on identifying the elements of long-term service type contracts that should be accounted for as separate performance obligations. Application of this guidance, which focuses on understanding the nature of the arrangement, including our customers' discretion in purchasing decisions, has resulted in changes to the scope of elements included in our accounting model for long-term service agreements. For example, significant equipment upgrades offered as part of our long-term service agreements will generally be accounted for as separate performance obligations under the new revenue standard.

Also, the term of our contracts is now defined as the shorter of the stated term or the term not subject to unilateral termination. Over this contract term, we estimate our revenues and related costs, including estimates of fixed and variable payments related to asset utilization and related costs to fulfill our performance obligations. Historically, our accounting for long-term contracts did not reflect an expectation that a contract would be terminated prior to the stated term, particularly when the probability of termination was considered remote. Under prior U.S. GAAP, while termination rights were considered, more emphasis was placed on more likely outcomes (i.e., use of best estimates). For example, we used historical experience with similar types of contracts as well as other evidence (e.g., customer intent, economic compulsion and future plans for operating the asset) to determine the contract term for application of our accounting model.

These changes to our long-term service agreement accounting have significantly impacted all of our industrial businesses except for Renewable Energy, Healthcare, and Current and Lighting and were some of the drivers in the reduction of the related contract asset balance of $8,701 million as of December 31, 2017. While these contract asset balances have been reduced due to the accounting changes, the economics and cash impact of these contracts remain unchanged.

Aviation Commercial Engines - For Aviation Commercial engines our previous method applied contract-specific estimated margin rates, which included the effect of estimated cost improvements over time, to costs incurred to determine the amount of revenue that should be recognized. The new revenue standard will result in a significant change from our previous long-term contract accounting model. While we will continue to recognize revenue at delivery, each engine is now accounted for as a separate performance obligation, reflecting the contractually stated price and manufacturing cost of each engine. The most significant effect of this change is on our new engine launches, where the cost of earlier production units is higher than the cost of later production units driven by expected cost improvements over the life of the engine program, which will generally result in lower earnings or increased losses on our early program engine deliveries to our airframer customers. The effect of this change reduced the related contract asset balance of $1,755 million as of December 31, 2017.

3

All Other Large Equipment - For the remainder of our equipment businesses, the new revenue standard’s emphasis on transfer of control rather than risks and rewards has resulted in an accelerated timing of revenue recognition versus our previous accounting for certain products. While this change impacts all our businesses, our Renewable Energy business was most significantly impacted on a year over year basis with certain of their products recognized at an earlier point in time compared to historical standards. Consistent with our industry peers, certain of our businesses’ products have transitioned either to a point in time or over time recognition based on the nature of the arrangement. This change in timing of revenue had an effect on inventory, contract assets and progress collections to reflect the transfer of control at an earlier point in time.

ASU NO. 2017-07, IMPROVING THE PRESENTATION OF NET PERIODIC PENSION COST AND NET PERIODIC POSTRETIREMENT BENEFIT COST

The new pension and benefit cost standard requires the service cost component of the net periodic costs for pension and postretirement plans to be presented in the same line item in the statement of earnings as other employee-related compensation costs. The non-service related costs are now required to be presented separately from the service cost component. This change to the income statement has been reflected on a retrospective basis and had no effect on continuing or net income. The new standard also added guidance requiring entities to exclude these non-service related costs from capitalization in inventory or other internally-developed assets on a prospective basis, which is not expected to have a significant effect.

This change had no effect on our previously reported U.S. GAAP income from operations or our statements of cash flows and financial position. We are aligning our non-GAAP definition of non-operating benefit costs to the new standard and, as a result, are also adjusting certain of our previously reported non-GAAP metrics to reflect this change.

ASU NO. 2016-18, STATEMENT OF CASH FLOWS: RESTRICTED CASH

The new cash flows standard requires the changes in the total of cash and restricted cash to be presented in the statement of cash flows. In addition, when cash and restricted cash are presented on separate lines on the balance sheet, an entity is required to reconcile the totals in the statement of cash flows to the related line items in the balance sheet. While not a direct effect of the adoption of the standard, to simplify the reconciliation of the statement of cash flows to the cash balances presented in our statement of financial position, we have elected to present cash and restricted cash as a single line on the balance sheet, which resulted in an increase of $668 million and $654 million to our previously reported December 31, 2017 and December 31, 2016 cash balances, respectively. The change to our cash balances and cash flows has been reflected on a retrospective basis for all periods presented.

ASU NO. 2016-15, STATEMENT OF CASH FLOWS: CLASSIFICATION OF CERTAIN CASH RECEIPTS AND CASH PAYMENTS

The new cash flows standard provides guidance on the classification of certain cash receipts and cash payments, which is required to be reflected on a retrospective basis. As part of the adoption, we will reclassify $553 million of cash receipts from our beneficial interest in securitized trade receivables within our consolidated statement of cash flows from cash inflows from operating activities to cash inflows from investing activities for the year ended December 31, 2017 (no effect to periods prior to 2017). The ASU did not have a significant effect on our GE Industrial cash flows.

ASU NO. 2016-16, ACCOUNTING FOR INCOME TAXES: INTRA-ENTITY TRANSFERS OF ASSETS OTHER THAN INVENTORY

The new income tax standard eliminated the deferral of tax effects of intra-entity asset transfers other than inventory. As a result, the tax expense from the intercompany sale of assets, other than inventory, and associated changes to deferred taxes will be recognized when the sale occurs even though the pre-tax effects of the transaction have not been recognized as they are eliminated in consolidation. As required, this standard was adopted on a modified retrospective method, which resulted in a $464 million cumulative catch-up adjustment to increase retained earnings as of January 1, 2018 and is not reflected in periods prior to this date.

CHANGE IN INVENTORY COST METHODOLOGY

Effective January 1, 2018, we voluntarily changed the cost method of the GE U.S. inventories that were previously measured on a last-in, first-out (LIFO) basis to first-in, first-out (FIFO) basis. We believe the FIFO method is a preferable measure for our inventories as it is expected to better reflect the current value of inventory reported in the consolidated statement of financial position, improve the matching of costs of goods sold with related revenue, and provide for greater consistency and uniformity across our operations with respect to the method of inventory valuation. While this change will also require us to make a conforming change for U.S. income tax purposes, all existing GE businesses previously using LIFO are expected to be in a deflationary cost environment due to the manufacturing life cycle of the products and continuous reduction in the manufacturing costs due to better efficiencies, which would significantly decrease the tax benefit that LIFO would otherwise provide.

4

As required by U.S. GAAP, we have reflected this change in accounting principle on a retrospective basis, resulting in changes to the historical periods presented. The retrospective application of the change resulted in a decrease to our January 1, 2016 retained earnings of $105 million and an increase to our loss from continuing operations by $124 million and a decrease to our earnings from continuing operations by $147 million for the years ended December 31, 2017 and December 31, 2016, respectively. This change did not affect our previously reported cash flows from operating, investing or financing activities.

CHANGE IN PRESENTATION OF OTHER INCOME

While not a required change in accounting, other income will now be presented as a separate financial statement line item outside of total revenue. While other accounting changes have impacted our reported Other income, this is simply a change in presentation on our statement of earnings. Other income will remain as part of industrial segment profit.

The information above as well as within Exhibit 99 to this Current Report on Form 8-K presents, for informational purposes only, unaudited statements of earnings and segment results for the years ended December 31, 2017 and 2016 and the quarterly periods of 2017, as well as the unaudited statement of financial position for the year ended December 31, 2017 on an adjusted basis consistent with the new standards.

The information provided pursuant to this Item 8.01, including Exhibit 99, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is being furnished as part of this report:

Exhibit Description

99Supplemental Financial Information of General Electric Company.

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SIGNATURES

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

	General Electric Company
	(Registrant)
Date: April 13, 2018	/s/ Jan R. Hauser
	Jan R. Hauser Vice President and Controller

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EX-99

Exhibit 99

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the year ended December 31 (In millions; per-share amounts in dollars)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Sales of goods and services	$	113,192		$	(2,224	)	(a)	$	—			$	110,968
Other income	1,625			—				(1,625		)		—
GE Capital revenues from services	7,276			—				—				7,276
Total revenues	122,092			(2,224		)		(1,625		)	(b)	118,243
Costs and expenses
Cost of sales	91,934			464			(a)	(1,515		)	(c)	90,883
Selling, general and administrative expenses	18,280			(1		)		(710		)	(d)	17,569
Interest and other financial charges	4,869			—				—				4,869
Investment contracts, insurance losses and insurance annuity benefits	12,168			—				—				12,168
Non-operating benefit costs	—			—				2,399				2,399
Other costs and expenses	3,632			—				—				3,632
Total costs and expenses	130,883			462				175				131,520
Other income	—			414				1,712			(b)	2,126
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	(8,791		)	(2,273		)		(87		)		(11,151		)
Benefit (provision) for income taxes	3,043			(395		)	(e)	(37		)	(e)	2,611
Earnings (loss) from continuing operations	(5,748		)	(2,668		)		(124		)		(8,540		)
Earnings (loss) from discontinued operations, net of taxes	(309		)	—				—				(309		)
Net earnings (loss)	(6,056		)	(2,668		)		(124		)		(8,849		)
Less net earnings (loss) attributable to noncontrolling interests	(270		)	(96		)		2				(365		)
Net earnings (loss) attributable to the Company	(5,786		)	(2,572		)		(126		)		(8,484		)
Preferred stock dividends	(436		)	—				—				(436		)
Net earnings (loss) attributable to GE common shareowners	$	(6,222	)	$	(2,572	)		$	(126	)		$	(8,920	)
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	(5,748	)	$	(2,668	)		$	(124	)		$	(8,540	)
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(277		)	(96		)		2				(371		)
Earnings (loss) from continuing operations attributable to the Company	(5,471		)	(2,572		)		(126		)		(8,169		)
Preferred stock dividends	(436		)	—				—				(436		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	(5,907		)	(2,572		)		(126		)		(8,605		)
Earnings (loss) from discontinued operations, net of taxes	(309		)	—				—				(309		)
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	6			—				—				6
Net earnings (loss) attributable to GE common shareowners	$	(6,222	)	$	(2,572	)		$	(126	)		$	(8,920	)
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	(0.68	)	$	(0.30	)	(f)	$	(0.01	)	(f)	$	(0.99	)
Basic earnings (loss) per share	$	(0.68	)	$	(0.30	)	(f)	$	(0.01	)	(f)	$	(0.99	)
Net earnings (loss)
Diluted earnings (loss) per share	$	(0.72	)	$	(0.30	)	(f)	$	(0.01	)	(f)	$	(1.03	)
Basic earnings (loss) per share	$	(0.72	)	$	(0.30	)	(f)	$	(0.01	)	(f)	$	(1.03	)
Dividends declared per common share	$	0.84		$	0.00			$	0.00			$	0.84

(a) Refer to Summary of Operating Segments for information by segment.

(b) In addition to reclassifying Other income out of total revenues, Other Changes to Other income includes an adjustment of $87 million to our pre-tax gains on sales of business interests and our valuation allowance on businesses classified as held for sale as a result of our change in inventory cost methodology.

(c) Other Changes includes adjustments of $(1,712) million and $175 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(d) Other Changes includes an adjustment of $(687) million related to ASU 2017-07 (pension and other benefit costs).

(e) ASC 606 and Other Changes include adjustments of $(1,110) million and $(78) million, respectively, related to U.S. tax reform.

(f) ASC 606 and Other Changes include impacts of $(0.13) per share and $(0.01) per share, respectively, related to U.S. tax reform.

Amounts may not add due to rounding.

1

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the three months ended March 31 (In millions; per-share amounts in dollars)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Sales of goods and services	$	25,228		$	(611	)	(a)	$	—			$	24,616
Other income	168			—				(168		)		—
GE Capital revenues from services	2,264			—				—				2,264
Total revenues	27,660			(611		)		(168		)		26,881
Costs and expenses
Cost of sales	20,359			281			(a)	(409		)	(b)	20,231
Selling, general and administrative expenses	4,506			(1		)		(219		)	(c)	4,287
Interest and other financial charges	1,139			—				—				1,139
Investment contracts, insurance losses and insurance annuity benefits	634			—				—				634
Non-operating benefit costs	—			—				651				651
Other costs and expenses	190			—				—				190
Total costs and expenses	26,829			280				23				27,132
Other income	—			30				168				197
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	832			(862		)		(22		)		(53		)
Benefit (provision) for income taxes	(16		)	113				8				105
Earnings (loss) from continuing operations	816			(749		)		(15		)		52
Earnings (loss) from discontinued operations, net of taxes	(239		)	—				—				(239		)
Net earnings (loss)	577			(749		)		(15		)		(187		)
Less net earnings (loss) attributable to noncontrolling interests	(76		)	(28		)		—				(104		)
Net earnings (loss) attributable to the Company	653			(721		)		(15		)		(83		)
Preferred stock dividends	(34		)	—				—				(34		)
Net earnings (loss) attributable to GE common shareowners	$	619		$	(721	)		$	(15	)		$	(117	)
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	816		$	(749	)		$	(15	)		$	52
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(76		)	(28		)		—				(104		)
Earnings (loss) from continuing operations attributable to the Company	892			(721		)		(15		)		156
Preferred stock dividends	(34		)	—				—				(34		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	858			(721		)		(15		)		122
Earnings (loss) from discontinued operations, net of taxes	(239		)	—				—				(239		)
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	—			—				—				—
Net earnings (loss) attributable to GE common shareowners	$	619		$	(721	)		$	(15	)		$	(117	)
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	0.10		$	(0.08	)		$	0.00			$	0.01
Basic earnings (loss) per share	$	0.10		$	(0.08	)		$	0.00			$	0.01
Net earnings (loss)
Diluted earnings (loss) per share	$	0.07		$	(0.08	)		$	0.00			$	(0.01	)
Basic earnings (loss) per share	$	0.07		$	(0.08	)		$	0.00			$	(0.01	)
Dividends declared per common share	$	0.24		$	0.00			$	0.00			$	0.24

(a) Refer to Summary of Operating Segments for information by segment.

(b) Other Changes includes adjustments of $(442) million and $22 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(c) Other Changes includes an adjustment of $(209) million related to ASU 2017-07 (pension and other benefit costs).

Amounts may not add due to rounding.

2

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the three months ended June 30 (In millions; per-share amounts in dollars)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Sales of goods and services	$	27,239		$	(164	)	(a)	$	—			$	27,075
Other income	298			—				(298		)		—
GE Capital revenues from services	2,022			—				—				2,022
Total revenues	29,558			(164		)		(298		)		29,097
Costs and expenses
Cost of sales	21,793			235			(a)	(406		)	(b)	21,622
Selling, general and administrative expenses	4,287			1				(136		)	(c)	4,152
Interest and other financial charges	1,174			—				—				1,174
Investment contracts, insurance losses and insurance annuity benefits	657			—				—				657
Non-operating benefit costs	—			—				561				561
Other costs and expenses	133			—				—				133
Total costs and expenses	28,044			235				20				28,299
Other income	—			32				298				330
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	1,515			(367		)		(20		)		1,127
Benefit (provision) for income taxes	(15		)	46				7				37
Earnings (loss) from continuing operations	1,499			(321		)		(13		)		1,165
Earnings (loss) from discontinued operations, net of taxes	(146		)	—				—				(146		)
Net earnings (loss)	1,354			(321		)		(13		)		1,019
Less net earnings (loss) attributable to noncontrolling interests	(14		)	(25		)		—				(38		)
Net earnings (loss) attributable to the Company	1,367			(297		)		(13		)		1,057
Preferred stock dividends	(182		)	—				—				(182		)
Net earnings (loss) attributable to GE common shareowners	$	1,185		$	(297	)		$	(13	)		$	875
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	1,499		$	(321	)		$	(13	)		$	1,165
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(21		)	(25		)		—				(45		)
Earnings (loss) from continuing operations attributable to the Company	1,520			(297		)		(13		)		1,210
Preferred stock dividends	(182		)	—				—				(182		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	1,338			(297		)		(13		)		1,028
Earnings (loss) from discontinued operations, net of taxes	(146		)	—				—				(146		)
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	7			—				—				7
Net earnings (loss) attributable to GE common shareowners	$	1,185		$	(297	)		$	(13	)		$	875
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	0.15		$	(0.03	)		$	0.00			$	0.12
Basic earnings (loss) per share	$	0.15		$	(0.03	)		$	0.00			$	0.12
Net earnings (loss)
Diluted earnings (loss) per share	$	0.13		$	(0.03	)		$	0.00			$	0.10
Basic earnings (loss) per share	$	0.14		$	(0.03	)		$	0.00			$	0.10
Dividends declared per common share	$	0.24		$	0.00			$	0.00			$	0.24

(a) Refer to Summary of Operating Segments for information by segment.

(b) Other Changes includes adjustments of $(383) million and $20 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(c) Other Changes includes an adjustment of $(179) million related to ASU 2017-07 (pension and other benefit costs).

Amounts may not add due to rounding.

3

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the three months ended September 30 (In millions; per-share amounts in dollars)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Sales of goods and services	$	29,429		$	(664	)	(a)	$	—			$	28,764
Other income	2,146			—				(2,146		)		—
GE Capital revenues from services	1,898			—				—				1,898
Total revenues	33,472			(664		)		(2,146		)		30,662
Costs and expenses
Cost of sales	24,094			30			(a)	(452		)	(b)	23,672
Selling, general and administrative expenses	4,855			1				(116		)	(c)	4,741
Interest and other financial charges	1,232			—				—				1,232
Investment contracts, insurance losses and insurance annuity benefits	617			—				—				617
Non-operating benefit costs	—			—				611				611
Other costs and expenses	1,208			—				—				1,208
Total costs and expenses	32,006			31				44				32,082
Other income	—			19				2,146				2,165
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	1,466			(676		)		(44		)		746
Benefit (provision) for income taxes	334			201				16				551
Earnings (loss) from continuing operations	1,800			(475		)		(28		)		1,297
Earnings (loss) from discontinued operations, net of taxes	(106		)	—				—				(106		)
Net earnings (loss)	1,694			(475		)		(28		)		1,191
Less net earnings (loss) attributable to noncontrolling interests	(142		)	(28		)		—				(169		)
Net earnings (loss) attributable to the Company	1,836			(447		)		(28		)		1,360
Preferred stock dividends	(36		)	—				—				(36		)
Net earnings (loss) attributable to GE common shareowners	$	1,800		$	(447	)		$	(28	)		$	1,324
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	1,800		$	(475	)		$	(28	)		$	1,297
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(141		)	(28		)		—				(169		)
Earnings (loss) from continuing operations attributable to the Company	1,941			(447		)		(28		)		1,466
Preferred stock dividends	(36		)	—				—				(36		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	1,905			(447		)		(28		)		1,430
Earnings (loss) from discontinued operations, net of taxes	(106		)	—				—				(106		)
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	(1		)	—				—				(1		)
Net earnings (loss) attributable to GE common shareowners	$	1,800		$	(447	)		$	(28	)		$	1,324
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	0.22		$	(0.05	)		$	0.00			$	0.16
Basic earnings (loss) per share	$	0.22		$	(0.05	)		$	0.00			$	0.16
Net earnings (loss)
Diluted earnings (loss) per share	$	0.21		$	(0.05	)		$	0.00			$	0.15
Basic earnings (loss) per share	$	0.21		$	(0.05	)		$	0.00			$	0.15
Dividends declared per common share	$	0.24		$	0.00			$	0.00			$	0.24

(a) Refer to Summary of Operating Segments for information by segment.

(b) Other Changes includes adjustments of $(434) million and $44 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(c) Other Changes includes an adjustment of $(178) million related to ASU 2017-07 (pension and other benefit costs).

Amounts may not add due to rounding.

4

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the three months ended December 31 (In millions; per-share amounts in dollars)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Sales of goods and services	$	31,297		$	(785	)	(a)	$	—			$	30,512
Other income	(987		)	—				987				—
GE Capital revenues from services	1,091			—				—				1,091
Total revenues	31,402			(785		)		987			(b)	31,603
Costs and expenses
Cost of sales	25,688			(82		)	(a)	(248		)	(c)	25,358
Selling, general and administrative expenses	4,631			(2		)		(240		)	(d)	4,389
Interest and other financial charges	1,324			—				—				1,324
Investment contracts, insurance losses and insurance annuity benefits	10,260			—				—				10,260
Non-operating benefit costs	—			—				576				576
Other costs and expenses	2,101			—				—				2,101
Total costs and expenses	44,004			(84		)		88				44,008
Other income	—			333				(899		)	(b)	(566		)
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	(12,603		)	(368		)		(1		)		(12,971		)
Benefit (provision) for income taxes	2,740			(755		)	(e)	(67		)	(e)	1,918
Earnings (loss) from continuing operations	(9,863		)	(1,123		)		(67		)		(11,053		)
Earnings (loss) from discontinued operations, net of taxes	182			—				—				182
Net earnings (loss)	(9,681		)	(1,123		)		(67		)		(10,871		)
Less net earnings (loss) attributable to noncontrolling interests	(39		)	(16		)		2				(53		)
Net earnings (loss) attributable to the Company	(9,642		)	(1,107		)		(69		)		(10,818		)
Preferred stock dividends	(184		)	—				—				(184		)
Net earnings (loss) attributable to GE common shareowners	$	(9,826	)	$	(1,107	)		$	(69	)		$	(11,003	)
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	(9,863	)	$	(1,123	)		$	(67	)		$	(11,053	)
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(39		)	(16		)		2				(53		)
Earnings (loss) from continuing operations attributable to the Company	(9,824		)	(1,107		)		(69		)		(10,999		)
Preferred stock dividends	(184		)	—				—				(184		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	(10,008		)	(1,107		)		(69		)		(11,184		)
Earnings (loss) from discontinued operations, net of taxes	182			—				—				182
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	—			—				—				—
Net earnings (loss) attributable to GE common shareowners	$	(9,826	)	$	(1,107	)		$	(69	)		$	(11,003	)
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	(1.15	)	$	(0.13	)	(f)	$	(0.01	)	(f)	$	(1.29	)
Basic earnings (loss) per share	$	(1.15	)	$	(0.13	)	(f)	$	(0.01	)	(f)	$	(1.29	)
Net earnings (loss)
Diluted earnings (loss) per share	$	(1.13	)	$	(0.13	)	(f)	$	(0.01	)	(f)	$	(1.27	)
Basic earnings (loss) per share	$	(1.13	)	$	(0.13	)	(f)	$	(0.01	)	(f)	$	(1.27	)
Dividends declared per common share	$	0.12		$	0.00			$	0.00			$	0.12

(a) Refer to Summary of Operating Segments for information by segment.

(b) In addition to reclassifying Other income out of total revenues, Other Changes to Other income includes an adjustment of $87 million to our pre-tax gains on sales of business interests and our valuation allowance on businesses classified as held for sale as a result of our change in inventory cost methodology.

(c) Other Changes includes adjustments of $(454) million and $88 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(d) Other Changes includes an adjustment of $(122) million related to ASU 2017-07 (pension and other benefit costs).

(e) ASC 606 and Other Changes include adjustments of $(1,110) million and $(78) million, respectively, related to U.S. tax reform.

(f) ASC 606 and Other Changes include impacts of $(0.13) per share and $(0.01) per share, respectively, related to U.S. tax reform.

Amounts may not add due to rounding.

5

STATEMENT OF EARNINGS (LOSS)
(UNAUDITED)	General Electric Company and consolidated affiliates
For the year ended December 31 (In millions; per-share amounts in dollars)	Reported 2016			ASC 606				Other Changes				Restated 2016
Revenues
Sales of goods and services	$	110,390		$	(220	)	(a)	$	—			$	110,171
Other income	4,005			—				(4,005		)		—
GE Capital revenues from services	9,297			—				—				9,297
Total revenues	123,693			(220		)		(4,005		)	(b)	119,469
Costs and expenses
Cost of sales	87,483			1,719			(a)	(1,550		)	(c)	87,652
Selling, general and administrative expenses	18,377			(4		)		(616		)	(d)	17,756
Interest and other financial charges	5,025			—				—				5,025
Investment contracts, insurance losses and insurance annuity benefits	2,797			—				—				2,797
Non-operating benefit costs	—			—				2,365				2,365
Other costs and expenses	982			—				—				982
Total costs and expenses	114,663			1,715				199				116,577
Other income	—			163				3,977			(b)	4,140
GE Capital earnings (loss) from continuing operations	—			—				—				—
Earnings (loss) from continuing operations before income taxes	9,030			(1,772		)		(227		)		7,031
Benefit (provision) for income taxes	464			589				80				1,133
Earnings (loss) from continuing operations	9,494			(1,182		)		(147		)		8,165
Earnings (loss) from discontinued operations, net of taxes	(954		)	—				—				(954		)
Net earnings (loss)	8,540			(1,182		)		(147		)		7,211
Less net earnings (loss) attributable to noncontrolling interests	(291		)	2				—				(289		)
Net earnings (loss) attributable to the Company	8,831			(1,184		)		(147		)		7,500
Preferred stock dividends	(656		)	—				—				(656		)
Net earnings (loss) attributable to GE common shareowners	$	8,176		$	(1,184	)		$	(147	)		$	6,845
Amounts attributable to GE common shareowners
Earnings (loss) from continuing operations	$	9,494		$	(1,182	)		$	(147	)		$	8,165
Less net earnings (loss) attributable to noncontrolling interests,
continuing operations	(290		)	2				—				(288		)
Earnings (loss) from continuing operations attributable to the Company	9,784			(1,184		)		(147		)		8,453
Preferred stock dividends	(656		)	—				—				(656		)
Earnings (loss) from continuing operations attributable
to GE common shareowners	9,128			(1,184		)		(147		)		7,797
Earnings (loss) from discontinued operations, net of taxes	(954		)	—				—				(954		)
Less net earnings (loss) attributable to
noncontrolling interests, discontinued operations	(1		)	—				—				(1		)
Net earnings (loss) attributable to GE common shareowners	$	8,176		$	(1,184	)		$	(147	)		$	6,845
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share	$	1.00		$	(0.13	)		$	(0.02	)		$	0.85
Basic earnings (loss) per share	$	1.01		$	(0.13	)		$	(0.02	)		$	0.86
Net earnings (loss)
Diluted earnings (loss) per share	$	0.89		$	(0.13	)		$	(0.02	)		$	0.75
Basic earnings (loss) per share	$	0.90		$	(0.13	)		$	(0.02	)		$	0.76
Dividends declared per common share	$	0.93		$	0.00			$	0.00			$	0.93

(a) Refer to Summary of Operating Segments for information by segment.

(b) In addition to reclassifying Other income out of total revenues, Other Changes to Other income includes an adjustment of $(28) million to our pre-tax gains on sales of business interests as a result of our change in inventory cost methodology.

(c) Other Changes includes adjustments of $(1,619) million and $199 million related to ASU 2017-07 (pension and other benefit costs) and our change in inventory cost methodology, respectively.

(d) Other Changes includes an adjustment of $(746) million related to ASU 2017-07 (pension and other benefit costs).

Amounts may not add due to rounding.

6

STATEMENT OF FINANCIAL POSITION
(UNAUDITED)	General Electric Company and consolidated affiliates
December 31 (In millions, except share amounts)	Reported 2017			ASC 606				Other Changes				Restated 2017
Assets
Cash, cash equivalents and restricted cash	$	43,299		$	—			$	668		(a)	$	43,967
Investment securities	38,696			—				—				38,696
Current receivables	24,438			(230		)		—				24,209
Inventories	21,923			(1,986		)		(517		)	(b)	19,419
Financing receivables – net	10,336			—				—				10,336
Other GE Capital receivables	6,301			—				—				6,301
Property, plant and equipment – net	53,874			—				—				53,874
Receivable from GE Capital (debt assumption)	—			—				—				—
Investment in GE Capital	—			—				—				—
Goodwill	83,968			—				—				83,968
Other intangible assets – net	20,273			—				—				20,273
Contract and other deferred assets	28,861			(8,505		)	(c)	—				20,356
All other assets	29,612			5				(668		)	(a)	28,949
Deferred income taxes	6,207			2,503			(d)	108			(d)	8,819
Assets of businesses held for sale	4,243			(104		)		25				4,164
Assets of discontinued operations	5,912			—				—				5,912
Total assets	$	377,945		$	(8,317	)		$	(384	)		$	369,244
Liabilities and equity
Short-term borrowings	$	24,036		$	—			$	—			$	24,036
Accounts payable, principally trade accounts	15,153			20				(1		)		15,172
Progress collections and deferred income	18,462			3,655			(e)	—				22,117
Dividends payable	1,052			—				—				1,052
Other GE current liabilities	18,697			(1,778		)	(e)	—				16,919
Non-recourse borrowings of consolidated securitization entities	1,980			—				—				1,980
Long-term borrowings	108,575			—				—				108,575
Investment contracts, insurance liabilities and insurance annuity benefits	38,136			—				—				38,136
Non-current compensation and benefits	41,630			—				—				41,630
All other liabilities	22,795			(2,011		)	(e)	—				20,784
Liabilities of businesses held for sale	1,339			(83		)		(8		)		1,248
Liabilities of discontinued operations	706			—				—				706
Total liabilities	292,561			(197		)		(9		)		292,355
Redeemable noncontrolling interests	3,399			(10		)		2				3,391
Preferred stock (5,939,874 shares outstanding)	6			—				—				6
Common stock (8,680,571,000 shares outstanding)	702			—				—				702
Accumulated other comprehensive income (loss) – net attributable to GE
Investment securities	(102		)	—				—				(102		)
Currency translation adjustments	(4,653		)	(8		)		—				(4,661		)
Cash flow hedges	62			—				—				62
Benefit plans	(9,702		)	—				—				(9,702		)
Other capital	37,171			213				—				37,384
Retained earnings	125,682			(8,061		)		(377		)		117,244
Less common stock held in treasury	(84,902		)	—				—				(84,902		)
Total GE shareowners’ equity	64,263			(7,856		)		(377		)		56,030
Noncontrolling interests	17,723			(255		)		—				17,468
Total equity	81,986			(8,111		)		(377		)		73,498
Total liabilities, redeemable noncontrolling interests and equity	$	377,945		$	(8,317	)		$	(384	)		$	369,244

(a) Other Changes adjustment due to reclassification of restricted cash from All other assets in conjunction with the adoption of ASU 2016-18.

(b) Other Changes adjustment attributable to our change in inventory cost methodology.

(c) ASC 606 includes adjustments of $(8,701) million to long-term product service agreements, $365 million to long-term equipment contract revenue, $(260) million to deferred inventory costs and $90 million to non-recurring engineering costs.

(d) ASC 606 and Other Changes include adjustments of $1,110 million and $78 million, respectively, related to U.S. tax reform.

(e) ASC 606 includes $1,543 million and $1,839 million of deferred income reclassified from Other GE current liabilities and All other liabilities, respectively, to Progress collections and deferred income. The remaining $272 million adjustment to Progress collections and deferred income is due to the change in the timing of revenue recognition as a result of the adoption of ASC 606.

Amounts may not add due to rounding.

7

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the year ended December 31
(In millions)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Power	$	35,990		$	(914	)		$	(198	)		$	34,878
Renewable Energy	10,280			(1,007		)	(a)	(69		)		9,205
Oil & Gas	17,231			51				(101		)		17,180
Aviation	27,375			(124		)	(b)	(238		)		27,013
Healthcare	19,116			8				(108		)		19,017
Transportation	4,178			(247		)		4				3,935
Lighting	1,987			—				(46		)		1,941
Total industrial segment revenues	116,157			(2,233		)		(756		)		113,168
Capital	9,070			—				—				9,070
Total segment revenues	125,227			(2,233		)		(756		)		122,239
Corporate items and eliminations	(3,135		)	9				(869		)		(3,995		)
Consolidated revenues	$	122,092		$	(2,224	)		$	(1,625	)	(c)	$	118,243
Segment profit (loss)
Power	$	2,786		$	(831	)		$	(8	)		$	1,947
Renewable Energy	727			(121		)		(23		)		583
Oil & Gas	220			(21		)		(41		)		158
Aviation	6,642			(1,221		)		(51		)		5,370
Healthcare	3,448			(37		)		77				3,488
Transportation	824			(252		)		69				641
Lighting	93			—				(66		)		27
Total industrial segment profit	14,740			(2,483		)		(44		)		12,213
Capital	(6,765		)	—				—				(6,765		)
Total segment profit (loss)	7,975			(2,483		)		(44		)	(d)	5,448
Corporate items and eliminations	(7,871		)	306				2,340				(5,225		)
GE interest and other financial charges	(2,753		)	—				—				(2,753		)
GE non-operating benefit costs	—			—				(2,385		)		(2,385		)
GE benefit (provision) for income taxes	(3,259		)	(395		)	(e)	(37		)	(e)	(3,691		)
Earnings (loss) from continuing operations attributable to GE common shareowners	(5,907		)	(2,572		)		(126		)		(8,605		)
Earnings (loss) from discontinued operations, net of taxes	(309		)	—				—				(309		)
Less net earnings attributable to
noncontrolling interests, discontinued operations	6			—				—				6
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	(315		)	—				—				(315		)
Consolidated net earnings (loss) attributable to the GE common shareowners	$	(6,222	)	$	(2,572	)		$	(126	)		$	(8,920	)

(a) The decrease in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(177) million and $133 million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

(e) ASC 606 and Other Changes include adjustments of $(1,110) million and $(78) million, respectively, related to U.S. tax reform.

Amounts may not add due to rounding.

8

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the three months ended March 31
(In millions)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Power	$	8,288		$	(303	)		$	(46	)		$	7,940
Renewable Energy	2,044			(271		)	(a)	(6		)		1,767
Oil & Gas	3,001			97				(12		)		3,086
Aviation	6,804			(91		)	(b)	(41		)		6,673
Healthcare	4,291			25				(11		)		4,305
Transportation	1,039			(63		)		3				979
Lighting	475			—				(13		)		462
Total industrial segment revenues	25,943			(605		)		(125		)		25,212
Capital	2,681			—				—				2,681
Total segment revenues	28,624			(605		)		(125		)		27,894
Corporate items and eliminations	(964		)	(6		)		(43		)		(1,013		)
Consolidated revenues	$	27,660		$	(611	)		$	(168	)	(c)	$	26,881
Segment profit (loss)
Power	$	817		$	(365	)		$	(15	)		$	438
Renewable Energy	107			(26		)		(11		)		70
Oil & Gas	207			50				2				260
Aviation	1,684			(417		)		6				1,273
Healthcare	643			5				13				661
Transportation	156			(67		)		6				95
Lighting	8			—				2				10
Total industrial segment profit	3,622			(819		)		4				2,807
Capital	(47		)	—				—				(47		)
Total segment profit (loss)	3,575			(819		)		4			(d)	2,760
Corporate items and eliminations	(2,009		)	(15		)		623				(1,402		)
GE interest and other financial charges	(564		)	—				—				(564		)
GE non-operating benefit costs	—			—				(649		)		(649		)
GE benefit (provision) for income taxes	(143		)	113				8				(23		)
Earnings (loss) from continuing operations attributable to GE common shareowners	858			(721		)		(15		)		122
Earnings (loss) from discontinued operations, net of taxes	(239		)	—				—				(239		)
Less net earnings attributable to
noncontrolling interests, discontinued operations	—			—				—				—
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	(239		)	—				—				(239		)
Consolidated net earnings (loss) attributable to the GE common shareowners	$	619		$	(721	)		$	(15	)		$	(117	)

(a) The decrease in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(22) million and $26 million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

Amounts may not add due to rounding.

9

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the three months ended June 30
(In millions)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Power	$	9,602		$	(185	)		$	(16	)		$	9,400
Renewable Energy	2,457			(105		)	(a)	(40		)		2,312
Oil & Gas	3,108			(35		)		(77		)		2,997
Aviation	6,532			165			(b)	(62		)		6,634
Healthcare	4,700			(4		)		(8		)		4,688
Transportation	1,071			3				3				1,077
Lighting	484			—				(10		)		473
Total industrial segment revenues	27,954			(161		)		(210		)		27,582
Capital	2,446			—				—				2,446
Total segment revenues	30,400			(161		)		(210		)		30,028
Corporate items and eliminations	(841		)	(3		)		(88		)		(932		)
Consolidated revenues	$	29,558		$	(164	)		$	(298	)	(c)	$	29,097
Segment profit (loss)
Power	$	1,099		$	(114	)		$	9			$	994
Renewable Energy	160			(13		)		11				158
Oil & Gas	155			(43		)		8				120
Aviation	1,492			(132		)		14				1,374
Healthcare	826			(18		)		18				826
Transportation	203			(32		)		12				183
Lighting	13			—				4				17
Total industrial segment profit	3,947			(351		)		77				3,673
Capital	(172		)	—				—				(172		)
Total segment profit (loss)	3,775			(351		)		77			(d)	3,502
Corporate items and eliminations	(1,583		)	9				454				(1,120		)
GE interest and other financial charges	(637		)	—				—				(637		)
GE non-operating benefit costs	—			—				(552		)		(552		)
GE benefit (provision) for income taxes	(218		)	46				7				(165		)
Earnings (loss) from continuing operations attributable    to GE common shareowners	1,338			(297		)		(13		)		1,028
Earnings (loss) from discontinued operations, net of taxes	(146		)	—				—				(146		)
Less net earnings attributable to
noncontrolling interests, discontinued operations	7			—				—				7
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	(152		)	—				—				(152		)
Consolidated net earnings (loss) attributable to the GE common shareowners	$	1,185		$	(297	)		$	(13	)		$	875

(a) The decrease in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(20) million and $98 million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

Amounts may not add due to rounding.

10

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the three months ended September 30
(In millions)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Power	$	8,679		$	(76	)		$	(75	)		$	8,527
Renewable Energy	2,905			(397		)	(a)	—				2,507
Oil & Gas	5,365			(42		)		(13		)		5,311
Aviation	6,816			(58		)	(b)	(63		)		6,696
Healthcare	4,724			33				(47		)		4,710
Transportation	1,074			(125		)		(1		)		949
Lighting	483			—				(12		)		472
Total industrial segment revenues	30,046			(664		)		(211		)		29,171
Capital	2,397			—				—				2,397
Total segment revenues	32,444			(664		)		(211		)		31,569
Corporate items and eliminations	1,028			—				(1,935		)		(907		)
Consolidated revenues	$	33,472		$	(664	)		$	(2,146	)	(c)	$	30,662
Segment profit (loss)
Power	$	611		$	(140	)		$	(7	)		$	464
Renewable Energy	257			(49		)		9				217
Oil & Gas	(36		)	(14		)		(7		)		(57		)
Aviation	1,680			(312		)		(33		)		1,335
Healthcare	820			6				22				847
Transportation	276			(142		)		7				141
Lighting	23			—				(8		)		14
Total industrial segment profit	3,630			(652		)		(16		)		2,961
Capital	24			—				—				24
Total segment profit (loss)	3,654			(652		)		(16		)	(d)	2,985
Corporate items and eliminations	(1,095		)	4				582				(509		)
GE interest and other financial charges	(718		)	—				—				(718		)
GE non-operating benefit costs	—			—				(610		)		(610		)
GE benefit (provision) for income taxes	64			201				16				281
Earnings (loss) from continuing operations attributable    to GE common shareowners	1,905			(447		)		(28		)		1,430
Earnings (loss) from discontinued operations, net of taxes	(106		)	—				—				(106		)
Less net earnings attributable to
noncontrolling interests, discontinued operations	(1		)	—				—				(1		)
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	(105		)	—				—				(105		)
Consolidated net earnings (loss) attributable to the GE common shareowners	$	1,800		$	(447	)		$	(28	)		$	1,324

(a) The decrease in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(44) million and $28 million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

Amounts may not add due to rounding.

11

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the three months ended December 31
(In millions)	Reported 2017			ASC 606				Other Changes				Restated 2017
Revenues
Power	$	9,421		$	(349	)		$	(61	)		$	9,011
Renewable Energy	2,875			(234		)	(a)	(23		)		2,618
Oil & Gas	5,756			30				—				5,786
Aviation	7,222			(140		)	(b)	(72		)		7,010
Healthcare	5,402			(46		)		(42		)		5,314
Transportation	993			(63		)		(1		)		929
Lighting	546			—				(11		)		534
Total industrial segment revenues	32,214			(802		)		(210		)		31,202
Capital	1,545			—				—				1,545
Total segment revenues	33,759			(802		)		(210		)		32,747
Corporate items and eliminations	(2,358		)	17				1,197				(1,144		)
Consolidated revenues	$	31,402		$	(785	)		$	987		(c)	$	31,603
Segment profit (loss)
Power	$	260		$	(213	)		$	3			$	51
Renewable Energy	203			(33		)		(32		)		138
Oil & Gas	(105		)	(14		)		(45		)		(165		)
Aviation	1,786			(360		)		(37		)		1,388
Healthcare	1,159			(30		)		24				1,153
Transportation	189			(11		)		43				221
Lighting	50			—				(64		)		(15		)
Total industrial segment profit	3,542			(661		)		(109		)		2,772
Capital	(6,569		)	—				—				(6,569		)
Total segment profit (loss)	(3,028		)	(661		)		(109		)	(d)	(3,798		)
Corporate items and eliminations	(3,184		)	309				680				(2,194		)
GE interest and other financial charges	(834		)	—				—				(834		)
GE non-operating benefit costs	—			—				(574		)		(574		)
GE benefit (provision) for income taxes	(2,962		)	(755		)	(e)	(67		)	(e)	(3,784		)
Earnings (loss) from continuing operations attributable    to GE common shareowners	(10,008		)	(1,107		)		(69		)		(11,184		)
Earnings (loss) from discontinued operations, net of taxes	182			—				—				182
Less net earnings attributable to
noncontrolling interests, discontinued operations	—			—				—				—
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	182			—				—				182
Consolidated net earnings (loss) attributable to the GE common shareowners	$	(9,826	)	$	(1,107	)		$	(69	)		$	(11,003	)

(a) The decrease in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(90) million and $(19) million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

(e) ASC 606 and Other Changes include adjustments of $(1,110) million and $(78) million, respectively, related to U.S. tax reform.

Amounts may not add due to rounding.

12

SUMMARY OF OPERATING SEGMENTS
(UNAUDITED)	For the year ended December 31
(In millions)	Reported 2016			ASC 606				Other Changes				Restated 2016
Revenues
Power	$	36,795		$	(846	)		$	(114	)		$	35,835
Renewable Energy	9,033			551			(a)	168				9,752
Oil & Gas	12,898			(65		)		105				12,938
Aviation	26,261			251			(b)	(272		)		26,240
Healthcare	18,291			(10		)		(68		)		18,212
Transportation	4,713			(120		)		(8		)		4,585
Lighting	4,823			—				(61		)		4,762
Total industrial segment revenues	112,814			(240		)		(250		)		112,324
Capital	10,905			—				—				10,905
Total segment revenues	123,719			(240		)		(250		)		123,229
Corporate items and eliminations	(26		)	21				(3,754		)		(3,760		)
Consolidated revenues	$	123,693		$	(220	)		$	(4,005	)	(c)	$	119,469
Segment profit (loss)
Power	$	5,091		$	(876	)		$	(28	)		$	4,187
Renewable Energy	576			91				(35		)		631
Oil & Gas	1,392			(104		)		13				1,302
Aviation	6,115			(845		)		53				5,324
Healthcare	3,161			(25		)		74				3,210
Transportation	1,064			(120		)		22				966
Lighting	199			—				(34		)		165
Total industrial segment profit	17,598			(1,878		)		66				15,785
Capital	(1,251		)	—				—				(1,251		)
Total segment profit (loss)	16,347			(1,878		)		66			(d)	14,534
Corporate items and eliminations	(4,226		)	104				2,057				(2,064		)
GE interest and other financial charges	(2,026		)	—				—				(2,026		)
GE non-operating benefit costs	—			—				(2,349		)		(2,349		)
GE benefit (provision) for income taxes	(967		)	589				80				(298		)
Earnings (loss) from continuing operations attributable    to GE common shareowners	9,128			(1,184		)		(147		)		7,797
Earnings (loss) from discontinued operations, net of taxes	(954		)	—				—				(954		)
Less net earnings attributable to
noncontrolling interests, discontinued operations	(1		)	—				—				(1		)
Earnings (loss) from discontinued operations,
net of tax and noncontrolling interest	(952		)	—				—				(952		)
Consolidated net earnings (loss) attributable to the GE common shareowners	$	8,176		$	(1,184	)		$	(147	)		$	6,845

(a) The increase in revenues in Renewable Energy is primarily due to the acceleration of revenues from 2017 into 2016 driven by the timing of transfer of control.

(b) In addition to changes in long-term service agreements and engine accounting as previously described, the adjustment also includes a reclassification of revenue share partner costs. Previously, these costs were recorded as a reduction to revenues and are now recorded as an increase to costs as a result of the application of the new revenue standard to these arrangements.

(c) Other Changes adjustment is attributable to the reclassification of Other income out of total revenues. While Other income is now excluded from segment revenues, it will remain as part of industrial segment profit.

(d) Other Changes includes adjustments of $(199) million and $265 million related to our change in inventory cost methodology and ASU 2017-07 (pension and other benefit costs), respectively.

Amounts may not add due to rounding.

13