EX-99 2 exhibit99.htm EXHIBIT 99 Exhibit
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