PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES | NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES
In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss). Operating Lease Liabilities. Our consolidated operating lease liabilities, included in in our Statement of Financial Position, was $2,679 million and $2,848 million, as of March 31, 2022 and December 31, 2021, respectively. Expense on our operating lease portfolio, primarily from our long-term fixed leases, was $272 million and $281 million for the three months ended March 31, 2022 and 2021, respectively.
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