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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-00035

(Exact name of registrant as specified in its charter)

(Registrant’s telephone number, including area code) (617) 443-3000

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 1,088,378,193 shares of common stock with a par value of $0.01 per share outstanding at June 30, 2023.

FORWARD-LOOKING STATEMENTS. Our public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, including our plan to pursue a spin-off of our portfolio of energy businesses that are planned to be combined as GE Vernova; the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; impacts related to the COVID-19 pandemic; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses’ cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:

•our success in executing planned and potential transactions, including our plan to pursue a spin-off of GE Vernova, and sales or other dispositions of our equity interests in AerCap Holdings N.V. (AerCap) and GE HealthCare, the timing for such transactions, the ability to satisfy any applicable pre-conditions, and the expected proceeds, consideration and benefits to GE;

•changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising interest rates, perceived weakness or failures of banks, the value of securities and other financial assets (including our equity interests in AerCap and GE HealthCare), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;

•global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, decreases in the rates of investment or economic growth globally or in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;

•the status of the ongoing recovery from the impact of the COVID-19 pandemic, including impacts of virus variants and resurgences, and of government, business and individual responses, and in particular any adverse impacts to the aviation industry and its participants;

•our capital allocation plans, including de-leveraging actions to reduce GE's indebtedness, the capital structures of the public companies that we plan to form from our businesses with the planned spin-off, the timing and amount of dividends, share repurchases, acquisitions, organic investments, and other priorities;

•downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;

•the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;

•capital and liquidity needs associated with our financial services operations, including in connection with our run-off insurance operations and mortgage portfolio in Poland (Bank BPH), the amount and timing of any required capital contributions and any strategic actions that we may pursue;

•market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as demand for air travel and other aviation industry dynamics; pricing, cost, volume and the timing of investment by customers or industry participants and other factors in renewable energy markets; conditions in key geographic markets; technology developments; and other shifts in the competitive landscape for our products and services;

•operational execution by our businesses, including the success at our Renewable Energy business in improving product quality and fleet availability, executing on cost reduction initiatives and other aspects of operational performance, as well as the performance of GE Aerospace amidst the ongoing market recovery;

•changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including the impact of the Inflation Reduction Act and other policies), and the effects of tax law changes;

•our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;

•our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;

•the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom, Bank BPH and other investigative and legal proceedings;

•the impact of actual or potential quality issues or failures of our products or third-party products with which our products are integrated, and related costs and reputational effects;

•the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and

•the other factors that are described in the "Risk Factors" section in our Annual Report on Form 10-K for the year ended December 31, 2022, as such descriptions may be updated or amended in any future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

ABOUT GENERAL ELECTRIC. General Electric Company (General Electric, GE or the Company) is a high-tech industrial company that operates worldwide through its three segments, Aerospace, Renewable Energy, and Power. Our products include commercial and defense aircraft engines and systems; wind and other renewable energy generation equipment and grid solutions; and gas, steam, nuclear and other power generation equipment. We have significant global installed bases of equipment across these sectors, and services to support these products are also an important part of our business alongside new equipment sales.

In November 2021, we announced a strategic plan to form three industry-leading, global, investment-grade public companies from (i) our Aerospace business, (ii) our portfolio of energy businesses, including our Renewable Energy and Power businesses, which we plan to combine and refer to as GE Vernova, and (iii) our former HealthCare business. In July 2022, we announced the new brand names for our three planned future companies: GE Aerospace, GE HealthCare and GE Vernova. For purposes of this report, we refer to our reporting segments as Aerospace, Renewable Energy and Power. The composition of these reporting segments is unchanged. On January 3, 2023, we completed the separation of the HealthCare business from GE through the spin-off of GE HealthCare Technologies Inc. (GE HealthCare). In the spin-off, GE made a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare’s common stock to GE shareholders, retaining approximately 19.9% of GE HealthCare common stock. Following the disposition of 28.8 million shares in the second quarter of 2023, GE now owns approximately 13.5% of GE HealthCare common stock.

The historical results of GE HealthCare and certain assets and liabilities included in the spin-off are now reported in GE's consolidated financial statements as discontinued operations. We continue to refer to our reporting segments of Renewable Energy and Power, each of which are expected to become GE Vernova businesses, reflecting the organization and management of these businesses within GE today. Additionally, on January 1, 2023, we adopted Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. See Note 13 for further information.

GE’s Internet address at www.ge.com, Investor Relations website at www.ge.com/investor-relations and our corporate blog at www.gereports.com, as well as GE’s LinkedIn and other social media accounts, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A). The consolidated financial statements of General Electric Company are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements.

In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

SECOND QUARTER 2023 RESULTS. Total revenues were $16.7 billion, up $2.6 billion for the quarter, driven primarily by increases at Aerospace and Renewable Energy.

Continuing earnings (loss) per share was $0.91. Excluding the results from our run-off Insurance business, gains (losses) on retained and sold ownership interests, non-operating benefit costs, Russia and Ukraine charges, separation costs and restructuring costs, Adjusted earnings per share* was $0.68. For the three months ended June 30, 2023, profit margin was 8.3% and profit was up $2.4 billion, primarily due to an increase in gains on retained and sold ownership interests of $1.9 billion, an increase in segment profit of $0.4 billion, an increase in non-operating benefit income of $0.3 billion and a decrease in interest and other financial charges of $0.1 billion. These increases were partially offset by Russia and Ukraine charges of $0.2 billion, an increase in restructuring and other charges of $0.1 billion and an increase in separation costs of $0.1 billion. Adjusted organic profit* increased $0.4 billion, driven primarily by increases at Aerospace and Renewable Energy.

Cash flows from operating activities (CFOA) were $0.5 billion and $(0.4) billion for the six months ended June 30, 2023 and 2022, respectively. CFOA increased primarily due to an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap and Baker Hughes) and a decrease in cash used for working capital, which includes certain separation cash expenditures. Free cash flows* (FCF) were $0.5 billion and $(1.0) billion for the six months ended June 30, 2023 and 2022, respectively. FCF* increased primarily due to the same reasons as noted for CFOA above, after adjusting for an increase in separation cash expenditures, which are excluded from FCF*. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.

Remaining performance obligation (RPO) includes unfilled customer orders for equipment, excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. Services RPO includes the estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period, the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 8 for further information.

As of June 30, 2023, RPO increased $9.2 billion (4%) from December 31, 2022, primarily at Renewable Energy, from new orders at Grid, a new Offshore Wind project in the U.S. and orders exceeding revenue at Onshore Wind; at Aerospace, from an increase in Commercial and Defense orders; and at Power, driven by increases at Gas Power and Power Conversion equipment.

For the three months ended June 30, 2023, total revenues increased $2.6 billion (18%). Equipment revenues increased, primarily at Aerospace, due to an increase in commercial install and spare engine unit shipments, and at Renewable Energy, due to higher equipment revenue across all businesses; partially offset by a decrease at Power, due to lower Aeroderivative shipments and a reduction in Steam Power equipment due to the ongoing exit of new build coal. Services revenues increased, primarily at Aerospace, due to increased commercial spare part shipments and internal shop visit volume, and higher prices, and at Power, due to growth in Gas Power services.

Excluding the change in Insurance revenues, the net effects of acquisitions and dispositions and the effects of a weaker U.S. dollar, organic revenues* increased $2.5 billion (19%), with equipment revenues up $1.5 billion (28%) and services revenues up $1.1 billion (13%). Organic revenues* increased at Aerospace and Renewable Energy, partially offset by a decrease at Power.

For the six months ended June 30, 2023, total revenues increased $4.4 billion (16%). Equipment revenues increased, primarily at Aerospace, due to an increase in commercial install and spare engine unit shipments and at Renewable Energy, due to higher equipment revenue at Offshore Wind associated with Haliade-X ramp up as well as at Grid. Services revenues increased, primarily at Aerospace, due to increased commercial spare part shipments and internal shop visit volume, and higher prices, and at Power, due to growth in Gas Power services, partially offset by a decrease at Renewable Energy, due to fewer repower unit deliveries at Onshore Wind.

Excluding the change in Insurance revenues, the net effects of acquisitions and dispositions and the effects of a weaker U.S. dollar, organic revenues* increased $4.6 billion (18%), with equipment revenues up $2.3 billion (24%) and services revenues up $2.2 billion (14%). Organic revenues* increased at Aerospace, Renewable Energy and Power.

For the three months ended June 30, 2023, continuing earnings increased $2.2 billion primarily due to an increase in gains on retained and sold ownership interests of $1.9 billion, an increase in segment profit of $0.4 billion, an increase in non-operating benefit income of $0.3 billion and a decrease in interest and other financial charges of $0.1 billion. These increases were partially offset by Russia and Ukraine charges of $0.2 billion, an increase in provision for income tax of $0.2 billion, an increase in restructuring and other charges of $0.1 billion and an increase in separation costs of $0.1 billion. Adjusted earnings* was $0.7 billion, an increase of $0.4 billion. Profit margin was 8.3%, an increase from (6.8)%. Adjusted profit* was $1.4 billion, an increase of $0.4 billion organically*, due to increases at Aerospace and Renewable Energy. Adjusted profit margin* was 8.8%, an increase of 160 basis points organically*.

For the six months ended June 30, 2023, continuing earnings increased $9.6 billion, primarily due to an increase in gains on retained and sold ownership interests of $8.0 billion, an increase in segment profit of $0.9 billion, the nonrecurrence of the Steam asset sale impairment of $0.8 billion, an increase in non-operating benefit income of $0.6 billion and a decrease in interest and other financial charges of $0.2 billion. These increases were partially offset by an increase in provision for income tax of $0.4 billion, an increase in restructuring and other charges of $0.2 billion and an increase in separation costs of $0.2 billion. Adjusted earnings* were $1.0 billion, an increase of $0.8 billion. Profit margin was 25.3%, an increase from (8.0)%. Adjusted profit* was $2.3 billion, an increase of $1.0 billion organically*, due to increases at Aerospace, Renewable Energy and Power. Adjusted profit margin* was 7.7%, an increase of 240 basis points organically*.

We continue to experience inflation pressure in our supply chain, as well as delays in sourcing key materials needed for our products and skilled labor shortages. This has delayed our ability to convert RPO to revenue and negatively impacted our profit margins. While we expect the impact of inflation to continue to be challenging, we have taken and continue to take actions to limit this pressure, including lean initiatives to drive cost productivity, partnering with our suppliers and adjusting the pricing of our products and services. Also, because we operate in many countries around the world, we are subject to complex global geopolitical forces. Due to an expansion of U.S. sanctions related to the ongoing Russia and Ukraine conflict, we recorded a charge of $0.2 billion in the three months ended June 30, 2023, primarily related to our Power segment, and as a result our remaining net asset exposure to Russia is not material.

SEGMENT OPERATIONS. Refer to the revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023 for further information regarding our determination of segment profit for continuing operations and for our allocations of corporate costs to our segments.

(a) Includes interest and other financial charges of $13 million and $15 million and $25 million and $32 million; and benefit for income taxes of $60 million and $61 million and $111 million and $108 million related to EFS within Corporate for the three and six months ended June 30, 2023 and 2022, respectively.

GE AEROSPACE. Our results in the second quarter of 2023 reflect continued growth in demand for commercial air travel. A key underlying driver of our commercial engine and services business is global commercial departures, which improved 21% during the second quarter of 2023 compared to the second quarter of 2022, and now stands at approximately 98% of 2019 levels.

The air traffic growth trends vary by region given economic conditions, airline competition and government regulations. Consistent with industry projections, we estimate air traffic to grow in line with the global economic conditions. We are in frequent dialogue with our airline, airframe, and maintenance, repair and overhaul customers about the outlook for commercial air travel, new aircraft production, fleet retirements, and after-market services, including shop visit and spare parts demand.

As it relates to the defense environment, we continue to forecast strong demand creating future growth opportunities for our Defense business (previously referred to as our Military business). The U.S. Department of Defense and foreign governments have continued flight operations and have allocated budgets to upgrade and modernize their existing fleets, including support for next generation large-combat engine architecture such as Aerospace’s XA100 program.

We increased our Commercial and Defense engine sales in the second quarter of 2023 compared to units in the first quarter of 2023. Global material availability and skilled labor shortages continue to cause disruptions for us and our suppliers and have impacted our production and delivery. We continue to partner with our customers on future production rates. Aerospace is proactively managing the impact of inflationary pressure by deploying lean initiatives to drive cost productivity, partnering with our suppliers and adjusting the pricing of our products and services. We expect the impact of inflation will continue, and we are taking actions to mitigate the impact.

Total engineering, comprising company, customer and partner-funded and nonrecurring engineering costs, increased compared to the prior year. We remain committed to investing in developing and maturing technologies that enable a more sustainable future of flight.

Notably, CFM’s Revolutionary Innovation for Sustainable Engines (RISE) program represents our single largest efficiency step change, aiming to reduce fuel consumption and CO2 emissions by at least 20% compared to today’s most efficient engines. We continue to take actions to serve our customers as demand in the global airline industry increases. Our deep history of innovation and technology leadership and a commercial and defense engine installed base, including units produced by joint ventures, of approximately 67,000 units, with approximately 12,300 units under long-term service agreements, represents strong long-term fundamentals. We believe Aerospace is well-positioned to drive long-term profitable growth and higher cash generation over time.

Revenues increased $1.7 billion (28%) organically*. Commercial Services revenues increased, primarily due to increased commercial spare part shipments and internal shop visit volume, and higher prices, partially offset by the nonrecurrence of prior year net favorable changes in estimated profitability for its long-term service agreements. Commercial Engines revenues increased, primarily driven by 188 more commercial install and spare engine unit shipments, including 193 more LEAP units versus the prior year. Defense revenues increased, primarily due to 97 more engine shipments than the prior year, and growth in services.

Profit increased $0.3 billion (26%) organically*, primarily due to increased commercial spare part shipments and internal shop visit volume, and higher prices. These increases in profit were partially offset by additional growth investment, inflation in our supply chain, product mix and the nonrecurrence of prior year net favorable changes in estimated profitability of long-term service agreements.

RPO as of June 30, 2023 increased $1.6 billion (1%) from December 31, 2022, due to an increase in Commercial and Defense equipment orders since December 31, 2022.

Revenues increased $3.1 billion (27%) organically*. Commercial Services revenues increased, primarily due to increased commercial spare part shipments and internal shop visit volume, and higher prices. Commercial Engines revenues increased, primarily driven by 326 more commercial install and spare engine unit shipments, including 320 more LEAP units versus the prior year. Defense revenues increased, primarily due to product mix and growth in services, partially offset by 7 fewer engine shipments than the prior year.

Profit increased $0.7 billion (34%) organically*, primarily due to increased commercial spare part shipments and internal shop visit volume, and higher prices. These increases in profit were partially offset by additional growth investment, inflation in our supply chain and product mix.

RENEWABLE ENERGY – will be part of GE Vernova. During the three months ended June 30, 2023, the segment experienced higher orders and revenue from increased demand at Grid in Europe, Onshore Wind in North America, and Offshore Wind. The recently enacted Inflation Reduction Act of 2022 (IRA) introduces new and extends existing tax incentives for at least 10 years. It is expected to resolve recent U.S. policy uncertainty that resulted in project delays and deferral of customer investments in Onshore Wind and increase near- and longer-term demand in the U.S. for onshore and offshore wind projects. Included in our RPO of $40.4 billion at June 30, 2023 are service agreements on slightly less than half of our onshore wind turbine installed base of approximately 54,000 units. While the offshore wind industry continues to expect global growth through the decade, cost pressures and the ability to compete with the rapid pace of innovation and ramp up of production of new larger turbines remain key challenges. Our Grid Solutions business is positioned to support grid expansion and modernization needs globally.

At Onshore Wind, we are focused on improving our overall quality and fleet availability through reducing product variants and deploying repairs and other corrective measures across the fleet. We intend to operate in fewer markets and focus on those markets with better pricing and margins. Concurrently, we are undertaking a restructuring program to reduce our operating costs. Our financial results are dependent on costs to address fleet availability and quality at Onshore Wind and the execution of cost reduction initiatives and pricing actions to mitigate the inflationary environment across all our businesses. Furthermore, we are observing the favorable impact of IRA benefits that reduce product costs as qualifying turbines manufactured in the U.S. in 2023 are delivered. Approximately half of Onshore Wind’s equipment RPO is associated with U.S. projects where we expect to receive IRA benefits.

New product introductions, such as our 3 MW and 5 MW Onshore units, and our 12-14 MW Haliade-X Offshore units, account for a large portion of our RPO in Onshore and Offshore Wind. Improving onshore fleet availability and reducing the cost of new product platforms and blade technologies remain key priorities. We are also focused on our production and supply chain capabilities at Offshore Wind given the complexity and challenging nature of these large new product introductions and are closely monitoring our initial Haliade-X projects, as further cost and execution challenges could result in future project charges.

At Grid, we are experiencing strong European demand for High Voltage Direct Current (HVDC) solutions and are securing our position in the rapid growth offshore and onshore interconnection markets. Our HVDC transmission products help customers meet the 2GW HVDC solution standard, and we are developing new technology that solves for a denser, more resilient, stable and efficient electric grid; a grid with lower future greenhouse gas emissions. We also benefited from higher growth in orders from other transmission and grid automation related products within our Grid Solutions business.

(a) Includes $6.5 billion and $5.3 billion related to Offshore Wind at June 30, 2023 and December 31, 2022, respectively.

Revenues increased $0.8 billion (27%) organically*, primarily from higher equipment revenue across all businesses, most notably in Onshore Wind, Grid and Offshore Wind. Wind turbine deliveries increased by 86 units primarily at Onshore Wind, partially offset by 45 fewer repower unit deliveries.

Segment losses decreased $0.2 billion organically*, primarily attributable to higher volume, improved pricing, manufacturing productivity and the impact of cost reduction initiatives at Grid and Onshore Wind. These increases were partially offset by higher losses at Offshore Wind associated with the Haliade-X ramp up and project losses, as well as lower repower volume at Onshore Wind.

RPO as of June 30, 2023 increased $7.6 billion (23%) from December 31, 2022 primarily from several new HVDC projects at Grid in Europe, a new Offshore Wind project in the U.S. and orders exceeding revenue at Onshore Wind, primarily in North America.

Revenues increased $1.0 billion (16%) organically*, primarily from higher equipment revenue at Offshore Wind associated with the Haliade-X ramp up as well as at Grid. These increases were partially offset by fewer repower unit deliveries at Onshore Wind, primarily attributable to customer delays and deferrals during 2022 due to U.S. tax policy uncertainty.

Segment losses decreased $0.2 billion (22%) organically*, primarily attributable to improved pricing, manufacturing productivity and the impact of cost reduction initiatives at Grid and Onshore Wind and higher revenue at Grid. These benefits were partially offset by higher losses at Offshore Wind associated with Haliade-X ramp up and project charges.

POWER – will be part of GE Vernova. During the three months ended June 30, 2023, GE gas turbine utilization grew low-single digits with strength in the U.S. offsetting lower utilization in Europe due to demand. Global electricity demand was down mid-single digits due to a milder spring in the U.S. and global energy efficiency measures. Utilization of the fleet continues to follow growing gas power generation despite lower demand, capturing decreases coming from coal and resilient asset usage with a dynamic Europe environment. Looking ahead, we anticipate additional H-class units to be commissioned into the serviceable installed base. As we continue to work in emerging markets, there could be uncertainty in the timing of deal closures due to financing and other complexities. Power has proactively managed the impact of inflationary pressure by deploying lean initiatives to drive cost productivity, partnering with our suppliers and adjusting the pricing of our products and services. Given the long-cycle nature of the business, we expect the impact of inflation will continue to be challenging and we will continue to take actions to manage.

Although market factors related to the energy transition such as greater renewable energy penetration and the adoption of climate change-related policies continue to impact long-term demand (and related financing), we expect the gas power market to remain stable over the next decade with gas power generation continuing to grow low-single-digits. We believe gas power will play a critical role in the energy transition by providing a critical foundation of dispatchable, flexible power and system inertia from which the energy transition can build upon. We remain focused on our underwriting discipline and risk management to ensure we are securing deals that meet our financial hurdles, and we have high confidence to deliver for our customers.

In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a part of its nuclear activities to Électricité de France S.A. (EDF), which resulted in a reclassification of that business to held for sale. In the fourth quarter of 2022, we signed a binding agreement and expect to complete the sale, subject to regulatory approvals and other customary closing conditions, in the second half of 2023. On April 3, 2023, our Gas Power business acquired Nexus Controls, a business specializing in aftermarket control system upgrades and controls field services that is expected to strengthen our quality, service, and delivery of our customers' assets.

We continue to invest in new product development. In Nuclear, we have signed an agreement for the deployment of small modular nuclear reaction technology with the potential to enable reductions in nuclear power plant costs and cycle times. In Gas Power, our HA-Turbines have over 1.9 million operating hours. Our fundamentals remain strong with approximately $69.4 billion in RPO, including 25 HA-Turbines, and a gas turbine installed base of approximately 7,000 units, including 85 HA-Turbines, which has nearly doubled since 2019, and approximately 1,700 units under long-term service agreements with an average life of 10 years. We also continue to invest for the long-term, including decarbonization pathways that will provide customers with cleaner, more reliable power.

Revenues decreased $0.1 billion (2%) organically*, primarily due to lower Aeroderivative shipments and a reduction in Steam Power equipment due to the ongoing exit of new build coal, partially offset by an increase in services.

Profit increased 11% organically* primarily due to growth in Gas Power services price and productivity and higher contractual outage volume, partially offset by inflation and a reduction in Aeroderivative deliveries.

RPO as of June 30, 2023 increased $0.4 billion (1%) from December 31, 2022, primarily driven by increases in Gas Power equipment, Power Conversion equipment, the acquisition of Nexus Controls, and growth in Gas Power contractual and non-contractual services, partially offset by decreases due to the impact of expanded sanctions on Gas Power contractual services in Russia.

Revenues increased $0.3 billion (4%) organically*, primarily due to growth in Gas Power services and higher Gas Power Heavy-duty gas turbine deliveries, partially offset by a reduction in Aeroderivative deliveries and Steam Power equipment due to the ongoing exit of new build coal.

Profit increased $0.1 billion (16%) organically* primarily due to growth in Gas Power services price and productivity and higher contractual outage volume, partially offset by inflation and a reduction in Aeroderivative deliveries.

CORPORATE. The Corporate amounts related to revenues and earnings include the results of disposed businesses, certain amounts not included in operating segment results because they are excluded from measurement of their operating performance for internal and external purposes and the elimination of intersegment activities. In addition, the Corporate amounts related to earnings include certain costs of our principal retirement plans, significant, higher-cost restructuring programs, separation costs, and other costs reported in Corporate.

Corporate includes the results of the GE Digital business and our remaining financial services business, including our run-off Insurance business (see Note 13 for further information).

Adjusted total corporate operating costs* excludes gains (losses) on purchases and sales of business interests, significant, higher-cost restructuring programs, separation costs, gains (losses) on equity securities, impairments and our run-off Insurance business profit. We believe that adjusting corporate costs to exclude the effects of items that are not closely associated with ongoing corporate operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs.

For the three months ended June 30, 2023, revenues increased by $0.1 billion due to higher Insurance revenues. Corporate operating profit increased by $1.5 billion due to $1.9 billion of higher gains on retained and sold ownership interests primarily related to higher gains on our AerCap investments, prior losses on our Baker Hughes investments, partially offset by a loss on our GE HealthCare investment. This increase was partially offset by $0.2 billion of charges from contracts and recoverability of assets in connection with the conflict between Russia and Ukraine and resulting sanctions, primarily related to our Power segment in the second quarter of 2023, $0.1 billion of higher separation costs and $0.1 billion of higher restructuring and other charges.

For the six months ended June 30, 2023, revenues increased by $0.3 billion due to $0.1 billion of higher Insurance revenues and $0.1 billion of lower intersegment eliminations. Corporate operating profit increased by $8.4 billion due to $8.0 billion of higher gains on retained and sold ownership interests primarily related to higher gains on our AerCap and GE HealthCare investments partially offset by lower gains on our Baker Hughes investments. Corporate operating profit also increased as the result of a $0.8 billion non-cash impairment charges related to property, plant and equipment and intangible assets as a result of reclassification of a portion of our Steam Power business to held for sale in the first quarter of 2022. These gains were partially offset by $0.2 billion of higher separation costs and $0.2 billion of higher restructuring and other charges.

RESTRUCTURING AND SEPARATION COSTS. Significant, higher-cost restructuring programs are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate. In addition, we incur costs associated with separation activities, which are also excluded from measurement of segment operating performance for internal and external purposes. See Note 20 for further information on restructuring and separation costs.

INTEREST AND OTHER FINANCIAL CHARGES were $0.3 billion and $0.4 billion for the three months ended and $0.5 billion and $0.8 billion for the six months ended June 30, 2023 and 2022, respectively. The decrease was primarily due to lower average borrowings balances. The primary components of interest and other financial charges are interest on short- and long-term borrowings.

POSTRETIREMENT BENEFIT PLANS. Refer to Note 14 for information about our pension and retiree benefit plans.

INCOME TAXES. For the three months ended June 30, 2023, the income tax rate was 24.0% compared to (16.7)% for the three months ended June 30, 2022. The negative tax rate for 2022 reflects a tax expense on a pre-tax loss.

The provision for income taxes was $0.3 billion for the three months ended June 30, 2023 and $0.2 billion for the three months ended June 30, 2022. The increase in tax was primarily due to the tax effect of the increase in pre-tax income excluding gains (losses) on our retained and sold ownership interests and an increase in losses in foreign jurisdictions where they are not likely to be utilized.

For the three months ended June 30, 2023, the adjusted income tax rate* was 25.4% compared to 23.7% for the three months ended June 30, 2022. The adjusted provision (benefit) for income taxes* was $0.3 billion for the three months ended June 30, 2023 and $0.1 billion for the three months ended June 30, 2022. The increase in tax was primarily due to the tax effect of the increase in adjusted earnings before taxes* and an increase in losses in foreign jurisdictions where they are not likely to be utilized.

For the six months ended June 30, 2023, the income tax rate was 7.7% compared to (8.9)% for the six months ended June 30, 2022. The negative tax rate for 2022 reflects a tax expense on a pre-tax loss.

The provision for income taxes was $0.6 billion for the six months ended June 30, 2023 and $0.2 billion for the six months ended June 30, 2022. The increase in tax was primarily due to the tax effect of the increase in pre-tax income excluding gains (losses) on our retained and sold ownership interests.

For the six months ended June 30, 2023, the adjusted income tax rate* was 26.2% compared to 30.5% for the six months ended June 30, 2022. The adjusted provision (benefit) for income taxes* was $0.4 billion for the six months ended June 30, 2023 and $0.2 billion for the six months ended June 30, 2022. The increase in tax was primarily due to the tax effect of the increase in adjusted earnings before taxes*.

DISCONTINUED OPERATIONS primarily comprise our former GE HealthCare business, our mortgage portfolio in Poland (Bank BPH), our GE Capital Aviation Services (GECAS) business, and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. See Note 2 for further information regarding our businesses in discontinued operations.

FINANCIAL POLICY. We intend to maintain a disciplined financial policy with a sustainable investment-grade long-term credit rating. In the fourth quarter of 2021, the Company announced plans to form three industry-leading, global, investment-grade companies, each of which will determine their own financial policies, including capital allocation, dividend, mergers and acquisitions and share buyback decisions.

LIQUIDITY POLICY. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under our revolving credit facilities will be sufficient to meet our liquidity needs.

CONSOLIDATED LIQUIDITY. Our primary sources of liquidity consist of cash and cash equivalents, free cash flows* from our operating businesses, cash generated from asset sales and dispositions, and short-term borrowing facilities, including revolving credit facilities. Cash generation can be subject to variability based on many factors, including seasonality, receipt of down payments on large equipment orders, timing of billings on long-term contracts, timing of Aerospace-related customer allowances, market conditions and our ability to execute dispositions. Total cash, cash equivalents and restricted cash was $12.8 billion at June 30, 2023, of which $3.7 billion was held in the U.S. and $9.1 billion was held outside the U.S.

Cash held in non-U.S. entities has generally been reinvested in active foreign business operations; however, substantially all of our unrepatriated earnings were subject to U.S. federal tax and, if there is a change in reinvestment, we would expect to be able to repatriate available cash (excluding amounts held in countries with currency controls) without additional federal tax cost. Any foreign withholding tax on a repatriation to the U.S. would potentially be partially offset by a U.S. foreign tax credit. With regards to our announcement to form three public companies, the planning for and execution of the separations has impacted and is expected to continue to impact indefinite reinvestment. The impact of such changes will be recorded when there is a specific change in ability and intent to reinvest earnings.

Cash, cash equivalents and restricted cash at June 30, 2023 included $1.7 billion of cash held in countries with currency control restrictions (including a total of $0.1 billion in Russia and Ukraine) and $0.4 billion of restricted use cash. Cash held in countries with currency controls represents amounts held in countries that may restrict the transfer of funds to the U.S. or limit our ability to transfer funds to the U.S. without incurring substantial costs. Restricted use cash represents amounts that are not available to fund operations, and primarily comprised funds restricted in connection with certain ongoing litigation matters. Excluded from cash, cash equivalents and restricted cash was $0.7 billion of cash in our run-off Insurance business, which was classified as All other assets in the Statement of Financial Position.

During the first half of 2023, we received total proceeds of $1.9 billion from the sale of AerCap shares. We expect to fully monetize our stake in AerCap over time, in an orderly manner. During the first quarter of 2023, we received proceeds of $0.2 billion and have now fully monetized our Baker Hughes position. As part of the spin-off of GE HealthCare completed in the first quarter of 2023, we retained an approximately 19.9% stake of GE HealthCare common stock. During the second quarter of 2023, we received total proceeds of $2.2 billion from the disposition of 28.8 million shares of GE HealthCare. We intend to exit our remaining stake in GE HealthCare over time, in an orderly manner. See Notes 3 and 19 for further information.

Following approval of a statutory permitted accounting practice in 2018 by our primary insurance regulator, the Kansas Insurance Department (KID), we provided a total of $13.2 billion of capital contributions to our insurance subsidiaries, including $1.8 billion in the first quarter of 2023. We expect to provide the final capital contribution of up to $1.8 billion in the first quarter of 2024, pending completion of our December 31, 2023 statutory reporting process. See Note 13 for further information.

On March 6, 2022, the Board of Directors authorized the repurchase of up to $3 billion of our common stock. In connection with this authorization, we repurchased 6.2 million shares for $0.6 billion during the six months ended June 30, 2023. Additionally, during the first quarter of 2023, we elected to redeem 3 million of our outstanding shares of GE series D preferred stock for total cash spend of $3.0 billion. On July 25, 2023, we announced our intention to redeem the remaining 2.8 million outstanding shares of GE preferred stock on September 15, 2023 for expected total cash spend of approximately $2.8 billion.

BORROWINGS. Consolidated total borrowings were $21.8 billion and $24.1 billion at June 30, 2023 and December 31, 2022, respectively, a decrease of $2.3 billion. The reduction in borrowings was driven by $2.6 billion of net maturities and repayments of debt, partially offset by $0.3 billion primarily related to changes in foreign exchange rates.

We have in place committed revolving credit facilities totaling $13.5 billion at June 30, 2023, comprising a $10.0 billion unused back-up revolving syndicated credit facility and a total of $3.5 billion of bilateral revolving credit facilities.

CREDIT RATINGS AND CONDITIONS. We have relied, and may continue to rely, on the short- and long-term debt capital markets to fund, among other things, a significant portion of our operations. The cost and availability of debt financing is influenced by our credit ratings. Moody’s Investors Service (Moody’s), Standard and Poor’s Global Ratings (S&P), and Fitch Ratings (Fitch) currently issue ratings on our short- and long-term debt. Our credit ratings as of the date of this filing are set forth in the following table.

We are disclosing our credit ratings and any current quarter updates to these ratings to enhance understanding of our sources of liquidity and the effects of our ratings on our costs of funds and access to liquidity. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating. For a description of some of the potential consequences of a reduction in our credit ratings, see the Financial Risks section of Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022.

Substantially all of the Company's debt agreements in place at June 30, 2023 do not contain material credit rating covenants. Our unused back-up revolving syndicated credit facility and certain of our bilateral revolving credit facilities contain a customary net debt-to-EBITDA financial covenant, which we satisfied at June 30, 2023.

The Company may from time to time enter into agreements that contain minimum ratings requirements. The following table provides a summary of the maximum estimated liquidity impact in the event of further downgrades below each stated ratings level.

Our most significant contractual ratings requirements are related to ordinary course commercial activities. The timing within the quarter of the potential liquidity impact of these areas may differ, as can the remedies to resolving any potential breaches of required ratings levels.

FOREIGN EXCHANGE AND INTEREST RATE RISK. As a result of our global operations, we generate and incur a significant portion of our revenues and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the Chinese renminbi, the Indian rupee and the British pound sterling, among others. The effects of foreign currency fluctuations on earnings was immaterial for both the three and six months ended June 30, 2023 and 2022. See Note 21 for further information about our risk exposures, our use of derivatives, and the effects of this activity on our financial statements.

CASH FLOWS FROM CONTINUING OPERATIONS. The most significant source of cash in CFOA is customer-related activities, the largest of which is collecting cash resulting from product or services sales. The most significant operating use of cash is to pay our suppliers, employees, tax authorities and postretirement plans.

Cash from operating activities was $0.5 billion in 2023, an increase of $0.9 billion compared to 2022, primarily due to: an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap, and Baker Hughes) primarily in our Aerospace business; and a decrease in cash used for working capital of $0.5 billion. The components of All other operating activities were as follows:

The cash impacts from changes in working capital compared to prior year were as follows: current receivables of $1.2 billion, driven by higher collections, partially offset by higher volume; inventories, including deferred inventory, of $0.1 billion, driven by higher liquidations partially offset by higher material purchases; current contract assets of $0.3 billion, driven by higher billings on our long-term service agreements, partially offset by higher revenue recognition on those agreements; accounts payable and equipment project payables of $(1.1) billion, driven by higher disbursements related to purchases of materials in prior periods partially offset by higher volume; and progress collections and current deferred income of less than $0.1 billion driven by higher collections partially offset by higher liquidations.

Cash from investing activities was $3.0 billion in 2023, an increase of $1.5 billion compared to 2022, primarily due to: cash received related to net settlements between our continuing operations and businesses in discontinued operations of $1.4 billion in 2023, primarily related to GE HealthCare in connection with the spin-off as compared to cash paid of $0.2 billion in 2022, primarily related to a capital contribution to Bank BPH (components of All other investing activities); an increase in proceeds of $0.5 billion from the dispositions of our retained ownership interests in HealthCare, AerCap and Baker Hughes partially offset by the acquisition of Nexus Controls in our GE Power business of $0.3 billion in 2023. Cash used for additions to property, plant and equipment and internal-use software, which are components of free cash flows*, was $0.7 billion and $0.5 billion in 2023 and 2022, respectively.

Cash used for financing activities was $6.4 billion in 2023, an increase of $3.3 billion compared to 2022, primarily due to: cash paid for redemption of GE preferred stock of $3.0 billion in 2023; higher net debt maturities of $0.6 billion; an increase in purchases of GE common stock for treasury of $0.3 billion partially offset by derivative cash settlements of $0.4 billion.

Cash used for operating activities of discontinued operations was $0.2 billion in 2023, an increase of $0.7 billion compared with 2022, primarily driven by higher disbursements related to purchases of materials in prior periods and higher separation costs related to our former GE HealthCare business partially offset by tax receipts from our trailing operations.

Cash used for investing activities of discontinued operations was $3.1 billion in 2023, an increase of $3.2 billion compared with 2022, primarily driven by the deconsolidation of GE HealthCare cash and equivalents of $1.8 billion and higher net settlements between our discontinued operations and businesses in continuing operations of $1.6 billion.

Cash from financing activities of discontinued operations was $2.0 billion in 2023, an increase of $2.0 billion compared with 2022, primarily driven by GE HealthCare's long-term debt issuance in connection with the spin-off of $2.0 billion.

CRITICAL ACCOUNTING ESTIMATES. Refer to the Critical Accounting Estimates and Note 1 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022 and revised portions of our 2022 Form 10-K on Form 8-K as filed on April 25, 2023 for additional discussion of accounting policies and critical accounting estimates, including accounting estimates and assumptions in our insurance reserves and their sensitivity to change. See Notes 1 and 13 for further information.

NON-GAAP FINANCIAL MEASURES. We believe that presenting non-GAAP financial measures provides management and investors useful measures to evaluate performance and trends of the total company and its businesses. This includes adjustments in recent periods to GAAP financial measures to increase period-to-period comparability following actions to strengthen our overall financial position and how we manage our business. In addition, management recognizes that certain non-GAAP terms may be interpreted differently by other companies under different circumstances. In various sections of this report we have made reference to the following non-GAAP financial measures in describing our (1) revenues, specifically organic revenues by segment; organic revenues; and equipment and services organic revenues and (2) profit, specifically organic profit and profit margin by segment; Adjusted profit and profit margin; Adjusted organic profit and profit margin; Adjusted earnings (loss); Adjusted income tax rate; and Adjusted earnings (loss) per share (EPS), and (3) cash flows, specifically free cash flows (FCF). The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.