Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 132

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 1
Chunk 132
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 Vernova spin-offs.SEPARATION COSTS. In November 2021, the Company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aerospace, healthcare and energy. As discussed in Note 2, we completed this plan with the spin of GE Vernova in the second quarter of 2024. Post-separation, we expect to continue to incur operational and transition costs related to ongoing separation activities, including employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Operations.For the three months ended March 31, 2025 and 2024, we incurred pre-tax separation expense of $51 million and $259 million, recognized $10 million and $34 million of net tax benefits and paid $76 million and $165 million in cash, respectively. The pre-tax separation costs specifically identifiable to GE HealthCare and GE Vernova are reflected in discontinued operations. We incurred insignificant costs for both GE Healthcare and GE Vernova for the three months ended March 31, 2025, as well as for GE Healthcare for the three months ended March 31, 2024.  Additionally, we incurred $97 million pre-tax separation costs, recognized $20 million of net tax benefit and spent $83 million in cash related to GE Vernova for the three months ended March 31, 2024.

NOTE 20. FINANCIAL INSTRUMENTS. The following table provides information about assets and liabilities not carried at fair value and excludes finance leases, equity securities without readily determinable fair value and non-financial assets and liabilities. Substantially all of these assets are considered to be Level 3 and substantially all of our liabilities’ fair value are considered Level 2. 

2025 1Q FORM 10-Q 27

March 31, 2025December 31, 2024Carryingamount(net)Estimatedfair valueCarryingamount(net)Estimatedfair valueAssetsLoans and other receivables$2,350 $2,089 $2,261 $1,981 LiabilitiesBorrowings (Note 10)19,571 19,160 19,273 18,805 Investment contracts(a)1,304 1,372 1,375 1,432 (a) Primarily related to our run