Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 200

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 1
Chunk 200
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 net unfavorable changes in estimated profitability of $56 million, primarily in Commercial Engines & Services, partially offset by revenue recognized of $7,668 million. Revenue recognized for contracts included in a liability position at the beginning of the year were $6,336 million and $5,717 million for the years ended December 31, 2024 and 2023, respectively.CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOMEDecember 31, 2024December 31, 2023Long-term service agreements$2,374 $2,377 Equipment and other service agreements609 498 Current contract assets$2,982 $2,875 Nonrecurring engineering costs(a)$2,438 $2,444 Customer advances and other(b)2,393 2,342 Contract and other deferred assets4,831 4,785 Total contract and other deferred assets$7,814 $7,660 Long-term service agreement liabilities$8,994 $7,902 Current deferred income359 420 Contract liabilities and current deferred income$9,353 $8,322 Non-current deferred income1,013 975 Total contract liabilities and deferred income$10,366 $9,297 Contract assets (liabilities) and other deferred assets (income)$(2,552)$(1,637)(a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our DPT segment, which are amortized ratably over each unit produced. We assess the recoverability of these costs and if we determine the costs are no longer probable of recovery, the asset is impaired.(b) Includes amounts due from customers within our CES segment for the sales of engines, spare parts and services, which we collect through fixed or usage-based billings from the sale of spare parts and servicing of equipment under long-term service agreements.Progress collections increased $519 million in the year ended December 31, 2024 primarily due to collections received in excess of settlements at CES.

54 2024 FORM 10-K

NOTE 9. ALL OTHER ASSETS.  All other current assets and All other assets primarily include equity method investments, Insurance cash and cash equivalents, receivables and other investments in our run-off insurance operations, pension surplus and prepaid taxes and other deferred charges. All other non-current assets increased $2,215 million in the year ended