Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 50

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 4
Chunk 50
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)2,392 2,393 Contract and other deferred assets4,835 4,831 Total contract and other deferred assets$7,775 $7,814 Long-term service agreement liabilities$9,266 $8,994 Current deferred income357 359 Contract liabilities and current deferred income$9,624 $9,353 Non-current deferred income1,054 1,013 Total contract liabilities and deferred income$10,677 $10,366 Contract assets (liabilities) and other deferred assets (income)$(2,902)$(2,552)(a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our Defense & Propulsion Technologies 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 Commercial Engines & Services 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.

22 2025 1Q FORM 10-Q

Progress collections increased $147 million in the three months ended March 31, 2025 primarily due to collections received in excess of settlements at Defense & Propulsion Technologies.

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 $544 million in the three months ended March 31, 2025, primarily due to an increase in Insurance receivables of $205 million, an increase in Insurance cash and cash equivalents of $160 million, an increase in equity method and other investments of $48 million and an increase in prepaid taxes and deferred charges of $48 million. Insurance cash and cash equivalents was $1,095 million and $934 million at March 31, 2025 and December 31, 2024, respectively.

NOTE 10. BORROWINGS

March 31, 2025December 31, 2024Current portion of long-term borrowings   Senior notes $2,010 $1,952    Subordinated notes and other74 87 Total short-term