Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 158

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 3
Chunk 158
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 incentive compensation plans.LEVEL 3 INSTRUMENTS. The majority of our Level 3 balances comprised debt securities classified as available-for-sale with changes in fair value recorded in Other comprehensive income. Balance atJanuary 1Net realized/unrealized gains(losses)(a)Purchases(b)Sales & SettlementsTransfersintoLevel 3Transfersout ofLevel 3(c)Balance atDecember 312024Investment securities$6,841 $20 $1,505 $(768)$12 $(2,536)$5,074 2023Investment securities$6,421 $195 $617 $(398)$37 $(30)$6,841 (a)Primarily included net unrealized gains (losses) of $(29) million and $134 million in Other comprehensive income for the years ended December 31, 2024 and 2023, respectively.(b)Included $491 million of U.S. corporate debt securities and $600 million of Mortgage and asset-backed debt securities for the year ended December 31, 2024. Included $379 million of U.S. corporate debt securities and $177 million of Mortgage and asset-backed debt securities for the year ended December 31, 2023.(c)Transfers out of Level 3 during the year ended December 31, 2024, related to increases in the observability of external information used in determining fair value. These transfers were in our run-off insurance operations and primarily included certain investments in private placement U.S. and non-U.S. corporate debt securities.

The majority of these Level 3 securities are fair valued using non-binding broker quotes or other third-party sources that utilize a number of different unobservable inputs not subject to meaningful aggregation. 

NOTE 22. 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 the vast majority of our liabilities’ fair value are considered Level 2. 

December 31, 2024December 31, 2023Carryingamount(net)Estimatedfair valueCarryingamount(net)Estimatedfair valueAssetsLoans and other receivables$2,261 $1,981 $2,110 $2,055 LiabilitiesBorrowings (Note 10)19