Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 121

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 1
Chunk 121
---
 Corporate and Other (including supply chain)78 72 Total$210 $202 Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position were $281 million and $283 million as of March 31, 2025 and December 31, 2024, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $862 million and $822 million as of March 31, 2025 and December 31, 2024, respectively. Expense on our operating lease portfolio, primarily from our long-term fixed leases, was $98 million and $112 million for the three months ended March 31, 2025 and 2024, respectively.

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

Commercial Engines & ServicesDefense & Propulsion TechnologiesTotalBalance at January 1, 2025$6,341 $2,197 $8,538 Goodwill acquisition— 52 52 Goodwill adjustments(a)101 5 106 Balance at March 31, 2025$6,442 $2,254 $8,696 (a) Goodwill adjustments are primarily related to foreign currency exchange.We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or circumstances between annual impairment testing dates. In the first quarter of 2025, we did not identify any reporting units that required an interim impairment test.All other intangible assets are subject to amortization. Intangible assets increased $19 million during the three months ended March 31, 2025, primarily as a result of an acquisition of a business within our Defense & Propulsion Technologies segment, additions of capitalized software and foreign currency exchange, partially offset by amortization. Consolidated amortization expense was $89 million and $88 million for the three months ended March 31, 2025 and 2024, respectively.

NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS

Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $350 million for the three months ended March 31, 2025, primarily due to an increase in long-term service agreements liabilities of $272 million. In aggregate, the net liability for long-term