Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 51

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 4
Chunk 51
---
 borrowings$2,084 $2,039 Senior notes15,578 15,467 Subordinated notes 1,368 1,330 Other541 437 Total long-term borrowings$17,487 $17,234 Total borrowings$19,571 $19,273 

See Note 20 for further information about borrowings and associated hedges. 

NOTE 11. ACCOUNTS PAYABLE 

March 31, 2025December 31, 2024Trade payables$6,795 $6,254 Supply chain finance programs1,272 1,259 Sundry payables558 397 Accounts payable $8,625 $7,909 We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE Aerospace receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through these third-party programs were $874 million and $928 million for the three months ended March 31, 2025 and 2024, respectively. GE Aerospace has no costs associated with this program.

NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits are comprised of obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenue of $934 million and $879 million, profit was $205 million and $200 million and net income was $163 million and $158 million for the three months ended March 31, 2025 and 2024, respectively. These operations were primarily supported by investment securities, substantially all debt securities, of $37,613 million and $37,352 million, limited partnerships of $4,409 million and $4,321 million, a diversified commercial mortgage loan portfolio collateralized by first liens on U.S. commercial real estate properties of $1,885 million and $1,887 million (net of allowance for credit losses of $40 million and $46 million), and residential mortgage loans of $331 million and $251 million (net of allowance for credit losses of an insignificant amount), as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the commercial mortgage loan portfolio had one delinquent loan, one non-accrual loan and about one-third of the portfolio was held