Company: GE
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0000040545-25-000062
Chunk: 59

Company: GENERAL ELECTRIC CO
Filing Date: 2025-04-22
Form: 10-Q
Item: Item 4
Chunk 59
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 other income (loss)$302 $1,007 

NOTE 19. RESTRUCTURING CHARGES AND SEPARATION COSTS

RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. Separately, in our reported segment results, significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate & Other.RESTRUCTURING AND OTHER CHARGESThree months ended March 3120252024Workforce reductions$(1)$65 Plant closures & associated costs and other asset write-downs2 19 Acquisition/disposition net charges and other— 2 $2 $86 Cost of equipment/services$3 $— Selling, general and administrative expenses(1)86 Total restructuring and other charges$2 $86 Restructuring and other cash expenditures(a)$39 $79 (a) Primarily related to employee severance payments.The restructuring liability as of March 31, 2025 and December 31, 2024 was $218 million and $242 million, respectively.For the three months ended March 31, 2025 and 2024, restructuring and other charges for ongoing programs primarily included exit activities announced in the fourth quarter of 2022, reflecting lower Corporate & Other shared-service and footprint needs as a result of the GE HealthCare and GE Vernova spin-offs.SEPARATION COSTS. In November 2021, the Company announced its plan to form three industry-leading, global public companies focused on the growth sectors of aerospace, healthcare and energy. As discussed in Note 2, we completed this plan with the spin of GE Vernova in the second quarter of 2024. Post-separation, we expect to continue to incur operational and transition costs related to ongoing separation activities, including employee costs, professional fees, costs to establish certain stand-alone functions and information technology systems, and other transformation to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Operations.For the three months ended March 31, 2025 and 2024, we incurred pre-tax separation expense of $51 million and $259 million, recognized $10 million and $34 million of net tax benefits and paid $76 million and $165 million in cash, respectively. The