Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 306

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 8
Chunk 306
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975 Total contract liabilities and deferred income$10,366 $9,297 Contract assets (liabilities) and other deferred assets (income)$(2,552)$(1,637)(a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our DPT 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 CES 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.Progress collections increased $519 million in the year ended December 31, 2024 primarily due to collections received in excess of settlements at CES.

54 2024 FORM 10-K

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 $2,215 million in the year ended December 31, 2024, primarily due to an increase in equity method and other investments of $1,122 million, an increase in indemnity assets of $421 million, primarily related to GE Vernova, an increase in prepaid taxes and deferred charges of $214 million, an increase in Insurance receivables of $196 million, an increase in pension surplus of $157 million and an increase in Insurance cash and cash equivalents of $151 million. Insurance cash and cash equivalents was $934 million and $784 million at December 31, 2024 and December 31, 2023, respectively.

NOTE 10. BORROWINGS 

December 3120242023MaturitiesAmountAverage RateAmountAverage RateCurrent portion of long-term borrowings   Senior unsecured2025$1,952 4.03 %$1,0443.99 %   Subordinated notes and other202587 27 Other short-term — 37 Total short-term borrowings$2,039 $1,108 MaturitiesAmountAverage RateAmountAverage RateSenior unsecured2026 - 2055$15,467 4.03 %$17,509 3.99 %