{
  "ticker": "GE",
  "company": "GE Aerospace",
  "filing_type": "10-K",
  "year_current": "2026",
  "year_prior": "2025",
  "summary": {
    "added": 3,
    "removed": 5,
    "modified": 38,
    "unchanged": 15,
    "total_current": 56,
    "total_prior": 58
  },
  "source": "SEC EDGAR",
  "url": "https://riskdiff.com/ge/2026-vs-2025/",
  "markdown_url": "https://riskdiff.com/ge/2026-vs-2025/index.md",
  "json_url": "https://riskdiff.com/ge/2026-vs-2025/index.json",
  "generated": "2026-07-05",
  "ai_summary": null,
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      "status": "ADDED",
      "current_title": "For the years ended December 31 (In millions)",
      "prior_title": null,
      "severity": {
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      "current_body": "Currency translation adjustments Benefit plans Investment securities and cash flow hedges L Less: other comprehensive income (loss) attributable to noncontrolling interests Less: comprehensive income (loss) attributable to noncontrolling interests STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITYFor the years ended December 31 (In millions)202520242023Common stock issued$15 $15 $15 Beginning balance(3,861)(6,150)(2,272)Currency translation adjustments(43)2,151 2,270 Benefit plans(882)(1,120)(4,745)Investment securities and cash flow hedges749 (1,026)968 Long-duration insurance contracts(761)2,284 (2,371)Accumulated other comprehensive income (loss)$(4,798)$(3,861)$(6,150)Beginning balance24,266 26,962 34,173 Gains (losses) on treasury stock dispositions(1,048)(3,028)(1,845)Stock-based compensation371 361 355 Other changes(a)9 (29)(5,721)Other capital$23,599 $24,266 $26,962 Beginning balance80,488 86,553 83,001 Net income (loss) attributable to the Company8,704 6,556 9,482 Dividends and other transactions with shareholders(b)(1,529)(12,599)(5,937)Other— (21)6 Retained earnings$87,663 $80,488 $86,553 Beginning balance(81,566)(79,976)(81,209)Purchases(7,406)(5,826)(1,244)Dispositions1,170 4,236 2,477 Common stock held in treasury$(87,801)$(81,566)$(79,976)GE Aerospace shareholders' equity balance18,677 19,342 27,403 Noncontrolling interests balance(c)221 223 1,202 Total equity balance at December 31$18,898 $19,564 $28,605"
    },
    {
      "status": "ADDED",
      "current_title": "Balance at December 31, 2025",
      "prior_title": null,
      "severity": {
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      "current_body": "(a) Goodwill adjustments are primarily related to foreign currency exchange. In the fourth quarter of 2025, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values. 20252024INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31Useful lives (in years)Gross carryingamountAccumulatedamortizationNetGross carryingamountAccumulatedamortizationNetCustomer-related(a)5-20$3,992 $(2,313)$1,679 $3,850 $(2,083)$1,767 Patents and technology5-152,946 (916)2,031 2,744 (759)1,985 Capitalized software5-101,366 (859)507 1,296 (803)493 Trademarks & other1377 (67)9 70 (58)13 Total$8,380 $(4,155)$4,225 $7,960 $(3,703)$4,257"
    },
    {
      "status": "ADDED",
      "current_title": "December 31, 2025",
      "prior_title": null,
      "severity": {
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        "ai_bump": 0,
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      },
      "current_body": "Future policy benefit reserves Investment contracts Other Total December 31, 2024Future policy benefit reserves$24,675 $8,426 $1,018 $357 $34,476 Investment contracts— 719 — 621 1,340 Other— — 116 277 394 Total$24,675 $9,145 $1,134 $1,254 $36,209"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Liabilities of businesses held for sale",
      "severity": {
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      "prior_body": "DISCONTINUED OPERATIONS primarily comprise our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GE Vernova. On April 2, 2024, we completed the previously announced separation of GE Vernova. The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of all the outstanding shares of GE Vernova to holders of the Company's common stock. In connection with the GE Vernova separation, the historical results of GE Vernova and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. In addition, the Company contributed $515 million of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of separation was $4,242 million. We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova continue to provide certain services to each other for a period of time following the separation, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the nine months (post separation) ended December 31, 2024, we had direct and indirect sales of $248 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $943 million related to the transition services agreement and sales of engines and parts in 2024. GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of the Company's common stock. In connection with the separation, the historical results of GE HealthCare and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. We have continuing involvement with GE HealthCare primarily through a transition services agreement, through which GE Aerospace and GE HealthCare continue to provide certain services to each other for a period of time following the separation, a tax matters agreement and a trademark licensing agreement. For the year ended December 31, 2024, we collected net cash of $230 million related to these activities. As of December 31, 2024, the transition services agreement was completed. Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. As previously reported, a settlement program was adopted and we recorded a charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH was $2,461 million and $2,669 million as of December 31, 2024 and 2023, respectively. In order to maintain appropriate regulatory capital levels, in the quarter ended June 30, 2023, we made the previously reported non-cash capital contributions in the form of intercompany loan forgiveness of $1,797 million; no incremental contributions from GE Aerospace were required in 2024. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 24. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. At December 31, 2024, the total portfolio had no carrying value, net of a valuation allowance. Earnings (loss) related to ongoing borrower litigation included zero, $1,189 million and $720 million in pre-tax charges for the years ended December 31, 2024, 2023 and 2022, respectively. 48 2024 FORM 10-K 48 2024 FORM 10-K 48 2024 FORM 10-K RESULTS OF DISCONTINUED OPERATIONSFor the year ended December 31, 2024 GE VernovaGE HealthCareBank BPH & OtherTotalTotal revenue$7,244 $— $— $7,244 Cost of equipment and services sold(6,074)— — (6,074)Other income, costs and expenses(1,299)21 (41)(1,320)Earnings (loss) of discontinued operations before income taxes(129)21 (41)(150)Benefit (provision) for income taxes27 (5)17 40 Earnings (loss) of discontinued operations, net of taxes(102)16 (24)(110)Gain (loss) on disposal before income taxes— — 21 21 Benefit (provision) for income taxes— — (1)(1)Gain (loss) on disposal, net of taxes— — 19 19 Earnings (loss) from discontinued operations, net of taxes$(102)$16 $(4)$(91)"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "Balance at December 31, 2024",
      "severity": {
        "deterministic": 5,
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      },
      "prior_body": "(a) Goodwill adjustments are primarily related to foreign currency exchange. Also in conjunction with the GE Vernova separation, the composition of our reporting units for evaluation of goodwill impairment has changed. As a result, we allocated goodwill among new and realigned reporting units using a relative fair value approach and performed assessments for the new reporting units. 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 third quarter of 2024, we performed an interim impairment test at our Colibrium Additive reporting unit within our Defense & Propulsion Technologies segment given declines in the additive manufacturing industry due to slower adoption of technology, which incorporated a combination of income and market valuation approaches. The results of the analysis indicated that the carrying value of the reporting unit was in excess of fair value and, therefore, we recorded a non-cash impairment loss of $251 million in Goodwill impairments in our Statement of Earnings (Loss). After the impairment charges there is no remaining goodwill in the reporting unit. Colibrium Additive is a critical business for current and future technology at GE Aerospace as we continue to focus on where it can create the most value. In the fourth quarter of 2024, we performed our annual impairment test. Based on the results of this test, the fair values of each of our reporting units exceeded their carrying values. 2024 FORM 10-K 53 2024 FORM 10-K 53 2024 FORM 10-K 53 20242023INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31Useful lives (in years)Gross carryingamountAccumulatedamortizationNetGross carryingamountAccumulatedamortizationNetCustomer-related(a)3-15$3,850 $(2,083)$1,767 $3,845 $(1,898)$1,947 Patents and technology5-152,744 (759)1,985 3,000 (814)2,186 Capitalized software51,296 (803)493 1,287 (796)491 Trademarks & other1370 (58)13 73 (55)18 Total$7,960 $(3,703)$4,257 $8,205 $(3,563)$4,642"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "December 31, 2024",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "prior_body": "Future policy benefit reserves Investment contracts Other Total December 31, 2023Future policy benefit reserves$26,832 $9,357 $1,117 $382 $37,689 Investment contracts— 793 — 694 1,487 Other— — 116 285 400 Total$26,832 $10,150 $1,233 $1,361 $39,576"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "NOTE 14. SALES DISCOUNTS AND ALLOWANCES & ALL OTHER LIABILITIES.",
      "severity": {
        "deterministic": 6,
        "ai_bump": 0,
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      "prior_body": "Sales discounts and allowances decreased $266 million in the year ended December 31, 2024, primarily due to higher payments from an increase in aircraft deliveries, partially offset by higher spare part shipments in Commercial Engines & Services. All other current liabilities and All other liabilities primarily includes employee compensation and benefits, equipment project and commercial liabilities, income taxes payable and uncertain tax positions, environmental, health and safety remediations, operating lease liabilities (see Note 6) and product warranties (see Note 24). All other current liabilities increased $60 million in the year ended December 31, 2024, primarily due to an increase in dividends payable of $211 million, an increase in other sundry liabilities at Commercial Engines and Services of $136 million, and an increase in equipment projects and other commercial liabilities of $99 million, partially offset by a decrease in employee compensation and benefits of $355 million. All other liabilities increased $620 million in the year ended December 31, 2024, primarily due to increases in uncertain and other income taxes and related liabilities of $494 million, Environmental, health and safety liabilities of $146 million and indemnity liabilities of $146 million, primarily related to GE Vernova, partially offset by a decrease in operating lease liabilities of $109 million. NOTE 15. INCOME TAXES. GE Aerospace files a consolidated U.S. federal income tax return which enables the company to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made within the company for tax increases or reductions. . GE Aerospace files a consolidated U.S. federal income tax return which enables the company to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made within the company for tax increases or reductions . Our businesses are subject to a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. On August 16, 2022, the U.S. enacted the Inflation Reduction Act that includes a new corporate alternative minimum tax based upon financial statement income (book minimum tax), and an excise tax on stock buybacks, among other provisions. The new book minimum tax is expected to slow but not eliminate the favorable tax impact of our deferred tax assets, resulting in higher cash tax in some years that would generate future tax credits. The impact of the book minimum tax will depend on our facts in each year and final guidance from the U.S. Department of the Treasury. The OECD (Organisation for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. In addition, in January 2025, the United States issued an executive order announcing opposition to aspects of these rules. Accordingly, we are still evaluating the potential consequences of Pillar 2 on our longer-term financial position. During 2024, we have incurred insignificant tax expenses in connection with Pillar 2. EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202420232022U.S. earnings (loss)$4,809 $7,195 $(249)Non-U.S. earnings (loss)2,811 3,246 1,771 Total$7,620 $10,441 $1,522 2024 FORM 10-K 63 2024 FORM 10-K 63 2024 FORM 10-K 63 PROVISION (BENEFIT) FOR INCOME TAXES202420232022CurrentU.S. Federal$310 $(588)$(117)Non-U.S.423 314 307 U.S. State48 134 (48)DeferredU.S. Federal250 622 (382)Non-U.S.59 453 493 U.S. State(128)59 (84)Total$962 $994 $169 Income taxes paid were $852 million, $994 million and $1,128 million for the years ended December 31, 2024, 2023 and 2022, respectively, including payments reported in discontinued operations. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO ACTUAL INCOME TAX RATE202420232022AmountRateAmountRateAmountRateU.S. federal statutory income tax rate$1,600 21.0 %$2,193 21.0 %$320 21.0 %State Taxes, net of federal benefit123 1.6 152 1.5 (114)(7.5)Tax on global activities including exports(a)(92)(1.2)78 0.7 (29)(1.9)U.S. business credits(b)(242)(3.2)(254)(2.4)(198)(13.0)Retained and sold ownership interests(110)(1.4)(1,215)(11.6)2 0.1 All other – net(c)(317)(4.2)40 0.3 188 12.4 (638)(8.4)(1,199)(11.5)(151)(9.9)Actual income tax rate$962 12.6 %$994 9.5 %$169 11.1 % (a)For the years ended December 31, 2024, 2023 and 2022, respectively, the tax expense (benefit) related to the negotiated tax rate in Singapore was $(136) million, $(136) million and $(112) million, and the tax expense (benefit) related to cross-border tax payments and U.S. tax on non-U.S. subsidiaries was $88 million, $121 million and $15 million. (b)Primarily the credit for energy produced from renewable sources from tax equity investments and the credit for research performed in the U.S. (c)For the years ended December 31, 2024, 2023 and 2022, respectively, included $(246) million, $35 million and $127 million for separation income tax costs (benefits) of which zero, $38 million and $66 million was due to the repatriation of previously reinvested earnings. UNRECOGNIZED TAX POSITIONS. Annually, we file over 1,700 income tax returns in over 260 global taxing jurisdictions. As a multinational with operations around the world, we are under examination in many taxing jurisdictions and in some cases engaged in litigation, including our legacy businesses. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2020. A summary and reconciliation of our unrecognized tax benefits are as follows: UNRECOGNIZED TAX BENEFITS December 31202420232022Unrecognized tax benefits$2,824 $3,399 $3,951 Portion that, if recognized, would reduce tax expense and effective tax rate(a)2,110 2,708 3,072 Accrued interest on unrecognized tax benefits609 635 614 Accrued penalties on unrecognized tax benefits14 111 111 Reasonably possible reduction to the balance of unrecognized tax benefitsin succeeding 12 months0-3000-6100-650Portion that, if recognized, would reduce tax expense and effective tax rate(a)0-2700-5500-600"
    },
    {
      "status": "REMOVED",
      "current_title": null,
      "prior_title": "NOTE 27. QUARTERLY INFORMATION (UNAUDITED)",
      "severity": {
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      "prior_body": "First quarterSecond quarterThird quarterFourth quarter(Per-share amounts in dollars)20242023202420232024202320242023Total revenue$8,955 $7,836 $9,094 $8,755 $9,842 $9,302 $10,812 $9,456 Sales of equipment and services8,076 7,044 8,223 7,907 8,943 8,461 9,879 8,547 Cost of equipment and services sold5,747 4,998 5,574 5,693 6,226 5,992 6,761 6,256 Earnings (loss) from continuing operations1,744 6,709 1,322 1,256 1,695 307 1,897 1,176 Earnings (loss) from discontinued operations(178)772 (54)(1,218)147 31 (6)413 Net earnings (loss)1,565 7,481 1,268 37 1,842 338 1,891 1,588 Less net earnings (loss) attributable to noncontrolling interests27 (27)2 4 (10)(14)(8)— Net earnings (loss) attributable to the Company$1,539 $7,508 $1,266 $33 $1,852 $352 $1,899 $1,589 Per-share amounts – earnings (loss) from continuing operationsDiluted earnings (loss) per share$1.58 $5.98 $1.20 $1.09 $1.56 $0.20 $1.75 $1.08 Basic earnings (loss) per share1.59 6.02 1.21 1.10 1.57 0.20 1.77 1.09 Per-share amounts – earnings (loss) from discontinued operationsDiluted earnings (loss) per share(0.18)0.73 (0.05)(1.11)0.13 0.04 (0.01)0.37 Basic earnings (loss) per share(0.18)0.74 (0.05)(1.12)0.14 0.04 (0.01)0.37 Per-share amounts – net earnings (loss)Diluted earnings (loss) per share1.40 6.71 1.15 (0.02)1.70 0.24 1.75 1.44 Basic earnings (loss) per share1.41 6.76 1.16 (0.02)1.71 0.24 1.76 1.46 Dividends declared(a)— 0.08 0.56 0.08 0.28 0.08 0.28 0.08 Less net earnings (loss) attributable to noncontrolling interests Per-share amounts – earnings (loss) from continuing operations Per-share amounts – earnings (loss) from discontinued operations (a) Following the separation of GE Vernova, the Board of Directors declared a dividend of $0.28 per share in April 2024, which reflects our dividend as a standalone company, that was paid in April 2024. In June 2024, the Board of Directors declared a dividend of $0.28 per share that was paid in July 2024. Earnings-per-share amounts are computed independently each quarter for earnings (loss) from continuing operations, earnings (loss) from discontinued operations and net earnings (loss). As a result, the sum of each quarter’s per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings (loss) for the respective quarters."
    },
    {
      "status": "MODIFIED",
      "current_title": "COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31",
      "prior_title": "COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 31",
      "severity": {
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      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"loss carryforwards of $1,439 million and $1,362 million as of December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"state losses and credit carryforwards of $479 million and $490 million as of December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"state loss and credit carryforwards of $1,420 million and $1,364 million as of December 31, 2025 and 2024, respectively, related primarily to excess U.S.\"",
        "Reworded sentence: \"DEFERRED TAX ASSETS VALUATION ALLOWANCEBalance at December 31, 2022$(5,164)Additions charged to income tax expense— Reductions credited to income tax expense102 Other adjustments(a)1,646 Balance at December 31, 2023$(3,416)Additions charged to income tax expense(2)Reductions credited to income tax expense184 Other adjustments18 Balance at December 31, 2024$(3,216)Additions charged to income tax expense(2)Reductions credited to income tax expense71 Other adjustments(191)Balance at December 31, 2025$(3,338)\""
      ],
      "current_body": "Intangibles Depreciation (a)Included valuation allowances for non-U.S. loss carryforwards of $1,439 million and $1,362 million as of December 31, 2025 and 2024, respectively. The net deferred tax asset as of December 31, 2025 of $694 million relates to net operating losses that may be carried forward indefinitely. (b) Included valuation allowances for U.S. state losses and credit carryforwards of $479 million and $490 million as of December 31, 2025 and 2024, respectively. Of the $95 million of net deferred tax assets for U.S. state losses and credit carryforwards as of December 31, 2025, $12 million relates to state attributes that expire in various year ending from December 31, 2026 through December 31, 2028, $78 million relates to state attributes that expire various years ending from December 31, 2029 through December 31, 2045, and $5 million relates to state attributes that may be carried forward indefinitely. (c) Included valuation allowances related to assets other than non-U.S. loss carryforwards and U.S. state loss and credit carryforwards of $1,420 million and $1,364 million as of December 31, 2025 and 2024, respectively, related primarily to excess U.S. federal capital loss and foreign tax credit carryforwards. DEFERRED TAX ASSETS VALUATION ALLOWANCEBalance at December 31, 2022$(5,164)Additions charged to income tax expense— Reductions credited to income tax expense102 Other adjustments(a)1,646 Balance at December 31, 2023$(3,416)Additions charged to income tax expense(2)Reductions credited to income tax expense184 Other adjustments18 Balance at December 31, 2024$(3,216)Additions charged to income tax expense(2)Reductions credited to income tax expense71 Other adjustments(191)Balance at December 31, 2025$(3,338)",
      "prior_body": "Intangibles Depreciation (a)Included valuation allowances for non-U.S. loss carryforwards of $1,362 million and $1,465 million as of December 31, 2024 and 2023, respectively. The net deferred tax asset as of December 31, 2024 of $529 million relates to net operating losses that may be carried forward indefinitely. (b) Included valuation allowances for U.S. state losses and credit carryforwards of $490 million and $639 million as of December 31, 2024 and 2023, respectively. Of the $142 million of net deferred tax assets for U.S. state losses and credit carryforwards as of December 31, 2024, $33 million relates to state attributes that expire in various year ending from December 31, 2025 through December 31, 2027, $104 million relates to state attributes that expire various years ending from December 31, 2028 through December 31, 2044, and $5 million relates to state attributes that may be carried forward indefinitely. (c) Included valuation allowances related to assets other than non-U.S. loss carryforwards and U.S. state loss and credit carryforwards of $1,364 million and $1,312 million as of December 31, 2024 and 2023, respectively, related primarily to excess U.S. federal capital loss and foreign tax credit carryforwards. 2024 FORM 10-K 65 2024 FORM 10-K 65 2024 FORM 10-K 65 DEFERRED TAX ASSETS VALUATION ALLOWANCEBalance at December 31, 2021$(3,348)Additions charged to income tax expense(10)Reductions credited to income tax expense— Other adjustments(a)(1,806)Balance at December 31, 2022$(5,164)Additions charged to income tax expense— Reductions credited to income tax expense102 Other adjustments(b)1,646 Balance at December 31, 2023$(3,416)Additions charged to income tax expense(2)Reductions credited to income tax expense184 Other adjustments18 Balance at December 31, 2024$(3,216)"
    },
    {
      "status": "MODIFIED",
      "current_title": "(Dividends per share in dollars)",
      "prior_title": "(Dividends per share in dollars)",
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      "key_changes": [
        "Reworded sentence: \"AOCI before reclasses – net of taxes of $(157), $5 and $74 Reclasses from AOCI – net of taxes of $—, $103 and $(626)(a) AOCI before reclasses – net of taxes of $(117), $22 and $(497) Reclasses from AOCI – net of taxes of $(137), $(269) and $(778)(a) AOCI before reclasses – net of taxes of $192 , $(271) and $248 Reclasses from AOCI – net of taxes of $7, $4 and $(7) AOCI before reclasses – net of taxes of $(202), $607 and $(630)\""
      ],
      "current_body": "AOCI before reclasses – net of taxes of $(157), $5 and $74 Reclasses from AOCI – net of taxes of $—, $103 and $(626)(a) AOCI before reclasses – net of taxes of $(117), $22 and $(497) Reclasses from AOCI – net of taxes of $(137), $(269) and $(778)(a) AOCI before reclasses – net of taxes of $192 , $(271) and $248 Reclasses from AOCI – net of taxes of $7, $4 and $(7) AOCI before reclasses – net of taxes of $(202), $607 and $(630)",
      "prior_body": "AOCI before reclasses – net of taxes of $5, $74 and $144 Reclasses from AOCI – net of taxes of $103, $(626) and $—(a) AOCI before reclasses – net of taxes of $22, $(497) and $597 Reclasses from AOCI – net of taxes of $(269), $(778), and $216(a) AOCI before reclasses – net of taxes of $(271), $248 and $(1,861) Reclasses from AOCI – net of taxes of $4, $(7) and $(20) AOCI before reclasses – net of taxes of $607, $(630) and $2,160"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 20. RESTRUCTURING CHARGES AND SEPARATION COSTS",
      "prior_title": "NOTE 20. RESTRUCTURING CHARGES AND SEPARATION COSTS",
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        "tier": "low",
        "signal_hits": [
          "workforce"
        ]
      },
      "similarity_score": 0.893,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"RESTRUCTURING AND OTHER CHARGES202520242023Workforce reductions$(33)$107 $166 Plant closures & associated costs and other asset write-downs(51)74 84 Acquisition/disposition net charges and other— 366 10 $(84)$546 $260 Cost of equipment/services$6 $27 $10 Selling, general and administrative expenses(90)519 250 Total restructuring and other charges(a)$(84)$546 $260 Restructuring and other cash expenditures(b)$69 $507 $204 Acquisition/disposition net charges and other (a) For the year ended December 31, 2024, restructuring and other charges included cost of $363 million for the settlement of the Sjunde AP-Fonden shareholder lawsuit and also included income of $81 million as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova.\"",
        "Reworded sentence: \"Post-separation, we 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 and transaction costs to transition to a stand-alone public company.\"",
        "Reworded sentence: \"Additionally, we incurred $286 million pre-tax separation costs, recognized $86 million of net tax benefit and spent $239 million in cash, respectively, related to GE Vernova.\"",
        "Reworded sentence: \"(c)Included investment securities in our run-off insurance operations of $37,842 million and $37,352 million as of December 31, 2025 and 2024, respectively, which are Level 2 and 3.\"",
        "Reworded sentence: \"Balance atJanuary 1Net realized/unrealized gains(losses)(a)Purchases(b)Sales & Settlements(c)TransfersintoLevel 3Transfersout ofLevel 3(d)Balance atDecember 312025Investment securities$5,074 $27 $2,155 $(2,753)$13 $(1,293)$3,222 2024Investment securities$6,841 $20 $1,505 $(768)$12 $(2,536)$5,074\""
      ],
      "current_body": "RESTRUCTURING AND OTHER CHARGES. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. Separately, in our reported segment results, significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate & Other. This table is inclusive of all restructuring charges in our segments and at Corporate & Other. Separately, in our reported segment results, significant, higher-cost restructuring programs, primarily related to the separations, are excluded from measurement of segment operating performance for internal and external purposes; those excluded amounts are reported in Restructuring and other charges for Corporate & Other. RESTRUCTURING AND OTHER CHARGES202520242023Workforce reductions$(33)$107 $166 Plant closures & associated costs and other asset write-downs(51)74 84 Acquisition/disposition net charges and other— 366 10 $(84)$546 $260 Cost of equipment/services$6 $27 $10 Selling, general and administrative expenses(90)519 250 Total restructuring and other charges(a)$(84)$546 $260 Restructuring and other cash expenditures(b)$69 $507 $204 Acquisition/disposition net charges and other (a) For the year ended December 31, 2024, restructuring and other charges included cost of $363 million for the settlement of the Sjunde AP-Fonden shareholder lawsuit and also included income of $81 million as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova. (b) Restructuring and other cash expenditures were primarily related to employee severance payments. Additionally, included $363 million for the final settlement payment for the Sjunde AP-Fonden shareholder lawsuit for the year ended December 31, 2024. See Note 24 for further information. The restructuring liability as of December 31, 2025, 2024 and 2023 was $91 million, $242 million and $311 million, respectively. For the years ended December 31, 2025, 2024 and 2023, 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. During the fourth quarter of 2025, we substantially completed this separation-related restructuring activity. Based on the hiring needs and information technology capacity demands of the three public companies, we reduced our reserves by $164 million, which is reflected in the table above. 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 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 and transaction costs to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Operations. 66 2025 FORM 10-K 66 2025 FORM 10-K 66 2025 FORM 10-K For the years ended December 31, 2025, 2024 and 2023, we incurred pre-tax separation expense of $202 million, $492 million and $692 million, and paid $245 million, $800 million, and $820 million in cash, respectively. We recognized $129 million, $349 million and $113 million of net tax benefits for the years ended December 31, 2025, 2024 and 2023, respectively, including deferred tax benefits associated with a non-U.S. valuation allowance release and state tax attributes and the tax benefit of losses on separation-related entity restructuring. The pre-tax separation costs specifically identifiable to GE HealthCare and GE Vernova are reflected in discontinued operations. For the year ended December 31, 2025, costs, cash spend and taxes incurred were insignificant for both GE Healthcare and GE Vernova. For the year ended December 31, 2024, we incurred $15 million in pre-tax costs, recognized $3 million of net tax expense and spent $16 million in cash, respectively, related to GE HealthCare. Additionally, we incurred $96 million pre-tax separation costs, recognized $20 million of net tax benefit and spent $199 million in cash, respectively, related to GE Vernova. For the year ended December 31, 2023, we incurred $22 million in pre-tax costs, recognized $5 million of net tax benefit and spent $182 million in cash, respectively, related to GE HealthCare. Additionally, we incurred $286 million pre-tax separation costs, recognized $86 million of net tax benefit and spent $239 million in cash, respectively, related to GE Vernova. NOTE 21. FAIR VALUE MEASUREMENTS. Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations and derivatives. Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations and derivatives. ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASISLevel 1Level 2Level 3(a)Nettingadjustment(b)Net balance(c)December 312025202420252024202520242025202420252024Investment securities$655 $14 $34,911 $33,635 $3,222 $5,074 $— $— $38,788 $38,723 Derivatives— — 247 243 — — (60)(55)187 188 Total assets$655 $14 $35,158 $33,878 $3,222 $5,074 $(60)$(55)$38,975 $38,911 Derivatives$— $— $129 $131 $— $— $(58)$(54)$71 $77 Other(d)— — 400 367 — — — — 400 367 Total liabilities$— $— $530 $498 $— $— $(58)$(54)$472 $444 Derivatives Derivatives Derivatives Derivatives (a)Included $292 million of U.S. corporate debt securities and $2,530 million of Mortgage and asset-backed debt securities as of December 31, 2025. Included $1,627 million of U.S. corporate debt securities, $1,935 million of Mortgage and asset-backed debt securities and the $982 million AerCap note as of December 31, 2024. (b)The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. (c)Included investment securities in our run-off insurance operations of $37,842 million and $37,352 million as of December 31, 2025 and 2024, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (d)Primarily represents the liabilities associated with certain of our deferred 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 & Settlements(c)TransfersintoLevel 3Transfersout ofLevel 3(d)Balance atDecember 312025Investment securities$5,074 $27 $2,155 $(2,753)$13 $(1,293)$3,222 2024Investment securities$6,841 $20 $1,505 $(768)$12 $(2,536)$5,074",
      "prior_body": "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. 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 CHARGES202420232022Workforce reductions$107 $166 $162 Plant closures & associated costs and other asset write-downs74 84 368 Acquisition/disposition net charges and other366 10 — $546 $260 $530 Cost of equipment/services$27 $10 $15 Selling, general and administrative expenses519 250 516 Total restructuring and other charges(a)$546 $260 $530 Restructuring and other cash expenditures(b)$507 $204 $116 Acquisition/disposition net charges and other (a) In the second quarter of 2024, included income of $81 million, as a result of a change in estimate of the post-employment severance benefit reserve in connection with the separation of GE Vernova. (b) Primarily related to the final settlement payment of $363 million for the Sjunde AP-Fonden shareholder lawsuit in the fourth quarter of 2024 and employee severance payments. The restructuring liability as of December 31, 2024, 2023 and 2022 was $242 million, $311 million and $273 million, respectively. Restructuring and other charges for new and 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. Additionally, in 2024, restructuring and other charges included costs of $363 million for the settlement of the Sjunde AP-Fonden shareholder lawsuit. See Note 24 for additional information. 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 and transaction costs to transition to a stand-alone public company. These costs are presented as separation costs in our Statement of Earnings (Loss). For the years ended December 31, 2024, 2023 and 2022, we incurred pre-tax separation expense of $492 million, $692 million and $625 million, and paid $800 million, $820 million and $134 million in cash, respectively. We recognized $349 million, $113 million and $4 million of net tax benefits for the years ended December 31, 2024, 2023 and 2022, respectively, including deferred tax benefits associated with state tax attributes and the tax benefit of losses on separation-related entity restructuring. The pre-tax separation costs specifically identifiable to GE HealthCare and GE Vernova are now reflected in discontinued operations. For the year ended December 31, 2024, we recognized $15 million in pre-tax income, $3 million of net tax expense, and spent $16 million in cash, respectively, related to GE HealthCare. In addition, we recognized pre-tax separation costs of $96 million, recognized $20 million of net tax benefit and spent $199 million in cash, respectively, related to GE Vernova. For the year ended December 31, 2023, we incurred $22 million in pre-tax costs, recognized $5 million of net tax benefit and spent $182 million in cash, respectively, related to GE HealthCare. Related to GE Vernova, we incurred $286 million pre-tax separation costs, recognized $86 million of net tax benefit and spent $239 million in cash for the year ended December 31, 2023. For the year ended December 31, 2022, we incurred $258 million in pre-tax costs, recognized $54 million of net tax benefit and spent $103 million in cash, respectively, related to GE HealthCare. Related to GE Vernova, we incurred $90 million pre-tax separation costs, recognized $19 million of net tax benefit and spent $24 million in cash for the year ended December 31, 2022. NOTE 21. FAIR VALUE MEASUREMENTS Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in AerCap and derivatives. Our assets and liabilities measured at fair value on a recurring basis include debt securities mainly supporting obligations to annuitants and policyholders in our run-off insurance operations, our equity interests in AerCap and derivatives. 2024 FORM 10-K 69 2024 FORM 10-K 69 2024 FORM 10-K 69 ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASISLevel 1Level 2Level 3(a)Nettingadjustment(b)Net balance(c)December 312024202320242023202420232024202320242023Investment securities$14 $4,767 $33,635 $32,098 $5,074 $6,841 $— $— $38,723 $43,706 Derivatives— — 243 270 — — (55)(28)188 243 Total assets$14 $4,767 $33,878 $32,368 $5,074 $6,841 $(55)$(28)$38,911 $43,949 Derivatives$— $— $131 $78 $— $— $(54)$(26)$77 $53 Other(d)— — 367 311 — — — — 367 311 Total liabilities$— $— $498 $389 $— $— $(54)$(26)$444 $364 (a)Included $1,627 million of U.S. corporate debt securities, $1,935 million of Mortgage and asset-backed debt securities, and the $982 million AerCap note at December 31, 2024. Included $3,873 million of U.S. corporate debt securities, $1,491 million of Mortgage and asset-backed debt securities, and the $944 million AerCap note at December 31, 2023. (b)The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts include fair value adjustments related to our own and counterparty non-performance risk. (c)Included investment securities in our run-off insurance operations of $37,352 million and $37,592 million as of December 31, 2024 and 2023, respectively, which are Level 2 and 3. See Notes 3 and 22 for further information on the composition of our investment securities and derivative portfolios. (d)Primarily represents the liabilities associated with certain of our deferred 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"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS",
      "prior_title": "NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": [
          "supplychain"
        ]
      },
      "similarity_score": 0.892,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"December 3120252024Raw materials and work in process$9,354 $7,372 Finished goods1,542 1,459 Deferred inventory costs(a)972 932 Inventories, including deferred inventory costs$11,868 $9,763 Raw materials and work in process (a) Represents deferred labor and overhead costs on time and material service contracts and other costs of products and services for which the criteria for revenue recognition has not yet been met.\""
      ],
      "current_body": "December 3120252024Raw materials and work in process$9,354 $7,372 Finished goods1,542 1,459 Deferred inventory costs(a)972 932 Inventories, including deferred inventory costs$11,868 $9,763 Raw materials and work in process (a) Represents deferred labor and overhead costs on time and material service contracts and other costs of products and services for which the criteria for revenue recognition has not yet been met.",
      "prior_body": "December 3120242023Raw materials and work in process$7,372 $6,531 Finished goods1,459 1,209 Deferred inventory costs(a)932 544 Inventories, including deferred inventory costs$9,763 $8,284 Raw materials and work in process (a) Represents deferred labor and overhead costs on time and material service contracts and other costs of products and services for which the criteria for revenue recognition has not yet been met."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 4. CURRENT AND LONG-TERM RECEIVABLES",
      "prior_title": "NOTE 4. CURRENT AND LONG-TERM RECEIVABLES",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": [
          "supplychain"
        ]
      },
      "similarity_score": 0.876,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"CURRENT RECEIVABLESDecember 3120252024Customer receivables$9,269 $7,385 Revenue sharing and other partner receivables(a)1,322 1,113 Non-income based tax receivables165 128 Supplier advances867 546 Receivables from disposed businesses34 99 Other sundry receivables209 162 Allowance for credit losses(94)(106)Total current receivables$11,773 $9,327 (a) Revenue sharing and other partner receivables are primarily amounts due from revenue sharing partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities.\"",
        "Reworded sentence: \"The Company sold current customer receivables to third parties and subsequently collected $133 million and $494 million in the years ended December 31, 2025 and 2024, respectively, related primarily to our participation in customer-sponsored supply chain finance programs.\""
      ],
      "current_body": "CURRENT RECEIVABLESDecember 3120252024Customer receivables$9,269 $7,385 Revenue sharing and other partner receivables(a)1,322 1,113 Non-income based tax receivables165 128 Supplier advances867 546 Receivables from disposed businesses34 99 Other sundry receivables209 162 Allowance for credit losses(94)(106)Total current receivables$11,773 $9,327 (a) Revenue sharing and other partner receivables are primarily amounts due from revenue sharing partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities. The revenue sharing partners share in program revenue, receive a share of customer progress payments and share costs related to discounts and warranties. Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $133 million and $494 million in the years ended December 31, 2025 and 2024, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in the Commercial Engines & Services segment, the Company has no continuing involvement; fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice value and due date. LONG-TERM RECEIVABLESDecember 3120252024Long-term customer receivables$173 $122 Supplier advances94 50 Sundry receivables105 106 Allowance for credit losses(96)(85)Total long-term receivables $276 $194 Long-term customer receivables",
      "prior_body": "CURRENT RECEIVABLESDecember 3120242023Customer receivables$7,385 $6,397 Revenue sharing and other partner receivables(a)1,113 1,252 Non-income based tax receivables128 129 Supplier advances546 401 Receivables from disposed businesses99 121 Other sundry receivables162 534 Allowance for credit losses(106)(132)Total current receivables$9,327 $8,703 (a) Revenue sharing and other partner receivables are primarily amounts due from revenue sharing partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities. The revenue sharing partners share in program revenue, receive a share of customer progress payments and share costs related to discounts and warranties. Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer receivables to third parties and subsequently collected $494 million and $520 million in the years ended December 31, 2024 and 2023, respectively, related primarily to our participation in customer-sponsored supply chain finance programs. Within these programs, primarily in the Commercial Engines & Services business, the Company has no continuing involvement; fees associated with the transferred receivables are covered by the customer and cash is received at the original invoice value and due date. LONG-TERM RECEIVABLESDecember 3120242023Long-term customer receivables$122 $163 Supplier advances50 32 Sundry receivables106 158 Allowance for credit losses(85)(4)Total long-term receivables $194 $349 Long-term customer receivables"
    },
    {
      "status": "MODIFIED",
      "current_title": "AOCI at December 31",
      "prior_title": "AOCI at December 31",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "similarity_score": 0.864,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) The total reclassifications from AOCI included $1,590 million, including currency translation of $2,174 million and benefit plans of $(584) million, net of taxes, in 2024 related to the separation of GE Vernova.\"",
        "Reworded sentence: \"Dividends on GE preferred stock totaled $237 million, including cash dividends of $236 million, for the year ended December 31, 2023.\"",
        "Reworded sentence: \"GE Aerospace common stock shares outstanding were 1,048,766,702 and 1,073,692,183 at December 31, 2025 and December 31, 2024, respectively.\"",
        "Reworded sentence: \"Restricted stock units (RSUs) represent the right to receive, upon vesting and lapse of restrictions, one share of GE Aerospace common stock for each unit granted.\"",
        "Reworded sentence: \"64 2025 FORM 10-K 64 2025 FORM 10-K 64 2025 FORM 10-K WEIGHTED AVERAGE GRANT DATE FAIR VALUE202520242023Stock options$79.55 $65.16 $36.10 RSUs212.45 160.70 89.6 PSUs221.46 150.05 89.44 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 4.1%, 4.6%, and 4.2%, dividend yields of 0.7%, 0.7%, and 0.4%, expected volatility of 36%, 36%, and 36%, expected lives of 6.1 years, 6.1 years, and 6.8 years, and strike prices of $202.16, $160.51, and $88.15 for 2025, 2024 and 2023, respectively.\""
      ],
      "current_body": "(a) The total reclassifications from AOCI included $1,590 million, including currency translation of $2,174 million and benefit plans of $(584) million, net of taxes, in 2024 related to the separation of GE Vernova. In 2023, reclassifications of $195 million, net of taxes, included currency translation of $2,234 million and benefit plans of $(2,030) million related to GE HealthCare. Preferred stock. In September 2023, we redeemed the remaining $5,795 million of outstanding GE preferred stock. Dividends on GE preferred stock totaled $237 million, including cash dividends of $236 million, for the year ended December 31, 2023. Common stock. GE Aerospace's authorized common consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. GE Aerospace common stock shares outstanding were 1,048,766,702 and 1,073,692,183 at December 31, 2025 and December 31, 2024, respectively. We repurchased 30.0, 32.0 and 11.0 million shares for a total of $7,412 million, $5,414 million and $1,135 million for the years ended December 31, 2025, 2024 and 2023, respectively. This included repurchases of 20.1 million shares for $5,181 million in 2025 and 12.5 million shares for $2,170 million in 2024 using accelerated stock repurchases, which were utilized as a mechanism to achieve planned repurchase volumes within a quarter during closed windows. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2022 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE Aerospace’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest and performance share awards are earned, we issue shares from treasury stock. We grant stock options, restricted stock units and performance share units to employees under the 2022 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE Aerospace’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest and performance share awards are earned, we issue shares from treasury stock. Stock options provide employees the opportunity to purchase GE Aerospace shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three years, and expire 10 years from the grant date if not exercised. Restricted stock units (RSUs) represent the right to receive, upon vesting and lapse of restrictions, one share of GE Aerospace common stock for each unit granted. Performance stock units (PSUs) represent the right to receive, upon vesting and achievement of applicable performance or market conditions, shares of GE Aerospace common stock. We value stock options using a Black-Scholes option pricing model, RSUs using market price on grant date, and PSUs and performance shares using market price on grant date and a Monte Carlo simulation as needed based on performance metrics. 64 2025 FORM 10-K 64 2025 FORM 10-K 64 2025 FORM 10-K WEIGHTED AVERAGE GRANT DATE FAIR VALUE202520242023Stock options$79.55 $65.16 $36.10 RSUs212.45 160.70 89.6 PSUs221.46 150.05 89.44 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 4.1%, 4.6%, and 4.2%, dividend yields of 0.7%, 0.7%, and 0.4%, expected volatility of 36%, 36%, and 36%, expected lives of 6.1 years, 6.1 years, and 6.8 years, and strike prices of $202.16, $160.51, and $88.15 for 2025, 2024 and 2023, respectively. STOCK-BASED COMPENSATION ACTIVITYStock optionsRSUsShares (in thousands)Weighted average exercise priceWeighted average contractual term (in years)Intrinsic value (in millions)Shares (in thousands)Weighted average grant date fair valueWeighted average contractual term (in years)Intrinsic value (in millions)Outstanding at January 1, 202510,917 $91.78 3,607 $103.70 Granted569 202.16 380 212.45 Exercised(4,102)104.40 (1,459)67.10 Forfeited(83)172.13 (137)135.42 Expired(37)122.58 N/AN/AOutstanding at December 31, 20257,264 $92.22 3.8$1,568 2,391 $141.49 1.2$736 Exercisable at December 31, 20255,829 $72.33 2.6$1,374 N/AN/AN/AN/AExpected to vest1,265 $172.50 8.6$171 2,194 $139.74 1.2$676 Total outstanding target PSUs at December 31, 2025 were 1,482 thousand shares with a weighted average fair value of $157.45. The intrinsic value and weighted average contractual term of target PSUs outstanding were $456 million and 1.1 years, respectively. 202520242023Compensation expense (after-tax)(a)$325 $286 $192 Cash received from stock options exercised428 1,492 565 Intrinsic value of stock options exercised and RSU/PSU/Performance shares vested853 1,754 561 (a)Unrecognized compensation cost related to unvested equity awards as of December 31, 2025 was $303 million, which will be amortized over a weighted average period of 1.7 years. Income tax benefit recognized in net income on stock-based compensation was $165 million, $152 million and $29 million in 2025, 2024 and 2023, respectively.",
      "prior_body": "(a)Includes reclassifications from AOCI related to the separations of GE Vernova and GE HealthCare. In the second quarter of 2024, reclassifications of $1,590 million, net of taxes, included currency translation of $2,174 million and benefit plans of $(584) million, related to GE Vernova. In the first quarter of 2023, reclassifications of $195 million, net of taxes, included currency translation of $2,234 million and benefit plans of $(2,030) million, related to GE HealthCare. Preferred stock. In September 2023, we redeemed the remaining $5,795 million of outstanding GE preferred stock. We redeemed $144 million of GE preferred stock in the year ended December 31, 2022. Dividends on GE preferred stock totaled $237 million and $289 million, including cash dividends of $236 million and $284 million, for the years ended December 31, 2023 and 2022, respectively. 66 2024 FORM 10-K 66 2024 FORM 10-K 66 2024 FORM 10-K Common stock. GE Aerospace's authorized common consists of 1,650 million shares having a par value of $0.01 each, with 1,462 million shares issued. Common stock shares outstanding were 1,073,692,183 and 1,088,415,995 at December 31, 2024 and December 31, 2023, respectively. We repurchased 32.0, 11.0 and 13.6 million shares for a total of $5,414 million, $1,135 million and $1,000 million for the years ended December 31, 2024, 2023 and 2022, respectively. This included repurchases of 12.5 million shares for $2,170 million using accelerated stock repurchases in 2024, which were utilized as a mechanism to achieve planned repurchase volumes within a quarter during closed windows. The Company's share repurchase program does not obligate it to acquire any specific number of shares. Under this program, shares may be purchased in the open market, in privately negotiated transactions, under accelerated share repurchase programs or under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units and performance share units to employees under the 2022 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE Aerospace’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest and performance share awards are earned, we issue shares from treasury stock. We grant stock options, restricted stock units and performance share units to employees under the 2022 Long-Term Incentive Plan. Grants made under all plans must be approved by the Management Development and Compensation Committee of GE Aerospace’s Board of Directors, which is composed entirely of independent directors. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, restricted stock units vest and performance share awards are earned, we issue shares from treasury stock. Stock options provide employees the opportunity to purchase GE Aerospace shares in the future at the market price of our stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically three years, and expire 10 years from the grant date if not exercised. Restricted stock units (RSU) provide an employee with the right to receive one share of GE Aerospace stock when the restrictions lapse over the vesting period. Upon vesting, each RSU is converted into one share of GE Aerospace common stock for each unit. Performance stock units (PSU) and performance shares provide an employee with the right to receive shares of GE Aerospace stock based upon achievement of certain performance or market metrics. Upon vesting, each PSU earned is converted into shares of GE Aerospace common stock. We value stock options using a Black-Scholes option pricing model, RSUs using market price on grant date, and PSUs and performance shares using market price on grant date and a Monte Carlo simulation as needed based on performance metrics. In connection with the separation of GE Aerospace and GE Vernova, outstanding awards held by participants under the 2007 and 2022 Long-Term Incentive Plans were equitably converted into shares of GE Aerospace or GE Vernova Inc. awards as required, to preserve the intrinsic value of the awards prior to the separation. Adjustments to the stock-based compensation awards resulted in incremental compensation expense of $39 million. WEIGHTED AVERAGE GRANT DATE FAIR VALUE202420232022Stock options$65.16 $36.10 $34.03 RSUs160.70 89.60 87.68 PSUs150.05 89.44 95.40 Key assumptions used in the Black-Scholes valuation for stock options include: risk free rates of 4.6%, 4.2%, and 1.6%, dividend yields of 0.7%, 0.4%, and 0.4%, expected volatility of 36%, 36%, and 37%, expected lives of 6.1 years, 6.8 years, and 6.8 years, and strike prices of $160.51, $88.15, and $92.33 for 2024, 2023 and 2022, respectively. STOCK-BASED COMPENSATION ACTIVITYStock optionsRSUsShares (in thousands)Weighted average exercise priceWeighted average contractual term (in years)Intrinsic value (in millions)Shares (in thousands)Weighted average grant date fair valueWeighted average contractual term (in years)Intrinsic value (in millions)Outstanding at January 1, 202422,573 $122.35 8,103 $76.52 Spin-off adjustment(a)1,941 N/A(2,224)N/AGranted995 160.51 1,503 160.70 Exercised(13,401)111.31 (3,452)67.89 Forfeited(125)98.68 (324)91.53 Expired(1,066)152.97 N/AN/AOutstanding at December 31, 202410,917 $91.78 3.6$819 3,607 $103.70 1.6$602 Exercisable at December 31, 20249,829 $85.52 3.0$799 N/AN/AN/AN/AExpected to vest887 $146.70 9.2$18 3,199 $100.77 1.5$534 (a) The spin-off adjustment represents the net of shares converted into new GE Aerospace awards and shares converted and transferred to GE Vernova Inc. as a result of the April 2, 2024 separation of GE Vernova. Total outstanding target PSUs at December 31, 2024 were 1,104 thousand shares with a weighted average fair value of $129.79. The intrinsic value and weighted average contractual term of target PSUs outstanding were $184 million and 2.1 years, respectively. 2024 FORM 10-K 67 2024 FORM 10-K 67 2024 FORM 10-K 67 202420232022Compensation expense (after-tax)(a)$286 $192 $143 Cash received from stock options exercised1,492 565 62 Intrinsic value of stock options exercised and RSU/PSU/Performance shares vested1,754 561 170 (a)Unrecognized compensation cost related to unvested equity awards as of December 31, 2024 was $365 million, which will be amortized over a weighted average period of 1.2 years. Income tax benefit recognized in earnings on stock-based compensation was $152 million, $29 million and $(3) million in 2024, 2023 and 2022, respectively."
    },
    {
      "status": "MODIFIED",
      "current_title": "Total average equivalent shares",
      "prior_title": "Total average equivalent shares",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.864,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) Included in 2025 and 2023 is a dilutive adjustment for the change in income for forward purchase contracts that may be settled in stock.\"",
        "Reworded sentence: \"For the years ended December 31, 2024 and 2023, application of two-class method treatment had an insignificant effect.\""
      ],
      "current_body": "(a) Included in 2025 and 2023 is a dilutive adjustment for the change in income for forward purchase contracts that may be settled in stock. (b) For the year ended December 31, 2023, included $(58) million related to excise tax on preferred share redemptions. (c) Outstanding stock awards are not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. 2025 FORM 10-K 65 2025 FORM 10-K 65 2025 FORM 10-K 65 Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and historically have been included in the calculation pursuant to the two-class method. For the year ended December 31, 2025, such participating securities had an insignificant effect. Effective the second quarter of 2024, the Company calculates earnings per share using the treasury stock method. For the years ended December 31, 2024 and 2023, application of two-class method treatment had an insignificant effect.",
      "prior_body": "Potentially dilutive securities(b) (a) For the year ended December 31, 2023, included $(58) million related to excise tax on preferred share redemptions. (b) Outstanding stock awards are not included in the computation of diluted earnings (loss) per share because their effect was antidilutive. Our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and historically have been included in the calculation pursuant to the two-class method. For the year ended December 31, 2024, such participating securities had an insignificant effect. Effective the second quarter of 2024, the Company calculates earnings per share using the treasury stock method. For the years ended December 31, 2023 and 2022, application of two-class method treatment had an insignificant effect."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS",
      "prior_title": "NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS, CONTRACT LIABILITIES AND DEFERRED INCOME & PROGRESS COLLECTIONS",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": [
          "tariffs"
        ]
      },
      "similarity_score": 0.847,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $414 million for the year ended December 31, 2025, primarily due to an increase in long-term service agreement liabilities of $1,022 million, partially offset by increases in long-term service agreement assets of $418 million and equipment and other service agreements of $111 million.\"",
        "Reworded sentence: \"The most significant program relates to DPT contracts for the Boeing 777X aircraft, which will be amortized once entered into service.\""
      ],
      "current_body": "Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $414 million for the year ended December 31, 2025, primarily due to an increase in long-term service agreement liabilities of $1,022 million, partially offset by increases in long-term service agreement assets of $418 million and equipment and other service agreements of $111 million. In aggregate, the net liability for long-term service agreements increased primarily due to billings of $9,890 million and net unfavorable changes in estimated profitability of $213 million, including an estimated impact from tariffs and quarterly updates to contract margins, primarily in Commercial Engines & Services, partially offset by revenue recognized of $9,513 million. Revenue recognized for contracts included in a liability position at the beginning of the year were $7,778 million and $6,336 million for the years ended December 31, 2025 and 2024, respectively. CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOMEDecember 31, 2025December 31, 2024Long-term service agreements$2,792 $2,374 Equipment and other service agreements719 609 Current contract assets$3,511 $2,982 Nonrecurring engineering costs(a)$2,423 $2,438 Customer advances and other(b)2,497 2,393 Contract and other deferred assets4,920 4,831 Total contract and other deferred assets$8,431 $7,814 Long-term service agreement liabilities$10,016 $8,994 Current deferred income317 359 Contract liabilities and current deferred income$10,333 $9,353 Non-current deferred income1,065 1,013 Total contract liabilities and deferred income$11,398 $10,366 Contract assets (liabilities) and other deferred assets (income)$(2,966)$(2,552) Long-term service agreements Current contract assets Nonrecurring engineering costs(a) Customer advances and other(b) Long-term service agreement liabilities (a) Includes contract fulfillment costs for engineering and development incurred prior to production for equipment production contracts, primarily within our Defense & Propulsion Technologies (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. The most significant program relates to DPT contracts for the Boeing 777X aircraft, which will be amortized once entered into service. (b) Includes amounts due from customers within our Commercial Engines & Services 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 $966 million in the year ended December 31, 2025, primarily due to collections received in excess of liquidations at Defense & Propulsion Technologies and Commercial Engines & Services. 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, prepaid taxes and other deferred charges and indemnity assets. All other non-current assets increased $1,367 million in the year ended December 31, 2025, due to an increase in equity method and other investments of $695 million, an increase in Insurance cash and cash equivalents of $330 million and an increase in Insurance receivables of $152 million. Insurance cash and cash equivalents were $1,264 million and $934 million at December 31, 2025 and December 31, 2024, respectively. 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, prepaid taxes and other deferred charges and indemnity assets. All other non-current assets increased $1,367 million in the year ended December 31, 2025, due to an increase in equity method and other investments of $695 million, an increase in Insurance cash and cash equivalents of $330 million and an increase in Insurance receivables of $152 million. Insurance cash and cash equivalents were $1,264 million and $934 million at December 31, 2025 and December 31, 2024, respectively. 2025 FORM 10-K 51 2025 FORM 10-K 51 2025 FORM 10-K 51",
      "prior_body": "Contract assets (liabilities) and other deferred assets (income), on a net basis, increased the net liability position by $915 million for the year ended December 31, 2024, primarily due to an increase in long-term service agreements liabilities of $1,092 million, partially offset by an increase in equipment and other service agreements of $111 million. In aggregate, the net liability for long-term service agreements increased primarily due to billings of $8,594 million and net unfavorable changes in estimated profitability of $56 million, primarily in Commercial Engines & Services, partially offset by revenue recognized of $7,668 million. Revenue recognized for contracts included in a liability position at the beginning of the year were $6,336 million and $5,717 million for the years ended December 31, 2024 and 2023, respectively. CONTRACT ASSETS, LIABILITIES AND OTHER DEFERRED ASSETS AND INCOMEDecember 31, 2024December 31, 2023Long-term service agreements$2,374 $2,377 Equipment and other service agreements609 498 Current contract assets$2,982 $2,875 Nonrecurring engineering costs(a)$2,438 $2,444 Customer advances and other(b)2,393 2,342 Contract and other deferred assets4,831 4,785 Total contract and other deferred assets$7,814 $7,660 Long-term service agreement liabilities$8,994 $7,902 Current deferred income359 420 Contract liabilities and current deferred income$9,353 $8,322 Non-current deferred income1,013 975 Total contract liabilities and deferred income$10,366 $9,297 Contract assets (liabilities) and other deferred assets (income)$(2,552)$(1,637) Long-term service agreements Current contract assets Nonrecurring engineering costs(a) Customer advances and other(b) Long-term service agreement liabilities (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 54 2024 FORM 10-K 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. 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."
    },
    {
      "status": "MODIFIED",
      "current_title": "Total equity balance at December 31",
      "prior_title": "Total equity balance at December 31",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.844,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) Included a decrease of $5,795 million, substantially all in Other capital related to our redemption of GE preferred stock in the year ended December 31, 2023.\"",
        "Reworded sentence: \"Included an $11,375 million decrease in Retained earnings reflecting a distribution of all the shares of GE Vernova on April 2, 2024.\"",
        "Reworded sentence: \"2025 FORM 10-K 39 2025 FORM 10-K 39 2025 FORM 10-K 39\""
      ],
      "current_body": "(a) Included a decrease of $5,795 million, substantially all in Other capital related to our redemption of GE preferred stock in the year ended December 31, 2023. (b) Included a $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. Included an $11,375 million decrease in Retained earnings reflecting a distribution of all the shares of GE Vernova on April 2, 2024. (c) Included a reclassification of $1,007 million of noncontrolling interests attributable to GE Vernova to Retained earnings as a result of the separation on April 2, 2024. 2025 FORM 10-K 39 2025 FORM 10-K 39 2025 FORM 10-K 39",
      "prior_body": "(a) Included decreases of $5,795 million and $144 million, substantially all in Other capital related to our redemption of GE preferred stock in the years ended December 31, 2023 and 2022, respectively. (b) Included a $5,300 million decrease in Retained earnings reflecting a pro-rata distribution of approximately 80.1% of the shares of GE HealthCare on January 3, 2023. Included a $11,375 million decrease in Retained earnings reflecting a distribution of all the shares of GE Vernova on April 2, 2024. (c) Included a reclassification of $1,007 million of noncontrolling interests attributable to GE Vernova to Retained earnings as a result of the separation on April 2, 2024. 2024 FORM 10-K 41 2024 FORM 10-K 41 2024 FORM 10-K 41"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 13. POSTRETIREMENT BENEFIT PLANS",
      "prior_title": "NOTE 13. POSTRETIREMENT BENEFIT PLANS",
      "severity": {
        "deterministic": 5,
        "ai_bump": 0,
        "total": 5,
        "tier": "medium",
        "signal_hits": [
          "rates"
        ]
      },
      "similarity_score": 0.833,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"54 2025 FORM 10-K 54 2025 FORM 10-K 54 2025 FORM 10-K DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Aerospace Pension PlanCovers U.S.\"",
        "Reworded sentence: \"Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.Other Pension Plans(a)6 U.S.\"",
        "Reworded sentence: \"GE Aerospace participants: ~40,000 retirees and dependents and ~10,000 active employeesWe fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion.Participants share in the cost of the healthcare benefits.\"",
        "Reworded sentence: \"No contributions were required or made for the GE Aerospace Pension Plan during 2025 and based on our current assumptions, we do not anticipate having to make additional required contributions in the near future.\"",
        "Reworded sentence: \"In 2026, we expect to make payments of approximately $220 million for our GE Aerospace Supplementary Pension Plan benefits and remaining principal pension plans administrative costs.\""
      ],
      "current_body": "PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Smaller pension plans with pension assets or obligations that have not reached $50 million and other retiree benefit plans are not presented. Effective January 1, 2023, certain postretirement benefit plans and liabilities were legally split or allocated between GE HealthCare, GE Vernova and GE Aerospace. In connection with the separations, net liabilities associated with GE's postretirement benefit plans, including a portion of the principal pension plans, other pension plans and the principal retiree benefit plans, were transferred to GE HealthCare and GE Vernova and are now reported in discontinued operations. See Note 2 for more information regarding the separations. The amounts that remain with GE Aerospace following the separations are shown as continuing operations in the aggregate rather than for each remaining split plan. Assumptions used in calculations, estimates of future benefit payments and funding, and other forward looking statements are for continuing operations unless otherwise noted. 54 2025 FORM 10-K 54 2025 FORM 10-K 54 2025 FORM 10-K DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Aerospace Pension PlanCovers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~33,000 vested former employees and ~9,000 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level.Closed to new participants since 2012. Benefits for employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced October 2019). GE Aerospace Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesUnfunded. We pay benefits on a pay-as-you-go basis from company cash.The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.Other Pension Plans(a)6 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 millionCovers ~11,100 retirees and beneficiaries, ~10,300 vested former employees and ~800 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.Principal Retiree Benefit PlansProvides health and life insurance benefits to certain eligible participantsCovers U.S. GE Aerospace participants: ~40,000 retirees and dependents and ~10,000 active employeesWe fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion.Participants share in the cost of the healthcare benefits. Covers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~33,000 vested former employees and ~9,000 active employees Other Pension Plans(a) 6 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~11,100 retirees and beneficiaries, ~10,300 vested former employees and ~800 active employees Covers U.S. GE Aerospace participants: ~40,000 retirees and dependents and ~10,000 active employees (a) Plans for GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)202520242025202420252024Principal Pension Plans:GE Aerospace Pension Plan (subject to regulatory funding)$21,053 $21,010 $19,216 $19,020 $1,837 $1,990 GE Aerospace Supplementary Pension Plan2,872 2,814 — — 2,872 2,814 23,925 23,824 19,216 19,020 4,709 4,804 Other Pension Plans:Subject to regulatory funding3,027 2,736 3,831 3,592 (804)(856)Not subject to regulatory funding397 404 — — 397 404 Principal retiree benefit plans for GE Aerospace (not subject to regulatory funding)1,135 1,202 5 6 1,130 1,196 Total plans subject to regulatory funding24,080 23,746 23,047 22,612 1,033 1,134 Total plans not subject to regulatory funding4,404 4,420 5 6 4,399 4,414 Total plans 28,484 28,166 23,052 22,618 5,432 5,548 FUNDING. The Employee Retirement Income Security Act (ERISA) determines minimum funding requirements in the U.S. No contributions were required or made for the GE Aerospace Pension Plan during 2025 and based on our current assumptions, we do not anticipate having to make additional required contributions in the near future. For 2025, the GE Aerospace Pension Plan U.S. GAAP funded status is 91%. In 2026, we expect to make payments of approximately $220 million for our GE Aerospace Supplementary Pension Plan benefits and remaining principal pension plans administrative costs. We also expect to contribute approximately $40 million to other pension plans in 2026. We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. We expect to contribute approximately $115 million to fund such benefits in 2026. 2025 FORM 10-K 55 2025 FORM 10-K 55 2025 FORM 10-K 55 COST OF OUR BENEFITS PLANS AND ASSUMPTIONS202520242023Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income)Service cost - operating$59 $2 $13 $71 $22 $13 $94 $37 $17 Interest cost1,301 173 62 1,401 227 71 1,892 422 111 Expected return on plan assets(1,500)(207)— (1,751)(310)— (2,376)(587)— Amortization of net loss (gain)(506)30 (60)(468)41 (82)(723)20 (124)Amortization of prior service cost (credit)(9)— (81)6 (1)(103)5 (4)(148)Curtailment / settlement loss (gain)— — — — — (6)— Non-operating$(714)$(4)$(79)$(812)$(43)$(114)$(1,202)$(155)$(161)Net periodic expense (income)$(655)$(2)$(66)$(741)$(21)$(101)$(1,108)$(118)$(144)Less: discontinued operations— — — (88)(12)(15)(377)(78)(57)Continuing operations - net periodic expense (income)$(655)$(2)$(66)$(653)$(9)$(86)$(731)$(40)$(87)Weighted-average benefit obligations assumptionsDiscount rate5.38 %5.44 %5.10 %5.67 %5.48 %5.51 %5.18 %3.93 %5.09 %Compensation increases4.50 2.96 4.03 6.00 3.10 6.00 3.86 2.24 3.25 Initial healthcare trend rate(a)N/AN/A7.40 N/AN/A7.00 N/AN/A6.50 Weighted-average benefit cost assumptionsDiscount rate5.67 5.48 5.51 5.18 3.93 5.09 5.53 4.59 5.43 Expected rate of return on plan assets7.00 5.76 — 7.00 5.34 — 7.00 5.66 — (a) Current forecast is 7.4%, but is estimated to decline to 5% for 2034 and thereafter. Net periodic benefit income from continuing operations in 2026 is estimated to be approximately $655 million, which is a decrease of approximately $70 million as compared to 2025. The decrease is primarily due to investment performance offset by the impact of discount rates. The components of net periodic benefit costs, other than the service cost component, are included in Non-operating benefit cost (income) in our Statement of Operations. 56 2025 FORM 10-K 56 2025 FORM 10-K 56 2025 FORM 10-K PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)20252024Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligationsBalance at January 1$23,824 $3,140 $1,202 $36,217 $10,377 $2,055 Service cost59 2 13 71 22 13 Interest cost1,301 173 62 1,401 227 71 Participant contributions7 — 18 8 4 21 Plan amendments36 135 (5)— — — Actuarial loss (gain) - net (a)472 (4)(12)(1,049)(435)(15)Benefits paid(1,774)(185)(143)(1,957)(305)(192)Dispositions/acquisitions/other - net— (24)— (10,867)(6,548)(751)Exchange rate adjustments— 187 — — (202)— Balance at December 31$23,925 (b)$3,424 $1,135 (c)$23,824 $3,140 $1,202 Change in plan assetsBalance at January 1$19,020 $3,592 $6 $29,744 $10,764 $8 Actual return on plan assets1,751 131 (1)440 (109)— Employer contributions212 41 125 216 60 169 Participant contributions7 — 18 8 4 21 Benefits paid(1,774)(185)(143)(1,957)(305)(192)Dispositions/acquisitions/other - net— 3 — (9,431)(6,611)— Exchange rate adjustments— 249 — — (211)— Balance at December 31$19,216 $3,831 $5 $19,020 $3,592 $6 Funded status - surplus (deficit)$(4,709)$407 $(1,130)$(4,804)$452 $(1,196)Amounts recorded inStatement of Financial PositionContinuing operations:Non-current assets - other$— $822 $— $— $876 $— Current liabilities - other(211)(31)(112)(199)(34)(118)Non-current liabilities - compensation and benefits (4,498)(384)(1,018)(4,605)(390)(1,078)Net amount recorded$(4,709)$407 $(1,130)$(4,804)$452 $(1,196)Amounts recorded in Accumulated other comprehensive loss (income)Prior service cost (credit)$5 $148 $(379)$(40)$9 $(455)Net loss (gain)197 900(510)(530)803 (559)Total recorded in Accumulated other comprehensive loss (income)$202 $1,048 $(889)$(570)$812 $(1,014) (a)Principally due to impact of discount rates. (b)The benefit obligation for the GE Aerospace Supplementary Pension Plan, which is unfunded, was $2,872 million at December 31, 2025. (c)The benefit obligation for retiree health plans for GE Aerospace was $660 million at December 31, 2025. ASSUMPTIONS USED IN CALCULATIONS. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of participants and expectation of mortality improvement. Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense. The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and amortized into net income in subsequent periods. 2025 FORM 10-K 57 2025 FORM 10-K 57 2025 FORM 10-K 57 The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected net income growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given our asset allocation. Based on our analysis, we have assumed a 7.00% long-term expected return on the GE Aerospace Pension Plan assets for cost recognition in 2025 and 2024. The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a fixed subsidy and therefore are not subject to healthcare inflation. We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences between our actual results and what we assumed are recorded in AOCI each period. These differences are amortized into net income over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable. For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year’s gains and losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor amortization method. SENSITIVITIES TO KEY ASSUMPTIONS. Fluctuations in discount rates can significantly impact pension cost and obligations. We would expect that a 25 basis point decrease in discount rate would increase our GE Aerospace principal pension plan cost in the following year by approximately $45 million and would also expect an increase in the GE Aerospace principal pension plan projected benefit obligation at year-end by approximately $570 million. The deficit sensitivity to the discount rate would be lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the asset allocation. A 25 basis point decrease in the expected return on assets would increase GE Aerospace principal pension plan cost in the following year by approximately $50 million. PLAN ASSETS. The fair value of our pension plans' investments are presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. The fair value of our pension plans' investments are presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. Level 1Level 2Level 3Assets measured at NAVTotal2025202420252024202520242025202420252024Asset CategoryGlobal equity$1,200 $1,156 $230 $203 $2,410 $1,912 $3,840 $3,271 Fixed income and cash investment funds952 1,299 1,617 1,448 2,569 2,747 U.S. corporate(a)2,496 3,125 2,496 3,125 Other debt securities(b)2,957 3,152 2,263 1,851 5,220 5,003 Real estate449 541 934 995 1,383 1,536 Private equities and other investments246 312 7,079 6,385 7,325 6,697 Derivatives, net(c)(67)(139)12 20 (55)(119)Cash284 297 Payables(400)(440)Receivables385 495 $2,085 $2,316 $7,312 $7,948 $695 $853 $12,686 $11,143 $23,047 $22,612 (a)Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b)Primarily represented in the Level 2 investments are residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. (c)Derivatives include derivative assets with a fair value of $51 million and $37 million and derivative liabilities with a fair value of $106 million and $156 million as of December 31, 2025 and 2024, respectively. Derivative instruments may include exchange-traded futures contracts, interest rate swaps, options on futures and swaps, currency contracts and credit default swaps. 58 2025 FORM 10-K 58 2025 FORM 10-K 58 2025 FORM 10-K Included in Level 1 are Principal Pension Plans investments with a fair value of $2,061 million and $2,288 million, as well as Other Pension Plan of $24 million and $28 million at December 31, 2025 and 2024, respectively. Included in Level 2 are Principal Pension Plans investments with a fair value of $5,300 million and $6,235 million, as well as Other Pension Plan of $2,012 million and $1,713 million of December 31, 2025 and 2024, respectively. Included in Level 3 are Principal Pension Plans investments with a fair value of $687 million and $844 million, as well as Other Pension Plan of $8 million and $9 million at December 31, 2025 and 2024, respectively. Included in Assets measured at net asset value are Principal Pension Plans investments with a fair value of $11,039 million and $9,435, as well as Other Pension Plan of $1,647 million and $1,708 million at December 31, 2025 and 2024, respectively. Included in cash, payables, and receivables are Principal Pension Plans assets of $129 million and $218 million, as well as Other Pension Plan of $140 million and $134 million at December 31, 2025 and 2024, respectively. Principal retiree benefit assets had a fair value of $5 million and $6 million at December 31, 2025 and 2024, respectively. There were no Level 3 principal retiree benefit plan investments held in 2025 and 2024. ASSET ALLOCATION OF PENSION PLANS2025 Target allocation2025 Actual allocationPrincipal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)Global equities10.0 - 30.0%14 %18 %12 %Debt securities (including cash equivalents)19.0 - 87.565 41 65 Real estate1.0 - 10.06 6 7 Private equities & other investments12.0 - 44.015 35 16 10.0 - 30.0 19.0 - 87.5 1.0 - 10.0 12.0 - 44.0 Plan fiduciaries set investment policies and strategies for the principal pension plans and oversee their investment allocation, which includes selecting investment managers and setting long-term strategic targets. The plan fiduciaries' primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet near-term benefit payment and other cash needs. The plan has incorporated de-risking objectives and liability hedging programs as part of its long-term investment strategy and utilizes a combination of long-dated corporate bonds, treasuries, strips and derivatives to implement its investment strategies as well as for hedging asset and liability risks. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. GE Aerospace securities represented 1.4% and 0.8% of the Principal Pension Plans' assets at December 31, 2025 and 2024, respectively. EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit2026$1,815 $190 $120 20271,820 190 115 20281,825 200 115 20291,825 205 110 20301,820 210 110 2031-20358,825 1,115 465 (a) As of the measurement date of December 31, 2025. DEFINED CONTRIBUTION PLAN. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $264 million, $265 million and $342 million for the years ended December 31, 2025, 2024 and 2023, respectively. Employer contributions for continuing operations were $264 million, $230 million and $213 million for the years ended December 31, 2025, 2024 and 2023, respectively. 2025 FORM 10-K 59 2025 FORM 10-K 59 2025 FORM 10-K 59 COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOMEFor the years ended December 31202520242023(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans$(655)$(2)$(66)$(741)$(21)$(101)$(1,108)$(118)$(144)Changes in other comprehensive loss (income)Prior service cost (credit) - current year36 135 (5)— — — 49 — — Net loss (gain) - current year (a)221 132 (11)262 (52)(15)1,588 721 (5)Reclassifications out of AOCICurtailment/settlement gain (loss)— — — — — — — 6 — Dispositions— — — 185 (761)715 1,989 (792)1,216 Amortization of net gain (loss)506 (30)60 468 (41)82 723 (20)124 Amortization of prior service credit (cost)9 — 81 (6)1 103 (5)4 148 Total changes in other comprehensive loss (income)772 237 125 909 (853)885 4,344 (81)1,483 Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$117 $235 $59 $168 $(874)$784 $3,236 $(199)$1,339 (a) Primarily due to impact of discount rates and investment performance. NOTE 14. SALES DISCOUNTS AND ALLOWANCES & ALL OTHER LIABILITIES. Sales discounts and allowances increased by $562 million in the year ended December 31, 2025, primarily due to accruals on product reserves and spare part discounts outpacing payments to airline customers in Commercial Engines & Services. Sales discounts and allowances increased by $562 million in the year ended December 31, 2025, primarily due to accruals on product reserves and spare part discounts outpacing payments to airline customers in Commercial Engines & Services. All other current liabilities and All other liabilities primarily includes employee compensation and benefits, equipment project and commercial liabilities, uncertain and other income taxes and related liabilities, environmental, health and safety remediations and operating lease liabilities (see Note 6). All other current liabilities increased by $265 million in the year ended December 31, 2025, primarily related to an increase in employee compensation and benefits of $331 million. All other liabilities increased $901 million in the year ended December 31, 2025, primarily due to an increase in uncertain and other income taxes and related liabilities of $696 million, an increase in equipment projects and other commercial liabilities of $120 million and an increase in environmental, health and safety liabilities of $101 million. NOTE 15. INCOME TAXES. GE Aerospace files a consolidated U.S. federal income tax return which enables the company to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made within the company for tax increases or reductions. . GE Aerospace files a consolidated U.S. federal income tax return which enables the company to use tax deductions and credits of one member of the group to reduce the tax that otherwise would have been payable by another member of the group. The effective tax rate reflects the benefit of these tax reductions in the consolidated return. Cash payments are made within the company for tax increases or reductions . Our businesses are subject to a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. On July 4, 2025, the reconciliation bill, commonly referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law in the U.S., which includes a broad range of tax reform provisions. Beginning in 2025, the OBBBA provides an elective deduction for domestic research and development expenses, a reinstatement of elective 100% first-year bonus depreciation and repeal of non-U.S. corporations' fiscal year end. Some impacts of the OBBBA will not be realized until 2026 and forward, such as a more favorable tax rate on Foreign-Derived Deduction Eligible Income and income from non-U.S. subsidiaries (Net CFC Tested Income). In 2025, we incurred $131 million of tax expense in connection with OBBBA. Due to the nature of the tax law changes, the company has not realized an impact in the Statement of Operations related to deferred taxes. We will continue to monitor the impact of the OBBBA and the range of potential outcomes, which will depend on our facts in each year and anticipated guidance from the U.S. Department of the Treasury. As members of the OECD (Organisation for Economic Co-operation and Development) over 140 countries have agreed in principle to a global minimum tax of 15% of reported profits (Pillar 2). The OECD have published model rules on Pillar 2. Many countries have now incorporated Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. In January 2025, the U.S. issued an executive order announcing opposition to aspects of these rules. In June 2025, the G7 countries agreed that U.S. Multi-National Entities (MNEs) should be excluded from certain aspects of the Pillar 2 global minimum tax rules (the G7 Statement) in exchange for the U.S. not imposing retaliatory taxes. On January 5, 2026, the OECD/G20 announced the Side-by-Side (SbS) package, implemented as administrative guidance and modifying the operation of Pillar 2 rules. The package introduces simplifications and new safe harbors for U.S. and other multinational companies where domestic and international tax systems meet robust requirements to coexist with Pillar 2 which would fully exempt U.S.-parented groups from the application of two of the three Pillar 2 top up taxes. The SbS package also extends the current Transitional Country-by-Country Reporting (CbCR) Safe Harbor by one year, through the end of fiscal year of 2027. We continue to refine the effective tax rate and cash tax impact for Pillar 2 in light of legislative changes in multiple countries. During 2025, we have incurred $129 million of tax expenses in connection with the incorporation of the Pillar 2 model rules, which we have considered as part of the effective tax rate. 60 2025 FORM 10-K 60 2025 FORM 10-K 60 2025 FORM 10-K INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES202520242023U.S. income (loss)$6,659 $4,809 $7,195 Non-U.S. income (loss)3,341 2,811 3,246 Total$10,000 $7,620 $10,441 INCOME TAX PAYMENTS2025U.S. Federal(a)$150 U.S. State(a)7 Non-U.S: Singapore178 United Kingdom78 Ireland60 Hungary52 Italy46 India36 Other Non-U.S.132Total income taxes paid (received), continuing operations$739 (a) Includes the benefit of the OBBBA. For the year ended December 31, 2025, income taxes paid (received) in discontinued operations was $(154) million. Income taxes paid were $852 million and $994 million for the years ended December 31, 2024 and 2023, respectively, including payments reported in discontinued operations. PROVISION (BENEFIT) FOR INCOME TAXES202520242023CurrentU.S. Federal$671 $310 $(588)Non-U.S.709 423 314 U.S. State(72)48 134 DeferredU.S. Federal(35)250 622 Non-U.S.32 59 453 U.S. State100 (128)59 Total$1,405 $962 $994 RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO EFFECTIVE INCOME TAX RATE2025AmountRateU.S. federal statutory income tax rate$2,100 21.0 %State and local income taxes, net of federal income tax effect(a)74 0.7 %Foreign tax effects: Singapore Statutory rate difference between foreign and U.S.(70)(0.7)% Local taxes at a rate different than the statutory rate(b) (37)(0.4)% Other 53 0.5 % Other foreign jurisdictions68 0.7 %Effect of cross-border tax laws Foreign-derived intangible income(338)(3.4)% Other7 0.1 %Tax credits Energy-related tax credits(213)(2.1)% R&D credit(354)(3.5)%Change in valuation allowances(91)(0.9)%Nontaxable or nondeductible items(54)(0.5)%Changes in unrecognized tax benefits258 2.6 %Other adjustments2 — %Effective income tax rate$1,405 14.1 % (a) State and local taxes in FL, MA, KS, TN and CA comprise the majority of this category. (b) The tax expense (benefit) related to the negotiated tax rate in Singapore was reduced by $121 million of the global minimum tax under Pillar 2. 2025 FORM 10-K 61 2025 FORM 10-K 61 2025 FORM 10-K 61 Below is a tabular rate reconciliation previously disclosed for the year ended December 31, 2024 and 2023. RECONCILIATION OF U.S. FEDERAL STATUTORY INCOME TAX RATE TO EFFECTIVE INCOME TAX RATE20242023AmountRateAmountRateU.S. federal statutory income tax rate$1,600 21.0 %$2,193 21.0 %State Taxes, net of federal benefit123 1.6 152 1.5 Tax on global activities including exports(a)(92)(1.2)78 0.7 U.S. business credits(b)(242)(3.2)(254)(2.4)Retained and sold ownership interests(110)(1.4)(1,215)(11.6)All other – net(c)(317)(4.2)40 0.3 (638)(8.4)(1,199)(11.5)Effective income tax rate$962 12.6 %$994 9.5 % (a)For the years ended December 31, 2024 and 2023, the tax expense (benefit) related to the negotiated tax rate in Singapore was $(136) million and $(136) million, respectively, and the tax expense (benefit) related to cross-border tax payments and U.S. tax on non-U.S. subsidiaries was $88 million and $121 million, respectively. (b)Primarily the credit for energy produced from renewable sources from tax equity investments and the credit for research performed in the U.S. (c)For the years ended December 31, 2024 and 2023, included $(246) million and $35 million, respectively, for separation income tax costs (benefits), of which zero and $38 million was due to the repatriation of previously reinvested net income. UNRECOGNIZED TAX POSITIONS. Annually, we file over 500 income tax returns in over 200 global taxing jurisdictions. As a multinational with operations around the world, we are under examination in many taxing jurisdictions and in some cases engaged in litigation, including our legacy businesses. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2020. A summary and reconciliation of our unrecognized tax benefits are as follows: UNRECOGNIZED TAX BENEFITS December 31202520242023Unrecognized tax benefits$3,056 $2,824 $3,399 Portion that, if recognized, would reduce tax expense and effective tax rate(a)2,381 2,110 2,708 Accrued interest on unrecognized tax benefits656 609 635 Accrued penalties on unrecognized tax benefits11 14 111",
      "prior_body": "PENSION BENEFITS AND RETIREE HEALTH AND LIFE BENEFITS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. Smaller pension plans with pension assets or obligations that have not reached $50 million and other retiree benefit plans are not presented. Effective January 1, 2023, certain postretirement benefit plans and liabilities were legally split or allocated between GE HealthCare, GE Vernova and GE Aerospace. In connection with the separations, net liabilities associated with GE's postretirement benefit plans, including a portion of the principal pension plans, other pension plans and the principal retiree benefit plans, were transferred to GE HealthCare and GE Vernova and are now reported in discontinued operations. See Note 2 for more information regarding the separations. The amounts that remain with GE Aerospace following the separations are shown as continuing operations in the aggregate rather than for each remaining split plan. Assumptions used in calculations, estimates of future benefit payments and funding, and other forward looking statements are for continuing operations unless otherwise noted. 2024 FORM 10-K 57 2024 FORM 10-K 57 2024 FORM 10-K 57 DESCRIPTION OF OUR PLANSPlan CategoryParticipantsFundingCommentsPrincipal Pension PlansGE Aerospace Pension PlanCovers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~34,000 vested former employees and ~9,000 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws. We may decide to contribute additional amounts beyond this level.Closed to new participants since 2012. Benefits for employees with salaried benefits were frozen effective January 1, 2021, and thereafter these employees receive increased company contributions in the company sponsored defined contribution plan in lieu of participation in a defined benefit plan (announced October 2019). GE Aerospace Supplementary Pension PlanProvides supplementary benefits to higher-level, longer-service U.S. employeesUnfunded. We pay benefits on a pay-as-you-go basis from company cash.The annuity benefit has been closed to new participants since 2011 and has been replaced by an installment benefit (which was closed to new executives after 2020). Benefits for employees who became executives before 2011 were frozen effective January 1, 2021, and thereafter these employees accrue the installment benefit.Other Pension Plans(a)9 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 millionCovers ~10,500 retirees and beneficiaries, ~10,300 vested former employees and ~600 active employeesOur funding policy is to contribute amounts sufficient to meet minimum funding requirements under employee benefit and tax laws in each country. We may decide to contribute additional amounts beyond this level. We pay benefits for some plans from company cash. In certain countries, benefit accruals have ceased and/or have been closed to new hires as of various dates.Principal Retiree Benefit PlansProvides health and life insurance benefits to certain eligible participantsCovers U.S. GE Aerospace participants: ~45,800 retirees and dependents and ~10,000 active employeesWe fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion.Participants share in the cost of the healthcare benefits. Covers U.S. GE Aerospace participants: ~79,000 retirees and beneficiaries, ~34,000 vested former employees and ~9,000 active employees Other Pension Plans(a) 9 U.S. and non-U.S. pension plans with pension assets or obligations that have reached $50 million Covers ~10,500 retirees and beneficiaries, ~10,300 vested former employees and ~600 active employees Covers U.S. GE Aerospace participants: ~45,800 retirees and dependents and ~10,000 active employees (a) Plans for GE Aerospace that reach $50 million are not removed from the presentation unless part of a disposition or plan termination. FUNDING STATUS BY PLAN TYPEBenefit ObligationFair Value of AssetsDeficit/(Surplus)202420232024202320242023Principal Pension Plans:GE Aerospace Pension Plan (subject to regulatory funding)$21,010 $22,437 $19,020 $20,253 $1,990 $2,184 GE Aerospace Supplementary Pension Plan2,814 3,000 — — 2,814 3,000 23,824 25,437 19,020 20,253 4,804 5,184 Other Pension Plans:Subject to regulatory funding2,736 3,225 3,592 3,913 (856)(688)Not subject to regulatory funding404 440 — — 404 440 Principal retiree benefit plans for GE Aerospace1,202 1,289 6 8 1,196 1,281 Total plans subject to regulatory funding23,746 25,662 22,612 24,166 1,134 1,496 Total plans not subject to regulatory funding4,420 4,729 6 8 4,414 4,721 Total plans 28,166 30,391 22,618 24,174 5,548 6,217 Due to the spin-off of Vernova on April 2, 2024, as discussed in Note 1, we have excluded 2023 GE Vernova benefit obligations of $18,258, assets of $16,342, and a deficit of $1,916 from the above funding status by plan type chart. FUNDING. The Employee Retirement Income Security Act (ERISA) determines minimum funding requirements in the U.S. No contributions were required or made for the GE Aerospace Pension Plan during 2024 and based on our current assumptions, we do not anticipate having to make additional required contributions in the near future. On an ERISA basis, our estimate for 2024 is that the GE Aerospace Pension Plan was 85% funded and the U.S. GAAP funded status is 91%. 58 2024 FORM 10-K 58 2024 FORM 10-K 58 2024 FORM 10-K In 2025, we expect to make payments of approximately $210 million for our GE Aerospace Supplementary Pension Plan benefits and remaining principal pension plans administrative costs. We also expect to contribute approximately $40 million to other pension plans in 2025. We fund retiree benefit plans on a pay-as-you-go basis and the retiree benefit insurance trust at our discretion. We expect to contribute approximately $120 million to fund such benefits in 2025. COST OF OUR BENEFITS PLANS AND ASSUMPTIONS202420232022Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Components of expense (income)Service cost - operating$71 $22 $13 $94 $37 $17 $221 $86 $39 Interest cost1,401 227 71 1,892 422 111 2,069 398 108 Expected return on plan assets(1,751)(310)— (2,376)(587)— (3,142)(967)— Amortization of net loss (gain)(468)41 (82)(723)20 (124)1,422 101 (115)Amortization of prior service cost (credit)6 (1)(103)5 (4)(148)5 (8)(235)Curtailment / settlement loss (gain)— — — (6)— — (6)— Non-operating$(812)$(43)$(114)$(1,202)$(155)$(161)$354 $(482)$(242)Net periodic expense (income)$(741)$(21)$(101)$(1,108)$(118)$(144)$575 $(396)$(203)Less: discontinued operations(88)(12)(15)(377)(78)(57)270 (320)(134)Continuing operations - net periodic expense (income)$(653)$(9)$(86)$(731)$(40)$(87)$305 $(76)$(69)Weighted-average benefit obligations assumptionsDiscount rate5.67 %5.48 %5.51 %5.18 %3.93 %5.09 %5.53 %4.59 %5.43 %Compensation increases6.00 3.10 6.00 3.86 2.24 3.25 3.07 2.44 3.12 Initial healthcare trend rate(a)N/AN/A7.00 N/AN/A6.50 N/AN/A6.40 Weighted-average benefit cost assumptionsDiscount rate5.18 3.93 5.09 5.53 4.59 5.43 2.94 1.93 2.64 Expected rate of return on plan assets7.00 5.34 — 7.00 5.66 — 6.00 4.80 — (a) Current forecast is 7%, but is estimated to decline to 5% for 2034 and thereafter. Net periodic benefit income from continuing operations in 2025 is estimated to be approximately $725 million, which is a decrease of approximately $25 million as compared to 2024. The decrease is primarily due to investment performance offset by the impact of discount rates. The components of net periodic benefit costs, other than the service cost component, are included in Non-operating benefit cost (income) in our Statement of Earnings (Loss). 2024 FORM 10-K 59 2024 FORM 10-K 59 2024 FORM 10-K 59 PLAN FUNDED STATUS AND AMOUNTS RECORDED IN ACCUMULATED OTHER COMPREHENSIVE LOSS (INCOME)20242023Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Change in benefit obligationsBalance at January 1$36,217 $10,377 $2,055 $53,591 $13,916 $3,304 Service cost71 22 13 94 37 17 Interest cost1,401 227 71 1,892 422 111 Participant contributions8 4 21 10 19 31 Plan amendments— — — 49 — — Actuarial loss (gain) - net(1,049)(a)(435)(a)(15)(a)1,081 (a)526 (a)(5)Benefits paid(1,957)(305)(192)(2,503)(618)(254)Dispositions/acquisitions/other - net(10,867)(6,548)(751)(17,997)(4,387)(1,149)Exchange rate adjustments— (202)— — 462 — Balance at December 31$23,824 (b)$3,140 $1,202 (c)$36,217 $10,377 $2,055 Change in plan assetsBalance at January 1$29,744 $10,764 $8 $44,993 $14,663 $10 Actual return on plan assets440 (109)— 1,869 442 — Employer contributions216 60 169 212 161 221 Participant contributions8 4 21 10 19 31 Benefits paid(1,957)(305)(192)(2,503)(618)(254)Dispositions/acquisitions/other - net(9,431)(6,611)— (14,837)(4,439)— Exchange rate adjustments— (211)— — 536 — Balance at December 31$19,020 $3,592 $6 $29,744 $10,764 $8 Funded status - surplus (deficit)$(4,804)$452 $(1,196)$(6,473)$387 $(2,047)Amounts recorded inStatement of Financial PositionContinuing operations:Non-current assets - other$— $876 $— $— $714 $— Current liabilities - other(199)(34)(118)(194)(35)(128)Non-current liabilities - compensation and benefits (4,605)(390)(1,078)(4,990)(431)(1,153)Discontinued operations:Non-current assets— — — — 775 — Current and non-current liabilities— — — (1,289)(636)(766)Net amount recorded$(4,804)$452 $(1,196)$(6,473)$387 $(2,047)Amounts recorded in Accumulated other comprehensive loss (income)Prior service cost (credit)$(40)$9 $(455)$(25)$(16)$(909)Net loss (gain)(530)803(559)(1,454)1,680 (990)Total recorded in Accumulated other comprehensive loss (income)$(570)$812 $(1,014)$(1,479)$1,664 $(1,899) (a)Principally due to impact of discount rates. (b)The benefit obligation for the GE Aerospace Supplementary Pension Plan, which is unfunded, was $2,814 million at December 31, 2024. (c)The benefit obligation for retiree health plans for GE Aerospace was $716 million at December 31, 2024. ASSUMPTIONS USED IN CALCULATIONS. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of participants and expectation of mortality improvement. Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense. The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and amortized into earnings in subsequent periods. 60 2024 FORM 10-K 60 2024 FORM 10-K 60 2024 FORM 10-K The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation as well as historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal benefit plans’ assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given our asset allocation. Based on our analysis, we have assumed a 7.00% long-term expected return on the GE Aerospace Pension Plan assets for cost recognition in 2024 and 2023. For 2025 cost recognition, based on GE Aerospace Pension Plan assets at December 31, 2024, we have assumed a 7.00% long-term expected return. The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a fixed subsidy and therefore are not subject to healthcare inflation. We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences between our actual results and what we assumed are recorded in AOCI each period. These differences are amortized into earnings over the remaining average future service of active participating employees or the expected life of inactive participants, as applicable. For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year’s gains and losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor amortization method. SENSITIVITIES TO KEY ASSUMPTIONS. Fluctuations in discount rates can significantly impact pension cost and obligations. We would expect that a 25 basis point decrease in discount rate would increase our GE Aerospace principal pension plan cost in the following year by approximately $50 million and would also expect an increase in the GE Aerospace principal pension plan projected benefit obligation at year-end by approximately $550 million. The deficit sensitivity to the discount rate would be lower than the projected benefit obligation sensitivity as a result of the liability hedging program incorporated in the asset allocation. A 25 basis point decrease in the expected return on assets would increase GE Aerospace principal pension plan cost in the following year by approximately $50 million. THE COMPOSITION OF OUR PLAN ASSETS. The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. The fair value of our pension plans' investments is presented below. The inputs and valuation techniques used to measure the fair value of these assets are described in Note 1 and have been applied consistently. 20242023Principal pension Other pension Principal pension Other pension Global equities$1,142 $217 $1,985 $1,152 Debt securitiesFixed income and cash investment funds1,412 1,463 1,764 4,188 U.S. corporate(a)3,091 34 6,599 145 Other debt securities(b)3,106 46 6,064 218 Real estate535 6 775 18 Private equities and other investments299 118 600 259 Total9,585 1,884 17,787 5,980 Plan assets measured at net asset valueGlobal equities$1,695 $217 $3,169 $612 Debt securities1,158 693 1,907 2,224 Real estate715 280 1,067 1,074 Private equities and other investments5,867 518 5,814 874 Total plan assets at fair value19,020 3,592 29,744 10,764 Less: discontinued operations— — 9,491 6,851 Total plan assets - continuing operations$19,020 $3,592 $20,253 $3,913 (a)Primarily represented investment-grade bonds of U.S. issuers from diverse industries. (b)Primarily represented investments in residential and commercial mortgage-backed securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state and municipal debt. 2024 FORM 10-K 61 2024 FORM 10-K 61 2024 FORM 10-K 61 Plan assets that were measured at fair value using NAV as a practical expedient were excluded from the fair value hierarchy. Principal Pension Plans' investments with a fair value of $844 million and $1,203 million at December 31, 2024 and 2023, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $2,288 million and $4,034 million at December 31, 2024 and 2023, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $6,235 million and $12,703 million at December 31, 2024 and 2023, respectively, were classified within Level 2 and primarily relate to debt securities. Other pension plans investments with a fair value of $9 million and $26 million at December 31, 2024 and 2023, respectively, were classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered Level 1 and 2. Investments with a fair value of $28 million and $786 million at December 31, 2024 and 2023, respectively, were classified within Level 1 and primarily relate to global equities and cash. Investments with a fair value of $1,713 million and $4,913 million at December 31, 2024 and 2023, respectively, were classified within Level 2 and primarily relate to debt securities. Principal retiree benefit plan investments have a fair value of $6 million and $8 million at December 31, 2024 and 2023, respectively. There were no Level 3 principal retiree benefit plan investments held in 2024 and 2023. ASSET ALLOCATION OF PENSION PLANS2024 Target allocation2024 Actual allocationPrincipal PensionOther Pension (weighted average)Principal PensionOther Pension (weighted average)Global equities10.0 - 30.0%10 %15 %12 %Debt securities (including cash equivalents)19.0 - 87.569 46 62 Real estate1.0 - 10.07 7 8 Private equities & other investments12.0 - 40.014 32 18 10.0 - 30.0 19.0 - 87.5 1.0 - 10.0 12.0 - 40.0 Plan fiduciaries set investment policies and strategies for the principal pension plans and oversee their investment allocation, which includes selecting investment managers and setting long-term strategic targets. The plan fiduciaries' primary strategic investment objectives are balancing investment risk and return and monitoring the plan’s liquidity position in order to meet near-term benefit payment and other cash needs. The plan has incorporated de-risking objectives and liability hedging programs as part of its long-term investment strategy and utilizes a combination of long-dated corporate bonds, treasuries, strips and derivatives to implement its investment strategies as well as for hedging asset and liability risks. Target allocation percentages are established at an asset class level by plan fiduciaries. Target allocation ranges are guidelines, not limitations, and occasionally plan fiduciaries will approve allocations above or below a target range. GE Aerospace and GE securities represented 0.8% and 0.5% of the Principal Pension Plans' assets at December 31, 2024 and 2023, respectively. ANNUALIZED RETURNS(a)1 year5 years10 years25 yearsGE Aerospace Pension Plan2.3 %2.2 %4.3 %4.7 % (a) Prior to 2023, the annualized returns represent the GE Pension Plan's returns. EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)Principal pensionOther pensionPrincipal retiree benefit2025$1,800 $175 $130 20261,815 175 125 20271,825 180 120 20281,830 190 120 20291,830 195 120 2030-20348,960 1,045 510 (a) As of the measurement date of December 31, 2024. DEFINED CONTRIBUTION PLAN. We have a defined contribution plan for eligible U.S. employees that provides employer contributions which were $265 million, $342 million and $444 million for the years ended December 31, 2024, 2023 and 2022, respectively. Employer contributions for continuing operations were $230 million, $213 million and $207 million for the years ended December 31, 2024, 2023 and 2022, respectively. 62 2024 FORM 10-K 62 2024 FORM 10-K 62 2024 FORM 10-K COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOMEFor the years ended December 31202420232022(Pre-tax)Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Principal pension Other pension Principal retiree benefit Cost (income) of postretirement benefit plans$(741)$(21)$(101)$(1,108)$(118)$(144)$575 $(396)$(203)Changes in other comprehensive loss (income)Prior service cost (credit) - current year— — — 49 — — — — — Net loss (gain) - current year (a)262 (52)(15)1,588 721 (5)(1,533)(128)(778)Reclassifications out of AOCICurtailment/settlement gain (loss)— — — — 6 — — 6 — Dispositions185 (761)715 1,989 (792)1,216 — — — Amortization of net gain (loss)468 (41)82 723 (20)124 (1,422)(101)115 Amortization of prior service credit (cost)(6)1 103 (5)4 148 (5)8 235 Total changes in other comprehensive loss (income)909 (853)885 4,344 (81)1,483 (2,960)(215)(428)Cost (income) of postretirement benefit plans and changes in other comprehensive loss (income)$168 $(874)$784 $3,236 $(199)$1,339 $(2,385)$(611)$(631) (a) Primarily due to impact of discount rates and investment performance."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 25. SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION",
      "prior_title": "NOTE 25. SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.83,
      "confidence": "high",
      "key_changes": [
        "Removed sentence: \"On April 2, 2024, and in conjunction with the GE Vernova separation, we implemented an organizational change to align our reportable segments more closely with our business structure.\"",
        "Removed sentence: \"In connection with our segment reporting change, we have recast previously reported amounts across all reportable segments to conform to current segment presentation.\"",
        "Reworded sentence: \"See About GE Aerospace for a description of our reporting segments as of December 31, 2025.\"",
        "Reworded sentence: \"Segment profit excludes results reported as discontinued operations and the portion of net income or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of net income or loss attributable to our share of the consolidated net income or loss of consolidated subsidiaries.\"",
        "Reworded sentence: \"2025 FORM 10-K 71 2025 FORM 10-K 71 2025 FORM 10-K 71 REVENUETotal revenueIntersegment revenueExternal revenueYears ended December 31202520242023202520242023202520242023Commercial Engines & Services$33,314 $26,881 $23,855 $62 $216 $559 $33,252 $26,666 $23,296 Defense & Propulsion Technologies10,554 9,478 8,961 1,686 1,453 1,253 8,868 8,025 7,708 Corporate & Other1,987 2,343 2,532 (1,748)(1,669)(1,812)3,735 4,011 4,344 Total revenue$45,855 $38,702 $35,348 $— $— $— $45,855 $38,702 $35,348 Corporate & Other 202520242023Years ended December 31EquipmentServicesTotalEquipmentServicesTotalEquipmentServicesTotalCommercial Engines & Services$8,304 $25,010 $33,314 $7,106 $19,775 $26,881 $6,169 $17,686 $23,855 Defense & Propulsion Technologies5,128 5,426 10,554 4,208 5,270 9,478 4,000 4,961 8,961 Total segment revenue$13,433 $30,436 $43,868 $11,315 $25,045 $36,360 $10,170 $22,647 $32,816 Total sales of equipment and services to agencies of the U.S.\""
      ],
      "current_body": "SEGMENT INFORMATION. We have two reportable segments and three operating segments. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. We have aggregated Defense & Systems and Propulsion & Additive Technology into one reportable segment (Defense & Propulsion Technologies) based on similarity in economic characteristics, other qualitative factors and the objectives and principals of ASC 280, Segment Reporting. This is consistent with how our chief operating decision maker (CODM), who is our Chief Executive Officer (CEO), allocates resources and makes decisions. Segment accounting policies are the same as described and referenced in Note 1. See About GE Aerospace for a description of our reporting segments as of December 31, 2025. Segment revenue includes sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our CODM. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment, our CODM may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, costs associated with separation activities, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions and certain litigation settlements. Segment profit excludes results reported as discontinued operations and the portion of net income or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of net income or loss attributable to our share of the consolidated net income or loss of consolidated subsidiaries. Certain corporate costs, including those related to shared services, employee benefits and information technology, are allocated to our segments based on usage or their relative net cost of operations. See the Corporate & Other section within MD&A for further information about costs excluded from segment profit. The Company does not report total assets by segment for internal or external reporting purposes as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets. 2025 FORM 10-K 71 2025 FORM 10-K 71 2025 FORM 10-K 71 REVENUETotal revenueIntersegment revenueExternal revenueYears ended December 31202520242023202520242023202520242023Commercial Engines & Services$33,314 $26,881 $23,855 $62 $216 $559 $33,252 $26,666 $23,296 Defense & Propulsion Technologies10,554 9,478 8,961 1,686 1,453 1,253 8,868 8,025 7,708 Corporate & Other1,987 2,343 2,532 (1,748)(1,669)(1,812)3,735 4,011 4,344 Total revenue$45,855 $38,702 $35,348 $— $— $— $45,855 $38,702 $35,348 Corporate & Other 202520242023Years ended December 31EquipmentServicesTotalEquipmentServicesTotalEquipmentServicesTotalCommercial Engines & Services$8,304 $25,010 $33,314 $7,106 $19,775 $26,881 $6,169 $17,686 $23,855 Defense & Propulsion Technologies5,128 5,426 10,554 4,208 5,270 9,478 4,000 4,961 8,961 Total segment revenue$13,433 $30,436 $43,868 $11,315 $25,045 $36,360 $10,170 $22,647 $32,816 Total sales of equipment and services to agencies of the U.S. Government were 10%, 12% and 14% of total revenue for the years ended December 31, 2025, 2024 and 2023, respectively. EXPENSES, PROFIT AND INCOME For the years ended December 31202520242023Commercial Engines & ServicesCost of revenue$21,998 $17,703 $16,575 Selling, general and administrative expenses1,845 1,678 1,386 Research and development1,287 993 736 Other segment expenses (income)(a)(677)(548)(484)Total Commercial Engines & Services expenses24,453 19,826 18,213 Defense & Propulsion TechnologiesCost of revenue7,910 7,237 6,929 Selling, general and administrative expenses1,088 954 893 Research and development308 301 277 Other segment expenses (income)(a)(48)(75)(46)Total Defense & Propulsion Technologies expenses9,258 8,417 8,053 Commercial Engines & Services8,861 7,055 5,643 Defense & Propulsion Technologies1,296 1,061 908 Total segment profit (loss)10,157 8,116 6,551 Corporate & Other(96)(89)3,943 Interest and other financial charges(843)(986)(1,029)Non-operating benefit income (cost)788 842 978 Goodwill impairments— (251)— Benefit (provision) for income taxes(1,405)(962)(994)Preferred stock dividends— — (295)Net income (loss) from continuing operations attributable to common shareholders8,601 6,670 9,154 Net income (loss) from discontinued operations attributable to common shareholders103 (114)33 Net income (loss) attributable to common shareholders$8,704 $6,556 $9,188",
      "prior_body": "SEGMENT INFORMATION. On April 2, 2024, and in conjunction with the GE Vernova separation, we implemented an organizational change to align our reportable segments more closely with our business structure. In connection with our segment reporting change, we have recast previously reported amounts across all reportable segments to conform to current segment presentation. We have two reportable segments and three operating segments. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. We have aggregated Defense & Systems and Propulsion & Additive Technology into one reportable segment (Defense & Propulsion Technologies) based on similarity in economic characteristics, other qualitative factors and the objectives and principals of ASC 280, Segment Reporting. This is consistent with how our chief operating decision maker (CODM), who is our Chief Executive Officer (CEO), allocates resources and makes decisions. Segment accounting policies are the same as described and referenced in Note 1. See About GE Aerospace for a description of our reporting segments as of December 31, 2024. Segment revenue includes sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our CODM. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment, our CODM may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, costs associated with separation activities, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions and certain litigation settlements. Segment profit excludes results reported as discontinued operations and the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries. Certain corporate costs, including those related to shared services, employee benefits and information technology, are allocated to our segments based on usage or their relative net cost of operations. See the Corporate & Other section within MD&A for further information about costs excluded from segment profit. The Company does not report total assets by segment for internal or external reporting purposes as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets. 74 2024 FORM 10-K 74 2024 FORM 10-K 74 2024 FORM 10-K REVENUETotal revenueIntersegment revenueExternal revenueYears ended December 31202420232022202420232022202420232022Commercial Engines & Services$26,881 $23,855 $18,813 $216 $559 $451 $26,666 $23,296 $18,362 Defense & Propulsion Technologies9,478 8,961 7,989 1,453 1,253 1,017 8,025 7,708 6,972 Corporate & Other2,343 2,532 2,337 (1,669)(1,812)(1,468)4,011 4,344 3,805 Total revenue$38,702 $35,348 $29,139 $— $— $— $38,702 $35,348 $29,139 Corporate & Other 202420232022Years ended December 31EquipmentServicesTotalEquipmentServicesTotalEquipmentServicesTotalCommercial Engines & Services$7,106 $19,775 $26,881 $6,169 $17,686 $23,855 $5,125 $13,688 $18,813 Defense & Propulsion Technologies4,208 5,270 9,478 4,000 4,961 8,961 3,405 4,584 7,989 Total segment revenue$11,315 $25,045 $36,360 $10,170 $22,647 $32,816 $8,530 $18,272 $26,802 Total sales of equipment and services to agencies of the U.S. Government were 12%, 14% and 15% of total revenue for the years ended December 31, 2024, 2023 and 2022, respectively. EXPENSES, PROFIT AND EARNINGS For the years ended December 31202420232022Commercial Engines & ServicesCost of revenue$17,703 $16,575 $13,329 Selling, general and administrative expenses1,678 1,386 1,119 Research and development993 736 543 Other segment expenses (income)(a)(548)(484)(342)Total Commercial Engines & Services expenses19,826 18,213 14,649 Defense & Propulsion TechnologiesCost of revenue7,237 6,929 5,971 Selling, general and administrative expenses954 893 810 Research and development301 277 271 Other segment expenses (income)(a)(75)(46)(39)Total Defense & Propulsion Technologies expenses8,417 8,053 7,013 Commercial Engines & Services7,055 5,643 4,164 Defense & Propulsion Technologies1,061 908 976 Total segment profit (loss)8,116 6,551 5,139 Corporate & Other(89)3,943 (1,876)Interest and other financial charges(986)(1,029)(1,339)Debt extinguishment costs— — (465)Non-operating benefit income (cost)842 978 60 Goodwill impairments(251)— — Benefit (provision) for income taxes(962)(994)(169)Preferred stock dividends— (295)(289)Earnings (loss) from continuing operations attributable to common shareholders6,670 9,154 1,061 Earnings (loss) from discontinued operations attributable to common shareholders(114)33 (1,014)Net earnings (loss) attributable to common shareholders$6,556 $9,188 $48"
    },
    {
      "status": "MODIFIED",
      "current_title": "UNRECOGNIZED TAX BENEFITS December 31",
      "prior_title": "UNRECOGNIZED TAX BENEFITS December 31",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.828,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) Some portion of such reduction may be reported as discontinued operations.\"",
        "Reworded sentence: \"We also have not provided deferred taxes on cumulative net income of non-U.S.\"",
        "Reworded sentence: \"We reassess reinvestment of net income on an ongoing basis.\""
      ],
      "current_body": "(a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION202520242023Balance at January 1$2,824 $3,399 $3,951 Additions for tax positions of the current year347 68 109 Additions for tax positions of prior years93 77 156 Reductions for tax positions of prior years(a)(168)(649)(710)Settlements with tax authorities(30)(14)(56)Expiration of the statute of limitations(10)(57)(51)Balance at December 31$3,056 $2,824 $3,399 (a) Included $(612) million due to the spin of GE Vernova for 2024 and $(577) million due to the spin of GE HealthCare for 2023. We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2025, 2024 and 2023, we recognized $43 million, $137 million and $28 million, respectively, of interest expense (income) related to tax deficiencies. We also recognized $(2) million, an insignificant amount and $7 million of tax expense (income) related to income tax penalties for the years ended December 31, 2025, 2024 and 2023, respectively. interest expense (income) interest expense (income) interest expense (income) DEFERRED INCOME TAXES. We have not recorded a provision for the deferred taxes related to the U.S. tax on foreign earnings enacted in the Tax Cuts and Jobs Act of 2017 (\"global intangible low tax income\"). We also have not provided deferred taxes on cumulative net income of non-U.S. affiliates and associated companies that have been reinvested indefinitely. Due to U.S. tax reform, substantially all of our unrepatriated net income have been subject to U.S. tax and accordingly we expect to have the ability to repatriate available non-U.S. cash without significant additional tax cost. Most of these earnings have been reinvested in active non-U.S. business operations and it is not practicable to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. We reassess reinvestment of net income on an ongoing basis. During the fourth quarter of 2025, we incurred $55 million of withholding tax expense associated with the expected repatriation of certain previously reinvested earnings. 62 2025 FORM 10-K 62 2025 FORM 10-K 62 2025 FORM 10-K The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 3120252024Total assets$7,883 $7,479 Total liabilities(424)(368)Net deferred income tax asset (liability)$7,459 $7,111",
      "prior_body": "Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-300 0-610 0-650 0-270 0-550 0-600 (a) Some portion of such reduction may be reported as discontinued operations. UNRECOGNIZED TAX BENEFITS RECONCILIATION202420232022Balance at January 1$3,399 $3,951 $4,224 Additions for tax positions of the current year68 109 62 Additions for tax positions of prior years77 156 120 Reductions for tax positions of prior years(a)(649)(710)(393)Settlements with tax authorities(14)(56)(8)Expiration of the statute of limitations(57)(51)(54)Balance at December 31$2,824 $3,399 $3,951 (a) Included $(612) million due to the spin of GE Vernova for 2024 and $(577) million due to the spin of GE HealthCare for 2023. 64 2024 FORM 10-K 64 2024 FORM 10-K 64 2024 FORM 10-K We classify interest on tax deficiencies as interest expense; we classify income tax penalties as provision for income taxes. For the years ended December 31, 2024, 2023 and 2022, we recognized $137 million, $28 million and $36 million, respectively of interest expense (income) related to tax deficiencies. We also recognized an insignificant amount, $7 million and $(26) million of tax expense (income) related to income tax penalties for the years ended December 31, 2024, 2023 and 2022, respectively. DEFERRED INCOME TAXES. We have not recorded a provision for the deferred taxes related to the U.S. tax on foreign earnings enacted in the Tax Cuts and Jobs Act of 2017 (\"global intangible low tax income\"). We also have not provided deferred taxes on cumulative net earnings of non-U.S. affiliates and associated companies of approximately $10.2 billion that have been reinvested indefinitely. Due to U.S. tax reform, substantially all of our unrepatriated net earnings have been subject to U.S. tax and accordingly we expect to have the ability repatriate available non-U.S. cash without significant additional tax cost. Most of these earnings have been reinvested in active non-U.S. business operations and it is not practicable to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. We reassess reinvestment of earnings on an ongoing basis. In 2024, 2023 and 2022 in connection with the execution of the Company’s plans to prepare for the spin-off of GE HealthCare and GE Vernova, we incurred zero, $38 million and $66 million of tax, respectively, due to repatriation of previously reinvested earnings. The following table presents our net deferred tax assets and net deferred tax liabilities attributable to different tax jurisdictions or different tax paying components. DEFERRED INCOME TAXES December 3120242023Total assets$7,479 $7,891 Total liabilities(368)(389)Net deferred income tax asset (liability)$7,111 $7,502"
    },
    {
      "status": "MODIFIED",
      "current_title": "Liabilities of discontinued operations(b)",
      "prior_title": "Liabilities of discontinued operations(b)(c)",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
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        "signal_hits": []
      },
      "similarity_score": 0.82,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) Included $1,123 million and $1,324 million of cash, cash equivalents and restricted cash related to Bank BPH as of December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"Our current investment securities were zero and $982 million as of December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"The estimated fair value of non-current investment securities at December 31, 2025 increased since December 31, 2024, primarily due to lower market yields partially offset by net proceeds from debt/equity securities sales and redemptions.\"",
        "Reworded sentence: \"corporate securities' gross unrealized losses were in the consumer, electric, technology, communication and energy industries.\"",
        "Reworded sentence: \"For the years ended December 31202520242023Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)$313 $320 $6,413 Proceeds from debt/equity securities sales and redemptions4,922 9,099 12,595 Gross realized gains on debt securities35 75 52 Gross realized losses and impairments on debt securities(76)(66)(66) Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 3120252024Purchases of investment securities$(4,050)$(7,132)Dispositions and maturities of investment securities4,475 6,168 Net (purchases) dispositions of insurance investment securities$425 $(963) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2025 are as follows: Amortized costEstimated fair valueWithin one year$843 $847 After one year through five years3,460 3,561 After five years through ten years5,269 5,498 After ten years24,762 22,845 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations.\""
      ],
      "current_body": "(a) Included $1,123 million and $1,324 million of cash, cash equivalents and restricted cash related to Bank BPH as of December 31, 2025 and 2024, respectively. The decrease was primarily driven by purchases of investment securities to meet liquidity needs, which are recorded in All Other Assets. (b) Included $1,389 million and $1,594 million of valuation allowances against financing receivables held for sale, of which $1,389 million and $1,517 million related to estimated borrower litigation losses, and $945 million and $944 million in All other liabilities related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio as of December 31, 2025 and 2024, respectively. Accordingly, total estimated losses related to borrower litigation were $2,334 million and $2,461 million as of December 31, 2025 and 2024, respectively, with the decrease driven by utilization offset by foreign exchange movements. The valuation allowance completely offsets the financing receivables balance as of December 31, 2025 and 2024. NOTE 3. INVESTMENT SECURITIES. Our current investment securities were zero and $982 million as of December 31, 2025 and 2024, respectively. Our AerCap senior note matured during the fourth quarter of 2025. Our current investment securities were zero and $982 million as of December 31, 2025 and 2024, respectively. Our AerCap senior note matured during the fourth quarter of 2025. Substantially all of our non-current investment securities are held within our run-off insurance operations and support the long-duration insurance liabilities. The portfolio includes debt securities, which substantially all are investment grade, and are classified as available-for-sale. 2025 FORM 10-K 47 2025 FORM 10-K 47 2025 FORM 10-K 47 December 31, 2025December 31, 2024AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value DebtU.S. corporate$27,658 $825 $(1,969)$26,513 $28,456 $546 $(2,309)$26,692 Non-U.S. corporate2,909 41 (242)2,707 2,970 23 (302)2,691 State and municipal2,751 46 (192)2,605 2,409 22 (235)2,196 Mortgage and asset-backed5,202 69 (121)5,151 5,007 47 (183)4,870 Government and agencies1,015 4 (95)924 1,180 4 (118)1,066 Equity887 — — 887 225 — — 225 Non-current investment securities$40,422 $985 $(2,619)$38,788 $40,248 $641 $(3,148)$37,741 The amortized cost of debt securities excludes accrued interest of $473 million and $473 million at December 31, 2025 and 2024, respectively, which is reported in All other current assets. , which is reported in All other current assets. , which is reported in All other current assets. The estimated fair value of non-current investment securities at December 31, 2025 increased since December 31, 2024, primarily due to lower market yields partially offset by net proceeds from debt/equity securities sales and redemptions. Total estimated fair value of debt securities in an unrealized loss position were $18,484 million and $21,876 million, of which $14,656 million and $14,011 million had gross unrealized losses of $(2,525) million and $(2,795) million and have been in a loss position for 12 months or more at December 31, 2025 and 2024, respectively. The majority of our U.S. and non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology, communication and energy industries. The majority of our commercial mortgage-backed securities and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis. For the years ended December 31202520242023Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)$313 $320 $6,413 Proceeds from debt/equity securities sales and redemptions4,922 9,099 12,595 Gross realized gains on debt securities35 75 52 Gross realized losses and impairments on debt securities(76)(66)(66) Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 3120252024Purchases of investment securities$(4,050)$(7,132)Dispositions and maturities of investment securities4,475 6,168 Net (purchases) dispositions of insurance investment securities$425 $(963) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2025 are as follows: Amortized costEstimated fair valueWithin one year$843 $847 After one year through five years3,460 3,561 After five years through ten years5,269 5,498 After ten years24,762 22,845 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. In addition to the equity securities described above, we held $1,911 million and $1,439 million of equity securities without RDFV including $1,881 million and $1,410 million within our run-off insurance operations at December 31, 2025 and 2024, respectively, that are classified within All other assets in our Statement of Financial Position. Fair value adjustments, net of impairments, recorded in income were $194 million, $159 million and $70 million for the years ended December 31, 2025, 2024 and 2023, respectively. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. These limited partnership investments are generally not eligible for redemption and generally cannot be sold without approval of the general partner. Distributions from each fund will be received as the underlying investments of the funds are liquidated at the discretion of the general partner. These investments are generally considered illiquid and our ability to receive the most recent net asset value in a sale would be determined by external market factors. 48 2025 FORM 10-K 48 2025 FORM 10-K 48 2025 FORM 10-K Our run-off insurance operations have approximately $800 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $29,900 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets.",
      "prior_body": "(a) Included $1,324 million and $1,391 million of cash, cash equivalents and restricted cash related to Bank BPH as of December 31, 2024 and 2023, respectively. (b) Included $1,594 million and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,517 million and $1,712 million related to estimated borrower litigation losses, and $944 million and $957 million in All other liabilities, related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio, as of December 31, 2024 and 2023, respectively. Accordingly, total estimated losses related to borrower litigation were $2,461 million and $2,669 million as of December 31, 2024 and 2023, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of December 31, 2024. (c) Included $102 million and $46,233 million of assets and $148 million and $38,021 million of liabilities for GE Vernova as of December 31, 2024 and 2023, respectively. NOTE 3. INVESTMENT SECURITIES. The majority of our investment securities are held within our run-off insurance operations and are classified as non-current as they support the long-duration insurance liabilities and include debt securities all classified as available-for-sale, substantially all of which are investment-grade. The majority of our investment securities are held within our run-off insurance operations and are classified as non-current as they support the long-duration insurance liabilities and include debt securities all classified as available-for-sale, substantially all of which are investment-grade. We sold our remaining equity shares in GE HealthCare during the fourth quarter of 2024. Our senior note from AerCap, for which we have adopted the fair value option and matures in the fourth quarter of 2025, is still outstanding as of December 31, 2024. December 31, 2024December 31, 2023AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value AmortizedcostGrossunrealizedgainsGrossunrealizedlossesEstimatedfair value Equity (GE HealthCare)$— $— $— $— $— $— $— $4,761 Equity note (AerCap)— — — 982 — — — 944 Current investment securities$— $— $— $982 $— $— $— $5,706 DebtU.S. corporate$28,456 $546 $(2,309)$26,692 $27,495 $1,034 $(1,606)$26,923 Non-U.S. corporate2,970 23 (302)2,691 2,529 34 (209)2,353 State and municipal2,409 22 (235)2,196 2,828 79 (185)2,723 Mortgage and asset-backed5,007 47 (183)4,870 4,827 34 (291)4,571 Government and agencies1,180 4 (118)1,066 1,213 3 (116)1,100 Other equity225 — — 225 331 — — 331 Non-current investment securities$40,248 $641 $(3,148)$37,741 $39,222 $1,183 $(2,406)$38,000 Equity (GE HealthCare) The amortized cost of debt securities excludes accrued interest of $473 million and $466 million at December 31, 2024 and 2023, respectively, which is reported in All other current assets. , which is reported in All other current assets. , which is reported in All other current assets. The estimated fair value of investment securities at December 31, 2024 decreased since December 31, 2023, primarily due to share sales of our GE HealthCare equity interest and lower investment values due to higher market yields partially offset by new investments at our run-off insurance operations. 50 2024 FORM 10-K 50 2024 FORM 10-K 50 2024 FORM 10-K Total estimated fair value of debt securities in an unrealized loss position were $21,876 million and $18,730 million, of which $14,011 million and $17,146 million had gross unrealized losses of $(2,795) million and $(2,370) million and had been in a loss position for 12 months or more at December 31, 2024 and 2023, respectively. Gross unrealized losses at December 31, 2024 included $(119) million related to commercial mortgage-backed securities (CMBS) collateralized by pools of commercial mortgage loans on real estate, and $(52) million related to asset-backed securities. The majority of our CMBS and asset-backed securities in an unrealized loss position have received investment-grade credit ratings from the major rating agencies. The majority of our U.S. and non-U.S. corporate securities' gross unrealized losses were in the consumer, electric, technology and energy industries. For our securities in an unrealized loss position, the losses are not indicative of credit losses, we currently do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis. For the years ended December 31202420232022Net unrealized gains (losses) for equity securities with readily determinable fair value (RDFV)$320 $6,413 $(42)Proceeds from debt/equity securities sales and early redemptions9,099 12,595 7,240 Gross realized gains on debt securities75 52 34 Gross realized losses on debt securities(66)(66)(42) Cash flows associated with purchases, dispositions and maturities of insurance investment securities are as follows: For the years ended December 3120242023Purchases of investment securities$(7,132)$(5,163)Dispositions and maturities of investment securities6,168 4,176 Net (purchases) dispositions of insurance investment securities$(963)$(986) Contractual maturities of our debt securities (excluding mortgage and asset-backed securities) at December 31, 2024 are as follows: Amortized costEstimated fair valueWithin one year$814 $814 After one year through five years4,003 4,065 After five years through ten years5,160 5,160 After ten years25,039 22,607 We expect actual maturities to differ from contractual maturities because borrowers have the right to call or prepay certain obligations. In addition to the equity securities described above, we held $1,439 million and $974 million of equity securities without RDFV including $1,410 million and $939 million at our run-off insurance operations at December 31, 2024 and 2023, respectively, that are classified within All other assets in our Statement of Financial Position. Fair value adjustments, including impairments, recorded in earnings were $159 million and $70 million for the years ended December 31, 2024 and 2023, respectively, and insignificant for December 31, 2022. These are primarily limited partnership investments in private equity, infrastructure and real estate funds that are measured at net asset value per share (or equivalent) as a practical expedient to estimated fair value and are excluded from the fair value hierarchy. These limited partnership investments are generally not eligible for redemption and generally cannot be sold without approval of the general partner. Distribution from each fund will be received as the underlying investments of the funds are liquidated at the discretion of the general partner. These investments are generally considered illiquid and our ability to receive the most recent net asset value in a sale would be determined by external market factors. Our run-off insurance operations have approximately $700 million of assets held by states or other regulatory bodies in statutorily required deposit accounts, and approximately $29,800 million of assets held in trust accounts associated with reinsurance contracts and reinsurance security trust agreements in place between either Employers Reassurance Corporation (ERAC) or Union Fidelity Life Insurance Company (UFLIC) as the reinsuring entity and a number of ceding insurers. Assets in these trusts are held by an independent trustee for the benefit of the ceding insurer, and are subject to various investment guidelines as set forth in the respective reinsurance contracts and trust agreements. Some of these trust agreements may allow a ceding company to withdraw trust assets from the trust and hold these assets on its balance sheet, in an account under its control for the benefit of ERAC or UFLIC which might allow the ceding company to exercise investment control over such assets. 2024 FORM 10-K 51 2024 FORM 10-K 51 2024 FORM 10-K 51"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 16. SHAREHOLDERS’ EQUITY",
      "prior_title": "NOTE 16. SHAREHOLDERS’ EQUITY",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.819,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars)202520242023Beginning balance$(1,472)$(3,623)$(5,893)AOCI before reclasses – net of taxes of $(157), $5 and $74(43)36 12 Reclasses from AOCI – net of taxes of $—, $103 and $(626)(a)— 2,093 2,262 AOCI(43)2,129 2,274 Less AOCI attributable to noncontrolling interests— (22)4 Currency translation adjustments AOCI$(1,515)$(1,472)$(3,623)Beginning balance$665 $1,786 $6,531 AOCI before reclasses – net of taxes of $(117), $22 and $(497)(393)(8)(1,874)Reclasses from AOCI – net of taxes of $(137), $(269) and $(778)(a)(489)(1,119)(2,873)AOCI(882)(1,127)(4,747)Less AOCI attributable to noncontrolling interests— (7)(2)Benefit plans AOCI$(217)$665 $1,786 Beginning balance$(1,985)$(959)$(1,927)AOCI before reclasses – net of taxes of $192 , $(271) and $248763 (1,017)1,046 Reclasses from AOCI – net of taxes of $7, $4 and $(7)(14)1 (78)AOCI749 (1,016)968 Less AOCI attributable to noncontrolling interests— 12 — Investment securities and cash flow hedges AOCI $(1,236)$(1,985)$(959)Beginning balance$(1,070)$(3,354)$(983)AOCI before reclasses – net of taxes of $(202), $607 and $(630)(761)2,284 (2,371)AOCI(761)2,284 (2,371)Long-duration insurance contracts AOCI$(1,831)$(1,070)$(3,354)AOCI at December 31$(4,798)$(3,861)$(6,150)Dividends declared per common share$1.44 $1.12 $0.32\""
      ],
      "current_body": "ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dividends per share in dollars)202520242023Beginning balance$(1,472)$(3,623)$(5,893)AOCI before reclasses – net of taxes of $(157), $5 and $74(43)36 12 Reclasses from AOCI – net of taxes of $—, $103 and $(626)(a)— 2,093 2,262 AOCI(43)2,129 2,274 Less AOCI attributable to noncontrolling interests— (22)4 Currency translation adjustments AOCI$(1,515)$(1,472)$(3,623)Beginning balance$665 $1,786 $6,531 AOCI before reclasses – net of taxes of $(117), $22 and $(497)(393)(8)(1,874)Reclasses from AOCI – net of taxes of $(137), $(269) and $(778)(a)(489)(1,119)(2,873)AOCI(882)(1,127)(4,747)Less AOCI attributable to noncontrolling interests— (7)(2)Benefit plans AOCI$(217)$665 $1,786 Beginning balance$(1,985)$(959)$(1,927)AOCI before reclasses – net of taxes of $192 , $(271) and $248763 (1,017)1,046 Reclasses from AOCI – net of taxes of $7, $4 and $(7)(14)1 (78)AOCI749 (1,016)968 Less AOCI attributable to noncontrolling interests— 12 — Investment securities and cash flow hedges AOCI $(1,236)$(1,985)$(959)Beginning balance$(1,070)$(3,354)$(983)AOCI before reclasses – net of taxes of $(202), $607 and $(630)(761)2,284 (2,371)AOCI(761)2,284 (2,371)Long-duration insurance contracts AOCI$(1,831)$(1,070)$(3,354)AOCI at December 31$(4,798)$(3,861)$(6,150)Dividends declared per common share$1.44 $1.12 $0.32",
      "prior_body": "ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)(Dividends per share in dollars)202420232022Beginning balance$(3,623)$(5,893)$(4,569)AOCI before reclasses – net of taxes of $5, $74 and $14436 12 (1,326)Reclasses from AOCI – net of taxes of $103, $(626) and $—(a)2,093 2,262 — AOCI2,129 2,274 (1,326)Less AOCI attributable to noncontrolling interests(22)4 (2)Currency translation adjustments AOCI$(1,472)$(3,623)$(5,893)Beginning balance$1,786 $6,531 $3,646 AOCI before reclasses – net of taxes of $22, $(497) and $597(8)(1,874)2,117 Reclasses from AOCI – net of taxes of $(269), $(778), and $216(a)(1,119)(2,873)772 AOCI(1,127)(4,747)2,889 Less AOCI attributable to noncontrolling interests(7)(2)3 Benefit plans AOCI$665 $1,786 $6,531 Beginning balance$(959)$(1,927)$5,172 AOCI before reclasses – net of taxes of $(271), $248 and $(1,861)(1,017)1,046 (7,135)Reclasses from AOCI – net of taxes of $4, $(7) and $(20)1 (78)36 AOCI(1,016)968 (7,099)Less AOCI attributable to noncontrolling interests12 — — Investment securities and cash flow hedges AOCI $(1,985)$(959)$(1,927)Beginning balance$(3,354)$(983)$(9,109)AOCI before reclasses – net of taxes of $607, $(630) and $2,160 2,284 (2,371)8,126 AOCI2,284 (2,371)8,126 Long-duration insurance contracts AOCI$(1,070)$(3,354)$(983)AOCI at December 31$(3,861)$(6,150)$(2,272)Dividends declared per common share$1.12 $0.32 $0.32"
    },
    {
      "status": "MODIFIED",
      "current_title": "(a)1. Financial Statements",
      "prior_title": "(a)1. Financial Statements",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.81,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Included in the “Financial Statements and Supplementary Data” section of this report: Management’s Annual Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Statement of Operations for the years ended December 31, 2025, 2024 and 2023 Statement of Financial Position at December 31, 2025 and 2024 Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023 Statement of Changes in Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023 Notes to consolidated financial statements Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Operating Segments\""
      ],
      "current_body": "Included in the “Financial Statements and Supplementary Data” section of this report: Management’s Annual Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Statement of Operations for the years ended December 31, 2025, 2024 and 2023 Statement of Financial Position at December 31, 2025 and 2024 Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023 Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023 Statement of Changes in Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023 Notes to consolidated financial statements Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Operating Segments",
      "prior_body": "Included in the “Financial Statements and Supplementary Data” section of this report: Management’s Annual Report on Internal Control Over Financial Reporting Reports of Independent Registered Public Accounting Firm Statement of Earnings (Loss) for the years ended December 31, 2024, 2023 and 2022 Statement of Financial Position at December 31, 2024 and 2023 Statement of Cash Flows for the years ended December 31, 2024, 2023 and 2022 Statement of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022 Statement of Changes in Shareholders' Equity for the years ended December 31, 2024, 2023 and 2022 Notes to consolidated financial statements Management’s Discussion and Analysis of Financial Condition and Results of Operations - Summary of Operating Segments"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities and equity",
      "prior_title": "Total liabilities and equity",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "similarity_score": 0.805,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"2025 FORM 10-K 37 2025 FORM 10-K 37 2025 FORM 10-K 37 STATEMENT OF CASH FLOWSFor the years ended December 31 (In millions)202520242023Net income (loss)$8,698 $6,566 $9,445 Net (income) loss from discontinued operations activities(103)91 3 Adjustments to reconcile net income (loss) to cash from (used for) operating activities:Depreciation and amortization of property, plant and equipment (Note 6)863 834 797 Amortization of intangible assets (Note 7)357 350 382 Goodwill impairments (Note 7)— 251 — (Gains) losses on equity securities (Note 19)(508)(719)(5,846)Principal pension plans (benefit) cost (Note 13)(655)(653)(755)Principal pension plans employer contributions(211)(210)(184)Other postretirement benefit plans (net)(230)(299)(348)Provision (benefit) for income taxes (Note 15)1,405 962 994 Cash recovered (paid) during the year for income taxes (Note 15)(739)(334)(1,041)Changes in operating working capital:Decrease (increase) in current receivables(2,437)(1,076)(210)Decrease (increase) in inventories, including deferred inventory costs(1,981)(1,528)(1,321)Decrease (increase) in current contract assets(511)(112)(27)Increase (decrease) in contract liabilities and current deferred income1,066 1,066 1,226 Increase (decrease) in progress collections 838 531 242 Increase (decrease) in accounts payable 1,993 688 713 Increase (decrease) in sales discounts and allowances (Note 14)562 (266)(203)All other operating activities136 (326)743 Cash from (used for) operating activities – continuing operations8,543 5,817 4,609 Cash from (used for) operating activities – discontinued operations(6)(1,107)580 Cash from (used for) operating activities8,537 4,710 5,189 Additions to property, plant and equipment and internal-use software(1,273)(1,032)(862)Dispositions of property, plant and equipment123 114 60 Proceeds from principal business dispositions— 499 — Net cash from (payments for) principal businesses purchased(360)(135)(41)Sales of retained ownership interests— 5,250 9,004 Net (purchases) dispositions of insurance investment securities (Note 3)425 (963)(986)All other investing activities309 (4,289)519 Cash from (used for) investing activities – continuing operations(776)(556)7,693 Cash from (used for) investing activities – discontinued operations(377)(1,110)(3,726)Cash from (used for) investing activities(1,153)(1,666)3,967 Net increase (decrease) in borrowings (maturities of 90 days or less)25 2 (71)Newly issued debt (maturities longer than 90 days)1,985 — — Repayments and other debt reductions (maturities longer than 90 days)(1,811)(788)(3,282)Dividends paid to shareholders(1,452)(1,008)(589)Redemption of preferred stock — — (5,795)Purchases of common stock for treasury(7,551)(5,827)(1,233)All other financing activities120 992 459 Cash from (used for) financing activities – continuing operations(8,682)(6,628)(10,511)Cash from (used for) financing activities – discontinued operations— (98)1,899 Cash from (used for) financing activities(8,682)(6,726)(8,613)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash201 (193)120 Increase (decrease) in cash, cash equivalents and restricted cash(1,097)(3,875)664 Cash, cash equivalents and restricted cash at beginning of year15,880 19,755 19,092 Cash, cash equivalents and restricted cash at December 3114,782 15,880 19,755 Less cash, cash equivalents and restricted cash of discontinued operations at December 31(1,126)(1,327)(3,762)Cash, cash equivalents and restricted cash of continuing operations at December 31$13,657 $14,553 $15,993 Supplemental disclosure of cash flows informationCash paid during the year for interest$(882)$(969)$(1,067) Increase (decrease) in accounts payable Additions to property, plant and equipment and internal-use software Cash, cash equivalents and restricted cash at December 31 Less cash, cash equivalents and restricted cash of discontinued operations at December 31 Cash, cash equivalents and restricted cash of continuing operations at December 31 38 2025 FORM 10-K 38 2025 FORM 10-K 38 2025 FORM 10-K STATEMENT OF COMPREHENSIVE INCOME (LOSS)For the years ended December 31 (In millions)202520242023Net income (loss)$8,698 $6,566 $9,445 Less: net income (loss) attributable to noncontrolling interests(6)11 (37)Net income (loss) attributable to the Company$8,704 $6,556 $9,482 Currency translation adjustments(43)2,131 2,274 Benefit plans(882)(1,128)(4,747)Investment securities and cash flow hedges749 (1,016)968 Long-duration insurance contracts(761)2,284 (2,371)L Less: other comprehensive income (loss) attributable to noncontrolling interests— (17)2 Other comprehensive income (loss) attributable to the Company$(937)$2,289 $(3,878)Comprehensive income (loss)$7,761 $8,838 $5,569 Less: comprehensive income (loss) attributable to noncontrolling interests(6)(7)(35)Comprehensive income (loss) attributable to the Company$7,767 $8,845 $5,604\""
      ],
      "current_body": "2025 FORM 10-K 37 2025 FORM 10-K 37 2025 FORM 10-K 37 STATEMENT OF CASH FLOWSFor the years ended December 31 (In millions)202520242023Net income (loss)$8,698 $6,566 $9,445 Net (income) loss from discontinued operations activities(103)91 3 Adjustments to reconcile net income (loss) to cash from (used for) operating activities:Depreciation and amortization of property, plant and equipment (Note 6)863 834 797 Amortization of intangible assets (Note 7)357 350 382 Goodwill impairments (Note 7)— 251 — (Gains) losses on equity securities (Note 19)(508)(719)(5,846)Principal pension plans (benefit) cost (Note 13)(655)(653)(755)Principal pension plans employer contributions(211)(210)(184)Other postretirement benefit plans (net)(230)(299)(348)Provision (benefit) for income taxes (Note 15)1,405 962 994 Cash recovered (paid) during the year for income taxes (Note 15)(739)(334)(1,041)Changes in operating working capital:Decrease (increase) in current receivables(2,437)(1,076)(210)Decrease (increase) in inventories, including deferred inventory costs(1,981)(1,528)(1,321)Decrease (increase) in current contract assets(511)(112)(27)Increase (decrease) in contract liabilities and current deferred income1,066 1,066 1,226 Increase (decrease) in progress collections 838 531 242 Increase (decrease) in accounts payable 1,993 688 713 Increase (decrease) in sales discounts and allowances (Note 14)562 (266)(203)All other operating activities136 (326)743 Cash from (used for) operating activities – continuing operations8,543 5,817 4,609 Cash from (used for) operating activities – discontinued operations(6)(1,107)580 Cash from (used for) operating activities8,537 4,710 5,189 Additions to property, plant and equipment and internal-use software(1,273)(1,032)(862)Dispositions of property, plant and equipment123 114 60 Proceeds from principal business dispositions— 499 — Net cash from (payments for) principal businesses purchased(360)(135)(41)Sales of retained ownership interests— 5,250 9,004 Net (purchases) dispositions of insurance investment securities (Note 3)425 (963)(986)All other investing activities309 (4,289)519 Cash from (used for) investing activities – continuing operations(776)(556)7,693 Cash from (used for) investing activities – discontinued operations(377)(1,110)(3,726)Cash from (used for) investing activities(1,153)(1,666)3,967 Net increase (decrease) in borrowings (maturities of 90 days or less)25 2 (71)Newly issued debt (maturities longer than 90 days)1,985 — — Repayments and other debt reductions (maturities longer than 90 days)(1,811)(788)(3,282)Dividends paid to shareholders(1,452)(1,008)(589)Redemption of preferred stock — — (5,795)Purchases of common stock for treasury(7,551)(5,827)(1,233)All other financing activities120 992 459 Cash from (used for) financing activities – continuing operations(8,682)(6,628)(10,511)Cash from (used for) financing activities – discontinued operations— (98)1,899 Cash from (used for) financing activities(8,682)(6,726)(8,613)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash201 (193)120 Increase (decrease) in cash, cash equivalents and restricted cash(1,097)(3,875)664 Cash, cash equivalents and restricted cash at beginning of year15,880 19,755 19,092 Cash, cash equivalents and restricted cash at December 3114,782 15,880 19,755 Less cash, cash equivalents and restricted cash of discontinued operations at December 31(1,126)(1,327)(3,762)Cash, cash equivalents and restricted cash of continuing operations at December 31$13,657 $14,553 $15,993 Supplemental disclosure of cash flows informationCash paid during the year for interest$(882)$(969)$(1,067) Increase (decrease) in accounts payable Additions to property, plant and equipment and internal-use software Cash, cash equivalents and restricted cash at December 31 Less cash, cash equivalents and restricted cash of discontinued operations at December 31 Cash, cash equivalents and restricted cash of continuing operations at December 31 38 2025 FORM 10-K 38 2025 FORM 10-K 38 2025 FORM 10-K STATEMENT OF COMPREHENSIVE INCOME (LOSS)For the years ended December 31 (In millions)202520242023Net income (loss)$8,698 $6,566 $9,445 Less: net income (loss) attributable to noncontrolling interests(6)11 (37)Net income (loss) attributable to the Company$8,704 $6,556 $9,482 Currency translation adjustments(43)2,131 2,274 Benefit plans(882)(1,128)(4,747)Investment securities and cash flow hedges749 (1,016)968 Long-duration insurance contracts(761)2,284 (2,371)L Less: other comprehensive income (loss) attributable to noncontrolling interests— (17)2 Other comprehensive income (loss) attributable to the Company$(937)$2,289 $(3,878)Comprehensive income (loss)$7,761 $8,838 $5,569 Less: comprehensive income (loss) attributable to noncontrolling interests(6)(7)(35)Comprehensive income (loss) attributable to the Company$7,767 $8,845 $5,604",
      "prior_body": "2024 FORM 10-K 39 2024 FORM 10-K 39 2024 FORM 10-K 39 STATEMENT OF CASH FLOWSFor the years ended December 31 (In millions)202420232022Net earnings (loss)$6,566 $9,445 $403 (Earnings) loss from discontinued operations activities91 3 949 Adjustments to reconcile net earnings (loss) to cash from (used for) operating activities:Depreciation and amortization of property, plant and equipment834 797 846 Amortization of intangible assets (Note 7)350 382 338 Goodwill impairments (Note 7)251 — — (Gains) losses on equity securities (Note 19)(719)(5,846)56 Debt extinguishment costs— — 465 Principal pension plans (benefit) cost (Note 13)(653)(755)305 Principal pension plans employer contributions(210)(184)(173)Other postretirement benefit plans (net)(299)(348)(332)Provision (benefit) for income taxes (Note 15)962 994 169 Cash recovered (paid) during the year for income taxes(334)(1,041)(547)Changes in operating working capital:Decrease (increase) in current receivables(1,076)(210)(1,875)Decrease (increase) in inventories, including deferred inventory costs(1,528)(1,321)(980)Decrease (increase) in current contract assets(112)(27)36 Increase (decrease) in contract liabilities and current deferred income1,066 1,226 1,075 Increase (decrease) in progress collections 531 242 1,187 Increase (decrease) in accounts payable 688 713 1,639 Increase (decrease) in sales discounts and allowances(266)(203)47 All other operating activities(326)743 418 Cash from (used for) operating activities – continuing operations5,817 4,609 4,027 Cash from (used for) operating activities – discontinued operations(1,107)580 1,889 Cash from (used for) operating activities4,710 5,189 5,917 Additions to property, plant and equipment and internal-use software(1,032)(862)(662)Dispositions of property, plant and equipment114 60 153 Proceeds from principal business dispositions499 — 15 Net cash from (payments for) principal businesses purchased(135)(41)(30)Sales of retained ownership interests5,250 9,004 4,717 Net (purchases) dispositions of insurance investment securities(963)(986)(876)All other investing activities(4,289)519 7,053 Cash from (used for) investing activities – continuing operations(556)7,693 10,369 Cash from (used for) investing activities – discontinued operations(1,110)(3,726)(8,099)Cash from (used for) investing activities(1,666)3,967 2,270 Net increase (decrease) in borrowings (maturities of 90 days or less)2 (71)42 Newly issued debt (maturities longer than 90 days)— — — Repayments and other debt reductions (maturities longer than 90 days)(788)(3,282)(11,088)Dividends paid to shareholders(1,008)(589)(639)Cash received (paid) for debt extinguishment costs— — 338 Redemption of preferred stock — (5,795)(144)Purchases of common stock for treasury(5,827)(1,233)(1,048)All other financing activities992 459 (1,000)Cash from (used for) financing activities – continuing operations(6,628)(10,511)(13,540)Cash from (used for) financing activities – discontinued operations(98)1,899 7,955 Cash from (used for) financing activities(6,726)(8,613)(5,585)Effect of currency exchange rate changes on cash, cash equivalents and restricted cash(193)120 (369)Increase (decrease) in cash, cash equivalents and restricted cash(3,875)664 2,232 Cash, cash equivalents and restricted cash at beginning of year19,755 19,092 16,859 Cash, cash equivalents and restricted cash at December 3115,880 19,755 19,092 Less cash, cash equivalents and restricted cash of discontinued operations at December 31(1,327)(3,762)(4,868)Cash, cash equivalents and restricted cash of continuing operations at December 31$14,553 $15,993 $14,223 Supplemental disclosure of cash flows informationCash paid during the year for interest$(969)$(1,067)$(1,561) Increase (decrease) in accounts payable Additions to property, plant and equipment and internal-use software Cash, cash equivalents and restricted cash at December 31 Less cash, cash equivalents and restricted cash of discontinued operations at December 31 Cash, cash equivalents and restricted cash of continuing operations at December 31 40 2024 FORM 10-K 40 2024 FORM 10-K 40 2024 FORM 10-K STATEMENT OF COMPREHENSIVE INCOME (LOSS)For the years ended December 31 (In millions)202420232022Net earnings (loss)$6,566 $9,445 $403 Less: net earnings (loss) attributable to noncontrolling interests11 (37)67 Net earnings (loss) attributable to the Company$6,556 $9,482 $336 Currency translation adjustments2,131 2,274 (1,326)Benefit plans(1,128)(4,747)2,889 Investment securities and cash flow hedges(1,016)968 (7,099)Long-duration insurance contracts2,284 (2,371)8,126 Less: other comprehensive income (loss) attributable to noncontrolling interests(17)2 1 Other comprehensive income (loss) attributable to the Company$2,289 $(3,878)$2,589 Comprehensive income (loss)$8,838 $5,569 $2,993 Less: comprehensive income (loss) attributable to noncontrolling interests(7)(35)68 Comprehensive income (loss) attributable to the Company$8,845 $5,604 $2,925 Currency translation adjustments Benefit plans Investment securities and cash flow hedges Less: other comprehensive income (loss) attributable to noncontrolling interests Less: comprehensive income (loss) attributable to noncontrolling interests STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITYFor the years ended December 31 (In millions)202420232022Preferred stock issued$— $— $6 Common stock issued$15 $15 $15 Beginning balance(6,150)(2,272)(4,860)Currency translation adjustments2,151 2,270 (1,324)Benefit plans(1,120)(4,745)2,886 Investment securities and cash flow hedges(1,026)968 (7,099)Long-duration insurance contracts2,284 (2,371)8,126 Accumulated other comprehensive income (loss)$(3,861)$(6,150)$(2,272)Beginning balance26,962 34,173 34,691 Gains (losses) on treasury stock dispositions(3,028)(1,845)(741)Stock-based compensation361 355 362 Other changes(a)(29)(5,721)(139)Other capital$24,266 $26,962 $34,173 Beginning balance86,553 83,001 83,229 Net earnings (loss) attributable to the Company6,556 9,482 336 Dividends and other transactions with shareholders(b)(12,599)(5,937)(642)Other(21)6 77 Retained earnings$80,488 $86,553 $83,001 Beginning balance(79,976)(81,209)(81,093)Purchases(5,826)(1,244)(1,048)Dispositions4,236 2,477 931 Common stock held in treasury$(81,566)$(79,976)$(81,209)GE Aerospace shareholders' equity balance19,342 27,403 33,714 Noncontrolling interests balance(c)223 1,202 1,216 Total equity balance at December 31$19,564 $28,605 $34,930 Investment securities and cash flow hedges GE Aerospace shareholders' equity balance"
    },
    {
      "status": "MODIFIED",
      "current_title": "Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on DerivativesAmount of Gain (Loss) Reclassified from AOCI into Net Income2025202420252024Cash flow hedges(a)$133 $(64)$45 $16 Net investment hedges(798)348 — —",
      "prior_title": "Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) on DerivativesAmount of Gain (Loss) Reclassified from AOCI into Net income2024202320242023Cash flow hedges(a)$(64)$49 $16 $53 Net investment hedges(b)348 (150)— —",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": [
          "rates"
        ]
      },
      "similarity_score": 0.804,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a) Consist of currency exchange contracts and cross-currency interest rate swaps, primarily recognized in Costs of equipment or services sold in our Statement of Operations.\"",
        "Reworded sentence: \"The cumulative net gains related to hedging adjustments of $969 million and $1,037 million on discontinued hedges were included primarily in long-term borrowings of $8,286 million and $8,387 million as of December 31, 2025 and December 31, 2024, respectively, and will continue to amortize into interest expense until the borrowings mature.\"",
        "Reworded sentence: \"Our exposures to counterparties (including accrued interest) were $187 million and $188 million at December 31, 2025 and December 31, 2024, respectively.\"",
        "Reworded sentence: \"In our Statement of Financial Position, we have assets of $170 million and $141 million and liabilities of $144 million and $131 million at December 31, 2025 and December 31, 2024, respectively, in consolidated Variable Interest Entities (VIEs).\"",
        "Reworded sentence: \"In our Statement of Financial Position, we have assets of $170 million and $141 million and liabilities of $144 million and $131 million at December 31, 2025 and December 31, 2024, respectively, in consolidated Variable Interest Entities (VIEs).\""
      ],
      "current_body": "(a) Consist of currency exchange contracts and cross-currency interest rate swaps, primarily recognized in Costs of equipment or services sold in our Statement of Operations. FAIR VALUE HEDGES. We used fair value hedges to hedge the effects of interest rate and currency changes on debt we issued. All fair value hedges were terminated in 2022 due to exposure management actions. The cumulative net gains related to hedging adjustments of $969 million and $1,037 million on discontinued hedges were included primarily in long-term borrowings of $8,286 million and $8,387 million as of December 31, 2025 and December 31, 2024, respectively, and will continue to amortize into interest expense until the borrowings mature. long-term borrowings long-term borrowings COUNTERPARTY CREDIT RISK. Our exposures to counterparties (including accrued interest) were $187 million and $188 million at December 31, 2025 and December 31, 2024, respectively. Counterparties' exposures to our derivative liability (including accrued interest), were $71 million and $77 million at December 31, 2025 and December 31, 2024, respectively. NOTE 23. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $170 million and $141 million and liabilities of $144 million and $131 million at December 31, 2025 and December 31, 2024, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. In our Statement of Financial Position, we have assets of $170 million and $141 million and liabilities of $144 million and $131 million at December 31, 2025 and December 31, 2024, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Our investments in unconsolidated VIEs were $8,976 million and $8,131 million at December 31, 2025 and December 31, 2024, respectively. Of these investments, $1,114 million and $1,280 million were in our U.S. tax equity portfolio, comprising equity method investments related to onshore renewable energy projects, at December 31, 2025 and December 31, 2024, respectively. In addition, $7,660 million and $6,665 million were in our run-off insurance operations, primarily comprised of equity method investments at December 31, 2025 and December 31, 2024, respectively. The increase in investments in unconsolidated VIEs in our run-off insurance operations reflects strategic initiatives to invest in higher-yielding asset classes. Our maximum exposure to loss with respect to unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 24.",
      "prior_body": "(a) Primarily currency exchange contracts, and recognized in Costs of equipment or services sold in the Statement of Earnings (Loss). We expect to reclassify a $30 million loss from AOCI to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. (b) The carrying value of foreign currency debt designated as net investment hedges was $5,199 million and $4,726 million at December 31, 2024 and 2023, respectively. FAIR VALUE HEDGES. We used fair value hedges to hedge the effects of interest rate and currency changes on debt we issued. All fair value hedges were terminated in 2022 due to exposure management actions. The cumulative net gains related to hedging adjustments of $1,037 million and $1,162 million on discontinued hedges were included primarily in long-term borrowings of $8,387 and $9,253 million as of December 31, 2024 and 2023, respectively, and will continue to amortize into interest expense until the borrowings mature. long-term borrowings long-term borrowings COUNTERPARTY CREDIT RISK. Our exposures to counterparties (including accrued interest) was $188 and $241 million at December 31, 2024 and 2023, respectively. Counterparties' exposures to our derivative liability (including accrued interest), was $77 million and $53 million at December 31, 2024 and 2023, respectively. NOTE 23. VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $141 million and $115 million and liabilities of $131 million and $140 million at December 31, 2024 and December 31, 2023, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. In our Statement of Financial Position, we have assets of $141 million and $115 million and liabilities of $131 million and $140 million at December 31, 2024 and December 31, 2023, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. 2024 FORM 10-K 71 2024 FORM 10-K 71 2024 FORM 10-K 71 Our investments in unconsolidated VIEs were $8,131 million and $6,577 million at December 31, 2024 and December 31, 2023, respectively. Of these investments, $1,280 million and $1,205 million were owned for U.S. tax equity, comprising equity method investments primarily related to onshore renewable energy projects, at December 31, 2024 and December 31, 2023, respectively. In addition, $6,665 million and $5,151 million were owned by our run-off insurance operations, primarily comprised of equity method investments at December 31, 2024 and December 31, 2023, respectively. The increase in investments in unconsolidated VIEs in our run-off insurance operations reflects strategic initiatives to invest in higher-yielding asset classes. Our maximum exposure to loss in respect of unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 24."
    },
    {
      "status": "MODIFIED",
      "current_title": "For the year ended December 31, 2024",
      "prior_title": "For the year ended December 31, 2024",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.8,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"For the year ended December 31, 2023GE VernovaBank BPH & OtherTotalTotal revenue$33,265 $— $33,265 Cost of equipment and services sold(28,205)— (28,205)Other income, costs and expenses(5,306)(1,301)(6,607)Net Income (loss) of discontinued operations before income taxes(246)(1,301)(1,547)Benefit (provision) for income taxes(a)(171)1,710 1,539 Net Income (loss) of discontinued operations, net of taxes(417)409 (8)Gain (loss) on disposal before income taxes— 6 6 Benefit (provision) for income taxes— — — Gain (loss) on disposal, net of taxes— 6 6 Net Income (loss) from discontinued operations, net of taxes$(417)$414 $(3)\""
      ],
      "current_body": "For the year ended December 31, 2023GE VernovaBank BPH & OtherTotalTotal revenue$33,265 $— $33,265 Cost of equipment and services sold(28,205)— (28,205)Other income, costs and expenses(5,306)(1,301)(6,607)Net Income (loss) of discontinued operations before income taxes(246)(1,301)(1,547)Benefit (provision) for income taxes(a)(171)1,710 1,539 Net Income (loss) of discontinued operations, net of taxes(417)409 (8)Gain (loss) on disposal before income taxes— 6 6 Benefit (provision) for income taxes— — — Gain (loss) on disposal, net of taxes— 6 6 Net Income (loss) from discontinued operations, net of taxes$(417)$414 $(3)",
      "prior_body": "GE Vernova For the year ended December 31, 2023GE VernovaGE HealthCareBank BPH & OtherTotalTotal revenue$33,265 $— $— $33,265 Cost of equipment and services sold(28,205)— — (28,205)Other income, costs and expenses(5,306)(50)(1,252)(6,607)Earnings (loss) of discontinued operations before income taxes(246)(50)(1,252)(1,547)Benefit (provision) for income taxes(171)1,706 4 1,539 Earnings (loss) of discontinued operations, net of taxes(417)1,656 (1,248)(8)Gain (loss) on disposal before income taxes— — 6 6 Benefit (provision) for income taxes— — — — Gain (loss) on disposal, net of taxes— — 6 6 Earnings (loss) from discontinued operations, net of taxes$(417)$1,656 $(1,242)$(3)"
    },
    {
      "status": "MODIFIED",
      "current_title": "Accounts payable",
      "prior_title": "Accounts payable",
      "severity": {
        "deterministic": 5,
        "ai_bump": 0,
        "total": 5,
        "tier": "medium",
        "signal_hits": [
          "supplychain"
        ]
      },
      "similarity_score": 0.799,
      "confidence": "high",
      "key_changes": [
        "Added sentence: \"(a) Revenue sharing and other partner payables are primarily amounts due to revenue sharing and joint venture partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities.\"",
        "Added sentence: \"The revenue sharing partners share in program revenue, receive a share of customer progress payments and share costs related to discounts and warranties.\"",
        "Reworded sentence: \"Total supplier invoices paid through these third-party programs were $3,918 million and $3,798 million for the years ended December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"Insurance liabilities and annuity benefits are comprised of obligations to annuitants and insureds in our run-off insurance operations.\"",
        "Reworded sentence: \"Insurance liabilities and annuity benefits are comprised of obligations to annuitants and insureds in our run-off insurance operations.\""
      ],
      "current_body": "(a) Revenue sharing and other partner payables are primarily amounts due to revenue sharing and joint venture partners who participate in engine programs by developing and supplying certain engine components through the life of the program or other partners who support our production or aftermarket activities. The revenue sharing partners share in program revenue, receive a share of customer progress payments and share costs related to discounts and warranties. 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 $3,918 million and $3,798 million for the years ended December 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 $3,533 million, $3,581 million and $3,389 million, profit was $992 million, $1,022 million and $332 million and net income was $877 million, $806 million and $260 million for the years ended December 31, 2025, 2024 and 2023, respectively. These operations were primarily supported by investment securities, substantially all debt securities, of $37,842 million and $37,352 million, limited partnerships of $5,089 million and $4,321 million, a diversified commercial mortgage loan portfolio collateralized by first liens on U.S. commercial real estate properties of $1,802 million and $1,887 million (net of allowance for credit losses of $19 million and $46 million) and residential mortgage loans of $395 million and $251 million (net of allowance for credit losses of an insignificant amount), as of December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, the commercial mortgage loan portfolio had no delinquent or non-accrual loans and about one-fourth of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 59%, debt service coverage of 1.6, and an insignificant amount of scheduled maturities through 2026. A summary of our insurance liabilities and annuity benefits is presented below. 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 $3,533 million, $3,581 million and $3,389 million, profit was $992 million, $1,022 million and $332 million and net income was $877 million, $806 million and $260 million for the years ended December 31, 2025, 2024 and 2023, respectively. T hese operations were primarily supported by investment securities, substantially all debt securities, of $37,842 million and $37,352 million, limited partnerships of $5,089 million and $4,321 million, a diversified commercial mortgage loan portfolio collateralized by first liens on U.S. commercial real estate properties of $1,802 million and $1,887 million (net of allowance for credit losses of $19 million and $46 million) and residential mortgage loans of $395 million and $251 million (net of allowance for credit losses of an insignificant amount), as of December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, the commercial mortgage loan portfolio had no delinquent or non-accrual loans and about one-fourth of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 59%, debt service coverage of 1.6, and an insignificant amount of scheduled maturities through 2026. A summary of our insurance liabilities and annuity benefits is presented below. 52 2025 FORM 10-K 52 2025 FORM 10-K 52 2025 FORM 10-K December 31, 2025Long-term careStructured settlement annuitiesLifeOther contractsTotalFuture policy benefit reserves$25,792 $8,383 $906 $357 $35,438 Investment contracts— 647 — 493 1,140 Other— — 113 203 316 Total$25,792 $9,031 $1,019 $1,053 $36,894",
      "prior_body": "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 $3,798 million and $3,110 million for the years ended December 31, 2024 and 2023, respectively. GE Aerospace has no costs associated with this program. NOTE 12. INSURANCE LIABILITIES AND ANNUITY BENEFITS. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenue of $3,581 million, $3,389 million and $2,957 million, profit was $1,022 million, $332 million and $205 million and net earnings was $806 million, $260 million and $159 million, for the years ended December 31, 2024, 2023 and 2022, respectively. These operations were primarily supported by investment securities of $37,352 million and $37,592 million, limited partnerships of $4,321 million and $3,300 million, a diversified commercial mortgage loan portfolio substantially all collateralized by first liens on U.S. commercial real estate properties of $1,887 million and $1,947 million (net of allowance for credit losses of $46 million and $48 million), and residential mortgage loans of $251 million and $0 million (net of allowance for credit losses of an insignificant amount), as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the commercial mortgage loan portfolio had one delinquent loan, no non-accrual loans and about one-third of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 69%, debt service coverage of 1.7, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below. Insurance liabilities and annuity benefits comprise substantially all obligations to annuitants and insureds in our run-off insurance operations. Our insurance operations (net of eliminations) generated revenue of $3,581 million, $3,389 million and $2,957 million, profit was $1,022 million, $332 million and $205 million and net earnings was $806 million, $260 million and $159 million, for the years ended December 31, 2024, 2023 and 2022, respectively. These operations were primarily supported by investment securities of $37,352 million and $37,592 million, limited partnerships of $4,321 million and $3,300 million, a diversified commercial mortgage loan portfolio substantially all collateralized by first liens on U.S. commercial real estate properties of $1,887 million and $1,947 million (net of allowance for credit losses of $46 million and $48 million), and residential mortgage loans of $251 million and $0 million (net of allowance for credit losses of an insignificant amount), as of December 31, 2024 and 2023, respectively. As of December 31, 2024, the commercial mortgage loan portfolio had one delinquent loan, no non-accrual loans and about one-third of the portfolio was held in the office sector, which had a weighted average loan-to-value ratio of 69%, debt service coverage of 1.7, and no scheduled maturities through 2025. A summary of our insurance liabilities and annuity benefits is presented below. 2024 FORM 10-K 55 2024 FORM 10-K 55 2024 FORM 10-K 55 December 31, 2024Long-term careStructured settlement annuitiesLifeOther contractsTotalFuture policy benefit reserves$24,675 $8,426 $1,018 $357 $34,476 Investment contracts— 719 — 621 1,340 Other— — 116 277 394 Total$24,675 $9,145 $1,134 $1,254 $36,209"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total liabilities",
      "prior_title": "Total liabilities",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.793,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Common stock (1,048,766,702 and 1,073,692,183 shares outstanding at December 31, 2025 and December 31, 2024, respectively) (Note 16) Other capital Retained earnings Less common stock held in treasury\""
      ],
      "current_body": "Common stock (1,048,766,702 and 1,073,692,183 shares outstanding at December 31, 2025 and December 31, 2024, respectively) (Note 16) Other capital Retained earnings Less common stock held in treasury",
      "prior_body": "Common stock (1,073,692,183 and 1,088,415,995 shares outstanding at December 31, 2024 and 2023, respectively) (Note 16) Other capital Retained earnings Less common stock held in treasury"
    },
    {
      "status": "MODIFIED",
      "current_title": "Balance atDecember 31",
      "prior_title": "Balance atDecember 31",
      "severity": {
        "deterministic": 5,
        "ai_bump": 0,
        "total": 5,
        "tier": "medium",
        "signal_hits": [
          "rates"
        ]
      },
      "similarity_score": 0.793,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"(a)Primarily included net unrealized gains (losses) of $5 million and $(29) million in Other comprehensive income for the years ended December 31, 2025 and 2024, respectively.\"",
        "Reworded sentence: \"(c)Included $(1,080) million of Mortgage and asset-backed debt securities and $(600) million of U.S.\"",
        "Reworded sentence: \"2025 FORM 10-K 67 2025 FORM 10-K 67 2025 FORM 10-K 67 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.\"",
        "Reworded sentence: \"Substantially all of these assets are considered Level 3 and substantially all these liabilities’ fair value are considered Level 2.\"",
        "Reworded sentence: \"Substantially all of these assets are considered Level 3 and substantially all these liabilities’ fair value are considered Level 2.\""
      ],
      "current_body": "(a)Primarily included net unrealized gains (losses) of $5 million and $(29) million in Other comprehensive income for the years ended December 31, 2025 and 2024, respectively. (b)Included $356 million of U.S. corporate debt securities and $1,764 million of Mortgage and asset-backed debt securities for the year ended December 31, 2025. 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. (c)Included $(1,080) million of Mortgage and asset-backed debt securities and $(600) million of U.S. corporate debt securities for the year ended December 31, 2025. Included $(95) million of Mortgage and asset-backed debt securities and $(621) million of U.S. corporate debt securities the year ended December 31, 2024. (d)Transfers out of Level 3 during the years ended December 31, 2025 and 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. 2025 FORM 10-K 67 2025 FORM 10-K 67 2025 FORM 10-K 67 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 Level 3 and substantially all these liabilities’ fair value are considered Level 2. 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 Level 3 and substantially all these liabilities’ fair value are considered Level 2. December 31, 2025December 31, 2024Carryingamount(net)Estimatedfair valueCarryingamount(net)Estimatedfair valueAssetsLoans and other receivables(a)$2,197 $2,153 $2,261 $1,981 LiabilitiesBorrowings (Note 10)20,494 20,558 19,273 18,805 Investment contracts(a)1,140 1,199 1,375 1,432 (a) Primarily related to our run-off insurance operations. See Note 12 for further information. Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and cash equivalents, investment securities (see Note 3) and derivative financial instruments below. DERIVATIVES AND HEDGING. Per our policy, derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage risks related to foreign currency exchange (including foreign equity investments), interest rates and commodity prices. We use foreign currency forward and cross-currency interest rate swap contracts designated as cash flow hedges primarily to reduce the effects of foreign exchange rate changes. The gains or losses on derivatives that are designated as cash flow hedges are initially recorded in Statement of Other Comprehensive Income (Loss) and subsequently reclassified to earnings when the hedged transaction affects earnings. We expect to reclassify $46 million of gains from AOCI to earnings in the next 12 months contemporaneously with the earnings effects of the related forecasted transactions. We use our foreign currency debt and cross-currency interest rate swaps in net investment hedges to hedge currency exposure of our net investments in foreign operations. Gains and losses on net investment hedges are initially recorded in the Statement of Other Comprehensive Income (Loss). The carrying value of foreign currency debt designated as net investment hedges was $4,958 million and $5,199 million at December 31, 2025 and 2024, respectively. For cross-currency interest rate swaps in qualified hedging relationships, we recognize the periodic interest settlements within Interest and other financial charges in the Statement of Operations. Such interest amounts were $27 million and $2 million for the years ended December 31, 2025 and 2024, respectively. The cash flows associated with these periodic interest settlements are classified as operating activities in the Statement of Cash Flows. We also use derivatives for economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in income in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on income in each period due to differences in the timing of income recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVESDecember 31, 2025December 31, 2024Classification(a)Gross NotionalFair Value - AssetsFair Value - LiabilitiesGross NotionalFair Value - AssetsFair Value - LiabilitiesQualifying currency exchange contractsCurrent$2,125 $38 $17 $1,873 $36 $40 Qualifying cross currency interest rate swapsNon-Current3,079 20 62 416 8 — Current471 17 39 — — — Non-qualifying currency exchange contracts and other(b)Current4,983 172 12 6,759 199 91 Gross derivatives$10,659 $247 $129 $9,047 $243 $131 Netting and credit adjustments$(60)$(58)$(55)$(54)Net derivatives recognized in statement of financial position$187 $71 $188 $77 (a) The fair values of Derivatives indicated as current are components of All other current assets and All other current Liabilities. Fair values of Derivatives indicated as non-current are components of All other assets and All other liabilities in the Statement of Financial Position. (b) Gains (losses) included in our Statement of Operations are $243 million and $105 million for years ended December 31, 2025 and 2024, respectively, primarily in SG&A, driven by hedges of foreign currency exchange and deferred employee compensation. Substantially all of these amounts are offset by the remeasurement of the underlying exposure through income. 68 2025 FORM 10-K 68 2025 FORM 10-K 68 2025 FORM 10-K",
      "prior_body": "(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. 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)19,273 18,805 20,525 20,218 Investment contracts(a)1,375 1,432 1,535 1,616 (a) Primarily related to our run-off insurance operations. See Note 12 for further information. Assets and liabilities that are reflected in the accompanying financial statements at fair value are not included in the above disclosures; such items include cash and cash equivalents, investment securities (Note 3) and derivative financial instruments below. DERIVATIVES AND HEDGING. Our policy requires that derivatives are used solely for managing risks and not for speculative purposes. We use derivatives to manage risks related to foreign currency exchange (including foreign equity investments), interest rates and commodity prices. 70 2024 FORM 10-K 70 2024 FORM 10-K 70 2024 FORM 10-K We use currency exchange contracts (including cross-currency swaps) for net investment hedges to hedge investments in our foreign operations, or for cash flow hedges primarily to reduce or eliminate the effects of foreign exchange rate changes. Gains and losses on derivatives used in qualified hedges are initially recognized in our Statement of Other Comprehensive Income (Loss) except for interest on cross-currency swaps. For cross-currency swaps, we recognize the periodic interest settlements within Interest and other financial charges in the Statement of Earnings (Loss), and the cash flows associated with these periodic interest settlements are classified as operating activities in the Statement of Cash Flows. Settlements from termination of all qualified hedges are classified in the Statement of Cash Flows following the nature of the hedged items (e.g., investing activities for derivatives used to hedge investments in our foreign operations). We also use derivatives for economic hedges when we have exposures to currency exchange risk for which we are unable to meet the requirements for hedge accounting or when changes in the carrying amount of the hedged item are already recorded in earnings in the same period as the derivative making hedge accounting unnecessary. Even though the derivative is an effective economic hedge, there may be a net effect on earnings in each period due to differences in the timing of earnings recognition between the derivative and the hedged item. FAIR VALUE OF DERIVATIVESDecember 31, 2024December 31, 2023Gross NotionalAll other current assetsAll other current liabilitiesGross NotionalAll other current assetsAll other current liabilitiesQualifying currency exchange contracts(a)$2,289 $44 $40 $1,613 $26 $22 Non-qualifying currency exchange contracts and other(b)6,759 199 91 16,277 245 56 Gross derivatives$9,047 $243 $131 $17,890 $271 $78 Netting and credit adjustments$(55)$(54)$(28)$(26)Net derivatives recognized in statement of financial position$188 $77 $243 $53 All other current assets All other current liabilities All other current assets All other current liabilities (a) Gains (losses) on interest settlements related to cross-currency swaps included in our Statement of Earnings (Loss) are $2 million and $0 million for the years ended December 31, 2024 and 2023, respectively. (b) Gains (losses) included in our Statement of Earnings (Loss) are $105 million and $136 million for the years ended December 31, 2024 and 2023, respectively, primarily in SG&A, driven by hedges of deferred incentive compensation and foreign exchange fluctuation. These amounts are offset by the remeasurement of the underlying exposure through earnings."
    },
    {
      "status": "MODIFIED",
      "current_title": "INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31",
      "prior_title": "INTANGIBLE ASSETS SUBJECT TO AMORTIZATION December 31",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.788,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"5-20 5-15 5-10 13 (a) Balance includes payments made to our customers, primarily within our Commercial Engines & Services segment.\""
      ],
      "current_body": "5-20 5-15 5-10 13 (a) Balance includes payments made to our customers, primarily within our Commercial Engines & Services segment. 50 2025 FORM 10-K 50 2025 FORM 10-K 50 2025 FORM 10-K Intangible assets decreased $32 million in 2025, primarily as a result of amortization, offset by acquisitions within our Defense & Propulsion Technologies segment, additions of capitalized software and foreign currency exchange. Consolidated amortization expense was $357 million, $350 million and $382 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION20262027202820292030Estimated annual pre-tax amortization351356357376371 During 2025, we recorded additions to intangible assets subject to amortization of $266 million with a weighted-average amortizable period of 12.47 years, including capitalized software of $119 million, with a weighted-average amortizable period of 7 years.",
      "prior_body": "3-15 5-15 5 13 (a) Balance includes payments made to our customers, primarily within our Commercial Engines & Services segment. Intangible assets decreased $385 million in 2024, primarily as a result of amortization. Consolidated amortization expense was $350 million, $382 million and $338 million for the years ended December 31, 2024, 2023 and 2022, respectively. Estimated consolidated annual pre-tax amortization for intangible assets over the next five calendar years are as follows: ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION20252026202720282029Estimated annual pre-tax amortization$348 $343 $329 $322 $323 During 2024, we recorded additions to intangible assets subject to amortization of $136 million with a weighted-average amortizable period of 6.38 years, including capitalized software of $118 million, with a weighted-average amortizable period of 5 years."
    },
    {
      "status": "MODIFIED",
      "current_title": "EXPENSES, PROFIT AND INCOME For the years ended December 31",
      "prior_title": "EXPENSES, PROFIT AND EARNINGS For the years ended December 31",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.787,
      "confidence": "high",
      "current_body": "(a) Other segment expenses (income) primarily includes equity method income, interest income and licensing and royalty income.",
      "prior_body": "(a) Other segment expenses (income) primarily includes equity method income, interest income and licensing and royalty income."
    },
    {
      "status": "MODIFIED",
      "current_title": "December 31, 2024",
      "prior_title": "December 31, 2023",
      "severity": {
        "deterministic": 5,
        "ai_bump": 0,
        "total": 5,
        "tier": "medium",
        "signal_hits": [
          "rates"
        ]
      },
      "similarity_score": 0.781,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"December 31, 2025December 31, 2024Present value of expected net premiumsLong-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLifeBalance, beginning of year$4,144 $— $4,318 $4,063 $— $4,803 Beginning balance at locked-in discount rate3,991 — 4,415 3,745 — 4,773 Effect of changes in cash flow assumptions355 — 4 465 — (1)Effect of actual variances from expected experience(a)(19)— (2,681)(26)— 8 Adjusted beginning of year balance4,327 — 1,738 4,184 — 4,780 Interest accrual 221 — 164 209 — 177 Net premiums collected(408)— (292)(403)— (309)Effect of foreign currency— — 103 — — (234)Ending balance at locked-in discount rate4,140 — 1,714 3,991 — 4,415 Effect of changes in discount rate assumptions287 — 119 154 — (97)Balance, end of year$4,426 $— $1,833 $4,144 $— $4,318 Present value of expected future policy benefitsBalance, beginning of year$28,820 $8,426 $5,336 $30,895 $9,357 $5,921 Beginning balance at locked-in discount rate27,448 8,301 5,411 27,144 8,561 5,847 Effect of changes in cash flow assumptions375 (37)43 238 — 24 Effect of actual variances from expected experience(a)161 19 (2,795)25 (36)(1)Adjusted beginning of year balance27,985 8,283 2,659 27,406 8,525 5,870 Interest accrual1,511 429 204 1,485 441 218 Benefit payments(1,519)(664)(392)(1,443)(664)(430)Effect of foreign currency— — 111 — — (246)Ending balance at locked-in discount rate27,976 8,048 2,582 27,448 8,301 5,411 Effect of changes in discount rate assumptions2,242 335 157 1,371 125 (76)Balance, end of year$30,218 $8,383 $2,739 $28,820 $8,426 $5,336 Net future policy benefit reserves$25,792 $8,383 $906 $24,675 $8,426 $1,018 Less: Reinsurance recoverables, net of allowance for credit losses(162)— (151)(169)— (32)Net future policy benefit reserves, after reinsurance recoverables$25,630 $8,383 $755 $24,507 $8,426 $985 Weighted-average duration of liability (years)(b)11.110.15.911.710.35.3Weighted-average interest accretion rate5.6%5.4%5.3%5.6%5.4%5.1%Current discount rate5.3%5.3%4.9%5.6%5.5%5.1%Gross premiums or assessments recognized during period$463 $— $306 $479 $— $353 Expected future gross premiums, undiscounted7,533 — 3,114 7,548 — 11,343 Expected future gross premiums, discounted(b)4,854 — 1,937 4,745 — 5,205 Expected future benefit payments, undiscounted61,336 17,807 4,117 62,001 18,589 10,336 Expected future benefit payments, discounted(b)30,218 8,383 2,739 28,820 8,426 5,336 (a) Substantially all of Life reflects novations executed during the year ended December 31, 2025, in connection with the Canadian life and health insurance portfolio reinsurance transaction.\"",
        "Reworded sentence: \"On February 3, 2025, we closed the Canadian life and health insurance portfolio reinsurance transaction that was announced in 2024.\"",
        "Reworded sentence: \"Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP.\""
      ],
      "current_body": "Future policy benefit reserves Investment contracts Other Total The following tables summarize balances of and changes in future policy benefit reserves. December 31, 2025December 31, 2024Present value of expected net premiumsLong-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLifeBalance, beginning of year$4,144 $— $4,318 $4,063 $— $4,803 Beginning balance at locked-in discount rate3,991 — 4,415 3,745 — 4,773 Effect of changes in cash flow assumptions355 — 4 465 — (1)Effect of actual variances from expected experience(a)(19)— (2,681)(26)— 8 Adjusted beginning of year balance4,327 — 1,738 4,184 — 4,780 Interest accrual 221 — 164 209 — 177 Net premiums collected(408)— (292)(403)— (309)Effect of foreign currency— — 103 — — (234)Ending balance at locked-in discount rate4,140 — 1,714 3,991 — 4,415 Effect of changes in discount rate assumptions287 — 119 154 — (97)Balance, end of year$4,426 $— $1,833 $4,144 $— $4,318 Present value of expected future policy benefitsBalance, beginning of year$28,820 $8,426 $5,336 $30,895 $9,357 $5,921 Beginning balance at locked-in discount rate27,448 8,301 5,411 27,144 8,561 5,847 Effect of changes in cash flow assumptions375 (37)43 238 — 24 Effect of actual variances from expected experience(a)161 19 (2,795)25 (36)(1)Adjusted beginning of year balance27,985 8,283 2,659 27,406 8,525 5,870 Interest accrual1,511 429 204 1,485 441 218 Benefit payments(1,519)(664)(392)(1,443)(664)(430)Effect of foreign currency— — 111 — — (246)Ending balance at locked-in discount rate27,976 8,048 2,582 27,448 8,301 5,411 Effect of changes in discount rate assumptions2,242 335 157 1,371 125 (76)Balance, end of year$30,218 $8,383 $2,739 $28,820 $8,426 $5,336 Net future policy benefit reserves$25,792 $8,383 $906 $24,675 $8,426 $1,018 Less: Reinsurance recoverables, net of allowance for credit losses(162)— (151)(169)— (32)Net future policy benefit reserves, after reinsurance recoverables$25,630 $8,383 $755 $24,507 $8,426 $985 Weighted-average duration of liability (years)(b)11.110.15.911.710.35.3Weighted-average interest accretion rate5.6%5.4%5.3%5.6%5.4%5.1%Current discount rate5.3%5.3%4.9%5.6%5.5%5.1%Gross premiums or assessments recognized during period$463 $— $306 $479 $— $353 Expected future gross premiums, undiscounted7,533 — 3,114 7,548 — 11,343 Expected future gross premiums, discounted(b)4,854 — 1,937 4,745 — 5,205 Expected future benefit payments, undiscounted61,336 17,807 4,117 62,001 18,589 10,336 Expected future benefit payments, discounted(b)30,218 8,383 2,739 28,820 8,426 5,336 (a) Substantially all of Life reflects novations executed during the year ended December 31, 2025, in connection with the Canadian life and health insurance portfolio reinsurance transaction. (b) Determined using the current discount rate as of December 31, 2025 and 2024. 2025 FORM 10-K 53 2025 FORM 10-K 53 2025 FORM 10-K 53 As of December 31, 2025 and 2024, policyholders account balances totaled $1,375 million and $1,574 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the years ended December 31, 2025 and 2024 are primarily attributed to surrenders, withdrawals and benefit payments of $464 million and $432 million, partially offset by net additions from separate accounts and interest credited of $261 million and $276 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both December 31, 2025 and 2024, respectively. Reinsurance recoveries are recorded as a reduction of Insurance losses, annuity benefits and other costs in our Statement of Operations and amounted to $348 million, $104 million and $108 million for the years ended December 31, 2025, 2024 and 2023, respectively. Reinsurance recoverables, net of allowances of insignificant amounts, are included in non-current All other assets in our Statement of Financial Position, and amounted to $324 million and $216 million as of December 31, 2025 and 2024, respectively. Our 2025 annual review of future policy benefit reserves cash flow assumptions resulted in an increase in net future policy benefit reserves, after reinsurance recoverables and a pre-tax charge to net income of $126 million ($100 million, after-tax), primarily related to long-term care cost of care inflation and lower policy terminations or benefit reductions related to premium rate increases assumptions, partially offset by favorable experience, including mortality. Our 2024 annual review of future policy benefit reserves cash flow assumptions resulted in an immaterial charge to net income. Included in Insurance losses, annuity benefits and other costs in our Statement of Operations for the years ended December 31, 2025 and 2024 are unfavorable and favorable pre-tax adjustments of $(107) million and $196 million respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions. Included in these amounts for the years ended December 31, 2025 and 2024, are unfavorable adjustments of $175 million and $109 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%. On February 3, 2025, we closed the Canadian life and health insurance portfolio reinsurance transaction that was announced in 2024. We received a ceding commission of $128 million with the resulting gain deferred and amortized over the remaining life of the policies or earlier should the underlying treaties be novated. Included in Insurance losses, annuity benefits and other costs in our Statement of Operations for the year ended December 31, 2025, is a benefit of $331 million, related to executed novations, resulting in an insignificant remaining deferred gain balance as of December 31, 2025. Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners (NAIC) as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. As of December 31, 2025, there are no prescribed or permitted statutory accounting practices applicable to the entities. GE Aerospace is a party to capital maintenance agreements (CMAs) with its run-off insurance subsidiaries under which GE Aerospace is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC. There were no payments made to the run-off insurance subsidiaries under the CMAs for the year ended December 31, 2025. As of December 31, 2025, our insurance legal entities are restricted from the payment of dividends to their direct parent without prior approval of the commissioner of the Kansas Insurance Department. See Notes 1, 3 and 9 for further information related to our run-off insurance operations.",
      "prior_body": "Future policy benefit reserves Investment contracts Other Total The following tables summarize balances of and changes in future policy benefit reserves. December 31, 2024December 31, 2023Present value of expected net premiumsLong-term careStructured settlement annuitiesLifeLong-term careStructured settlement annuitiesLifeBalance, beginning of year$4,063 $— $4,803 $4,059 $— $4,828 Beginning balance at locked-in discount rate3,745 — 4,773 3,958 — 5,210 Effect of changes in cash flow assumptions465 — (1)(4)— (77)Effect of actual variances from expected experience(26)— 8 (22)— (300)Adjusted beginning of year balance4,184 — 4,780 3,932 — 4,833 Interest accrual 209 — 177 207 — 192 Net premiums collected(403)— (309)(394)— (315)Effect of foreign currency— — (234)— — 64 Ending balance at locked-in discount rate3,991 — 4,415 3,745 — 4,773 Effect of changes in discount rate assumptions154 — (97)318 — 30 Balance, end of year$4,144 $— $4,318 $4,063 $— $4,803 Present value of expected future policy benefitsBalance, beginning of year$30,895 $9,357 $5,921 $28,316 $8,860 $5,868 Beginning balance at locked-in discount rate27,144 8,561 5,847 27,026 8,790 6,247 Effect of changes in cash flow assumptions238 — 24 (45)(16)49 Effect of actual variances from expected experience25 (36)(1)(13)19 (241)Adjusted beginning of year balance27,406 8,525 5,870 26,968 8,793 6,055 Interest accrual1,485 441 218 1,454 454 232 Benefit payments(1,443)(664)(430)(1,278)(687)(508)Effect of foreign currency— — (246)— — 67 Ending balance at locked-in discount rate27,448 8,301 5,411 27,144 8,561 5,847 Effect of changes in discount rate assumptions1,371 125 (76)3,752 797 74 Balance, end of year$28,820 $8,426 $5,336 $30,895 $9,357 $5,921 Net future policy benefit reserves$24,675 $8,426 $1,018 $26,832 $9,357 $1,117 Less: Reinsurance recoverables, net of allowance for credit losses(169)— (32)(166)— (33)Net future policy benefit reserves, after reinsurance recoverables$24,507 $8,426 $985 $26,666 $9,357 $1,084 Weighted-average duration of liability (years)(a)11.710.35.312.811.35.3Weighted-average interest accretion rate5.6%5.4%5.1%5.5%5.4%5.0%Current discount rate5.6%5.5%5.1%4.9%4.8%4.7%Gross premiums or assessments recognized during period$479 $— $353 $496 $— $363 Expected future gross premiums, undiscounted7,548 — 11,343 7,379 — 12,388 Expected future gross premiums, discounted(a)4,745 — 5,205 4,895 — 5,800 Expected future benefit payments, undiscounted62,001 18,589 10,336 63,126 19,291 11,202 Expected future benefit payments, discounted(a)28,820 8,426 5,336 30,895 9,357 5,921 (a) Determined using the current discount rate as of December 31, 2024 and 2023. Our 2024 and 2023 annual reviews of future policy benefit reserves cash flow assumptions resulted in immaterial charges to net earnings, indicating claims experience continues to develop consistently with our models. 56 2024 FORM 10-K 56 2024 FORM 10-K 56 2024 FORM 10-K Included in Insurance losses and annuity benefits in our Statement of Earnings (Loss) for the years ended December 31, 2024 and 2023 are favorable and unfavorable pre-tax adjustments of $196 million and $(155) million, respectively, from updating the net premium ratio (i.e., the percentage of projected gross premiums required to cover expected policy benefits and related expenses) after updating for actual historical experience each quarter and updating of future cash flow assumptions. Included in these amounts for the years ended December 31, 2024 and 2023, are unfavorable adjustments of $109 million and $335 million, respectively, due to insufficient gross premiums (i.e., net premium ratio exceeded 100%), related to certain cohorts in our long-term care and life insurance portfolios. These adjustments are primarily attributable to increases in the net premium ratio as a result of updating future cash flow assumptions on cohorts where the beginning of the period net premium ratio exceeded 100%. As of December 31, 2024 and 2023, policyholders account balances totaled $1,574 million and $1,725 million, respectively. As our insurance operations are in run-off, changes in policyholder account balances for the years ended December 31, 2024 and 2023 are primarily attributed to surrenders, withdrawals, and benefit payments of $432 million and $489 million, partially offset by net additions from separate accounts and interest credited of $276 million and $245 million, respectively. Interest on policyholder account balances is generally credited at minimum guaranteed rates, primarily between 3.0% and 6.0% at both December 31, 2024 and 2023. Reinsurance recoveries are recorded as a reduction of Insurance losses, annuity benefits and other costs in our Statement of Earnings (Loss) and amounted to $104 million, $108 million and $321 million for the years ended December 31, 2024, 2023 and 2022, respectively. Reinsurance recoverables, net of allowances of insignificant amounts, are included in non-current All other assets in our Statement of Financial Position, and amounted to $216 million and $213 million as of December 31, 2024 and 2023, respectively. Statutory accounting practices, not GAAP, determine the required statutory capital levels of our insurance legal entities. Statutory accounting practices are set forth by the National Association of Insurance Commissioners as well as state laws, regulation and general administrative rules and differ in certain respects from GAAP. We annually perform statutory asset adequacy testing, the results of which may affect the amount or timing of capital contributions from GE Aerospace to the insurance legal entities. Following approval of a statutory permitted accounting practice in 2018 by our primary regulator, the Kansas Insurance Department, we have since provided a total of $15,035 million of capital contributions to our run-off insurance subsidiaries, including the final contribution of $1,820 million in the first quarter of 2024. GE Aerospace is a party to capital maintenance agreements with its run-off insurance subsidiaries under which GE Aerospace is required to maintain their statutory capital levels at 300% of their year-end Authorized Control Level risk-based capital requirements as defined from time to time by the NAIC. In June 2024, we signed an agreement to exit our Canadian life and health insurance portfolio, which had reserves of $213 million at December 31, 2024, via an assumption reinsurance transaction. We received regulatory approval in December 2024 and expect the transaction to close in the first quarter of 2025. See Notes 1, 3 and 9 for further information related to our run-off insurance operations."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES",
      "prior_title": "NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": [
          "supplychain"
        ]
      },
      "similarity_score": 0.768,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"Depreciable livesOriginal CostNet Carrying ValueDecember 31(in years)2025202420252024Land and improvements8$139 $131 $137 $129 Buildings, structures and related equipment8 - 403,295 3,146 1,411 1,369 Machinery and equipment4 - 2012,757 11,533 4,432 3,851 Leasehold costs and manufacturing plant under construction1 - 101,197 1,084 989 872 ROU operating lease assets1,018 1,057 Property, plant and equipment - net$17,388 $15,894 $7,987 $7,277 8 - 40 4 - 20 1 - 10 ROU operating lease assets ROU operating lease assets 2025 FORM 10-K 49 2025 FORM 10-K 49 2025 FORM 10-K 49 Property, plant andequipment additionsDepreciation and amortizationDecember 31202520242023202520242023Commercial Engines & Services$498 $431 $343 $402 $370 $356 Defense & Propulsion Technologies184 135 145 153 150 147 Corporate and Other(a)471 353 278 307 314 294 Total$1,153 $920 $766 $863 $834 $797 (a) Includes supply chain Operating Lease Liabilities.\"",
        "Reworded sentence: \"All other current liabilities All other current liabilities All other liabilities All other liabilities OPERATING LEASE EXPENSE202520242023Long-term (fixed)$309 $326 $364 Long-term (variable)30 111 26 Short-term47 45 115 Total operating lease expense$385 $482 $506 MATURITY OF LEASE LIABILITIES20262027202820292030ThereafterTotalUndiscounted lease payments$278 $221 $176 $154 $117 $377 $1,323 Less: imputed interest(260)Total lease liability as of December 31, 2025$1,063\""
      ],
      "current_body": "Depreciable livesOriginal CostNet Carrying ValueDecember 31(in years)2025202420252024Land and improvements8$139 $131 $137 $129 Buildings, structures and related equipment8 - 403,295 3,146 1,411 1,369 Machinery and equipment4 - 2012,757 11,533 4,432 3,851 Leasehold costs and manufacturing plant under construction1 - 101,197 1,084 989 872 ROU operating lease assets1,018 1,057 Property, plant and equipment - net$17,388 $15,894 $7,987 $7,277 8 - 40 4 - 20 1 - 10 ROU operating lease assets ROU operating lease assets 2025 FORM 10-K 49 2025 FORM 10-K 49 2025 FORM 10-K 49 Property, plant andequipment additionsDepreciation and amortizationDecember 31202520242023202520242023Commercial Engines & Services$498 $431 $343 $402 $370 $356 Defense & Propulsion Technologies184 135 145 153 150 147 Corporate and Other(a)471 353 278 307 314 294 Total$1,153 $920 $766 $863 $834 $797 (a) Includes supply chain Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position were $280 million and $283 million, as of December 31, 2025 and 2024, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $783 million and $822 million, as of December 31, 2025 and 2024, respectively. Substantially all of our operating leases have remaining lease terms of 10 years or less, some of which may include options to extend. All other current liabilities All other current liabilities All other liabilities All other liabilities OPERATING LEASE EXPENSE202520242023Long-term (fixed)$309 $326 $364 Long-term (variable)30 111 26 Short-term47 45 115 Total operating lease expense$385 $482 $506 MATURITY OF LEASE LIABILITIES20262027202820292030ThereafterTotalUndiscounted lease payments$278 $221 $176 $154 $117 $377 $1,323 Less: imputed interest(260)Total lease liability as of December 31, 2025$1,063",
      "prior_body": "Depreciable livesOriginal CostNet Carrying ValueDecember 31(in years)2024202320242023Land and improvements8$131 $128 $129 $126 Buildings, structures and related equipment8 - 403,146 3,062 1,369 1,358 Machinery and equipment4 - 2011,533 11,160 3,851 3,876 Leasehold costs and manufacturing plant under construction1 - 101,084 989 872 727 ROU operating lease assets1,057 1,160 Property, plant and equipment - net$15,894 $15,338 $7,277 $7,246 8 - 40 4 - 20 1 - 10 ROU operating lease assets ROU operating lease assets Property, plant andequipment additionsDepreciation and amortizationDecember 31202420232022202420232022Commercial Engines & Services$431 $343 $160 $370 $356 $362 Defense & Propulsion Technologies135 145 149 150 147 144 Corporate and Other (including supply chain)353 278 265 314 294 341 Total$920 $766 $574 $834 $797 $846 52 2024 FORM 10-K 52 2024 FORM 10-K 52 2024 FORM 10-K Operating Lease Liabilities. Our current operating lease liabilities, included in All other current liabilities in our Statement of Financial Position were $283 million and $308 million, as of December 31, 2024 and 2023, respectively. Our non-current operating lease liabilities, included in All other liabilities in our Statement of Financial Position, were $822 million and $931 million, as of December 31, 2024 and 2023, respectively. Substantially all of our operating leases have remaining lease terms of 10 years or less, some of which may include options to extend. All other current liabilities All other current liabilities All other liabilities All other liabilities OPERATING LEASE EXPENSE202420232022Long-term (fixed)$326 $364 $428 Long-term (variable)111 26 13 Short-term45 115 88 Total operating lease expense$482 $506 $529 MATURITY OF LEASE LIABILITIES20252026202720282029ThereafterTotalUndiscounted lease payments$276 $239 $185 $143 $128 $398 $1,369 Less: imputed interest(247)Total lease liability as of December 31, 2024$1,122"
    },
    {
      "status": "MODIFIED",
      "current_title": "Total lease liability as of December 31, 2025",
      "prior_title": "Total lease liability as of December 31, 2024",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.76,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES202520242023Operating cash flows used for operating leases$329 $352 $427 Right-of-use assets obtained in exchange for new lease liabilities238 196 275 Weighted-average remaining lease term7.6 years7.8 years7.7 yearsWeighted-average discount rate4.7 %4.6 %4.5 %\""
      ],
      "current_body": "SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES202520242023Operating cash flows used for operating leases$329 $352 $427 Right-of-use assets obtained in exchange for new lease liabilities238 196 275 Weighted-average remaining lease term7.6 years7.8 years7.7 yearsWeighted-average discount rate4.7 %4.6 %4.5 %",
      "prior_body": "SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES202420232022Operating cash flows used for operating leases$352 $427 $456 Right-of-use assets obtained in exchange for new lease liabilities196 275 264 Weighted-average remaining lease term7.8 years7.7 years8.4 yearsWeighted-average discount rate4.6 %4.5 %4.4 %"
    },
    {
      "status": "MODIFIED",
      "current_title": "Definition and Limitations of Internal Control over Financial Reporting",
      "prior_title": "Definition and Limitations of Internal Control over Financial Reporting",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.756,
      "confidence": "high",
      "key_changes": [
        "Reworded sentence: \"/s/ DELOITTE & TOUCHE LLP Cincinnati, OhioJanuary 29, 2026 /s/ DELOITTE & TOUCHE LLP 2025 FORM 10-K 35 2025 FORM 10-K 35 2025 FORM 10-K 35 STATEMENT OF OPERATIONS(In millions; per-share amounts in dollars)202520242023Sales of equipment$12,159 $10,274 $9,318 Sales of services30,163 24,847 22,641 Insurance revenue (Note 12)3,533 3,581 3,389 Total revenue45,855 38,702 35,348 Cost of equipment sold12,382 10,341 9,900 Cost of services sold16,586 13,967 13,039 Selling, general and administrative expenses4,088 4,437 4,045 Separation costs202 492 692 Research and development1,580 1,286 1,011 Interest and other financial charges843 986 1,029 Insurance losses, annuity benefits and other costs (Note 12)2,449 2,429 2,886 Goodwill impairments (Note 7)— 251 — Non-operating benefit cost (income)(788)(842)(978)Total costs and expenses37,342 33,346 31,625 Other income (loss) (Note 19)1,487 2,264 6,718 Income (loss) from continuing operations before income taxes10,000 7,620 10,441 Benefit (provision) for income taxes (Note 15)(1,405)(962)(994)Net income (loss) from continuing operations8,595 6,657 9,448 Income (loss) from discontinued operations, net of taxes (Note 2)103 (91)(3)Net income (loss)8,698 6,566 9,445 Less net income (loss) attributable to noncontrolling interests(6)11 (37)Net income (loss) attributable to the Company8,704 6,556 9,482 Preferred stock dividends and other— — (295)Net income (loss) attributable to common shareholders$8,704 $6,556 $9,188 Amounts attributable to common shareholdersNet income (loss) from continuing operations$8,595 $6,657 $9,448 Less net income (loss) attributable to noncontrolling interests, continuing operations(6)(13)(1)Net income (loss) from continuing operations attributable to the Company8,601 6,670 9,449 Preferred stock dividends and other— — (295)Net income (loss) from continuing operations attributable to common shareholders8,601 6,670 9,154 Net income (loss) from discontinued operations attributableto common shareholders103 (114)33 Net income (loss) attributable to common shareholders$8,704 $6,556 $9,188 Earnings (loss) per share from continuing operations (Note 18)Diluted earnings (loss) per share$8.05 $6.09 $8.33 Basic earnings (loss) per share$8.11 $6.15 $8.41 Net earnings (loss) per share (Note 18)Diluted earnings (loss) per share$8.14 $5.99 $8.36 Basic earnings (loss) per share$8.20 $6.04 $8.44 36 2025 FORM 10-K 36 2025 FORM 10-K 36 2025 FORM 10-K STATEMENT OF FINANCIAL POSITIONDecember 31 (In millions)20252024Cash, cash equivalents and restricted cash$12,392 $13,619 Investment securities (Note 3)— 982 Current receivables (Note 4)11,773 9,327 Inventories, including deferred inventory costs (Note 5)11,868 9,763 Current contract assets (Note 8)3,511 2,982 All other current assets (Note 9)1,052 962 Current assets40,596 37,635 Investment securities (Note 3)38,788 37,741 Property, plant and equipment – net (Note 6)7,987 7,277 Goodwill (Note 7)9,060 8,538 Other intangible assets – net (Note 7)4,225 4,257 Contract and other deferred assets (Note 8)4,920 4,831 All other assets (Note 9)15,277 13,910 Deferred income taxes (Note 15)7,459 7,111 Assets of discontinued operations (Note 2)1,855 1,841 Total assets$130,169 $123,140 Short-term borrowings (Note 10)$1,686 $2,039 Accounts payable (Note 11)10,078 7,909 Progress collections (Note 8)7,662 6,695 Contract liabilities and deferred income (Note 8)10,333 9,353 Sales discounts and allowances (Note 14)4,037 3,475 All other current liabilities (Note 14)5,185 4,920 Current liabilities38,980 34,392 Deferred income (Note 8)1,065 1,013 Long-term borrowings (Note 10)18,808 17,234 Insurance liabilities and annuity benefits (Note 12)36,894 36,209 Non-current compensation and benefits6,833 7,035 All other liabilities (Note 14)7,276 6,376 Liabilities of discontinued operations (Note 2)1,413 1,317 Total liabilities111,271 103,576 Common stock (1,048,766,702 and 1,073,692,183 shares outstanding at December 31, 2025 and December 31, 2024, respectively) (Note 16)15 15 Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)(4,798)(3,861)Other capital23,599 24,266 Retained earnings87,663 80,488 Less common stock held in treasury(87,801)(81,566)Total shareholders’ equity18,677 19,342 Noncontrolling interests221 223 Total equity18,898 19,564 Total liabilities and equity$130,169 $123,140 Assets of discontinued operations (Note 2)\""
      ],
      "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ DELOITTE & TOUCHE LLP Cincinnati, OhioJanuary 29, 2026 /s/ DELOITTE & TOUCHE LLP 2025 FORM 10-K 35 2025 FORM 10-K 35 2025 FORM 10-K 35 STATEMENT OF OPERATIONS(In millions; per-share amounts in dollars)202520242023Sales of equipment$12,159 $10,274 $9,318 Sales of services30,163 24,847 22,641 Insurance revenue (Note 12)3,533 3,581 3,389 Total revenue45,855 38,702 35,348 Cost of equipment sold12,382 10,341 9,900 Cost of services sold16,586 13,967 13,039 Selling, general and administrative expenses4,088 4,437 4,045 Separation costs202 492 692 Research and development1,580 1,286 1,011 Interest and other financial charges843 986 1,029 Insurance losses, annuity benefits and other costs (Note 12)2,449 2,429 2,886 Goodwill impairments (Note 7)— 251 — Non-operating benefit cost (income)(788)(842)(978)Total costs and expenses37,342 33,346 31,625 Other income (loss) (Note 19)1,487 2,264 6,718 Income (loss) from continuing operations before income taxes10,000 7,620 10,441 Benefit (provision) for income taxes (Note 15)(1,405)(962)(994)Net income (loss) from continuing operations8,595 6,657 9,448 Income (loss) from discontinued operations, net of taxes (Note 2)103 (91)(3)Net income (loss)8,698 6,566 9,445 Less net income (loss) attributable to noncontrolling interests(6)11 (37)Net income (loss) attributable to the Company8,704 6,556 9,482 Preferred stock dividends and other— — (295)Net income (loss) attributable to common shareholders$8,704 $6,556 $9,188 Amounts attributable to common shareholdersNet income (loss) from continuing operations$8,595 $6,657 $9,448 Less net income (loss) attributable to noncontrolling interests, continuing operations(6)(13)(1)Net income (loss) from continuing operations attributable to the Company8,601 6,670 9,449 Preferred stock dividends and other— — (295)Net income (loss) from continuing operations attributable to common shareholders8,601 6,670 9,154 Net income (loss) from discontinued operations attributableto common shareholders103 (114)33 Net income (loss) attributable to common shareholders$8,704 $6,556 $9,188 Earnings (loss) per share from continuing operations (Note 18)Diluted earnings (loss) per share$8.05 $6.09 $8.33 Basic earnings (loss) per share$8.11 $6.15 $8.41 Net earnings (loss) per share (Note 18)Diluted earnings (loss) per share$8.14 $5.99 $8.36 Basic earnings (loss) per share$8.20 $6.04 $8.44 36 2025 FORM 10-K 36 2025 FORM 10-K 36 2025 FORM 10-K STATEMENT OF FINANCIAL POSITIONDecember 31 (In millions)20252024Cash, cash equivalents and restricted cash$12,392 $13,619 Investment securities (Note 3)— 982 Current receivables (Note 4)11,773 9,327 Inventories, including deferred inventory costs (Note 5)11,868 9,763 Current contract assets (Note 8)3,511 2,982 All other current assets (Note 9)1,052 962 Current assets40,596 37,635 Investment securities (Note 3)38,788 37,741 Property, plant and equipment – net (Note 6)7,987 7,277 Goodwill (Note 7)9,060 8,538 Other intangible assets – net (Note 7)4,225 4,257 Contract and other deferred assets (Note 8)4,920 4,831 All other assets (Note 9)15,277 13,910 Deferred income taxes (Note 15)7,459 7,111 Assets of discontinued operations (Note 2)1,855 1,841 Total assets$130,169 $123,140 Short-term borrowings (Note 10)$1,686 $2,039 Accounts payable (Note 11)10,078 7,909 Progress collections (Note 8)7,662 6,695 Contract liabilities and deferred income (Note 8)10,333 9,353 Sales discounts and allowances (Note 14)4,037 3,475 All other current liabilities (Note 14)5,185 4,920 Current liabilities38,980 34,392 Deferred income (Note 8)1,065 1,013 Long-term borrowings (Note 10)18,808 17,234 Insurance liabilities and annuity benefits (Note 12)36,894 36,209 Non-current compensation and benefits6,833 7,035 All other liabilities (Note 14)7,276 6,376 Liabilities of discontinued operations (Note 2)1,413 1,317 Total liabilities111,271 103,576 Common stock (1,048,766,702 and 1,073,692,183 shares outstanding at December 31, 2025 and December 31, 2024, respectively) (Note 16)15 15 Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)(4,798)(3,861)Other capital23,599 24,266 Retained earnings87,663 80,488 Less common stock held in treasury(87,801)(81,566)Total shareholders’ equity18,677 19,342 Noncontrolling interests221 223 Total equity18,898 19,564 Total liabilities and equity$130,169 $123,140 Assets of discontinued operations (Note 2)",
      "prior_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ DELOITTE & TOUCHE LLP Cincinnati, OhioFebruary 3, 2025 /s/ DELOITTE & TOUCHE LLP 2024 FORM 10-K 37 2024 FORM 10-K 37 2024 FORM 10-K 37 STATEMENT OF EARNINGS (LOSS)For the years ended December 31 (In millions; per-share amounts in dollars)202420232022Sales of equipment$10,274 $9,318 $7,837 Sales of services24,847 22,641 18,345 Insurance revenue (Note 12)3,581 3,389 2,957 Total revenue38,702 35,348 29,139 Cost of equipment sold10,341 9,900 8,151 Cost of services sold13,967 13,039 10,836 Selling, general and administrative expenses4,437 4,045 3,672 Separation costs492 692 625 Research and development1,286 1,011 808 Interest and other financial charges986 1,029 1,339 Debt extinguishment costs— — 465 Insurance losses, annuity benefits and other costs (Note 12)2,429 2,886 2,592 Goodwill impairments (Note 7)251 — — Non-operating benefit cost (income)(842)(978)(60)Total costs and expenses33,346 31,625 28,428 Other income (loss) (Note 19)2,264 6,718 811 Earnings (loss) from continuing operations before income taxes7,620 10,441 1,522 Benefit (provision) for income taxes (Note 15)(962)(994)(169)Earnings (loss) from continuing operations6,657 9,448 1,353 Earnings (loss) from discontinued operations, net of taxes (Note 2)(91)(3)(949)Net earnings (loss)6,566 9,445 403 Less net earnings (loss) attributable to noncontrolling interests11 (37)67 Net earnings (loss) attributable to the Company6,556 9,482 336 Preferred stock dividends and other— (295)(289)Net earnings (loss) attributable to common shareholders$6,556 $9,188 $48 Amounts attributable to common shareholdersEarnings (loss) from continuing operations$6,657 $9,448 $1,353 Less net earnings (loss) attributable to noncontrolling interests, continuing operations(13)(1)2 Earnings (loss) from continuing operations attributable to the Company6,670 9,449 1,350 Preferred stock dividends and other— (295)(289)Earnings (loss) from continuing operations attributable to common shareholders6,670 9,154 1,061 Earnings (loss) from discontinued operations attributableto common shareholders(114)33 (1,014)Net earnings (loss) attributable to common shareholders$6,556 $9,188 $48 Earnings (loss) per share from continuing operations (Note 18)Diluted earnings (loss) per share$6.09 $8.33 $0.97 Basic earnings (loss) per share$6.15 $8.41 $0.97 Net earnings (loss) per share (Note 18)Diluted earnings (loss) per share$5.99 $8.36 $0.05 Basic earnings (loss) per share$6.04 $8.44 $0.05 38 2024 FORM 10-K 38 2024 FORM 10-K 38 2024 FORM 10-K STATEMENT OF FINANCIAL POSITIONDecember 31 (In millions)20242023Cash, cash equivalents and restricted cash$13,619 $15,204 Investment securities (Note 3)982 5,706 Current receivables (Note 4)9,327 8,703 Inventories, including deferred inventory costs (Note 5)9,763 8,284 Current contract assets (Note 8)2,982 2,875 All other current assets (Note 9)962 1,244 Assets of businesses held for sale (Note 2)— 541 Current assets37,635 42,556 Investment securities (Note 3)37,741 38,000 Property, plant and equipment – net (Note 6)7,277 7,246 Goodwill (Note 7)8,538 8,948 Other intangible assets – net (Note 7)4,257 4,642 Contract and other deferred assets (Note 8)4,831 4,785 All other assets (Note 9)13,910 11,695 Deferred income taxes (Note 15)7,111 7,502 Assets of discontinued operations (Note 2)1,841 47,927 Total assets$123,140 $173,300 Short-term borrowings (Note 10)$2,039 $1,108 Accounts payable (Note 11)7,909 7,516 Progress collections (Note 8)6,695 6,177 Contract liabilities and deferred income (Note 8)9,353 8,322 Sales discounts and allowances (Note 14)3,475 3,741 All other current liabilities (Note 14)4,920 4,860 Liabilities of businesses held for sale (Note 2)— 378 Current liabilities34,392 32,103 Deferred income (Note 8)1,013 975 Long-term borrowings (Note 10)17,234 19,417 Insurance liabilities and annuity benefits (Note 12)36,209 39,576 Non-current compensation and benefits7,035 7,656 All other liabilities (Note 14)6,376 5,756 Liabilities of discontinued operations (Note 2)1,317 39,213 Total liabilities103,576 144,695 Common stock (1,073,692,183 and 1,088,415,995 shares outstanding at December 31, 2024 and 2023, respectively) (Note 16)15 15 Accumulated other comprehensive income (loss) – net attributable to the Company (Note 16)(3,861)(6,150)Other capital24,266 26,962 Retained earnings80,488 86,553 Less common stock held in treasury(81,566)(79,976)Total shareholders’ equity19,342 27,403 Noncontrolling interests223 1,202 Total equity19,564 28,605 Total liabilities and equity$123,140 $173,300 Assets of discontinued operations (Note 2)"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 11. ACCOUNTS PAYABLE",
      "prior_title": "NOTE 11. ACCOUNTS PAYABLE",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": [
          "supplychain"
        ]
      },
      "similarity_score": 0.744,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"December 3120252024Trade payables$5,734 $4,565 Supply chain finance programs1,247 1,259 Revenue sharing and other partner payables(a)2,553 1,689 Sundry payables544 397 Accounts payable $10,078 $7,909 Supply chain finance programs Supply chain finance programs Sundry payables\""
      ],
      "current_body": "December 3120252024Trade payables$5,734 $4,565 Supply chain finance programs1,247 1,259 Revenue sharing and other partner payables(a)2,553 1,689 Sundry payables544 397 Accounts payable $10,078 $7,909 Supply chain finance programs Supply chain finance programs Sundry payables",
      "prior_body": "December 3120242023Trade payables$6,254 $5,290 Supply chain finance programs1,259 1,472 Sundry payables397 754 Accounts payable $7,909 $7,516 Supply chain finance programs Supply chain finance programs Sundry payables"
    },
    {
      "status": "MODIFIED",
      "current_title": "DEFERRED TAX ASSETS VALUATION ALLOWANCE",
      "prior_title": "DEFERRED TAX ASSETS VALUATION ALLOWANCE",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.742,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"(a) Primarily related to utilization of losses against capital gains, including gains reported in discontinued operations.\"",
        "Added sentence: \"2025 FORM 10-K 63 2025 FORM 10-K 63 2025 FORM 10-K 63\""
      ],
      "current_body": "(a) Primarily related to utilization of losses against capital gains, including gains reported in discontinued operations. See Note 2 for further information. 2025 FORM 10-K 63 2025 FORM 10-K 63 2025 FORM 10-K 63",
      "prior_body": "(a) Primarily related to excess capital losses generated during the year. (b) Primarily related to utilization of losses against capital gains, including gains reported in discontinued operations. See Note 2 for further information."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 19. OTHER INCOME (LOSS)",
      "prior_title": "NOTE 19. OTHER INCOME (LOSS)",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.721,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"202520242023Investment in GE HealthCare realized and unrealized gain (loss)$— $480 $5,639 Investment in and note with AerCap realized and unrealized gain (loss)21 38 129 Investment in Baker Hughes realized and unrealized gain (loss)— — 10 Gains (losses) on retained and sold ownership interests$21 $518 $5,778 Other net interest and investment income (loss)(a)(b)946 813 637 Licensing and royalty income175 210 148 Equity method income216 173 169 Purchases and sales of business interests(c)6 399 (105)Other items123 151 92 Total other income (loss)$1,487 $2,264 $6,718 Total other income (loss) (a) Included interest income associated with customer advances of $144 million, $132 million and $127 million for the years ended December 31, 2025, 2024 and 2023, respectively.\"",
        "Reworded sentence: \"(b) Included investment income of $295 million related to our investment in BETA Technologies, Inc.\""
      ],
      "current_body": "202520242023Investment in GE HealthCare realized and unrealized gain (loss)$— $480 $5,639 Investment in and note with AerCap realized and unrealized gain (loss)21 38 129 Investment in Baker Hughes realized and unrealized gain (loss)— — 10 Gains (losses) on retained and sold ownership interests$21 $518 $5,778 Other net interest and investment income (loss)(a)(b)946 813 637 Licensing and royalty income175 210 148 Equity method income216 173 169 Purchases and sales of business interests(c)6 399 (105)Other items123 151 92 Total other income (loss)$1,487 $2,264 $6,718 Total other income (loss) (a) Included interest income associated with customer advances of $144 million, $132 million and $127 million for the years ended December 31, 2025, 2024 and 2023, respectively. See Note 8 for further information. (b) Included investment income of $295 million related to our investment in BETA Technologies, Inc. for the year ended December 31, 2025. (c) Included a pre-tax gain of $347 million related to the sale of our non-core licensing business in Corporate for the year ended December 31, 2024.",
      "prior_body": "202420232022Investment in GE HealthCare realized and unrealized gain (loss)$480 $5,639 $— Investment in and note with AerCap realized and unrealized gain (loss)38 129 (865)Investment in Baker Hughes realized and unrealized gain (loss)— 10 912 Gains (losses) on retained and sold ownership interests$518 $5,778 $47 Other net interest and investment income (loss)(a)813 637 466 Licensing and royalty income210 148 115 Equity method income173 169 70 Purchases and sales of business interests(b)399 (105)38 Other items151 92 74 Total other income (loss)$2,264 $6,718 $811 Total other income (loss) (a) Included interest income associated with customer advances of $132 million, $127 million and $129 million in 2024, 2023 and 2022, respectively. See Note 8 for further information. (b) Included a pre-tax gain of $347 million related to the sale of our non-core licensing business in Corporate in 2024. During the year ended December 31, 2024, we received total proceeds of $5,242 million from the disposition of 61.6 million shares of GE HealthCare and have now fully monetized our position. 68 2024 FORM 10-K 68 2024 FORM 10-K 68 2024 FORM 10-K"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 26. SUMMARIZED FINANCIAL INFORMATION",
      "prior_title": "NOTE 26. SUMMARIZED FINANCIAL INFORMATION",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.711,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in either All other assets or Investment Securities on our Statement of Financial Position.\"",
        "Reworded sentence: \"For the years ended December 31202520242023(a)Revenue$48,024 $35,342 $41,403 Gross profit (loss)1,239 1,229 4,093 Net income (loss)3,538 3,243 4,768 Net income (loss) attributable to the entity3,525 3,199 4,731 2025 2023(a) (a) Includes AerCap Gross profit (loss) of $3,096 million and Net income (loss) attributable to the entity of $2,525 million for the year ended December 31, 2023.\""
      ],
      "current_body": "Equity method investments. Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in either All other assets or Investment Securities on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenue in our Statement of Operations. See Notes 1, 3, 9 and 19 for further information. Equity method investmentbalanceIncome (loss) from equity method investmentsDecember 3120252024202520242023Commercial Engines & Services$1,682 $1,610 $376 $301 $276 Defense & Propulsion Technologies189 186 (2)8 8 Corporate & Other(a)5,244 4,451 518 147 61 Total$7,115 $6,247 $892 $456 $345 2025 2025 2023 (a) Equity method investments within Corporate & Other include investments held by run-off insurance operations of $3,230 million and $2,933 million, U.S. tax equity of $1,114 million and $1,280 million and investment securities of $645 million and zero as of December 31, 2025 and 2024, respectively. Summarized financial information of these equity method investments is as follows. For the years ended December 31202520242023(a)Revenue$48,024 $35,342 $41,403 Gross profit (loss)1,239 1,229 4,093 Net income (loss)3,538 3,243 4,768 Net income (loss) attributable to the entity3,525 3,199 4,731 2025 2023(a) (a) Includes AerCap Gross profit (loss) of $3,096 million and Net income (loss) attributable to the entity of $2,525 million for the year ended December 31, 2023. On November 16, 2023, we sold our remaining equity interest in AerCap and the senior note matured in the fourth quarter of 2025. December 3120252024Current assets$26,213 $19,688 Total assets$67,218 $54,116 Current liabilities$23,159 $17,437 Total liabilities$32,513 $23,868 Noncontrolling interests$336 $200 2025 2025 FORM 10-K 73 2025 FORM 10-K 73 2025 FORM 10-K 73",
      "prior_body": "Equity method investments. Unconsolidated entities over which we have significant influence are accounted for as equity method investments and presented on a one-line basis in All other assets on our Statement of Financial Position. Equity method income includes our share of the results of unconsolidated entities, gains (loss) from sales and impairments of investments, which is included in Other income and in Insurance revenue in our Statement of Earnings (Loss). See Notes 1, 9 and 19 for further information. Equity method investmentbalance (Note 9)Equity method income (loss) (Note 19)December 3120242023202420232022Commercial Engines & Services$1,610 $1,551 $301 $276 $139 Defense & Propulsion Technologies186 175 8 8 8 Corporate & Other(a)4,451 3,863 147 61 75 Total$6,247 $5,590 $456 $345 $223 2024 2024 2022 (a) Equity method investments within Corporate & Other include investments held by run-off insurance operations of $2,933 million and $2,383 million and U.S. tax equity of $1,280 million and $1,227 million as of December 31, 2024 and 2023, respectively. Summarized financial information of these equity method investments is as follows. For the years ended December 3120242023(a)2022(a)Revenue$35,342 $41,403 $31,454 Gross profit (loss)1,229 4,093 107 Net income (loss)3,243 4,768 210 Net income (loss) attributable to the entity3,199 4,731 188 2024 2022(a) (a) Includes AerCap Gross profit (loss) of $3,096 million and $(447) million and Net income (loss) attributable to the entity of $2,525 million and $(1,132) million for the years ended December 31, 2023 and 2022, respectively. On November 16, 2023, we sold our remaining equity interest in AerCap and only the note remains outstanding. As of December 3120242023Current assets$19,688 $18,565 Total assets$54,116 $48,281 Current liabilities$17,437 $16,468 Total liabilities$23,868 $22,266 Noncontrolling interests$200 $176 2024 76 2024 FORM 10-K 76 2024 FORM 10-K 76 2024 FORM 10-K"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS",
      "prior_title": "NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.703,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Commercial Engines & ServicesDefense & Propulsion TechnologiesTotalBalance at December 31, 2023 $6,472 $2,476 $8,948 Goodwill impairment— (251)(251)Goodwill adjustments(a)(131)(28)(159)Balance at December 31, 2024$6,341 $2,197 $8,538 Goodwill acquisition— 148 148 Goodwill adjustments(a)303 72 374 Balance at December 31, 2025$6,644 $2,417 $9,060\""
      ],
      "current_body": "Commercial Engines & ServicesDefense & Propulsion TechnologiesTotalBalance at December 31, 2023 $6,472 $2,476 $8,948 Goodwill impairment— (251)(251)Goodwill adjustments(a)(131)(28)(159)Balance at December 31, 2024$6,341 $2,197 $8,538 Goodwill acquisition— 148 148 Goodwill adjustments(a)303 72 374 Balance at December 31, 2025$6,644 $2,417 $9,060",
      "prior_body": "In conjunction with the GE Vernova separation, we changed our segment reporting structure. As a result, all prior period balances for those segments were updated to reflect this change. Changes in the carrying value of Goodwill for years ending December 31, 2024, 2023 and 2022 were as follows: Commercial Engines & ServicesDefense & Propulsion TechnologiesTotalBalance at December 31, 2022 $6,386 $2,449 $8,835 Goodwill adjustments(a)86 26 113 Balance at December 31, 2023$6,472 $2,476 $8,948 Goodwill impairment— (251)(251)Goodwill adjustments(a)(131)(28)(159)Balance at December 31, 2024$6,341 $2,197 $8,538"
    },
    {
      "status": "MODIFIED",
      "current_title": "DEFERRED INCOME TAXES December 31",
      "prior_title": "DEFERRED INCOME TAXES December 31",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.676,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 3120252024Deferred tax assets Insurance company loss reserves$2,398 $2,349 Progress collections, Contract assets, Contract liabilities and deferred items1,764 1,435 Accrued expenses and reserves1,278 1,231 Deferred expenses1,231 1,398 Other compensation and benefits580 510 Principal pension plans989 1,009 Non-U.S.\""
      ],
      "current_body": "COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 3120252024Deferred tax assets Insurance company loss reserves$2,398 $2,349 Progress collections, Contract assets, Contract liabilities and deferred items1,764 1,435 Accrued expenses and reserves1,278 1,231 Deferred expenses1,231 1,398 Other compensation and benefits580 510 Principal pension plans989 1,009 Non-U.S. loss carryforwards(a)2,133 1,891 Capital losses carryforward881 849 State deferred tax assets(b)684 762 Other1,522 1,514 Total deferred tax assets$13,460 $12,948 Valuation allowance(a)(b)(c)(3,338)(3,216)Total deferred tax assets after valuation allowance$10,122 $9,732 Deferred tax liabilities Intangibles$(1,097)$(1,049) Depreciation(732)(712) Investment in securities(640)(661) Other(194)(199)Total deferred tax liabilities(2,663)(2,621)Net deferred income tax asset (liability)$7,459 $7,111",
      "prior_body": "COMPONENTS OF THE NET DEFERRED INCOME TAX ASSET (LIABILITY) December 3120242023Deferred tax assets Insurance company loss reserves$2,349 $3,185 Progress collections, Contract assets, Contract liabilities and deferred items1,435 1,632 Accrued expenses and reserves1,231 1,241 Deferred expenses1,398 1,235 Other compensation and benefits510 521 Principal pension plans1,009 1,146 Non-U.S. loss carryforwards(a)1,891 1,879 Capital losses carryforward849 582 State deferred tax assets(b)762 813 Other1,514 1,490 Total deferred tax assets$12,948 $13,724 Valuation allowance(a)(b)(c)(3,216)(3,416)Total deferred tax assets after valuation allowance9,732 10,308 Deferred tax liabilities Intangibles$(1,049)$(1,129) Depreciation(712)(635) Investment in securities(661)(645) Other(199)(397)Total deferred tax liabilities(2,621)(2,806)Net deferred income tax asset (liability)$7,111 $7,502"
    },
    {
      "status": "MODIFIED",
      "current_title": "GEOGRAPHIC INFORMATION",
      "prior_title": "GEOGRAPHIC INFORMATION",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.671,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"Years ended December 31202520242023U.S.$18,194 $17,340 $17,105 Non-U.S.Europe8,603 7,800 7,248 Asia10,819 7,237 5,734 Americas3,664 2,593 1,862 Middle East and Africa4,575 3,734 3,399 Total Non-U.S.$27,661 $21,363 $18,243 Total geographic revenue$45,855 $38,702 $35,348 Non-U.S.\""
      ],
      "current_body": "Years ended December 31202520242023U.S.$18,194 $17,340 $17,105 Non-U.S.Europe8,603 7,800 7,248 Asia10,819 7,237 5,734 Americas3,664 2,593 1,862 Middle East and Africa4,575 3,734 3,399 Total Non-U.S.$27,661 $21,363 $18,243 Total geographic revenue$45,855 $38,702 $35,348 Non-U.S. revenue as a % of total revenue60 %55 %52 % 72 2025 FORM 10-K 72 2025 FORM 10-K 72 2025 FORM 10-K December 31 20252024U.S.$5,736 $5,166 Non-U.S.Europe1,257 1,171 Asia505 497 Americas479 431 Other Global11 12 Total Non-U.S.$2,252 $2,111 Property, plant and equipment – net (Note 6)$7,987 $7,277 REMAINING PERFORMANCE OBLIGATION. As of December 31, 2025, the aggregate amount of the contracted revenue allocated to our unsatisfied (or partially unsatisfied) performance obligations was $190,564 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $27,534 million of which 34%, 57% and 89% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $163,029 million of which 12%, 42%, 69% and 86% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.",
      "prior_body": "Years ended December 31202420232022U.S.$17,340 $17,105 $15,540 Non-U.S.Europe7,800 7,248 5,029 China region3,634 2,625 1,919 Asia (excluding China region)3,602 3,109 2,254 Americas2,593 1,862 1,803 Middle East and Africa3,734 3,399 2,594 Total Non-U.S.$21,363 $18,243 $13,599 Total geographic revenue$38,702 $35,348 $29,139 Non-U.S. revenue as a % of total revenue55 %52 %47 % 2024 FORM 10-K 75 2024 FORM 10-K 75 2024 FORM 10-K 75 December 31 20242023U.S.$5,166 $5,215 Non-U.S.Europe1,171 1,194 Asia497 500 Americas431 332 Other Global12 4 Total Non-U.S.$2,111 $2,031 Property, plant and equipment – net (Note 6)$7,277 $7,246 REMAINING PERFORMANCE OBLIGATION. As of December 31, 2024, the aggregate amount of the contracted revenue allocated to our unsatisfied (or partially unsatisfied) performance obligations was $171,635 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $22,509 million of which 43%, 64% and 94% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $149,127 million of which 12%, 41%, 68% and 85% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations."
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 18. EARNINGS PER SHARE (EPS) INFORMATION",
      "prior_title": "NOTE 18. EARNINGS PER SHARE INFORMATION",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": []
      },
      "similarity_score": 0.663,
      "confidence": "medium",
      "key_changes": [
        "Reworded sentence: \"202520242023(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)DilutedBasicDilutedBasicDilutedBasicNet income (loss) from continuing operations(a)$8,598 $8,601 $6,670 $6,670 $9,446 $9,449 Preferred stock dividends and other and accretion of preferred share repurchase(b)— — — — (295)(295)Net income (loss) from continuing operations attributable to common shareholders(a)8,598 8,601 6,670 6,670 9,151 9,154 Net income (loss) from discontinued operations103 103 (114)(114)33 33 Net income (loss) attributable to common shareholders(a)8,701 8,704 6,556 6,556 9,184 9,187 Shares of common stock outstanding1,061 1,061 1,085 1,085 1,089 1,089 Employee compensation-related shares (including stock options)8 — 10 — 10 — Total average equivalent shares1,068 1,061 1,094 1,085 1,099 1,089 EPS from continuing operations$8.05 $8.11 $6.09 $6.15 $8.33 $8.41 EPS from discontinued operations0.10 0.10 (0.10)(0.11)0.03 0.03 Net EPS8.14 8.20 5.99 6.04 8.36 8.44 Potentially dilutive securities(c)1 6 24 Employee compensation-related shares (including stock options)\""
      ],
      "current_body": "202520242023(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)DilutedBasicDilutedBasicDilutedBasicNet income (loss) from continuing operations(a)$8,598 $8,601 $6,670 $6,670 $9,446 $9,449 Preferred stock dividends and other and accretion of preferred share repurchase(b)— — — — (295)(295)Net income (loss) from continuing operations attributable to common shareholders(a)8,598 8,601 6,670 6,670 9,151 9,154 Net income (loss) from discontinued operations103 103 (114)(114)33 33 Net income (loss) attributable to common shareholders(a)8,701 8,704 6,556 6,556 9,184 9,187 Shares of common stock outstanding1,061 1,061 1,085 1,085 1,089 1,089 Employee compensation-related shares (including stock options)8 — 10 — 10 — Total average equivalent shares1,068 1,061 1,094 1,085 1,099 1,089 EPS from continuing operations$8.05 $8.11 $6.09 $6.15 $8.33 $8.41 EPS from discontinued operations0.10 0.10 (0.10)(0.11)0.03 0.03 Net EPS8.14 8.20 5.99 6.04 8.36 8.44 Potentially dilutive securities(c)1 6 24 Employee compensation-related shares (including stock options)",
      "prior_body": "202420232022(Earnings for per-share calculation, shares in millions, per-share amounts in dollars)DilutedBasicDilutedBasicDilutedBasicEarnings (loss) from continuing operations$6,670 $6,670 $9,446 $9,449 $1,350 $1,350 Preferred stock dividends and other and accretion of preferred share repurchase(a)— — (295)(295)(285)(285)Earnings (loss) from continuing operations attributable to common shareholders 6,670 6,670 9,151 9,154 1,065 1,065 Earnings (loss) from discontinued operations (114)(114)33 33 (1,014)(1,014)Net earnings (loss) attributable to common shareholders 6,556 6,556 9,184 9,187 51 51 Shares of common stock outstanding1,085 1,085 1,089 1,089 1,096 1,096 Employee compensation-related shares (including stock options)10 — 10 — 6 — Total average equivalent shares1,094 1,085 1,099 1,089 1,101 1,096 Earnings (loss) from continuing operations$6.09 $6.15 $8.33 $8.41 $0.97 $0.97 Earnings (loss) from discontinued operations(0.10)(0.11)0.03 0.03 (0.92)(0.93)Net earnings (loss) per share5.99 6.04 8.36 8.44 0.05 0.05 Potentially dilutive securities(b)6 24 44 Preferred stock dividends and other and accretion of preferred share repurchase(a) Earnings (loss) from discontinued operations Employee compensation-related shares (including stock options)"
    },
    {
      "status": "MODIFIED",
      "current_title": "For the year ended December 31, 2023",
      "prior_title": "For the year ended December 31, 2022",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "similarity_score": 0.596,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"(a) Includes a tax benefit related to GE Healthcare for the year ended December 31, 2023 relating to a retroactive 2023 Internal Revenue Service (IRS) guidance concerning foreign tax credits and accounting method changes, completion of the 2022 U.S.\"",
        "Reworded sentence: \"ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONSDecember 31, 2025December 31, 2024Cash, cash equivalents and restricted cash(a)$1,126 $1,327 Current receivables35 13 Property, plant, and equipment - net 26 40 All other assets648 438 Deferred income taxes21 24 Assets of discontinued operations(b)$1,855 $1,841 Accounts payable$35 $30 Non-current compensation and benefits32 33 All other liabilities1,347 1,254 Liabilities of discontinued operations(b)$1,413 $1,317 Cash, cash equivalents and restricted cash(a) All other assets Accounts payable All other liabilities\""
      ],
      "current_body": "(a) Includes a tax benefit related to GE Healthcare for the year ended December 31, 2023 relating to a retroactive 2023 Internal Revenue Service (IRS) guidance concerning foreign tax credits and accounting method changes, completion of the 2022 U.S. federal tax return, as well as net tax benefit resulting from preparatory steps for the spin-off. ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONSDecember 31, 2025December 31, 2024Cash, cash equivalents and restricted cash(a)$1,126 $1,327 Current receivables35 13 Property, plant, and equipment - net 26 40 All other assets648 438 Deferred income taxes21 24 Assets of discontinued operations(b)$1,855 $1,841 Accounts payable$35 $30 Non-current compensation and benefits32 33 All other liabilities1,347 1,254 Liabilities of discontinued operations(b)$1,413 $1,317 Cash, cash equivalents and restricted cash(a) All other assets Accounts payable All other liabilities",
      "prior_body": "Earnings (loss) of discontinued operations, net of taxes The tax benefit for the year ended December 31, 2023 for GE HealthCare relates to retroactive 2023 Internal Revenue Service (IRS) guidance concerning foreign tax credits and accounting method changes and completion of the 2022 U.S. federal tax return, as well as net tax benefit resulting from preparatory steps for the spin-off. 2024 FORM 10-K 49 2024 FORM 10-K 49 2024 FORM 10-K 49 ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONSDecember 31, 2024December 31, 2023Cash, cash equivalents and restricted cash(a)$1,327 $3,762 Current receivables13 7,324 Inventories, including deferred inventory costs— 8,245 Goodwill— 4,437 Other intangible assets - net— 1,053 Contract and other deferred assets— 8,959 Property, plant, and equipment - net 40 5,306 All other assets438 5,750 Deferred income taxes24 3,093 Assets of discontinued operations(b)(c)$1,841 $47,927 Accounts payable$30 $8,475 Contract liabilities, progress collections & deferred income— 15,255 Long-term borrowings— 294 Non-current compensation and benefits33 3,589 All other liabilities1,254 11,600 Liabilities of discontinued operations(b)(c)$1,317 $39,213 Cash, cash equivalents and restricted cash(a) All other assets Accounts payable All other liabilities"
    },
    {
      "status": "MODIFIED",
      "current_title": "NOTE 10. BORROWINGS",
      "prior_title": "NOTE 10. BORROWINGS",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "similarity_score": 0.519,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"December 3120252024MaturitiesAmountAverage RateAmountAverage RateCurrent portion of long-term borrowings Senior notes2026$1,504 4.00 %$1,9524.03 % Subordinated notes and other2026157 87 Other short-term 25 — Total short-term borrowings$1,686 $2,039 MaturitiesAmountAverage RateAmountAverage RateSenior notes(a)2027 - 2050$16,773 4.00 %$15,467 4.03 %Subordinated notes2035 - 20371,456 4.40 %1,330 4.43 %Other580 437 Total long-term borrowings$18,808 $17,234 Total borrowings$20,494 $19,273 (a) In the third quarter of 2025, GE Aerospace issued a total of $2,000 million in aggregate principal amount of senior unsecured debt, comprised of $1,000 million of 4.3% senior notes due 2030, and $1,000 million of 4.9% senior notes due 2036 (collectively, the \"Notes\").\""
      ],
      "current_body": "December 3120252024MaturitiesAmountAverage RateAmountAverage RateCurrent portion of long-term borrowings Senior notes2026$1,504 4.00 %$1,9524.03 % Subordinated notes and other2026157 87 Other short-term 25 — Total short-term borrowings$1,686 $2,039 MaturitiesAmountAverage RateAmountAverage RateSenior notes(a)2027 - 2050$16,773 4.00 %$15,467 4.03 %Subordinated notes2035 - 20371,456 4.40 %1,330 4.43 %Other580 437 Total long-term borrowings$18,808 $17,234 Total borrowings$20,494 $19,273 (a) In the third quarter of 2025, GE Aerospace issued a total of $2,000 million in aggregate principal amount of senior unsecured debt, comprised of $1,000 million of 4.3% senior notes due 2030, and $1,000 million of 4.9% senior notes due 2036 (collectively, the \"Notes\"). Interest payments on the Notes are due semi-annually until maturity. See Note 22 for further information about borrowings and associated hedges. Long-term debt maturities are below: 20262027202820292030ThereafterTotalLong-term debt maturities1,661 (a)1,693 480 1,639 1,700 13,296 20,469 (a) Fixed and floating rate notes of $324 million contain put options with exercise dates in 2026, which contractually mature after 2026.",
      "prior_body": "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 %Subordinated notes2035 - 20371,330 4.43 %1,383 4.43 %Other437 525 Total long-term borrowings$17,234 $19,417 Total borrowings$19,273 $20,525 Long-term debt maturities are below: 20252026202720282029ThereafterTotalLong-term debt maturities2,039 (a)1,304 1,493 452 1,445 12,540 19,273 (a) Fixed and floating rate notes of $315 million contain put options with exercise dates in 2025, which contractually mature after 2025."
    },
    {
      "status": "MODIFIED",
      "current_title": "For the year ended December 31, 2025",
      "prior_title": "For the year ended December 31, 2023",
      "severity": {
        "deterministic": 4,
        "ai_bump": 0,
        "total": 4,
        "tier": "medium",
        "signal_hits": []
      },
      "similarity_score": 0.505,
      "confidence": "low",
      "key_changes": [
        "Reworded sentence: \"GE Vernova 46 2025 FORM 10-K 46 2025 FORM 10-K 46 2025 FORM 10-K For the year ended December 31, 2024GE VernovaBank BPH & OtherTotalTotal revenue$7,244 $— $7,244 Cost of equipment and services sold(6,074)— (6,074)Other income, costs and expenses(1,299)(21)(1,320)Net Income (loss) of discontinued operations before income taxes(129)(21)(150)Benefit (provision) for income taxes27 13 40 Net Income (loss) of discontinued operations, net of taxes(102)(8)(110)Gain (loss) on disposal before income taxes— 21 21 Benefit (provision) for income taxes— (1)(1)Gain (loss) on disposal, net of taxes— 19 19 Net Income (loss) from discontinued operations, net of taxes$(102)$12 $(91)\""
      ],
      "current_body": "GE Vernova 46 2025 FORM 10-K 46 2025 FORM 10-K 46 2025 FORM 10-K For the year ended December 31, 2024GE VernovaBank BPH & OtherTotalTotal revenue$7,244 $— $7,244 Cost of equipment and services sold(6,074)— (6,074)Other income, costs and expenses(1,299)(21)(1,320)Net Income (loss) of discontinued operations before income taxes(129)(21)(150)Benefit (provision) for income taxes27 13 40 Net Income (loss) of discontinued operations, net of taxes(102)(8)(110)Gain (loss) on disposal before income taxes— 21 21 Benefit (provision) for income taxes— (1)(1)Gain (loss) on disposal, net of taxes— 19 19 Net Income (loss) from discontinued operations, net of taxes$(102)$12 $(91)",
      "prior_body": "Earnings (loss) of discontinued operations, net of taxes For the year ended December 31, 2022GE VernovaGE HealthCareBank BPH & OtherTotalTotal revenue$29,645 $18,457 $— $48,102 Cost of equipment and services sold(25,981)(11,265)— (37,246)Other income, costs and expenses(5,985)(4,842)(808)(11,636)Earnings (loss) of discontinued operations before income taxes(2,322)2,350 (808)(780)Benefit (provision) for income taxes171 (521)(32)(382)Earnings (loss) of discontinued operations, net of taxes(2,151)1,829 (841)(1,163)Gain (loss) on disposal before income taxes— 6 58 64 Benefit (provision) for income taxes— 11 139 150 Gain (loss) on disposal, net of taxes— 17 196 213 Earnings (loss) from discontinued operations, net of taxes$(2,151)$1,846 $(644)$(949)"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Critical Audit Matters",
      "prior_title": "Critical Audit Matters",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate."
    },
    {
      "status": "UNCHANGED",
      "current_title": "(a)2. Financial Statement Schedules",
      "prior_title": "(a)2. Financial Statement Schedules",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "The schedules listed in Reg. 210.5-04 have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes thereto."
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "To the shareholders and the Board of Directors of General Electric Company (operating as GE Aerospace)"
    },
    {
      "status": "UNCHANGED",
      "current_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "prior_title": "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "To the shareholders and the Board of Directors of General Electric Company (operating as GE Aerospace)"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion."
    },
    {
      "status": "UNCHANGED",
      "current_title": "(a)3. Exhibit Index",
      "prior_title": "(a)3. Exhibit Index",
      "severity": {
        "deterministic": 2,
        "ai_bump": 0,
        "total": 2,
        "tier": "low",
        "signal_hits": [
          "cyber"
        ]
      },
      "current_body": "Exhibit(2)(a) Separation and Distribution Agreement, dated November 7, 2022 by and between General Electric Company and GE HealthCare Technologies Inc. (f/k/a GE Healthcare Holding LLC), as amended (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K dated January 4, 2023).(2)(b) Separation and Distribution Agreement, dated April 1, 2024 by and between General Electric Company and GE Vernova Inc. (f/k/a GE Vernova LLC), as amended (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated April 2, 2024).3(i) The Restated Certificate of Incorporation of General Electric Company (incorporated by reference to Exhibit 3(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013), as amended by the Certificate of Amendment, dated December 2, 2015 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated December 3, 2015), as further amended by the Certificate of Amendment, dated January 19, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated January 20, 2016), as further amended by the Certificate of Change of General Electric Company, dated September 1, 2016 (incorporated by reference to Exhibit 3(1) to the Company’s Current Report on Form 8-K dated September 1, 2016), as further amended by the Certificate of Amendment, dated May 13, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 13, 2019), as further amended by the Certificate of Change of General Electric Company, dated December 9, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated December 9, 2019), as further amended by the Certificate of Amendment, dated July 30, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated July 30, 2021), as further amended by the Certificate of Change of General Electric Company, dated May 15, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated May 17, 2023), as further amended by the Certificate of Change of General Electric Company, dated April 1, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated April 2, 2024).3(ii) The By-Laws of General Electric Company, as amended on April 1, 2024 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K dated April 2, 2024). 4(a) Amended and Restated General Electric Capital Corporation Standard Global Multiple Series Indenture Provisions dated as of February 27, 1997 (incorporated by reference to Exhibit 4(a) to General Electric Capital Corporation’s Registration Statement on Form S-3, File No. 333-59707).4(b) Third Amended and Restated Indenture dated as of February 27, 1997, between General Electric Capital Corporation and The Bank of New York Mellon, as successor trustee (incorporated by reference to Exhibit 4(c) to General Electric Capital Corporation’s Registration Statement on Form S-3, File No. 333-59707).4(c) First Supplemental Indenture dated as of May 3, 1999, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(dd) to General Electric Capital Corporation’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-76479).4(d) Second Supplemental Indenture dated as of July 2, 2001, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(f) to General Electric Capital Corporation’s Post-Effective Amendment No.1 to Registration Statement on Form S-3, File No. 333-40880).4(e) Third Supplemental Indenture dated as of November 22, 2002, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(cc) to General Electric Capital Corporation’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-3, File No. 333‑100527).4(f) Fourth Supplemental Indenture dated as of August 24, 2007, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(g) to General Electric Capital Corporation’s Registration Statement on Form S-3, File number 333-156929).4(g) Senior Note Indenture, dated October 9, 2012, by and between the Company and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated October 9, 2012).4(h) Indenture dated as of October 26, 2015, among GE Capital International Funding Company, as issuer, General Electric Company and General Electric Capital Corporation, as guarantors and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 99 to the Company’s Current Report on Form 8-K dated October 26, 2015).4(i) Global Supplemental Indenture dated as of April 10, 2015, among General Electric Capital Corporation, General Electric Company and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015). (2)(a) Separation and Distribution Agreement, dated November 7, 2022 by and between General Electric Company and GE HealthCare Technologies Inc. (f/k/a GE Healthcare Holding LLC), as amended (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K dated January 4, 2023). (2)(b) Separation and Distribution Agreement, dated April 1, 2024 by and between General Electric Company and GE Vernova Inc. (f/k/a GE Vernova LLC), as amended (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated April 2, 2024). 3(i) The Restated Certificate of Incorporation of General Electric Company (incorporated by reference to Exhibit 3(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013), as amended by the Certificate of Amendment, dated December 2, 2015 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated December 3, 2015), as further amended by the Certificate of Amendment, dated January 19, 2016 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated January 20, 2016), as further amended by the Certificate of Change of General Electric Company, dated September 1, 2016 (incorporated by reference to Exhibit 3(1) to the Company’s Current Report on Form 8-K dated September 1, 2016), as further amended by the Certificate of Amendment, dated May 13, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated May 13, 2019), as further amended by the Certificate of Change of General Electric Company, dated December 9, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated December 9, 2019), as further amended by the Certificate of Amendment, dated July 30, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated July 30, 2021), as further amended by the Certificate of Change of General Electric Company, dated May 15, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated May 17, 2023), as further amended by the Certificate of Change of General Electric Company, dated April 1, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated April 2, 2024). 3(ii) The By-Laws of General Electric Company, as amended on April 1, 2024 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K dated April 2, 2024). 4(a) Amended and Restated General Electric Capital Corporation Standard Global Multiple Series Indenture Provisions dated as of February 27, 1997 (incorporated by reference to Exhibit 4(a) to General Electric Capital Corporation’s Registration Statement on Form S-3, File No. 333-59707). 4(b) Third Amended and Restated Indenture dated as of February 27, 1997, between General Electric Capital Corporation and The Bank of New York Mellon, as successor trustee (incorporated by reference to Exhibit 4(c) to General Electric Capital Corporation’s Registration Statement on Form S-3, File No. 333-59707). 4(c) First Supplemental Indenture dated as of May 3, 1999, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (Incorporated by reference to Exhibit 4(dd) to General Electric Capital Corporation’s Post-Effective Amendment No. 1 to Registration Statement on Form S-3, File No. 333-76479). 4(d) Second Supplemental Indenture dated as of July 2, 2001, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(f) to General Electric Capital Corporation’s Post-Effective Amendment No.1 to Registration Statement on Form S-3, File No. 333-40880). 4(e) Third Supplemental Indenture dated as of November 22, 2002, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(cc) to General Electric Capital Corporation’s Post-Effective Amendment No. 1 to the Registration Statement on Form S-3, File No. 333‑100527). 4(f) Fourth Supplemental Indenture dated as of August 24, 2007, supplemental to Third Amended and Restated Indenture dated as of February 27, 1997 (incorporated by reference to Exhibit 4(g) to General Electric Capital Corporation’s Registration Statement on Form S-3, File number 333-156929). 4(g) Senior Note Indenture, dated October 9, 2012, by and between the Company and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K dated October 9, 2012). 4(h) Indenture dated as of October 26, 2015, among GE Capital International Funding Company, as issuer, General Electric Company and General Electric Capital Corporation, as guarantors and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 99 to the Company’s Current Report on Form 8-K dated October 26, 2015). 4(i) Global Supplemental Indenture dated as of April 10, 2015, among General Electric Capital Corporation, General Electric Company and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4(i) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015). 2025 FORM 10-K 75 2025 FORM 10-K 75 2025 FORM 10-K 75 4(j) Second Global Supplemental Indenture dated as of December 2, 2015, among General Electric Capital Corporation, General Electric Company and The Bank of New York Mellon, as successor trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated December 3, 2015).4(k) Agreement to furnish to the Securities and Exchange Commission upon request a copy of instruments defining the rights of holders of certain long-term debt of the registrant and consolidated subsidiaries.*4(l) Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.*(10) Except for 10(ll), (mm), (nn), and (oo) below, all of the following exhibits consist of Executive Compensation Plans or Arrangements:(a) GE Aerospace Executive Life Insurance Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(a) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(b) GE Leadership Life Insurance Plan, effective January 1, 2020 and all amendments to date, including its most recent amendment January 3, 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022).(c) GE Aerospace Supplementary Pension Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(d) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(d) GE Aerospace Restoration Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(e) General Electric 2003 Non-Employee Director Compensation Plan, Amended and Restated as of December 7, 2018 (incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018).(f) Amendment, dated May 7, 2024, to General Electric 2003 Non-Employee Director Compensation Plan, Amended and Restated as of December 7, 2018 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024).(g) GE Aerospace 2024 Non-Employee Director Compensation Plan, effective May 7, 2024 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).(h) Form of Director Indemnification Agreement.*(i) Amendment to Nonqualified Deferred Compensation Plans, dated as of December 14, 2004 (incorporated by reference to Exhibit 10(w) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004).(j) GE Aerospace Retirement for the Good of the Company Program, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(k) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(k) GE Aerospace US Executive Severance Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(l) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(l) GE Aerospace Excess Benefits Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(m) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(m) GE Aerospace 2006 Executive Deferred Salary Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(n) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(n) GE 2007 Long-Term Incentive Plan as amended and restated April 26, 2017, as further amended and restated February 15, 2019, and as further amended and restated July 30, 2021 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021).(o) Amendment, dated August 18, 2020, to the GE 2007 Long-Term Incentive Plan (as amended and restated April 26, 2017, and as further amended and restated February 15, 2019) (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020).(p) GE 2022 Long-Term Incentive Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(q) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(q) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(d) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(r) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(s) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023).(t) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2022 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022).(u) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2021 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2021).(v) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2020 (incorporated by reference to Exhibit 10(r) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020). 4(j) Second Global Supplemental Indenture dated as of December 2, 2015, among General Electric Capital Corporation, General Electric Company and The Bank of New York Mellon, as successor trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated December 3, 2015). 4(k) Agreement to furnish to the Securities and Exchange Commission upon request a copy of instruments defining the rights of holders of certain long-term debt of the registrant and consolidated subsidiaries.* 4(l) Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.* (10) Except for 10(ll), (mm), (nn), and (oo) below, all of the following exhibits consist of Executive Compensation Plans or Arrangements: (a) GE Aerospace Executive Life Insurance Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(a) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (b) GE Leadership Life Insurance Plan, effective January 1, 2020 and all amendments to date, including its most recent amendment January 3, 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022). (c) GE Aerospace Supplementary Pension Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(d) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (d) GE Aerospace Restoration Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (e) General Electric 2003 Non-Employee Director Compensation Plan, Amended and Restated as of December 7, 2018 (incorporated by reference to Exhibit 10(g) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018). (f) Amendment, dated May 7, 2024, to General Electric 2003 Non-Employee Director Compensation Plan, Amended and Restated as of December 7, 2018 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024). (g) GE Aerospace 2024 Non-Employee Director Compensation Plan, effective May 7, 2024 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). (h) Form of Director Indemnification Agreement.* (i) Amendment to Nonqualified Deferred Compensation Plans, dated as of December 14, 2004 (incorporated by reference to Exhibit 10(w) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2004). (j) GE Aerospace Retirement for the Good of the Company Program, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(k) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (k) GE Aerospace US Executive Severance Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(l) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (l) GE Aerospace Excess Benefits Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(m) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (m) GE Aerospace 2006 Executive Deferred Salary Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(n) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (n) GE 2007 Long-Term Incentive Plan as amended and restated April 26, 2017, as further amended and restated February 15, 2019, and as further amended and restated July 30, 2021 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021). (o) Amendment, dated August 18, 2020, to the GE 2007 Long-Term Incentive Plan (as amended and restated April 26, 2017, and as further amended and restated February 15, 2019) (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020). (p) GE 2022 Long-Term Incentive Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(q) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (q) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(d) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (r) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (s) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). (t) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2022 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). (u) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2021 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2021). (v) Form of Agreement for Stock Option Grants to Executive Officers under the General Electric Company 2007 Long-Term Incentive Plan, as of March 2020 (incorporated by reference to Exhibit 10(r) to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020). 76 2025 FORM 10-K 76 2025 FORM 10-K 76 2025 FORM 10-K (w) Form of Agreement for Restricted Stock Unit Grants to Directors under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2025 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025).(x) Form of Agreement for Restricted Stock Unit Grants to Directors under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024).(y) Form of Agreement for Restricted Stock Unit Grants to Executive Offices under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(f) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(z) Form of Agreement for Restricted Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(e) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(aa) Form of Agreement for Restricted Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023).(bb) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(h) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(cc) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(g) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(dd) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023).(ee) GE Aerospace Incentive Compensation Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(ee) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(ff) GE Aerospace Annual Executive Incentive Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(ff) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(gg) Employment Agreement between H. Lawrence Culp Jr. and General Electric Company, effective July 1, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 1, 2024).(hh) Form of Performance Stock Unit Grant Agreement by and between H. Lawrence Culp, Jr. and General Electric Company, dated July 1, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 1, 2024).(ii) Offer Letter Agreement for Rahul Ghai, dated October 5, 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023).(jj) Offer Letter Agreement for Christian Meisner, dated August 30, 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(kk) Offer Letter Agreement for John R. Phillips, III, dated August 27, 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025).(ll) Amended and Restated Agreement, dated April 10, 2015, between General Electric Company and General Electric Capital Corporation (incorporated by reference to Exhibit 10 to the Company’s Current Report on Form 8-K dated April 10, 2015).(mm) Credit Agreement, dated as of March 26, 2024, by and among General Electric Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 2, 2024).(nn) Tax Matters Agreement, dated as of January 2, 2023, by and between GE and GE HealthCare Technologies Inc. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 4, 2023).(oo) Tax Matters Agreement, dated as of April 1, 2024, by and between General Electric Company and GE Vernova Inc. (f/k/a GE Vernova LLC) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated April 2, 2024).(11) Statement re Computation of Per Share Earnings.**(19) GE Aerospace Insider Trading and Stock Tipping Policy and Additional Procedures (incorporated by reference to Exhibit 19 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024).(21) Subsidiaries of Registrant.*(22) List of Subsidiary Guarantors and Issuers of Guaranteed Securities.*(23) Consent of Independent Registered Public Accounting Firm.*(24) Power of Attorney.*31(a) Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.*31(b) Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.*(32) Certification Pursuant to 18 U.S.C. Section 1350.*(97) General Electric Company Clawback Policy Pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 97 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023).99(a) Supplement to Present Required Information in Searchable Format.* (w) Form of Agreement for Restricted Stock Unit Grants to Directors under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2025 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025). (x) Form of Agreement for Restricted Stock Unit Grants to Directors under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024). (y) Form of Agreement for Restricted Stock Unit Grants to Executive Offices under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(f) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (z) Form of Agreement for Restricted Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(e) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (aa) Form of Agreement for Restricted Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). (bb) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2025 (incorporated by reference to Exhibit 10(h) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (cc) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10(g) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (dd) Form of Agreement for Performance Stock Unit Grants to Executive Officers under the General Electric Company 2022 Long-Term Incentive Plan, as of March 2023 (incorporated by reference to Exhibit 10(c) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023). (ee) GE Aerospace Incentive Compensation Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(ee) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (ff) GE Aerospace Annual Executive Incentive Plan, as amended and restated, effective January 1, 2025 (incorporated by reference to Exhibit 10(ff) to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (gg) Employment Agreement between H. Lawrence Culp Jr. and General Electric Company, effective July 1, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated July 1, 2024). (hh) Form of Performance Stock Unit Grant Agreement by and between H. Lawrence Culp, Jr. and General Electric Company, dated July 1, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 1, 2024). (ii) Offer Letter Agreement for Rahul Ghai, dated October 5, 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). (jj) Offer Letter Agreement for Christian Meisner, dated August 30, 2023 (incorporated by reference to Exhibit 10(a) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (kk) Offer Letter Agreement for John R. Phillips, III, dated August 27, 2023 (incorporated by reference to Exhibit 10(b) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2025). (ll) Amended and Restated Agreement, dated April 10, 2015, between General Electric Company and General Electric Capital Corporation (incorporated by reference to Exhibit 10 to the Company’s Current Report on Form 8-K dated April 10, 2015). (mm) Credit Agreement, dated as of March 26, 2024, by and among General Electric Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated April 2, 2024). (nn) Tax Matters Agreement, dated as of January 2, 2023, by and between GE and GE HealthCare Technologies Inc. (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 4, 2023). (oo) Tax Matters Agreement, dated as of April 1, 2024, by and between General Electric Company and GE Vernova Inc. (f/k/a GE Vernova LLC) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated April 2, 2024). (11) Statement re Computation of Per Share Earnings.** (19) GE Aerospace Insider Trading and Stock Tipping Policy and Additional Procedures (incorporated by reference to Exhibit 19 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (19) GE Aerospace Insider Trading and Stock Tipping Policy and Additional Procedures (incorporated by reference to Exhibit 19 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024). (21) Subsidiaries of Registrant.* (22) List of Subsidiary Guarantors and Issuers of Guaranteed Securities.* (23) Consent of Independent Registered Public Accounting Firm.* (24) Power of Attorney.* 31(a) Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.* 31(b) Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.* (32) Certification Pursuant to 18 U.S.C. Section 1350.* (97) General Electric Company Clawback Policy Pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 97 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023). 99(a) Supplement to Present Required Information in Searchable Format.* 2025 FORM 10-K 77 2025 FORM 10-K 77 2025 FORM 10-K 77 (101) The following materials from General Electric Company's Annual Report on Form 10-K for the year ended December 31, 2025, formatted as Inline XBRL (eXtensible Business Reporting Language); (i) Statement of Operations for the years ended December 31, 2025, 2024 and 2023, (ii) Statement of Financial Position at December 31, 2025 and 2024, (iii) Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023, (iv) Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, (v) Statement of Changes in Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023, and (vi) the Notes to Consolidated Financial Statements.*(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * Filed electronically herewith** Information required to be presented in Exhibit 11 is provided in Note 18 to the consolidated financial statements in this Form 10-K Report in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share. (101) The following materials from General Electric Company's Annual Report on Form 10-K for the year ended December 31, 2025, formatted as Inline XBRL (eXtensible Business Reporting Language); (i) Statement of Operations for the years ended December 31, 2025, 2024 and 2023, (ii) Statement of Financial Position at December 31, 2025 and 2024, (iii) Statement of Cash Flows for the years ended December 31, 2025, 2024 and 2023, (iv) Statement of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, (v) Statement of Changes in Shareholders' Equity for the years ended December 31, 2025, 2024 and 2023, and (vi) the Notes to Consolidated Financial Statements.* (104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). * Filed electronically herewith ** Information required to be presented in Exhibit 11 is provided in Note 18 to the consolidated financial statements in this Form 10-K Report in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share. FORM 10-K CROSS REFERENCE INDEXPage(s)Part IItem 1.Business4-7, 9-10, 71-73Item 1A.Risk Factors24-31Item 1B.Unresolved Staff CommentsNot applicableItem 1C.Cybersecurity23Item 2.Properties4Item 3.Legal Proceedings70-71Item 4.Mine Safety DisclosuresNot applicablePart IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities22Item 6.[Reserved]Not applicableItem 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations7-22Item 7A.Quantitative and Qualitative Disclosures About Market Risk13, 68-69Item 8.Financial Statements and Supplementary Data36-73Item 9.Changes in and Disagreements With Accountants on Accounting and Financial DisclosureNot applicableItem 9A.Controls and Procedures32Item 9B.Other InformationNot applicableItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsNot applicablePart IIIItem 10.Directors, Executive Officers and Corporate Governance74, (a)Item 11.Executive Compensation(b)Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters(c)Item 13.Certain Relationships and Related Transactions, and Director Independence(d)Item 14.Principal Accountant Fees and Services(e)Part IVItem 15.Exhibits and Financial Statement Schedules75-78Item 16.Form 10-K SummaryNot applicableSignatures79 (a)Incorporated by reference to “Governance” and “Other Executive Compensation Policies & Practices” in the 2026 Proxy Statement. (b)Incorporated by reference to “Compensation”, “Other Executive Compensation Policies & Practices” and \"Management Development & Compensation Committee Report” in the 2026 Proxy Statement. (c)Incorporated by reference to “Stock Ownership Information” and “Equity Compensation Plan Information” in the 2026 Proxy Statement. (d)Incorporated by reference to “Related Person Transactions” and “How We Assess Director Independence” in the 2026 Proxy Statement. (e)Incorporated by reference to “Independent Auditor” in the 2026 Proxy Statement for Deloitte and Touche LLP (PCAOB ID No. 34). 78 2025 FORM 10-K 78 2025 FORM 10-K 78 2025 FORM 10-K SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report on Form 10-K for the fiscal year ended December 31, 2025, to be signed on its behalf by the undersigned, and in the capacities indicated, thereunto duly authorized in the Village of Evendale and State of Ohio on the 29th day of January 2026. General Electric Company (Registrant) By/s/ Robert GigliettiRobert GigliettiVice President, Chief Accounting Officer, Controller and Treasurer(Principal Accounting Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. SignerTitleDate/s/ Rahul GhaiPrincipal Financial OfficerJanuary 29, 2026Rahul GhaiSenior Vice President and Chief Financial Officer /s/ Robert GigliettiPrincipal Accounting OfficerJanuary 29, 2026Robert GigliettiVice President, Chief Accounting Officer, Controller and Treasurer/s/ H. Lawrence Culp, Jr.Principal Executive OfficerJanuary 29, 2026H. Lawrence Culp, Jr.*Chairman of the Board of DirectorsSébastien M. Bazin*DirectorMargaret Billson*DirectorWesley G. Bush*DirectorThomas Enders*DirectorEdward P. Garden*DirectorIsabella Goren*DirectorThomas W. Horton*DirectorCatherine A. Lesjak*DirectorDarren McDew*DirectorA majority of the Board of Directors*By/s/ Brandon SmithBrandon Smith Attorney-in-fact January 29, 2026 /s/ Rahul Ghai Rahul Ghai Senior Vice President and Chief Financial Officer Margaret Billson* Thomas Enders* Director Darren McDew* 2025 FORM 10-K 79 2025 FORM 10-K 79 2025 FORM 10-K 79"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Sales of services - Revenue recognition on certain Aerospace long-term service agreements - Refer to Notes 1 and 8 to the financial statements",
      "prior_title": "Sales of services - Revenue recognition on certain Aerospace long-term service agreements - Refer to Notes 1 and 8 to the financial statements.",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "Critical Audit Matter Description The Company enters into long-term service agreements with certain customers. These agreements require the Company to provide maintenance services for customer assets over the contract term, which generally range from 10 to 25 years. Revenue for these agreements is recognized using the percentage of completion method, based on costs incurred relative to total estimated costs over the contract term. As part of the revenue recognition process, the Company estimates both customer payments that are expected to be received and costs to perform maintenance services over the contract term. Key assumptions within those estimates that require significant judgment from management include: (a) how the customer will utilize the assets covered over the contract term; (b) the expected timing and extent of future overhaul services; (c) the future cost of materials, labor, and other resources; and (d) forward looking information concerning market conditions. Given the complexity involved with evaluating the estimates, which includes significant judgment necessary to estimate future costs, auditing these key assumptions required a high degree of auditor judgment and extensive audit effort, including the involvement of professionals with specialized skills and industry knowledge. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures over the key assumptions within the estimates described above related to the amount and timing of revenue recognition of the long-term service agreements included the following, among others: •We tested the effectiveness of controls related to the revenue recognition process for the long-term service agreements, including controls over management’s estimates. •We evaluated management’s risk assessment process through observation of key meetings and processes, including inspection of documentation, addressing contract status and current market conditions including the timely incorporation of changes that affect total estimated costs to complete the contract. 2025 FORM 10-K 33 2025 FORM 10-K 33 2025 FORM 10-K 33 •We evaluated the appropriateness and consistency of management’s methods and key assumptions applied in recognizing revenue and developing cost estimates. •We tested management’s utilization assumptions for the assets covered over the contract term, which impact the estimated timing and extent of future maintenance and overhaul services by comparing current estimates to historical information and forward-looking market conditions. •We tested management’s process for estimating the timing and amount of costs associated with overhaul and other maintenance events throughout the contract term, including comparing estimates to historical cost experience, performing a retrospective review, performing analytical procedures, and utilized specialists to evaluate statistical models used by the Company to estimate the useful life of certain components of the applicable engine platform."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Basis for Opinion",
      "prior_title": "Basis for Opinion",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion."
    },
    {
      "status": "UNCHANGED",
      "current_title": "MANAGEMENT AND AUDITOR’S REPORTS",
      "prior_title": "MANAGEMENT AND AUDITOR’S REPORTS",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "MANAGEMENT’S DISCUSSION OF FINANCIAL RESPONSIBILITY. Management is responsible for the preparation of the consolidated financial statements and related information that are presented in this report. The consolidated financial statements, which include amounts based on management’s estimates and judgments, have been prepared in conformity with U.S generally accepted accounting principles. The Company designs and maintains accounting and internal control systems to provide reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated financial statements and maintaining accountability for assets. These systems are enhanced by policies and procedures, an organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal audits. The Company engaged Deloitte and Touche LLP, an independent registered public accounting firm, to audit and render an opinion on the consolidated financial statements and internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB). The Board of Directors, through its Audit Committee, which consists entirely of independent directors, meets periodically with management, internal auditors and our independent registered public accounting firm to ensure that each is meeting its responsibilities and to discuss matters concerning internal controls and financial reporting. Deloitte and Touche LLP and the internal auditors each have full and free access to the Audit Committee. MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING. Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. With our participation, an evaluation of the effectiveness of our internal control over financial reporting was conducted as of December 31, 2025, based on the framework and criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2025. Our independent registered public accounting firm has issued an audit report on our internal control over financial reporting. Their report follows. /s/ H. Lawrence Culp, Jr./s/ Rahul GhaiH. Lawrence Culp, Jr.Rahul GhaiChairman and Chief Executive OfficerChief Financial OfficerJanuary 29, 2026 DISCLOSURE CONTROLS. Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls and procedures and internal control over financial reporting and concluded that our disclosure controls and procedures were effective as of December 31, 2025. There have been no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting. 32 2025 FORM 10-K 32 2025 FORM 10-K 32 2025 FORM 10-K"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Opinion on Internal Control over Financial Reporting",
      "prior_title": "Opinion on Internal Control over Financial Reporting",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "We have audited the internal control over financial reporting of General Electric Company (operating as GE Aerospace) and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated January 29, 2026, expressed an unqualified opinion on those financial statements."
    },
    {
      "status": "UNCHANGED",
      "current_title": "NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES",
      "prior_title": "NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES",
      "severity": {
        "deterministic": 3,
        "ai_bump": 0,
        "total": 3,
        "tier": "low",
        "signal_hits": [
          "supplychain",
          "rates"
        ]
      },
      "current_body": "FINANCIAL STATEMENT PRESENTATION. Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP), which requires us to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position and cash flows. Such changes could result in future impairments of goodwill, intangibles, long-lived assets, contract assets and investment securities, revisions to estimated profitability on long-term product service agreements, incremental credit losses on receivables and debt securities, incremental losses related to our contingencies, a change in the carrying amount of our tax assets and liabilities, or a change in our insurance liabilities and pension obligations as of the time of a relevant measurement event. In preparing our Statement of Cash Flows, we make certain adjustments to reflect cash flows that cannot otherwise be calculated by changes in our Statement of Financial Position. These adjustments may include, but are not limited to, the effects of currency exchange, acquisitions and dispositions of businesses, the timing of settlements to suppliers for property, plant and equipment, non-cash gains/losses and other balance sheet reclassifications. Beginning in the first quarter of 2025, we changed the terminology used to report our earnings from “Earnings” to “Net income.” The change in terminology does not impact the amounts reported in the financial statements. Comparative periods have been renamed to reflect this change for consistency. We have reclassified certain prior-year amounts to conform to the current-year’s presentation. Unless otherwise noted, tables are presented in U.S. dollars in millions. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Earnings per share amounts are computed independently for net income from continuing operations, net income from discontinued operations and net income. As a result, the sum of per-share amounts may not equal the total. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. We present businesses whose disposal represents a strategic shift that has, or will have, a major effect on our operations and financial results as discontinued operations when the components meet the criteria for held for sale, are sold, or spun-off. See Notes 2 for further information. CONSOLIDATION. Our financial statements consolidate all of our affiliates, entities where we have a controlling financial interest, most often because we hold a majority voting interest, or where we are required to apply the variable interest entity (VIE) model and we have the power to direct the most economically significant activities of entities. We reevaluate whether we have a controlling financial interest in all entities when our rights and interests change. All intercompany balances and transactions have been eliminated. REVENUE FROM THE SALE OF EQUIPMENT. We recognize revenue for equipment including commercial install and spare aircraft engines, defense aircraft engines, and other products we manufacture at the point in time that the customer obtains control of the product, which is generally no earlier than when the customer has physical possession. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is estimated based on historical averages of in-transit periods (time between shipment and delivery). Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize revenue when we have concluded that the customer has control of the equipment, and that acceptance is likely to occur. We do not provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer. Our billing terms for these contracts generally coincide with delivery to the customer. We sometimes offer our customers financing discounts for the purchase of certain equipment when sold in contemplation of long-term service agreements. These sales are accounted for as financing arrangements when payments for the equipment are collected through higher usage-based fees from servicing the equipment. In some contracts, we receive progress collections from customers for large equipment purchases. Progress collections are not considered a significant financing component as they are used to meet working capital demands and protect us from the other party failing to adequately complete some or all of its obligations under the contract. For certain commercial engine programs, we make payments to airlines when the aircraft with our engines are delivered by the airframers (aircraft allowances). We record aircraft allowances as a reduction in revenue when control of the engine is transferred to our airframer customer. Some of our contracts require us to make payments to customers related to failure to deliver our equipment on-time or meeting certain performance specifications, which is factored into our estimate of variable consideration using the expected value method taking into consideration performance relative to our contractual obligations, specified liquidated damages rates, if applicable, and history of paying damages to the customer or similar customers. REVENUE FROM THE SALE OF SERVICES. Spare Parts. We sell certain tangible products, largely spare parts, through our services businesses. We recognize revenue and bill our customers at the point in time that the customer obtains control of the good, which is when we deliver the spare part to the customer. In some cases, our contracts give rise to variable consideration in the form of volume discounts, contractual not-to-exceed limits, or product durability discounts, which we incorporate into our estimate of transaction price using the expected value method. Delivery is measured using either proof of delivery or estimated based on historical averages of in-transit periods (time between shipment and delivery). 40 2025 FORM 10-K 40 2025 FORM 10-K 40 2025 FORM 10-K Long-term Services Agreements. We enter into long-term services agreements with our customers primarily within our Commercial Engines and Services segment. These agreements require us to provide maintenance, overhauls and standby \"warranty-type\" services, which generally range from 10 to 25 years. We account for items that are integral to the maintenance of the equipment as part of our performance obligation, unless the customer has a substantive right to make a separate purchasing decision. We recognize revenue as we perform under the arrangements using the percentage of completion method which is based on our costs incurred to date relative to our estimate of total expected costs. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service events and major overhauls at predetermined usage intervals. We provide for potential losses on these agreements when it is probable that we will incur the loss. Our rights to consideration for these arrangements are generally based on the utilization of the asset (e.g., per hour of usage) and contractual payment terms are based on either periodic billing schedules or upon the occurrence of a maintenance event, such as an overhaul. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings results in changes to our contract asset or contract liability positions. Contract assets and contract liabilities for long-term service agreements are classified as current based on our contract operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of our contracts. See Note 8 for further information. Contracts are often modified to account for changes in contract specifications or requirements. Contract modifications in our long-term service agreements are predominantly accounted for on a prospective basis. Changes in estimates for existing contracts are accounted for on a cumulative catchup basis. See Note 8 for further information. Other Services Revenue Contracts. We enter into contracts to perform other services, including time and material service contracts and component repairs, where we enhance the value of a customer asset and the customer pays us on a per event basis. For time and material overhauls, the contract duration and transaction price are limited to the individual maintenance event and we recognize revenue on an over time basis as the services are rendered, in proportion to cost incurred. Labor costs are recognized as incurred and costs of replacement parts are recognized when we can reliably determine that the parts are non-fungible. For component repairs, we recognize revenue when the services are completed. Development Agreements. We enter into long-term development agreements primarily within our Defense & Propulsion Technologies segment. The majority of these agreements are with the U.S. Government for the research and design of defense products. Our contracts with the U.S. government are typically subject to the Federal Acquisition Regulation (FAR) and are either fixed-priced or based on estimated or actual costs of providing services. Certain contracts include incentive and award fees, based on achievement of specified targets, which we consider as variable consideration. The amount included in the transaction price represents our estimate of the most likely amount we expect to collect to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Revenue is recognized on an over time basis because of continuous transfer of control to the customer using percentage of completion based on costs incurred to date relative to total estimated costs. Changes in estimates for existing contracts are accounted for on a cumulative catchup basis. NONRECURRING ENGINEERING COSTS. We incur contract fulfillment costs for engineering and development of products directly related to existing contracts with customers, primarily in our Defense & Propulsion Technologies segment. If we determine the costs are for development of products for a specific customer and there is a high probability of recovery from future sales to that customer, we capitalize the costs we incur, excluding early-stage costs which are expensed as research and development. Capitalized nonrecurring engineering costs are included in Contract and other deferred assets in our accompanying Statement of Financial Position and are amortized to Cost of equipment sold ratably over each unit sold. We periodically assess the recoverability of capitalized nonrecurring engineering costs and, if we determine the costs are no longer probable of recovery, the asset is impaired. See Note 8 for further information. NONRECURRING ENGINEERING COSTS RESEARCH AND DEVELOPMENT (R&D). Research and development includes costs incurred for experimentation, design, development and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. We enter certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by third parties are recognized as an offset to our research and development expense rather than as revenue. RESEARCH AND DEVELOPMENT (R&D). COLLABORATIVE ARRANGEMENTS. We enter into collaborative arrangements with manufacturers and suppliers of components used to build and maintain certain engines. Under these arrangements, we and our collaborative partners share in the risks and rewards of these programs through various revenue, cost and profit-sharing payment structures. We recognize revenue and costs for these arrangements based on the scope of work we are responsible for transferring to our customers. Our net payments to participants are primarily recorded as either cost of services sold ($4,941 million, $4,144 million and $3,781 million for the years ended December 31, 2025, 2024 and 2023, respectively) or as cost of equipment sold ($946 million, $784 million and $663 million for the years ended December 31, 2025, 2024 and 2023, respectively). COLLABORATIVE ARRANGEMENTS. 2025 FORM 10-K 41 2025 FORM 10-K 41 2025 FORM 10-K 41 EQUITY METHOD INVESTMENTS. Equity method investments are investments in entities in which we do not have a controlling financial interest, but over which we have significant influence. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Equity method investments are assessed for other-than-temporary impairment when events occur, or circumstances change that indicate it is more likely than not the fair value of the asset is below its carrying value. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in net income in the current period. Equity method investments are recognized within All other assets in our Statement of Financial Position. Where we adopt the fair value option for an investment, we recognize the investment within Investment Securities in our Statement of Financial Position. Our share of the results of equity method investments is recognized within Other income (loss) in our Statement Comprehensive Income (Loss) since the activities of the investee are closely aligned with our operations. See Notes 3, 9, and 26 for further information. We enter into related party transactions with certain equity method investments, of which, the most significant are with CFM International, a non-consolidated company jointly owned with Safran Aircraft Engines, a subsidiary of Safran Group of France. We make substantial sales of parts and services to CFM International. Related party transactions with other equity method investees primarily consist of purchases of engine parts or maintenance services, which are not significant with any single related party. GOVERNMENT INCENTIVES. We receive grants and incentives from various federal, state, local, and foreign governments in exchange for compliance with certain conditions relating to our activities in a specific jurisdiction which encourage investment, job creation and retention, and environmental objectives including emissions reductions. We recognize government grants as a reduction to the related expense or asset when there is reasonable assurance that the Company will comply with the conditions of the grant, the grant is received or is probable of receipt and the amount is determinable. Government grants resulted in reductions of $98 million, $117 million and $99 million to research and development expense and $38 million, $1 million and $6 million to cost of services sold for the years ended December 31, 2025, 2024 and 2023, respectively. GOVERNMENT INCENTIVES. research and development expense research and development expense research and development expense cost of services cost of services cost of services CASH, CASH EQUIVALENTS AND RESTRICTED CASH. Cash, cash equivalents and restricted cash include cash on hand, demand deposits and short-term cash investment that are highly liquid in nature and have original maturities of three months or less, including debt securities and money market instruments unless classified as available-for-sale investment securities. Restricted cash primarily comprised funds restricted in connection with certain ongoing litigation matters and amounted to an insignificant amount at both December 31, 2025 and 2024. INVESTMENT SECURITIES. We report investments in available-for-sale debt securities and certain equity securities at fair value. Unrealized gains and losses on available-for-sale debt securities are recorded to other comprehensive income, net of applicable taxes. Unrealized gains and losses on equity securities with readily determinable fair values are recorded to net income. Although we generally do not have the intent to sell any specific debt securities in the ordinary course of managing our portfolio, we may sell debt securities prior to their maturities for a variety of reasons, including diversification, credit quality, yield and liquidity requirements and the funding of claims and obligations to policyholders. We regularly review investment securities for impairment. For debt securities, if we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery of our amortized cost, we evaluate qualitative criteria, such as the financial health of and specific prospects for the issuer, to determine whether we do not expect to recover the amortized cost basis of the security. We also evaluate quantitative criteria including determining whether there has been an adverse change in expected future cash flows. If we do not expect to recover the entire amortized cost basis of the security, we consider the security to contain an expected credit loss, and we record the difference between the security’s amortized cost basis and its recoverable amount in net income as an allowance for credit loss and the difference between the security’s recoverable amount and fair value in other comprehensive income. If we intend to sell the security or it is more likely than not we will be required to sell the security before recovery of its amortized cost basis, the security is considered impaired, and we recognize the entire difference between the security’s amortized cost basis and its fair value in net income. See Note 3 for further information. CURRENT RECEIVABLES. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding amount, less allowance for losses. We regularly monitor the recoverability of our receivables. See Note 4 for further information. CURRENT RECEIVABLES. ALLOWANCE FOR CREDIT LOSSES. When we record customer receivables and contract assets arising from revenue transactions, as well as commercial and residential mortgage loans and reinsurance recoverables in our run-off insurance operations, financial guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses inherent in the asset over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period, the allowance for credit losses is adjusted through net income to reflect expected credit losses over the remaining lives of the assets. We evaluate debt securities with unrealized losses to determine whether any of the losses arise from concerns about the issuer’s credit or the underlying collateral and record an allowance for credit losses, if required. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the estimates of expected credit losses. 42 2025 FORM 10-K 42 2025 FORM 10-K 42 2025 FORM 10-K INVENTORIES. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined using the average cost method. See Note 5 for further information. INVENTORIES. PROPERTY, PLANT AND EQUIPMENT. The cost of property, plant and equipment is generally depreciated on a straight-line basis over its estimated economic life. See Note 6 for further information. PROPERTY, PLANT AND EQUIPMENT. LEASE ACCOUNTING FOR LESSEE ARRANGEMENTS. We evaluate whether our contractual arrangements contain leases at the inception of such arrangements. Specifically, we consider whether we can control the underlying asset and have the right to obtain substantially all of the economic benefits or outputs from the asset. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset. Options to extend or terminate the lease are included as part of the ROU lease asset and liability when it is reasonably certain the Company will exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the leased asset. As most of our leases do not provide an implicit rate, the present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. We determine our incremental borrowing rate through market sources including relevant industry rates. For leases with an initial term of 12 months or less, an ROU asset and lease liability is not recognized and lease expense is recognized on a straight-line basis over the lease term. We test ROU assets whenever events or changes in circumstance indicate that the asset may be impaired. GOODWILL AND OTHER INTANGIBLE ASSETS. We test goodwill at least annually for impairment at the reporting unit level. When testing goodwill for impairment, the Company may first assess qualitative factors. If an initial qualitative assessment identifies that it is more likely than not that the fair value of a reporting unit is less than its carrying value, additional quantitative testing is performed. The Company may also elect to forego the qualitative assessment and proceed directly to quantitative testing. We recognize an impairment charge if the carrying amount of a reporting unit exceeds its fair value. When a portion of a reporting unit is disposed, goodwill is allocated to the gain or loss on disposition based on the relative fair values of the business or businesses disposed and the portion of the reporting unit that will be retained. For other intangible assets that are not deemed indefinite-lived, cost is generally amortized on a straight-line basis over the asset’s estimated economic life, except for individually significant customer-related intangible assets that are amortized in relation to total related sales. Amortizable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to estimated fair value based on either discounted cash flows or appraised values. See Note 7 for further information. DERIVATIVES AND HEDGING. We use derivatives to manage a variety of risks, including risks related to interest rates, foreign exchange, certain equity investments and commodity prices. We enter into derivative and other financial instruments with major investment grade financial institutions and have policies to monitor the credit risk of those counterparties. We limit counterparty exposure and concentration of risk by diversifying counterparties. While there can be no assurance, we do not anticipate any material non-performance by any of these counterparties. Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue applying hedge accounting to that relationship prospectively. Fair values of both the derivative instrument and the hedged item are calculated using internal valuation models incorporating market-based assumptions, subject to third-party confirmation, as applicable. See Note 22 for further information. INCOME TAXES. Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported net income before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when those taxes are paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating net income and available tax planning strategies. To the extent we consider it more likely than not that a deferred tax asset will not be recovered, a valuation allowance is established. Deferred taxes, as needed, are provided for our investment in affiliates and associated companies when we plan to remit those earnings. See Note 15 for further information. 2025 FORM 10-K 43 2025 FORM 10-K 43 2025 FORM 10-K 43 Significant judgment is required when assessing our income tax positions and determining our tax expense and benefits and management evaluates the positions based on the facts, circumstances, and information available at the reporting date. The tax benefits recognized in the financial statements are based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. INSURANCE. Our run-off insurance operations include providing insurance and reinsurance for life and health risks and providing certain annuity products. Primary product types include long-term care, structured settlement annuities, life and disability insurance contracts and investment contracts. Insurance contracts are contracts with significant mortality and/or morbidity risks, while investment contracts are contracts without such risks. Insurance revenue is comprised primarily of premiums and investment income. For traditional long-duration insurance contracts, we report premiums as revenue when due. Premiums received on non-traditional long-duration insurance contracts and investment contracts, including annuities without significant mortality risk, are not reported as revenue but rather as deposit liabilities. We recognize revenue for charges and assessments on these contracts, mostly for mortality, administration and surrender. Interest credited to policyholder accounts is charged to expense. Future policy benefit reserves represent the present value of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums. The liability is measured for each group of contracts (i.e., cohorts) using current cash flow assumptions. As a run-off insurance operation consisting substantially all of reinsurance, contracts are grouped into cohorts by legal entity and product type, based on the date the reinsurance contract was consummated. Future policy benefit reserves are adjusted each period as a result of updating lifetime net premium ratios for differences between actual and expected experience with the retroactive effect of those variances recognized in current period net income. We review at least annually in the third quarter, future policy benefit reserves cash flow assumptions, except related claim expenses which remain locked-in, and if the review concludes that the assumptions need to be updated, future policy benefit reserves are adjusted retroactively based on the revised net premium ratio using actual historical experience, updated cash flow assumptions, and the locked-in discount rate with the effect of those changes recognized in current period net income. As our insurance operations are in run-off, the locked-in discount rate is used for the computation of interest accretion on future policy benefit reserves recognized in net income. However, cash flows used to estimate future policy benefit reserves are also discounted using an upper-medium grade (i.e., low credit risk) fixed-income instrument yield reflecting the duration characteristics of the liabilities and is updated each reporting period with changes recorded in Accumulated other comprehensive income (loss) (AOCI). As a result, changes in the current discount rate at each reporting period are recognized as an adjustment to AOCI and not net income each period, whereas, changes relating to cash flow assumptions are recognized in the Statement of Operations. Liabilities for investment contracts equal the account value, that is, the amount that accrues to the benefit of the contract or policyholder including credited interest and assessments through the financial statement date. See Note 12 for further information. POSTRETIREMENT BENEFIT PLANS. We sponsor a number of pension and retiree health and life insurance benefit plans that we present in three categories, principal pension plans, other pension plans and principal retiree benefit plans. We use a December 31 measurement date for these plans. On our Statement of Financial Position, we measure our plan assets at fair value and the obligations at the present value of the estimated payments to plan participants. Participants earn benefits based on their service and pay. If a participant is no longer accumulating new benefits under a plan (frozen plan), the benefits are based on their service and pay at the point in time that the plan was frozen.Those estimated future payment amounts are determined based on assumptions. Differences between our actual results and what we assumed are recorded in a separate component of equity each period. These differences are amortized into net income over the remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan. See Note 13 for further information. POSTRETIREMENT BENEFIT PLANS. LOSS CONTINGENCIES. Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory investigations and proceedings, product quality and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. See Note 24 for further information. LOSS CONTINGENCIES. SUPPLY CHAIN FINANCE PROGRAMS. We evaluate supply chain finance programs to ensure where we use a third-party intermediary to settle our trade payables, their involvement does not change the nature, existence, amount or timing of our trade payables and does not provide the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit, we reclassify the trade payables as borrowings. 44 2025 FORM 10-K 44 2025 FORM 10-K 44 2025 FORM 10-K FAIR VALUE MEASUREMENTS. The following sections describe the valuation methodologies we use to measure financial and non-financial instruments accounted for at fair value including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair value hierarchy: Level 1 – Quoted prices for identical instruments in active markets; Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and Level 3 – Significant inputs to the valuation model are unobservable. RECURRING FAIR VALUE MEASUREMENTS. For financial assets and liabilities measured at fair value on a recurring basis, primarily investment securities and derivatives, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date. See Note 21 for further information. Debt Securities. When available, we use quoted market prices to determine the fair value of debt securities which are included in Level 1. For our remaining debt securities, we obtain pricing information from an independent pricing vendor. The inputs and assumptions to the pricing vendor’s models are derived from market observable sources including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers and other market-related data. These investments are included in Level 2. Our pricing vendors may also provide us with valuations that are based on significant unobservable inputs, and in those circumstances, we classify the investment securities in Level 3. Annually, we conduct reviews of our primary pricing vendors to validate that the inputs used in the vendors' pricing processes are deemed to be market observable as defined in the standard. We believe that the prices received from our pricing vendors are representative of prices that would be received to sell the assets at the measurement date (exit prices) and are classified appropriately in the hierarchy. We use non-binding broker quotes and other third-party pricing services as our primary basis for valuation when there is limited, or no, relevant market activity for a specific instrument or for other instruments that share similar characteristics. Debt securities priced in this manner are included in Level 3. Equity securities with readily determinable fair values. These publicly traded equity securities are valued using quoted prices and are included in Level 1. Derivatives. The majority of our derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and liabilities included in Level 2 primarily represent interest rate swaps, cross-currency swaps and foreign currency and commodity forward and option contracts. Investments in private equity, real estate and collective funds held within our pension plans or run-off insurance operations. Most investments are generally valued using the net asset value (NAV) per share as a practical expedient for fair value provided certain criteria are met. The NAVs are determined based on the fair values of the underlying investments in the funds. Investments that are measured at fair value using the NAV practical expedient are not required to be classified in the fair value hierarchy. Investments classified within Level 3 primarily relate to real estate and private equities which are valued using unobservable inputs, primarily by discounting expected future cash flows, using comparative market multiples, third-party pricing sources, or a combination of these approaches as appropriate. See Notes 3 and 13 for further information. NONRECURRING FAIR VALUE MEASUREMENTS. Certain assets are measured at fair value on a nonrecurring basis. These assets may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired loans based on the fair value of the underlying collateral, impaired equity securities without readily determinable fair value, equity method investments and long-lived assets and remeasured retained investments in formerly consolidated subsidiaries upon a change in control that results in the deconsolidation of that subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments are not subsequently adjusted to fair value unless further impairment occurs. Equity investments without readily determinable fair value and associated companies. Equity investments without readily determinable fair value and associated companies are valued using market observable data such as transaction prices when available. When market observable data is unavailable, investments are valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources or a combination of these approaches as appropriate. These investments are generally included in Level 3. Long-lived Assets. Fair values of long-lived assets are primarily derived internally and are based on observed sales transactions for similar assets or discounted cash flow estimates. In other instances for which we do not have comparable observed sales transaction data, collateral values are developed internally and corroborated by external appraisal information. Adjustments to third-party valuations may be performed in circumstances where market comparables are not specific to the attributes of the specific collateral or appraisal information may not be reflective of current market conditions due to the passage of time and the occurrence of market events since receipt of the information. 2025 FORM 10-K 45 2025 FORM 10-K 45 2025 FORM 10-K 45 ADOPTIONS OF NEW ACCOUNTING STANDARDS. In 2025, we adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This standard also requires further disaggregation of income taxes paid by federal, state, and foreign taxes, and by individual jurisdictions exceeding a specific thresholds. Refer to Note 15 for further information. ADOPTIONS OF NEW ACCOUNTING STANDARDS. In 2025, we adopted Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures NOTE 2. DISCONTINUED OPERATIONS. Our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions are included in discontinued operations. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. Our former GE Vernova and GE HealthCare businesses, our mortgage portfolio in Poland (Bank BPH) and other trailing assets and liabilities associated with prior dispositions are included in discontinued operations. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis. GE Vernova. On April 2, 2024, we completed the previously announced separation of GE Vernova. The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of all the outstanding shares of GE Vernova to holders of the Company's common stock. In connection with the GE Vernova separation, the historical results of GE Vernova and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. In addition, the Company contributed $515 million of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of separation was $4,242 million. We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova continue to provide certain services to each other for a period of time following the separation, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the year ended December 31, 2025, we had direct and indirect sales of $350 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $874 million related to the transition services agreement and sales of engines and parts for the year ended December 31, 2025. GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of the Company's common stock. In connection with the separation, the historical results of GE HealthCare and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. We had continuing involvement with GE HealthCare primarily through a transition services agreement, which was completed as of December 31, 2024, through which GE Aerospace and GE HealthCare continued to provide certain services to each other for a period of time following the separation. In addition, we have a tax matters agreement and a trademark licensing agreement. For the year ended December 31, 2025, we collected net cash of $56 million related to these activities, primarily in the first quarter of 2025. Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. The estimate of total losses for borrower litigation at Bank BPH was $2,334 million and $2,461 million as of December 31, 2025 and 2024, respectively, with the decrease driven by utilization offset by foreign exchange movements. No incremental contributions from GE Aerospace were required for the year ended December 31, 2025. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 24. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. At December 31, 2025, the total portfolio had no carrying value, net of a valuation allowance. Income (loss) related to ongoing borrower litigation was insignificant in pre-tax charges for the year ended December 31, 2025 and zero for the year ended December 31, 2024. RESULTS OF DISCONTINUED OPERATIONSFor the year ended December 31, 2025 GE VernovaBank BPH & OtherTotalTotal revenue$— $— $— Cost of equipment and services sold— — — Other income, costs and expenses— (47)(47)Net Income (loss) of discontinued operations before income taxes— (47)(47)Benefit (provision) for income taxes125 9 134 Net Income (loss) of discontinued operations, net of taxes125 (38)87 Gain (loss) on disposal before income taxes— 16 16 Benefit (provision) for income taxes— — — Gain (loss) on disposal, net of taxes— 16 16 Net Income (loss) from discontinued operations, net of taxes$125 $(22)$103"
    },
    {
      "status": "UNCHANGED",
      "current_title": "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE",
      "prior_title": "DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE",
      "severity": {
        "deterministic": 2,
        "ai_bump": 0,
        "total": 2,
        "tier": "low",
        "signal_hits": [
          "workforce"
        ]
      },
      "current_body": "Information about our Executive Officers (as of January 29, 2026) Date assumedExecutiveNamePositionAgeOfficer PositionH. Lawrence Culp, Jr.Chairman of the Board & Chief Executive Officer62October 2018Rahul GhaiSenior Vice President & Chief Financial Officer54September 2023Mohamed AliSenior Vice President & Chief Technology & Operations Officer(a)56January 2025Christian MeisnerSenior Vice President & Chief Human Resources Officer56April 2024John R. Phillips IIISenior Vice President, General Counsel & Secretary48April 2024Russell StokesSenior Vice President & CEO, Commercial Engines & Services(a)54September 2018Amy GowderSenior Vice President & CEO, Defense & Systems50April 2024Ricardo ProcacciSenior Vice President & CEO, Propulsion & Additive Technologies58April 2024Robert GigliettiVice President, Chief Accounting Officer, Controller and Treasurer55April 2024 Chairman of the Board & Chief Executive Officer Rahul Ghai Senior Vice President & Chief Financial Officer September 2023 Christian Meisner Senior Vice President & Chief Human Resources Officer April 2024 John R. Phillips III Senior Vice President, General Counsel & Secretary April 2024 Amy Gowder April 2024 Ricardo Procacci April 2024 (a) Effective February 1, 2026, Mohamed Ali will become Senior Vice President & CEO, Commercial Engines & Services. Russell Stokes plans to retire in July 2026. Executive Officers are elected by the Board of Directors for an initial term that continues until the Board meeting immediately preceding the next annual statutory meeting of shareholders, and thereafter are elected for one-year terms or until their successors have been elected. Mr. Culp and Mr. Stokes have been Executive Officers of the Company for at least five years. Prior to joining the Company in August 2022, Mr. Ghai had been Executive Vice President and Chief Financial Officer of Otis Worldwide Corporation, an elevator and escalator manufacturing, installation and service company, since 2019 after serving as Senior Vice President and Chief Financial Officer of Harris Corporation from 2016 until 2019. Prior to becoming Chief Technology & Operations Officer in January 2025, Mr. Ali served as Senior Vice President (and prior to that, Vice President), Engineering since 2021 and in other engineering and systems leadership roles with the Company, originally joining in 1997. Prior to joining the Company in October 2023, Mr. Meisner had been Chief Human Resources Officer at Kaiser Permanente, an integrated managed care consortium, since 2020 after serving as Corporate Vice President, Talent and Integration at United Technologies from 2019 until 2020 and Vice President and Chief Human Resources Officer at Otis Elevator Company from 2015 until 2019. Prior to joining the Company in October 2023, Mr. Phillips had been Deputy Counsel to the President of the United States and Legal Adviser to the National Security Council since 2022, after serving 13 years in various legal leadership roles at Boeing, including Vice President, Corporate Secretary and Assistant General Counsel from 2021 until 2022, and Vice President and Assistant General Counsel from 2016 until 2021. Prior to joining the Company in April 2022, Ms. Gowder was Chief Operating Officer at Aerojet Rocketdyne, an aerospace and defense company, since 2020, after serving 14 years at Lockheed Martin including as Vice President and General Manager from 2017 until 2020. Prior to becoming CEO, Propulsion & Additive Technologies in 2022, Mr. Procacci served as Chief Executive Officer of Avio Aero, a General Electric Company affiliate, since 2014. Prior to becoming Vice President, Chief Accounting Officer, Controller and Treasurer in 2024, Mr. Giglietti served in a number of senior finance and accounting leadership roles with the Company, including most recently as Treasurer for GE Aerospace, since July 2023, and Chief Financial Officer - GE Capital and Corporate, since January 2021, and Operational Leader for the GE separations, originally joining in 2002. The remaining information called for by this item is incorporated by reference to “Election of Directors,” “Other Governance Policies & Practices”, “Board Committees”, “Board Operations” and \"Other Executive Compensation Policies & Practices\" in our definitive proxy statement for our 2026 Annual Meeting of Shareholders to be held May 5, 2026, which will be filed within 120 days of the end of our fiscal year ended December 31, 2025 (the 2026 Proxy Statement). 74 2025 FORM 10-K 74 2025 FORM 10-K 74 2025 FORM 10-K"
    },
    {
      "status": "UNCHANGED",
      "current_title": "Opinion on the Financial Statements",
      "prior_title": "Opinion on the Financial Statements",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "We have audited the accompanying consolidated statements of financial position of General Electric Company (operating as GE Aerospace) and subsidiaries (the \"Company\") as of December 31, 2025, and 2024, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated January 29, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting."
    },
    {
      "status": "UNCHANGED",
      "current_title": "Future policy benefits - Refer to Notes 1 and 12 to the financial statements",
      "prior_title": "Future Policy Benefits - refer to Note 12 to the financial statements",
      "severity": {
        "deterministic": 1,
        "ai_bump": 0,
        "total": 1,
        "tier": "low",
        "signal_hits": []
      },
      "current_body": "Critical Audit Matter Description The liability for future policy benefits as of December 31, 2025 is based on current assumptions applied to the underlying policy cash flows. The liability for future policy benefits includes $25,792 million for long term care policies. Significant uncertainties exist in evaluating future cash flow projections, including consideration of a wide range of possible outcomes of future events over the life of the insurance contracts that can extend for long periods of time. A key assumption impacting the cash flow projections used in the measurement of such liabilities that is sensitive and more subjective, requiring significant judgment by management, is the rate of change in morbidity. Given the significant judgments required by management, auditing the liability for future policy benefits required a high degree of auditor judgment and an increased extent of effort, including the involvement of actuarial specialists. How the Critical Audit Matter was Addressed in the Audit Our audit procedures, including those performed by our actuarial specialists, included the following, among others: •We tested the effectiveness of controls related to the determination of the liability for future policy benefits. •We evaluated judgments applied by management in setting key assumptions by considering actual experience, sensitivity analysis and relevant industry data, when available. We performed retrospective reviews of certain assumptions to evaluate for management bias. •We tested the underlying data for completeness and accuracy, including historical cash flows that served as a basis for the actuarial estimates. •We performed policy level testing to assess that management’s intended assumptions were used and the model accurately calculated the cash flow projections. •We validated the levels of aggregation of the liability calculations determined by the Company were in accordance with their policy and performed recalculations on a sample basis to validate the appropriateness of the discount rate assumptions used and tested the application of the net premium ratio used to measure the liability for future policy benefits. /s/ DELOITTE & TOUCHE LLP Cincinnati, OhioJanuary 29, 2026We have served as the Company's auditor since 2020. /s/ DELOITTE & TOUCHE LLP 34 2025 FORM 10-K 34 2025 FORM 10-K 34 2025 FORM 10-K"
    },
    {
      "status": "UNCHANGED",
      "current_title": "NOTE 24. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES",
      "prior_title": "NOTE 24. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES AND OTHER LOSS CONTINGENCIES",
      "severity": {
        "deterministic": 2,
        "ai_bump": 0,
        "total": 2,
        "tier": "low",
        "signal_hits": [
          "regulation"
        ]
      },
      "current_body": "COMMITMENTS. As of December 31, 2025, we had total investment commitments of $4,115 million, of which $3,984 million are related to investments by our run-off insurance operations in investment securities and other assets. Included within these commitments are obligations to make investments in unconsolidated VIEs of $3,886 million. We also have unfunded commitments for U.S. tax equity of $131 million. Additionally, we have committed to provide financing assistance of $2,495 million for future customer acquisitions of aircraft equipped with our engines. We believe there is a low probability of utilization of this financing assistance based on the terms under which the financing would be provided. See Note 23 for further information regarding VIEs. Credit support and indemnification agreements - Continuing Operations. Following the separation of GE Vernova, we have remaining performance and bank guarantees on behalf of GE Vernova. To support GE Vernova in selling products and services globally, we often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the performance of what were subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for non-customer related activities of GE Vernova (collectively, \"GE Aerospace credit support\"). Under the Separation and Distribution Agreement (SDA), GE Vernova is obligated to use reasonable best efforts to replace us as the guarantor on or terminate all such credit support instruments. Until such termination or replacement, in the event of non-fulfillment of contractual obligations by the relevant obligor(s), we could be obligated to make payments under the applicable instruments. Under the SDA, GE Vernova is obligated to reimburse and indemnify us for any such payments. As of December 31, 2025, we estimated GE Vernova RPO and other obligations that relate to GE Aerospace credit support to be approximately $8,300 million, a more than 87% reduction since December 31, 2023. We expect approximately $6,000 million of the RPO related to GE Aerospace credit support obligations to contractually mature by the end of 2030. Additionally, beginning in 2025, GE Vernova is paying us a quarterly fee based on amounts related to the GE Aerospace credit support. We have recorded a reserve of $72 million for our stand ready to perform obligation. Our maximum aggregate exposure under the GE Aerospace credit support cannot be reasonably estimated given the breadth of the portfolio across each of the GE Vernova businesses except for certain financial guarantees and trade finance instruments with a maximum exposure of approximately $233 million. The underlying obligations are predominantly customer contracts that GE Vernova performs in the normal course of its business. We have no known instances historically where payments or performance were required by us under parent company guarantees relating to GE Vernova customer contracts. In connection with the spin-off of GE Vernova, under terms of the SDA, Transition Service Agreement (TSA) and Tax Matters Agreement (TMA), we have an obligation to indemnify GE Vernova for certain of its severance costs, environmental matters and tax matters of $209 million, of which $168 million is reserved. We also have remaining obligations under the TMA with GE HealthCare to indemnify them for certain tax costs and other indemnifications of $52 million, which are fully reserved. 2025 FORM 10-K 69 2025 FORM 10-K 69 2025 FORM 10-K 69 We also have provided specific indemnities to other buyers of assets of our GE legacy businesses that, in the aggregate, represent a maximum potential claim of $168 million with related reserves of $53 million. Credit support and indemnification agreements- Discontinued Operations. Following the separation of GE Vernova, we also have performance obligations related to GE Vernova nuclear decommissioning with a maximum aggregate exposure of $622 million for which we are fully indemnified. Also, under the SDA, TSA and TMA agreements we have obligations to indemnify GE Vernova for costs of certain environmental matters and tax matters of $37 million, which are fully reserved. GE Aerospace also has obligations under the TMA to indemnify GE HealthCare for certain tax costs of $39 million, which are fully reserved. We also have provided specific indemnities to other buyers of assets of our GE legacy businesses that, in the aggregate, represent a maximum potential claim of $393 million with related reserves of $36 million. PRODUCT WARRANTIES. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. 202520242023Balance at January 1$592 $639 $528 Current-year provisions242 275277Expenditures(242)(321)(167)Other changes3 (1)— Balance at December 31595 $592 $639 LEGAL MATTERS. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other parties and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated. Shareholder and related lawsuits. Since February 2018, multiple shareholder derivative lawsuits were filed against current and former GE executive officers and members of GE’s Board of Directors and GE (as nominal defendant). These lawsuits have alleged violations of securities laws, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, abuse of control and gross mismanagement, although the specific matters underlying the allegations in the lawsuits have varied. Two shareholder derivative lawsuits are currently pending: the Lindsey and Priest/Tola cases, which were filed in New York state court. The allegations in these two cases relate to substantially the same facts as those underlying the Sjunde AP-Fonden case, which settled in April 2025. The plaintiffs seek unspecified damages and improvements in GE’s corporate governance and internal procedures. The Lindsey case has been stayed by agreement of the parties, and GE filed a motion to dismiss the Priest/Tola complaint in March 2021. In August 2024, the plaintiffs in the Priest/Tola case filed an amended consolidated complaint asserting substantially the same claims as in the prior derivative actions, and the Company filed a motion to dismiss this amended complaint in October 2024. In July 2018, a putative class action (the Mahar case) was filed in New York state court naming as defendants GE, former GE executive officers, a former member of GE’s Board of Directors and KPMG. It alleged violations of Sections 11, 12 and 15 of the Securities Act of 1933 based on alleged misstatements related to insurance reserves and performance of GE’s business segments in GE Stock Direct Plan registration statements and documents incorporated therein by reference and seeks damages on behalf of shareholders who acquired GE stock between July 20, 2015 and July 19, 2018 through the GE Stock Direct Plan. In February 2019, this case was dismissed. In April 2019, GE filed a motion to dismiss. In October 2019, the court denied GE's motion to dismiss and stayed the case pending the outcome of the Sjunde AP-Fonden case. In November 2019, the plaintiffs moved to re-argue to challenge the stay, and GE cross-moved to re-argue the denial of the motion to dismiss and filed a notice of appeal. The court denied both motions for re-argument, and in November 2020, the Appellate Division First Department affirmed the court's denial of GE's motion to dismiss. In January 2021, GE filed a motion for leave to appeal to the New York Court of Appeals, and that motion was denied in March 2021. 70 2025 FORM 10-K 70 2025 FORM 10-K 70 2025 FORM 10-K Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. For a number of years, we have observed an increase in the total number of lawsuits being brought against Bank BPH and other banks in Poland by current and former borrowers, and we expect this to continue in future reporting periods. As previously reported, GE and Bank BPH approved the adoption of a settlement program and recorded an additional charge of $1,014 million in the quarter ended June 30, 2023. The estimate of total losses for borrower litigation at Bank BPH was $2,334 million and $2,461 million as of December 31, 2025 and December 31, 2024, respectively. This estimate accounts for the costs associated with borrowers who we estimate will participate in the settlement program, as well as estimates for the results of litigation with other borrowers, which in either case can exceed the value of the current loan balance, and represents our best estimate of the total losses we expect to incur over time informed by experience since adopting the program. However, there are a number of factors that could affect the estimate in the future, including: future judicial decisions or binding resolutions by the European Court of Justice (ECJ) or the Polish Supreme Court that could increase the cost to banks of loans invalidated by Polish courts and encourage more borrower lawsuits; the impact of any such decisions or resolutions on how Polish courts will interpret and apply the law in particular cases; the receptivity of borrowers over time to Bank BPH’s settlement program; the number of active and inactive borrowers who sue Bank BPH; the ability of Bank BPH to recover from borrowers the original principal amount of loans invalidated by Polish courts; and the impact of potential future legislation in Poland to expedite the court process for borrowers or otherwise relating to foreign currency indexed or denominated mortgage loans. While we are unable at this time to develop a meaningful estimate of reasonably possible losses beyond the amount currently recorded, future changes related to any of the foregoing or in Bank BPH’s settlement approach, or other adverse developments such as actions by regulators, legislators or other governmental authorities (including consumer protection regulators), could increase our estimate of total losses and potentially require future cash contributions to Bank BPH. See Note 2 for further information. ENVIRONMENTAL, HEALTH AND SAFETY MATTERS. Our operations involve or have involved the use, disposal and cleanup of substances regulated under environmental protection laws, including activities for a variety of matters related to GE businesses that have been discontinued or exited. We record reserves for obligations for ongoing and future environmental remediation activities, such as the Housatonic River cleanup, and for additional liabilities we expect to incur in connection with previously remediated sites, such as natural resource damages for the Hudson River where GE completed dredging in 2019. Additionally, like many other industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged exposure by workers and others to asbestos, polychlorinated biphenyls (PCBs) or other hazardous materials. Liabilities for environmental remediation and worker exposure claims exclude possible insurance recoveries. It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws, regulations, technology and information related to individual sites and worker exposure lawsuits, such amounts are not reasonably estimable. Total reserves related to environmental remediation and worker exposure claims were $2,129 million and $2,003 million at December 31, 2025 and December 31, 2024, respectively. Expenditures for site remediation and worker exposure claims amounted to approximately $190 million, $175 million and $246 million for the years ended December 31, 2025, 2024 and 2023, respectively. We presently expect that such expenditures will be approximately $250 million in both 2026 and 2027."
    }
  ]
}