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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 2021

General Electric Company
(Exact name of registrant as specified in its charter)
 
New York001-0003514-0689340
(State or other jurisdiction
 of incorporation)		(Commission
 File Number)		(IRS Employer
 Identification No.)
   
5 Necco StreetBoston,MA 02210
(Address of principal executive offices) (Zip Code)
    
(Registrant’s telephone number, including area code) (617) 443-3000

_______________________________________________
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.06 per share
GE
New York Stock Exchange
0.375% Notes due 2022
GE 22A
New York Stock Exchange
1.250% Notes due 2023
GE 23E
New York Stock Exchange
0.875% Notes due 2025
GE 25
New York Stock Exchange
1.875% Notes due 2027
GE 27E
New York Stock Exchange
1.500% Notes due 2029
GE 29
New York Stock Exchange
7 1/2% Guaranteed Subordinated Notes due 2035
GE /35
New York Stock Exchange
2.125% Notes due 2037
GE 37
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐


Item 8.01 Other Events.

General Electric Company (the “Company” or “GE”) is filing this Current Report on Form 8-K to provide certain unaudited pro forma financial information giving effect to the proposed transaction to combine the GE Capital Aviation Services (“GECAS”) business with AerCap Holdings N.V. (“AerCap”).

As previously reported in its Current Report on Form 8-K filed on March 10, 2021, GE entered into a transaction agreement with AerCap on March 9, 2021, pursuant to which GE will combine its GECAS business with AerCap for total consideration consisting of $23.9 billion cash subject to contract closing adjustments, 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) valued at $6.6 billion based on the closing share price of $59.33 on March 29, 2021, and $1 billion paid in AerCap notes and/or cash upon closing at AerCap's option. Completion of the transaction remains subject to AerCap shareholder approval, regulatory approvals and other customary closing conditions.

In connection with the transaction, the historical results of GECAS will be reported in GE's consolidated financial statements as discontinued operations beginning in the first quarter of 2021. Upon completion of the transaction, GE will deconsolidate GECAS and intends to use the transaction proceeds and its existing cash sources to reduce leverage by approximately $30 billion. GE will elect to prospectively measure its investment in AerCap at fair value. This investment and the related earnings impact from subsequent changes in fair value in the investment will be recognized in continuing operations.

The unaudited pro forma financial information giving effect to this transaction is filed herewith as Exhibit 99.

The unaudited pro forma financial information included in this Current Report on Form 8-K has been presented to illustrate the estimated effects of the GECAS transaction and is not necessarily indicative of the results of operations or financial condition that GE would have achieved had the GECAS transaction been completed as of the dates indicated or of the results that may be obtained in the future.

Item 9.01 Financial Statements and Exhibits.

(b) Pro Forma Financial Information.

The following unaudited pro forma financial information of the Company is filed as Exhibit 99 to this Report on Form 8-K and is incorporated herein by reference:

•Unaudited Pro Forma Condensed Consolidated Statement of Financial Position as of December 31, 2020.
•Unaudited Pro Forma Condensed Consolidated Statement of Earnings (Loss) for each of the years ended December 31, 2020, 2019, and 2018.
•Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.


(d) Exhibits.

21. Subsidiaries of the Registrant.

99. General Electric Company Unaudited Pro Forma Condensed Consolidated Financial Statements.

104. The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.













(2)

Forward-Looking Statements

This document contains “forward-looking statements”—that is, statements related to future, not past, events. These forward- looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) that one or more closing conditions to the transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the shareholders of AerCap may not be obtained; (2) the risk that the proposed transaction may not be completed in the time frame expected by GE or AerCap, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of GE or AerCap following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (6) the occurrence of any event that could give rise to termination of the proposed transaction; (7) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors as detailed from time to time in GE’s and AerCap’s reports filed with the SEC, including GE’s and AerCap’s annual reports on Forms 10-K and 20-F, periodic quarterly reports on Form 10-Q, periodic current reports on Forms 8-K and 6-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive.
(3)

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


General Electric Company
(Registrant)
Date: March 31, 2021/s/ Thomas S. Timko
Thomas S. Timko
Vice President, Chief Accounting Officer and Controller

(4)

Exhibit 21
SUBSIDIARIES OF REGISTRANT

General Electric’s principal affiliates as of December 31, 2020, are listed below. All other affiliates, if considered in the aggregate as a single affiliate, would not constitute a significant subsidiary.

AFFILIATES OF REGISTRANT INCLUDED IN REGISTRANT’S FINANCIAL STATEMENTS

Percentage of voting
securities directly orState or Country
indirectly owned byof incorporation
registrant (1)or organization
Aero Products and Services JV, LLC50Delaware
Aero Service Technologies Italy S.r.l.50Italy
AFS Investments 48 LLC100Delaware
AFS Investments 54 LLC100Delaware
AFS Investments 66 LLC100Delaware
AFS Investments 68 LLC100Delaware
AFS Investments 71 LLC100Delaware
AFS Investments 75, Inc.100Delaware
AFS Investments I, Inc.100Delaware
AFS Investments X LLC100Delaware
AFS Investments XX LLC100Delaware
AFS Investments XXII LLC100Delaware
Arcam AB100Sweden
Avio Inc.100Delaware
Bank BPH SpóBka Akcyjna100Poland
BNR Infrastructure Investment Limited90Jersey
CALGEN Holdings, Inc.100Delaware
Cardinal Cogen, Inc.100Delaware
Caribe GE International of Puerto Rico, Inc.100Puerto Rico
Celestial Aviation Trading 10 Limited100Ireland
Celestial Aviation Trading 100 Limited100Ireland
Celestial Aviation Trading 11 Limited100Ireland
Celestial Aviation Trading 12 Limited100Ireland
Celestial Aviation Trading 14 Limited100Ireland
Celestial Aviation Trading 15 Limited100Ireland
Celestial Aviation Trading 2 Limited100Ireland
Celestial Aviation Trading 21 Limited100Ireland
Celestial Aviation Trading 22 Limited100Ireland
Celestial Aviation Trading 23 Limited100Ireland
Celestial Aviation Trading 24 Limited100Ireland
Celestial Aviation Trading 27 Limited100Ireland
Celestial Aviation Trading 30 Limited100Ireland
Celestial Aviation Trading 32 Limited100Ireland
Celestial Aviation Trading 33 Limited100Ireland
Celestial Aviation Trading 34 Limited100Ireland
Celestial Aviation Trading 36 Limited100Ireland
Celestial Aviation Trading 38 Limited100Ireland
Celestial Aviation Trading 39 Limited100Ireland
Celestial Aviation Trading 4 Limited100Ireland
Celestial Aviation Trading 42 Limited100Ireland
Celestial Aviation Trading 43 Limited100Ireland
Celestial Aviation Trading 44 Limited100Ireland
Celestial Aviation Trading 45 Limited100Ireland
Celestial Aviation Trading 46 Limited100Ireland
Celestial Aviation Trading 47 Limited100Ireland

Exhibit 21
Percentage of voting
Celestial Aviation Trading 48 Limited100Ireland
Celestial Aviation Trading 5 Limited100Ireland
Celestial Aviation Trading 50 Limited100Ireland
Celestial Aviation Trading 52 Limited100Ireland
Celestial Aviation Trading 53 Limited100Ireland
Celestial Aviation Trading 55 Limited100Ireland
Celestial Aviation Trading 56 Limited100Ireland
Celestial Aviation Trading 57 Limited100Ireland
Celestial Aviation Trading 6 Limited100Ireland
Celestial Aviation Trading 62 Limited100Ireland
Celestial Aviation Trading 63 Limited100Ireland
Celestial Aviation Trading 64 Limited100Ireland
Celestial Aviation Trading 65 Limited100Ireland
Celestial Aviation Trading 66 Limited100Ireland
Celestial Aviation Trading 67 Limited100Ireland
Celestial Aviation Trading 68 Limited100Ireland
Celestial Aviation Trading 69 Limited100Ireland
Celestial Aviation Trading 7 Limited100Ireland
Celestial Aviation Trading 71 Limited100Ireland
Celestial Aviation Trading 9 Limited100Ireland
Celestial ECA Trading 2 Limited100Ireland
Celestial EX-IM Trading 1 Limited100Ireland
Celestial Transportation Finance Ireland Limited100Ireland
COGELEX100France
Concept Laser GmbH75Germany
Datex-Ohmeda, Inc.100Delaware
EFS BOP, LLC100Delaware
EFS Renewables Holdings, LLC100Delaware
Electric Insurance Agency, LLC100Massachusetts
Electric Insurance Company100Massachusetts
Electric Insurance Ireland Designated Activity Company100Ireland
ELM Insurance Company100Vermont
Employers Reassurance Corporation100Kansas
Engine Investments Holding Company100Delaware
ERC Long Term Care Solutions, Inc.100Delaware
FieldCore Service, Inc.100Delaware
GE (China) Co., Ltd.100China
GE Aero Energy Power, LLC100Delaware
GE Aircraft Engine Services Limited100United Kingdom & Northern Ireland
GE Albany C.V.100Netherlands
GE Albany CH GmbH100Switzerland
GE Albany Global Holdings BV100Netherlands
GE Albany US Holdings LLC100Delaware
GE Aviation Czech s.r.o.100Czech Republic
GE Aviation Materials, Inc.100Delaware
GE Aviation Systems Group Limited100United Kingdom & Northern Ireland
GE Aviation Systems Limited100United Kingdom & Northern Ireland
GE Aviation Systems LLC100Delaware
GE Aviation Systems North America LLC100Delaware
GE Aviation Systems Technology LLC100Delaware
GE Aviation UK100United Kingdom & Northern Ireland

Exhibit 21
Percentage of voting
GE Aviation, Engine Services - Singapore Pte. Ltd.100Singapore
GE Avio S.r.l.100Italy
GE Caledonian Limited100United Kingdom & Northern Ireland
GE Canada Holdings, Inc.100Delaware
GE Capital Aviation Funding Unlimited Company100Ireland
GE Capital Aviation Services LLC100Delaware
GE Capital AZ7 Holdings LLC100Delaware
GE Capital Canada Equipment Financing & Leasing Company100Canada
GE Capital Commercial Finance B.V.100Netherlands
GE Capital DG2 Holdings LLC100Delaware
GE Capital EFS Financing, Inc.100Delaware
GE CAPITAL EQUIPMENT FINANCE LTD100United Kingdom & Northern Ireland
GE Capital European Treasury Services Ireland Unlimited Company100Ireland
GE Capital Global Financial Holdings, LLC100Connecticut
GE Capital Global Holdings, LLC100Delaware
GE Capital International 4 Limited100United Kingdom & Northern Ireland
GE Capital International Funding Company Unlimited Company100Ireland
GE Capital International Holdings Limited100United Kingdom & Northern Ireland
GE Capital International Limited100United Kingdom & Northern Ireland
GE Capital Limited100United Kingdom & Northern Ireland
GE Capital Treasury Services (U.S.) LLC100Delaware
GE Capital UK Holdings LLC100Delaware
GE Capital US Holdings, Inc.100Delaware
GE Celma LTDA100Brazil
GE Digital Holdings LLC100Delaware
GE Drives & Controls, Inc.100Delaware
GE EFS Power Investments B.V.50Netherlands
GE Energias Renovaveis Ltda.100Brazil
GE Energy (USA), LLC100Delaware
GE Energy Manufacturing Technology Center Factory100Saudi Arabia
GE Energy Parts, Inc.100Delaware
GE Energy Power Conversion France100France
GE Energy Power Conversion GmbH100Germany
GE Energy Power Conversion Group100France
GE Energy Power Conversion UK Holdings Limited100United Kingdom & Northern Ireland
GE Energy Power Conversion USA Inc.100Delaware
GE Energy Products France SNC100France
GE Energy Services, Inc.100Delaware
GE Energy Switzerland GmbH100Switzerland
GE Engine Services - Dallas, LP100Delaware
GE Engine Services - Miami, Inc.100Delaware
GE Engine Services Distribution, L.L.C.100Delaware
GE Engine Services Malaysia Sdn. Bhd.100Malaysia
GE Engine Services UNC Holding I, Inc.100Delaware
GE Engine Services, LLC100Delaware
GE Evergreen Engine Services Corporation51Taiwan
GE Financial Assurance Holdings, LLC100Delaware
GE Financial Funding Unlimited Company100Ireland
GE Financial Holdings Unlimited Company100Ireland

Exhibit 21
Percentage of voting
GE Financial Ireland Unlimited Company100Ireland
GE Financial Markets Unlimited Company100Ireland
GE France100France
GE Funding Operations Co., Inc.100Delaware
GE Gas Turbines (Greenville) L.L.C.100Delaware
GE Global Parts & Products GmbH100Switzerland
GE GMC Holdings Inc.100Delaware
GE Grid Alliance B.V.100Netherlands
GE Grid Solutions UK B.V.100Netherlands
GE Grid Solutions, LLC100Delaware
GE Healthcare (China) Co., Ltd.100China
GE Healthcare (Shanghai) Co Ltd100China
GE Healthcare AS100Norway
GE Healthcare Austria GmbH & Co OG100Austria
GE Healthcare BV100Belgium
GE Healthcare do Brasil Comercio e Servicos para Equipamentos Medico-Hospitalares Ltda.100Brazil
GE Healthcare European Holdings SARL100Luxembourg
GE Healthcare Finland Oy100Finland
GE Healthcare Holding Norge AS100Norway
GE Healthcare IITS USA Corp.100Vermont
GE Healthcare Ireland Limited100Ireland
GE Healthcare Japan Corporation100Japan
GE Healthcare Limited100United Kingdom & Northern Ireland
GE Healthcare Manufacturing LLC100Delaware
GE Healthcare Norge AS100Norway
GE Healthcare Norway Holding AS100Norway
GE Healthcare Sweden Holding AB100Sweden
GE Healthcare Trade and Development LLC100Delaware
GE Healthcare USA Holding LLC100Delaware
GE HFS, LLC100Delaware
GE Holdings (US), Inc.100Delaware
GE HOLDINGS LUXEMBOURG & CO S.a.r.l.100Luxembourg
GE Hungary Kft.100Hungary
GE Hydro China Co., Ltd.99China
GE India Industrial Pvt Ltd100India
GE Industrial Consolidation Limited100United Kingdom & Northern Ireland
GE Industrial Finance Germany GmbH100Germany
GE Industrial France100France
GE Industrial Hedging Services Unlimited Company100Ireland
GE Infrastructure Aviation100United Kingdom & Northern Ireland
GE Infrastructure Technology International LLC100Delaware
GE Inspection and Repair Services Limited100United Kingdom & Northern Ireland
GE Investments, LLC100Delaware
GE Ireland USD Holdings Unlimited Company100Ireland
GE Italia Holding S.r.l.100Italy
GE Japan Investments Coöperatief U.A.100Netherlands
GE LIGHTING SYSTEMS S.R.L.100Italy
GE Maintenance Services, Inc.100Delaware
GE Media Holdings, Inc.100Delaware
GE Medical Holding AB100Sweden

Exhibit 21
Percentage of voting
GE Medical Systems Global Technology Company, LLC100Delaware
GE Medical Systems Information Technologies, Inc.100Wisconsin
GE Medical Systems Italia SpA100Italy
GE Medical Systems Societe en Commandite Simple100France
GE Medical Systems Sweden AB100Sweden
GE Medical Systems Trade and Development (Shanghai) Co., Ltd.100China
GE Medical Systems, Inc.100Delaware
GE Medical Systems, L.L.C.100Delaware
GE Medical Systems, Ultrasound & Primary Care Diagnostics, LLC100Delaware
GE Mexico, S.de R.L. de C.V.100Mexico
GE Military Systems100Delaware
GE Mobile Interim Solutions, LLC100Delaware
GE Money Servicing Limited100United Kingdom & Northern Ireland
GE Oil & Gas US Holdings I, Inc.100Delaware
GE Oil & Gas US Holdings IV, Inc.100Delaware
GE On Wing Support, Inc.100Delaware
GE Pacific Holdings II B.V.100Netherlands
GE Pacific Holdings Pte. Ltd.100Singapore
GE Pacific Private Limited100Singapore
GE Packaged Power, L.P.100Delaware
GE Packaged Power, LLC100Delaware
GE Passport, LLC63Delaware
GE Power & Water Equipamentos e Servicos de Energia e Tratamento de Água Ltda.100Brazil
GE Power GmbH100Germany
GE Power India Limited69India
GE Power Netherlands B.V.100Netherlands
GE Power Sp. z o.o.100Poland
GE Power Systems India Private Limited100India
GE Precision Healthcare LLC100Delaware
GE Renewable Holding B.V.100Netherlands
GE Renewables North America, LLC100Delaware
GE Repair Solutions Singapore Pte. Ltd.100Singapore
GE SCF SOCIETE EN COMMANDITE PAR ACTIONS100France
GE Smallworld (Singapore) Pte. Ltd.100Singapore
GE STEAM POWER S AND E AFRICA PROPRIETARY LIMITED75South Africa
GE Steam Power Systems100France
GE Steam Power, Inc.100Delaware
GE T&D India Limited75India
GE Treasury Services Industrial Ireland Limited100Ireland
GE UK Group100United Kingdom & Northern Ireland
GE UK Holdings100United Kingdom & Northern Ireland
GE Vietnam Limited100Vietnam
GE Wind Energy Equipment Manufacturing (Shenyang) Co. Ltd .100China
GE Wind Energy GmbH100Germany
GE Wind Energy, S.L.100Spain
GE WIND France SAS100France
GE Working Capital Solutions, LLC100Delaware
GEAE Technology, Inc.100Delaware
GEAST SAS100France
GECAS Australia Pty Ltd100Australia
GECAS Trading Ireland Limited100Ireland

Exhibit 21
Percentage of voting
GEH HOLDINGS100United Kingdom & Northern Ireland
GE-Hitachi Nuclear Energy Americas LLC60Delaware
GENE Holding LLC100Delaware
General Electric (Bermuda) Ltd.100Bermuda
General Electric (Switzerland) GmbH100Switzerland
General Electric Canada100Canada
General Electric Canada Company100Canada
General Electric Company Polska Sp. z o.o.100Poland
General Electric Deutschland Holding GmbH100Germany
General Electric do Brasil Ltda.100Brazil
GENERAL ELECTRIC ENERGY UK LIMITED100United Kingdom & Northern Ireland
General Electric Financing C.V.100Netherlands
General Electric Foreign Sales Corporation100The Bahamas & Eleuthera Island
General Electric Global Services GmbH100Switzerland
General Electric International (Benelux) B.V.100Netherlands
General Electric International Japan Investments I SARL100Luxembourg
General Electric International Operations Company, Inc.100Delaware
General Electric International, Inc.100Delaware
General Electric Renovables Espana, S.L.100Spain
General Electric Services (Bermuda) Ltd.100Bermuda
General Electric Services Luxembourg SARL100Luxembourg
General Electric Technology GmbH100Switzerland
General Electric UK Holdings Ltd.100United Kingdom & Northern Ireland
Global Nuclear Fuel - Japan Co., Ltd.60Japan
Global Nuclear Fuel-Americas, LLC60Delaware
GMC Consolidation LLC100Delaware
Grid Solutions (U.S.) LLC100Delaware
Grid Solutions Enerji Endustrisi A.S.100Turkey
Grid Solutions SAS100France
Grid Solutions Transmissao de Energia Ltda.100Brazil
Heritage Casualty Insurance Company100Kansas
IDX Systems Corporation100Vermont
IGE Energy Services (UK) Limited100United Kingdom & Northern Ireland
IGE USA Investments Limited100United Kingdom & Northern Ireland
Inland Empire Energy Center, LLC100Delaware
Inland Empire Holding Limited I, Inc.100Delaware
Instrumentarium Holdings, Inc.100Delaware
International General Electric (U.S.A.)100United Kingdom & Northern Ireland
Johnson Technology, Inc.100Delaware
Lighthouse General Insurance Company Limited100Gibraltar
Lighthouse Life Assurance Company Limited100Gibraltar
Limited Liability Company GE Healthcare100Russia
Limited Liability Company GE RUS100Russia
Linden VFT, LLC100Delaware
LM Group Holding A/S100Denmark
LM Wind Power (Spain) SLU100Spain
LM Wind Power A/S100Denmark
LM Wind Power Blades (India) Private Limited100India
LM Wind Power Blades (Poland) Sp. z.o.o.100Poland

Exhibit 21
Percentage of voting
LM Wind Power do Brasil S.A.100Brazil
Midwest Electric Products, Inc.100Minnesota
Milestone Export Leasing, Limited100Ireland
NAS Investments 10 LLC100Delaware
NAS Investments 12 LLC100Delaware
NAS Investments 75, Inc.100Delaware
NAS Investments 76, Inc.100Delaware
NAS Investments 77, Inc.100Delaware
Nautilus Pacific Three LLC100Japan
Nihon Medi-Physics Co., Ltd.50Japan
Nuclear Fuel Holding Co., Inc.100Delaware
OEC Medical Systems, Inc.100Delaware
One GE Healthcare UK100United Kingdom & Northern Ireland
Patent Licensing International, Inc.100Delaware
Power Holding LLC100Delaware
Ropcor, Inc.100Delaware
Sentinel Protection & Indemnity Company100New York
Shady Hills Power Company, L.L.C.100Delaware
The Milestone Aviation Asset Holding Group No. 12 Ltd.100Bermuda
The Milestone Aviation Asset Holding Group No. 25 Ltd.100Bermuda
The Milestone Aviation Asset Holding Group No. 8 Ltd.100Bermuda
The Milestone Aviation Group Limited100Bermuda
Union Fidelity Life Insurance Company100Kansas
Unison Engine Components Inc.100Delaware
Unison Industries, LLC100Delaware
US Wind Group Holdings, LLC100Delaware
Vertical Aviation No 1 Limited100Ireland
Vertical Aviation No 2 Limited100Ireland
Vertical Aviation No. 1 LLC100Delaware
Viceroy, Inc.100Delaware
Whatman International Limited100United Kingdom & Northern Ireland
Whatman Limited100United Kingdom & Northern Ireland
Wipro GE Healthcare Private Limited51India
Working Capital Solutions Funding LLC100Delaware
(1)    With respect to certain companies, shares in names of nominees and qualifying shares in names of directors are included in above percentages.


Exhibit 99

GENERAL ELECTRIC COMPANY
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On March 9, 2021, General Electric Company (the “Company” or “GE”) entered into a transaction agreement with AerCap Holdings N.V. (“AerCap”), pursuant to which GE will combine its GE Capital Aviation Services (“GECAS”) business with AerCap for total consideration consisting of $23.9 billion cash subject to contract closing adjustments, 111.5 million ordinary shares of AerCap (approximately 46% ownership interest) valued at $6.6 billion based on the closing share price of $59.33 on March 29, 2021, and $1 billion paid in AerCap notes and/or cash upon closing at AerCap's option. Completion of the transaction remains subject to AerCap shareholder approval, regulatory approvals and other customary closing conditions.

In connection with the transaction, the historical results of GECAS will be reported in GE's consolidated financial statements as discontinued operations beginning in the first quarter of 2021. Upon completion of the transaction, GE will deconsolidate GECAS and intends to use the transaction proceeds and its existing cash sources to reduce leverage by approximately $30 billion. GE will elect to prospectively measure its investment in AerCap at fair value. This investment and the related earnings impact from subsequent changes in fair value in the investment will be recognized in continuing operations.

The following unaudited pro forma condensed consolidated statement of financial position as of December 31, 2020 is presented as if the GECAS transaction, as described in the notes to these unaudited pro forma condensed consolidated financial statements, had occurred on December 31, 2020.

The unaudited pro forma condensed consolidated statement of earnings (loss) for each of the years ended December 31, 2020, 2019, and 2018 is presented as if the GECAS transaction had occurred on January 1, 2018. The estimated loss on sale in connection with this transaction is reflected in the unaudited pro forma condensed statement of financial position within retained earnings. The estimated loss on sale will be reflected in discontinued operations and therefore is not reflected in the unaudited pro forma condensed consolidated statement of earnings (loss). In addition, the unaudited pro forma condensed consolidated statement of earnings does not give effect to any gains or charges associated with changes in the fair value of our investment in AerCap due to changes in the share price of AerCap's ordinary shares. It also does not give effect for reduced costs from delevering or interest income and other impacts associated with the potential issuance by AerCap of $1 billion of notes.

The unaudited pro forma condensed consolidated statements of earnings (loss) are subject to the assumptions and adjustments described in the accompanying notes. These assumptions and adjustments are based on information presently available. These preliminary assumptions and estimates are subject to change upon the actual closing of the transaction. Actual adjustments may differ materially from the information presented due to changes in the share price of AerCap's ordinary shares, contract closing adjustments and the carrying value of GECAS. The unaudited pro forma condensed consolidated statements of earnings (loss) are based on the historical financial statements of GE for the period presented and in the opinion of GE management, all adjustments and disclosures necessary for a fair presentation of the pro forma data have been made.

These unaudited pro forma condensed consolidated financial statements are presented for illustrative purposes only and are not necessarily indicative of the results of operations or financial condition that would have been achieved had the events reflected been completed as of the dates indicated or of the results that may be obtained in the future. These unaudited pro forma condensed consolidated financial statements and the notes thereto should be read together with GE’s audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2020, and Management’s Discussion and Analysis included in GE’s Annual Report on Form 10-K for the year ended December 31, 2020.





















(1)


UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2020 (in billions)As ReportedGECAS Pro Forma Adjustments (e)Proforma
Cash, cash equivalents and restricted cash$36.6 $23.3 (a)$59.9 
Investment securities7.3 7.6 (b)14.9 
Current receivables16.7 — 16.7 
Inventories, including deferred inventory costs15.9 — 15.9 
Current contract assets5.8 — 5.8 
All other current assets6.1 (3.2)3.0 
  Current assets88.4 27.7 116.1 
Investment securities 42.5 — 42.5 
Property, plant and equipment – net44.7 (28.0)16.7 
Goodwill 25.5 — 25.5 
Other intangible assets – net 9.8 (0.1)9.7 
Contract and other deferred assets5.9 — 5.9 
All other assets 24.6 (5.4)19.1 
Deferred income taxes12.1 2.2 (c)14.3 
Total assets$253.5 $(3.6)$249.9 
Short-term borrowings$4.8 $(0.1)$4.7 
Accounts payable and equipment project accruals16.5 — 16.5 
Progress collections and deferred income18.2 0.2 18.4 
All other current liabilities16.6 (0.3)(d)16.3 
  Current liabilities56.1 (0.3)55.8 
Long-term borrowings70.3 (0.1)70.2 
Insurance liabilities and annuity benefits42.2 — 42.2 
Non-current compensation and benefits29.8 (0.1)29.7 
All other liabilities18.1 (0.6)17.5 
Total liabilities216.4 (1.0)215.4 
Preferred stock — — — 
Common stock0.7 — 0.7 
Accumulated other comprehensive income (loss) – net attributable to GE(9.7)— (9.7)
Other capital34.3 — 34.3 
Retained earnings92.2 (2.6)(f)89.7 
Less common stock held in treasury(82.0)— (82.0)
Total GE shareholders’ equity35.6 (2.6)33.0 
Noncontrolling interests1.5 — 1.5 
Total equity37.1 (2.6)34.5 
Total liabilities and equity$253.5 $(3.6)$249.9 
Amounts may not add due to rounding.
(2)

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)
For the year ended December 31, 2020 (In billions; per-share amounts in dollars)As ReportedGECAS Pro Forma Adjustments (g)Pro Forma
Revenues
Sales of goods$49.5 $(0.1)$49.4 
Sales of services23.6 — 23.6 
GE Capital revenues from services6.6 (3.7)2.9 
Total revenues79.6 (3.8)(h)75.8 
Costs and expenses
Cost of goods sold42.0 — 42.0 
Cost of services sold18.4 (2.5)15.9 
Selling, general and administrative expenses12.6 — (i)12.6 
Research and development2.6 — 2.6 
Interest and other financial charges3.3 (0.9)(j)2.4 
Insurance losses and annuity benefits2.4 — 2.4 
Goodwill impairments1.7 (0.8)0.9 
Non-operating benefit costs2.4 — 2.4 
Other costs and expenses0.4 (0.2)0.2 
Total costs and expenses85.8 (4.5)81.3 
Other income11.4 — 11.4 
Earnings (loss) from continuing operations before income taxes5.2 0.8 6.0 
Benefit (provision) for income taxes0.5 — (k)0.5 
Earnings (loss) from continuing operations5.7 0.8 6.5 
Less net earnings (loss) attributable to noncontrolling interests(0.2)— (0.2)
Preferred stock dividends(0.5)— (0.5)
Net earnings (loss) from continuing operations attributable to GE common shareowners$5.4 $0.8 $6.1 
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share
$0.59 $0.68 
Basic earnings (loss) per share
$0.59 $0.68 
Average equivalent shares (in millions)
Diluted
8,761 8,761 
Basic
8,753 8,753 
Amounts may not add due to rounding.




















(3)

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)
For the year ended December 31, 2019 (In billions; per-share amounts in dollars)As ReportedGECAS Pro Forma Adjustments (g)Pro Forma
Revenues
Sales of goods$58.9 $(0.1)$58.9 
Sales of services28.5 — 28.5 
GE Capital revenues from services7.7 (4.7)3.1 
Total revenues95.2 (4.7)(h)90.5 
Costs and expenses
Cost of goods sold45.9 (0.1)45.8 
Cost of services sold21.0 (2.0)19.0 
Selling, general and administrative expenses13.9 (0.1)(i)13.8 
Research and development3.1 — 3.1 
Interest and other financial charges4.2 (1.0)(j)3.2 
Insurance losses and annuity benefits3.3 — 3.3 
Goodwill impairments1.5 — 1.5 
Non-operating benefit costs2.8 — 2.8 
Other costs and expenses0.5 (0.3)0.2 
Total costs and expenses96.3 (3.5)92.8 
Other income2.2 — 2.2 
Earnings (loss) from continuing operations before income taxes1.1 (1.2)(0.1)
Benefit (provision) for income taxes(0.7)0.2 (k)(0.6)
Earnings (loss) from continuing operations0.4 (1.0)(0.6)
Less net earnings (loss) attributable to noncontrolling interests— — — 
Preferred stock dividends(0.5)— (0.5)
Net earnings (loss) from continuing operations attributable to GE common shareowners$— $(1.0)$(1.1)
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share
$(0.01)$(0.12)
Basic earnings (loss) per share
$(0.01)$(0.12)
Average equivalent shares (in millions)
Diluted
8,724 8,724 
Basic
8,724 8,724 
Amounts may not add due to rounding.


















(4)

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (LOSS)
For the year ended December 31, 2018 (In billions; per-share amounts in dollars)As ReportedGECAS Pro Forma Adjustments (g)Pro Forma
Revenues
Sales of goods$60.1 $(0.1)$60.0 
Sales of services28.8 — 28.8 
GE Capital revenues from services8.1 (4.6)3.4 
Total revenues97.0 (4.8)(h)92.3 
Costs and expenses
Cost of goods sold47.6 (0.1)47.5 
Cost of services sold21.8 (2.0)19.8 
Selling, general and administrative expenses14.6 (0.1)(i)14.5 
Research and development3.4 — 3.4 
Interest and other financial charges4.8 (1.0)(j)3.8 
Insurance losses and annuity benefits2.8 — 2.8 
Goodwill impairments22.1 — 22.1 
Non-operating benefit costs2.8 — 2.8 
Other costs and expenses0.4 (0.2)0.3 
Total costs and expenses120.3 (3.3)117.0 
Other income2.3 — 2.3 
Earnings (loss) from continuing operations before income taxes(21.0)(1.4)(22.4)
Benefit (provision) for income taxes(0.1)0.2 (k)0.1 
Earnings (loss) from continuing operations(21.1)(1.2)(22.3)
Less net earnings (loss) attributable to noncontrolling interests(0.1)— (0.1)
Preferred stock dividends(0.4)— (0.4)
Net earnings (loss) from continuing operations attributable to GE common shareowners$(21.4)$(1.2)$(22.7)
Per-share amounts
Earnings (loss) from continuing operations
Diluted earnings (loss) per share
$(2.47)$(2.61)
Basic earnings (loss) per share
$(2.47)$(2.61)
Average equivalent shares (in millions)
Diluted
8,691 8,691 
Basic
8,691 8,691 
Amounts may not add due to rounding.

(5)

NOTES TO THE UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following items resulted in adjustments in the unaudited pro forma condensed consolidated financial information:
a.For purposes of these pro forma financial statements, we present the cash to be received from the sale of GECAS including the estimated contractual adjustments that will be determined when the transaction closes. Adjustment represents $23.4 billion cash received from sale of GECAS (reflecting contract closing adjustments of $0.4 billion and estimated cash cost directly associated with the transaction of $0.1 billion) and the elimination of cash attributable to GECAS of $0.1 billion. Contract closing adjustments are subject to change based upon the actual balance sheet on the closing date of the transaction.
b.Adjustment represents 111.5 million shares of AerCap at an assumed price of $59.33 on March 29, 2021, totaling $6.6 billion, and issuance by AerCap of $1 billion of notes received as partial consideration from the sale of GECAS. The value of the ordinary shares of AerCap ultimately transferred will be based on the closing share price of AerCap’s ordinary shares on the last trading day prior to the closing of the transaction. Accordingly, the value of the shares will fluctuate until the closing of the transaction. A $1 change in the share price of AerCap would increase or decrease total consideration by $0.1 billion.
c.Adjustment represents the elimination of $2.4 billion of deferred tax liabilities attributable to GECAS less a decrease in deferred tax assets of $0.2 billion as a result of the sale of GECAS.
d.Adjustment represents the elimination of $1.6 billion of other current liabilities attributable to GECAS less an increase in current tax liabilities of $1.2 billion as a result of the sale of GECAS.
e.Adjustments represent the elimination of assets and liabilities attributable to GECAS.
f.Adjustments reflect the loss on sale of GECAS recorded in discontinued operations of $2.6 billion (inclusive of $0.6 billion tax expense) calculated as follows:
(In billions)
Cash received (net of selling and other expenses)$23.4 
AerCap notes1.0 
Fair value of 111.5 million shares of AerCap6.6
Total consideration$31.0 
Less: GE's carrying value in GECAS ($34.3 billion less intercompany eliminations and other adjustments)33.0 
Pro forma loss before income taxes(2.0)
Benefit (provision) for income taxes (inclusive of expected U.S. tax on disposition of foreign operations)(0.6)
Pro forma net loss on sale of GECAS$(2.6)
         Amounts may not add due to rounding.
g.Adjustments reflect the elimination of revenues and costs and expenses of GECAS.
h.Adjustment represents the elimination of $3.9 billion, $4.9 billion and $4.9 billion of revenues attributable to GECAS less the reversal of intercompany eliminations of $0.2 billion, $0.2 billion and $0.2 billion, respectively, for the years ended December 31, 2020, 2019 and 2018.
i.Adjustment represents the elimination of $0.2 billion, $0.3 billion and $0.3 billion of selling, general and administrative expenses attributable to GECAS less the reversal of intercompany eliminations of $0.2 billion, $0.2 billion and $0.2 billion, respectively, for the years ended December 31, 2020, 2019 and 2018.
j.Adjustment represents interest costs allocated to GECAS using GE Capital’s interest allocation process. Actual reduction in interest costs for GE will not occur until GE takes actions, as intended, to reduce leverage following completion of the GECAS transaction.
k.Adjustment reflects the estimated income tax effect of the pro forma adjustments at a statutory rate.
(6)

v3.21.1
Cover Page
Mar. 31, 2021
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Mar. 31, 2021
Entity Registrant Name General Electric Co
Entity Central Index Key 0000040545
Amendment Flag false
Entity Incorporation, State or Country Code NY
Entity File Number 001-00035
Entity Tax Identification Number 14-0689340
Entity Address, Address Line One 5 Necco Street
Entity Address, City or Town Boston,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02210
City Area Code 617
Local Phone Number 443-3000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.06 per share
Trading Symbol GE
Security Exchange Name NYSE
0.375% Notes Due 2022 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 0.375% Notes due 2022
Trading Symbol GE 22A
Security Exchange Name NYSE
1.250% Notes Due 2023 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.250% Notes due 2023
Trading Symbol GE 23E
Security Exchange Name NYSE
0.875% Notes Due 2025 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 0.875% Notes due 2025
Trading Symbol GE 25
Security Exchange Name NYSE
1.875% Notes Due 2027 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.875% Notes due 2027
Trading Symbol GE 27E
Security Exchange Name NYSE
1.500% Notes Due 2029 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 1.500% Notes due 2029
Trading Symbol GE 29
Security Exchange Name NYSE
7.5% Guaranteed Subordinated Notes Due 2035 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 7 1/2% Guaranteed Subordinated Notes due 2035
Trading Symbol GE /35
Security Exchange Name NYSE
2.125% Notes Due 2037 [Member]  
Entity Information [Line Items]  
Title of 12(b) Security 2.125% Notes due 2037
Trading Symbol GE 37
Security Exchange Name NYSE 

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