| Schedule of Financial Information for Discontinued Operations |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RESULTS OF DISCONTINUED OPERATIONS Three months ended June 30 | 2024 | | 2023 | | GE Vernova | GE HealthCare | Bank BPH & Other | Total | | GE Vernova | GE HealthCare | Bank BPH & Other | Total | | Total revenues | $ | — | | $ | — | | $ | — | | $ | — | | | $ | 8,136 | | $ | — | | $ | — | | $ | 8,136 | | | Cost of equipment and services sold | — | | — | | — | | — | | | (6,885) | | — | | — | | (6,885) | | | Other income, costs and expenses | (11) | | 10 | | (2) | | (2) | | | (1,373) | | — | | (1,040) | | (2,412) | | | Earnings (loss) of discontinued operations before income taxes | (11) | | 10 | | (2) | | (2) | | | (121) | | — | | (1,040) | | (1,161) | | | Benefit (provision) for income taxes | (58) | | (2) | | (1) | | (61) | | | (79) | | 6 | | 11 | | (62) | | | Earnings (loss) of discontinued operations, net of taxes | (68) | | 8 | | (3) | | (63) | | | (200) | | 6 | | (1,029) | | (1,222) | | | | | | | | | | | | | Gain (loss) on disposal before income taxes | — | | — | | 9 | | 9 | | | — | | — | | 4 | | 4 | | | Benefit (provision) for income taxes | — | | — | | — | | — | | | — | | — | | — | | — | | | Gain (loss) on disposal, net of taxes | — | | — | | 9 | | 9 | | | — | | — | | 4 | | 4 | | | Earnings (loss) from discontinued operations, net of taxes | $ | (68) | | $ | 8 | | $ | 6 | | $ | (54) | | | $ | (200) | | $ | 6 | | $ | (1,025) | | $ | (1,218) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RESULTS OF DISCONTINUED OPERATIONS Six months ended June 30 | 2024 | | 2023 | | GE Vernova | GE HealthCare | Bank BPH & Other | Total | | GE Vernova | GE HealthCare | Bank BPH & Other | Total | | Total revenues | $ | 7,244 | | $ | — | | $ | — | | $ | 7,244 | | | $ | 14,923 | | $ | — | | $ | — | | $ | 14,923 | | | Cost of equipment and services sold | (6,074) | | — | | — | | (6,074) | | | (12,752) | | — | | — | | (12,752) | | | Other income, costs and expenses | (1,299) | | 11 | | 4 | | (1,284) | | | (2,719) | | (20) | | (1,241) | | (3,980) | | | Earnings (loss) of discontinued operations before income taxes | (129) | | 11 | | 4 | | (115) | | | (548) | | (20) | | (1,241) | | (1,809) | | | Benefit (provision) for income taxes | (132) | | (2) | | 5 | | (129) | | | (137) | | 1,485 | | 10 | | 1,359 | | | Earnings (loss) of discontinued operations, net of taxes | (261) | | 9 | | 9 | | (243) | | | (685) | | 1,466 | | (1,231) | | (450) | | | | | | | | | | | | | Gain (loss) on disposal before income taxes | — | | — | | 11 | | 11 | | | — | | — | | 4 | | 4 | | | Benefit (provision) for income taxes | — | | — | | — | | — | | | — | | — | | — | | — | | | Gain (loss) on disposal, net of taxes | — | | — | | 11 | | 11 | | | — | | — | | 4 | | 4 | | | Earnings (loss) from discontinued operations, net of taxes | $ | (261) | | $ | 9 | | $ | 20 | | $ | (232) | | | $ | (685) | | $ | 1,466 | | $ | (1,227) | | $ | (447) | |
The tax benefit for the six months ended June 30, 2023 for GE HealthCare relates to preparatory steps for the spin-off, which resulted in taxable gain offset by a deferred tax asset and the reversal of valuation allowances for capital loss carryovers utilized against a portion of the gain.
| | | | | | | | | | ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS | June 30, 2024 | December 31, 2023 | Cash, cash equivalents and restricted cash | $ | 1,398 | | $ | 3,762 | | | Current receivables | 12 | | 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 | 48 | | 5,306 | | All other assets | 332 | | 5,750 | | | Deferred income taxes | 28 | | 3,093 | | | Assets of discontinued operations(a)(b) | $ | 1,817 | | $ | 47,927 | | | | | | Accounts payable | $ | 81 | | $ | 8,475 | | | Contract liabilities, progress collections & deferred income | — | | 15,255 | | | Long-term borrowings | — | | 294 | | | Non-current compensation and benefits | 34 | | 3,589 | | | All other liabilities(a) | 1,552 | | 11,600 | | Liabilities of discontinued operations(b) | $ | 1,667 | | $ | 39,213 | |
(a) Included $1,742 million and $1,963 million of valuation allowances against financing receivables held for sale, of which $1,501 million and $1,712 million related to estimated borrower litigation losses, and $973 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 June 30, 2024 and December 31, 2023, respectively. Accordingly, total estimated losses related to borrower litigation were $2,474 million and $2,669 million as of June 30, 2024 and December 31, 2023, respectively. As a result of the settlement program, the valuation allowance completely offsets the financing receivables balance as of June 30, 2024 and December 31, 2023. (b) Included $113 million and $46,233 million of assets and $288 million and $38,021 million of liabilities for GE Vernova as of June 30, 2024 and December 31, 2023, respectively.
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