2018 Q4 Form 10-K Financial Statement

#000004054519000014 Filed on February 26, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $26.50B $97.01B $31.60B
YoY Change -16.15% -2.28% 1093.02%
Cost Of Revenue $20.96B $72.82B $25.63B
YoY Change -18.22% 163.78% 4.37%
Gross Profit $5.540B $24.19B $5.973B
YoY Change -7.25% -66.24% -15.0%
Gross Profit Margin 20.91% 24.94% 18.9%
Selling, General & Admin $3.330B $14.64B $4.089B
YoY Change -18.56% 2.71% -10.01%
% of Gross Profit 60.11% 60.52% 68.46%
Research & Development $3.415B
YoY Change -37.95%
% of Gross Profit 14.12%
Depreciation & Amortization $1.485B $8.223B $2.001B
YoY Change -25.79% 10.69% 47.57%
% of Gross Profit 26.81% 33.99% 33.5%
Operating Expenses $4.273B $18.06B $14.85B
YoY Change -71.22% -8.62% 173.93%
Operating Profit $1.267B $6.136B -$8.874B
YoY Change -114.28% -88.18% -652.21%
Interest Expense -$495.0M -$1.201B -$552.0M
YoY Change -10.33% 27.22% 153.21%
% of Operating Profit -39.07% -19.57%
Other Income/Expense, Net $322.0M $2.321B -$1.142B
YoY Change -128.2% 11.43% -284.19%
Pretax Income $331.0M -$20.99B -$12.97B
YoY Change -102.55% 84.99% -548.36%
Income Tax -$478.0M $93.00M -$6.430B
% Of Pretax Income -144.41%
Net Earnings $761.0M -$22.36B -$10.82B
YoY Change -107.03% 163.5% -395.01%
Net Earnings / Revenue 2.87% -23.04% -34.23%
Basic Earnings Per Share $0.07 -$2.62 -$1.27
Diluted Earnings Per Share $0.07 -$2.62 -$1.27
COMMON SHARES
Basic Shares Outstanding 8.691B shares
Diluted Shares Outstanding 8.691B shares

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.12B $31.12B $43.97B
YoY Change -29.21% -29.21% -8.65%
Cash & Equivalents $31.12B $31.12B $43.30B
Short-Term Investments $33.51B $33.51B
Other Short-Term Assets $18.36B
YoY Change -36.59%
Inventory $13.80B $13.80B $19.42B
Prepaid Expenses
Receivables $14.65B $14.65B $24.21B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $59.57B $77.93B $87.60B
YoY Change -31.99% -33.13% -7.36%
LONG-TERM ASSETS
Property, Plant & Equipment $43.61B $43.61B $53.87B
YoY Change -19.05% -19.05% 6.64%
Goodwill $33.97B $58.82B
YoY Change -42.24% -16.49%
Intangibles $12.18B $20.27B
YoY Change -39.93% 23.35%
Long-Term Investments $0.00 $33.51B $0.00
YoY Change -13.41%
Other Assets $95.96B $77.60B $47.85B
YoY Change 100.55% 310.64% 4.99%
Total Long-Term Assets $251.5B $233.1B $281.7B
YoY Change -10.7% -7.74% 6.46%
TOTAL ASSETS
Total Short-Term Assets $59.57B $77.93B $87.60B
Total Long-Term Assets $251.5B $233.1B $281.7B
Total Assets $311.1B $311.1B $369.2B
YoY Change -15.75% -15.75% 2.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.83B $14.26B $15.17B
YoY Change -8.87% -6.03% 5.11%
Accrued Expenses $14.45B $0.00 $16.92B
YoY Change -14.58% -3.67%
Deferred Revenue
YoY Change
Short-Term Debt $12.78B $4.523B $24.04B
YoY Change -46.85% -48.62% -21.74%
Long-Term Debt Due $8.253B $8.253B $15.23B
YoY Change -45.82% -45.82% -35.52%
Total Short-Term Liabilities $116.0B $116.0B $138.2B
YoY Change -16.05% -16.05% 5.85%
LONG-TERM LIABILITIES
Long-Term Debt $90.82B $90.82B $110.6B
YoY Change -17.85% -17.85% 4.79%
Other Long-Term Liabilities $20.84B $52.73B $43.58B
YoY Change -52.19% 20.98% -10.31%
Total Long-Term Liabilities $20.84B $143.6B $154.1B
YoY Change -86.48% -6.87% 0.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.0B $116.0B $138.2B
Total Long-Term Liabilities $20.84B $143.6B $154.1B
Total Liabilities $259.6B $280.1B $292.4B
YoY Change -11.21% -10.57% 2.7%
SHAREHOLDERS EQUITY
Retained Earnings $93.11B $117.2B
YoY Change -20.59% -15.97%
Common Stock $702.0M $702.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $83.93B $84.90B
YoY Change -1.15% 2.24%
Treasury Stock Shares 2.992B shares 3.013B shares
Shareholders Equity $30.98B $30.98B $56.03B
YoY Change
Total Liabilities & Shareholders Equity $311.1B $311.1B $369.2B
YoY Change -15.75% -15.75% 1.11%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $761.0M -$22.36B -$10.82B
YoY Change -107.03% 163.5% -395.01%
Depreciation, Depletion And Amortization $1.485B $8.223B $2.001B
YoY Change -25.79% 10.69% 47.57%
Cash From Operating Activities $8.569B $4.978B $3.139B
YoY Change 172.99% -24.05% 92.69%
INVESTING ACTIVITIES
Capital Expenditures -$2.433B $6.627B -$2.431B
YoY Change 0.08% -0.23% 16.32%
Acquisitions $1.000M
YoY Change -99.96%
Other Investing Activities $9.077B -$8.995B $6.251B
YoY Change 45.21% 62.42% -36.14%
Cash From Investing Activities $6.644B $18.28B $3.820B
YoY Change 73.93% 239.84% -50.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.840B -$31.81B -2.823B
YoY Change 142.3% 72.07% -80.17%
NET CHANGE
Cash From Operating Activities 8.569B $4.978B 3.139B
Cash From Investing Activities 6.644B $18.28B 3.820B
Cash From Financing Activities -6.840B -$31.81B -2.823B
Net Change In Cash 8.373B -$9.176B 4.136B
YoY Change 102.44% 62.15% -184.24%
FREE CASH FLOW
Cash From Operating Activities $8.569B $4.978B $3.139B
Capital Expenditures -$2.433B $6.627B -$2.431B
Free Cash Flow $11.00B -$1.649B $5.570B
YoY Change 97.52% 1773.86% 49.77%

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CY2017 us-gaap Nonoperating Income Expense
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2800000000 USD
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CY2017 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
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140000000 USD
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114000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2016 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2017 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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310000000 USD
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715000000 USD
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756000000 USD
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16000000 USD
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0 USD
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21.46
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26000000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13000000 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
108000000 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.61
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.81
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.00
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
399000000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
466000000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.91
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.59
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
133000000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
15.89
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
20.09
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
24.49
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.46
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.13
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y3M19D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M6D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10M25D
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
24036000000 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
12849000000 USD
CY2017Q4 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claim Adjustment Expense Aggregate Reconciling Items
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimAdjustmentExpenseAggregateReconcilingItems
451000000 USD
CY2018Q4 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claim Adjustment Expense Aggregate Reconciling Items
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimAdjustmentExpenseAggregateReconcilingItems
432000000 USD
CY2017Q4 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claims Adjustment Expense Accumulated Unallocated Claim Adjustment Expense
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseAccumulatedUnallocatedClaimAdjustmentExpense
372000000 USD
CY2018Q4 us-gaap Shortduration Insurance Contracts Liability For Unpaid Claims And Claims Adjustment Expense Accumulated Unallocated Claim Adjustment Expense
ShortdurationInsuranceContractsLiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseAccumulatedUnallocatedClaimAdjustmentExpense
342000000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1733000000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1929000000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2348000000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2510000000 USD
CY2016 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
734000000 USD
CY2017 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
827000000 USD
CY2017 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
961000000 USD
CY2018 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
960000000 USD
CY2016 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
801000000 USD
CY2018 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
1071000000 USD
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2000000 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
70162000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
56030000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
30981000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
71825000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
73498000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
51481000000 USD
CY2016 us-gaap Subsidiary Or Equity Method Investee Minority Interest In Income Of Subsidiary
SubsidiaryOrEquityMethodInvesteeMinorityInterestInIncomeOfSubsidiary
17000000 USD
CY2017 us-gaap Subsidiary Or Equity Method Investee Minority Interest In Income Of Subsidiary
SubsidiaryOrEquityMethodInvesteeMinorityInterestInIncomeOfSubsidiary
62000000 USD
CY2018 us-gaap Subsidiary Or Equity Method Investee Minority Interest In Income Of Subsidiary
SubsidiaryOrEquityMethodInvesteeMinorityInterestInIncomeOfSubsidiary
19000000 USD
CY2016 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
123000000 USD
CY2017 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
135000000 USD
CY2018 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
-46000000 USD
CY2017 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Gross Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseGrossOfTax
125000000 USD
CY2018 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Gross Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseGrossOfTax
-1000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2951227000 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
3013270000 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2991614000 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
84902000000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
83925000000 USD
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
43000000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4692000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5449000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5563000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
113000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
905000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
57000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
64000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
158000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
182000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
260000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
300000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
791000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
945000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
810000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
934000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
124000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
162000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3626000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4265000000 USD
CY2018Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Assets
VariableInterestEntityConsolidatedCarryingAmountAssets
5475000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9130000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8687000000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8691000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
9025000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
8687000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
8691000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9025000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8687000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8691000000 shares
CY2018 ge Subsidiaryinvestmentcontractsinsuranceliabilitiesandinsuranceannuitybenefitspolicytextblock
Subsidiaryinvestmentcontractsinsuranceliabilitiesandinsuranceannuitybenefitspolicytextblock
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;font-weight:bold;">INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">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. </font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">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 revenues but rather as deposit liabilities. We recognize revenues for charges and assessments on these contracts, mostly for mortality, contract initiation, administration and surrender. Amounts credited to policyholder accounts are charged to expense.</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Liabilities for traditional long-duration insurance contracts includes both future policy benefit reserves and claims reserves. Future policy benefit reserves represent the present value of future policy benefits less the present value of future gross premiums based on actuarial assumptions. These assumptions include, but are not limited to, morbidity, mortality, the length of time a policy will remain in force, anticipated future premium increases from future in-force rate actions and interest rates. Assumptions are locked-in throughout the life of a contract unless a premium deficiency develops at which time we change these assumptions to reflect our most recent assumptions. Our annual premium deficiency testing assesses the adequacy of future policy benefit reserves, net of capitalized acquisition costs, using our most recent assumptions. 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.</font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Claim reserves are established when a claim is incurred or is estimated to have been incurred and represents our best estimate of the present value of the ultimate obligations for future claim payments and claim adjustments expenses. Key inputs include actual known facts about the claims, such as the benefits available and cause of disability of the claimant, as well as assumptions derived from our actual historical experience and expected future changes in experience factors. Claim reserves are evaluated periodically for potential changes in loss estimates with the support of qualified actuaries, and any changes are recorded in earnings in the period in which they are determined. </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div></div>
CY2018 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;font-weight:bold;">LOSSES ON FINANCING RECEIVABLES</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;">Our financing receivables portfolio consists of a variety of loans and leases, including both larger-balance, non-homogeneous loans and leases and smaller-balance homogeneous loans and leases. We routinely evaluate our entire portfolio for potential specific credit or collection issues that might indicate an impairment.</font><font style="font-family:Arial;font-size:9pt;color:#000000;"> </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;">Losses on financing receivables are recognized when they are incurred, which requires us to make our best estimate of probable losses inherent in the portfolio. The method for calculating the best estimate of losses depends on the size, type and risk characteristics of the related financing receivable. Such an estimate requires consideration of historical loss experience, adjusted for current conditions, and judgments about the probable effects of relevant observable data, including present economic conditions such as delinquency rates, financial health of specific customers and market sectors, collateral values, and the present and expected future levels of interest rates. The underlying assumptions, estimates and assessments we use to provide for losses are updated periodically to reflect our view of current conditions. Changes in such estimates can significantly affect the allowance and provision for losses. It is possible that we will experience credit losses that are different from our current estimates. Write-offs are deducted from the allowance for losses when we judge the principal to be uncollectible and subsequent recoveries are added to the allowance at the time cash is received on a written-off account. </font></div></div>
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;">We have reclassified certain prior-year amounts to conform to the current-year&#8217;s presentation. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions.</font><font style="font-family:Arial;font-size:9pt;color:#000000;"> </font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#000000;">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 conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial position. Among other effects, such changes could result in future impairments of investment securities, goodwill, intangibles and long-lived assets, revisions to estimated profitability on long-term service agreements, incremental losses on financing receivables, establishment of valuation allowances on deferred tax assets, incremental fair value marks on businesses and assets held for sale carried at lower of cost or market less cost to sell, increased tax liabilities and loss contingency and insurance reserves.</font></div></div>

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