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CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Common stock
Additional paid-in capital
Retained earnings
Retained earnings, excluding net parent investment
Treasury common stock
Net parent investment
Accumulated other comprehensive income (loss) – net
Equity attributable to noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2022   0              
Beginning balance at Dec. 31, 2022 $ 11,607 $ 0 $ 0 $ 0   $ 0 $ 12,106 $ (1,456) $ 957
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (680)           (635)   (45)
Currency translation adjustments – net of taxes 74             75 (1)
Benefit plans – net of taxes 1,481             1,483 (2)
Cash flow hedges – net of taxes 58             58  
Transfers from (to) Parent (2,100)           (2,100)    
Changes in equity attributable to noncontrolling interests 14               14
Ending balance (in shares) at Sep. 30, 2023   0              
Ending balance at Sep. 30, 2023 10,454 $ 0 0 0   0 9,371 160 924
Beginning balance (in shares) at Jun. 30, 2023   0              
Beginning balance at Jun. 30, 2023 10,802 $ 0 0 0   0 9,611 264 927
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) (185)           (170)   (15)
Currency translation adjustments – net of taxes (48)             (50) 1
Benefit plans – net of taxes (94)             (94)  
Cash flow hedges – net of taxes 39             39  
Transfers from (to) Parent (71)           (71)    
Changes in equity attributable to noncontrolling interests 10               10
Ending balance (in shares) at Sep. 30, 2023   0              
Ending balance at Sep. 30, 2023 10,454 $ 0 0 0   0 9,371 160 924
Beginning balance (in shares) at Dec. 31, 2023   0              
Beginning balance at Dec. 31, 2023 8,380 $ 0 0 0   0 8,051 (635) 964
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Transfers from (to) Parent, including Spin-Off-related adjustments 794           794    
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment (in shares)   274,000,000              
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment 0 $ 3 8,712       (8,715)    
Issuance of shares in connection with equity awards (in shares) [1]   2,000,000              
Issuance of shares in connection with equity awards [1] 4   45     (40)      
Share-based compensation expense 104   104            
Net income (loss) 1,075       $ 1,198   (130)   7
Currency translation adjustments – net of taxes (7)             (7)  
Benefit plans – net of taxes (418)             (420) 1
Cash flow hedges – net of taxes 30             30  
Changes in equity attributable to noncontrolling interests [2] $ 555   514           41
Ending balance (in shares) at Sep. 30, 2024 275,627,753 276,000,000              
Ending balance at Sep. 30, 2024 $ 10,517 $ 3 9,374 1,198   (40) 0 (1,031) 1,014
Beginning balance (in shares) at Jun. 30, 2024   275,000,000              
Beginning balance at Jun. 30, 2024 10,049 $ 3 8,801 1,294   0 0 (1,031) 982
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Issuance of shares in connection with equity awards (in shares) [3]   1,000,000              
Issuance of shares in connection with equity awards [3] (31)   9     (40)      
Share-based compensation expense 50   50            
Net income (loss) (99)     (96)         (3)
Currency translation adjustments – net of taxes 99             99  
Benefit plans – net of taxes (79)             (79)  
Cash flow hedges – net of taxes (20)             (20)  
Changes in equity attributable to noncontrolling interests [4] $ 548   514           34
Ending balance (in shares) at Sep. 30, 2024 275,627,753 276,000,000              
Ending balance at Sep. 30, 2024 $ 10,517 $ 3 $ 9,374 $ 1,198   $ (40) $ 0 $ (1,031) $ 1,014
[1]
(a) During the third quarter, restrictions lapsed on 435,719 shares of GE Vernova common stock in connection with the vesting of performance shares originally awarded by General Electric Company, now operating as GE Aerospace. We withheld 218,290 shares of GE Vernova common stock to satisfy tax withholding obligations, resulting in $40 million of Treasury common stock.
[2]
(b) Primarily relates to proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission and distribution solution provider, in the third quarter of 2024, net of directly attributable taxes.
[3] During the third quarter, restrictions lapsed on 435,719 shares of GE Vernova common stock in connection with the vesting of performance shares originally awarded by General Electric Company, now operating as GE Aerospace. We withheld 218,290 shares of GE Vernova common stock to satisfy tax withholding obligations, resulting in $40 million of Treasury common stock.
[4] Primarily relates to proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission and distribution solution provider, in the third quarter of 2024, net of directly attributable taxes.