BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Financial Information for Assets and Liabilities of Businesses Held for Sale

FINANCIAL INFORMATION FOR ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE
(In millions)	June 30, 2018			December 31, 2017
Assets
Current receivables(a)	$	414		$	612
Inventories	687			931
Property, plant, and equipment – net	709			931
Goodwill	2,410			1,619
Other intangible assets – net	403			403
Contract assets	741			619
Valuation allowance on disposal group classified as held for sale (b)	(530		)	(1,000		)
Other assets	71			49
Assets of businesses held for sale	$	4,905		$	4,164
Liabilities
Accounts payable	$	498		$	602
Progress collections and deferred income	349			179
Non-current compensation and benefits	46			162
Other liabilities	304			305
Liabilities of businesses held for sale	$	1,198		$	1,248

(a) Included transactions in our industrial businesses that were made on an arms-length basis with GE Capital, including GE current receivables sold to GE Capital of $332 million and $366 million at June 30, 2018 and December 31, 2017, respectively. These intercompany balances included within our held for sale businesses are reported in the GE and GE Capital columns of our financial statements, but are eliminated in deriving our consolidated financial statements.

(b) We adjusted the carrying value to fair value less cost to sell for certain held for sale businesses.

Financial Information for Discontinued Operations

FINANCIAL INFORMATION FOR DISCONTINUED OPERATIONS
	Three months ended June 30						Six months ended June 30
(In millions)	2018			2017			2018			2017
Operations
Total revenues and other income (loss)	$	4		$	9		$	(1,468	)	$	88
Earnings (loss) from discontinued operations before income taxes	$	(156	)	$	(216	)	$	(1,730	)	$	(412	)
Benefit (provision) for income taxes(a)	35			66			54			128
Earnings (loss) from discontinued operations, net of taxes	$	(121	)	$	(150	)	$	(1,676	)	$	(284	)
Disposal
Gain (loss) on disposal before income taxes	$	—		$	8		$	4		$	(19	)
Benefit (provision) for income taxes(a)	—			(3		)	(1		)	(81		)
Gain (loss) on disposal, net of taxes	$	—		$	4		$	3		$	(100	)
Earnings (loss) from discontinued operations, net of taxes(b)(c)	$	(121	)	$	(146	)	$	(1,673	)	$	(385	)

(a) GE Capital's total tax benefit (provision) for discontinued operations and disposals included current tax benefit (provision) of $132 million and $253 million for the three months ended June 30, 2018 and 2017, respectively, and $123 million and $(323) million for the six months ended June 30, 2018 and 2017, respectively, including current U.S. Federal tax benefit (provision) of $37 million and $68 million for the three months ended June 30, 2018 and 2017, respectively and $61 million and $(519) million for the six months ended June 30, 2018 and 2017, respectively. The deferred tax benefit (provision) was $(97) million and $(190) million for the three months ended June 30, 2018 and 2017, respectively and $(70) million and $370 million for the six months ended June 30, 2018 and 2017, respectively.

(b) The sum of GE Industrial earnings (loss) from discontinued operations, net of taxes, and GE Capital earnings (loss) from discontinued operations, net of taxes, after adjusting for earnings (loss) attributable to noncontrolling interests related to discontinued operations, is reported within earnings (loss) from discontinued operations, net of taxes, in the GE Industrial column of the Consolidated Statement of Earnings (Loss).

(c) Earnings (loss) from discontinued operations attributable to the Company, before income taxes, was $(156) million and $(215) million for the three months ended June 30, 2018 and 2017, respectively, and $(1,726) million and $(438) million for the six months ended June 30, 2018 and 2017, respectively.

(In millions)	June 30, 2018		December 31, 2017
Assets
Cash, cash equivalents and restricted cash	$	615	$	757
Investment securities	425		647
Deferred income taxes	885		951
Financing receivables held for sale	2,912		3,215
Other assets	217		342
Assets of discontinued operations	$	5,053	$	5,912
Liabilities
Accounts payable	47		51
Borrowings	—		1
Other liabilities	1,903		654
Liabilities of discontinued operations	$	1,949	$	706