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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission file number 001-00035
geform10q3qfinal1image1a38.jpg
GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)

New York
 
14-0689340
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
41 Farnsworth Street,
Boston
MA
 
02210
(Address of principal executive offices)
 
(Zip Code)
(Registrant’s telephone number, including area code) (617) 443-3000

_______________________________________________
(Former name, former address and former fiscal year,
if changed since last report)

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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
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 provided pursuant to Section 13(a) of the Exchange Act¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
There were 8,727,072,000 shares of common stock with a par value of $0.06 per share outstanding at June 30, 2019.




TABLE OF CONTENTS
 
Page
 
 
About General Electric
Non-GAAP Financial Measures
Risk Factors
Glossary
 


MD&A
 
 


ABOUT GENERAL ELECTRIC
General Electric Company operates worldwide as a high-tech industrial company through its five industrial segments, Power, Renewable Energy, Aviation, Healthcare, Oil & Gas, and through its financial services segment, Capital. The Power segment offers technologies, solutions, and services related to energy production, including gas and steam turbines, generators, and power generation services. The Renewable Energy segment provides wind turbine platforms, hardware and software, offshore wind turbines, solutions, products and services to hydropower industry, blades for onshore and offshore wind turbines, and high voltage equipment. The Aviation segment provides jet engines and turboprops for commercial airframes, maintenance, component repair, and overhaul services, as well as replacement parts, additive machines and materials, and engineering services. The Healthcare segment provides healthcare technologies in medical imaging, digital solutions, patient monitoring, and diagnostics, drug discovery, biopharmaceutical manufacturing technologies and performance enhancement solutions. The Oil & Gas segment offers oilfield services and equipment, turbomachinery and process solutions. The Capital segment leases and finances aircraft, aircraft engines and helicopters, provides financial and underwriting solutions, and manages our run-off insurance operations.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
The consolidated financial statements of General Electric Company (the Company) combine the industrial manufacturing and services businesses of GE with the financial services businesses of GE Capital or Financial Services and are prepared in conformity with U.S. generally accepted accounting principles (GAAP).

We believe investors will gain a better understanding of our company if they understand how we measure and talk about our results. Because of the diversity in our businesses, we present our financial statements in a three-column format, which allows investors to see our GE Industrial operations separately from our Financial Services operations. We believe that this provides useful information to investors. When used in this report, unless otherwise indicated by the context, we use the terms to mean the following:
General Electric or the Company – the parent company, General Electric Company.
GE consolidated – the adding together of GE and GE Capital, giving effect to the elimination of transactions between the two. We present the results of GE consolidated in the left-side column of our consolidated Statements of Earnings (Loss), Financial Position and Cash Flows.
GE – the adding together of all affiliates except GE Capital, whose continuing operations are presented on a one-line basis, giving effect to the elimination of transactions among such affiliates. As GE presents the continuing operations of GE Capital on a one-line basis, certain intercompany profits resulting from transactions between GE and GE Capital have been eliminated at the GE level. We present the results of GE in the center column of our consolidated Statements of Earnings (Loss), Financial Position and Cash Flows.
GE Capital or Financial Services – the adding together of all affiliates of GE Capital giving effect to the elimination of transactions among such affiliates. We present the results of GE Capital in the right-side column of our consolidated Statements of Earnings (Loss), Financial Position and Cash Flows.
GE Industrial – GE excluding the continuing operations of GE Capital. We believe that this provides investors with a view as to the results of our industrial businesses and corporate items. An example of a GE Industrial metric is GE Industrial Free Cash Flows (Non-GAAP).
Industrial segment – the sum of our five industrial reportable segments, without giving effect to the elimination of transactions among such segments and between these segments and our financial services segment. This provides investors with a view as to the results of our industrial segments, without inter-segment eliminations and corporate items. An example of an industrial segment metric is industrial segment revenue growth.

Refer to the Glossary for a list of key terms used in our MD&A and financial statements. Operational and financial overviews for our operating segments are provided in the Segment Operations section.

This document contains “forward-looking statements” - that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details about the uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements, see the Risk Factors and Forward-Looking Statements sections, as well as our Annual Report on Form 10-K for the year ended December 31, 2018 and our other Quarterly Reports on Form 10-Q.

In the accompanying analysis of financial information, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP financial measures” under SEC rules. See the Non-GAAP Financial Measures section for the reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures.

Amounts reported in billions in tables within this report are computed based on the amounts in millions. As a result, the sum of the components reported in billions may not equal the total amount reported in billions due to rounding. Certain columns and rows within the tables may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions. Discussions throughout this MD&A are based on continuing operations unless otherwise noted. The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements.


2019 2Q FORM 10-Q 3

MD&A
 
 


GE’s Internet address at www.ge.com, Investor Relations website at www.ge.com/investor-relations and our corporate blog at www.gereports.com, as well as GE’s Facebook page and Twitter accounts and other social media, including @GE_Reports, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

CONSOLIDATED RESULTS
SIGNIFICANT DEVELOPMENTS. In November 2018, and pursuant to our announced plan of an orderly separation from Baker Hughes, a GE company (BHGE) over time, BHGE completed an underwritten public offering in which we sold 101.2 million shares of BHGE Class A common stock. BHGE also repurchased 65 million BHGE LLC units from us. The total consideration received by us from these transactions was $3.7 billion. As a result, our economic interest in BHGE reduced from 62.5% to 50.4% and we recognized a pre-tax loss in equity of $2.2 billion. Any reduction in our ownership interest below 50% will result in us losing control of BHGE. At that point, we would deconsolidate our Oil & Gas segment, recognize any remaining interest at fair value and recognize any difference between carrying value and fair value of our interest in earnings. Depending on the form and timing of our separation, and if BHGE’s stock price remains below our current carrying value, we may recognize a significant loss in earnings. Based on BHGE's share price at July 26, 2019 of $24.84 per share, the loss upon deconsolidation from a sale of our interest would be approximately $7.4 billion. See Note 15 to the consolidated financial statements for further information.

On February 25, 2019, we completed the spin-off and subsequent merger of our Transportation segment with Wabtec Corporation, a U.S. rail equipment manufacturer. In the transaction, participating GE shareholders received shares of Wabtec common stock representing an approximate 24.3% ownership interest in Wabtec common stock. GE received approximately $2.8 billion in cash as well as shares of Wabtec common stock and Wabtec non-voting convertible preferred stock that, together, represent an approximate 24.9% ownership interest in Wabtec. GE is also entitled to additional cash consideration up to $0.5 billion for tax benefits that Wabtec realizes from the transaction. As a result, we reclassified our Transportation segment to discontinued operations in the first quarter of 2019 and recorded a gain of $3.5 billion ($2.5 billion after-tax) in discontinued operations. On May 6, 2019, we sold 25.3 million shares of Wabtec common stock resulting in proceeds of $1.8 billion. After the sale, our ownership of Wabtec reduced to approximately 11.8% which we intend to monetize over time. See Notes 2 and 3 to the consolidated financial statements for further information.

Also on February 25, 2019, we announced an agreement to sell our BioPharma business within our Healthcare segment to Danaher Corporation for total consideration of approximately $21.4 billion subject to certain adjustments. At March 31, 2019, we classified BioPharma as a business held for sale. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and customary closing conditions, and provides us flexibility and optionality with respect to our remaining Healthcare business.

We recognized a non-cash pre-tax impairment charge of $0.7 billion related to goodwill at our Grid Solutions equipment and services reporting unit within our Renewable Energy segment. This charge was recorded within Corporate. See Note 8 to the consolidated financial statements for further information.

SECOND QUARTER 2019 RESULTS. Consolidated revenues were $28.8 billion, down $0.3 billion, or 1%, for the quarter. The decrease in revenues was largely attributable to the sales of Industrial Solutions, Value-Based Care and Distributed Power businesses in June 2018, July 2018 and November 2018, respectively. Industrial segment organic revenues* increased $1.9 billion, or 7%, driven by our Renewable Energy, Oil & Gas, Aviation and Healthcare segments, partially offset by our Power segment.

Continuing earnings per share was $(0.03). Excluding non-operating benefit costs, gains (losses) on business dispositions, restructuring and other charges, goodwill impairments and unrealized gains (losses) on investments, Adjusted earnings per share* was $0.17.

For the three months ended June 30, 2019, GE Industrial profit was $(0.4) billion and GE Industrial profit margins were (1.3)%, down $1.6 billion or 590 basis points, driven by a non-cash goodwill impairment charge of $0.7 billion in the second quarter of 2019, increased net losses from disposed or held for sale businesses of $0.4 billion, increased unrealized losses on investments of $0.3 billion and increased adjusted Corporate operating costs* of $0.1 billion, partially offset by decreased restructuring and other costs of $0.1 billion. Industrial segment profit decreased $0.6 billion, or 21%, primarily due to lower results within our Power, Renewable Energy and Aviation segments, partially offset by the performance of our Healthcare and Oil & Gas segments. Industrial segment organic profit* decreased $0.5 billion, or 17%.

GE cash flows from operating activities (CFOA) from continuing operations was $(0.8) billion for both the six months ended June 30, 2019 and 2018. GE CFOA remained flat primarily due to no GE Pension Plan contributions in 2019 compared to $0.9 billion in 2018 and lower net disbursements for equipment project costs, offset by lower net income and higher cash used for working capital and employee benefit liabilities compared to 2018. Adjusted GE Industrial Free Cash Flows (FCF)* were $(2.2) billion and $(1.4) billion for the six months ended June 30, 2019 and 2018, respectively. The increase in cash used was primarily due to lower net income and higher cash used for working capital and employee benefit liabilities compared to 2018, partially offset by lower net disbursements for equipment project costs compared to 2018. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.



*Non-GAAP Financial Measure

4 2019 2Q FORM 10-Q

MD&A
CONSOLIDATED RESULTS
 

Orders are contractual commitments with customers to provide specified goods or services for an agreed upon price. Backlog is unfilled customer orders for products and product services (expected life of contract sales for product services).
GE INDUSTRIAL BACKLOG (In billions)
June 30, 2019

June 30, 2018

 
 
 
Equipment
$
85.0

$
81.8

Services
311.5

276.5

Total backlog
$
396.5

$
358.3

GE INDUSTRIAL ORDERS
Three months ended June 30
 
Six months ended June 30
(In billions)
2019

2018

 
2019

2018

 
 
 
 
 
 
Equipment
$
14.1

$
14.9

 
$
26.4

$
27.2

Services
14.6

15.0

 
28.5

28.7

Total orders
$
28.7

$
30.0

 
$
54.9

$
55.9

Total organic orders
$
29.3

$
28.2

 
$
55.8

$
52.7


As of June 30, 2019, backlog increased $38.1 billion, or 11%, from the prior year due to an increase in services backlog of $35.0 billion and equipment backlog of $3.2 billion primarily at Aviation.
For the three months ended June 30, 2019, orders decreased $1.3 billion, or 4%, on a reported basis and increased $1.1 billion, or 4%, organically driven by an increase in services orders of $0.5 billion primarily at Renewable Energy, Oil & Gas and Aviation, partially offset by Power as well as an increase in equipment orders of $0.6 billion primarily at Renewable Energy and Power, partially offset by Aviation.
For the six months ended June 30, 2019, orders decreased $1.0 billion, or 2%, on a reported basis and increased $3.1 billion, or 6%, organically driven by an increase equipment orders of $1.8 billion primarily at Renewable Energy, Power and Oil & Gas, partially offset by Aviation as well as an increase in services orders of $1.3 billion primarily at Aviation and Oil & Gas.

Remaining performance obligation (RPO), a defined term under GAAP, is backlog excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty, even if the likelihood of cancellation is remote based on historical experience. We plan to continue reporting backlog as we believe that it is a useful metric for investors, given its relevance to total orders. See Note 9 to the consolidated financial statements for further information.
June 30, 2019 (In billions)
Equipment

Services

Total





Backlog
$
85.0

$
311.5

$
396.5

Adjustments
(34.7
)
(110.4
)
(145.1
)
Remaining performance obligation
$
50.3

$
201.1

$
251.4


Adjustments to reported backlog of $(145.1) billion as of June 30, 2019 are largely driven by adjustments of $(132.1) billion in our Aviation segment: (1) backlog includes engine contracts for which we have received purchase orders that are cancelable. We have included these in backlog as our historical experience has shown no net cancellations, as any canceled engines are typically moved by the airframer to other program customers; (2) our services backlog includes contracts that are cancelable without substantive penalty, primarily time and materials contracts; (3) backlog includes engines contracted under long-term service agreements, even if the engines have not yet been put into service. These adjustments to reported backlog are expected to be satisfied beyond one year.
REVENUES
Three months ended June 30
 
Six months ended June 30
(In billions)
2019

2018

 
2019

2018

 
 
 
 
 
 
Consolidated revenues
$
28.8

$
29.2

 
$
56.1

$
56.9

 
 
 
 
 
 
Equipment
12.6

12.6

 
24.2

24.7

Services
14.5

14.6

 
28.3

28.4

Industrial segment revenues
27.1

27.2

 
52.5

53.2

Corporate items and Industrial eliminations
(0.2
)
(0.1
)
 
(0.2
)

GE Industrial revenues
$
26.8

$
27.1

 
$
52.2

$
53.2

 
 
 
 
 
 
Financial services revenues
$
2.3

$
2.4

 
$
4.5

$
4.6


For the three months ended June 30, 2019, consolidated revenues decreased $0.3 billion, or 1%, primarily driven by decreased industrial segment revenues of $0.1 billion and decreased Financial Services revenues of $0.1 billion. The overall foreign currency impact on consolidated revenues was a decrease of $0.6 billion.
Industrial segment revenues decreased $0.1 billion as decreases at Power and Healthcare were partially offset by increases at Renewable Energy, Oil & Gas and Aviation. This decrease was driven by the net effects of dispositions of $1.4 billion, primarily attributable to the sales of Industrial Solutions, Value-Based Care and Distributed Power in June 2018, July 2018 and November 2018, respectively, and the effects of a stronger U.S. dollar of $0.6 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, industrial segment organic revenues* increased $1.9 billion, or 7%.
*Non-GAAP Financial Measure

2019 2Q FORM 10-Q 5

MD&A
CONSOLIDATED RESULTS
 

Financial Services revenues decreased $0.1 billion, or 4%, primarily due to volume declines, partially offset by higher gains and lower impairments.

For the six months ended June 30, 2019, consolidated revenues decreased $0.8 billion, or 1%, primarily driven by decreased industrial segment revenues of $0.7 billion and decreased Financial Services revenues of $0.1 billion. The overall foreign currency impact on consolidated revenues was a decrease of $1.3 billion.
Industrial segment revenues decreased $0.7 billion, or 1%, as decreases at Power and Healthcare were partially offset by increases at Aviation, Oil & Gas and Renewable Energy. This decrease was driven by the net effects of dispositions of $2.6 billion, primarily attributable to the sales of Industrial Solutions, Value-Based Care and Distributed Power in June 2018, July 2018 and November 2018, respectively, and the effects of a stronger U.S. dollar of $1.3 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, industrial segment organic revenues* increased $3.2 billion, or 6%.
Financial Services revenues decreased $0.1 billion, or 1%, primarily due to volume declines, partially offset by higher gains and lower impairments.
EARNINGS (LOSS) AND EARNINGS (LOSS) PER SHARE
Three months ended June 30
 
Six months ended June 30
(In billions; per-share in dollars and diluted)
2019

2018

 
2019

2018

 
 
 
 
 
 
Continuing earnings
$
(0.3
)
$
0.7

 
$
0.7

$
0.9

 
 
 
 
 
 
Continuing earnings per share
$
(0.03
)
$
0.08

 
$
0.07

$
0.11


For the three months ended June 30, 2019, consolidated continuing earnings decreased $1.0 billion due to decreased GE Industrial continuing earnings of $1.3 billion, and a goodwill impairment charge of $0.7 billion in 2019, partially offset by increased benefit for GE Industrial income taxes of $0.6 billion driven by the completion of prior years’ audit, decreased interest and other financial charges of $0.2 billion, decreased non-operating benefit costs of $0.1 billion and decreased Financial Services losses of $0.1 billion.
GE Industrial continuing earnings decreased $1.3 billion, or 49%. Corporate items and eliminations decreased $0.7 billion primarily attributable to increased net losses from disposed or held for sale businesses of $0.4 billion, increased unrealized losses on investments of $0.3 billion and increased adjusted Corporate operating costs* of $0.1 billion, partially offset by decreased restructuring and other costs of $0.1 billion. Industrial segment profit decreased $0.6 billion, or 21%, with decreases at Power, Renewable Energy and Aviation, partially offset by higher profit at Healthcare and Oil & Gas. This decrease in industrial segment profit was driven in part by the net effects of dispositions of $0.1 billion, primarily associated with the sales of Industrial Solutions, Value-Based Care and Distributed Power in June 2018, July 2018 and November 2018, respectively. Excluding the effects of acquisitions, dispositions and foreign currency translation, industrial segment organic profit* decreased $0.5 billion, or 17%.
Financial Services continuing losses decreased $0.1 billion, or 57%, primarily due to higher gains, lower impairments, higher tax benefits and lower excess interest costs, partially offset by volume declines. Gains were $0.2 billion and $0.1 billion in the second quarters of 2019 and 2018, respectively, which primarily related to sales of GE Capital Aviation Services (GECAS) aircraft and engines resulting in gains of $0.1 billion in both 2019 and 2018 and the sale of an equity method investment resulting in a gain of $0.1 billion in 2019 at Energy Financial Services (EFS).

For the six months ended June 30, 2019, consolidated continuing earnings decreased $0.3 billion due to decreased GE Industrial continuing earnings of $0.9 billion and a goodwill impairment charge of $0.7 billion in 2019, partially offset by decreased Financial Services losses of $0.5 billion, decreased provision for GE Industrial income taxes of $0.4 billion driven by the completion of prior years’ audit, decreased interest and other financial charges of $0.3 billion and decreased non-operating benefit costs of $0.3 billion.
GE Industrial continuing earnings decreased $0.9 billion, or 20%. Corporate items and eliminations decreased $0.3 billion primarily attributable to increased unrealized losses on investments of $0.3 billion and increased adjusted Corporate operating costs* of $0.2 billion, partially offset by decreased restructuring and other costs of $0.2 billion. Industrial segment profit decreased $0.6 billion, or 11%, with decreases at Renewable Energy, Power and Aviation, partially offset by higher profit at Oil & Gas and Healthcare. This decrease in industrial segment profit was driven in part by the net effects of dispositions of $0.3 billion, primarily associated with the sales of Industrial Solutions, Value-Based Care and Distributed Power in June 2018, July 2018 and November 2018, respectively, offset by lower restructuring and business development costs related to Baker Hughes of $0.3 billion and the effects of a weaker U.S. dollar of $0.1 billion. Excluding the effects of acquisitions, dispositions and foreign currency translation, industrial segment organic profit* decreased $0.7 billion, or 12%.
Financial Services continuing losses decreased $0.5 billion primarily due to higher gains, lower excess interest costs, tax law changes and lower impairments. Gains were $0.4 billion and $0.2 billion in the first half of 2019 and 2018, respectively, which primarily related to sales of GECAS aircraft and engines resulting in gains of $0.2 billion and $0.1 billion in the first half of 2019 and 2018 and the sale of an equity method investment resulting in a gain of $0.1 billion in 2019 at EFS.








*Non-GAAP Financial Measure

6 2019 2Q FORM 10-Q

MD&A
CONSOLIDATED RESULTS
 

AVIATION AND GECAS 737 MAX. Aviation develops, produces, and sells LEAP aircraft engines through CFM International (CFM), a company jointly owned by GE and Safran Aircraft Engines, a subsidiary of the Safran Group of France. The LEAP-1B engine is the exclusive engine for the Boeing 737 MAX. In March 2019, global regulatory authorities ordered a temporary fleet grounding of the Boeing 737 MAX. In April 2019, Boeing announced a temporary reduction in the 737 MAX production rate, and during the second quarter of 2019, CFM reduced its production rate for the LEAP-1B to meet Boeing's revised aircraft build rate. As a result of the 737 MAX grounding, GE CFOA was adversely affected by an estimated $0.3 billion and $0.6 billion for the three and six months ended June 30, 2019, respectively. If the 737 MAX remains grounded, based on current assumptions, we anticipate a negative impact to GE CFOA of approximately $0.4 billion per quarter in the second half of 2019. See Capital Resources and Liquidity - Statement of Cash Flows for further information.

At June 30, 2019, GECAS owned 29 of these aircraft, 25 of which are leased to various lessees that remain obligated to make contractual rental payments. In addition, GECAS has made pre-delivery payments to Boeing related to 150 of these aircraft on order and has made financing commitments to acquire a further 19 aircraft under purchase and leaseback contracts with airlines.

As of June 30, 2019, we have approximately $2.1 billion of net assets related to the 737 MAX program that primarily comprises pre-delivery payments and owned aircraft subject to lease offset by progress collections. No impairment charges were incurred related to the 737 MAX aircraft and related balances in the first half of 2019 as we continue to believe these assets are fully recoverable. We continue to monitor these developments with our airline customers, lessees and Boeing.

SEGMENT OPERATIONS. Segment revenues include sales of products and services by the segment. Industrial segment profit is determined based on internal performance measures used by our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer (CEO), to assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude matters, such as charges for restructuring, rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions, and certain litigation settlements. Subsequent to the Baker Hughes transaction on July 3, 2017, restructuring and other charges are included in the determination of segment profit for our Oil & Gas segment. See the Corporate Items and Eliminations section for additional information about costs excluded from segment profit.

Segment profit excludes results reported as discontinued operations and the portion of earnings or loss attributable to noncontrolling interests of consolidated subsidiaries, and as such only includes the portion of earnings or loss attributable to our share of the consolidated earnings or loss of consolidated subsidiaries.

Interest and other financial charges, income taxes and non-operating benefit costs are excluded in determining segment profit for the industrial segments. Interest and other financial charges, income taxes, non-operating benefit costs and GE Capital preferred stock dividends are included in determining segment profit (which we sometimes refer to as “net earnings”) for the Capital segment.

Other income is included in segment profit for the industrial segments.

Certain corporate costs, such as those related to shared services, employee benefits, and information technology, are allocated to our segments based on usage. A portion of the remaining corporate costs is allocated based on each segment’s relative net cost of operations.

2019 2Q FORM 10-Q 7

MD&A
SEGMENT OPERATIONS
 

SUMMARY OF REPORTABLE SEGMENTS
Three months ended June 30
 
Six months ended June 30
(Dollars in millions)
2019

2018

V%

 
2019

2018

V%

 
 
 
 
 
 
 
 
Power
$
4,681

$
6,261

(25)
 %
 
$
9,298

$
12,209

(24)
 %
Renewable Energy
3,627

2,883

26
 %
 
6,165

5,722

8
 %
Aviation
7,877

7,519

5
 %
 
15,831

14,631

8
 %
Healthcare
4,934

4,978

(1)
 %
 
9,616

9,680

(1)
 %
Oil & Gas
5,953

5,554

7
 %
 
11,569

10,939

6
 %
      Total industrial segment revenues
27,071

27,195

 %
 
52,479

53,181

(1)
 %
Capital
2,321

2,429

(4)
 %
 
4,548

4,602

(1)
 %
      Total segment revenues
29,392

29,623

(1)
 %
 
57,027

57,783

(1)
 %
Corporate items and eliminations
(561
)
(462
)
(21)
 %
 
(910
)
(833
)
(9)
 %
Consolidated revenues
$
28,831

$
29,162

(1)
 %
 
$
56,117

$
56,950

(1)
 %
 
 
 
 
 
 
 
 
Power
$
117

$
410

(71)
 %
 
$
228

$
654

(65)
 %
Renewable Energy
(184
)
85

U

 
(371
)
196

U

Aviation
1,385

1,475

(6)
 %
 
3,046

3,078

(1)
 %
Healthcare
958

926

3
 %
 
1,740

1,660

5
 %
Oil & Gas
82

73

12
 %
 
245

(70
)
F

      Total industrial segment profit (loss)
2,359

2,969

(21)
 %
 
4,887

5,518

(11)
 %
Capital
(89
)
(207
)
57
 %
 
46

(422
)
F

      Total segment profit (loss)
2,270

2,762

(18)
 %
 
4,933

5,095

(3)
 %
Corporate items and eliminations
(956
)
(222
)
U

 
(1,165
)
(886
)
(31)
 %
GE goodwill impairments
(744
)

 %
 
(744
)

 %
GE interest and other financial charges
(444
)
(686
)
35
 %
 
(1,032
)
(1,326
)
22
 %
GE non-operating benefit costs
(554
)
(688
)
19
 %
 
(1,115
)
(1,369
)
19
 %
GE benefit (provision) for income taxes
137

(487
)
F

 
(213
)
(576
)
63
 %
Earnings (loss) from continuing operations attributable to GE common shareowners
(291
)
679

U

 
663

940

(29
)%
Earnings (loss) from discontinued operations, net of taxes
231

(63
)
F

 
2,823

(1,504
)
F

Less net earnings attributable to noncontrolling interests, discontinued operations

1

(100)
 %
 
(2
)
4

U

Earnings (loss) from discontinued operations, net of tax and noncontrolling interest
231

(64
)
F

 
2,825

(1,508
)
F

Consolidated net earnings (loss) attributable to the GE common shareowners
$
(61
)
$
615

U

 
$
3,488

$
(568
)
F


Effective the first quarter of 2019, Corporate items and eliminations includes the results of our Lighting segment for all periods presented.

Oil & Gas segment profit excluding restructuring and other charges* of $135 million and $148 million was $217 million and $222 million for the three months ended June 30, 2019 and 2018, respectively. Oil & Gas segment profit excluding restructuring and other charges* of $194 million and $473 million was $439 million and $403 million for the six months ended June 30, 2019 and 2018, respectively.






















*Non-GAAP Financial Measure

8 2019 2Q FORM 10-Q

MD&A
SEGMENT OPERATIONS
 

POWER
Effective the first quarter of 2019, we reorganized the businesses within our Power segment into Gas Power and Power Portfolio, and effectively eliminated the Power headquarters structure to allow us to reduce costs and improve operations. In the second quarter of 2019, we completed the reorganization of our Grid Solutions equipment and services business into our Renewable Energy segment and our Grid Solutions software business into Corporate for all periods presented. Gas Power is a unified gas life cycle business combining our Gas Power Systems and Power Services businesses, while Power Portfolio comprises our Steam Power Systems (including services previously reported in Power Services), Power Conversion and GE Hitachi Nuclear businesses. Power Portfolio's 2018 results also include our former Industrial Solutions and Distributed Power businesses which were sold in June 2018 and November 2018, respectively.

The power market as well as its operating environment continue to be challenging. Over the past several quarters, our outlook for Power was driven by the significant overcapacity in the industry, increased price pressure from competition on servicing the installed base, and the uncertain timing of deal closures due to financing and the complexities of working in emerging markets. In addition, our near-term earnings outlook could be impacted by project execution and our own underlying operational challenges. Also, market factors such as increasing energy efficiency and renewable energy penetration continue to impact long-term demand.

We have and will continue to take actions to right size our business for the current market conditions and our long-term outlook, including restructuring our operations to dispose of non-core businesses, resizing our remaining businesses to better align with market demand and driving these businesses with an operational rigor and discipline that is focused on our customers’ lifecycle experience. We are building a cost structure to support an average 25 to 30 gigawatt new unit gas turbine market; however, actual orders in a given year can vary. As a result of these actions and overall market conditions, we believe the business is showing early signs of stabilization and expect incremental improvements in 2020 with further acceleration in 2021 and beyond.