PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES

NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES

	September 30, 2022		December 31, 2021
Original cost	$	30,718	$	31,904
Less accumulated depreciation and amortization	(18,705)		(18,901)
Right-of-use operating lease assets	2,282		2,606
Property, plant and equipment – net	$	14,295	$	15,609

In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss).

Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities in our Statement of Financial Position, was $2,504 million and $2,848 million, as of September 30, 2022 and December 31, 2021, respectively. Expense on our operating lease portfolio, primarily from our long-term fixed leases, was $252 million and $287 million for the three months ended September 30, 2022 and 2021, respectively, and $784 million and $826 million for the nine months ended September 30, 2022 and 2021, respectively.