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SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION SEGMENT AND GEOGRAPHIC INFORMATION & REMAINING PERFORMANCE OBLIGATION
SEGMENT INFORMATION. On April 2, 2024, and in conjunction with the GE Vernova separation, we implemented an organizational change to align our reportable segments more closely with our business structure. In connection with our segment reporting change, we have recast previously reported amounts across all reportable segments to conform to current segment presentation.

We have two reportable segments and three operating segments. Operating segments are aggregated into a reportable segment if the operating segments have similar quantitative economic characteristics and if the operating segments are similar in the following qualitative characteristics: (i) nature of products and services; (ii) nature of production processes; (iii) type or class of customer for their products and services; (iv) methods used to distribute the products or provide services; and (v) if applicable, the nature of the regulatory environment. We have aggregated Defense & Systems and Propulsion & Additive Technology into one reportable segment (Defense & Propulsion Technologies) based on similarity in economic characteristics, other qualitative factors and the objectives and principals of ASC 280, Segment Reporting. This is consistent with how our chief operating decision maker (CODM), who is our Chief Executive Officer (CEO), allocates resources and makes decisions. Segment accounting policies are the same as described and referenced in Note 1. See About GE Aerospace for a description of our reporting segments as of December 31, 2024.

Segment revenue includes sales of equipment and services by our segments. Segment profit is determined based on performance measures used by our CODM. Our CODM uses segment profit or loss to assess performance and allocate resources to each segment, primarily through periodic budgeting and segment performance reviews. In connection with that assessment, our CODM may exclude matters, such as charges for impairments, significant, higher-cost restructuring programs, costs associated with separation activities, manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses from acquisitions or dispositions and certain litigation settlements. 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. Certain corporate costs, including those related to shared services, employee benefits and information technology, are allocated to our segments based on usage or their relative net cost of operations. See the Corporate & Other section within MD&A for further information about costs excluded from segment profit.

The Company does not report total assets by segment for internal or external reporting purposes as the Company’s CODM does not assess performance, make strategic decisions, or allocate resources based on assets.
REVENUETotal revenueIntersegment revenueExternal revenue
Years ended December 31202420232022202420232022202420232022
Commercial Engines & Services$26,881 $23,855 $18,813 $216 $559 $451 $26,666 $23,296 $18,362 
Defense & Propulsion Technologies9,478 8,961 7,989 1,453 1,253 1,017 8,025 7,708 6,972 
Corporate & Other
2,343 2,532 2,337 (1,669)(1,812)(1,468)4,011 4,344 3,805 
Total revenue$38,702 $35,348 $29,139 $— $— $— $38,702 $35,348 $29,139 

202420232022
Years ended December 31EquipmentServicesTotalEquipmentServicesTotalEquipmentServicesTotal
Commercial Engines & Services$7,106 $19,775 $26,881 $6,169 $17,686 $23,855 $5,125 $13,688 $18,813 
Defense & Propulsion Technologies4,208 5,270 9,478 4,000 4,961 8,961 3,405 4,584 7,989 
Total segment revenue$11,315 $25,045 $36,360 $10,170 $22,647 $32,816 $8,530 $18,272 $26,802 

Total sales of equipment and services to agencies of the U.S. Government were 12%, 14% and 15% of total revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

EXPENSES, PROFIT AND EARNINGS For the years ended December 31
202420232022
Commercial Engines & Services
Cost of revenue$17,703 $16,575 $13,329 
Selling, general and administrative expenses1,678 1,386 1,119 
Research and development993 736 543 
Other segment expenses (income)(a)(548)(484)(342)
Total Commercial Engines & Services expenses19,826 18,213 14,649 
Defense & Propulsion Technologies
Cost of revenue7,237 6,929 5,971 
Selling, general and administrative expenses954 893 810 
Research and development301 277 271 
Other segment expenses (income)(a)(75)(46)(39)
Total Defense & Propulsion Technologies expenses8,417 8,053 7,013 
Commercial Engines & Services7,055 5,643 4,164 
Defense & Propulsion Technologies1,061 908 976 
Total segment profit (loss)8,116 6,551 5,139 
Corporate & Other(89)3,943 (1,876)
Interest and other financial charges(986)(1,029)(1,339)
Debt extinguishment costs— — (465)
Non-operating benefit income (cost)842 978 60 
Goodwill impairments(251)— — 
Benefit (provision) for income taxes(962)(994)(169)
Preferred stock dividends— (295)(289)
Earnings (loss) from continuing operations attributable to common shareholders6,670 9,154 1,061 
Earnings (loss) from discontinued operations attributable to common shareholders(114)33 (1,014)
Net earnings (loss) attributable to common shareholders$6,556 $9,188 $48 
(a) Other segment expenses (income) primarily includes equity method income, interest income and licensing and royalty income.

GEOGRAPHIC INFORMATION

Years ended December 31202420232022
U.S.$17,340 $17,105 $15,540 
Non-U.S.
Europe7,800 7,248 5,029 
China region3,634 2,625 1,919 
Asia (excluding China region)3,602 3,109 2,254 
Americas2,593 1,862 1,803 
Middle East and Africa3,734 3,399 2,594 
Total Non-U.S.$21,363 $18,243 $13,599 
Total geographic revenue$38,702 $35,348 $29,139 
Non-U.S. revenue as a % of total revenue55 %52 %47 %
December 31 20242023
U.S.$5,166 $5,215 
Non-U.S.
Europe1,171 1,194 
Asia497 500 
Americas431 332 
Other Global12 4 
Total Non-U.S.$2,111 $2,031 
Property, plant and equipment – net (Note 6)$7,277 $7,246 

REMAINING PERFORMANCE OBLIGATION. As of December 31, 2024, the aggregate amount of the contracted revenue allocated to our unsatisfied (or partially unsatisfied) performance obligations was $171,635 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows: 1) equipment-related remaining performance obligation of $22,509 million of which 43%, 64% and 94% is expected to be recognized within 1, 2 and 5 years, respectively, and the remaining thereafter; and 2) services-related remaining performance obligations of $149,127 million of which 12%, 41%, 68% and 85% is expected to be recognized within 1, 5, 10 and 15 years, respectively, and the remaining thereafter. Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related remaining performance obligations.