GE Vernova. On April 2, 2024, we completed the previously announced separation of GE Vernova. The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of all the outstanding shares of GE Vernova to holders of the Company's common stock. In connection with the GE Vernova separation, the historical results of GE Vernova and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations. In addition, the Company contributed $515 million of cash to fund GE Vernova’s future operations such that GE Vernova’s cash balance on the date of separation was $4,242 million.

We have continuing involvement with GE Vernova primarily through ongoing sales of products, a transition services agreement, through which GE Aerospace and GE Vernova continue to provide certain services to each other for a period of time following the separation, a separation and distribution agreement, including performance and financial guarantees, a tax matters agreement and a trademark licensing agreement. For the three months ended March 31, 2025, we had direct and indirect sales of $85 million to GE Vernova, primarily related to engine sales and parts. We collected net cash of $202 million related to the transition services agreement and sales of engines and parts for the three months ended March 31, 2025.

GE HealthCare. On January 3, 2023, we completed the previously announced separation of our HealthCare business, into a separate, independent, publicly traded company, GE HealthCare Technologies Inc. (GE HealthCare). The separation was structured as a tax-free spin-off and was achieved through the Company's pro-rata distribution of approximately 80.1% of the outstanding shares of GE HealthCare to holders of the Company's common stock. In connection with the separation, the historical results of GE HealthCare and certain assets and liabilities included in the separation are reported in GE Aerospace consolidated financial statements as discontinued operations.

We had continuing involvement with GE HealthCare primarily through a transition services agreement, which was completed as of December 31, 2024, through which GE Aerospace and GE HealthCare continued to provide certain services to each other for a period of time following the separation. In addition, we have a tax matters agreement and a trademark licensing agreement. For the three months ended March 31, 2025, we collected net cash of $34 million related to these activities.

Bank BPH. As previously reported, Bank BPH, along with other Polish banks, has been subject to ongoing litigation in Poland related to its portfolio of floating rate residential mortgage loans, with cases brought by individual borrowers seeking relief related to their foreign currency indexed or denominated mortgage loans in various courts throughout Poland. The estimate of total losses for borrower litigation at Bank BPH was $2,449 million and $2,461 million as of March 31, 2025 and December 31, 2024, respectively. No incremental contributions from GE Aerospace were required during the three months ended March 31, 2025. For further information about factors that are relevant to the estimate of total losses for borrower litigation at Bank BPH, see Note 22. Future changes or adverse developments could increase our estimate of total losses and potentially require future cash contributions to Bank BPH.

The Bank BPH financing receivable portfolio is recorded at the lower of cost or fair value, less cost to sell, which reflects market yields and estimates with respect to ongoing borrower litigation. At March 31, 2025, the total portfolio had no carrying value, net of a valuation allowance. Income (loss) related to ongoing borrower litigation was zero in pre-tax charges for both the three months ended March 31, 2025, and 2024, respectively.


RESULTS OF DISCONTINUED OPERATIONS Three months ended March 31	2025						2024
	GE Vernova		Bank BPH & Other		Total			GE Vernova		Bank BPH & Other		Total
Total revenue	$	—	$	—	$	—		$	7,244	$	—	$	7,244
Cost of equipment and services sold	—		—		—			(6,074)		—		(6,074)
Other income, costs and expenses	—		—		—			(1,288)		6		(1,282)
Net income (loss) of discontinued operations before income taxes	—		—		—			(118)		6		(112)
Benefit (provision) for income taxes	—		7		7			(74)		6		(68)
Net income (loss) of discontinued operations, net of taxes	—		7		7			(193)		12		(180)

Gain (loss) on disposal before income taxes	—		4		4			—		2		2
Benefit (provision) for income taxes	—		—		—			—		—		—
Gain (loss) on disposal, net of taxes	—		4		4			—		2		2
Net income (loss) from discontinued operations, net of taxes	$	—	$	11	$	10		$	(193)	$	14	$	(178)


ASSETS AND LIABILITIES OF DISCONTINUED OPERATIONS	March 31, 2025		December 31, 2024
Cash, cash equivalents and restricted cash(a)	$	1,372	$	1,327
Current receivables	14		13





Property, plant and equipment - net	36		40
All other assets	448		438
Deferred income taxes	25		24
Assets of discontinued operations(b)	$	1,895	$	1,841

Accounts payable	$	29	$	30


Non-current compensation and benefits	33		33
All other liabilities	1,277		1,254
Liabilities of discontinued operations(b)	$	1,339	$	1,317

(b) Included $1,553 million and $1,594 million of valuation allowances against financing receivables held for sale, of which $1,474 million and $1,517 million related to estimated borrower litigation losses, and $976 million and $944 million in All other liabilities related to estimated borrower litigation losses for Bank BPH’s foreign currency-denominated mortgage portfolio as of March 31, 2025 and December 31, 2024, respectively. Accordingly, total estimated losses related to borrower litigation were $2,449 million and $2,461 million as of March 31, 2025 and December 31, 2024, respectively. The valuation allowance completely offsets the financing receivables balance as of March 31, 2025 and December 31, 2024.