Taken from the official Document.
" The effect on our statement of financial position was principally comprised of changes to our contract assets, inventories, deferred taxes, deferred income and progress collections balances resulting in an $8,317 million decrease to previously reported total assets as of December 31, 2017."
not enough Spirit and Integrity ... GE leaders know nothing about ethics and integrity. They are beholden to themselves and the almighty dollar
Expect no layoffs due to this announcement. It's part of the healing process.
How is this not akin to lowering immelts numbers from past to bolster flannery numbers in the future? Take $8B from past and recognize in the future. Seems like more magic tricks from the wizards at GE finance.
Expect more layoffs despite the fact that ge has many job postings in power. They will try to make do by cutting those who work and relying on management to continue to play the shell game with customers on the service contracts.
Appears there has been too much "Imagination at Work" and not enough "Spirit and Letter" Integrity.