In an 8-K filing, GE provided an update on the charges the company has taken in connection with its plan to exit most GE Capital assets over the next couple years.

According to the 8K filing, on April 10, 2015, General Electric Company ("GE") announced its plan  to reduce the size of its financial services businesses through the sale of most of the assets of its wholly owned subsidiary, General Electric Capital Corporation ("GECC"), over the next 24 months, and to focus on continued investment and growth in GE's industrial businesses.

As part of that announcement, GE estimated that it expected to incur approximately $23 billion of after-tax charges related to the GE Capital Exit Plan through 2016. In the first quarter of 2015, GE recognized $16.1 billion of after-tax charges related to the GE Capital Exit Plan.

GE classified additional businesses within GECC's Commercial Lending and Leasing business as held for sale on June 29, 2015. This classification reflects an acceleration of the expected timing of business disposals versus the April 10 GE Capital Exit Plan, which contemplated a more extended timeline. In connection with that classification, and as anticipated by the GE Capital Exit Plan, GE expects to recognize approximately $4.3 billion of after-tax charges related to the loss on disposal for those businesses, which will be reported in discontinued operations for the second quarter. None of these charges are expected to result in future net cash expenditures, and the charges were included within the framework of GE's initial GE Capital Exit Plan announcement on April 10, 2015.

To view the full 8K filing, click here.