(Mark One)
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2012
OR
|
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ____ to ____
|
Commission file number 001-00035
GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
|
New York
|
14-0689340
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
3135 Easton Turnpike, Fairfield, CT
|
06828-0001
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(Registrant’s telephone number, including area code) (203) 373-2211
_______________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
|
Large accelerated filer þ
|
Accelerated filer ¨
|
Non-accelerated filer ¨
|
Smaller reporting company ¨
|
Page
|
||
Part I - Financial Information
|
||
Item 1. Financial Statements
|
||
Condensed Statement of Earnings
|
||
Three months Ended March 31, 2012
|
3
|
|
Condensed Consolidated Statement of Comprehensive Income
|
4
|
|
Condensed Consolidated Statement of Changes in Shareowners' Equity
|
4
|
|
Condensed Statement of Financial Position
|
5
|
|
Condensed Statement of Cash Flows
|
6
|
|
Summary of Operating Segments
|
7
|
|
Notes to Condensed, Consolidated Financial Statements (Unaudited)
|
8
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
55
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
77
|
|
Item 4. Controls and Procedures
|
77
|
|
Part II - Other Information
|
||
Item 1. Legal Proceedings
Item 2. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
|
77
78
|
|
Item 6. Exhibits
|
79
|
|
Signatures
|
80
|
Three months ended March 31 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Revenues and other income
|
||||||||||||||||||
Sales of goods
|
$
|
17,315
|
$
|
14,489
|
$
|
17,357
|
$
|
14,489
|
$
|
30
|
$
|
42
|
||||||
Sales of services
|
6,212
|
7,502
|
6,330
|
7,613
|
–
|
–
|
||||||||||||
Other income
|
557
|
3,625
|
600
|
3,665
|
–
|
–
|
||||||||||||
GECC earnings from continuing operations
|
–
|
–
|
1,792
|
1,790
|
–
|
–
|
||||||||||||
GECC revenues from services
|
11,098
|
12,713
|
–
|
–
|
11,412
|
12,994
|
||||||||||||
Total revenues and other income
|
35,182
|
38,329
|
26,079
|
27,557
|
11,442
|
13,036
|
||||||||||||
Costs and expenses
|
||||||||||||||||||
Cost of goods sold
|
13,465
|
11,816
|
13,512
|
11,818
|
25
|
40
|
||||||||||||
Cost of services sold
|
4,404
|
4,900
|
4,522
|
5,011
|
–
|
–
|
||||||||||||
Interest and other financial charges
|
3,358
|
3,796
|
315
|
355
|
3,196
|
3,584
|
||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||
insurance annuity benefits
|
737
|
736
|
–
|
–
|
771
|
769
|
||||||||||||
Provision for losses on financing receivables
|
863
|
1,140
|
–
|
–
|
863
|
1,140
|
||||||||||||
Other costs and expenses
|
8,429
|
8,507
|
4,003
|
3,399
|
4,596
|
5,253
|
||||||||||||
Total costs and expenses
|
31,256
|
30,895
|
22,352
|
20,583
|
9,451
|
10,786
|
||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
before income taxes
|
3,926
|
7,434
|
3,727
|
6,974
|
1,991
|
2,250
|
||||||||||||
Benefit (provision) for income taxes
|
(637)
|
(3,942)
|
(450)
|
(3,513)
|
(187)
|
(429)
|
||||||||||||
Earnings from continuing operations
|
3,289
|
3,492
|
3,277
|
3,461
|
1,804
|
1,821
|
||||||||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(217)
|
35
|
(217)
|
35
|
(217)
|
35
|
||||||||||||
Net earnings (loss)
|
3,072
|
3,527
|
3,060
|
3,496
|
1,587
|
1,856
|
||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||
noncontrolling interests
|
38
|
94
|
26
|
63
|
12
|
31
|
||||||||||||
Net earnings (loss) attributable to the Company
|
3,034
|
3,433
|
3,034
|
3,433
|
1,575
|
1,825
|
||||||||||||
Preferred stock dividends declared
|
–
|
(75)
|
–
|
(75)
|
–
|
–
|
||||||||||||
Net earnings (loss) attributable to GE common
|
||||||||||||||||||
shareowners
|
$
|
3,034
|
$
|
3,358
|
$
|
3,034
|
$
|
3,358
|
$
|
1,575
|
$
|
1,825
|
||||||
Amounts attributable to the Company
|
||||||||||||||||||
Earnings from continuing operations
|
$
|
3,251
|
$
|
3,398
|
$
|
3,251
|
$
|
3,398
|
$
|
1,792
|
$
|
1,790
|
||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(217)
|
35
|
(217)
|
35
|
(217)
|
35
|
||||||||||||
Net earnings (loss) attributable to the Company
|
$
|
3,034
|
$
|
3,433
|
$
|
3,034
|
$
|
3,433
|
$
|
1,575
|
$
|
1,825
|
||||||
Per-share amounts
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.31
|
$
|
0.31
|
||||||||||||||
Basic earnings per share
|
$
|
0.31
|
$
|
0.31
|
||||||||||||||
Net earnings
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.29
|
$
|
0.31
|
||||||||||||||
Basic earnings per share
|
$
|
0.29
|
$
|
0.32
|
||||||||||||||
Dividends declared per common share
|
$
|
0.17
|
$
|
0.14
|
||||||||||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
|
See Note 3 for other-than-temporary impairment amounts.
|
|
See accompanying notes. Separate information is shown for "GE" and "Financial Services (GECC)." Transactions between GE and GECC have been eliminated from the "Consolidated" columns.
|
General Electric Company and consolidated affiliates
|
|||||||||||
Condensed Consolidated Statement of Comprehensive Income
|
|||||||||||
Three months ended March 31 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Net earnings
|
$
|
3,072
|
$
|
3,527
|
|||||||
Less: Net earnings attributable to noncontrolling interests
|
38
|
94
|
|||||||||
Net earnings attributable to GE
|
$
|
3,034
|
$
|
3,433
|
|||||||
Other comprehensive income, net of tax
|
|||||||||||
Investment securities
|
$
|
337
|
$
|
(189)
|
|||||||
Currency translation adjustments
|
332
|
2,539
|
|||||||||
Cash flow hedges
|
124
|
(74)
|
|||||||||
Benefit plans
|
1,040
|
593
|
|||||||||
Other comprehensive income, net of tax
|
1,833
|
2,869
|
|||||||||
Less: Other comprehensive income attributable to noncontrolling interests
|
(8)
|
15
|
|||||||||
Other comprehensive income attributable to GE
|
$
|
1,841
|
$
|
2,854
|
|||||||
Comprehensive income, net of tax
|
$
|
4,905
|
$
|
6,396
|
|||||||
Less: Comprehensive income attributable to noncontrolling interests
|
30
|
109
|
|||||||||
Comprehensive income attributable to GE
|
$
|
4,875
|
$
|
6,287
|
|||||||
General Electric Company and consolidated affiliates
|
|||||||||||
Condensed Consolidated Statement of Changes in Shareowners' Equity
|
|||||||||||
Three months ended March 31 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Balance at January 1
|
$
|
116,438
|
$
|
118,936
|
|||||||
Dividends and other transactions with shareowners
|
(1,446)
|
(1,688)
|
|||||||||
Other comprehensive income, net of tax
|
1,841
|
2,854
|
|||||||||
Increases from net earnings attributable to the company
|
3,034
|
3,433
|
|||||||||
Balance at March 31
|
119,867
|
123,535
|
|||||||||
Noncontrolling interests
|
1,721
|
2,254
|
|||||||||
Total equity at March 31
|
$
|
121,588
|
$
|
125,789
|
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Assets
|
||||||||||||||||||
Cash and equivalents
|
$
|
83,650
|
$
|
84,501
|
$
|
7,979
|
$
|
8,382
|
$
|
76,165
|
$
|
76,702
|
||||||
Investment securities
|
47,829
|
47,374
|
18
|
18
|
47,814
|
47,359
|
||||||||||||
Current receivables
|
19,040
|
19,531
|
11,397
|
11,807
|
–
|
–
|
||||||||||||
Inventories
|
15,212
|
13,792
|
15,170
|
13,741
|
42
|
51
|
||||||||||||
Financing receivables – net
|
272,694
|
279,918
|
–
|
–
|
281,383
|
288,847
|
||||||||||||
Other GECC receivables
|
7,870
|
7,561
|
–
|
–
|
14,000
|
13,390
|
||||||||||||
Property, plant and equipment – net
|
66,000
|
65,739
|
14,443
|
14,283
|
51,520
|
51,419
|
||||||||||||
Investment in GECC
|
–
|
–
|
79,192
|
77,110
|
–
|
–
|
||||||||||||
Goodwill
|
72,959
|
72,625
|
45,633
|
45,395
|
27,326
|
27,230
|
||||||||||||
Other intangible assets – net
|
11,921
|
12,068
|
10,453
|
10,522
|
1,468
|
1,546
|
||||||||||||
All other assets
|
108,563
|
111,701
|
37,163
|
36,675
|
71,672
|
75,612
|
||||||||||||
Assets of businesses held for sale
|
640
|
711
|
–
|
–
|
640
|
711
|
||||||||||||
Assets of discontinued operations
|
1,341
|
1,721
|
9
|
52
|
1,332
|
1,669
|
||||||||||||
Total assets(b)
|
$
|
707,719
|
$
|
717,242
|
$
|
221,457
|
$
|
217,985
|
$
|
573,362
|
$
|
584,536
|
||||||
Liabilities and equity
|
||||||||||||||||||
Short-term borrowings
|
$
|
138,659
|
$
|
137,611
|
$
|
7,313
|
$
|
2,184
|
$
|
132,028
|
$
|
136,333
|
||||||
Accounts payable, principally trade accounts
|
17,031
|
16,400
|
14,140
|
14,209
|
8,150
|
7,239
|
||||||||||||
Progress collections and price adjustments accrued
|
10,673
|
10,402
|
11,448
|
11,349
|
–
|
–
|
||||||||||||
Dividends payable
|
1,799
|
1,797
|
1,799
|
1,797
|
–
|
–
|
||||||||||||
Other GE current liabilities
|
15,030
|
14,796
|
15,030
|
14,796
|
–
|
–
|
||||||||||||
Non-recourse borrowings of consolidated
|
||||||||||||||||||
securitization entities
|
29,544
|
29,258
|
–
|
–
|
29,544
|
29,258
|
||||||||||||
Bank deposits
|
41,106
|
43,115
|
–
|
–
|
41,106
|
43,115
|
||||||||||||
Long-term borrowings
|
233,487
|
243,459
|
4,400
|
9,405
|
229,195
|
234,391
|
||||||||||||
Investment contracts, insurance liabilities
|
||||||||||||||||||
and insurance annuity benefits
|
29,641
|
29,774
|
–
|
–
|
30,227
|
30,198
|
||||||||||||
All other liabilities
|
67,191
|
70,653
|
53,335
|
53,826
|
14,354
|
17,334
|
||||||||||||
Deferred income taxes
|
281
|
(131)
|
(6,987)
|
(7,183)
|
7,268
|
7,052
|
||||||||||||
Liabilities of businesses held for sale
|
305
|
345
|
–
|
–
|
305
|
345
|
||||||||||||
Liabilities of discontinued operations
|
1,384
|
1,629
|
158
|
158
|
1,226
|
1,471
|
||||||||||||
Total liabilities(b)
|
586,131
|
599,108
|
100,636
|
100,541
|
493,403
|
506,736
|
||||||||||||
Common stock (10,587,317,000 and 10,573,017,000
|
||||||||||||||||||
shares outstanding at March 31, 2012 and
|
||||||||||||||||||
December 31, 2011, respectively)
|
702
|
702
|
702
|
702
|
–
|
–
|
||||||||||||
Accumulated other comprehensive income – net(c)
|
||||||||||||||||||
Investment securities
|
305
|
(30)
|
305
|
(30)
|
298
|
(33)
|
||||||||||||
Currency translation adjustments
|
476
|
133
|
476
|
133
|
(274)
|
(399)
|
||||||||||||
Cash flow hedges
|
(1,052)
|
(1,176)
|
(1,052)
|
(1,176)
|
(1,029)
|
(1,101)
|
||||||||||||
Benefit plans
|
(21,862)
|
(22,901)
|
(21,862)
|
(22,901)
|
(587)
|
(563)
|
||||||||||||
Other capital
|
33,594
|
33,693
|
33,594
|
33,693
|
27,631
|
27,628
|
||||||||||||
Retained earnings
|
139,019
|
137,786
|
139,019
|
137,786
|
53,153
|
51,578
|
||||||||||||
Less common stock held in treasury
|
(31,315)
|
(31,769)
|
(31,315)
|
(31,769)
|
–
|
–
|
||||||||||||
Total GE shareowners’ equity
|
119,867
|
116,438
|
119,867
|
116,438
|
79,192
|
77,110
|
||||||||||||
Noncontrolling interests(d)
|
1,721
|
1,696
|
954
|
1,006
|
767
|
690
|
||||||||||||
Total equity
|
121,588
|
118,134
|
120,821
|
117,444
|
79,959
|
77,800
|
||||||||||||
Total liabilities and equity
|
$
|
707,719
|
$
|
717,242
|
$
|
221,457
|
$
|
217,985
|
$
|
573,362
|
$
|
584,536
|
||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
(b)
|
Our consolidated assets at March 31, 2012 include total assets of $46,383 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets include net financing receivables of $37,733 million and investment securities of $5,146 million. Our consolidated liabilities at March 31, 2012 include liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities include non-recourse borrowings of consolidated securitization entities (CSEs) of $28,844 million. See Note 18.
|
(c)
|
The sum of accumulated other comprehensive income - net was $(22,133) million and $(23,974) million at March 31, 2012 and December 31, 2011, respectively.
|
(d)
|
Included accumulated other comprehensive income - net attributable to noncontrolling interests of $(160) million and $(168) million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Cash flows – operating activities
|
||||||||||||||||||
Net earnings
|
$
|
3,072
|
$
|
3,527
|
$
|
3,060
|
$
|
3,496
|
$
|
1,587
|
$
|
1,856
|
||||||
Less net earnings (loss) attributable to noncontrolling interests
|
38
|
94
|
26
|
63
|
12
|
31
|
||||||||||||
Net earnings attributable to the Company
|
3,034
|
3,433
|
3,034
|
3,433
|
1,575
|
1,825
|
||||||||||||
(Earnings) loss from discontinued operations
|
217
|
(35)
|
217
|
(35)
|
217
|
(35)
|
||||||||||||
Adjustments to reconcile net earnings attributable to the
|
||||||||||||||||||
Company to cash provided from operating activities
|
||||||||||||||||||
Depreciation and amortization of property,
|
||||||||||||||||||
plant and equipment
|
2,263
|
2,292
|
568
|
516
|
1,695
|
1,776
|
||||||||||||
Earnings from continuing operations retained by GECC
|
–
|
–
|
(1,792)
|
(1,790)
|
–
|
–
|
||||||||||||
Deferred income taxes
|
36
|
(1,400)
|
(156)
|
50
|
192
|
(1,450)
|
||||||||||||
Decrease (increase) in GE current receivables
|
291
|
985
|
345
|
(106)
|
–
|
–
|
||||||||||||
Decrease (increase) in inventories
|
(1,433)
|
(1,288)
|
(1,432)
|
(1,276)
|
9
|
3
|
||||||||||||
Increase (decrease) in accounts payable
|
854
|
1,230
|
499
|
668
|
572
|
1,290
|
||||||||||||
Increase (decrease) in GE progress collections
|
273
|
(1,002)
|
101
|
(1,096)
|
–
|
–
|
||||||||||||
Provision for losses on GECC financing receivables
|
863
|
1,140
|
–
|
–
|
863
|
1,140
|
||||||||||||
All other operating activities
|
131
|
2,124
|
675
|
1,320
|
(406)
|
256
|
||||||||||||
Cash from (used for) operating activities – continuing
|
||||||||||||||||||
operations
|
6,529
|
7,479
|
2,059
|
1,684
|
4,717
|
4,805
|
||||||||||||
Cash from (used for) operating activities – discontinued
|
||||||||||||||||||
operations
|
(63)
|
217
|
–
|
–
|
(63)
|
217
|
||||||||||||
Cash from (used for) operating activities
|
6,466
|
7,696
|
2,059
|
1,684
|
4,654
|
5,022
|
||||||||||||
Cash flows – investing activities
|
||||||||||||||||||
Additions to property, plant and equipment
|
(3,295)
|
(3,169)
|
(1,002)
|
(927)
|
(2,337)
|
(2,292)
|
||||||||||||
Dispositions of property, plant and equipment
|
1,825
|
1,773
|
–
|
–
|
1,825
|
1,773
|
||||||||||||
Net decrease (increase) in GECC financing receivables
|
6,462
|
10,650
|
–
|
–
|
6,566
|
11,838
|
||||||||||||
Proceeds from sale of discontinued operations
|
–
|
1,775
|
–
|
–
|
–
|
1,775
|
||||||||||||
Proceeds from principal business dispositions
|
84
|
7,133
|
–
|
5,755
|
84
|
1,378
|
||||||||||||
Payments for principal businesses purchased
|
(190)
|
(4,547)
|
(190)
|
(4,462)
|
–
|
(85)
|
||||||||||||
All other investing activities
|
371
|
3,834
|
232
|
(266)
|
251
|
4,218
|
||||||||||||
Cash from (used for) investing activities – continuing
|
||||||||||||||||||
operations
|
5,257
|
17,449
|
(960)
|
100
|
6,389
|
18,605
|
||||||||||||
Cash from (used for) investing activities – discontinued
|
||||||||||||||||||
operations
|
62
|
(164)
|
–
|
–
|
62
|
(164)
|
||||||||||||
Cash from (used for) investing activities
|
5,319
|
17,285
|
(960)
|
100
|
6,451
|
18,441
|
||||||||||||
Cash flows – financing activities
|
||||||||||||||||||
Net increase (decrease) in borrowings (maturities of
|
||||||||||||||||||
90 days or less)
|
(814)
|
(979)
|
166
|
731
|
(1,259)
|
(2,062)
|
||||||||||||
Net increase (decrease) in bank deposits
|
(2,641)
|
1,233
|
–
|
–
|
(2,641)
|
1,233
|
||||||||||||
Newly issued debt (maturities longer than 90 days)
|
17,070
|
15,513
|
74
|
110
|
16,767
|
15,508
|
||||||||||||
Repayments and other reductions (maturities longer
|
||||||||||||||||||
than 90 days)
|
(25,326)
|
(31,610)
|
(44)
|
(19)
|
(25,282)
|
(31,591)
|
||||||||||||
Net dispositions (purchases) of GE shares for treasury
|
127
|
(394)
|
127
|
(394)
|
–
|
–
|
||||||||||||
Dividends paid to shareowners
|
(1,799)
|
(1,564)
|
(1,799)
|
(1,564)
|
–
|
–
|
||||||||||||
Purchase of subsidiary shares from
|
||||||||||||||||||
noncontrolling interest
|
–
|
(4,303)
|
–
|
(4,303)
|
–
|
–
|
||||||||||||
All other financing activities
|
(216)
|
(425)
|
(63)
|
(119)
|
(153)
|
(306)
|
||||||||||||
Cash from (used for) financing activities – continuing
|
||||||||||||||||||
operations
|
(13,599)
|
(22,529)
|
(1,539)
|
(5,558)
|
(12,568)
|
(17,218)
|
||||||||||||
Cash from (used for) financing activities – discontinued
|
||||||||||||||||||
operations
|
–
|
(42)
|
–
|
–
|
–
|
(42)
|
||||||||||||
Cash from (used for) financing activities
|
(13,599)
|
(22,571)
|
(1,539)
|
(5,558)
|
(12,568)
|
(17,260)
|
||||||||||||
Effect of currency exchange rate changes on cash
|
||||||||||||||||||
and equivalents
|
962
|
828
|
37
|
24
|
925
|
804
|
||||||||||||
Increase (decrease) in cash and equivalents
|
(852)
|
3,238
|
(403)
|
(3,750)
|
(538)
|
7,007
|
||||||||||||
Cash and equivalents at beginning of year
|
84,622
|
79,085
|
8,382
|
19,241
|
76,823
|
60,399
|
||||||||||||
Cash and equivalents at March 31
|
83,770
|
82,323
|
7,979
|
15,491
|
76,285
|
67,406
|
||||||||||||
Less cash and equivalents of discontinued operations
|
||||||||||||||||||
at March 31
|
120
|
153
|
–
|
–
|
120
|
153
|
||||||||||||
Cash and equivalents of continuing operations
|
||||||||||||||||||
at March 31
|
$
|
83,650
|
$
|
82,170
|
$
|
7,979
|
$
|
15,491
|
$
|
76,165
|
$
|
67,253
|
||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or financial services), which is presented on a one-line basis.
|
Three months ended March 31
|
||||||
(Unaudited)
|
||||||
(In millions)
|
2012
|
2011
|
||||
Revenues(a)
|
||||||
Energy Infrastructure
|
$
|
11,168
|
$
|
9,449
|
||
Aviation
|
4,891
|
4,368
|
||||
Healthcare
|
4,300
|
4,090
|
||||
Transportation
|
1,270
|
903
|
||||
Home & Business Solutions
|
2,091
|
1,989
|
||||
Total industrial segment revenues
|
23,720
|
20,799
|
||||
GE Capital
|
11,442
|
13,036
|
||||
Total segment revenues
|
35,162
|
33,835
|
||||
Corporate items and eliminations(a)
|
20
|
4,494
|
||||
Consolidated revenues and other income
|
$
|
35,182
|
$
|
38,329
|
||
Segment profit(a)
|
||||||
Energy Infrastructure
|
$
|
1,524
|
$
|
1,381
|
||
Aviation
|
862
|
841
|
||||
Healthcare
|
585
|
531
|
||||
Transportation
|
232
|
157
|
||||
Home & Business Solutions
|
66
|
74
|
||||
Total industrial segment profit
|
3,269
|
2,984
|
||||
GE Capital
|
1,792
|
1,790
|
||||
Total segment profit
|
5,061
|
4,774
|
||||
Corporate items and eliminations(a)
|
(1,045)
|
2,492
|
||||
GE interest and other financial charges
|
(315)
|
(355)
|
||||
GE provision for income taxes
|
(450)
|
(3,513)
|
||||
Earnings from continuing operations attributable
|
||||||
to the Company
|
3,251
|
3,398
|
||||
Earnings (loss) from discontinued operations,
|
||||||
net of taxes, attributable to the Company
|
(217)
|
35
|
||||
Consolidated net earnings attributable to
|
||||||
the Company
|
$
|
3,034
|
$
|
3,433
|
||
(a)
|
Segment revenues includes both revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations, earnings attributable to noncontrolling interests of consolidated subsidiaries and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment’s management is measured – excluded in determining segment profit, which we sometimes refer to as “operating profit,” for Energy Infrastructure, Aviation, Healthcare, Transportation and Home & Business Solutions; included in determining segment profit, which we sometimes refer to as “net earnings,” for GE Capital. Results of our run-off insurance operations previously reported in Corporate items and eliminations are now reported in GE Capital.
|
|
See accompanying notes.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
|
|||||
Assets
|
|
||||
Cash and equivalents
|
$
|
134
|
$
|
149
|
|
Financing receivables – net
|
399
|
412
|
|||
Property, plant and equipment – net
|
62
|
81
|
|||
Goodwill
|
20
|
20
|
|||
Other intangible assets – net
|
1
|
7
|
|||
All other assets
|
6
|
8
|
|||
Other
|
18
|
34
|
|||
Assets of businesses held for sale
|
$
|
640
|
$
|
711
|
|
|
|||||
Liabilities
|
|||||
Short-term borrowings
|
$
|
249
|
$
|
252
|
|
Accounts payable
|
26
|
21
|
|||
Long-term borrowings
|
4
|
8
|
|||
All other liabilities
|
26
|
64
|
|||
Liabilities of businesses held for sale
|
$
|
305
|
$
|
345
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Operations
|
|||||
Total revenues
|
$
|
(1)
|
$
|
207
|
|
Earnings (loss) from discontinued operations
|
|||||
before income taxes
|
$
|
(58)
|
$
|
–
|
|
Benefit (provision) for income taxes
|
6
|
(4)
|
|||
Earnings (loss) from discontinued operations,
|
|||||
net of taxes
|
$
|
(52)
|
$
|
(4)
|
|
Disposal
|
|||||
Gain (loss) on disposal before income taxes
|
$
|
(194)
|
$
|
11
|
|
Benefit (provision) for income taxes
|
29
|
28
|
|||
Gain (loss) on disposal, net of taxes
|
$
|
(165)
|
$
|
39
|
|
Earnings (loss) from discontinued operations,
|
|||||
net of taxes(a)
|
$
|
(217)
|
$
|
35
|
|
(a)
|
The sum of GE industrial earnings (loss) from discontinued operations, net of taxes, and GECC earnings (loss) from discontinued operations, net of taxes, is reported as GE industrial earnings (loss) from discontinued operations, net of taxes, on the Condensed Statement of Earnings.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Assets
|
|||||
Cash and equivalents
|
$
|
120
|
$
|
121
|
|
Financing receivables – net
|
274
|
521
|
|||
All other assets
|
6
|
6
|
|||
Other
|
941
|
1,073
|
|||
Assets of discontinued operations
|
$
|
1,341
|
$
|
1,721
|
|
Liabilities
|
|||||
Accounts payable, principally trade accounts
|
$
|
9
|
$
|
7
|
|
Deferred income taxes
|
210
|
205
|
|||
All other liabilities
|
1,165
|
1,417
|
|||
Liabilities of discontinued operations
|
$
|
1,384
|
$
|
1,629
|
At
|
|||||||||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
Gross
|
||||||||||||||||||||
Amortized
|
unrealized
|
unrealized
|
Estimated
|
Amortized
|
unrealized
|
unrealized
|
Estimated
|
||||||||||||||||
(In millions)
|
cost
|
gains
|
losses
|
fair value
|
cost
|
gains
|
losses
|
fair value
|
|||||||||||||||
GE
|
|||||||||||||||||||||||
Debt – U.S. corporate
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
|||||||
Equity – available-for-sale
|
17
|
–
|
–
|
17
|
18
|
–
|
–
|
18
|
|||||||||||||||
18
|
–
|
–
|
18
|
18
|
–
|
–
|
18
|
||||||||||||||||
GECC
|
|||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||
U.S. corporate
|
20,758
|
3,236
|
(279)
|
23,715
|
20,748
|
3,432
|
(410)
|
23,770
|
|||||||||||||||
State and municipal
|
3,179
|
385
|
(120)
|
3,444
|
3,027
|
350
|
(143)
|
3,234
|
|||||||||||||||
Residential mortgage-
|
|||||||||||||||||||||||
backed(a)
|
2,555
|
175
|
(220)
|
2,510
|
2,711
|
184
|
(286)
|
2,609
|
|||||||||||||||
Commercial mortgage-backed
|
2,989
|
169
|
(177)
|
2,981
|
2,913
|
162
|
(247)
|
2,828
|
|||||||||||||||
Asset-backed
|
5,376
|
76
|
(133)
|
5,319
|
5,102
|
32
|
(164)
|
4,970
|
|||||||||||||||
Corporate – non-U.S.
|
2,514
|
142
|
(136)
|
2,520
|
2,414
|
126
|
(207)
|
2,333
|
|||||||||||||||
Government – non-U.S.
|
2,171
|
125
|
(23)
|
2,273
|
2,488
|
129
|
(86)
|
2,531
|
|||||||||||||||
U.S. government and federal
|
|||||||||||||||||||||||
agency
|
4,073
|
77
|
(1)
|
4,149
|
3,974
|
84
|
–
|
4,058
|
|||||||||||||||
Retained interests
|
28
|
6
|
–
|
34
|
25
|
10
|
–
|
35
|
|||||||||||||||
Equity
|
|||||||||||||||||||||||
Available-for-sale
|
530
|
105
|
(16)
|
619
|
713
|
75
|
(38)
|
750
|
|||||||||||||||
Trading
|
250
|
–
|
–
|
250
|
241
|
–
|
–
|
241
|
|||||||||||||||
44,423
|
4,496
|
(1,105)
|
47,814
|
44,356
|
4,584
|
(1,581)
|
47,359
|
||||||||||||||||
Eliminations
|
(3)
|
–
|
–
|
(3)
|
(3)
|
–
|
–
|
(3)
|
|||||||||||||||
Total
|
$
|
44,438
|
$
|
4,496
|
$
|
(1,105)
|
$
|
47,829
|
$
|
44,371
|
$
|
4,584
|
$
|
(1,581)
|
$
|
47,374
|
|||||||
(a)
|
Substantially collateralized by U.S. mortgages. Of our total residential mortgage-backed securities (RMBS) portfolio at March 31, 2012, $1,607 million relates to securities issued by government-sponsored entities and $903 million relates to securities of private label issuers. Securities issued by private label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.
|
In loss position for
|
||||||||||||
Less than 12 months
|
12 months or more
|
|||||||||||
Gross
|
Gross
|
|||||||||||
Estimated
|
unrealized
|
Estimated
|
unrealized
|
|||||||||
(In millions)
|
fair value
|
losses
|
(a)
|
fair value
|
losses
|
(a)
|
||||||
March 31, 2012
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
922
|
$
|
(155)
|
$
|
732
|
$
|
(124)
|
||||
State and municipal
|
136
|
(2)
|
252
|
(118)
|
||||||||
Residential mortgage-backed
|
68
|
–
|
804
|
(220)
|
||||||||
Commercial mortgage-backed
|
165
|
(11)
|
1,111
|
(166)
|
||||||||
Asset-backed
|
70
|
(2)
|
795
|
(131)
|
||||||||
Corporate – non-U.S.
|
255
|
(10)
|
621
|
(126)
|
||||||||
Government – non-U.S.
|
508
|
(2)
|
184
|
(21)
|
||||||||
U.S. government and federal agency
|
231
|
(1)
|
–
|
–
|
||||||||
Retained interests
|
5
|
–
|
–
|
–
|
||||||||
Equity
|
87
|
(15)
|
7
|
(1)
|
||||||||
Total
|
$
|
2,447
|
$
|
(198)
|
$
|
4,506
|
$
|
(907)
|
||||
December 31, 2011
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
1,435
|
$
|
(241)
|
$
|
836
|
$
|
(169)
|
||||
State and municipal
|
87
|
(1)
|
307
|
(142)
|
||||||||
Residential mortgage-backed
|
219
|
(9)
|
825
|
(277)
|
||||||||
Commercial mortgage-backed
|
244
|
(23)
|
1,320
|
(224)
|
||||||||
Asset-backed
|
100
|
(7)
|
850
|
(157)
|
||||||||
Corporate – non-U.S.
|
330
|
(28)
|
607
|
(179)
|
||||||||
Government – non-U.S.
|
906
|
(5)
|
203
|
(81)
|
||||||||
U.S. government and federal agency
|
502
|
–
|
–
|
–
|
||||||||
Retained interests
|
–
|
–
|
–
|
–
|
||||||||
Equity
|
440
|
(38)
|
–
|
–
|
||||||||
Total
|
$
|
4,263
|
$
|
(352)
|
$
|
4,948
|
$
|
(1,229)
|
||||
(a)
|
Includes gross unrealized losses at March 31, 2012 of $(195) million related to securities that had other-than-temporary impairments recognized in a prior period.
|
Contractual Maturities of GECC Investment in Available-for-Sale Debt Securities (Excluding Mortgage-
|
|||||
Backed and Asset-Backed Securities)
|
|||||
Amortized
|
Estimated
|
||||
(In millions)
|
cost
|
fair value
|
|||
Due in
|
|||||
2012
|
$
|
2,717
|
$
|
2,748
|
|
2013-2016
|
7,832
|
7,925
|
|||
2017-2021
|
4,373
|
4,730
|
|||
2022 and later
|
17,766
|
20,691
|
|||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
GE
|
|||||
Gains
|
$
|
–
|
$
|
–
|
|
Losses, including impairments
|
–
|
–
|
|||
Net
|
–
|
–
|
|||
GECC
|
|||||
Gains
|
38
|
116
|
|||
Losses, including impairments
|
(70)
|
$
|
(71)
|
||
Net
|
(32)
|
45
|
|||
Total
|
$
|
(32)
|
$
|
45
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Raw materials and work in process
|
$
|
9,387
|
$
|
8,735
|
|
Finished goods
|
5,642
|
5,022
|
|||
Unbilled shipments
|
640
|
485
|
|||
15,669
|
14,242
|
||||
Less revaluation to LIFO
|
(457)
|
(450)
|
|||
Total
|
$
|
15,212
|
$
|
13,792
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Loans, net of deferred income(a)
|
$
|
250,890
|
$
|
256,895
|
|
Investment in financing leases, net of deferred income
|
36,207
|
38,142
|
|||
287,097
|
295,037
|
||||
Less allowance for losses
|
(5,714)
|
(6,190)
|
|||
Financing receivables – net(b)
|
$
|
281,383
|
$
|
288,847
|
|
(a)
|
Deferred income was $2,192 million and $2,329 million at March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Financing receivables at March 31, 2012 and December 31, 2011 included $968 million and $1,062 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Commercial
|
|||||
CLL
|
|||||
Americas
|
$
|
79,645
|
$
|
80,505
|
|
Europe
|
35,613
|
36,899
|
|||
Asia
|
11,048
|
11,635
|
|||
Other
|
382
|
436
|
|||
Total CLL
|
126,688
|
129,475
|
|||
Energy Financial Services
|
5,287
|
5,912
|
|||
GE Capital Aviation Services (GECAS)
|
11,721
|
11,901
|
|||
Other
|
681
|
1,282
|
|||
Total Commercial financing receivables
|
144,377
|
148,570
|
|||
Real Estate
|
|||||
Debt
|
23,518
|
24,501
|
|||
Business Properties
|
8,013
|
8,248
|
|||
Total Real Estate financing receivables
|
31,531
|
32,749
|
|||
Consumer
|
|||||
Non-U.S. residential mortgages
|
35,257
|
35,550
|
|||
Non-U.S. installment and revolving credit
|
18,963
|
18,544
|
|||
U.S. installment and revolving credit
|
44,283
|
46,689
|
|||
Non-U.S. auto
|
5,166
|
5,691
|
|||
Other
|
7,520
|
7,244
|
|||
Total Consumer financing receivables
|
111,189
|
113,718
|
|||
Total financing receivables
|
287,097
|
295,037
|
|||
Less allowance for losses
|
(5,714)
|
(6,190)
|
|||
Total financing receivables – net
|
$
|
281,383
|
$
|
288,847
|
|
Balance at
|
Provision
|
Balance at
|
|||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
||||||||||||||
(In millions)
|
2012
|
operations
|
Other
|
(a)
|
write-offs
|
(b)
|
Recoveries
|
(b)
|
2012
|
||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
889
|
$
|
66
|
$
|
(20)
|
$
|
(156)
|
$
|
23
|
$
|
802
|
|||||
Europe
|
400
|
83
|
1
|
(45)
|
19
|
458
|
|||||||||||
Asia
|
157
|
11
|
(5)
|
(56)
|
5
|
112
|
|||||||||||
Other
|
4
|
–
|
–
|
(2)
|
–
|
2
|
|||||||||||
Total CLL
|
1,450
|
160
|
(24)
|
(259)
|
47
|
1,374
|
|||||||||||
Energy Financial
|
|||||||||||||||||
Services
|
26
|
(1)
|
–
|
–
|
–
|
25
|
|||||||||||
GECAS
|
17
|
(3)
|
–
|
–
|
–
|
14
|
|||||||||||
Other
|
37
|
2
|
(19)
|
–
|
–
|
20
|
|||||||||||
Total Commercial
|
1,530
|
158
|
(43)
|
(259)
|
47
|
1,433
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
949
|
28
|
(12)
|
(154)
|
1
|
812
|
|||||||||||
Business Properties
|
140
|
10
|
–
|
(34)
|
1
|
117
|
|||||||||||
Total Real Estate
|
1,089
|
38
|
(12)
|
(188)
|
2
|
929
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S. residential
|
|||||||||||||||||
mortgages
|
546
|
29
|
8
|
(103)
|
18
|
498
|
|||||||||||
Non-U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
717
|
124
|
28
|
(273)
|
130
|
726
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
2,008
|
478
|
–
|
(772)
|
131
|
1,845
|
|||||||||||
Non-U.S. auto
|
101
|
10
|
(6)
|
(41)
|
24
|
88
|
|||||||||||
Other
|
199
|
26
|
16
|
(66)
|
20
|
195
|
|||||||||||
Total Consumer
|
3,571
|
667
|
46
|
(1,255)
|
323
|
3,352
|
|||||||||||
Total
|
$
|
6,190
|
$
|
863
|
$
|
(9)
|
$
|
(1,702)
|
$
|
372
|
$
|
5,714
|
|||||
(a)
|
Other primarily included transfers to held for sale and the effects of currency exchange.
|
(b)
|
Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
Balance at
|
Provision
|
Balance at
|
||||||||||||||||
January 1,
|
charged to
|
Gross
|
March 31,
|
|||||||||||||||
(In millions)
|
2011
|
operations
|
Other(a)
|
write-offs(b)
|
Recoveries(b)
|
2011
|
||||||||||||
Commercial
|
||||||||||||||||||
CLL
|
||||||||||||||||||
Americas
|
$
|
1,288
|
$
|
139
|
$
|
(1)
|
$
|
(194)
|
$
|
22
|
$
|
1,254
|
||||||
Europe
|
429
|
30
|
19
|
(51)
|
16
|
443
|
||||||||||||
Asia
|
222
|
60
|
4
|
(69)
|
11
|
228
|
||||||||||||
Other
|
6
|
–
|
–
|
–
|
–
|
6
|
||||||||||||
Total CLL
|
1,945
|
229
|
22
|
(314)
|
49
|
1,931
|
||||||||||||
Energy Financial
|
||||||||||||||||||
Services
|
22
|
19
|
(1)
|
(4)
|
–
|
36
|
||||||||||||
GECAS
|
20
|
(8)
|
–
|
–
|
–
|
12
|
||||||||||||
Other
|
58
|
4
|
1
|
(8)
|
–
|
55
|
||||||||||||
Total Commercial
|
2,045
|
244
|
22
|
(326)
|
49
|
2,034
|
||||||||||||
Real Estate
|
||||||||||||||||||
Debt
|
1,292
|
59
|
7
|
(243)
|
3
|
1,118
|
||||||||||||
Business Properties
|
196
|
26
|
(1)
|
(42)
|
2
|
181
|
||||||||||||
Total Real Estate
|
1,488
|
85
|
6
|
(285)
|
5
|
1,299
|
||||||||||||
Consumer
|
||||||||||||||||||
Non-U.S. residential
|
||||||||||||||||||
mortgages
|
689
|
21
|
21
|
(54)
|
15
|
692
|
||||||||||||
Non-U.S. installment
|
||||||||||||||||||
and revolving credit
|
937
|
153
|
23
|
(327)
|
144
|
930
|
||||||||||||
U.S. installment and
|
||||||||||||||||||
revolving credit
|
2,333
|
585
|
–
|
(913)
|
136
|
2,141
|
||||||||||||
Non-U.S. auto
|
168
|
15
|
5
|
(68)
|
32
|
152
|
||||||||||||
Other
|
259
|
37
|
4
|
(86)
|
25
|
239
|
||||||||||||
Total Consumer
|
4,386
|
811
|
53
|
(1,448)
|
352
|
4,154
|
||||||||||||
Total
|
$
|
7,919
|
$
|
1,140
|
$
|
81
|
$
|
(2,059)
|
$
|
406
|
$
|
7,487
|
||||||
(a)
|
Other primarily included the effects of currency exchange.
|
(b)
|
Net write-offs (write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Original cost
|
$
|
108,970
|
$
|
108,117
|
|
Less accumulated depreciation and amortization
|
(42,970)
|
(42,378)
|
|||
Property, plant and equipment – net
|
$
|
66,000
|
$
|
65,739
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Goodwill
|
$
|
72,959
|
$
|
72,625
|
|
Other intangible assets
|
|||||
Intangible assets subject to amortization
|
$
|
11,716
|
$
|
11,863
|
|
Indefinite-lived intangible assets(a)
|
205
|
205
|
|||
Total
|
$
|
11,921
|
$
|
12,068
|
|
(a)
|
Indefinite-lived intangible assets principally comprised in-process research and development, trademarks and tradenames.
|
Dispositions,
|
|||||||||||
Balance at
|
currency
|
Balance at
|
|||||||||
January 1,
|
exchange
|
March 31,
|
|||||||||
(In millions)
|
2012
|
Acquisitions
|
and other
|
2012
|
|||||||
Energy Infrastructure
|
$
|
21,090
|
$
|
–
|
$
|
139
|
$
|
21,229
|
|||
Aviation
|
5,996
|
–
|
(52)
|
5,944
|
|||||||
Healthcare
|
16,631
|
–
|
7
|
16,638
|
|||||||
Transportation
|
551
|
138
|
–
|
689
|
|||||||
Home & Business Solutions
|
1,127
|
–
|
6
|
1,133
|
|||||||
GE Capital
|
27,230
|
–
|
96
|
27,326
|
|||||||
Total
|
$
|
72,625
|
$
|
138
|
$
|
196
|
$
|
72,959
|
Intangible Assets Subject to Amortization
|
|||||||||||||||||
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Gross
|
Gross
|
||||||||||||||||
carrying
|
Accumulated
|
carrying
|
Accumulated
|
||||||||||||||
(In millions)
|
amount
|
amortization
|
Net
|
amount
|
amortization
|
Net
|
|||||||||||
Customer-related
|
$
|
6,763
|
$
|
(1,884)
|
$
|
4,879
|
$
|
6,824
|
$
|
(1,814)
|
$
|
5,010
|
|||||
Patents, licenses and trademarks
|
6,040
|
(2,378)
|
3,662
|
6,047
|
(2,312)
|
3,735
|
|||||||||||
Capitalized software
|
6,979
|
(4,416)
|
2,563
|
6,791
|
(4,273)
|
2,518
|
|||||||||||
Lease valuations
|
1,470
|
(971)
|
499
|
1,470
|
(944)
|
526
|
|||||||||||
Present value of future profits(a)
|
498
|
(498)
|
–
|
491
|
(491)
|
–
|
|||||||||||
All other
|
534
|
(421)
|
113
|
503
|
(429)
|
74
|
|||||||||||
Total
|
$
|
22,284
|
$
|
(10,568)
|
$
|
11,716
|
$
|
22,126
|
$
|
(10,263)
|
$
|
11,863
|
|||||
(a)
|
Balances at March 31, 2012 and December 31, 2011, reflect adjustments of $385 million and $391 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized in accordance with ASC 320-10-S99-2.
|
At
|
|||||
(In millions)
|
March 31,
|
December 31,
|
|||
2012
|
2011
|
||||
Short-term borrowings
|
|||||
Commercial paper
|
|||||
U.S.
|
$
|
32,301
|
$
|
33,591
|
|
Non-U.S.
|
10,769
|
10,569
|
|||
Current portion of long-term borrowings(a)(b)(c)(e)
|
79,313
|
82,650
|
|||
GE Interest Plus notes(d)
|
8,722
|
8,474
|
|||
Other(c)
|
923
|
1,049
|
|||
GECC short-term borrowings
|
$
|
132,028
|
$
|
136,333
|
|
Long-term borrowings
|
|||||
Senior unsecured notes(b)
|
$
|
204,830
|
$
|
210,154
|
|
Subordinated notes(e)
|
4,795
|
4,862
|
|||
Subordinated debentures(f)
|
7,235
|
7,215
|
|||
Other(c)(g)
|
12,335
|
12,160
|
|||
GECC long-term borrowings
|
$
|
229,195
|
$
|
234,391
|
|
Non-recourse borrowings of consolidated securitization entities(h)
|
$
|
29,544
|
$
|
29,258
|
|
Bank deposits(i)
|
$
|
41,106
|
$
|
43,115
|
|
Total borrowings and bank deposits
|
$
|
431,873
|
$
|
443,097
|
|
(a)
|
GECC had issued and outstanding $27,896 million and $35,040 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Included in total long-term borrowings were $1,284 million and $1,845 million of obligations to holders of guaranteed investment contracts at March 31, 2012 and December 31, 2011, respectively. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. On April 3, 2012, following the Moody’s downgrade of GECC’s long-term credit ratings to A1, $1,103 million of these GICs became redeemable by the holders. On May 1, 2012, holders of $133 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. As of May 2, 2012, the contractual redemption period for $788 million of GICs had not yet expired. Subsequent to this contractual redemption period, the remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
(c)
|
Included $8,598 million and $8,538 million of funding secured by real estate, aircraft and other collateral at March 31, 2012 and December 31, 2011, respectively, of which $3,408 million and $2,983 million is non-recourse to GECC at March 31, 2012 and December 31, 2011, respectively.
|
(d)
|
Entirely variable denomination floating-rate demand notes.
|
(e)
|
Included $417 million of subordinated notes guaranteed by GE at both March 31, 2012 and December 31, 2011, of which $117 million is included in current portion of long-term borrowings at both March 31, 2012 and December 31, 2011.
|
(f)
|
Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
|
(g)
|
Included $1,958 million and $1,955 million of covered bonds at March 31, 2012 and December 31, 2011, respectively. If the short-term credit rating of GECC were reduced below A–1/P–1, GECC would be required to partially cash collateralize these bonds in an amount up to $725 million at March 31, 2012.
|
(h)
|
Included at March 31, 2012 and December 31, 2011, were $9,502 million and $10,714 million of current portion of long-term borrowings, respectively, and $20,042 million and $18,544 million of long-term borrowings, respectively. See Note 18.
|
(i)
|
Included $16,682 million and $16,281 million of deposits in non-U.S. banks at March 31, 2012 and December 31, 2011, respectively, and $16,596 million and $17,201 million of certificates of deposits with maturities greater than one year at March 31, 2012 and December 31, 2011, respectively.
|
Principal Pension Plans
|
Other Pension Plans
|
||||||||||
Three months ended March 31
|
Three months ended March 31
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Service cost for benefits earned
|
$
|
348
|
$
|
278
|
$
|
85
|
$
|
68
|
|||
Prior service cost amortization
|
70
|
46
|
1
|
4
|
|||||||
Expected return on plan assets
|
(945)
|
(984)
|
(155)
|
(148)
|
|||||||
Interest cost on benefit obligation
|
616
|
663
|
127
|
126
|
|||||||
Net actuarial loss amortization
|
846
|
572
|
69
|
34
|
|||||||
Pension plans cost
|
$
|
935
|
$
|
575
|
$
|
127
|
$
|
84
|
Principal Retiree Health
|
|||||
and Life Insurance Plans
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Service cost for benefits earned
|
$
|
56
|
$
|
47
|
|
Prior service cost amortization
|
151
|
160
|
|||
Expected return on plan assets
|
(19)
|
(24)
|
|||
Interest cost on benefit obligation
|
129
|
151
|
|||
Net actuarial gain amortization
|
–
|
(29)
|
|||
Retiree benefit plans cost
|
$
|
317
|
$
|
305
|
At
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Unrecognized tax benefits
|
$
|
5,229
|
$
|
5,230
|
|
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
3,957
|
3,938
|
|||
Accrued interest on unrecognized tax benefits
|
1,023
|
1,033
|
|||
Accrued penalties on unrecognized tax benefits
|
134
|
121
|
|||
Reasonably possible reduction to the balance of unrecognized tax benefits
|
|||||
in succeeding 12 months
|
0-850
|
0-900
|
|||
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
0-450
|
0-500
|
|||
(a)
|
Some portion of such reduction may be reported as discontinued operations.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Beginning balance
|
$
|
1,696
|
$
|
5,262
|
|
Net earnings
|
38
|
94
|
|||
Dividends
|
(7)
|
(10)
|
|||
Repurchase of NBCU shares(a)
|
–
|
(3,070)
|
|||
Dispositions
|
–
|
(23)
|
|||
AOCI and other(b)
|
(6)
|
1
|
|||
Ending balance
|
$
|
1,721
|
$
|
2,254
|
|
(a)
|
In January 2011 and prior to the transaction with Comcast, we acquired 12.3% of NBCU’s outstanding shares from Vivendi S.A. See Note 15 in our 2011 consolidated financial statements for additional information related to this transaction.
|
(b)
|
Changes to the individual components of AOCI attributable to noncontrolling interests were insignificant.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Interest on loans
|
$
|
4,858
|
$
|
5,140
|
|
Equipment leased to others
|
2,747
|
2,822
|
|||
Fees
|
1,160
|
1,146
|
|||
Investment income(a)
|
667
|
693
|
|||
Financing leases
|
534
|
665
|
|||
Associated companies(b)
|
270
|
1,082
|
|||
Premiums earned by insurance activities
|
445
|
481
|
|||
Real estate investments
|
356
|
402
|
|||
Other items
|
375
|
563
|
|||
$
|
11,412
|
$
|
12,994
|
||
(a)
|
Included net other-than-temporary impairments on investment securities of $32 million and $64 million in the three months ended March 31, 2012 and 2011, respectively.
|
(b)
|
During the first quarter of 2011, we sold an 18.6% equity interest in Garanti Bank and recorded a pre-tax gain of $690 million. As of March 31, 2012, we hold a 1% equity interest, which is classified as an available-for-sale security.
|
Three months ended March 31
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions; per-share amounts in dollars)
|
Diluted
|
Basic
|
Diluted
|
Basic
|
|||||||
Amounts attributable to the Company:
|
|||||||||||
Consolidated
|
|||||||||||
Earnings from continuing operations for
|
|||||||||||
per-share calculation(a)
|
$
|
3,247
|
$
|
3,247
|
$
|
3,392
|
$
|
3,391
|
|||
Preferred stock dividends declared
|
–
|
–
|
(75)
|
(75)
|
|||||||
Earnings from continuing operations attributable
|
|||||||||||
to common shareowners for per-share
|
|||||||||||
calculation(a)
|
3,247
|
3,247
|
3,317
|
3,316
|
|||||||
Earnings (loss) from discontinued operations
|
|||||||||||
for per-share calculation(a)
|
(217)
|
(217)
|
35
|
35
|
|||||||
Net earnings attributable to GE common
|
|||||||||||
shareowners for per-share calculation(a)
|
$
|
3,030
|
$
|
3,030
|
$
|
3,351
|
$
|
3,351
|
|||
Average equivalent shares
|
|||||||||||
Shares of GE common stock outstanding
|
10,581
|
10,581
|
10,611
|
10,611
|
|||||||
Employee compensation-related shares,
|
|||||||||||
including stock options
|
30
|
–
|
30
|
–
|
|||||||
Total average equivalent shares
|
10,611
|
10,581
|
10,641
|
10,611
|
|||||||
Per-share amounts
|
|||||||||||
Earnings from continuing operations
|
$
|
0.31
|
$
|
0.31
|
$
|
0.31
|
$
|
0.31
|
|||
Earnings (loss) from discontinued operations
|
(0.02)
|
(0.02)
|
–
|
–
|
|||||||
Net earnings
|
0.29
|
0.29
|
0.31
|
0.32
|
|||||||
(a)
|
Included an insignificant amount of dividend equivalents in each of the periods presented.
|
Netting
|
||||||||||||||
(In millions)
|
Level 1
|
(a)
|
Level 2
|
(a)
|
Level 3
|
adjustment
|
(b)
|
Net balance
|
||||||
March 31, 2012
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,464
|
$
|
3,252
|
$
|
–
|
$
|
23,716
|
||||
State and municipal
|
–
|
3,365
|
79
|
–
|
3,444
|
|||||||||
Residential mortgage-backed
|
–
|
2,403
|
107
|
–
|
2,510
|
|||||||||
Commercial mortgage-backed
|
–
|
2,980
|
1
|
–
|
2,981
|
|||||||||
Asset-backed(c)
|
–
|
915
|
4,404
|
–
|
5,319
|
|||||||||
Corporate – non-U.S.
|
74
|
1,197
|
1,249
|
–
|
2,520
|
|||||||||
Government – non-U.S.
|
1,111
|
1,110
|
52
|
–
|
2,273
|
|||||||||
U.S. government and federal agency
|
–
|
3,889
|
260
|
–
|
4,149
|
|||||||||
Retained interests
|
–
|
–
|
34
|
–
|
34
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
601
|
17
|
15
|
–
|
633
|
|||||||||
Trading
|
250
|
–
|
–
|
–
|
250
|
|||||||||
Derivatives(d)
|
–
|
11,702
|
333
|
(6,160)
|
5,875
|
|||||||||
Other(e)
|
–
|
–
|
816
|
–
|
816
|
|||||||||
Total
|
$
|
2,036
|
$
|
48,042
|
$
|
10,602
|
$
|
(6,160)
|
$
|
54,520
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
3,894
|
$
|
16
|
$
|
(3,401)
|
$
|
509
|
||||
Other(f)
|
–
|
981
|
–
|
–
|
981
|
|||||||||
Total
|
$
|
–
|
$
|
4,875
|
$
|
16
|
$
|
(3,401)
|
$
|
1,490
|
||||
December 31, 2011
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,535
|
$
|
3,235
|
$
|
–
|
$
|
23,770
|
||||
State and municipal
|
–
|
3,157
|
77
|
–
|
3,234
|
|||||||||
Residential mortgage-backed
|
–
|
2,568
|
41
|
–
|
2,609
|
|||||||||
Commercial mortgage-backed
|
–
|
2,824
|
4
|
–
|
2,828
|
|||||||||
Asset-backed(c)
|
–
|
930
|
4,040
|
–
|
4,970
|
|||||||||
Corporate – non-U.S.
|
71
|
1,058
|
1,204
|
–
|
2,333
|
|||||||||
Government – non-U.S.
|
1,003
|
1,444
|
84
|
–
|
2,531
|
|||||||||
U.S. government and federal agency
|
–
|
3,805
|
253
|
–
|
4,058
|
|||||||||
Retained interests
|
–
|
–
|
35
|
–
|
35
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
730
|
18
|
17
|
–
|
765
|
|||||||||
Trading
|
241
|
–
|
–
|
–
|
241
|
|||||||||
Derivatives(d)
|
–
|
15,252
|
393
|
(5,604)
|
10,041
|
|||||||||
Other(e)
|
–
|
–
|
817
|
–
|
817
|
|||||||||
Total
|
$
|
2,045
|
$
|
51,591
|
$
|
10,200
|
$
|
(5,604)
|
$
|
58,232
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
5,010
|
$
|
27
|
$
|
(4,308)
|
$
|
729
|
||||
Other(f)
|
–
|
863
|
–
|
–
|
863
|
|||||||||
Total
|
$
|
–
|
$
|
5,873
|
$
|
27
|
$
|
(4,308)
|
$
|
1,592
|
||||
(a)
|
There were no securities transferred between Level 1 and Level 2 during the three months ended March 31, 2012.
|
(b)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists and when collateral is posted to us.
|
(c)
|
Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries.
|
(d)
|
The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a loss of $21 million and $13 million at March 31, 2012 and December 31, 2011, respectively. See Note 16 for additional information on the composition of our derivative portfolio.
|
(e)
|
Included private equity investments and loans designated under the fair value option.
|
(f)
|
Primarily represented the liability associated with certain of our deferred incentive compensation plans.
|
Changes in Level 3 Instruments for the Three Months Ended March 31, 2012
|
|||||||||||||||||||||||||||||||
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2012
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2012
|
2012
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,235
|
$
|
26
|
$
|
38
|
$
|
13
|
$
|
(31)
|
$
|
(16)
|
$
|
–
|
$
|
(13)
|
$
|
3,252
|
$
|
–
|
|||||||||||
State and municipal
|
77
|
–
|
2
|
–
|
–
|
–
|
–
|
–
|
79
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
41
|
(3)
|
3
|
–
|
–
|
(1)
|
68
|
(1)
|
107
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
4
|
–
|
–
|
–
|
–
|
–
|
–
|
(3)
|
1
|
–
|
|||||||||||||||||||||
Asset-backed
|
4,040
|
(4)
|
42
|
341
|
(31)
|
–
|
16
|
–
|
4,404
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,204
|
(9)
|
60
|
10
|
–
|
(26)
|
14
|
(4)
|
1,249
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
84
|
(34)
|
35
|
52
|
(71)
|
(14)
|
–
|
–
|
52
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
253
|
–
|
7
|
–
|
–
|
–
|
–
|
–
|
260
|
–
|
|||||||||||||||||||||
Retained interests
|
35
|
–
|
(4)
|
5
|
(1)
|
(1)
|
–
|
–
|
34
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
17
|
–
|
(1)
|
–
|
–
|
(1)
|
–
|
–
|
15
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
369
|
–
|
1
|
(2)
|
–
|
(2)
|
–
|
(45)
|
321
|
(3)
|
|||||||||||||||||||||
Other
|
817
|
5
|
–
|
1
|
(7)
|
–
|
–
|
–
|
816
|
5
|
|||||||||||||||||||||
Total
|
$
|
10,176
|
$
|
(19)
|
$
|
183
|
$
|
420
|
$
|
(141)
|
$
|
(61)
|
$
|
98
|
$
|
(66)
|
$
|
10,590
|
$
|
2
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $4 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Changes in Level 3 Instruments for the Three Months Ended March 31, 2011
|
|||||||||||||||||||||||||||||||
Net
|
Net
|
||||||||||||||||||||||||||||||
(In millions)
|
realized/
|
change in
|
|||||||||||||||||||||||||||||
unrealized
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
gains
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
(losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
March 31,
|
March 31,
|
|||||||||||||||||||||||||
2011
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2011
|
2011
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,199
|
$
|
87
|
$
|
(23)
|
$
|
45
|
$
|
(114)
|
$
|
(74)
|
$
|
–
|
$
|
–
|
$
|
3,120
|
$
|
–
|
|||||||||||
State and municipal
|
225
|
–
|
(5)
|
4
|
–
|
(3)
|
–
|
(11)
|
210
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
66
|
–
|
3
|
1
|
(4)
|
(1)
|
71
|
(18)
|
118
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
49
|
–
|
–
|
7
|
–
|
–
|
3
|
(48)
|
11
|
–
|
|||||||||||||||||||||
Asset-backed
|
2,540
|
3
|
74
|
371
|
(109)
|
(10)
|
1
|
(44)
|
2,826
|
–
|
|||||||||||||||||||||
Corporate
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
1,486
|
(27)
|
54
|
12
|
(28)
|
(29)
|
11
|
–
|
1,479
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
156
|
–
|
6
|
–
|
–
|
–
|
–
|
–
|
162
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
210
|
–
|
(9)
|
–
|
–
|
–
|
–
|
–
|
201
|
–
|
|||||||||||||||||||||
Retained interests
|
39
|
(19)
|
34
|
–
|
(1)
|
(1)
|
–
|
–
|
52
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
24
|
–
|
(1)
|
–
|
–
|
–
|
1
|
(3)
|
21
|
–
|
|||||||||||||||||||||
Trading
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
265
|
28
|
4
|
4
|
–
|
(185)
|
150
|
6
|
272
|
33
|
|||||||||||||||||||||
Other
|
906
|
59
|
16
|
6
|
–
|
–
|
–
|
–
|
987
|
57
|
|||||||||||||||||||||
Total
|
$
|
9,165
|
$
|
131
|
$
|
153
|
$
|
450
|
$
|
(256)
|
$
|
(303)
|
$
|
237
|
$
|
(118)
|
$
|
9,459
|
$
|
90
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $12 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Remeasured during
|
Remeasured during
|
||||||||||
the three months ended
|
the year ended
|
||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||
(In millions)
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
|||||||
Financing receivables and loans held for sale
|
$
|
196
|
$
|
2,015
|
$
|
158
|
$
|
5,159
|
|||
Cost and equity method investments(a)
|
–
|
73
|
–
|
403
|
|||||||
Long-lived assets, including real estate
|
127
|
1,271
|
1,343
|
3,282
|
|||||||
Total
|
$
|
323
|
$
|
3,359
|
$
|
1,501
|
$
|
8,844
|
|||
(a)
|
Includes the fair value of private equity and real estate funds included in Level 3 of $17 million and $123 million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Financing receivables and loans held for sale
|
$
|
(126)
|
$
|
(363)
|
|
Cost and equity method investments(a)
|
(21)
|
(50)
|
|||
Long-lived assets, including real estate(b)
|
(152)
|
(568)
|
|||
Total
|
$
|
(299)
|
$
|
(981)
|
|
(a)
|
Includes fair value adjustments associated with private equity and real estate funds of $(3) million and $(5) million in the three months ended March 31, 2012 and 2011, respectively.
|
(b)
|
Includes impairments related to real estate equity properties and investments recorded in other costs and expenses of $50 million and $436 million in the three months ended March 31, 2012 and 2011, respectively.
|
Fair value at
|
Range
|
||||||||
March 31,
|
Valuation
|
Unobservable
|
(weighted
|
||||||
(Dollars in millions)
|
2012
|
technique
|
inputs
|
average)
|
|||||
Recurring fair value measurements
|
|||||||||
Investment securities
|
|||||||||
Debt
|
|||||||||
U.S. corporate
|
$
|
1,539
|
Income approach
|
Discount rate(a)
|
2.0%-20.9% (10.3%)
|
||||
Asset-backed
|
4,358
|
Income approach
|
Discount rate(a)
|
1.9%-18.0% (4.4%)
|
|||||
Corporate Non-U.S.
|
713
|
Income approach
|
Discount rate(a)
|
2.3%-27.2% (9.9%)
|
|||||
Other financial assets
|
381
|
Income approach
|
Weighted average
|
8.8%-11.5% (8.8%)
|
|||||
cost of capital
|
|||||||||
Non-recurring fair value measurements
|
|||||||||
Financing receivables and loans held for sale
|
$
|
1,221
|
Income approach
|
Capitalization rate(b)
|
6.7%-12.8% (8.2%)
|
||||
Cost and equity method investments
|
28
|
Income approach
|
Capitalization rate(b)
|
8.6% (8.6%)
|
|||||
Long-lived assets, including real estate
|
200
|
Income approach
|
Capitalization rate(b)
|
4.8%-10.6% (6.2%)
|
|||||
(a)
|
Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value.
|
(b)
|
Represents the rate of return on net operating income which is considered acceptable for an investor and is used to determine a property’s capitalized value. An increase in the capitalization rate would result in a decrease in the fair value.
|
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Assets (liabilities)
|
Assets (liabilities)
|
||||||||||||||||
Carrying
|
Carrying
|
||||||||||||||||
Notional
|
amount
|
Estimated
|
Notional
|
amount
|
Estimated
|
||||||||||||
(In millions)
|
amount
|
(net)
|
fair value
|
amount
|
(net)
|
fair value
|
|||||||||||
GE
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Investments and notes
|
|||||||||||||||||
receivable
|
$
|
(a)
|
$
|
289
|
$
|
289
|
$
|
(a)
|
$
|
285
|
$
|
285
|
|||||
Liabilities
|
|||||||||||||||||
Borrowings
|
(a)
|
(11,713)
|
(12,687)
|
(a)
|
(11,589)
|
(12,535)
|
|||||||||||
GECC
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Loans
|
(a)
|
245,452
|
246,781
|
(a)
|
250,999
|
251,433
|
|||||||||||
Other commercial mortgages
|
(a)
|
1,438
|
1,459
|
(a)
|
1,494
|
1,537
|
|||||||||||
Loans held for sale
|
(a)
|
303
|
303
|
(a)
|
496
|
497
|
|||||||||||
Other financial instruments(c)
|
(a)
|
1,979
|
2,499
|
(a)
|
2,071
|
2,534
|
|||||||||||
Liabilities
|
|||||||||||||||||
Borrowings and bank
|
|||||||||||||||||
deposits(b)(d)
|
(a)
|
(431,873)
|
(443,821)
|
(a)
|
(443,097)
|
(449,403)
|
|||||||||||
Investment contract benefits
|
(a)
|
(3,457)
|
(4,191)
|
(a)
|
(3,493)
|
(4,240)
|
|||||||||||
Guaranteed investment
|
|||||||||||||||||
contracts
|
(a)
|
(4,135)
|
(4,167)
|
(a)
|
(4,226)
|
(4,266)
|
|||||||||||
Insurance – credit life(e)
|
2,121
|
(102)
|
(89)
|
1,944
|
(106)
|
(88)
|
|||||||||||
(a)
|
These financial instruments do not have notional amounts.
|
(b)
|
See Note 8.
|
(c)
|
Principally cost method investments.
|
(d)
|
Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at March 31, 2012 and December 31, 2011 would have been reduced by $6,917 million and $9,051 million, respectively.
|
(e)
|
Net of reinsurance of $2,000 million at both March 31, 2012 and December 31, 2011.
|
Loan Commitments
|
|||||
Notional amount at
|
|||||
March 31,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Ordinary course of business lending commitments(a)
|
$
|
3,010
|
$
|
3,756
|
|
Unused revolving credit lines(b)
|
|||||
Commercial(c)
|
17,373
|
18,757
|
|||
Consumer – principally credit cards
|
253,629
|
257,646
|
|||
(a)
|
Excluded investment commitments of $2,179 million and $2,064 million as of March 31, 2012 and December 31, 2011, respectively.
|
(b)
|
Excluded inventory financing arrangements, which may be withdrawn at our option, of $11,909 million and $12,354 million as of March 31, 2012 and December 31, 2011, respectively.
|
(c)
|
Included commitments of $12,748 million and $14,057 million as of March 31, 2012 and December 31, 2011, respectively, associated with secured financing arrangements that could have increased to a maximum of $15,521 million and $17,344 million at March 31, 2012 and December 31, 2011, respectively, based on asset volume under the arrangement.
|
At
|
|||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||
Fair value
|
Fair value
|
||||||||||
(In millions)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||
Derivatives accounted for as hedges
|
|||||||||||
Interest rate contracts
|
$
|
7,751
|
1,130
|
$
|
9,446
|
$
|
1,049
|
||||
Currency exchange contracts
|
1,411
|
1,577
|
3,750
|
2,325
|
|||||||
Other contracts
|
1
|
2
|
1
|
11
|
|||||||
9,163
|
2,709
|
13,197
|
3,385
|
||||||||
Derivatives not accounted for as hedges
|
|||||||||||
Interest rate contracts
|
439
|
190
|
319
|
241
|
|||||||
Currency exchange contracts
|
1,967
|
923
|
1,748
|
1,274
|
|||||||
Other contracts
|
466
|
88
|
381
|
137
|
|||||||
2,872
|
1,201
|
2,448
|
1,652
|
||||||||
Netting adjustments(a)
|
(2,975)
|
(2,954)
|
(3,294)
|
(3,281)
|
|||||||
Cash collateral(b)(c)
|
(3,185)
|
(447)
|
(2,310)
|
(1,027)
|
|||||||
Total
|
$
|
5,875
|
$
|
509
|
$
|
10,041
|
$
|
729
|
|||
(a)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts included fair value adjustments related to our own and counterparty non-performance risk. At March 31, 2012 and December 31, 2011, the cumulative adjustment for non-performance risk was a loss of $21 million and $13 million, respectively.
|
(b)
|
Excludes excess cash collateralization of $13 million and $579 million at March 31, 2012 and December 31, 2011, respectively.
|
(c)
|
Excludes securities pledged to us as collateral of $6,755 million and $10,574 million at March 31, 2012 and December 31, 2011, respectively.
|
Three months ended March 31
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
|||||||
on hedging
|
on hedged
|
on hedging
|
on hedged
|
||||||||
derivatives
|
items
|
derivatives
|
items
|
||||||||
Interest rate contracts
|
$
|
(1,447)
|
$
|
1,350
|
$
|
(1,731)
|
$
|
1,661
|
|||
Currency exchange contracts
|
(48)
|
40
|
24
|
(27)
|
|||||||
Gain (loss) reclassified
|
|||||||||||
Gain (loss) recognized in AOCI
|
from AOCI into earnings
|
||||||||||
(In millions)
|
for the three months ended March 31
|
for the three months ended March 31
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Cash flow hedges
|
|||||||||||
Interest rate contracts
|
$
|
(27)
|
$
|
24
|
$
|
(141)
|
$
|
(257)
|
|||
Currency exchange contracts
|
135
|
264
|
14
|
493
|
|||||||
Commodity contracts
|
9
|
–
|
(1)
|
(4)
|
|||||||
Total
|
$
|
117
|
$
|
288
|
$
|
(128)
|
$
|
232
|
|||
Gain (loss) recognized in CTA
|
Gain (loss) reclassified from CTA
|
||||||||||
(In millions)
|
for the three months ended March 31
|
for the three months ended March 31
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Net investment hedges
|
|||||||||||
Currency exchange contracts
|
$
|
(1,502)
|
$
|
(801)
|
$
|
(10)
|
$
|
(338)
|
|||
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
CLL
|
||||||
Americas
|
$
|
79,645
|
$
|
80,505
|
||
Europe
|
35,613
|
36,899
|
||||
Asia
|
11,048
|
11,635
|
||||
Other
|
382
|
436
|
||||
Total CLL
|
126,688
|
129,475
|
||||
Energy Financial Services
|
5,287
|
5,912
|
||||
GECAS
|
11,721
|
11,901
|
||||
Other
|
681
|
1,282
|
||||
Total Commercial financing receivables, before allowance for losses
|
$
|
144,377
|
$
|
148,570
|
||
Non-impaired financing receivables
|
$
|
138,464
|
$
|
142,908
|
||
General reserves
|
694
|
718
|
||||
Impaired loans
|
5,913
|
5,662
|
||||
Specific reserves
|
739
|
812
|
||||
March 31, 2012
|
December 31, 2011
|
|||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||
past due
|
past due
|
past due
|
past due
|
|||||
CLL
|
||||||||
Americas
|
1.1
|
%
|
0.7
|
%
|
1.3
|
%
|
0.8
|
%
|
Europe
|
4.4
|
2.4
|
3.8
|
2.1
|
||||
Asia
|
1.2
|
0.6
|
1.3
|
1.0
|
||||
Other
|
0.2
|
–
|
2.0
|
0.1
|
||||
Total CLL
|
2.0
|
1.2
|
2.0
|
1.2
|
||||
Energy Financial Services
|
0.3
|
0.3
|
0.3
|
0.3
|
||||
GECAS
|
–
|
–
|
–
|
–
|
||||
Other
|
6.4
|
6.1
|
3.7
|
3.5
|
||||
Total
|
1.8
|
1.1
|
1.8
|
1.1
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March, 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
CLL
|
||||||||||||
Americas
|
$
|
2,473
|
$
|
2,417
|
$
|
1,664
|
$
|
1,862
|
||||
Europe
|
1,854
|
1,599
|
1,354
|
1,167
|
||||||||
Asia
|
415
|
428
|
245
|
269
|
||||||||
Other
|
64
|
68
|
9
|
11
|
||||||||
Total CLL
|
4,806
|
4,512
|
3,272
|
3,309
|
||||||||
Energy Financial Services
|
29
|
22
|
29
|
22
|
||||||||
GECAS
|
17
|
69
|
17
|
55
|
||||||||
Other
|
87
|
115
|
42
|
65
|
||||||||
Total
|
$
|
4,939
|
$
|
4,718
|
$
|
3,360
|
$
|
3,451
|
||||
Allowance for losses percentage
|
29.0
|
%
|
32.4
|
%
|
42.6
|
%
|
44.3
|
%
|
||||
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment in
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
March 31, 2012
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,566
|
$
|
2,636
|
$
|
2,352
|
$
|
1,127
|
$
|
1,162
|
$
|
362
|
$
|
1,247
|
||||||
Europe
|
981
|
986
|
958
|
858
|
862
|
297
|
794
|
|||||||||||||
Asia
|
63
|
61
|
74
|
134
|
133
|
52
|
145
|
|||||||||||||
Other
|
62
|
69
|
58
|
–
|
–
|
–
|
5
|
|||||||||||||
Total CLL
|
3,672
|
3,752
|
3,442
|
2,119
|
2,157
|
711
|
2,191
|
|||||||||||||
Energy Financial Services
|
3
|
3
|
3
|
18
|
18
|
10
|
18
|
|||||||||||||
GECAS
|
14
|
14
|
21
|
–
|
–
|
–
|
–
|
|||||||||||||
Other
|
18
|
18
|
40
|
69
|
69
|
18
|
72
|
|||||||||||||
Total
|
$
|
3,707
|
$
|
3,787
|
$
|
3,506
|
$
|
2,206
|
$
|
2,244
|
$
|
739
|
$
|
2,281
|
||||||
December 31, 2011
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,136
|
$
|
2,219
|
$
|
2,128
|
$
|
1,367
|
$
|
1,415
|
$
|
425
|
$
|
1,468
|
||||||
Europe
|
936
|
1,060
|
1,001
|
730
|
717
|
263
|
602
|
|||||||||||||
Asia
|
85
|
83
|
94
|
156
|
128
|
84
|
214
|
|||||||||||||
Other
|
54
|
58
|
13
|
11
|
11
|
2
|
5
|
|||||||||||||
Total CLL
|
3,211
|
3,420
|
3,236
|
2,264
|
2,271
|
774
|
2,289
|
|||||||||||||
Energy Financial Services
|
4
|
4
|
20
|
18
|
18
|
9
|
87
|
|||||||||||||
GECAS
|
28
|
28
|
59
|
–
|
–
|
–
|
11
|
|||||||||||||
Other
|
62
|
63
|
67
|
75
|
75
|
29
|
97
|
|||||||||||||
Total
|
$
|
3,305
|
$
|
3,515
|
$
|
3,382
|
$
|
2,357
|
$
|
2,364
|
$
|
812
|
$
|
2,484
|
||||||
Secured
|
|||||||||||
(In millions)
|
A
|
B
|
C
|
Total
|
|||||||
March 31, 2012
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
73,845
|
$
|
1,967
|
$
|
3,833
|
$
|
79,645
|
|||
Europe
|
32,060
|
1,182
|
1,228
|
34,470
|
|||||||
Asia
|
10,196
|
108
|
572
|
10,876
|
|||||||
Other
|
295
|
–
|
87
|
382
|
|||||||
Total CLL
|
116,396
|
3,257
|
5,720
|
125,373
|
|||||||
Energy Financial Services
|
5,010
|
69
|
82
|
5,161
|
|||||||
GECAS
|
11,226
|
447
|
48
|
11,721
|
|||||||
Other
|
681
|
–
|
–
|
681
|
|||||||
Total
|
$
|
133,313
|
$
|
3,773
|
$
|
5,850
|
$
|
142,936
|
|||
December 31, 2011
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
73,103
|
$
|
2,816
|
$
|
4,586
|
$
|
80,505
|
|||
Europe
|
33,481
|
1,080
|
1,002
|
35,563
|
|||||||
Asia
|
10,644
|
116
|
685
|
11,445
|
|||||||
Other
|
345
|
–
|
91
|
436
|
|||||||
Total CLL
|
117,573
|
4,012
|
6,364
|
127,949
|
|||||||
Energy Financial Services
|
5,727
|
24
|
18
|
5,769
|
|||||||
GECAS
|
10,881
|
970
|
50
|
11,901
|
|||||||
Other
|
1,282
|
–
|
–
|
1,282
|
|||||||
Total
|
$
|
135,463
|
$
|
5,006
|
$
|
6,432
|
$
|
146,901
|
|||
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Debt
|
$
|
23,518
|
$
|
24,501
|
||
Business Properties
|
8,013
|
8,248
|
||||
Total Real Estate financing receivables, before allowance for losses
|
$
|
31,531
|
$
|
32,749
|
||
Non-impaired financing receivables
|
$
|
23,292
|
$
|
24,002
|
||
General reserves
|
255
|
267
|
||||
Impaired loans
|
8,239
|
8,747
|
||||
Specific reserves
|
674
|
822
|
March 31, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due
|
past due
|
past due
|
|||||||||
Debt
|
2.8
|
%
|
2.3
|
%
|
2.4
|
%
|
2.3
|
%
|
||||
Business Properties
|
3.7
|
3.0
|
3.9
|
3.0
|
||||||||
Total
|
3.1
|
2.5
|
2.8
|
2.5
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Debt
|
$
|
6,010
|
$
|
6,351
|
$
|
522
|
$
|
541
|
||||
Business Properties
|
541
|
598
|
239
|
249
|
||||||||
Total
|
$
|
6,551
|
$
|
6,949
|
$
|
761
|
$
|
790
|
||||
Allowance for losses percentage
|
14.2
|
%
|
15.7
|
%
|
122.1
|
%
|
137.8
|
%
|
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
in loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
March 31, 2012
|
||||||||||||||||||||
Debt
|
$
|
3,752
|
$
|
3,803
|
$
|
3,655
|
$
|
3,914
|
$
|
3,993
|
$
|
585
|
$
|
4,237
|
||||||
Business Properties
|
201
|
201
|
217
|
372
|
372
|
89
|
385
|
|||||||||||||
Total
|
$
|
3,953
|
$
|
4,004
|
$
|
3,872
|
$
|
4,286
|
$
|
4,365
|
$
|
674
|
$
|
4,622
|
||||||
December 31, 2011
|
||||||||||||||||||||
Debt
|
$
|
3,558
|
$
|
3,614
|
$
|
3,568
|
$
|
4,560
|
$
|
4,652
|
$
|
717
|
$
|
5,435
|
||||||
Business Properties
|
232
|
232
|
215
|
397
|
397
|
105
|
460
|
|||||||||||||
Total
|
$
|
3,790
|
$
|
3,846
|
$
|
3,783
|
$
|
4,957
|
$
|
5,049
|
$
|
822
|
$
|
5,895
|
||||||
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
Less than
|
80% to
|
Greater than
|
Less than
|
80% to
|
Greater than
|
||||||||||||
(In millions)
|
80%
|
95%
|
95%
|
80%
|
95%
|
95%
|
|||||||||||
Debt
|
$
|
14,041
|
$
|
4,578
|
$
|
4,899
|
$
|
14,454
|
$
|
4,593
|
$
|
5,454
|
|||||
Internal Risk Rating
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
A
|
B
|
C
|
A
|
B
|
C
|
|||||||||||
Business
|
|||||||||||||||||
Properties
|
$
|
7,489
|
$
|
102
|
$
|
422
|
$
|
7,628
|
$
|
110
|
$
|
510
|
Financing receivables
|
||||||
March 31,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Non-U.S. residential mortgages
|
$
|
35,257
|
$
|
35,550
|
||
Non-U.S. installment and revolving credit
|
18,963
|
18,544
|
||||
U.S. installment and revolving credit
|
44,283
|
46,689
|
||||
Non-U.S. auto
|
5,166
|
5,691
|
||||
Other
|
7,520
|
7,244
|
||||
Total Consumer financing receivables, before allowance for losses
|
$
|
111,189
|
$
|
113,718
|
||
Non-impaired financing receivables
|
$
|
108,172
|
$
|
110,825
|
||
General reserves
|
2,692
|
2,891
|
||||
Impaired loans
|
3,017
|
2,893
|
||||
Specific reserves
|
660
|
680
|
March 31, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due(a)
|
past due
|
past due(a)
|
|||||||||
Non-U.S. residential mortgages
|
12.0
|
%
|
8.0
|
%
|
12.3
|
%
|
7.9
|
%
|
||||
Non-U.S. installment and revolving credit
|
4.3
|
1.2
|
4.1
|
1.2
|
||||||||
U.S. installment and revolving credit
|
4.4
|
2.0
|
5.0
|
2.2
|
||||||||
Non-U.S. auto
|
3.2
|
0.5
|
3.1
|
0.5
|
||||||||
Other
|
3.3
|
1.9
|
3.5
|
2.0
|
||||||||
Total
|
6.7
|
3.7
|
6.9
|
3.7
|
||||||||
(a)
|
Included $28 million and $45 million of loans at March 31, 2012 and December 31, 2011, respectively, which are over 90 days past due and accruing interest, mainly representing accretion on loans acquired at a discount.
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Non-U.S. residential mortgages
|
$
|
2,975
|
$
|
2,995
|
$
|
2,863
|
$
|
2,870
|
||||
Non-U.S. installment and revolving credit
|
253
|
321
|
253
|
263
|
||||||||
U.S. installment and revolving credit
|
876
|
990
|
876
|
990
|
||||||||
Non-U.S. auto
|
30
|
43
|
30
|
43
|
||||||||
Other
|
477
|
487
|
381
|
419
|
||||||||
Total
|
$
|
4,611
|
$
|
4,836
|
$
|
4,403
|
$
|
4,585
|
||||
Allowance for losses percentage
|
72.7
|
%
|
73.8
|
%
|
76.1
|
%
|
77.9
|
%
|
Loan-to-value ratio
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
80% or
|
Greater than
|
Greater than
|
80% or
|
Greater than
|
Greater than
|
||||||||||||
(In millions)
|
less
|
80% to 90%
|
90%
|
less
|
80% to 90%
|
90%
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages
|
$
|
19,670
|
$
|
6,061
|
$
|
9,526
|
$
|
19,834
|
$
|
6,087
|
$
|
9,629
|
Internal ratings translated to approximate credit bureau equivalent score
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
681 or
|
615 to
|
614 or
|
681 or
|
615 to
|
614 or
|
||||||||||||
(In millions)
|
higher
|
680
|
less
|
higher
|
680
|
less
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
$
|
10,391
|
$
|
4,765
|
$
|
3,807
|
$
|
9,913
|
$
|
4,838
|
$
|
3,793
|
|||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
26,917
|
9,220
|
8,146
|
28,918
|
9,398
|
8,373
|
|||||||||||
Non-U.S. auto
|
3,705
|
903
|
558
|
3,927
|
1,092
|
672
|
·
|
Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment grade, and are funded by the issuance of GICs. These entities were consolidated in 2003 and ceased issuing new investment contracts beginning in the first quarter of 2010. Since 2004, GECC has fully guaranteed repayment of these entities’ GIC obligations. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. To the extent that amounts due were to exceed the ultimate value of proceeds realized from Trinity assets, GECC would be required to provide such excess amount. Following the April 3, 2012 Moody’s downgrade of GECC’s long-term credit ratings to A1, substantially all of these GICs became redeemable by the holders. On May 1, 2012, holders of $1,989 million of GICs redeemed their holdings and GECC made related cash payments. The remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
·
|
Consolidated Securitization Entities (CSEs) comprise primarily our previously unconsolidated QSPEs that were consolidated on January 1, 2010 in connection with our adoption of ASU 2009-16 & 17. These entities were created to facilitate securitization of financial assets and other forms of asset-backed financing which serve as an alternative funding source by providing access to the commercial paper and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and substantially all are non-recourse. We provide servicing for substantially all of the assets in these entities.
|
·
|
Other remaining assets and liabilities of consolidated VIEs relate primarily to four categories of entities: (1) enterprises we acquired that had previously created asset-backed financing entities to fund commercial, middle-market and equipment loans; we are the collateral manager for these entities; (2) joint ventures that lease light industrial equipment; (3) other entities that are involved in power generating and leasing activities; and (4) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE.
|
Consolidated Securitization Entities
|
||||||||||||||||||||
Credit
|
Real
|
Trade
|
||||||||||||||||||
(In millions)
|
Trinity
|
Cards
|
(a)
|
Equipment
|
(a)
|
Estate
|
Receivables
|
Other
|
(b)
|
Total
|
||||||||||
March 31, 2012
|
||||||||||||||||||||
Assets(c)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,801
|
$
|
11,325
|
$
|
3,183
|
$
|
1,354
|
$
|
2,828
|
$
|
38,491
|
||||||
Investment securities
|
4,100
|
–
|
–
|
–
|
–
|
1,046
|
5,146
|
|||||||||||||
Other assets
|
326
|
21
|
363
|
211
|
–
|
4,050
|
4,971
|
|||||||||||||
Total
|
$
|
4,426
|
$
|
19,822
|
$
|
11,688
|
$
|
3,394
|
$
|
1,354
|
$
|
7,924
|
$
|
48,608
|
||||||
Liabilities(c)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
3
|
$
|
26
|
$
|
–
|
$
|
1,387
|
$
|
1,416
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,044
|
9,063
|
3,299
|
1,582
|
856
|
28,844
|
|||||||||||||
Other liabilities
|
4,333
|
83
|
–
|
3
|
11
|
1,273
|
5,703
|
|||||||||||||
Total
|
$
|
4,333
|
$
|
14,127
|
$
|
9,066
|
$
|
3,328
|
$
|
1,593
|
$
|
3,516
|
$
|
35,963
|
||||||
December 31, 2011
|
||||||||||||||||||||
Assets(c)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,229
|
$
|
10,523
|
$
|
3,521
|
$
|
1,614
|
$
|
2,973
|
$
|
37,860
|
||||||
Investment securities
|
4,289
|
–
|
–
|
–
|
–
|
1,031
|
5,320
|
|||||||||||||
Other assets
|
389
|
17
|
283
|
210
|
–
|
2,636
|
3,535
|
|||||||||||||
Total
|
$
|
4,678
|
$
|
19,246
|
$
|
10,806
|
$
|
3,731
|
$
|
1,614
|
$
|
6,640
|
$
|
46,715
|
||||||
Liabilities(c)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
2
|
$
|
25
|
$
|
–
|
$
|
821
|
$
|
848
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,184
|
8,166
|
3,659
|
1,769
|
980
|
28,758
|
|||||||||||||
Other liabilities
|
4,456
|
37
|
–
|
19
|
23
|
1,071
|
5,606
|
|||||||||||||
Total
|
$
|
4,456
|
$
|
14,221
|
$
|
8,168
|
$
|
3,703
|
$
|
1,792
|
$
|
2,872
|
$
|
35,212
|
||||||
(a)
|
We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. We are also owed amounts from the CSEs related to purchased financial assets which have yet to be funded or available excess cash flows due to GE. At March 31, 2012, the amounts owed to the CSEs and receivable from the CSEs were $6,226 million and $4,523 million, respectively.
|
(b)
|
Includes $1,333 million in other assets and $594 million of borrowings at March 31, 2012 due to the consolidation of an entity involved in power generating activities. This entity was previously subject to a leveraged lease and we consolidated this entity in March 2012 following the execution of an agreement that gave us the power to direct activities of this entity.
|
(c)
|
Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation.
|
At
|
|||||||||||||||||
March 31, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
PTL
|
All other
|
Total
|
PTL
|
All other
|
Total
|
|||||||||||
Other assets and investment
|
|||||||||||||||||
securities
|
$
|
7,276
|
$
|
7,325
|
$
|
14,601
|
$
|
7,038
|
$
|
6,954
|
$
|
13,992
|
|||||
Financing receivables – net
|
–
|
2,470
|
2,470
|
–
|
2,507
|
2,507
|
|||||||||||
Total investments
|
7,276
|
9,795
|
17,071
|
7,038
|
9,461
|
16,499
|
|||||||||||
Contractual obligations to fund
|
|||||||||||||||||
investments or guarantees
|
600
|
2,144
|
2,744
|
600
|
2,253
|
2,853
|
|||||||||||
Revolving lines of credit
|
1,080
|
74
|
1,154
|
1,356
|
92
|
1,448
|
|||||||||||
Total
|
$
|
8,956
|
$
|
12,013
|
$
|
20,969
|
$
|
8,994
|
$
|
11,806
|
$
|
20,800
|
Energy Infrastructure
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
$
|
11,168
|
$
|
9,449
|
|
Segment profit
|
$
|
1,524
|
$
|
1,381
|
|
Revenues
|
|||||
Energy
|
$
|
8,042
|
$
|
7,107
|
|
Oil & Gas
|
3,416
|
2,558
|
|||
Segment profit
|
|||||
Energy
|
$
|
1,182
|
$
|
1,115
|
|
Oil & Gas
|
400
|
306
|
|||
GE Capital
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
$
|
11,442
|
$
|
13,036
|
|
Segment profit
|
$
|
1,792
|
$
|
1,790
|
GE Capital
|
||||||||
At
|
||||||||
March 31,
|
December 31,
|
March 31,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Total assets
|
$
|
573,362
|
$
|
584,536
|
$
|
597,673
|
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
|||||
Commercial Lending and Leasing (CLL)
|
$
|
4,442
|
$
|
4,608
|
|
Consumer
|
3,877
|
4,823
|
|||
Real Estate
|
836
|
907
|
|||
Energy Financial Services
|
239
|
345
|
|||
GE Capital Aviation Services (GECAS)
|
1,331
|
1,325
|
|||
Segment profit
|
|||||
CLL
|
$
|
685
|
$
|
554
|
|
Consumer
|
829
|
1,241
|
|||
Real Estate
|
56
|
(358)
|
|||
Energy Financial Services
|
71
|
112
|
|||
GECAS
|
318
|
306
|
At
|
||||||||
March 31,
|
December 31,
|
March 31,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Assets
|
||||||||
CLL
|
$
|
189,993
|
$
|
193,869
|
$
|
197,467
|
||
Consumer
|
135,926
|
138,534
|
141,853
|
|||||
Real Estate
|
59,204
|
60,873
|
70,934
|
|||||
Energy Financial Services
|
19,303
|
18,357
|
18,821
|
|||||
GECAS
|
48,720
|
48,821
|
48,560
|
Corporate Items and Eliminations
|
|||||
Three months ended March 31
|
|||||
(In millions)
|
2012
|
2011
|
|||
Revenues
|
|||||
NBCU/NBCU LLC
|
$
|
187
|
$
|
4,800
|
|
Gains on disposed businesses
|
274
|
–
|
|||
Eliminations and other
|
(441)
|
(306)
|
|||
Total
|
$
|
20
|
$
|
4,494
|
|
Operating Profit (Cost)
|
|||||
Gains on disposed businesses
|
$
|
274
|
$
|
–
|
|
NBCU/NBCU LLC
|
187
|
3,648
|
|||
Principal retirement plans(a)
|
(771)
|
(430)
|
|||
Underabsorbed corporate overhead and other costs
|
(735)
|
(726)
|
|||
Total
|
$
|
(1,045)
|
$
|
2,492
|
|
(a)
|
Included non-operating (non-GAAP) pension income (cost) of $(0.5) billion and $(0.3) billion in the first quarters of 2012 and 2011, respectively, which includes interest costs, expected return on plan assets and non-cash amortization of actuarial gains and losses. See Exhibit 99(a) of this Form 10-Q Report.
|
Discontinued Operations
|
|||||
Three months ended March 31,
|
|||||
(In millions)
|
2012
|
2011
|
|||
Earnings (loss) from discontinued operations,
|
|||||
net of taxes
|
$
|
(217)
|
$
|
35
|
·
|
At GECC, repayments exceeded new issuances of total borrowings by $9.8 billion and collections on financing receivables exceeded originations by $6.6 billion at GECC;
|
·
|
The U.S. dollar was weaker for most major currencies at March 31, 2012 than at December 31, 2011, increasing the translated levels of our non-U.S. dollar assets and liabilities.
|
Three months ended March 31
|
|||||
(In billions)
|
2012
|
2011
|
|||
Operating cash collections(a)
|
$
|
24.2
|
$
|
20.3
|
|
Operating cash payments
|
(22.1)
|
(18.6)
|
|||
GE cash from operating activities (GE CFOA)(a)
|
$
|
2.1
|
$
|
1.7
|
|
(a)
|
GE sells customer receivables to GECC in part to fund the growth of our industrial businesses. These transactions can result in cash generation or cash use. During any given period, GE receives cash from the sale of receivables to GECC. It also foregoes collection of cash on receivables sold. The incremental amount of cash received from sale of receivables in excess of the cash GE would have otherwise collected had those receivables not been sold, represents the cash generated or used in the period relating to this activity. The incremental cash generated in GE CFOA from selling these receivables to GECC decreased GE CFOA by $0.4 billion in the three months ended March 31, 2012 and decreased GE CFOA by $0.6 billion in the three months ended March 31, 2011. See Note 19 to the condensed, consolidated financial statements for additional information about the elimination of intercompany transactions between GE and GECC.
|
Financing receivables at
|
Nonearning receivables at
|
Allowance for losses at
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
79,645
|
$
|
80,505
|
$
|
1,664
|
$
|
1,862
|
$
|
802
|
$
|
889
|
|||||
Europe
|
35,613
|
36,899
|
1,354
|
1,167
|
458
|
400
|
|||||||||||
Asia
|
11,048
|
11,635
|
245
|
269
|
112
|
157
|
|||||||||||
Other
|
382
|
436
|
9
|
11
|
2
|
4
|
|||||||||||
Total CLL
|
126,688
|
129,475
|
3,272
|
3,309
|
1,374
|
1,450
|
|||||||||||
Energy
|
|||||||||||||||||
Financial
|
|||||||||||||||||
Services
|
5,287
|
5,912
|
29
|
22
|
25
|
26
|
|||||||||||
GECAS
|
11,721
|
11,901
|
17
|
55
|
14
|
17
|
|||||||||||
Other
|
681
|
1,282
|
42
|
65
|
20
|
37
|
|||||||||||
Total
|
|||||||||||||||||
Commercial
|
144,377
|
148,570
|
3,360
|
3,451
|
1,433
|
1,530
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt(a)
|
23,518
|
24,501
|
522
|
541
|
812
|
949
|
|||||||||||
Business
|
|||||||||||||||||
Properties(b)
|
8,013
|
8,248
|
239
|
249
|
117
|
140
|
|||||||||||
Total Real Estate
|
31,531
|
32,749
|
761
|
790
|
929
|
1,089
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages(c)
|
35,257
|
35,550
|
2,863
|
2,870
|
498
|
546
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
18,963
|
18,544
|
253
|
263
|
726
|
717
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
44,283
|
46,689
|
876
|
990
|
1,845
|
2,008
|
|||||||||||
Non-U.S. auto
|
5,166
|
5,691
|
30
|
43
|
88
|
101
|
|||||||||||
Other
|
7,520
|
7,244
|
381
|
419
|
195
|
199
|
|||||||||||
Total Consumer
|
111,189
|
113,718
|
4,403
|
4,585
|
3,352
|
3,571
|
|||||||||||
Total
|
$
|
287,097
|
$
|
295,037
|
$
|
8,524
|
$
|
8,826
|
$
|
5,714
|
$
|
6,190
|
|||||
(a)
|
Financing receivables included $0.1 billion of construction loans at both March 31, 2012 and December 31, 2011.
|
(b)
|
Our Business Properties portfolio is underwritten primarily by the credit quality of the borrower and secured by tenant and owner-occupied commercial properties.
|
(c)
|
At March 31, 2012, net of credit insurance, approximately 25% of our secured Consumer non-U.S. residential mortgage portfolio comprised loans with introductory, below market rates that are scheduled to adjust at future dates; with high loan-to-value ratios at inception (greater than 90%); whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At origination, we underwrite loans with an adjustable rate to the reset value. Of these loans, 82% are in our U.K. and France portfolios, which comprise mainly loans with interest-only payments, high loan-to-value ratios at inception and introductory below market rates, have a delinquency rate of 15%, have a loan-to-value ratio at origination of 76% and have re-indexed loan-to-value ratios of 84% and 56%, respectively. At March 31, 2012, 7% (based on dollar values) of these loans in our U.K. and France portfolios have been restructured.
|
Nonearning financing receivables
|
Allowance for losses
|
Allowance for losses
|
|||||||||||||||
as a percent of
|
as a percent of
|
as a percent of
|
|||||||||||||||
financing receivables at
|
nonearning financing receivables at
|
total financing receivables at
|
|||||||||||||||
March 31,
|
December 31,
|
March 31,
|
December 31,
|
March 31,
|
December 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
2.1
|
%
|
2.3
|
%
|
48.2
|
%
|
47.7
|
%
|
1.0
|
%
|
1.1
|
%
|
|||||
Europe
|
3.8
|
3.2
|
33.8
|
34.3
|
1.3
|
1.1
|
|||||||||||
Asia
|
2.2
|
2.3
|
45.7
|
58.4
|
1.0
|
1.3
|
|||||||||||
Other
|
2.4
|
2.5
|
22.2
|
36.4
|
0.5
|
0.9
|
|||||||||||
Total CLL
|
2.6
|
2.6
|
42.0
|
43.8
|
1.1
|
1.1
|
|||||||||||
Energy Financial Services
|
0.5
|
0.4
|
86.2
|
118.2
|
0.5
|
0.4
|
|||||||||||
GECAS
|
0.1
|
0.5
|
82.4
|
30.9
|
0.1
|
0.1
|
|||||||||||
Other
|
6.2
|
5.1
|
47.6
|
56.9
|
2.9
|
2.9
|
|||||||||||
Total Commercial
|
2.3
|
2.3
|
42.6
|
44.3
|
1.0
|
1.0
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
2.2
|
2.2
|
155.6
|
175.4
|
3.5
|
3.9
|
|||||||||||
Business Properties
|
3.0
|
3.0
|
49.0
|
56.2
|
1.5
|
1.7
|
|||||||||||
Total Real Estate
|
2.4
|
2.4
|
122.1
|
137.8
|
2.9
|
3.3
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential mortgages
|
8.1
|
8.1
|
17.4
|
19.0
|
1.4
|
1.5
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
1.3
|
1.4
|
287.0
|
272.6
|
3.8
|
3.9
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving credit
|
2.0
|
2.1
|
210.6
|
202.8
|
4.2
|
4.3
|
|||||||||||
Non-U.S. auto
|
0.6
|
0.8
|
293.3
|
234.9
|
1.7
|
1.8
|
|||||||||||
Other
|
5.1
|
5.8
|
51.2
|
47.5
|
2.6
|
2.7
|
|||||||||||
Total Consumer
|
4.0
|
4.0
|
76.1
|
77.9
|
3.0
|
3.1
|
|||||||||||
Total
|
3.0
|
3.0
|
67.0
|
70.1
|
2.0
|
2.1
|
|||||||||||
Nonaccrual
|
Nonearning
|
||||||||||
financing
|
financing
|
||||||||||
(In millions)
|
receivables
|
receivables
|
|||||||||
March 31, 2012
|
|||||||||||
Commercial
|
|||||||||||
CLL
|
$
|
4,806
|
$
|
3,272
|
|||||||
Energy Financial Services
|
29
|
29
|
|||||||||
GECAS
|
17
|
17
|
|||||||||
Other
|
87
|
42
|
|||||||||
Total Commercial
|
4,939
|
3,360
|
|||||||||
Real Estate
|
6,551
|
761
|
|||||||||
Consumer
|
4,611
|
4,403
|
|||||||||
Total
|
$
|
16,101
|
$
|
8,524
|
|||||||
(In millions)
|
At
|
||||||||||
March 31,
|
December 31,
|
||||||||||
2012
|
2011
|
||||||||||
Loans requiring allowance for losses
|
|||||||||||
Commercial(a)
|
$
|
2,206
|
$
|
2,357
|
|||||||
Real Estate
|
4,286
|
4,957
|
|||||||||
Consumer
|
2,908
|
2,824
|
|||||||||
Total loans requiring allowance for losses
|
9,400
|
10,138
|
|||||||||
Loans expected to be fully recoverable
|
|||||||||||
Commercial(a)
|
3,707
|
3,305
|
|||||||||
Real Estate
|
3,953
|
3,790
|
|||||||||
Consumer
|
109
|
69
|
|||||||||
Total loans expected to be fully recoverable
|
7,769
|
7,164
|
|||||||||
Total impaired loans
|
$
|
17,169
|
$
|
17,302
|
|||||||
Allowance for losses (specific reserves)
|
|||||||||||
Commercial(a)
|
$
|
739
|
$
|
812
|
|||||||
Real Estate
|
674
|
822
|
|||||||||
Consumer
|
660
|
680
|
|||||||||
Total allowance for losses (specific reserves)
|
$
|
2,073
|
$
|
2,314
|
|||||||
Average investment during the period
|
$
|
17,236
|
$
|
18,167
|
|||||||
Interest income earned while impaired(b)
|
190
|
733
|
|||||||||
(a)
|
Includes CLL, Energy Financial Services, GECAS and Other.
|
(b)
|
Recognized principally on a cash basis.
|
At
|
|||||||||||
March 31,
|
December 31,
|
||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Method used to measure impairment
|
|||||||||||
Discounted cash flow
|
$
|
8,771
|
$
|
8,858
|
|||||||
Collateral value
|
8,398
|
8,444
|
|||||||||
Total
|
$
|
17,169
|
$
|
17,302
|
Rest of
|
Total
|
||||||||||||||||||||||
March 31, 2012 (In millions)
|
Spain
|
Portugal
|
Ireland
|
Italy
|
Greece
|
Hungary
|
Europe
|
Europe
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
before allowance
|
|||||||||||||||||||||||
for losses on
|
|||||||||||||||||||||||
financing receivables
|
$
|
2,263
|
$
|
576
|
$
|
421
|
$
|
7,209
|
$
|
73
|
$
|
3,136
|
$
|
79,024
|
$
|
92,702
|
|||||||
Allowance for losses on
|
|||||||||||||||||||||||
financing receivables
|
(83)
|
(23)
|
(19)
|
(266)
|
–
|
(114)
|
(1,428)
|
(1,933)
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
net of allowance
|
|||||||||||||||||||||||
for losses on
|
2,180
|
553
|
402
|
6,943
|
73
|
3,022
|
77,596
|
90,769
|
|||||||||||||||
financing receivables(a)(b)
|
|||||||||||||||||||||||
Investments(c)(d)
|
2
|
–
|
13
|
631
|
–
|
167
|
2,230
|
3,043
|
|||||||||||||||
Cost and equity method
|
|||||||||||||||||||||||
investments(e)
|
865
|
27
|
341
|
70
|
32
|
5
|
728
|
2,068
|
|||||||||||||||
Derivatives,
|
|||||||||||||||||||||||
net of collateral(c)(f)
|
43
|
–
|
–
|
78
|
–
|
–
|
110
|
231
|
|||||||||||||||
Total funded exposures(g)(h)
|
$
|
3,090
|
$
|
580
|
$
|
756
|
$
|
7,722
|
$
|
105
|
$
|
3,194
|
$
|
80,664
|
$
|
96,111
|
|||||||
Unfunded commitments
|
$
|
37
|
$
|
1
|
$
|
26
|
$
|
301
|
$
|
4
|
$
|
603
|
$
|
7,825
|
$
|
8,797
|
|||||||
(a)
|
Financing receivable amounts are classified based on the location or nature of the related obligor.
|
(b)
|
Substantially all relates to non-sovereign obligors. Includes residential mortgage loans of approximately $34.6 billion before consideration of purchased credit protection. We have third-party mortgage insurance for approximately 29% of these residential mortgage loans, substantially all of which were originated in the U.K., Poland and France.
|
(c)
|
Investments and derivatives are classified based on the location of the parent of the obligor or issuer.
|
(d)
|
Includes $1.0 billion related to financial institutions, $0.3 billion related to non-financial institutions and $1.7 billion related to sovereign issuers. Sovereign issuances totaled $0.1 billion and $0.1 billion related to Italy and Hungary, respectively. We held no investments issued by sovereign entities in the other focus countries.
|
(e)
|
Substantially all is non-sovereign.
|
(f)
|
Net of cash collateral; entire amount is non-sovereign.
|
(g)
|
Excludes $23.4 billion of cash on short-term placement with highly rated global financial institutions based in Europe, sovereign central banks and agencies or supra national entities, of which $1.2 billion is in focus countries, and $20.0 billion of cash and equivalents placed with highly rated European financial institutions on a short-term basis, secured by U.S. Treasury securities ($10.9 billion) and sovereign bonds of non-focus countries ($9.1 billion), where the value of our collateral exceeds the amount of our cash exposure.
|
(h)
|
Excludes ELTO ($11.7 billion) and real estate held for investment ($7.3 billion), of which $2.4 billion and $1.2 billion, respectively, are held in focus countries. These assets are held under long-term investment and operating strategies, and our ELTO strategies contemplate an ability to redeploy assets under lease should default by the lessee occur. The values of these assets could be subject to decline or impairment in the current environment.
|
Approximate
|
||||||||||||
dollar value
|
||||||||||||
Total number
|
of shares that
|
|||||||||||
of shares
|
may yet be
|
|||||||||||
purchased
|
purchased
|
|||||||||||
as part of
|
under our
|
|||||||||||
Total number
|
Average
|
our share
|
share
|
|||||||||
of shares
|
price paid
|
repurchase
|
repurchase
|
|||||||||
Period(a)
|
purchased
|
(a)(b)
|
per share
|
program
|
(a)(c)
|
program
|
||||||
(Shares in thousands)
|
||||||||||||
2012
|
||||||||||||
January
|
1,159
|
$
|
18.70
|
807
|
||||||||
February
|
955
|
$
|
19.11
|
712
|
||||||||
March
|
1,220
|
$
|
19.68
|
846
|
||||||||
Total
|
3,334
|
$
|
19.18
|
2,365
|
$
|
7.9
|
billion
|
|||||
(a)
|
Information is presented on a fiscal calendar basis, consistent with our quarterly financial reporting.
|
(b)
|
This category includes 969 thousand shares repurchased from our various benefit plans, primarily the GE Savings and Security Program (the S&SP). Through the S&SP, a defined contribution plan with Internal Revenue Service Code 401(k) features, we repurchase shares resulting from changes in investment options by plan participants.
|
(c)
|
This balance represents the number of shares that were repurchased through the 2007 GE Share Repurchase Program (the Program) under which we are authorized to repurchase up to $15 billion of our common stock through 2013. The Program is flexible and shares are acquired with a combination of borrowings and free cash flow from the public markets and other sources, including GE Stock Direct, a stock purchase plan that is available to the public.
|
Exhibit 11
|
Computation of Per Share Earnings*.
|
|
Exhibit 12
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
Exhibit 31(a)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 31(b)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 32
|
Certification Pursuant to 18 U.S.C. Section 1350.
|
|
Exhibit 99(a)
|
Financial Measures That Supplement Generally Accepted Accounting Principles.
|
|
Exhibit 99(b)
|
Computation of Ratio of Earnings to Fixed Charges (Incorporated by reference to Exhibit 12 to General Electric Capital Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2012 (Commission file number 001-06461)).
|
|
Exhibit 101
|
The following materials from General Electric Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three months ended March 31, 2012 and 2011, (ii) Condensed Consolidated Statement of Comprehensive Income for the three months ended March 31, 2012 and 2011, (iii) Condensed Consolidated Statement of Changes in Shareowners’ Equity for the three months ended March 31, 2012 and 2011, (iv) Condensed Statement of Financial Position at March 31, 2012 and December 31, 2011, (v) Condensed Statement of Cash Flows for the three months ended March 31, 2012 and 2011, and (vi) Notes to Condensed, Consolidated Financial Statements.
|
|
*
|
Data required by Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share, is provided in Note 14 to the Condensed, Consolidated Financial Statements in this Report.
|
General Electric Company
(Registrant)
|
|||
May 4, 2012
|
/s/ Jamie S. Miller
|
||
Date
|
Jamie S. Miller
Vice President and Controller
Duly Authorized Officer and Principal Accounting Officer
|