Current Report Filing (8-k)
January 23 2015 - 08:30AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 23, 2015
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General Electric Company
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(Exact name of registrant as specified in its charter)
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New York
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001-00035
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14-0689340
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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3135 Easton Turnpike, Fairfield, Connecticut
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06828-0001
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (203) 373-2211
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 Results of Operations and Financial Condition.
On January 23, 2015, General Electric Company (the "Company") issued a press release setting forth GE's fourth-quarter 2014 earnings. A copy of GE's press release is being furnished as Exhibit 99 and hereby incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being furnished as part of this report:
Exhibit Description
99 Press release, dated: January 23, 2015, issued by General Electric Company
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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General Electric Company
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(Registrant)
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Date: January 23, 2015
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/s/ Jan R. Hauser
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Jan R. Hauser
Vice President and Controller
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GENERAL ELECTRIC COMPANY
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CONDENSED STATEMENT OF EARNINGS
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(unaudited)
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Consolidated
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GE(a)
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Financial Services (GECC)
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Three months ended December 31
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2014
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2013
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V%
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2014
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2013
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V%
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2014
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2013
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V%
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Revenues and other income
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Sales of goods and services
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$
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30,920
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$
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28,701
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8%
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$
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31,046
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$
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28,826
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8%
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$
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32
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$
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36
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(11)%
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Other income
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(14)
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1,026
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18
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993
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-
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-
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GECC earnings from continuing operations
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-
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-
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2,052
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2,493
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-
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-
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GECC revenues from services
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11,098
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10,655
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-
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-
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11,480
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11,041
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Total revenues and other income
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42,004
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40,382
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4%
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33,116
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32,312
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2%
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11,512
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11,077
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4%
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Costs and expenses
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Cost of sales
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23,043
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21,880
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23,179
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22,006
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23
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33
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Interest and other financial charges
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2,366
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2,468
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437
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345
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2,072
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2,273
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Investment contracts, insurance losses and
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insurance annuity benefits
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608
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654
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-
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-
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637
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648
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Provision for losses on financing receivables
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1,098
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1,562
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-
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-
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1,098
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1,562
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Other costs and expenses
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8,810
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9,159
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3,616
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4,225
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5,435
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5,145
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Total costs and expenses
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35,925
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35,723
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1%
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27,232
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26,576
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2%
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9,265
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9,661
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(4)%
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Earnings from continuing operations
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before income taxes
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6,079
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4,659
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30%
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5,884
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5,736
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3%
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2,247
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1,416
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59%
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Benefit (provision) for income taxes
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(600)
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490
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(491)
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(602)
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(109)
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1,092
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Earnings from continuing operations
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5,479
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5,149
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6%
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5,393
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5,134
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5%
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2,138
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2,508
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(15)%
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Earnings (loss) from discontinued
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operations, net of taxes
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(140)
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(1,785)
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(140)
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(1,785)
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(140)
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(1,720)
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Net earnings
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5,339
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3,364
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59%
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5,253
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3,349
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57%
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1,998
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788
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F
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Less net earnings (loss) attributable to
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|
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noncontrolling interests
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187
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|
158
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|
101
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143
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|
86
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|
15
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Net earnings attributable
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to the Company
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5,152
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3,206
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61%
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5,152
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3,206
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61%
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1,912
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773
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F
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Preferred stock dividends declared
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-
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-
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-
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-
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(161)
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(163)
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Net earnings attributable to
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GE common shareowners
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$
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5,152
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$
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3,206
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61%
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$
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5,152
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$
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3,206
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61%
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$
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1,751
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$
|
610
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F
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Amounts attributable to GE common
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shareowners:
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Earnings from continuing operations
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$
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5,479
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$
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5,149
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6%
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$
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5,393
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$
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5,134
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5%
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$
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2,138
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$
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2,508
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(15)%
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Less net earnings (loss) attributable
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|
|
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|
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|
|
|
|
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to noncontrolling interests
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|
187
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|
158
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|
|
|
|
101
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|
|
143
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|
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|
86
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|
|
15
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|
|
Earnings from continuing operations
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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attributable to the Company
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5,292
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4,991
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6%
|
|
|
|
5,292
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|
|
4,991
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|
6%
|
|
|
2,052
|
|
|
2,493
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(18)%
|
GECC preferred stock dividends declared
|
|
-
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
(161)
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|
|
(163)
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|
|
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
attributable to GE common shareowners
|
|
5,292
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|
|
4,991
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|
6%
|
|
|
|
5,292
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|
|
4,991
|
|
6%
|
|
|
1,891
|
|
|
2,330
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|
(19)%
|
Earnings (loss) from discontinued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations, net of taxes
|
|
(140)
|
|
|
(1,785)
|
|
|
|
|
|
(140)
|
|
|
(1,785)
|
|
|
|
|
(140)
|
|
|
(1,720)
|
|
|
Net earnings attributable to GE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common shareowners
|
$
|
5,152
|
|
$
|
3,206
|
|
61%
|
|
|
$
|
5,152
|
|
$
|
3,206
|
|
61%
|
|
$
|
1,751
|
|
$
|
610
|
|
F
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per-share amounts - earnings from
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
0.52
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|
$
|
0.49
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
0.53
|
|
$
|
0.49
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per-share amounts - net earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
0.51
|
|
$
|
0.32
|
|
59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
0.51
|
|
$
|
0.32
|
|
59%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
|
|
10,127
|
|
|
10,162
|
|
-%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
|
|
10,050
|
|
|
10,090
|
|
-%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.23
|
|
$
|
0.22
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to GE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
$
|
5,292
|
|
$
|
4,991
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment (net of tax): non-operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
pension costs/(income)
|
|
343
|
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings (non-GAAP measure)
|
$
|
5,635
|
|
$
|
5,417
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings - diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per share
|
$
|
0.56
|
|
$
|
0.53
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Refers to the Industrial businesses of the Company including GECC on an equity basis. |
Dollar amounts and share amounts in millions; per-share amounts in dollars. Supplemental data are shown for "GE" and "GECC." Transactions between GE and GECC have been eliminated from the "Consolidated" columns. See Note 1 to the 2013 consolidated financial statements at www.ge.com/ar2013 for further information about consolidation matters.
GENERAL ELECTRIC COMPANY
|
CONDENSED STATEMENT OF EARNINGS
|
(unaudited)
|
|
Consolidated
|
|
|
GE(a)
|
|
Financial Services (GECC)
|
Twelve months ended December 31
|
2014
|
|
2013
|
V%
|
|
|
2014
|
|
2013
|
|
V%
|
2014
|
|
2013
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of goods and services
|
$
|
106,758
|
|
$
|
100,542
|
|
6%
|
|
|
$
|
107,308
|
|
$
|
101,014
|
|
6%
|
|
$
|
121
|
|
$
|
126
|
|
(4)%
|
Other income
|
|
778
|
|
|
3,108
|
|
|
|
|
|
707
|
|
|
2,886
|
|
|
|
|
-
|
|
|
-
|
|
|
GECC earnings from continuing operations
|
|
-
|
|
|
-
|
|
|
|
|
|
7,341
|
|
|
8,258
|
|
|
|
|
-
|
|
|
-
|
|
|
GECC revenues from services
|
|
41,053
|
|
|
42,395
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
42,604
|
|
|
43,941
|
|
|
Total revenues and other income
|
|
148,589
|
|
|
146,045
|
|
2%
|
|
|
|
115,356
|
|
|
112,158
|
|
3%
|
|
|
42,725
|
|
|
44,067
|
|
(3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
81,311
|
|
|
77,141
|
|
|
|
|
|
81,877
|
|
|
77,630
|
|
|
|
|
104
|
|
|
108
|
|
|
Interest and other financial charges
|
|
9,482
|
|
|
10,116
|
|
|
|
|
|
1,579
|
|
|
1,333
|
|
|
|
|
8,397
|
|
|
9,267
|
|
|
Investment contracts, insurance losses and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
insurance annuity benefits
|
|
2,548
|
|
|
2,676
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
2,678
|
|
|
2,779
|
|
|
Provision for losses on financing receivables
|
|
3,993
|
|
|
4,818
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
3,993
|
|
|
4,818
|
|
|
Other costs and expenses
|
|
34,026
|
|
|
35,143
|
|
|
|
|
|
14,971
|
|
|
16,105
|
|
|
|
|
19,912
|
|
|
19,776
|
|
|
Total costs and expenses
|
|
131,360
|
|
|
129,894
|
|
1%
|
|
|
|
98,427
|
|
|
95,068
|
|
4%
|
|
|
35,084
|
|
|
36,748
|
|
(5)%
|
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
before income taxes
|
|
17,229
|
|
|
16,151
|
|
7%
|
|
|
|
16,929
|
|
|
17,090
|
|
(1)%
|
|
|
7,641
|
|
|
7,319
|
|
4%
|
Benefit (provision) for income taxes
|
|
(1,772)
|
|
|
(676)
|
|
|
|
|
|
(1,634)
|
|
|
(1,668)
|
|
|
|
|
(138)
|
|
|
992
|
|
|
Earnings from continuing operations
|
|
15,457
|
|
|
15,475
|
|
-%
|
|
|
|
15,295
|
|
|
15,422
|
|
(1)%
|
|
|
7,503
|
|
|
8,311
|
|
(10)%
|
Earnings (loss) from discontinued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations, net of taxes
|
|
(112)
|
|
|
(2,120)
|
|
|
|
|
|
(112)
|
|
|
(2,120)
|
|
|
|
|
(107)
|
|
|
(2,054)
|
|
|
Net earnings
|
|
15,345
|
|
|
13,355
|
|
15%
|
|
|
|
15,183
|
|
|
13,302
|
|
14%
|
|
|
7,396
|
|
|
6,257
|
|
18%
|
Less net earnings (loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
noncontrolling interests
|
|
112
|
|
|
298
|
|
|
|
|
|
(50)
|
|
|
245
|
|
|
|
|
162
|
|
|
53
|
|
|
Net earnings attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the Company
|
|
15,233
|
|
|
13,057
|
|
17%
|
|
|
|
15,233
|
|
|
13,057
|
|
17%
|
|
|
7,234
|
|
|
6,204
|
|
17%
|
Preferred stock dividends declared
|
|
-
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
(322)
|
|
|
(298)
|
|
|
Net earnings attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GE common shareowners
|
$
|
15,233
|
|
$
|
13,057
|
|
17%
|
|
|
$
|
15,233
|
|
$
|
13,057
|
|
17%
|
|
$
|
6,912
|
|
$
|
5,906
|
|
17%
|
Amounts attributable to GE common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
$
|
15,457
|
|
$
|
15,475
|
|
-%
|
|
|
$
|
15,295
|
|
$
|
15,422
|
|
(1)%
|
|
$
|
7,503
|
|
$
|
8,311
|
|
(10)%
|
Less net earnings (loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to noncontrolling interests
|
|
112
|
|
|
298
|
|
|
|
|
|
(50)
|
|
|
245
|
|
|
|
|
162
|
|
|
53
|
|
|
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to the Company
|
|
15,345
|
|
|
15,177
|
|
1%
|
|
|
|
15,345
|
|
|
15,177
|
|
1%
|
|
|
7,341
|
|
|
8,258
|
|
(11)%
|
GECC preferred stock dividends declared
|
|
-
|
|
|
-
|
|
|
|
|
|
-
|
|
|
-
|
|
|
|
|
(322)
|
|
|
(298)
|
|
|
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to GE common shareowners
|
|
15,345
|
|
|
15,177
|
|
1%
|
|
|
|
15,345
|
|
|
15,177
|
|
1%
|
|
|
7,019
|
|
|
7,960
|
|
(12)%
|
Earnings (loss) from discontinued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations, net of taxes
|
|
(112)
|
|
|
(2,120)
|
|
|
|
|
|
(112)
|
|
|
(2,120)
|
|
|
|
|
(107)
|
|
|
(2,054)
|
|
|
Net earnings attributable to GE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common shareowners
|
$
|
15,233
|
|
$
|
13,057
|
|
17%
|
|
|
$
|
15,233
|
|
$
|
13,057
|
|
17%
|
|
$
|
6,912
|
|
$
|
5,906
|
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per-share amounts - earnings from
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
1.51
|
|
$
|
1.47
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
1.53
|
|
$
|
1.48
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per-share amounts - net earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
$
|
1.50
|
|
$
|
1.27
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
$
|
1.51
|
|
$
|
1.28
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average equivalent shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
|
|
10,123
|
|
|
10,289
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings
|
|
10,045
|
|
|
10,222
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.89
|
|
$
|
0.79
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to GE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common shareowners:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
$
|
15,345
|
|
$
|
15,177
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment (net of tax): non-operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
pension costs/(income)
|
|
1,378
|
|
|
1,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings (non-GAAP measure)
|
$
|
16,723
|
|
$
|
16,882
|
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings - diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per share
|
$
|
1.65
|
|
$
|
1.64
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Refers to the Industrial businesses of the Company including GECC on an equity basis. |
Dollar amounts and share amounts in millions; per-share amounts in dollars. Supplemental data are shown for "GE" and "GECC." Transactions between GE and GECC have been eliminated from the "Consolidated" columns. See Note 1 to the 2013 consolidated financial statements at www.ge.com/ar2013 for further information about consolidation matters.
GENERAL ELECTRIC COMPANY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUMMARY OF OPERATING SEGMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
Twelve months ended December 31
|
(Dollars in millions)
|
2014
|
|
2013
|
|
V%
|
|
2014
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power & Water
|
$
|
9,388
|
|
$
|
7,686
|
|
22%
|
|
$
|
27,564
|
|
$
|
24,724
|
|
11%
|
Oil & Gas
|
|
5,010
|
|
|
5,306
|
|
(6)%
|
|
|
18,676
|
|
|
16,975
|
|
10%
|
Energy Management
|
|
1,978
|
|
|
2,012
|
|
(2)%
|
|
|
7,319
|
|
|
7,569
|
|
(3)%
|
Aviation
|
|
6,424
|
|
|
6,170
|
|
4%
|
|
|
23,990
|
|
|
21,911
|
|
9%
|
Healthcare
|
|
5,133
|
|
|
5,117
|
|
-%
|
|
|
18,299
|
|
|
18,200
|
|
1%
|
Transportation
|
|
1,577
|
|
|
1,460
|
|
8%
|
|
|
5,650
|
|
|
5,885
|
|
(4)%
|
Appliances & Lighting
|
|
2,310
|
|
|
2,196
|
|
5%
|
|
|
8,404
|
|
|
8,338
|
|
1%
|
Total industrial segment revenues
|
|
31,820
|
|
|
29,947
|
|
6%
|
|
|
109,902
|
|
|
103,602
|
|
6%
|
GE Capital
|
|
11,512
|
|
|
11,077
|
|
4%
|
|
|
42,725
|
|
|
44,067
|
|
(3)%
|
Total segment revenues
|
|
43,332
|
|
|
41,024
|
|
6%
|
|
|
152,627
|
|
|
147,669
|
|
3%
|
Corporate items and eliminations(a)
|
|
(1,328)
|
|
|
(642)
|
|
U
|
|
|
(4,038)
|
|
|
(1,624)
|
|
U
|
Consolidated revenues and other income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from continuing operations
|
$
|
42,004
|
|
$
|
40,382
|
|
4%
|
|
$
|
148,589
|
|
$
|
146,045
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power & Water
|
$
|
2,140
|
|
$
|
1,897
|
|
13%
|
|
$
|
5,352
|
|
$
|
4,992
|
|
7%
|
Oil & Gas
|
|
814
|
|
|
802
|
|
1%
|
|
|
2,585
|
|
|
2,178
|
|
19%
|
Energy Management
|
|
113
|
|
|
46
|
|
F
|
|
|
246
|
|
|
110
|
|
F
|
Aviation
|
|
1,397
|
|
|
1,251
|
|
12%
|
|
|
4,973
|
|
|
4,345
|
|
14%
|
Healthcare
|
|
1,020
|
|
|
1,062
|
|
(4)%
|
|
|
3,047
|
|
|
3,048
|
|
-%
|
Transportation
|
|
316
|
|
|
280
|
|
13%
|
|
|
1,130
|
|
|
1,166
|
|
(3)%
|
Appliances & Lighting
|
|
188
|
|
|
142
|
|
32%
|
|
|
431
|
|
|
381
|
|
13%
|
Total industrial segment profit
|
|
5,988
|
|
|
5,480
|
|
9%
|
|
|
17,764
|
|
|
16,220
|
|
10%
|
GE Capital
|
|
1,891
|
|
|
2,330
|
|
(19)%
|
|
|
7,019
|
|
|
7,960
|
|
(12)%
|
Total segment profit
|
|
7,879
|
|
|
7,810
|
|
1%
|
|
|
24,783
|
|
|
24,180
|
|
2%
|
Corporate items and eliminations(a)
|
|
(1,659)
|
|
|
(1,872)
|
|
11%
|
|
|
(6,225)
|
|
|
(6,002)
|
|
(4)%
|
GE interest and other financial charges
|
|
(437)
|
|
|
(345)
|
|
(27)%
|
|
|
(1,579)
|
|
|
(1,333)
|
|
(18)%
|
GE provision for income taxes
|
|
(491)
|
|
|
(602)
|
|
18%
|
|
|
(1,634)
|
|
|
(1,668)
|
|
2%
|
Earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to the Company
|
|
5,292
|
|
|
4,991
|
|
6%
|
|
|
15,345
|
|
|
15,177
|
|
1%
|
Earnings (loss) from discontinued operations,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of taxes
|
|
(140)
|
|
|
(1,785)
|
|
92%
|
|
|
(112)
|
|
|
(2,120)
|
|
95%
|
Consolidated net earnings attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
the Company
|
$
|
5,152
|
|
$
|
3,206
|
|
61%
|
|
$
|
15,233
|
|
$
|
13,057
|
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Segment revenues includes both revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations, the portion of 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 Power & Water, Oil & Gas, Energy Management, Aviation, Healthcare, Transportation and Appliances & Lighting; included in determining segment profit, which we sometimes refer to as "net earnings," for GE Capital. Certain corporate costs, such as shared services, employee benefits and information technology are allocated to our segments based on usage. A portion of the remaining corporate costs are allocated based on each segment's relative net cost of operations. Effective in the second quarter of 2014, we began reporting our GE Capital segment results including the effects of the GECC preferred stock dividends. The cost of these dividends had previously been reported in the GE Corporate Items and Eliminations line in the Company's Summary of Operating Segments table. Presenting GE Capital segment results including the effects of the GECC preferred stock dividends aligns the way management currently measures the results of our financial services business. Prior-period information has been reclassified to be consistent with how we currently measure GE Capital.
|
GENERAL ELECTRIC COMPANY
|
SUMMARY OF OPERATING SEGMENTS
|
Additional Information
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
Twelve months ended December 31
|
(Dollars in millions)
|
2014
|
|
2013
|
|
V%
|
|
2014
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GE Capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
11,512
|
|
$
|
11,077
|
|
4%
|
|
$
|
42,725
|
|
$
|
44,067
|
|
(3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit
|
$
|
1,891
|
|
$
|
2,330
|
|
(19)%
|
|
$
|
7,019
|
|
$
|
7,960
|
|
(12)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Lending and Leasing (CLL)
|
$
|
3,756
|
|
$
|
3,225
|
|
16%
|
|
$
|
14,630
|
|
$
|
14,316
|
|
2%
|
Consumer
|
|
4,201
|
|
|
4,583
|
|
(8)%
|
|
|
15,023
|
|
|
15,741
|
|
(5)%
|
Real Estate
|
|
977
|
|
|
697
|
|
40%
|
|
|
2,969
|
|
|
3,915
|
|
(24)%
|
Energy Financial Services
|
|
577
|
|
|
442
|
|
31%
|
|
|
1,697
|
|
|
1,526
|
|
11%
|
GE Capital Aviation Services (GECAS)
|
|
1,290
|
|
|
1,373
|
|
(6)%
|
|
|
5,242
|
|
|
5,346
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLL
|
$
|
549
|
|
$
|
263
|
|
F
|
|
$
|
2,271
|
|
$
|
1,965
|
|
16%
|
Consumer
|
|
1,137
|
|
|
2,057
|
|
(45)%
|
|
|
3,016
|
|
|
4,319
|
|
(30)%
|
Real Estate
|
|
299
|
|
|
128
|
|
F
|
|
|
1,002
|
|
|
1,717
|
|
(42)%
|
Energy Financial Services
|
|
111
|
|
|
117
|
|
(5)%
|
|
|
401
|
|
|
410
|
|
(2)%
|
GECAS
|
|
218
|
|
|
71
|
|
F
|
|
|
1,046
|
|
|
896
|
|
17%
|
GENERAL ELECTRIC COMPANY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENT OF FINANCIAL POSITION
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
GE(a)
|
|
Financial Services (GECC)
|
|
|
December 31,
|
|
December 31,
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
(Dollars in billions)
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash & marketable securities
|
$
|
138.1
|
|
$
|
132.5
|
|
|
$
|
16.0
|
|
$
|
14.0
|
|
$
|
122.1
|
|
$
|
118.5
|
|
Receivables
|
|
23.2
|
|
|
21.4
|
|
|
|
11.5
|
|
|
11.0
|
|
|
-
|
|
|
-
|
|
Inventories
|
|
17.7
|
|
|
17.3
|
|
|
|
17.6
|
|
|
17.3
|
|
|
0.1
|
|
|
0.1
|
|
Financing receivables – net
|
|
224.8
|
|
|
241.9
|
|
|
|
-
|
|
|
-
|
|
|
237.0
|
|
|
253.0
|
|
Property, plant and equipment – net
|
|
66.4
|
|
|
68.8
|
|
|
|
17.2
|
|
|
17.6
|
|
|
49.6
|
|
|
51.6
|
|
Investment in GECC
|
|
-
|
|
|
-
|
|
|
|
82.5
|
|
|
77.7
|
|
|
-
|
|
|
-
|
|
Goodwill & intangible assets
|
|
90.7
|
|
|
92.0
|
|
|
|
64.5
|
|
|
64.6
|
|
|
26.2
|
|
|
27.3
|
|
Other assets
|
|
79.9
|
|
|
80.3
|
|
|
|
33.6
|
|
|
28.8
|
|
|
54.3
|
|
|
59.1
|
|
Assets of businesses held for sale
|
|
6.3
|
|
|
0.1
|
|
|
|
2.8
|
|
|
-
|
|
|
3.5
|
|
|
0.1
|
|
Assets of discontinued operations
|
|
1.2
|
|
|
2.3
|
|
|
|
-
|
|
|
-
|
|
|
1.2
|
|
|
2.3
|
|
Total assets
|
$
|
648.3
|
|
$
|
656.6
|
|
|
$
|
245.7
|
|
$
|
231.0
|
|
$
|
494.0
|
|
$
|
512.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings and bank deposits
|
$
|
365.0
|
|
$
|
383.0
|
|
|
$
|
16.3
|
|
$
|
13.4
|
|
$
|
349.5
|
|
$
|
371.1
|
|
Investment contracts, insurance liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and insurance annuity benefits
|
|
27.6
|
|
|
26.5
|
|
|
|
-
|
|
|
-
|
|
|
28.0
|
|
|
27.0
|
|
Other liabilities
|
|
114.2
|
|
|
106.4
|
|
|
|
98.7
|
|
|
86.1
|
|
|
22.6
|
|
|
27.0
|
|
Liabilities of businesses held for sale
|
|
3.4
|
|
|
-
|
|
|
|
1.5
|
|
|
-
|
|
|
2.4
|
|
|
-
|
|
Liabilities of discontinued operations
|
|
1.2
|
|
|
3.9
|
|
|
|
0.1
|
|
|
0.1
|
|
|
1.1
|
|
|
3.8
|
|
Total GE shareowners' equity
|
|
128.2
|
|
|
130.6
|
|
|
|
128.2
|
|
|
130.6
|
|
|
87.5
|
|
|
82.7
|
|
Noncontrolling interests
|
|
8.7
|
|
|
6.2
|
|
|
|
0.8
|
|
|
0.8
|
|
|
2.9
|
|
|
0.4
|
|
Total liabilities and equity
|
$
|
648.3
|
|
$
|
656.6
|
|
|
$
|
245.7
|
|
$
|
231.0
|
|
$
|
494.0
|
|
$
|
512.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Refers to the Industrial businesses of the Company including GECC on an equity basis. |
Supplemental data are shown for "GE" and "GECC." Transactions between GE and GECC have been eliminated from the "Consolidated" columns. See Note 1 to the 2013 consolidated financial statements at www.ge.com/ar2013 for further information about consolidation matters.
GENERAL ELECTRIC COMPANY
Financial Measures That Supplement GAAP
We sometimes use information derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. We have referred to:
·
|
Operating earnings and operating earnings per share (EPS)
|
·
|
Industrial operating earnings, GE Capital operating earnings, Industrial operating EPS and GE Capital operating EPS
|
·
|
Industrial segment organic revenue growth
|
·
|
GE Capital ending net investment (ENI), excluding liquidity
|
·
|
Industrial cash flows from operating activities (Industrial CFOA) and Industrial CFOA excluding effects of NBCU deal-related taxes
|
·
|
Oil & Gas organic revenue and profit growth
|
The reconciliations of these measures to the most comparable GAAP measures follow.
OPERATING EARNINGS AND OPERATING EARNINGS PER SHARE (EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
|
Twelve months ended December 31
|
(Dollars in millions; except earnings per share)
|
2014
|
|
2013
|
|
V%
|
|
2014
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations attributable to GE
|
$
|
5,292
|
|
$
|
4,991
|
|
6%
|
|
$
|
15,345
|
|
$
|
15,177
|
|
1%
|
Adjustment (net of tax): non-operating pension costs/(income)
|
|
343
|
|
|
426
|
|
|
|
|
1,378
|
|
|
1,705
|
|
|
Operating earnings
|
$
|
5,635
|
|
$
|
5,417
|
|
4%
|
|
$
|
16,723
|
|
$
|
16,882
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share – diluted(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing earnings per share
|
$
|
0.52
|
|
$
|
0.49
|
|
6%
|
|
$
|
1.51
|
|
$
|
1.47
|
|
3%
|
Adjustment (net of tax): non-operating pension costs/(income)
|
|
0.03
|
|
|
0.04
|
|
|
|
|
0.14
|
|
|
0.16
|
|
|
Operating earnings per share
|
$
|
0.56
|
|
$
|
0.53
|
|
6%
|
|
$
|
1.65
|
|
$
|
1.64
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
INDUSTRIAL OPERATING EARNINGS, GE CAPITAL OPERATING EARNINGS,
|
INDUSTRIAL OPERATING EPS AND GE CAPITAL OPERATING EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
|
Twelve months ended December 31
|
(Dollars in millions; except earnings per share)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations attributable to GE
|
$
|
5,292
|
|
$
|
4,991
|
|
|
|
$
|
15,345
|
|
$
|
15,177
|
|
|
Adjustments (net of tax): non-operating pension costs (income)
|
|
343
|
|
|
426
|
|
|
|
|
1,378
|
|
|
1,705
|
|
|
Operating earnings
|
|
5,635
|
|
|
5,417
|
|
4%
|
|
|
16,723
|
|
|
16,882
|
|
(1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less GECC earnings from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to GE common shareowners
|
|
1,891
|
|
|
2,330
|
|
|
|
|
7,019
|
|
|
7,960
|
|
|
Operating earnings excluding GECC earnings from continuing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations attributable to GE common shareowners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Industrial operating earnings)
|
$
|
3,744
|
|
$
|
3,087
|
|
21%
|
|
$
|
9,704
|
|
$
|
8,922
|
|
9%
|
Operating earnings less Industrial operating
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings (GE Capital operating earnings)
|
|
1,891
|
|
|
2,330
|
|
(19)%
|
|
|
7,019
|
|
|
7,960
|
|
(12)%
|
Operating earnings
|
|
5,635
|
|
|
5,417
|
|
|
|
|
16,723
|
|
|
16,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial operating earnings as a percentage of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operating earnings
|
|
66%
|
|
|
57%
|
|
|
|
|
58%
|
|
|
53%
|
|
|
GE Capital earnings as a percentage of operating earnings
|
|
34%
|
|
|
43%
|
|
|
|
|
42%
|
|
|
47%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated portion of operating EPS attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to Industrial (Industrial operating EPS)
|
$
|
0.37
|
|
$
|
0.30
|
|
23%
|
|
$
|
0.96
|
|
$
|
0.87
|
|
10%
|
Allocated portion of operating EPS attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to GE Capital (GE Capital operating EPS)
|
|
0.19
|
|
|
0.23
|
|
(17)%
|
|
|
0.69
|
|
|
0.77
|
|
(10)%
|
Total operating EPS
|
$
|
0.56
|
|
$
|
0.53
|
|
6%
|
|
$
|
1.65
|
|
$
|
1.64
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings excludes non-service-related pension costs of our principal pension plans comprising interest cost, expected return on plan assets and amortization of actuarial gains/losses. The service cost, prior service cost and curtailment loss components of our principal pension plans are included in operating earnings. We believe that these components of pension cost better reflect the ongoing service-related costs of providing pension benefits to our employees. As such, we believe that our measure of operating earnings provides management and investors with a useful measure of the operational results of our business. Other components of GAAP pension cost are mainly driven by capital allocation decisions and market performance, and we manage these separately from the operational performance of our businesses. Neither GAAP nor operating pension costs are necessarily indicative of the current or future cash flow requirements related to our pension plan. We also believe that this measure, considered along with the corresponding GAAP measure, provides management and investors with additional information for comparison of our operating results to the operating results of other companies. We believe that presenting operating earnings separately for our industrial and financial services businesses also provides management and investors with useful information about the relative size of our industrial and financial services businesses in relation to the total company.
INDUSTRIAL SEGMENT ORGANIC REVENUE GROWTH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
Segment revenues:
|
|
|
|
|
|
|
|
|
Power & Water
|
$
|
9,388
|
|
$
|
7,686
|
|
|
|
Oil & Gas
|
|
5,010
|
|
|
5,306
|
|
|
|
Energy Management
|
|
1,978
|
|
|
2,012
|
|
|
|
Aviation
|
|
6,424
|
|
|
6,170
|
|
|
|
Healthcare
|
|
5,133
|
|
|
5,117
|
|
|
|
Transportation
|
|
1,577
|
|
|
1,460
|
|
|
|
Appliances & Lighting
|
|
2,310
|
|
|
2,196
|
|
|
|
Industrial segment revenues
|
|
31,820
|
|
|
29,947
|
|
6%
|
|
Less the effects of:
|
|
|
|
|
|
|
|
|
Acquisitions, business dispositions (other than
|
|
|
|
|
|
|
|
|
dispositions of businesses acquired for investment)
|
|
|
|
|
|
|
|
|
and currency exchange rates
|
|
(417)
|
|
|
446
|
|
|
|
Industrial segment revenues excluding effects of acquisitions,
|
|
|
|
|
|
|
|
|
business dispositions (other than dispositions of
|
|
|
|
|
|
|
|
|
businesses acquired for investment) and currency
|
|
|
|
|
|
|
|
|
exchange rates (Industrial segment organic revenues)
|
$
|
32,237
|
|
$
|
29,501
|
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
Segment revenues:
|
|
|
|
|
|
|
|
|
Power & Water
|
$
|
27,564
|
|
$
|
24,724
|
|
|
|
Oil & Gas
|
|
18,676
|
|
|
16,975
|
|
|
|
Energy Management
|
|
7,319
|
|
|
7,569
|
|
|
|
Aviation
|
|
23,990
|
|
|
21,911
|
|
|
|
Healthcare
|
|
18,299
|
|
|
18,200
|
|
|
|
Transportation
|
|
5,650
|
|
|
5,885
|
|
|
|
Appliances & Lighting
|
|
8,404
|
|
|
8,338
|
|
|
|
Industrial segment revenues
|
|
109,902
|
|
|
103,602
|
|
6%
|
|
Less the effects of:
|
|
|
|
|
|
|
|
|
Acquisitions, business dispositions (other than
|
|
|
|
|
|
|
|
|
dispositions of businesses acquired for investment)
|
|
|
|
|
|
|
|
|
and currency exchange rates
|
|
1,871
|
|
|
2,175
|
|
|
|
Industrial segment revenues excluding effects of acquisitions,
|
|
|
|
|
|
|
|
|
business dispositions (other than dispositions of
|
|
|
|
|
|
|
|
|
businesses acquired for investment) and currency
|
|
|
|
|
|
|
|
|
exchange rates (Industrial segment organic revenues)
|
$
|
108,031
|
|
$
|
101,427
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
Organic revenue growth measures revenue excluding the effects of acquisitions, business dispositions and currency exchange rates. We believe that this measure provides management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and currency exchange, which activities are subject to volatility and can obscure underlying trends. We also believe that presenting organic revenue growth separately for our industrial businesses provides management and investors with useful information about the trends of our industrial businesses and enables a more direct comparison to other non-financial businesses and companies. Management recognizes that the term "organic revenue growth" may be interpreted differently by other companies and under different circumstances. Although this may have an effect on comparability of absolute percentage growth from company to company, we believe that these measures are useful in assessing trends of the respective businesses or companies and may therefore be a useful tool in assessing period-to-period performance trends.
GE CAPITAL ENDING NET INVESTMENT (ENI), EXCLUDING LIQUIDITY
|
|
|
|
(Dollars in billions)
|
December 31, 2014
|
|
|
September 30, 2014
|
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
Financial Services (GECC) total assets
|
$
|
494.0
|
|
$
|
501.2
|
|
$
|
512.0
|
Adjustment: deferred income taxes
|
|
6.2
|
|
|
5.7
|
|
|
4.8
|
GECC total assets
|
|
500.2
|
|
|
506.9
|
|
|
516.8
|
Less assets of discontinued operations
|
|
1.2
|
|
|
1.3
|
|
|
2.3
|
Less non-interest bearing liabilities
|
|
60.5
|
|
|
60.9
|
|
|
59.3
|
GE Capital ENI
|
|
438.5
|
|
|
444.7
|
|
|
455.2
|
Less liquidity(a)
|
|
75.5
|
|
|
79.9
|
|
|
74.9
|
GE Capital ENI, excluding liquidity
|
$
|
363.0
|
|
$
|
364.8
|
|
$
|
380.3
|
|
|
|
|
|
|
|
|
|
Variance to September 30, 2014
|
$
|
(1.8)
|
|
|
|
|
|
|
Percentage variance to September 30, 2014
|
|
-%
|
|
|
|
|
|
|
Variance to December 31, 2013
|
$
|
(17.3)
|
|
|
|
|
|
|
Percentage variance to December 31, 2013
|
|
(5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Liquidity includes cash and equivalents and $1.2 billion of debt obligations of the U.S. Treasury at December 31, 2014.
|
We use ENI to measure the size of our GE Capital segment. We believe that this measure is a useful indicator of the capital (debt or equity) required to fund a business as it adjusts for non-interest bearing current liabilities generated in the normal course of business that do not require a capital outlay. We also believe that by excluding liquidity, we provide a meaningful measure of assets requiring capital to fund our GE Capital segment as a substantial amount of liquidity resulted from debt issuances to pre-fund future debt maturities and will not be used to fund additional assets. Liquidity consists of cash and equivalents and certain debt obligations of the U.S. Treasury. As a general matter, investments included in liquidity are expected to be highly liquid, giving us the ability to readily convert them to cash. Providing this measure will help investors measure how we are performing against our previously communicated goal to reduce the size of our financial services segment.
INDUSTRIAL CASH FLOWS FROM OPERATING ACTIVITIES (INDUSTRIAL CFOA) AND INDUSTRIAL CFOA EXCLUDING THE EFFECTS OF NBCU DEAL-RELATED TAXES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31
|
|
Twelve months ended December 31
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash from GE's operating activities (continuing operations),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as reported
|
$
|
7,996
|
|
$
|
6,427
|
|
24%
|
|
$
|
15,171
|
|
$
|
14,255
|
|
6%
|
Less dividends from GECC
|
|
779
|
|
|
2,038
|
|
|
|
|
3,000
|
|
|
5,985
|
|
|
Cash from GE's operating activities (continuing operations),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
excluding dividends from GECC (Industrial CFOA)
|
$
|
7,217
|
|
$
|
4,389
|
|
64%
|
|
$
|
12,171
|
|
$
|
8,270
|
|
47%
|
Adjustment: effects of NBCU deal-related taxes
|
|
|
|
|
1,168
|
|
|
|
|
|
|
|
3,184
|
|
|
Industrial CFOA excluding effects of NBCU deal-related taxes
|
|
7,217
|
|
|
5,557
|
|
30%
|
|
|
12,171
|
|
|
11,454
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We refer to cash generated by our industrial businesses as "Industrial CFOA," which we define as GE's cash from continuing operating activities less the amount of dividends received by GE from GECC. This includes the effects of intercompany transactions, including GE customer receivables sold to GECC; GECC services for trade receivables management and material procurement; buildings and equipment (including automobiles) leased between GE and GECC; information technology (IT) and other services sold to GECC by GE; aircraft engines manufactured by GE that are installed on aircraft purchased by GECC from third-party producers for lease to others; and various investments, loans and allocations of GE corporate overhead costs. We believe that investors may find it useful to compare GE's operating cash flows without the effect of GECC dividends, since these dividends are not representative of the operating cash flows of our industrial businesses and can vary from period-to-period based upon the results of the financial services businesses. We also believe that investors may find it useful to compare Industrial CFOA excluding the effects of taxes paid related to the 2013 NBCU transaction. Management recognizes that these measures may not be comparable to cash flow results of companies that contain both industrial and financial services businesses, but believes that this comparison is aided by the provision of additional information about the amounts of dividends paid by our financial services business and the separate presentation in our financial statements of the Financial Services (GECC) cash flows. We believe that our measures of Industrial CFOA and Industrial CFOA excluding NBCU deal-related taxes provide management and investors with useful measures to compare the capacity of our industrial operations to generate operating cash flows with the operating cash flows of other non-financial businesses and companies and as such provide useful measures to supplement the reported GAAP CFOA measure.
OIL & GAS ORGANIC REVENUE GROWTH
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas segment revenue
|
$
|
5,010
|
|
$
|
5,306
|
|
(6)%
|
|
Less the effects of:
|
|
|
|
|
|
|
|
|
Acquisitions, business dispositions (other than
|
|
|
|
|
|
|
|
|
dispositions of businesses acquired for investment)
|
|
|
|
|
|
|
|
|
and currency exchange rates
|
|
(78)
|
|
|
221
|
|
|
|
Oil & Gas revenues excluding effects of acquisitions,
|
|
|
|
|
|
|
|
|
business dispositions (other than dispositions of
|
|
|
|
|
|
|
|
|
businesses acquired for investment) and currency
|
|
|
|
|
|
|
|
|
exchange rates (Oil & Gas organic revenue)
|
$
|
5,088
|
|
$
|
5,085
|
|
-%
|
|
|
|
|
|
|
|
|
|
|
OIL & GAS ORGANIC PROFIT GROWTH
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31
|
(Dollars in millions)
|
|
2014
|
|
|
2013
|
|
V%
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas segment profit
|
$
|
814
|
|
$
|
802
|
|
1%
|
|
Less the effects of:
|
|
|
|
|
|
|
|
|
Acquisitions, business dispositions (other than
|
|
|
|
|
|
|
|
|
dispositions of businesses acquired for investment)
|
|
|
|
|
|
|
|
|
and currency exchange rates
|
|
(20)
|
|
|
18
|
|
|
|
Oil & Gas segment profit excluding effects of acquisitions,
|
|
|
|
|
|
|
|
|
business dispositions (other than dispositions of
|
|
|
|
|
|
|
|
|
businesses acquired for investment) and currency
|
|
|
|
|
|
|
|
|
exchange rates (Oil & Gas organic profit)
|
$
|
834
|
|
$
|
784
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
Organic revenue and operating profit growth measure revenue and profit excluding the effects of acquisitions, business dispositions and currency exchange rates. We believe that these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and currency exchange, which activities are subject to volatility and can obscure underlying trends. Management recognizes that the terms "organic revenue growth" and "organic profit growth" may be interpreted differently by other companies and under different circumstances. Although this may have an effect on comparability of absolute percentage growth from company to company, we believe that these measures are useful in assessing trends of the Oil & Gas business and may therefore be a useful tool in assessing period-to-period performance trends.
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