(Mark
One)
þ QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
For
the quarterly period ended June
30, 2005
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 1-35
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)
|
Page
|
||
Part
I -
Financial Information
|
||
33
|
||
Three
months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE
|
Financial
Services
(GECS)
|
||||||||||||||||
(In
millions; per-share amounts in dollars)
|
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
||||||||||||
Sales
of goods
|
$
|
14,749
|
$
|
13,642
|
$
|
14,101
|
$
|
12,926
|
$
|
664
|
$
|
728
|
||||||
Sales
of services
|
8,240
|
7,012
|
8,307
|
7,068
|
-
|
-
|
||||||||||||
Other
income
|
596
|
325
|
624
|
329
|
-
|
-
|
||||||||||||
Earnings
of GECS
|
-
|
-
|
2,299
|
1,523
|
-
|
-
|
||||||||||||
GECS
revenues from services
|
17,971
|
15,802
|
-
|
-
|
18,314
|
16,151
|
||||||||||||
Total
revenues
|
41,556
|
36,781
|
25,331
|
21,846
|
18,978
|
16,879
|
||||||||||||
Cost
of goods sold
|
11,425
|
10,749
|
10,812
|
10,060
|
628
|
701
|
||||||||||||
Cost
of services sold
|
5,171
|
4,376
|
5,238
|
4,432
|
-
|
-
|
||||||||||||
Interest
and other financial charges
|
3,897
|
2,784
|
336
|
49
|
3,714
|
2,851
|
||||||||||||
Insurance
losses and policyholder and
|
||||||||||||||||||
annuity
benefits
|
3,696
|
3,743
|
-
|
-
|
3,747
|
3,808
|
||||||||||||
Provision
for losses on financing receivables
|
958
|
1,004
|
-
|
-
|
958
|
1,004
|
||||||||||||
Other
costs and expenses
|
10,092
|
9,486
|
3,266
|
2,989
|
6,994
|
6,669
|
||||||||||||
Minority
interest in net earnings of
|
||||||||||||||||||
consolidated
affiliates
|
456
|
186
|
249
|
110
|
207
|
76
|
||||||||||||
Total
costs and expenses
|
35,695
|
32,328
|
19,901
|
17,640
|
16,248
|
15,109
|
||||||||||||
Earnings
before income taxes
|
5,861
|
4,453
|
5,430
|
4,206
|
2,730
|
1,770
|
||||||||||||
Provision
for income taxes
|
(1,214
|
)
|
(702
|
)
|
(783
|
)
|
(455
|
)
|
(431
|
)
|
(247
|
)
|
||||||
Net
earnings
|
$
|
4,647
|
$
|
3,751
|
$
|
4,647
|
$
|
3,751
|
$
|
2,299
|
$
|
1,523
|
||||||
Per-share
amounts
|
||||||||||||||||||
Diluted
earnings per share
|
$
|
0.44
|
$
|
0.36
|
||||||||||||||
Basic
earnings per share
|
$
|
0.44
|
$
|
0.36
|
||||||||||||||
Dividends
declared per share
|
$
|
0.22
|
$
|
0.20
|
See
notes to condensed, consolidated financial statements. Separate
information is shown for “GE” and “Financial Services (GECS).”
Transactions between GE and GECS have been eliminated from the
“Consolidated” columns.
|
Six
months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE
|
Financial
Services
(GECS)
|
||||||||||||||||
(In
millions; per-share amounts in dollars)
|
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
||||||||||||
Sales
of goods
|
$
|
28,405
|
$
|
25,406
|
$
|
27,089
|
$
|
24,181
|
$
|
1,338
|
$
|
1,304
|
||||||
Sales
of services
|
15,989
|
12,358
|
16,152
|
12,493
|
-
|
-
|
||||||||||||
Other
income
|
913
|
462
|
954
|
468
|
-
|
-
|
||||||||||||
Earnings
of GECS
|
-
|
-
|
4,567
|
3,494
|
-
|
-
|
||||||||||||
GECS
revenues from services
|
35,975
|
32,147
|
-
|
-
|
36,621
|
32,760
|
||||||||||||
Total
revenues
|
81,282
|
70,373
|
48,762
|
40,636
|
37,959
|
34,064
|
||||||||||||
Cost
of goods sold
|
22,031
|
19,861
|
20,789
|
18,688
|
1,263
|
1,252
|
||||||||||||
Cost
of services sold
|
10,107
|
7,882
|
10,270
|
8,017
|
-
|
-
|
||||||||||||
Interest
and other financial charges
|
7,674
|
5,626
|
717
|
288
|
7,234
|
5,555
|
||||||||||||
Insurance
losses and policyholder
|
||||||||||||||||||
and
annuity benefits
|
7,716
|
7,332
|
-
|
-
|
7,806
|
7,432
|
||||||||||||
Provision
for losses on financing receivables
|
1,860
|
1,959
|
-
|
-
|
1,860
|
1,959
|
||||||||||||
Other
costs and expenses
|
20,163
|
18,559
|
6,577
|
5,456
|
13,907
|
13,405
|
||||||||||||
Minority
interest in net earnings of
|
||||||||||||||||||
consolidated
affiliates
|
771
|
270
|
435
|
148
|
336
|
122
|
||||||||||||
Total
costs and expenses
|
70,322
|
61,489
|
38,788
|
32,597
|
32,406
|
29,725
|
||||||||||||
Earnings
before income taxes
|
10,960
|
8,884
|
9,974
|
8,039
|
5,553
|
4,339
|
||||||||||||
Provision
for income taxes
|
(2,348
|
)
|
(1,767
|
)
|
(1,362
|
)
|
(922
|
)
|
(986
|
)
|
(845
|
)
|
||||||
Net
earnings
|
$
|
8,612
|
$
|
7,117
|
$
|
8,612
|
$
|
7,117
|
$
|
4,567
|
$
|
3,494
|
||||||
Per-share
amounts
|
||||||||||||||||||
Diluted
earnings per share
|
$
|
0.81
|
$
|
0.69
|
||||||||||||||
Basic
earnings per share
|
$
|
0.81
|
$
|
0.69
|
||||||||||||||
Dividends
declared per share
|
$
|
0.44
|
$
|
0.40
|
See
notes to condensed, consolidated financial statements. Separate
information is shown for “GE” and “Financial Services (GECS).”
Transactions between GE and GECS have been eliminated from the
“Consolidated” columns.
|
Consolidated
|
GE
|
Financial
Services
(GECS)
|
||||||||||||||||
(In
millions; except share amounts)
|
6/30/05
|
12/31/04
|
6/30/05
|
12/31/04
|
6/30/05
|
12/31/04
|
||||||||||||
Cash
and equivalents
|
$
|
12,894
|
$
|
15,328
|
$
|
1,698
|
$
|
3,155
|
$
|
11,386
|
$
|
12,367
|
||||||
Investment
securities
|
133,952
|
135,536
|
396
|
413
|
133,578
|
135,152
|
||||||||||||
Current
receivables
|
13,015
|
14,233
|
13,196
|
14,533
|
-
|
-
|
||||||||||||
Inventories
|
10,501
|
9,778
|
10,282
|
9,589
|
219
|
189
|
||||||||||||
Financing
receivables -
net
|
276,041
|
282,699
|
-
|
-
|
276,041
|
282,699
|
||||||||||||
Insurance
receivables -
net
|
24,553
|
25,709
|
-
|
-
|
24,798
|
25,971
|
||||||||||||
Other
GECS receivables
|
12,709
|
10,771
|
-
|
-
|
16,595
|
14,134
|
||||||||||||
Property,
plant and equipment (including
|
||||||||||||||||||
equipment
leased to others) -
net
|
64,774
|
63,334
|
16,232
|
16,756
|
48,542
|
46,578
|
||||||||||||
Investment
in GECS
|
-
|
-
|
55,713
|
54,292
|
-
|
-
|
||||||||||||
Intangible
assets -
net
|
85,477
|
83,240
|
57,338
|
54,720
|
28,139
|
28,520
|
||||||||||||
All
other assets
|
106,446
|
109,879
|
34,964
|
38,123
|
72,570
|
72,894
|
||||||||||||
Total
assets
|
$
|
740,362
|
$
|
750,507
|
$
|
189,819
|
$
|
191,581
|
$
|
611,868
|
$
|
618,504
|
||||||
Short-term
borrowings
|
$
|
145,870
|
$
|
157,694
|
$
|
3,910
|
$
|
3,409
|
$
|
142,407
|
$
|
154,791
|
||||||
Accounts
payable, principally trade accounts
|
22,754
|
24,729
|
9,690
|
11,013
|
16,554
|
17,104
|
||||||||||||
Progress
collections and price adjustments accrued
|
4,054
|
3,937
|
4,054
|
3,937
|
-
|
-
|
||||||||||||
Other
GE current liabilities
|
20,006
|
19,868
|
19,984
|
19,898
|
-
|
-
|
||||||||||||
Long-term
borrowings
|
219,609
|
212,670
|
7,513
|
7,625
|
212,998
|
206,008
|
||||||||||||
Insurance
liabilities, reserves and annuity benefits
|
135,996
|
140,585
|
-
|
-
|
136,342
|
140,902
|
||||||||||||
All
other liabilities
|
45,655
|
49,051
|
22,419
|
23,561
|
23,685
|
25,572
|
||||||||||||
Deferred
income taxes
|
16,832
|
14,769
|
4,021
|
3,616
|
12,811
|
11,153
|
||||||||||||
Total
liabilities
|
610,776
|
623,303
|
71,591
|
73,059
|
544,797
|
555,530
|
||||||||||||
Minority
interest in equity of consolidated affiliates
|
17,202
|
16,383
|
5,844
|
7,701
|
11,358
|
8,682
|
||||||||||||
Common
stock (10,600,811,000 and 10,586,358,000
|
||||||||||||||||||
shares
outstanding at June 2005 and
|
||||||||||||||||||
December
2004, respectively)
|
669
|
669
|
669
|
669
|
1
|
1
|
||||||||||||
Accumulated
gains (losses) -
net
|
||||||||||||||||||
Investment
securities
|
2,944
|
2,268
|
2,944
|
2,268
|
2,927
|
2,345
|
||||||||||||
Currency
translation adjustments
|
3,177
|
6,850
|
3,177
|
6,850
|
2,846
|
5,104
|
||||||||||||
Cash
flow hedges
|
(1,025
|
)
|
(1,223
|
)
|
(1,025
|
)
|
(1,223
|
)
|
(997
|
)
|
(1,354
|
)
|
||||||
Minimum
pension liabilities
|
(633
|
)
|
(657
|
)
|
(633
|
)
|
(657
|
)
|
(161
|
)
|
(150
|
)
|
||||||
Other
capital
|
24,855
|
24,265
|
24,855
|
24,265
|
12,393
|
12,370
|
||||||||||||
Retained
earnings
|
95,343
|
91,411
|
95,343
|
91,411
|
38,704
|
35,976
|
||||||||||||
Less
common stock held in treasury
|
(12,946
|
)
|
(12,762
|
)
|
(12,946
|
)
|
(12,762
|
)
|
-
|
-
|
||||||||
Total
shareowners’ equity
|
112,384
|
110,821
|
112,384
|
110,821
|
55,713
|
54,292
|
||||||||||||
Total
liabilities and equity
|
$
|
740,362
|
$
|
750,507
|
$
|
189,819
|
$
|
191,581
|
$
|
611,868
|
$
|
618,504
|
The
sum of accumulated gains (losses) on investment securities, currency
translation adjustments, cash flow hedges and minimum pension liabilities
constitutes “Accumulated nonowner changes other than earnings,” and was
$4,463 million and $7,238 million at June 30, 2005 and December
31, 2004,
respectively.
|
See
notes to condensed, consolidated financial statements. Separate
information is shown for “GE” and “Financial Services (GECS).” June 30,
2005, is unaudited. Transactions between GE and GECS have been
eliminated
from the “Consolidated” columns.
|
Six
months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE
|
Financial
Services
(GECS)
|
||||||||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
||||||||||||
Cash
flows -
operating activities
|
||||||||||||||||||
Net
earnings
|
$
|
8,612
|
$
|
7,117
|
$
|
8,612
|
$
|
7,117
|
$
|
4,567
|
$
|
3,494
|
||||||
Adjustments
to reconcile net earnings to cash
|
||||||||||||||||||
provided
from operating activities
|
||||||||||||||||||
Depreciation
and amortization of
|
||||||||||||||||||
property,
plant and equipment
|
4,282
|
4,054
|
1,225
|
1,172
|
3,057
|
2,882
|
||||||||||||
Earnings
retained by GECS
|
-
|
-
|
(2,728
|
)
|
(1,652
|
)
|
-
|
-
|
||||||||||
Deferred
income taxes
|
474
|
(1,731
|
)
|
(87
|
)
|
(189
|
)
|
561
|
(1,542
|
)
|
||||||||
Decrease
in GE current receivables
|
1,544
|
797
|
1,663
|
883
|
-
|
-
|
||||||||||||
Decrease
(increase) in inventories
|
(613
|
)
|
(259
|
)
|
(583
|
)
|
(284
|
)
|
(30
|
)
|
25
|
|||||||
Increase
(decrease) in accounts payable
|
(2,115
|
)
|
2,892
|
(1,228
|
)
|
127
|
(785
|
)
|
3,078
|
|||||||||
Increase
(decrease) in GE progress collections
|
110
|
(710
|
)
|
110
|
(710
|
)
|
-
|
-
|
||||||||||
Increase
in insurance liabilities, reserves
|
||||||||||||||||||
and
annuity benefits
|
474
|
1,930
|
-
|
-
|
474
|
1,930
|
||||||||||||
Provision
for losses on financing receivables
|
1,860
|
1,959
|
-
|
-
|
1,860
|
1,959
|
||||||||||||
All
other operating activities
|
900
|
954
|
1,043
|
353
|
409
|
1,307
|
||||||||||||
Cash
from operating activities
|
15,528
|
17,003
|
8,027
|
6,817
|
10,113
|
13,133
|
||||||||||||
Cash
flows -
investing activities
|
||||||||||||||||||
Additions
to property, plant and equipment
|
(6,156
|
)
|
(6,281
|
)
|
(1,049
|
)
|
(849
|
)
|
(5,107
|
)
|
(5,432
|
)
|
||||||
Net
decrease in GECS financing receivables
|
4,249
|
1,958
|
-
|
-
|
4,249
|
1,958
|
||||||||||||
Payments
for principal businesses purchased
|
(10,341
|
)
|
(18,926
|
)
|
(3,499
|
)
|
(3,442
|
)
|
(6,842
|
)
|
(15,484
|
)
|
||||||
All
other investing activities
|
4,235
|
4,633
|
687
|
387
|
2,918
|
3,171
|
||||||||||||
Cash
used for investing activities
|
(8,013
|
)
|
(18,616
|
)
|
(3,861
|
)
|
(3,904
|
)
|
(4,782
|
)
|
(15,787
|
)
|
||||||
Cash
flows -
financing activities
|
||||||||||||||||||
Increase
(decrease) in borrowings
|
||||||||||||||||||
(maturities
90 days or less)
|
(5,667
|
)
|
(3,639
|
)
|
48
|
(1,374
|
)
|
(5,801
|
)
|
(2,013
|
)
|
|||||||
Newly
issued debt (maturities longer than 90 days)
|
40,501
|
28,402
|
87
|
138
|
40,353
|
28,241
|
||||||||||||
Repayments
and other reductions (maturities
|
||||||||||||||||||
longer
than 90 days)
|
(38,191
|
)
|
(24,178
|
)
|
(692
|
)
|
(462
|
)
|
(37,499
|
)
|
(23,716
|
)
|
||||||
Net
dispositions (purchases) of GE treasury shares
|
(389
|
)
|
3,963
|
(389
|
)
|
3,963
|
-
|
-
|
||||||||||
Dividends
paid to shareowners
|
(4,677
|
)
|
(4,040
|
)
|
(4,677
|
)
|
(4,040
|
)
|
(1,839
|
)
|
(1,842
|
)
|
||||||
All
other financing activities
|
(1,526
|
)
|
(1,294
|
)
|
-
|
-
|
(1,526
|
)
|
(1,294
|
)
|
||||||||
Cash
used for financing activities
|
(9,949
|
)
|
(786
|
)
|
(5,623
|
)
|
(1,775
|
)
|
(6,312
|
)
|
(624
|
)
|
||||||
Increase
(decrease) in cash and equivalents
|
(2,434
|
)
|
(2,399
|
)
|
(1,457
|
)
|
1,138
|
(981
|
)
|
(3,278
|
)
|
|||||||
Cash
and equivalents at beginning of year
|
15,328
|
12,664
|
3,155
|
1,670
|
12,367
|
11,273
|
||||||||||||
Cash
and equivalents at June 30
|
$
|
12,894
|
$
|
10,265
|
$
|
1,698
|
$
|
2,808
|
$
|
11,386
|
$
|
7,995
|
See
notes to condensed, consolidated financial statements. Separate
information is shown for “GE” and “Financial Services (GECS).”
Transactions between GE and Financial Services (GECS) have been
eliminated
from the “Consolidated” columns.
|
Three
months ended
June
30 (Unaudited)
|
Six
months ended
June
30 (Unaudited)
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Revenues
|
||||||||||||
Advanced
Materials
|
$
|
2,253
|
$
|
2,048
|
$
|
4,480
|
$
|
3,933
|
||||
Commercial
Finance
|
6,068
|
5,732
|
12,108
|
11,123
|
||||||||
Consumer
Finance
|
4,928
|
3,830
|
9,617
|
7,419
|
||||||||
Consumer
& Industrial
|
3,576
|
3,490
|
6,837
|
6,587
|
||||||||
Energy
|
4,537
|
4,118
|
9,039
|
7,983
|
||||||||
Equipment
& Other Services
|
1,975
|
1,763
|
3,894
|
4,015
|
||||||||
Healthcare
|
3,768
|
3,372
|
7,089
|
5,867
|
||||||||
Infrastructure
|
1,232
|
862
|
2,197
|
1,638
|
||||||||
Insurance
|
6,007
|
5,554
|
12,340
|
11,507
|
||||||||
NBC
Universal
|
3,858
|
2,867
|
7,459
|
4,449
|
||||||||
Transportation
|
4,244
|
3,903
|
7,977
|
7,308
|
||||||||
Corporate
items and eliminations
|
(890
|
)
|
(758
|
)
|
(1,755
|
)
|
(1,456
|
)
|
||||
Consolidated
revenues
|
$
|
41,556
|
$
|
36,781
|
$
|
81,282
|
$
|
70,373
|
||||
Segment
profit(a)
|
||||||||||||
Advanced
Materials
|
$
|
258
|
$
|
161
|
$
|
533
|
$
|
332
|
||||
Commercial
Finance
|
1,215
|
975
|
2,366
|
1,930
|
||||||||
Consumer
Finance
|
735
|
600
|
1,470
|
1,202
|
||||||||
Consumer
& Industrial
|
227
|
204
|
392
|
353
|
||||||||
Energy
|
698
|
634
|
1,295
|
1,284
|
||||||||
Equipment
& Other Services
|
65
|
(105
|
)
|
64
|
(101
|
)
|
||||||
Healthcare
|
672
|
584
|
1,081
|
923
|
||||||||
Infrastructure
|
168
|
134
|
315
|
247
|
||||||||
Insurance
|
284
|
53
|
667
|
463
|
||||||||
NBC
Universal
|
979
|
768
|
1,688
|
1,162
|
||||||||
Transportation
|
898
|
810
|
1,642
|
1,447
|
||||||||
Total
segment profit
|
6,199
|
4,818
|
11,513
|
9,242
|
||||||||
GE
corporate items and eliminations
|
(433
|
)
|
(563
|
)
|
(822
|
)
|
(915
|
)
|
||||
GE
interest and other financial charges
|
(336
|
)
|
(49
|
)
|
(717
|
)
|
(288
|
)
|
||||
GE
provision for income taxes
|
(783
|
)
|
(455
|
)
|
(1,362
|
)
|
(922
|
)
|
||||
Consolidated
net earnings
|
$
|
4,647
|
$
|
3,751
|
$
|
8,612
|
$
|
7,117
|
||||
(a)
|
Segment
profit always excludes the effects of principal pension plans and
accounting changes, and may exclude matters such as charges for
restructuring; rationalization and other similar expenses; in-process
research and development and certain other acquisition-related
charges;
certain gains and losses from dispositions; and litigation settlements
or
other charges, responsibility for which preceded the current management
team. Segment profit excludes or includes interest and other financial
charges and segment income taxes according to how a particular
segment’s
management is measured -
excluded in determining operating profit for Advanced Materials,
Consumer
& Industrial, Energy, Healthcare, Infrastructure, NBC Universal
and
Transportation, but included in determining segment profit, which
we refer
to as “segment net earnings,” for Commercial Finance, Consumer Finance,
Equipment & Other Services and Insurance.
|
As
of July 5, 2005, our 11 businesses were reorganized into six businesses.
Results in this Form 10-Q are reported according to the 11-business
organization that was in effect during the periods presented.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Interest
on time sales and loans
|
$
|
5,346
|
$
|
4,282
|
$
|
10,318
|
$
|
8,560
|
||||
Premiums
earned by insurance businesses
|
3,986
|
4,218
|
7,974
|
8,467
|
||||||||
Operating
lease rentals
|
2,799
|
2,584
|
5,556
|
5,069
|
||||||||
Investment
income
|
1,826
|
1,666
|
3,883
|
3,117
|
||||||||
Financing
leases
|
1,035
|
1,074
|
2,068
|
2,180
|
||||||||
Fees
|
1,003
|
792
|
1,877
|
1,662
|
||||||||
Other
income(a)
|
2,319
|
1,535
|
4,945
|
3,705
|
||||||||
Total(b)
|
$
|
18,314
|
$
|
16,151
|
$
|
36,621
|
$
|
32,760
|
||||
(a)
|
Included
the gain on Genworth Financial, Inc. (Genworth) secondary public
offering
and repurchase of $163 million for the six months ended June 30,
2005, and
the loss on the Genworth initial public offering of $388 million
for the
three and six months ended June 30, 2004.
|
(b)
|
Included
$222 million and $563 million related to consolidated, liquidating
securitization entities for the three months ended June 30, 2005
and 2004,
respectively, and $729 million and $732 million for the six months
ended
June 30, 2005 and 2004, respectively. Of that total, the amount
related to
Australian Financial Investments Group (AFIG), a December 2004
acquisition, was $216 million and $373 million in the three
and six
months ended June 30, 2005,
respectively.
|
Principal
Pension Plans
|
||||||||||||
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Expected
return on plan assets
|
$
|
(970
|
)
|
$
|
(989
|
)
|
$
|
(1,940
|
)
|
$
|
(1,978
|
)
|
Service
cost for benefits earned
|
325
|
317
|
650
|
650
|
||||||||
Interest
cost on benefit obligation
|
563
|
549
|
1,120
|
1,098
|
||||||||
Prior
service cost
|
62
|
110
|
124
|
177
|
||||||||
Net
actuarial loss recognized
|
90
|
35
|
171
|
69
|
||||||||
Principal
pension plans cost
|
$
|
70
|
$
|
22
|
$
|
125
|
$
|
16
|
||||
Other
Pension Plans
|
|||||||||||||
Three
months ended
June
30
|
Six
months ended
June
30
|
||||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Expected
return on plan assets
|
$
|
(90
|
)
|
$
|
(75
|
)
|
$
|
(180
|
)
|
$
|
(150
|
)
|
|
Service
cost for benefits earned
|
71
|
65
|
146
|
130
|
|||||||||
Interest
cost on benefit obligation
|
92
|
79
|
185
|
158
|
|||||||||
Prior
service cost
|
2
|
2
|
4
|
4
|
|||||||||
Net
actuarial loss recognized
|
26
|
14
|
57
|
28
|
|||||||||
Other
pension plans cost
|
$
|
101
|
$
|
85
|
$
|
212
|
$
|
170
|
|||||
Principal
Retiree Health and
Life
Insurance Plans
|
|||||||||||||
Three
months ended
June
30
|
Six
months ended
June
30
|
||||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Expected
return on plan assets
|
$
|
(35
|
)
|
$
|
(37
|
)
|
$
|
(69
|
)
|
$
|
(74
|
)
|
|
Service
cost for benefits earned
|
54
|
64
|
107
|
130
|
|||||||||
Interest
cost on benefit obligation
|
127
|
127
|
253
|
266
|
|||||||||
Prior
service cost
|
74
|
74
|
149
|
149
|
|||||||||
Net
actuarial loss recognized
|
18
|
11
|
36
|
36
|
|||||||||
Principal
retiree benefit plans cost
|
$
|
238
|
$
|
239
|
$
|
476
|
$
|
507
|
Three
months ended June 30
|
||||||||||||
2005
|
2004
|
|||||||||||
(In
millions; per-share amounts in dollars)
|
Diluted
|
Basic
|
Diluted
|
Basic
|
||||||||
Consolidated
operations
|
||||||||||||
Net
earnings available for per-share calculation(a)
|
$
|
4,645
|
$
|
4,647
|
$
|
3,751
|
$
|
3,751
|
||||
Average
equivalent shares
|
||||||||||||
Shares
of GE common stock outstanding
|
10,604
|
10,604
|
10,387
|
10,387
|
||||||||
Employee
compensation-related shares,
|
||||||||||||
including
stock options
|
46
|
-
|
44
|
-
|
||||||||
Total
average equivalent shares
|
10,650
|
10,604
|
10,431
|
10,387
|
||||||||
Per-share
amounts
|
||||||||||||
Net
earnings
|
$
|
0.44
|
0.44
|
0.36
|
0.36
|
|||||||
Six
months ended June 30
|
||||||||||||
2005
|
2004
|
|||||||||||
(In
millions; per-share amounts in dollars)
|
Diluted
|
Basic
|
Diluted
|
Basic
|
||||||||
Consolidated
operations
|
||||||||||||
Net
earnings available for per-share calculation(b)
|
$
|
8,608
|
$
|
8,612
|
$
|
7,117
|
$
|
7,117
|
||||
Average
equivalent shares
|
||||||||||||
Shares
of GE common stock outstanding
|
10,599
|
10,599
|
10,279
|
10,279
|
||||||||
Employee
compensation-related shares,
|
||||||||||||
including
stock options
|
45
|
-
|
46
|
-
|
||||||||
Total
average equivalent shares
|
10,644
|
10,599
|
10,325
|
10,279
|
||||||||
Per-share
amounts
|
||||||||||||
Net
earnings
|
$
|
0.81
|
$
|
0.81
|
$
|
0.69
|
$
|
0.69
|
||||
(a)
|
Includes
dividend equivalents and dilutive effects of subsidiary-issued
stock-based
awards of $2 million in 2005 and an inconsequential amount in
2004.
|
(b)
|
Includes
dividend equivalents and dilutive effects of subsidiary-issued
stock-based
awards of $4 million in 2005 and an inconsequential amount in
2004.
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Raw
materials and work in process
|
$
|
5,508
|
$
|
5,042
|
||
Finished
goods
|
5,432
|
4,995
|
||||
Unbilled
shipments
|
224
|
402
|
||||
Revaluation
to LIFO
|
(663
|
)
|
(661
|
)
|
||
Total
|
$
|
10,501
|
$
|
9,778
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Time
sales and loans, net of deferred income
|
$
|
216,426
|
$
|
220,593
|
||
Investment
in financing leases, net of deferred income
|
64,653
|
67,754
|
||||
281,079
|
288,347
|
|||||
Less
allowance for losses
|
(5,038
|
)
|
(5,648
|
)
|
||
Financing
receivables -
net
|
$
|
276,041
|
$
|
282,699
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Time
sales and loans, net of deferred income
|
$
|
18,059
|
$
|
20,728
|
||
Investment
in financing leases, net of deferred income
|
1,431
|
2,125
|
||||
19,490
|
22,853
|
|||||
Less
allowance for losses
|
(5
|
)
|
(5
|
)
|
||
Financing
receivables -
net
|
$
|
19,485
|
$
|
22,848
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Original
cost
|
$
|
107,844
|
$
|
106,355
|
||
Less
accumulated depreciation and amortization
|
(43,070
|
)
|
(43,021
|
)
|
||
Property,
plant and equipment -
net
|
$
|
64,774
|
$
|
63,334
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Goodwill
|
$
|
72,645
|
$
|
71,191
|
||
Capitalized
software
|
2,656
|
2,652
|
||||
Present
value of future profits (PVFP)
|
1,389
|
1,426
|
||||
Other
intangibles
|
8,787
|
7,971
|
||||
Total
|
$
|
85,477
|
$
|
83,240
|
(In
millions)
|
Balance
1/1/05
|
Acquisitions/
purchase
accounting
adjustments
|
Currency
exchange,
dispositions
and
other
|
Balance
6/30/05
|
|||||||||||
Advanced
Materials
|
$
|
2,850
|
$
|
10
|
$
|
(77
|
)
|
$
|
2,783
|
||||||
Commercial
Finance
|
10,271
|
362
|
(142
|
)
|
10,491
|
||||||||||
Consumer
Finance
|
9,860
|
(122
|
)
|
(426
|
)
|
9,312
|
|||||||||
Consumer
& Industrial
|
779
|
-
|
(33
|
)
|
746
|
||||||||||
Energy
|
4,556
|
56
|
(212
|
)
|
4,400
|
||||||||||
Equipment
& Other Services
|
1,459
|
(3
|
)
|
(43
|
)
|
1,413
|
|||||||||
Healthcare
|
13,259
|
219
|
(59
|
)
|
13,419
|
||||||||||
Infrastructure
|
4,414
|
1,744
|
(75
|
)
|
6,083
|
||||||||||
Insurance
|
3,826
|
(49
|
)
|
(221
|
)
|
3,556
|
|||||||||
NBC
Universal
|
16,672
|
539
|
-
|
17,211
|
|||||||||||
Transportation
|
3,245
|
15
|
(29
|
)
|
3,231
|
||||||||||
Total
|
$
|
71,191
|
$
|
2,771
|
$
|
(1,317
|
)
|
$
|
72,645
|
•
|
Infrastructure
acquired Edwards Systems Technology ($1,036 million) and Ionics,
Inc.
($599 million).
|
•
|
Commercial
Finance acquired the Transportation Financial Services Group of
CitiCapital ($230 million) and the Inventory Finance division of
Bombardier Capital ($171 million).
|
•
|
NBC
Universal acquired the previously outstanding minority interest
in Vivendi
Universal Entertainment LLLP (VUE) ($358 million).
|
At
|
||||||||||||||||||||||
6/30/05
|
12/31/04
|
|||||||||||||||||||||
(In
millions)
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
|
Gross
carrying
amount
|
Accumulated
amortization
|
Net
|
||||||||||||||||
Patents,
licenses and other
|
$
|
7,065
|
$
|
(1,362
|
)
|
$
|
5,703
|
$
|
6,366
|
$
|
(1,131
|
)
|
$
|
5,235
|
||||||||
Capitalized
software
|
5,820
|
(3,164
|
)
|
2,656
|
5,466
|
(2,814
|
)
|
2,652
|
||||||||||||||
PVFP
|
3,322
|
(1,933
|
)
|
1,389
|
3,382
|
(1,956
|
)
|
1,426
|
||||||||||||||
Acquired
intangible assets
|
||||||||||||||||||||||
and
all other
|
1,688
|
(654
|
)
|
1,034
|
4,739
|
(4,037
|
)
|
702
|
||||||||||||||
Total
|
$
|
17,895
|
$
|
(7,113
|
)
|
$
|
10,782
|
$
|
19,953
|
$
|
(9,938
|
)
|
$
|
10,015
|
Six
months ended
June
30
|
||||||
(In
millions)
|
2005
|
2004
|
||||
Balance
at January 1
|
$
|
1,426
|
$
|
1,562
|
||
Accrued
interest (a)
|
42
|
47
|
||||
Amortization
|
(91
|
)
|
(115
|
)
|
||
Other
|
12
|
82
|
||||
Balance
at June 30
|
$
|
1,389
|
$
|
1,576
|
||
(a)
|
Interest
was accrued at a rate of 6.5% and 6.1% for the six months ended
June 30,
2005 and 2004, respectively.
|
2005
|
2006
|
2007
|
2008
|
2009
|
|||||
8.9
|
%
|
8.3
|
%
|
7.2
|
%
|
6.3
|
%
|
5.3
|
%
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Short-term
borrowings
|
||||||
Commercial
paper
|
||||||
U.S.
|
||||||
Unsecured
|
$
|
62,244
|
$
|
62,694
|
||
Asset-backed(a)
|
11,326
|
13,842
|
||||
Non-U.S.
|
20,350
|
20,835
|
||||
Current
portion of long-term debt(b)
|
31,130
|
37,530
|
||||
Other
|
17,357
|
19,890
|
||||
Total
|
142,407
|
154,791
|
||||
Long-term
borrowings
|
||||||
Senior
notes
|
||||||
Unsecured
|
189,278
|
179,692
|
||||
Asset-backed(c)
|
8,442
|
10,939
|
||||
Extendible
notes(d)
|
14,206
|
14,258
|
||||
Subordinated
notes(e)
|
1,072
|
1,119
|
||||
Total
|
212,998
|
206,008
|
||||
Total
borrowings
|
$
|
355,405
|
$
|
360,799
|
||
(a)
|
Entirely
obligations of consolidated, liquidating securitization entities.
See note
13.
|
(b)
|
Included
short-term borrowings by consolidated, liquidating securitization
entities
of $829 million and $756 million at June 30, 2005,
and December
31, 2004, respectively.
|
(c)
|
Entirely
obligations of consolidated, liquidating securitization entities
as
discussed in note 13. The amount related to AFIG, a December 2004
acquisition, was $7,911 million and $9,769 million
at June 30,
2005, and December 31, 2004, respectively.
|
(d)
|
Included
obligations of consolidated, liquidating securitization entities
in the
amount of $223 million and $267 million at June 30,
2005, and
December 31, 2004, respectively.
|
(e)
|
At
June 30, 2005, and December 31, 2004, $1.0 billion of subordinated
notes, issued between 1991 and 1995, were guaranteed by General
Electric
Company.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Net
earnings
|
$
|
4,647
|
$
|
3,751
|
$
|
8,612
|
$
|
7,117
|
||||
Investment
securities -
net changes in value
|
1,496
|
(3,302
|
)
|
676
|
(1,634
|
)
|
||||||
Currency
translation adjustments -
net
|
(3,734
|
)
|
(265
|
)
|
(3,673
|
)
|
(339
|
)
|
||||
Cash
flow hedges -
net changes in value
|
(431
|
)
|
573
|
198
|
576
|
|||||||
Minimum
pension liability -
net
|
11
|
(3
|
)
|
24
|
(4
|
)
|
||||||
Total
|
$
|
1,989
|
$
|
754
|
$
|
5,837
|
$
|
5,716
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions; per-share amounts in dollars)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Net
earnings, as reported
|
$
|
4,647
|
$
|
3,751
|
$
|
8,612
|
$
|
7,117
|
||||
Earnings
per share, as reported
|
||||||||||||
Diluted
|
0.44
|
0.36
|
0.81
|
0.69
|
||||||||
Basic
|
0.44
|
0.36
|
0.81
|
0.69
|
||||||||
Stock
option expense included in net earnings
|
21
|
26
|
58
|
45
|
||||||||
Total
stock option expense
|
36
|
64
|
100
|
121
|
||||||||
Pro-Forma
Effects
|
||||||||||||
Net
earnings, on pro-forma basis
|
4,631
|
3,713
|
8,569
|
7,041
|
||||||||
Earnings
per share, on pro-forma basis
|
||||||||||||
Diluted
|
0.43
|
0.36
|
0.81
|
0.68
|
||||||||
Basic
|
0.44
|
0.36
|
0.81
|
0.68
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Receivables
secured by:
|
||||||
Equipment
|
$
|
12,251
|
$
|
13,941
|
||
Commercial
real estate
|
14,450
|
15,747
|
||||
Residential
real estate -
AFIG
|
7,804
|
9,094
|
||||
Other
assets
|
12,006
|
11,723
|
||||
Credit
card receivables
|
8,711
|
7,075
|
||||
GE
trade receivables
|
3,716
|
3,582
|
||||
Total
securitized assets
|
$
|
58,938
|
$
|
61,162
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Off-balance
sheet(a)(b)
|
$
|
36,056
|
$
|
34,417
|
||
On-balance
sheet -
AFIG
|
7,804
|
9,094
|
||||
On-balance
sheet -
other(c)
|
15,078
|
17,651
|
||||
Total
securitized assets
|
$
|
58,938
|
$
|
61,162
|
||
(a)
|
At
June 30, 2005 and December 31, 2004, liquidity support amounted
to $1,800
million and $2,300 million, respectively. These amounts are net
of $4,000
million and $4,300 million, respectively, participated or deferred
beyond
one year. Credit support amounted to $5,900 million and $6,600
million at
June 30, 2005 and December 31, 2004, respectively.
|
(b)
|
Liabilities
for recourse obligations related to off-balance sheet assets were
$0.1
billion at both June 30, 2005 and December 31, 2004.
|
(c)
|
At
June 30, 2005 and December 31, 2004, liquidity support amounted
to $12,100
million and $14,400 million, respectively. These amounts are net
of $600
million and $1,200 million, respectively, participated or deferred
beyond
one year. Credit support amounted to $5,700 million and $6,900
million at
June 30, 2005 and December 31, 2004,
respectively.
|
At
|
||||||
(In
millions)
|
6/30/05
|
12/31/04
|
||||
Investment
securities
|
$
|
902
|
$
|
1,147
|
||
Financing
receivables -
net (note 7) (a)
|
19,485
|
22,848
|
||||
Other
assets
|
2,187
|
2,408
|
||||
Other,
principally insurance receivables
|
308
|
342
|
||||
Total
|
$
|
22,882
|
$
|
26,745
|
||
(a)
|
Included
$7,804 million and $9,094 million related to AFIG, a December 2004
acquisition, at June 30, 2005 and December 31, 2004,
respectively.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
billions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Acquisitions
|
||||||||||||
Revenues
|
$
|
3.7
|
$
|
2.9
|
$
|
7.5
|
$
|
4.4
|
||||
Net
earnings
|
0.3
|
0.2
|
(a)
|
0.7
|
0.4
|
(a)
|
||||||
Dispositions
|
||||||||||||
Revenues
|
(0.2
|
)
|
(1.0
|
)
|
(0.4
|
)
|
(2.0
|
)
|
||||
Net
earnings
|
0.3
|
(0.2
|
)
|
0.2
|
(0.3
|
)
|
||||||
(a)
|
Before
corporate costs of $0.2 billion related to the write off of in-process
research and development projects and other transitional costs
associated
with the acquisition of Amersham.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Revenues
|
$
|
6,068
|
$
|
5,732
|
$
|
12,108
|
$
|
11,123
|
||||
Net
revenues
|
||||||||||||
Total
revenues
|
$
|
6,068
|
$
|
5,732
|
$
|
12,108
|
$
|
11,123
|
||||
Interest
expense
|
1,858
|
1,442
|
3,638
|
2,835
|
||||||||
Total
net revenues
|
$
|
4,210
|
$
|
4,290
|
$
|
8,470
|
$
|
8,288
|
||||
Net
earnings
|
$
|
1,215
|
$
|
975
|
$
|
2,366
|
$
|
1,930
|
||||
At
|
||||||||||||
(In
millions)
|
6/30/05
|
6/30/04
|
12/31/04
|
|||||||||
Total
assets
|
$
|
232,913
|
$
|
223,154
|
$
|
232,123
|
||||||
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Real
Estate(a)
|
||||||||||||
Revenues
|
$
|
613
|
$
|
598
|
$
|
1,376
|
$
|
1,201
|
||||
Net
earnings
|
$
|
210
|
$
|
215
|
$
|
492
|
$
|
445
|
||||
Aviation
Services(a)
|
||||||||||||
Revenues
|
$
|
819
|
$
|
777
|
$
|
1,636
|
$
|
1,492
|
||||
Net
earnings
|
$
|
185
|
$
|
133
|
$
|
348
|
$
|
277
|
||||
At
|
||||||||||||
(In
millions)
|
6/30/05
|
6/30/04
|
12/31/04
|
|||||||||
Real
Estate(a)
|
||||||||||||
Total
assets
|
$
|
30,397
|
$
|
31,416
|
$
|
33,497
|
||||||
Aviation
Services(a)
|
||||||||||||
Total
assets
|
$
|
37,911
|
$
|
35,668
|
$
|
37,384
|
||||||
(a)
|
We
provide additional information on two of our segment product lines,
Real
Estate (commercial real estate financing) and Aviation Services
(commercial aircraft financing). Each of these product lines finances
a
single form of collateral, and each has particular discrete concentrations
of risk and opportunities.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Revenues
|
$
|
4,928
|
$
|
3,830
|
$
|
9,617
|
$
|
7,419
|
||||
Net
revenues
|
||||||||||||
Total
revenues
|
$
|
4,928
|
$
|
3,830
|
$
|
9,617
|
$
|
7,419
|
||||
Interest
expense
|
1,413
|
844
|
2,696
|
1,617
|
||||||||
Total
net revenues
|
$
|
3,515
|
$
|
2,986
|
$
|
6,921
|
$
|
5,802
|
||||
Net
earnings
|
$
|
735
|
$
|
600
|
$
|
1,470
|
$
|
1,202
|
||||
At
|
||||||||||||
(In
millions)
|
6/30/05
|
6/30/04
|
12/31/04
|
|||||||||
Total
assets
|
$
|
149,568
|
$
|
116,851
|
$
|
151,255
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2005
|
2004
|
2005
|
2004
|
||||||||
Revenues
|
$
|
6,007
|
$
|
5,554
|
$
|
12,340
|
$
|
11,507
|
||||
Net
earnings
|
$
|
284
|
$
|
53
|
$
|
667
|
$
|
463
|
||||
GE
Insurance Solutions
|
||||||||||||
Revenues
|
$
|
2,334
|
$
|
2,666
|
$
|
4,674
|
$
|
5,313
|
||||
Net
earnings
|
$
|
196
|
$
|
142
|
$
|
347
|
$
|
282
|
•
|
During
2005, we completed acquisitions of Edwards Systems Technology and
Ionics
Inc. by our Infrastructure segment. We also completed the preferred
share
acquisition with IAC/InterActiveCorp (IAC) and purchase of its
minority
interest in VUE. Our financial services business also completed
acquisitions of the Transportation Financial Services Group of
CitiCapital; the Inventory Finance division of Bombardier Capital;
and
ING’s portion of Heller AG.
|
•
|
At
the end of the second quarter of 2005, we completed the previously
announced sale of Medical Protective Corporation, formerly a wholly-owned
subsidiary providing medical professional liability insurance,
to Columbia
Insurance, a unit of Berkshire Hathaway.
|
•
|
GECS
minority interest in equity of consolidated affiliates increased
during
2005, primarily because of our sale of an additional 18.4% of the
common
shares of Genworth. GE minority interest decreased during the same
period,
primarily because of transactions with minority interests in VUE.
|
•
|
The
U.S. dollar was slightly stronger at June 30, 2005, than it was
at
December 31, 2004, slightly reducing the translated levels of our
non-U.S.
dollar assets and liabilities. However, on average, the U.S. dollar
in
2005 has been weaker than during the comparable 2004 period, resulting
in
increases in reported levels of non-U.S. dollar operations as noted
in
Item 2. Management’s Discussion and Analysis of Results of Operations and
Financial Condition.
|
Six
months ended
June
30
|
||||||
(In
billions)
|
2005
|
2004
|
||||
Operating
cash collections
|
$
|
44.5
|
$
|
37.9
|
||
Operating
cash payments
|
(38.3
|
)
|
(32.9
|
)
|
||
Cash
dividends from GECS
|
1.8
|
1.8
|
||||
GE
cash from operating activities
|
$
|
8.0
|
$
|
6.8
|
Delinquency
rates at
|
|||||||||
6/30/05(a)
|
12/31/04
|
6/30/04
|
|||||||
Commercial
Finance
|
1.31
|
%
|
1.40
|
%
|
1.62
|
%
|
|||
Consumer
Finance
|
5.15
|
4.85
|
5.65
|
||||||
(a)
|
Subject
to update.
|
At
|
||||||||
6/30/05
|
12/31/04
|
|||||||
Senior
notes and other long-term debt
|
61
|
%
|
58
|
%
|
||||
Commercial
paper
|
25
|
25
|
||||||
Current
portion of long-term debt
|
9
|
11
|
||||||
Other
-
bank and other retail deposits
|
5
|
6
|
||||||
Total
|
100
|
%
|
100
|
%
|
•
|
improving
training, education and accounting reviews designed to ensure that
all
relevant personnel involved in derivatives transactions understand
and
apply hedge accounting in compliance with Statement of Financial
Accounting Standards (SFAS) 133, Accounting
for Derivative Instruments and Hedging Activities,
as amended; and
|
•
|
retesting
our internal financial controls with respect to the types of hedging
transactions affected by the restatement to ensure compliance with
SFAS
133.
|
Period(a)
|
Total
number
of
shares
purchased(b)
|
Average
price
paid
per
share
|
Total
number of
shares
purchased as
part
of our share
repurchase
program(c)
|
Approximate
dollar
value
of shares that
may
yet be purchased
under
our share
repurchase
program
|
||||||||||||
(Shares
in thousands)
|
||||||||||||||||
2005
|
||||||||||||||||
April
|
13,578
|
$36.04
|
5,100
|
|||||||||||||
May
|
14,827
|
$36.65
|
4,763
|
|||||||||||||
June
|
8,138
|
$35.80
|
7,363
|
|||||||||||||
Total
|
36,543
|
$36.24
|
17,226
|
$14.3
billion
|
||||||||||||
(a)
|
Information
is presented on a fiscal calendar basis, consistent with our quarterly
financial reporting.
|
(b)
|
This
category includes 19,317 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 repurchased through the
2004 GE
Share Repurchase Program (the Program) under which we are authorized
to
repurchase up to $15 billion of our common stock through 2007.
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.
As
major acquisitions or other circumstances warrant, we will modify
the
frequency and amount of share repurchases under the
Program.
|
(a)
|
The
annual meeting of Shareowners of General Electric Company was held
on
April 27, 2005.
|
|||||||
(b)
|
All
director nominees were elected.
|
|||||||
(c)
|
Certain
matters voted upon at the meeting and the votes cast with respect
to such
matters are as follows:
|
|||||||
Proposals
and Vote Tabulations
|
||||||||
Votes
Cast
|
Broker
|
|||||||
For
|
Against
|
Abstain
|
Non-votes
|
|||||
Management
Proposals
|
||||||||
Ratification
of selection of independent
|
||||||||
auditors
for 2005
|
8,801,815,088
|
142,716,733
|
80,173,408
|
-
|
||||
Shareowner
Proposals
|
||||||||
(1)
|
Relating
to cumulative voting
|
1,349,597,407
|
5,503,899,813
|
133,378,106
|
2,037,829,903
|
|||
(2)
|
Relating
to nuclear risk
|
495,104,666
|
5,915,857,041
|
575,913,619
|
2,037,829,903
|
|||
(3)
|
Relating
to PCB cleanup costs
|
1,773,930,595
|
4,682,266,676
|
530,678,055
|
2,037,829,903
|
|||
(4)
|
Relating
to over-extended directors
|
1,921,346,022
|
4,927,147,645
|
138,381,659
|
2,037,829,903
|
|||
(5)
|
Relating
to sustainability
|
501,819,761
|
5,838,521,251
|
646,534,314
|
2,037,829,903
|
|||
(6)
|
Relating
to political contributions
|
678,250,420
|
5,752,024,702
|
556,600,204
|
2,037,829,903
|
|||
(7)
|
Relating
to animal testing
|
206,962,682
|
6,132,280,551
|
647,632,093
|
2,037,829,903
|
|||
|
||||||||
Election
of Directors
|
||||||||
Director
|
Votes
Received
|
Votes
Withheld
|
||||||
James
I. Cash, Jr.
|
8,852,010,056
|
172,695,173
|
||||||
William
M. Castell
|
8,801,679,737
|
223,025,492
|
||||||
Dennis
D. Dammerman
|
8,801,509,856
|
223,195,373
|
||||||
Ann
M. Fudge
|
8,855,854,691
|
168,850,538
|
||||||
Claudio
X. Gonzalez
|
7,443,060,958
|
1,581,644,271
|
||||||
Jeffrey
R. Immelt
|
8,805,173,608
|
219,531,621
|
||||||
Andrea
Jung
|
8,870,118,746
|
154,586,483
|
||||||
Alan
G. Lafley
|
8,684,310,039
|
340,395,190
|
||||||
Ralph
S. Larsen
|
8,861,370,537
|
163,334,692
|
||||||
Rochelle
B. Lazarus
|
8,871,112,263
|
153,592,966
|
||||||
Sam
Nunn
|
8,563,402,795
|
461,302,434
|
||||||
Roger
S. Penske
|
8,623,373,588
|
401,331,641
|
||||||
Robert
J. Swieringa
|
8,873,136,979
|
151,568,250
|
||||||
Douglas
A. Warner III
|
8,810,874,479
|
213,830,750
|
||||||
Robert
C. Wright
|
8,809,040,152
|
215,665,077
|
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) and 15d-14(a) under the Securities
Exchange
Act of 1934, as Amended
|
|
|
||
Exhibit
31(b)
|
Certification
Pursuant to Rules 13a-14(a) and 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
|
Financial
Measures That Supplement Generally Accepted Accounting
Principles
|
|
|
||
*
|
Data
required by Statement of Financial Accounting Standards No. 128,
Earnings
per Share,
is provided in note 5 to the condensed, consolidated financial
statements in this report.
|
General
Electric Company
(Registrant)
|
|||
July
29, 2005
|
/s/
Philip D. Ameen
|
||
Date
|
Philip
D. Ameen
Vice
President and Comptroller
Duly
Authorized Officer and Principal Accounting Officer
|