(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,
2008
OR
|
¨ TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period from ____ to ____
|
Commission
file number 001-00035
GENERAL ELECTRIC
COMPANY
(Exact
name of registrant as specified in its
charter)
|
New
York
|
14-0689340
|
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
|
3135
Easton Turnpike, Fairfield, CT
|
06828-0001
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
(Registrant’s
telephone number, including area code) (203)
373-2211
_______________________________________________
(Former
name, former address and former fiscal year,
if
changed since last report)
|
Large
accelerated filer þ
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
Page
|
||
Item
1. Financial Statements
|
||
Condensed
Statement of Earnings
|
||
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8
|
||
28
|
||
42
|
||
Part
II -
Other Information
|
||
43
|
||
44
|
||
45
|
||
46
|
||
47
|
Three
months ended June 30 (Unaudited)
|
|||||||||||||||||||
Consolidated
|
GE(a)
|
Financial
Services
(GECS)
|
|||||||||||||||||
(In
millions; per-share amounts in dollars)
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Sales
of goods
|
$
|
17,387
|
$
|
14,761
|
$
|
16,956
|
$
|
14,832
|
$
|
528
|
$
|
28
|
|||||||
Sales
of services
|
10,712
|
9,288
|
10,890
|
9,437
|
–
|
–
|
|||||||||||||
Other
income
|
574
|
1,424
|
667
|
1,512
|
–
|
–
|
|||||||||||||
GECS
earnings from continuing operations
|
–
|
–
|
2,774
|
2,421
|
–
|
–
|
|||||||||||||
GECS
revenues from services
|
18,218
|
16,911
|
–
|
–
|
18,555
|
17,207
|
|||||||||||||
Total
revenues
|
46,891
|
42,384
|
31,287
|
28,202
|
19,083
|
17,235
|
|||||||||||||
Cost
of goods sold
|
13,885
|
11,905
|
13,522
|
11,980
|
461
|
23
|
|||||||||||||
Cost
of services sold
|
6,844
|
5,603
|
7,022
|
5,752
|
–
|
–
|
|||||||||||||
Interest
and other financial charges
|
6,626
|
5,645
|
554
|
422
|
6,348
|
5,467
|
|||||||||||||
Investment
contracts, insurance losses and
|
|||||||||||||||||||
insurance
annuity benefits
|
821
|
892
|
–
|
–
|
870
|
925
|
|||||||||||||
Provision
for losses on financing receivables
|
1,490
|
1,057
|
–
|
–
|
1,490
|
1,057
|
|||||||||||||
Other
costs and expenses
|
10,604
|
9,995
|
3,687
|
3,525
|
7,021
|
6,578
|
|||||||||||||
Minority
interest in net earnings of
|
|||||||||||||||||||
consolidated
affiliates
|
184
|
221
|
127
|
179
|
57
|
42
|
|||||||||||||
Total
costs and expenses
|
40,454
|
35,318
|
24,912
|
21,858
|
16,247
|
14,092
|
|||||||||||||
Earnings
from continuing operations
|
|||||||||||||||||||
before
income taxes
|
6,437
|
7,066
|
6,375
|
6,344
|
2,836
|
3,143
|
|||||||||||||
Provision
for income taxes
|
(1,043
|
)
|
(1,453
|
)
|
(981
|
)
|
(731
|
)
|
(62
|
)
|
(722
|
)
|
|||||||
Earnings
from continuing operations
|
5,394
|
5,613
|
5,394
|
5,613
|
2,774
|
2,421
|
|||||||||||||
Loss
from discontinued operations,
|
|||||||||||||||||||
net
of taxes
|
(322
|
)
|
(231
|
)
|
(322
|
)
|
(231
|
)
|
(337
|
)
|
(255
|
)
|
|||||||
Net
earnings
|
$
|
5,072
|
$
|
5,382
|
$
|
5,072
|
$
|
5,382
|
$
|
2,437
|
$
|
2,166
|
|||||||
Per-share
amounts
|
|||||||||||||||||||
Per-share
amounts – earnings from
|
|||||||||||||||||||
continuing
operations
|
|||||||||||||||||||
Diluted
earnings per share
|
$
|
0.54
|
$
|
0.54
|
|||||||||||||||
Basic
earnings per share
|
$
|
0.54
|
$
|
0.55
|
|||||||||||||||
Per-share
amounts – net earnings
|
|||||||||||||||||||
Diluted
earnings per share
|
$
|
0.51
|
$
|
0.52
|
|||||||||||||||
Basic
earnings per share
|
$
|
0.51
|
$
|
0.52
|
|||||||||||||||
Dividends
declared per share
|
$
|
0.31
|
$
|
0.28
|
(a)
|
Represents
the adding together of all affiliated companies except General Electric
Capital Services, Inc. (GECS or financial services) which is presented on
a one-line basis.
|
See
accompanying notes. 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(a)
|
Financial
Services
(GECS)
|
|||||||||||||||||
(In
millions; per-share amounts in dollars)
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Sales
of goods
|
$
|
32,168
|
$
|
27,998
|
$
|
31,403
|
$
|
28,102
|
$
|
895
|
$
|
60
|
|||||||
Sales
of services
|
20,253
|
17,566
|
20,629
|
17,855
|
–
|
–
|
|||||||||||||
Other
income
|
1,149
|
1,935
|
1,325
|
2,086
|
–
|
–
|
|||||||||||||
GECS
earnings from continuing operations
|
–
|
–
|
5,240
|
5,845
|
–
|
–
|
|||||||||||||
GECS
revenues from services
|
35,594
|
34,085
|
–
|
–
|
36,271
|
34,660
|
|||||||||||||
Total
revenues
|
89,164
|
81,584
|
58,597
|
53,888
|
37,166
|
34,720
|
|||||||||||||
Cost
of goods sold
|
25,793
|
22,494
|
25,145
|
22,610
|
778
|
48
|
|||||||||||||
Cost
of services sold
|
12,929
|
10,860
|
13,305
|
11,150
|
–
|
–
|
|||||||||||||
Interest
and other financial charges
|
13,156
|
11,223
|
1,156
|
955
|
12,527
|
10,712
|
|||||||||||||
Investment
contracts, insurance losses and
|
|||||||||||||||||||
insurance
annuity benefits
|
1,625
|
1,752
|
–
|
–
|
1,718
|
1,855
|
|||||||||||||
Provision
for losses on financing receivables
|
2,849
|
1,993
|
–
|
–
|
2,849
|
1,993
|
|||||||||||||
Other
costs and expenses
|
20,839
|
19,592
|
7,239
|
6,952
|
13,833
|
12,818
|
|||||||||||||
Minority
interest in net earnings of
|
|||||||||||||||||||
consolidated
affiliates
|
346
|
444
|
258
|
309
|
88
|
135
|
|||||||||||||
Total
costs and expenses
|
77,537
|
68,358
|
47,103
|
41,976
|
31,793
|
27,561
|
|||||||||||||
Earnings
from continuing operations
|
|||||||||||||||||||
before
income taxes
|
11,627
|
13,226
|
11,494
|
11,912
|
5,373
|
7,159
|
|||||||||||||
Provision
for income taxes
|
(1,872
|
)
|
(2,685
|
)
|
(1,739
|
)
|
(1,371
|
)
|
(133
|
)
|
(1,314
|
)
|
|||||||
Earnings
from continuing operations
|
9,755
|
10,541
|
9,755
|
10,541
|
5,240
|
5,845
|
|||||||||||||
Loss
from discontinued operations,
|
|||||||||||||||||||
net
of taxes
|
(379
|
)
|
(588
|
)
|
(379
|
)
|
(588
|
)
|
(408
|
)
|
(656
|
)
|
|||||||
Net
earnings
|
$
|
9,376
|
$
|
9,953
|
$
|
9,376
|
$
|
9,953
|
$
|
4,832
|
$
|
5,189
|
|||||||
Per-share
amounts
|
|||||||||||||||||||
Per-share
amounts – earnings from
|
|||||||||||||||||||
continuing
operations
|
|||||||||||||||||||
Diluted
earnings per share
|
$
|
0.98
|
$
|
1.02
|
|||||||||||||||
Basic
earnings per share
|
$
|
0.98
|
$
|
1.03
|
|||||||||||||||
Per-share
amounts – net earnings
|
|||||||||||||||||||
Diluted
earnings per share
|
$
|
0.94
|
$
|
0.97
|
|||||||||||||||
Basic
earnings per share
|
$
|
0.94
|
$
|
0.97
|
|||||||||||||||
Dividends
declared per share
|
$
|
0.62
|
$
|
0.56
|
(a)
|
Represents
the adding together of all affiliated companies except General Electric
Capital Services, Inc. (GECS or financial services) which is presented on
a one-line basis.
|
See
accompanying notes. Separate information is shown for “GE” and “Financial
Services (GECS).” Transactions between GE and GECS have been eliminated
from the “Consolidated”
columns.
|
Consolidated
|
GE(a)
|
Financial
Services
(GECS)
|
|||||||||||||||||||||||||||||
(In
millions; except share amounts)
|
June
30,
2008
|
December
31,
2007
|
June
30,
2008
|
December
31,
2007
|
June
30,
2008
|
December
31,
2007
|
|||||||||||||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|||||||||||||||||||||||||
Cash
and equivalents
|
$
|
18,989
|
$
|
15,731
|
$
|
3,041
|
$
|
6,702
|
$
|
16,476
|
$
|
9,439
|
|||||||||||||||||||
Investment
securities
|
45,861
|
45,276
|
326
|
343
|
45,541
|
44,941
|
|||||||||||||||||||||||||
Current
receivables
|
22,330
|
22,259
|
14,803
|
15,093
|
–
|
–
|
|||||||||||||||||||||||||
Inventories
|
15,012
|
12,897
|
14,930
|
12,834
|
82
|
63
|
|||||||||||||||||||||||||
Financing
receivables – net
|
415,302
|
376,123
|
–
|
–
|
423,845
|
384,067
|
|||||||||||||||||||||||||
Other
GECS receivables
|
16,205
|
16,514
|
–
|
–
|
21,789
|
22,078
|
|||||||||||||||||||||||||
Property,
plant and equipment (including
|
|||||||||||||||||||||||||||||||
equipment
leased to others) – net
|
79,925
|
77,888
|
14,527
|
14,142
|
65,398
|
63,746
|
|||||||||||||||||||||||||
Investment
in GECS
|
–
|
–
|
60,114
|
57,676
|
–
|
–
|
|||||||||||||||||||||||||
Goodwill
|
84,439
|
81,116
|
57,081
|
55,689
|
27,358
|
25,427
|
|||||||||||||||||||||||||
Other
intangible assets – net
|
15,932
|
16,142
|
11,671
|
11,633
|
4,261
|
4,509
|
|||||||||||||||||||||||||
All
other assets
|
124,417
|
122,844
|
43,470
|
40,608
|
82,511
|
83,388
|
|||||||||||||||||||||||||
Assets
of discontinued operations
|
8,576
|
8,547
|
65
|
66
|
8,511
|
8,481
|
|||||||||||||||||||||||||
Total
assets
|
$
|
846,988
|
$
|
795,337
|
$
|
220,028
|
$
|
214,786
|
$
|
695,772
|
$
|
646,139
|
|||||||||||||||||||
Short-term
borrowings
|
$
|
204,837
|
$
|
195,100
|
$
|
3,625
|
$
|
4,106
|
$
|
202,359
|
$
|
192,420
|
|||||||||||||||||||
Accounts
payable, principally trade accounts
|
22,278
|
21,338
|
11,391
|
11,120
|
15,946
|
14,714
|
|||||||||||||||||||||||||
Progress
collections and price adjustments accrued
|
12,461
|
9,885
|
13,044
|
10,374
|
–
|
–
|
|||||||||||||||||||||||||
Other
GE current liabilities
|
19,991
|
18,916
|
20,133
|
18,916
|
–
|
–
|
|||||||||||||||||||||||||
Long-term
borrowings
|
351,264
|
319,013
|
10,059
|
11,656
|
342,488
|
308,502
|
|||||||||||||||||||||||||
Investment
contracts, insurance liabilities
|
|||||||||||||||||||||||||||||||
and
insurance annuity benefits
|
34,298
|
34,068
|
–
|
–
|
34,685
|
34,359
|
|||||||||||||||||||||||||
All
other liabilities
|
59,642
|
59,316
|
32,990
|
32,859
|
26,749
|
26,522
|
|||||||||||||||||||||||||
Deferred
income taxes
|
12,708
|
12,490
|
3,545
|
3,391
|
9,163
|
9,099
|
|||||||||||||||||||||||||
Liabilities
of discontinued operations
|
2,329
|
1,648
|
233
|
302
|
2,096
|
1,346
|
|||||||||||||||||||||||||
Total
liabilities
|
719,808
|
671,774
|
95,020
|
92,724
|
633,486
|
586,962
|
|||||||||||||||||||||||||
Minority
interest in equity of consolidated affiliates
|
8,794
|
8,004
|
6,622
|
6,503
|
2,172
|
1,501
|
|||||||||||||||||||||||||
Common
stock (9,948,028,000 and 9,987,599,000
|
|||||||||||||||||||||||||||||||
shares
outstanding at June 30, 2008 and
|
|||||||||||||||||||||||||||||||
December
31, 2007, respectively)
|
669
|
669
|
669
|
669
|
1
|
1
|
|||||||||||||||||||||||||
Accumulated
gains (losses) – net
|
|||||||||||||||||||||||||||||||
Investment
securities
|
(1,204
|
)
|
124
|
(1,204
|
)
|
124
|
(1,204
|
)
|
110
|
||||||||||||||||||||||
Currency
translation adjustments
|
12,112
|
10,708
|
12,112
|
10,708
|
8,268
|
7,472
|
|||||||||||||||||||||||||
Cash
flow hedges
|
(546
|
)
|
(668
|
)
|
(546
|
)
|
(668
|
)
|
(608
|
)
|
(727
|
)
|
|||||||||||||||||||
Benefit
plans
|
(1,126
|
)
|
(1,840
|
)
|
(1,126
|
)
|
(1,840
|
)
|
(87
|
)
|
(105
|
)
|
|||||||||||||||||||
Other
capital
|
26,160
|
26,100
|
26,160
|
26,100
|
12,580
|
12,574
|
|||||||||||||||||||||||||
Retained
earnings
|
120,537
|
117,362
|
120,537
|
117,362
|
41,164
|
38,351
|
|||||||||||||||||||||||||
Less
common stock held in treasury
|
(38,216
|
)
|
(36,896
|
)
|
(38,216
|
)
|
(36,896
|
)
|
–
|
–
|
|||||||||||||||||||||
Total
shareowners’ equity
|
118,386
|
115,559
|
118,386
|
115,559
|
60,114
|
57,676
|
|||||||||||||||||||||||||
Total
liabilities and equity
|
$
|
846,988
|
$
|
795,337
|
$
|
220,028
|
$
|
214,786
|
$
|
695,772
|
$
|
646,139
|
The
sum of accumulated gains (losses) on investment securities, currency
translation adjustments, cash flow hedges and benefit plans constitutes
“Accumulated nonowner changes other than earnings,” and was $9,236 million
and $8,324 million at June 30, 2008, and December 31, 2007,
respectively.
|
|
(a)
|
Represents
the adding together of all affiliated companies except General Electric
Capital Services, Inc. (GECS or financial services) which is presented on
a one-line basis.
|
See
accompanying notes. 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(a)
|
Financial
Services
(GECS)
|
|||||||||||||||||
(In
millions)
|
2008
|
2007
|
|
|
2008
|
2007
|
2008
|
2007
|
|||||||||||
Cash
flows – operating activities
|
|||||||||||||||||||
Net
earnings
|
$
|
9,376
|
$
|
9,953
|
$
|
9,376
|
$
|
9,953
|
$
|
4,832
|
$
|
5,189
|
|||||||
Loss
from discontinued operations
|
379
|
588
|
379
|
588
|
408
|
656
|
|||||||||||||
Adjustments
to reconcile net earnings to cash
|
|||||||||||||||||||
provided
from operating activities
|
|||||||||||||||||||
Depreciation
and amortization of property,
|
|||||||||||||||||||
plant
and equipment
|
5,356
|
4,851
|
1,089
|
994
|
4,267
|
3,857
|
|||||||||||||
Net
earnings from continuing operations retained by GECS
|
–
|
–
|
(3,221
|
)
|
(1,213
|
)
|
–
|
–
|
|||||||||||
Deferred
income taxes
|
(326
|
)
|
697
|
(534
|
)
|
94
|
208
|
603
|
|||||||||||
Decrease
(increase) in GE current receivables
|
(842
|
)
|
736
|
110
|
1,599
|
–
|
–
|
||||||||||||
Decrease
(increase) in inventories
|
(1,949
|
)
|
(1,408
|
)
|
(1,930
|
)
|
(1,379
|
)
|
(19
|
)
|
10
|
||||||||
Increase
(decrease) in accounts payable
|
1,003
|
(485
|
)
|
477
|
(573
|
)
|
1,089
|
278
|
|||||||||||
Increase
in GE progress collections
|
2,776
|
1,758
|
2,866
|
1,601
|
–
|
–
|
|||||||||||||
Provision
for losses on GECS financing receivables
|
2,849
|
1,993
|
–
|
–
|
2,849
|
1,993
|
|||||||||||||
All
other operating activities
|
(1,020
|
)
|
(3,728
|
)
|
680
|
(105
|
)
|
(1,868
|
)
|
(3,482
|
)
|
||||||||
Cash
from operating activities – continuing operations
|
17,602
|
14,955
|
9,292
|
11,559
|
11,766
|
9,104
|
|||||||||||||
Cash
from (used for) operating activities – discontinued
operations
|
488
|
3,405
|
(9
|
)
|
(54
|
)
|
497
|
3,739
|
|||||||||||
Cash
from operating activities
|
18,090
|
18,360
|
9,283
|
11,505
|
12,263
|
12,843
|
|||||||||||||
Cash
flows – investing activities
|
|||||||||||||||||||
Additions
to property, plant and equipment
|
(8,064
|
)
|
(8,935
|
)
|
(1,640
|
)
|
(1,569
|
)
|
(6,599
|
)
|
(7,496
|
)
|
|||||||
Dispositions
of property, plant and equipment
|
5,325
|
4,795
|
–
|
–
|
5,325
|
4,795
|
|||||||||||||
Net
increase in GECS financing receivables
|
(23,770
|
)
|
(10,969
|
)
|
–
|
–
|
(24,781
|
)
|
(11,673
|
)
|
|||||||||
Proceeds
from sale of discontinued operations
|
203
|
–
|
203
|
–
|
–
|
–
|
|||||||||||||
Proceeds
from principal business dispositions
|
4,346
|
2,114
|
(76
|
)
|
1,012
|
4,422
|
1,102
|
||||||||||||
Payments
for principal businesses purchased
|
(14,678
|
)
|
(13,185
|
)
|
(1,916
|
)
|
(7,356
|
)
|
(12,762
|
)
|
(5,829
|
)
|
|||||||
All
other investing activities
|
(3,366
|
)
|
(285
|
)
|
212
|
(622
|
)
|
(3,571
|
)
|
65
|
|||||||||
Cash
used for investing activities – continuing operations
|
(40,004
|
)
|
(26,465
|
)
|
(3,217
|
)
|
(8,535
|
)
|
(37,966
|
)
|
(19,036
|
)
|
|||||||
Cash
from (used for) investing activities – discontinued
operations
|
(453
|
)
|
(3,291
|
)
|
–
|
178
|
(453
|
)
|
(3,749
|
)
|
|||||||||
Cash
used for investing activities
|
(40,457
|
)
|
(29,756
|
)
|
(3,217
|
)
|
(8,357
|
)
|
(38,419
|
)
|
(22,785
|
)
|
|||||||
Cash
flows – financing activities
|
|||||||||||||||||||
Net
increase (decrease) in borrowings (maturities of
|
|||||||||||||||||||
90
days or less)
|
7,001
|
(6,883
|
)
|
(2,015
|
)
|
(2,805
|
)
|
8,737
|
(6,622
|
)
|
|||||||||
Newly
issued debt (maturities longer than 90 days)
|
61,355
|
52,369
|
98
|
4,679
|
61,396
|
47,739
|
|||||||||||||
Repayments
and other reductions (maturities longer
|
|||||||||||||||||||
than
90 days)
|
(34,766
|
)
|
(24,648
|
)
|
(52
|
)
|
(125
|
)
|
(34,714
|
)
|
(24,523
|
)
|
|||||||
Net
purchases of GE shares for treasury
|
(1,543
|
)
|
(1,392
|
)
|
(1,543
|
)
|
(1,392
|
)
|
–
|
–
|
|||||||||
Dividends
paid to shareowners
|
(6,215
|
)
|
(5,768
|
)
|
(6,215
|
)
|
(5,768
|
)
|
(2,019
|
)
|
(4,632
|
)
|
|||||||
All
other financing activities
|
(163
|
)
|
(579
|
)
|
–
|
–
|
(163
|
)
|
(579
|
)
|
|||||||||
Cash
from (used for) financing activities – continuing
operations
|
25,669
|
13,099
|
(9,727
|
)
|
(5,411
|
)
|
33,237
|
11,383
|
|||||||||||
Cash
used for financing activities – discontinued operations
|
(5
|
)
|
(128
|
)
|
–
|
(124
|
)
|
(5
|
)
|
(4
|
)
|
||||||||
Cash
from (used for) financing activities
|
25,664
|
12,971
|
(9,727
|
)
|
(5,535
|
)
|
33,232
|
11,379
|
|||||||||||
Increase
(decrease) in cash and equivalents
|
3,297
|
1,575
|
(3,661
|
)
|
(2,387
|
)
|
7,076
|
1,437
|
|||||||||||
Cash
and equivalents at beginning of year
|
16,031
|
14,275
|
6,702
|
4,480
|
9,739
|
12,629
|
|||||||||||||
Cash
and equivalents at June 30
|
19,328
|
15,850
|
3,041
|
2,093
|
16,815
|
14,066
|
|||||||||||||
Less
cash and equivalents of discontinued operations at June 30
|
339
|
176
|
–
|
–
|
339
|
176
|
|||||||||||||
Cash
and equivalents of continuing operations at June 30
|
$
|
18,989
|
$
|
15,674
|
$
|
3,041
|
$
|
2,093
|
$
|
16,476
|
$
|
13,890
|
(a)
|
Represents
the adding together of all affiliated companies except General Electric
Capital Services, Inc. (GECS or financial services) which is presented on
a one-line basis.
|
See
accompanying notes. Separate information is shown for “GE” and “Financial
Services (GECS).” Transactions between GE and GECS have been eliminated
from the “Consolidated” columns and are discussed in Note
16.
|
Three
months ended
June
30 (Unaudited)
|
Six
months ended
June
30 (Unaudited)
|
|||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||
Revenues
|
||||||||||||
Infrastructure
|
$
|
17,552
|
$
|
13,934
|
$
|
32,512
|
$
|
26,136
|
||||
Commercial
Finance
|
9,259
|
8,138
|
17,825
|
16,169
|
||||||||
GE
Money
|
6,629
|
6,276
|
13,037
|
12,234
|
||||||||
Healthcare
|
4,491
|
4,045
|
8,378
|
7,940
|
||||||||
NBC
Universal
|
3,882
|
3,625
|
7,466
|
7,109
|
||||||||
Industrial
Products(a)
|
4,542
|
4,467
|
8,652
|
8,556
|
||||||||
Total
segment revenues
|
46,355
|
40,485
|
87,870
|
78,144
|
||||||||
Corporate
items and eliminations
|
536
|
1,899
|
1,294
|
3,440
|
||||||||
Consolidated
revenues
|
$
|
46,891
|
$
|
42,384
|
$
|
89,164
|
$
|
81,584
|
||||
Segment profit(b)
|
||||||||||||
Infrastructure
|
$
|
3,174
|
$
|
2,563
|
$
|
5,762
|
$
|
4,771
|
||||
Commercial
Finance
|
1,390
|
1,304
|
2,548
|
2,744
|
||||||||
GE
Money
|
1,056
|
1,158
|
2,051
|
2,381
|
||||||||
Healthcare
|
747
|
692
|
1,275
|
1,329
|
||||||||
NBC
Universal
|
909
|
904
|
1,621
|
1,595
|
||||||||
Industrial
Products(a)
|
300
|
444
|
600
|
802
|
||||||||
Total
segment profit
|
7,576
|
7,065
|
13,857
|
13,622
|
||||||||
Corporate
items and eliminations
|
(647
|
)
|
(299
|
)
|
(1,207
|
)
|
(755
|
)
|
||||
GE
interest and other financial charges
|
(554
|
)
|
(422
|
)
|
(1,156
|
)
|
(955
|
)
|
||||
GE
provision for income taxes
|
(981
|
)
|
(731
|
)
|
(1,739
|
)
|
(1,371
|
)
|
||||
Earnings
from continuing operations
|
5,394
|
5,613
|
9,755
|
10,541
|
||||||||
Loss
from discontinued operations,
|
||||||||||||
net
of taxes
|
(322
|
)
|
(231
|
)
|
(379
|
)
|
(588
|
)
|
||||
Consolidated
net earnings
|
$
|
5,072
|
$
|
5,382
|
$
|
9,376
|
$
|
9,953
|
||||
(a)
|
Formerly
known as Industrial.
|
(b)
|
Segment
profit always excludes the effects of principal pension plans, results
reported as discontinued operations 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 and balances; technology and product
development costs; 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 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 Healthcare, NBC
Universal, Industrial Products and the industrial businesses of the
Infrastructure segment; included in determining segment profit, which we
sometimes refer to as “net earnings,” for Commercial Finance, GE Money,
and the financial services businesses of the Infrastructure segment
(Aviation Financial Services, Energy Financial Services and Transportation
Finance).
|
See
accompanying notes to condensed, consolidated financial
statements.
|
·
|
In
arrangements where we provide equipment and software for trial and
evaluation purposes, we only recognize revenue after the customer accepts
the product as set forth in the contract. In rare instances, we offer
acceptance provisions that lapse over time. In these instances, we only
recognize revenue upon the earlier of customer acceptance or after the
specified time elapses.
|
·
|
If
a sales agreement includes general return rights, revenue is deferred
until the return rights lapse unless future returns can be reasonably
estimated, in which case revenue is recognized and an allowance is
recorded for the returns.
|
·
|
In
situations where acceptance provisions are based on seller-specified
objective criteria, we recognize revenue only after we have demonstrated
that the delivered product meets those
specifications.
|
·
|
If
a sales agreement includes customer-specified objective criteria, we
recognize revenue when formal acceptance occurs or we have reliably
demonstrated that all specified customer acceptance criteria have been
met.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||
Operations
|
||||||||||||
Total
revenues
|
$
|
–
|
$
|
1,691
|
$
|
–
|
$
|
3,285
|
||||
Earnings
(loss) from discontinued operations
|
||||||||||||
before
income taxes
|
$
|
(10
|
)
|
$
|
152
|
$
|
(10
|
)
|
$
|
210
|
||
Income
tax benefit (expense)
|
20
|
(5
|
)
|
20
|
8
|
|||||||
Earnings
from discontinued operations before
|
||||||||||||
disposal,
net of taxes
|
$
|
10
|
$
|
147
|
$
|
10
|
$
|
218
|
||||
Disposal
|
||||||||||||
Gain
(loss) on disposal before income taxes
|
$
|
5
|
$
|
(156
|
)
|
$
|
19
|
$
|
(191
|
)
|
||
Income
tax benefit
|
–
|
33
|
–
|
41
|
||||||||
Gain
(loss) on disposal, net of taxes
|
$
|
5
|
$
|
(123
|
)
|
$
|
19
|
$
|
(150
|
)
|
||
Earnings
from discontinued operations, net of taxes(a)
|
$
|
15
|
$
|
24
|
$
|
29
|
$
|
68
|
||||
(a)
|
The
sum of GE industrial earnings from discontinued operations, net of taxes,
and GECS loss from discontinued operations, net of taxes, below are
reported as GE industrial loss from discontinued operations, net of taxes,
on the Condensed Statement of
Earnings.
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||
Operations
|
||||||||||||
Total
revenues
|
$
|
147
|
$
|
(131
|
)
|
$
|
397
|
$
|
(282
|
)
|
||
Loss
from discontinued operations before
|
||||||||||||
income
taxes
|
$
|
(196
|
)
|
$
|
(651
|
)
|
$
|
(296
|
)
|
$
|
(1,327
|
)
|
Income
tax benefit
|
91
|
395
|
120
|
670
|
||||||||
Loss
from discontinued operations, net of taxes
|
$
|
(105
|
)
|
$
|
(256
|
)
|
$
|
(176
|
)
|
$
|
(657
|
)
|
Disposal
|
||||||||||||
Loss
on disposal before income taxes
|
$
|
(222
|
)
|
$
|
(11
|
)
|
$
|
(222
|
)
|
$
|
(11
|
)
|
Income
tax benefit (expense)
|
(10
|
)
|
12
|
(10
|
)
|
12
|
||||||
Gain
(loss) on disposal, net of taxes
|
$
|
(232
|
)
|
$
|
1
|
$
|
(232
|
)
|
$
|
1
|
||
Loss
from discontinued operations, net of taxes
|
$
|
(337
|
)
|
$
|
(255
|
)
|
$
|
(408
|
)
|
$
|
(656
|
)
|
At
|
|||||||||
(In
millions)
|
June
30,
2008
|
December
31,
2007
|
|||||||
Assets
|
|||||||||
Cash
and equivalents
|
$
|
339
|
$
|
300
|
|||||
Financing
receivables – net
|
6,875
|
6,675
|
|||||||
Other
|
1,297
|
1,506
|
|||||||
Assets
of discontinued operations
|
$
|
8,511
|
$
|
8,481
|
At
|
|||||||||
(In
millions)
|
June
30,
2008
|
December
31,
2007
|
|||||||
Liabilities
|
|||||||||
Liabilities
of discontinued operations
|
$
|
2,096
|
$
|
1,346
|
Three
months ended
June
30
|
Six
months ended
June
30
|
|||||||||||
(In
millions)
|
2008
|
2007
|
2008
|
2007
|
||||||||
Interest
on loans
|
$
|
6,777
|
$
|
5,826
|
$
|
13,319
|
$
|
11,472
|
||||
Equipment
leased to others
|
3,909
|
3,690
|
7,719
|
7,453
|
||||||||
Fees
|
1,448
|
1,709
|
2,814
|
3,218
|
||||||||
Investment
income(a)
|
1,061
|
903
|
1,959
|
2,613
|
||||||||
Financing
leases
|
1,186
|
1,215
|
2,349
|
2,353
|
||||||||
Real
estate investments
|
1,138 |