(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, 2012
OR
|
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from ____ to ____
|
Commission file number 001-00035
GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
|
New York
|
14-0689340
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
3135 Easton Turnpike, Fairfield, CT
|
06828-0001
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(Registrant’s telephone number, including area code) (203) 373-2211
_______________________________________________
(Former name, former address and former fiscal year,
if changed since last report)
|
Large accelerated filer þ
|
Accelerated filer ¨
|
Non-accelerated filer ¨
|
Smaller reporting company ¨
|
Page
|
||
Part I - Financial Information
|
||
Item 1. Financial Statements
|
||
Condensed Statement of Earnings
|
||
Three Months Ended June 30, 2012
|
3
|
|
Six Months Ended June 30, 2012
|
4
|
|
Condensed, Consolidated Statement of Comprehensive Income
|
5
|
|
Condensed, Consolidated Statement of Changes in Shareowners' Equity
|
5
|
|
Condensed Statement of Financial Position
|
6
|
|
Condensed Statement of Cash Flows
|
7
|
|
Summary of Operating Segments
|
8
|
|
Notes to Condensed, Consolidated Financial Statements (Unaudited)
|
9
|
|
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
59
|
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
86
|
|
Item 4. Controls and Procedures
|
86
|
|
Part II - Other Information
|
||
Item 1. Legal Proceedings
Item 2. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
|
87
88
|
|
Item 6. Exhibits
|
89
|
|
Signatures
|
90
|
Three months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Revenues and other income
|
||||||||||||||||||
Sales of goods
|
$
|
18,185
|
$
|
16,223
|
$
|
18,215
|
$
|
16,181
|
$
|
26
|
$
|
42
|
||||||
Sales of services
|
6,818
|
6,685
|
6,923
|
6,780
|
–
|
–
|
||||||||||||
Other income
|
393
|
624
|
409
|
676
|
–
|
–
|
||||||||||||
GECC earnings from continuing operations
|
–
|
–
|
2,122
|
1,615
|
–
|
–
|
||||||||||||
GECC revenues from services
|
11,105
|
12,091
|
–
|
–
|
11,432
|
12,398
|
||||||||||||
Total revenues and other income
|
36,501
|
35,623
|
27,669
|
25,252
|
11,458
|
12,440
|
||||||||||||
Costs and expenses
|
||||||||||||||||||
Cost of goods sold
|
14,797
|
12,952
|
14,831
|
12,914
|
23
|
38
|
||||||||||||
Cost of services sold
|
4,402
|
4,465
|
4,507
|
4,559
|
–
|
–
|
||||||||||||
Interest and other financial charges
|
3,211
|
3,770
|
351
|
321
|
2,988
|
3,598
|
||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||
insurance annuity benefits
|
662
|
746
|
–
|
–
|
702
|
790
|
||||||||||||
Provision for losses on financing receivables
|
743
|
792
|
–
|
–
|
743
|
792
|
||||||||||||
Other costs and expenses
|
8,501
|
8,362
|
3,911
|
3,288
|
4,764
|
5,241
|
||||||||||||
Total costs and expenses
|
32,316
|
31,087
|
23,600
|
21,082
|
9,220
|
10,459
|
||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
before income taxes
|
4,185
|
4,536
|
4,069
|
4,170
|
2,238
|
1,981
|
||||||||||||
Benefit (provision) for income taxes
|
(494)
|
(892)
|
(392)
|
(546)
|
(102)
|
(346)
|
||||||||||||
Earnings from continuing operations
|
3,691
|
3,644
|
3,677
|
3,624
|
2,136
|
1,635
|
||||||||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(553)
|
194
|
(553)
|
194
|
(553)
|
195
|
||||||||||||
Net earnings (loss)
|
3,138
|
3,838
|
3,124
|
3,818
|
1,583
|
1,830
|
||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||
noncontrolling interests
|
33
|
74
|
19
|
54
|
14
|
20
|
||||||||||||
Net earnings (loss) attributable to the Company
|
3,105
|
3,764
|
3,105
|
3,764
|
1,569
|
1,810
|
||||||||||||
Preferred stock dividends declared
|
–
|
(75)
|
–
|
(75)
|
–
|
–
|
||||||||||||
Net earnings (loss) attributable to GE common
|
||||||||||||||||||
shareowners
|
$
|
3,105
|
$
|
3,689
|
$
|
3,105
|
$
|
3,689
|
$
|
1,569
|
$
|
1,810
|
||||||
Amounts attributable to the Company
|
||||||||||||||||||
Earnings from continuing operations
|
$
|
3,658
|
$
|
3,570
|
$
|
3,658
|
$
|
3,570
|
$
|
2,122
|
$
|
1,615
|
||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(553)
|
194
|
(553)
|
194
|
(553)
|
195
|
||||||||||||
Net earnings (loss) attributable to the Company
|
$
|
3,105
|
$
|
3,764
|
$
|
3,105
|
$
|
3,764
|
$
|
1,569
|
$
|
1,810
|
||||||
Per-share amounts
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.34
|
$
|
0.33
|
||||||||||||||
Basic earnings per share
|
$
|
0.35
|
$
|
0.33
|
||||||||||||||
Net earnings
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.29
|
$
|
0.35
|
||||||||||||||
Basic earnings per share
|
$
|
0.29
|
$
|
0.35
|
||||||||||||||
Dividends declared per common share
|
$
|
0.17
|
$
|
0.15
|
||||||||||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.
|
|
See Note 3 for other-than-temporary impairment amounts.
|
|
See accompanying notes. Separate information is shown for "GE" and "Financial Services (GECC)." Transactions between GE and GECC have been eliminated from the "Consolidated" columns.
|
Six months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Revenues and other income
|
||||||||||||||||||
Sales of goods
|
$
|
35,500
|
$
|
30,712
|
$
|
35,572
|
$
|
30,670
|
$
|
56
|
$
|
84
|
||||||
Sales of services
|
13,030
|
14,187
|
13,253
|
14,393
|
–
|
–
|
||||||||||||
Other income
|
950
|
4,249
|
1,009
|
4,341
|
–
|
–
|
||||||||||||
GECC earnings from continuing operations
|
–
|
–
|
3,914
|
3,405
|
–
|
–
|
||||||||||||
GECC revenues from services
|
22,203
|
24,804
|
–
|
–
|
22,844
|
25,392
|
||||||||||||
Total revenues and other income
|
71,683
|
73,952
|
53,748
|
52,809
|
22,900
|
25,476
|
||||||||||||
Costs and expenses
|
||||||||||||||||||
Cost of goods sold
|
28,262
|
24,768
|
28,343
|
24,732
|
48
|
78
|
||||||||||||
Cost of services sold
|
8,806
|
9,365
|
9,029
|
9,570
|
–
|
–
|
||||||||||||
Interest and other financial charges
|
6,569
|
7,566
|
666
|
676
|
6,184
|
7,182
|
||||||||||||
Investment contracts, insurance losses and
|
||||||||||||||||||
insurance annuity benefits
|
1,399
|
1,482
|
–
|
–
|
1,473
|
1,559
|
||||||||||||
Provision for losses on financing receivables
|
1,606
|
1,932
|
–
|
–
|
1,606
|
1,932
|
||||||||||||
Other costs and expenses
|
16,930
|
16,869
|
7,914
|
6,687
|
9,360
|
10,494
|
||||||||||||
Total costs and expenses
|
63,572
|
61,982
|
45,952
|
41,665
|
18,671
|
21,245
|
||||||||||||
Earnings (loss) from continuing operations
|
||||||||||||||||||
before income taxes
|
8,111
|
11,970
|
7,796
|
11,144
|
4,229
|
4,231
|
||||||||||||
Benefit (provision) for income taxes
|
(1,131)
|
(4,834)
|
(842)
|
(4,059)
|
(289)
|
(775)
|
||||||||||||
Earnings from continuing operations
|
6,980
|
7,136
|
6,954
|
7,085
|
3,940
|
3,456
|
||||||||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(770)
|
229
|
(770)
|
229
|
(770)
|
230
|
||||||||||||
Net earnings (loss)
|
6,210
|
7,365
|
6,184
|
7,314
|
3,170
|
3,686
|
||||||||||||
Less net earnings (loss) attributable to
|
||||||||||||||||||
noncontrolling interests
|
71
|
168
|
45
|
117
|
26
|
51
|
||||||||||||
Net earnings (loss) attributable to the Company
|
6,139
|
7,197
|
6,139
|
7,197
|
3,144
|
3,635
|
||||||||||||
Preferred stock dividends declared
|
–
|
(150)
|
–
|
(150)
|
–
|
–
|
||||||||||||
Net earnings (loss) attributable to GE common
|
||||||||||||||||||
shareowners
|
$
|
6,139
|
$
|
7,047
|
$
|
6,139
|
$
|
7,047
|
$
|
3,144
|
$
|
3,635
|
||||||
Amounts attributable to the Company
|
||||||||||||||||||
Earnings from continuing operations
|
$
|
6,909
|
$
|
6,968
|
$
|
6,909
|
$
|
6,968
|
$
|
3,914
|
$
|
3,405
|
||||||
Earnings (loss) from discontinued operations,
|
||||||||||||||||||
net of taxes
|
(770)
|
229
|
(770)
|
229
|
(770)
|
230
|
||||||||||||
Net earnings (loss) attributable to the Company
|
$
|
6,139
|
$
|
7,197
|
$
|
6,139
|
$
|
7,197
|
$
|
3,144
|
$
|
3,635
|
||||||
Per-share amounts
|
||||||||||||||||||
Earnings from continuing operations
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.65
|
$
|
0.64
|
||||||||||||||
Basic earnings per share
|
$
|
0.65
|
$
|
0.64
|
||||||||||||||
Net earnings
|
||||||||||||||||||
Diluted earnings per share
|
$
|
0.58
|
$
|
0.66
|
||||||||||||||
Basic earnings per share
|
$
|
0.58
|
$
|
0.66
|
||||||||||||||
Dividends declared per common share
|
$
|
0.34
|
$
|
0.29
|
||||||||||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.
|
General Electric Company and consolidated affiliates
|
||||||||||||
Condensed, Consolidated Statement of Comprehensive Income
|
||||||||||||
Three months ended June 30 (Unaudited)
|
Six months ended June 30 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Net earnings
|
$
|
3,138
|
$
|
3,838
|
$
|
6,210
|
$
|
7,365
|
||||
Less: Net earnings (loss) attributable to noncontrolling interests
|
33
|
74
|
71
|
168
|
||||||||
Net earnings attributable to GE
|
$
|
3,105
|
$
|
3,764
|
$
|
6,139
|
$
|
7,197
|
||||
Other comprehensive income (loss), net of tax
|
||||||||||||
Investment securities
|
$
|
169
|
$
|
393
|
$
|
506
|
$
|
204
|
||||
Currency translation adjustments
|
(1,330)
|
1,814
|
(998)
|
4,353
|
||||||||
Cash flow hedges
|
21
|
(185)
|
145
|
(259)
|
||||||||
Benefit plans
|
560
|
505
|
1,600
|
1,098
|
||||||||
Other comprehensive income (loss), net of tax
|
(580)
|
2,527
|
1,253
|
5,396
|
||||||||
Less: Other comprehensive income (loss) attributable to
|
||||||||||||
noncontrolling interests
|
10
|
(19)
|
2
|
(4)
|
||||||||
Other comprehensive income (loss) attributable to GE
|
$
|
(590)
|
$
|
2,546
|
$
|
1,251
|
$
|
5,400
|
||||
Comprehensive income, net of tax
|
$
|
2,558
|
$
|
6,365
|
$
|
7,463
|
$
|
12,761
|
||||
Less: Comprehensive income attributable to
|
||||||||||||
noncontrolling interests
|
43
|
55
|
73
|
164
|
||||||||
Comprehensive income attributable to GE
|
$
|
2,515
|
$
|
6,310
|
$
|
7,390
|
$
|
12,597
|
||||
General Electric Company and consolidated affiliates
|
|||||||||||
Condensed, Consolidated Statement of Changes in Shareowners' Equity
|
|||||||||||
Six months ended June 30 (Unaudited)
|
|||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Beginning balance
|
$
|
116,438
|
$
|
118,936
|
|||||||
Dividends and other transactions with shareowners
|
(3,709)
|
(3,459)
|
|||||||||
Other comprehensive income (loss), net of tax
|
1,251
|
5,400
|
|||||||||
Increases from net earnings attributable to the company
|
6,139
|
7,197
|
|||||||||
Ending balance
|
120,119
|
128,074
|
|||||||||
Noncontrolling interests
|
3,780
|
2,323
|
|||||||||
Total equity
|
$
|
123,899
|
$
|
130,397
|
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||||||
(In millions, except share amounts)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
Assets
|
||||||||||||||||||
Cash and equivalents
|
$
|
74,295
|
$
|
84,501
|
$
|
8,644
|
$
|
8,382
|
$
|
66,252
|
$
|
76,702
|
||||||
Investment securities
|
47,931
|
47,374
|
28
|
18
|
47,906
|
47,359
|
||||||||||||
Current receivables
|
19,295
|
19,531
|
11,323
|
11,807
|
–
|
–
|
||||||||||||
Inventories
|
15,440
|
13,792
|
15,380
|
13,741
|
60
|
51
|
||||||||||||
Financing receivables – net
|
264,848
|
279,918
|
–
|
–
|
273,984
|
288,847
|
||||||||||||
Other GECC receivables
|
7,696
|
7,561
|
–
|
–
|
13,701
|
13,390
|
||||||||||||
Property, plant and equipment – net
|
66,660
|
65,739
|
14,655
|
14,283
|
51,969
|
51,419
|
||||||||||||
Investment in GECC
|
–
|
–
|
77,600
|
77,110
|
–
|
–
|
||||||||||||
Goodwill
|
72,401
|
72,625
|
45,329
|
45,395
|
27,072
|
27,230
|
||||||||||||
Other intangible assets – net
|
11,738
|
12,068
|
10,295
|
10,522
|
1,443
|
1,546
|
||||||||||||
All other assets
|
109,288
|
111,701
|
37,762
|
36,675
|
71,897
|
75,612
|
||||||||||||
Assets of businesses held for sale
|
3,039
|
711
|
–
|
–
|
3,039
|
711
|
||||||||||||
Assets of discontinued operations
|
1,490
|
1,721
|
9
|
52
|
1,481
|
1,669
|
||||||||||||
Total assets(b)
|
$
|
694,121
|
$
|
717,242
|
$
|
221,025
|
$
|
217,985
|
$
|
558,804
|
$
|
584,536
|
||||||
Liabilities and equity
|
||||||||||||||||||
Short-term borrowings
|
$
|
126,319
|
$
|
137,611
|
$
|
7,324
|
$
|
2,184
|
$
|
119,796
|
$
|
136,333
|
||||||
Accounts payable, principally trade accounts
|
16,718
|
16,400
|
14,249
|
14,209
|
7,700
|
7,239
|
||||||||||||
Progress collections and price adjustments accrued
|
9,982
|
10,402
|
10,913
|
11,349
|
–
|
–
|
||||||||||||
Dividends payable
|
1,798
|
1,797
|
1,798
|
1,797
|
–
|
–
|
||||||||||||
Other GE current liabilities
|
14,967
|
14,796
|
14,967
|
14,796
|
–
|
–
|
||||||||||||
Non-recourse borrowings of consolidated
|
||||||||||||||||||
securitization entities
|
30,696
|
29,258
|
–
|
–
|
30,696
|
29,258
|
||||||||||||
Bank deposits
|
41,942
|
43,115
|
–
|
–
|
41,942
|
43,115
|
||||||||||||
Long-term borrowings
|
229,817
|
243,459
|
4,391
|
9,405
|
225,539
|
234,391
|
||||||||||||
Investment contracts, insurance liabilities
|
||||||||||||||||||
and insurance annuity benefits
|
27,790
|
29,774
|
–
|
–
|
28,328
|
30,198
|
||||||||||||
All other liabilities
|
67,514
|
70,653
|
53,249
|
53,826
|
14,759
|
17,334
|
||||||||||||
Deferred income taxes
|
456
|
(131)
|
(6,936)
|
(7,183)
|
7,392
|
7,052
|
||||||||||||
Liabilities of businesses held for sale
|
283
|
345
|
–
|
–
|
283
|
345
|
||||||||||||
Liabilities of discontinued operations
|
1,940
|
1,629
|
157
|
158
|
1,783
|
1,471
|
||||||||||||
Total liabilities(b)
|
570,222
|
599,108
|
100,112
|
100,541
|
478,218
|
506,736
|
||||||||||||
GECC preferred stock (22,500 outstanding at June 30, 2012)
|
–
|
–
|
–
|
–
|
–
|
–
|
||||||||||||
Common stock (10,558,844,000 and 10,573,017,000
|
||||||||||||||||||
shares outstanding at June 30, 2012 and
|
||||||||||||||||||
December 31, 2011, respectively)
|
702
|
702
|
702
|
702
|
–
|
–
|
||||||||||||
Accumulated other comprehensive income – net(c)
|
||||||||||||||||||
Investment securities
|
472
|
(30)
|
472
|
(30)
|
476
|
(33)
|
||||||||||||
Currency translation adjustments
|
(861)
|
133
|
(861)
|
133
|
(673)
|
(399)
|
||||||||||||
Cash flow hedges
|
(1,031)
|
(1,176)
|
(1,031)
|
(1,176)
|
(989)
|
(1,101)
|
||||||||||||
Benefit plans
|
(21,303)
|
(22,901)
|
(21,303)
|
(22,901)
|
(568)
|
(563)
|
||||||||||||
Other capital
|
33,498
|
33,693
|
33,498
|
33,693
|
29,859
|
27,628
|
||||||||||||
Retained earnings
|
140,324
|
137,786
|
140,324
|
137,786
|
51,722
|
51,578
|
||||||||||||
Less common stock held in treasury
|
(31,682)
|
(31,769)
|
(31,682)
|
(31,769)
|
–
|
–
|
||||||||||||
Total GE shareowners’ equity
|
120,119
|
116,438
|
120,119
|
116,438
|
79,827
|
77,110
|
||||||||||||
Noncontrolling interests(d)
|
3,780
|
1,696
|
794
|
1,006
|
759
|
690
|
||||||||||||
Total equity
|
123,899
|
118,134
|
120,913
|
117,444
|
80,586
|
77,800
|
||||||||||||
Total liabilities and equity
|
$
|
694,121
|
$
|
717,242
|
$
|
221,025
|
$
|
217,985
|
$
|
558,804
|
$
|
584,536
|
||||||
(a)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.
|
(b)
|
Our consolidated assets at June 30, 2012 include total assets of $47,514 million of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. These assets include net financing receivables of $38,554 million and investment securities of $4,874 million. Our consolidated liabilities at June 30, 2012 include liabilities of certain VIEs for which the VIE creditors do not have recourse to GE. These liabilities include non-recourse borrowings of consolidated securitization entities (CSEs) of $29,796 million. See Note 18.
|
(c)
|
The sum of accumulated other comprehensive income - net was $(22,723) million and $(23,974) million at June 30, 2012 and December 31, 2011, respectively.
|
(d)
|
Included accumulated other comprehensive income - net attributable to noncontrolling interests of $(170) million and $(168) million at June 30, 2012 and December 31, 2011, respectively.
|
Six months ended June 30 (Unaudited)
|
||||||||||||||||||
Consolidated
|
GE(a)
|
Financial Services (GECC)
|
||||||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Cash flows – operating activities
|
||||||||||||||||||
Net earnings
|
$
|
6,210
|
$
|
7,365
|
$
|
6,184
|
$
|
7,314
|
$
|
3,170
|
$
|
3,686
|
||||||
Less net earnings (loss) attributable to noncontrolling
interests
|
71
|
168
|
45
|
117
|
26
|
51
|
||||||||||||
Net earnings attributable to the Company
|
6,139
|
7,197
|
6,139
|
7,197
|
3,144
|
3,635
|
||||||||||||
(Earnings) loss from discontinued operations
|
770
|
(229)
|
770
|
(229)
|
770
|
(230)
|
||||||||||||
Adjustments to reconcile net earnings attributable to the
|
||||||||||||||||||
Company to cash provided from operating activities
|
||||||||||||||||||
Depreciation and amortization of property,
|
||||||||||||||||||
plant and equipment
|
4,493
|
4,594
|
1,124
|
1,026
|
3,369
|
3,568
|
||||||||||||
Earnings from continuing operations retained by GECC(b)
|
–
|
–
|
(914)
|
(3,405)
|
–
|
–
|
||||||||||||
Deferred income taxes
|
(219)
|
(3,170)
|
(547)
|
(97)
|
328
|
(3,073)
|
||||||||||||
Decrease (increase) in GE current receivables
|
(9)
|
43
|
296
|
(726)
|
–
|
–
|
||||||||||||
Decrease (increase) in inventories
|
(1,645)
|
(2,212)
|
(1,615)
|
(2,196)
|
(9)
|
14
|
||||||||||||
Increase (decrease) in accounts payable
|
872
|
1,177
|
698
|
1,176
|
201
|
885
|
||||||||||||
Increase (decrease) in GE progress collections
|
(299)
|
(435)
|
(316)
|
(356)
|
–
|
–
|
||||||||||||
Provision for losses on GECC financing receivables
|
1,606
|
1,932
|
–
|
–
|
1,606
|
1,932
|
||||||||||||
All other operating activities
|
2,554
|
5,569
|
1,154
|
1,990
|
1,415
|
2,976
|
||||||||||||
Cash from (used for) operating activities – continuing
|
||||||||||||||||||
operations
|
14,262
|
14,466
|
6,789
|
4,380
|
10,824
|
9,707
|
||||||||||||
Cash from (used for) operating activities – discontinued
|
||||||||||||||||||
operations
|
(45)
|
674
|
–
|
–
|
(45)
|
674
|
||||||||||||
Cash from (used for) operating activities
|
14,217
|
15,140
|
6,789
|
4,380
|
10,779
|
10,381
|
||||||||||||
Cash flows – investing activities
|
||||||||||||||||||
Additions to property, plant and equipment
|
(7,307)
|
(6,538)
|
(2,020)
|
(1,544)
|
(5,514)
|
(5,118)
|
||||||||||||
Dispositions of property, plant and equipment
|
2,726
|
3,505
|
–
|
–
|
2,726
|
3,505
|
||||||||||||
Net decrease (increase) in GECC financing receivables
|
5,924
|
15,957
|
–
|
–
|
5,798
|
16,749
|
||||||||||||
Proceeds from sale of discontinued operations
|
–
|
4,371
|
–
|
–
|
–
|
4,371
|
||||||||||||
Proceeds from principal business dispositions
|
117
|
7,897
|
29
|
5,820
|
88
|
2,077
|
||||||||||||
Payments for principal businesses purchased
|
(394)
|
(7,519)
|
(394)
|
(7,426)
|
–
|
(93)
|
||||||||||||
All other investing activities
|
3,535
|
3,715
|
37
|
(340)
|
3,779
|
3,659
|
||||||||||||
Cash from (used for) investing activities – continuing
|
||||||||||||||||||
operations
|
4,601
|
21,388
|
(2,348)
|
(3,490)
|
6,877
|
25,150
|
||||||||||||
Cash from (used for) investing activities – discontinued
|
||||||||||||||||||
operations
|
37
|
(614)
|
–
|
–
|
37
|
(614)
|
||||||||||||
Cash from (used for) investing activities
|
4,638
|
20,774
|
(2,348)
|
(3,490)
|
6,914
|
24,536
|
||||||||||||
Cash flows – financing activities
|
||||||||||||||||||
Net increase (decrease) in borrowings (maturities of
|
||||||||||||||||||
90 days or less)
|
(731)
|
(1,548)
|
(143)
|
1,288
|
(621)
|
(2,857)
|
||||||||||||
Net increase (decrease) in bank deposits
|
(890)
|
2,464
|
–
|
–
|
(890)
|
2,464
|
||||||||||||
Newly issued debt (maturities longer than 90 days)
|
30,053
|
27,009
|
167
|
137
|
29,658
|
26,964
|
||||||||||||
Repayments and other reductions (maturities longer
|
||||||||||||||||||
than 90 days)
|
(52,868)
|
(44,967)
|
(24)
|
206
|
(52,844)
|
(45,173)
|
||||||||||||
Proceeds from issuance of GECC preferred stock
|
2,227
|
–
|
–
|
–
|
2,227
|
–
|
||||||||||||
Net dispositions (purchases) of GE shares for treasury
|
(505)
|
(695)
|
(505)
|
(695)
|
–
|
–
|
||||||||||||
Dividends paid to shareowners
|
(3,601)
|
(3,128)
|
(3,601)
|
(3,128)
|
(3,000)
|
–
|
||||||||||||
Purchase of subsidiary shares from
|
||||||||||||||||||
noncontrolling interest
|
–
|
(4,298)
|
–
|
(4,298)
|
–
|
–
|
||||||||||||
All other financing activities
|
(2,416)
|
(1,061)
|
(62)
|
(125)
|
(2,354)
|
(936)
|
||||||||||||
Cash from (used for) financing activities – continuing
|
||||||||||||||||||
operations
|
(28,731)
|
(26,224)
|
(4,168)
|
(6,615)
|
(27,824)
|
(19,538)
|
||||||||||||
Cash from (used for) financing activities – discontinued
|
||||||||||||||||||
operations
|
–
|
(42)
|
–
|
–
|
–
|
(42)
|
||||||||||||
Cash from (used for) financing activities
|
(28,731)
|
(26,266)
|
(4,168)
|
(6,615)
|
(27,824)
|
(19,580)
|
||||||||||||
Effect of currency exchange rate changes on cash
|
||||||||||||||||||
and equivalents
|
(338)
|
2,480
|
(11)
|
73
|
(327)
|
2,407
|
||||||||||||
Increase (decrease) in cash and equivalents
|
(10,214)
|
12,128
|
262
|
(5,652)
|
(10,458)
|
17,744
|
||||||||||||
Cash and equivalents at beginning of year
|
84,622
|
79,084
|
8,382
|
19,241
|
76,823
|
60,398
|
||||||||||||
Cash and equivalents at June 30
|
74,408
|
91,212
|
8,644
|
13,589
|
66,365
|
78,142
|
||||||||||||
Less cash and equivalents of discontinued operations
|
||||||||||||||||||
at June 30
|
113
|
159
|
–
|
–
|
113
|
159
|
||||||||||||
Cash and equivalents of continuing operations
|
||||||||||||||||||
at June 30
|
$
|
74,295
|
$
|
91,053
|
$
|
8,644
|
$
|
13,589
|
$
|
66,252
|
$
|
77,983
|
||||||
(a)
(b)
|
Represents the adding together of all affiliated companies except General Electric Capital Corporation (GECC or Financial Services), which is presented on a one-line basis.
Represents GECC earnings from continuing operations attributable to the Company, net of GECC dividends paid to GE.
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(Unaudited)
|
(Unaudited)
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Revenues(a)
|
|||||||||||
Energy Infrastructure
|
$
|
11,919
|
$
|
10,402
|
$
|
23,087
|
$
|
19,851
|
|||
Aviation
|
4,855
|
4,732
|
9,746
|
9,100
|
|||||||
Healthcare
|
4,500
|
4,498
|
8,800
|
8,588
|
|||||||
Transportation
|
1,565
|
1,231
|
2,835
|
2,134
|
|||||||
Home & Business Solutions
|
2,204
|
2,153
|
4,295
|
4,142
|
|||||||
Total industrial segment revenues
|
25,043
|
23,016
|
48,763
|
43,815
|
|||||||
GE Capital
|
11,458
|
12,440
|
22,900
|
25,476
|
|||||||
Total segment revenues
|
36,501
|
35,456
|
71,663
|
69,291
|
|||||||
Corporate items and eliminations(a)
|
–
|
167
|
20
|
4,661
|
|||||||
Consolidated revenues and other income
|
$
|
36,501
|
$
|
35,623
|
$
|
71,683
|
$
|
73,952
|
|||
Segment profit(a)
|
|||||||||||
Energy Infrastructure
|
$
|
1,755
|
$
|
1,552
|
$
|
3,279
|
$
|
2,933
|
|||
Aviation
|
922
|
959
|
1,784
|
1,800
|
|||||||
Healthcare
|
694
|
711
|
1,279
|
1,242
|
|||||||
Transportation
|
282
|
178
|
514
|
335
|
|||||||
Home & Business Solutions
|
91
|
106
|
157
|
180
|
|||||||
Total industrial segment profit
|
3,744
|
3,506
|
7,013
|
6,490
|
|||||||
GE Capital
|
2,122
|
1,615
|
3,914
|
3,405
|
|||||||
Total segment profit
|
5,866
|
5,121
|
10,927
|
9,895
|
|||||||
Corporate items and eliminations(a)
|
(1,465)
|
(684)
|
(2,510)
|
1,808
|
|||||||
GE interest and other financial charges
|
(351)
|
(321)
|
(666)
|
(676)
|
|||||||
GE provision for income taxes
|
(392)
|
(546)
|
(842)
|
(4,059)
|
|||||||
Earnings from continuing operations attributable
|
|||||||||||
to the Company
|
3,658
|
3,570
|
6,909
|
6,968
|
|||||||
Earnings (loss) from discontinued operations,
|
|||||||||||
net of taxes, attributable to the Company
|
(553)
|
194
|
(770)
|
229
|
|||||||
Consolidated net earnings attributable to
|
|||||||||||
the Company
|
$
|
3,105
|
$
|
3,764
|
$
|
6,139
|
$
|
7,197
|
|||
(a)
|
Segment revenues includes both revenues and other income related to the segment. Segment profit excludes results reported as discontinued operations, earnings attributable to noncontrolling interests of consolidated subsidiaries, GECC preferred stock dividends declared and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment’s management is measured – excluded in determining segment profit, which we sometimes refer to as “operating profit,” for Energy Infrastructure, Aviation, Healthcare, Transportation and Home & Business Solutions; included in determining segment profit, which we sometimes refer to as “net earnings,” for GE Capital. Results of our run-off insurance operations previously reported in Corporate items and eliminations are now reported in GE Capital.
|
|
See accompanying notes.
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
|
|||||
Assets
|
|
||||
Cash and equivalents
|
$
|
135
|
$
|
149
|
|
Financing receivables – net
|
2,794
|
412
|
|||
Property, plant and equipment – net
|
56
|
81
|
|||
Other
|
54
|
69
|
|||
Assets of businesses held for sale
|
$
|
3,039
|
$
|
711
|
|
|
|||||
Liabilities
|
|||||
Short-term borrowings
|
$
|
223
|
$
|
252
|
|
Other
|
60
|
93
|
|||
Liabilities of businesses held for sale
|
$
|
283
|
$
|
345
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Operations
|
|||||||||||
Total revenues
|
$
|
(348)
|
$
|
124
|
$
|
(349)
|
$
|
331
|
|||
Earnings (loss) from discontinued operations
|
|||||||||||
before income taxes
|
$
|
(380)
|
$
|
(39)
|
$
|
(438)
|
$
|
(39)
|
|||
Benefit (provision) for income taxes
|
121
|
37
|
127
|
33
|
|||||||
Earnings (loss) from discontinued operations,
|
|||||||||||
net of taxes
|
$
|
(259)
|
$
|
(2)
|
$
|
(311)
|
$
|
(6)
|
|||
Disposal
|
|||||||||||
Gain (loss) on disposal before income taxes
|
$
|
(308)
|
$
|
(52)
|
$
|
(502)
|
$
|
(41)
|
|||
Benefit (provision) for income taxes
|
14
|
248
|
43
|
276
|
|||||||
Gain (loss) on disposal, net of taxes
|
$
|
(294)
|
$
|
196
|
$
|
(459)
|
$
|
235
|
|||
Earnings (loss) from discontinued operations,
|
|||||||||||
net of taxes(a)
|
$
|
(553)
|
$
|
194
|
$
|
(770)
|
$
|
229
|
|||
(a)
|
GECC earnings (loss) from discontinued operations, net of taxes, is presented combined with GE earnings (loss) from discontinued operations, net of taxes, on the Condensed Statement of Earnings.
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Assets
|
|||||
Cash and equivalents
|
$
|
113
|
$
|
121
|
|
Financing receivables – net
|
234
|
521
|
|||
Other
|
1,143
|
1,079
|
|||
Assets of discontinued operations
|
$
|
1,490
|
$
|
1,721
|
|
Liabilities
|
|||||
Deferred income taxes
|
$
|
230
|
$
|
205
|
|
Other
|
1,710
|
1,424
|
|||
Liabilities of discontinued operations
|
$
|
1,940
|
$
|
1,629
|
At
|
|||||||||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
Gross
|
||||||||||||||||||||
Amortized
|
unrealized
|
unrealized
|
Estimated
|
Amortized
|
unrealized
|
unrealized
|
Estimated
|
||||||||||||||||
(In millions)
|
cost
|
gains
|
losses
|
fair value
|
cost
|
gains
|
losses
|
fair value
|
|||||||||||||||
GE
|
|||||||||||||||||||||||
Debt – U.S. corporate
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
1
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
|||||||
Equity – available-for-sale
|
27
|
–
|
–
|
27
|
18
|
–
|
–
|
18
|
|||||||||||||||
28
|
–
|
–
|
28
|
18
|
–
|
–
|
18
|
||||||||||||||||
GECC
|
|||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||
U.S. corporate
|
20,994
|
4,003
|
(327)
|
24,670
|
20,748
|
3,432
|
(410)
|
23,770
|
|||||||||||||||
State and municipal
|
3,436
|
463
|
(130)
|
3,769
|
3,027
|
350
|
(143)
|
3,234
|
|||||||||||||||
Residential mortgage-
|
|||||||||||||||||||||||
backed(a)
|
2,440
|
195
|
(198)
|
2,437
|
2,711
|
184
|
(286)
|
2,609
|
|||||||||||||||
Commercial mortgage-backed
|
3,060
|
171
|
(180)
|
3,051
|
2,913
|
162
|
(247)
|
2,828
|
|||||||||||||||
Asset-backed
|
5,269
|
8
|
(148)
|
5,129
|
5,102
|
32
|
(164)
|
4,970
|
|||||||||||||||
Corporate – non-U.S.
|
2,592
|
140
|
(168)
|
2,564
|
2,414
|
126
|
(207)
|
2,333
|
|||||||||||||||
Government – non-U.S.
|
1,792
|
137
|
(30)
|
1,899
|
2,488
|
129
|
(86)
|
2,531
|
|||||||||||||||
U.S. government and federal
|
|||||||||||||||||||||||
agency
|
3,412
|
90
|
–
|
3,502
|
3,974
|
84
|
–
|
4,058
|
|||||||||||||||
Retained interests
|
28
|
3
|
–
|
31
|
25
|
10
|
–
|
35
|
|||||||||||||||
Equity
|
|||||||||||||||||||||||
Available-for-sale
|
502
|
98
|
(6)
|
594
|
713
|
75
|
(38)
|
750
|
|||||||||||||||
Trading
|
260
|
–
|
–
|
260
|
241
|
–
|
–
|
241
|
|||||||||||||||
43,785
|
5,308
|
(1,187)
|
47,906
|
44,356
|
4,584
|
(1,581)
|
47,359
|
||||||||||||||||
Eliminations
|
(3)
|
–
|
–
|
(3)
|
(3)
|
–
|
–
|
(3)
|
|||||||||||||||
Total
|
$
|
43,810
|
$
|
5,308
|
$
|
(1,187)
|
$
|
47,931
|
$
|
44,371
|
$
|
4,584
|
$
|
(1,581)
|
$
|
47,374
|
|||||||
(a)
|
Substantially collateralized by U.S. mortgages. Of our total residential mortgage-backed securities (RMBS) portfolio at June 30, 2012, $1,626 million relates to securities issued by government-sponsored entities and $811 million relates to securities of private label issuers. Securities issued by private label issuers are collateralized primarily by pools of individual direct mortgage loans of financial institutions.
|
In loss position for
|
||||||||||||
Less than 12 months
|
12 months or more
|
|||||||||||
Gross
|
Gross
|
|||||||||||
Estimated
|
unrealized
|
Estimated
|
unrealized
|
|||||||||
(In millions)
|
fair value
|
losses
|
(a)
|
fair value
|
losses
|
(a)
|
||||||
June 30, 2012
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
365
|
$
|
(16)
|
$
|
1,121
|
$
|
(311)
|
||||
State and municipal
|
71
|
(1)
|
233
|
(129)
|
||||||||
Residential mortgage-backed
|
26
|
–
|
752
|
(198)
|
||||||||
Commercial mortgage-backed
|
268
|
(7)
|
1,057
|
(173)
|
||||||||
Asset-backed
|
4,136
|
(27)
|
792
|
(121)
|
||||||||
Corporate – non-U.S.
|
488
|
(31)
|
571
|
(137)
|
||||||||
Government – non-U.S.
|
196
|
(1)
|
171
|
(29)
|
||||||||
U.S. government and federal agency
|
–
|
–
|
–
|
–
|
||||||||
Retained interests
|
2
|
–
|
–
|
–
|
||||||||
Equity
|
64
|
(5)
|
7
|
(1)
|
||||||||
Total
|
$
|
5,616
|
$
|
(88)
|
$
|
4,704
|
$
|
(1,099)
|
||||
December 31, 2011
|
||||||||||||
Debt
|
||||||||||||
U.S. corporate
|
$
|
1,435
|
$
|
(241)
|
$
|
836
|
$
|
(169)
|
||||
State and municipal
|
87
|
(1)
|
307
|
(142)
|
||||||||
Residential mortgage-backed
|
219
|
(9)
|
825
|
(277)
|
||||||||
Commercial mortgage-backed
|
244
|
(23)
|
1,320
|
(224)
|
||||||||
Asset-backed
|
100
|
(7)
|
850
|
(157)
|
||||||||
Corporate – non-U.S.
|
330
|
(28)
|
607
|
(179)
|
||||||||
Government – non-U.S.
|
906
|
(5)
|
203
|
(81)
|
||||||||
U.S. government and federal agency
|
502
|
–
|
–
|
–
|
||||||||
Retained interests
|
–
|
–
|
–
|
–
|
||||||||
Equity
|
440
|
(38)
|
–
|
–
|
||||||||
Total
|
$
|
4,263
|
$
|
(352)
|
$
|
4,948
|
$
|
(1,229)
|
||||
(a)
|
Includes gross unrealized losses at June 30, 2012 of $(200) million related to securities that had other-than-temporary impairments previously recognized.
|
Contractual Maturities of GECC Investment in Available-for-Sale Debt Securities (Excluding Mortgage-Backed and Asset-Backed Securities)
|
|||||
Amortized
|
Estimated
|
||||
(In millions)
|
cost
|
fair value
|
|||
Due in
|
|||||
2012
|
$
|
2,082
|
$
|
2,112
|
|
2013-2016
|
7,450
|
7,447
|
|||
2017-2021
|
9,080
|
10,591
|
|||
2022 and later
|
13,607
|
16,247
|
|||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
GE
|
|||||||||||
Gains
|
$
|
–
|
$
|
–
|
$
|
–
|
$
|
–
|
|||
Losses, including impairments
|
–
|
–
|
–
|
–
|
|||||||
Net
|
–
|
–
|
–
|
–
|
|||||||
GECC
|
|||||||||||
Gains
|
21
|
45
|
59
|
161
|
|||||||
Losses, including impairments
|
(34)
|
(56)
|
(104)
|
(127)
|
|||||||
Net
|
(13)
|
(11)
|
(45)
|
34
|
|||||||
Total
|
$
|
(13)
|
$
|
(11)
|
$
|
(45)
|
$
|
34
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Raw materials and work in process
|
$
|
9,404
|
$
|
8,735
|
|
Finished goods
|
6,200
|
5,022
|
|||
Unbilled shipments
|
274
|
485
|
|||
15,878
|
14,242
|
||||
Less revaluation to LIFO
|
(438)
|
(450)
|
|||
Total
|
$
|
15,440
|
$
|
13,792
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Loans, net of deferred income(a)
|
$
|
243,625
|
$
|
256,895
|
|
Investment in financing leases, net of deferred income
|
35,564
|
38,142
|
|||
279,189
|
295,037
|
||||
Less allowance for losses
|
(5,205)
|
(6,190)
|
|||
Financing receivables – net(b)
|
$
|
273,984
|
$
|
288,847
|
|
(a)
|
Deferred income was $2,197 million and $2,329 million at June 30, 2012 and December 31, 2011, respectively.
|
(b)
|
Financing receivables at June 30, 2012 and December 31, 2011 included $895 million and $1,062 million, respectively, of loans that were acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables.
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Commercial
|
|||||
CLL
|
|||||
Americas
|
$
|
77,241
|
$
|
80,505
|
|
Europe
|
34,722
|
36,899
|
|||
Asia
|
11,313
|
11,635
|
|||
Other
|
711
|
436
|
|||
Total CLL
|
123,987
|
129,475
|
|||
Energy Financial Services
|
5,159
|
5,912
|
|||
GE Capital Aviation Services (GECAS)
|
12,046
|
11,901
|
|||
Other
|
587
|
1,282
|
|||
Total Commercial financing receivables
|
141,779
|
148,570
|
|||
Real Estate
|
|||||
Debt
|
22,409
|
24,501
|
|||
Business Properties
|
5,301
|
8,248
|
|||
Total Real Estate financing receivables
|
27,710
|
32,749
|
|||
Consumer
|
|||||
Non-U.S. residential mortgages
|
33,826
|
35,550
|
|||
Non-U.S. installment and revolving credit
|
17,960
|
18,544
|
|||
U.S. installment and revolving credit
|
45,531
|
46,689
|
|||
Non-U.S. auto
|
4,740
|
5,691
|
|||
Other
|
7,643
|
7,244
|
|||
Total Consumer financing receivables
|
109,700
|
113,718
|
|||
Total financing receivables
|
279,189
|
295,037
|
|||
Less allowance for losses
|
(5,205)
|
(6,190)
|
|||
Total financing receivables – net
|
$
|
273,984
|
$
|
288,847
|
|
Balance at
|
Provision
|
Balance at
|
|||||||||||||||
January 1,
|
charged to
|
Gross
|
June 30,
|
||||||||||||||
(In millions)
|
2012
|
operations
|
Other
|
(a)
|
write-offs
|
(b)
|
Recoveries
|
(b)
|
2012
|
||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
889
|
$
|
57
|
$
|
(30)
|
$
|
(306)
|
$
|
52
|
$
|
662
|
|||||
Europe
|
400
|
158
|
(15)
|
(95)
|
36
|
484
|
|||||||||||
Asia
|
157
|
13
|
(3)
|
(89)
|
9
|
87
|
|||||||||||
Other
|
4
|
–
|
(1)
|
(2)
|
–
|
1
|
|||||||||||
Total CLL
|
1,450
|
228
|
(49)
|
(492)
|
97
|
1,234
|
|||||||||||
Energy Financial
|
|||||||||||||||||
Services
|
26
|
10
|
–
|
(24)
|
–
|
12
|
|||||||||||
GECAS
|
17
|
26
|
–
|
(11)
|
–
|
32
|
|||||||||||
Other
|
37
|
5
|
(20)
|
(10)
|
–
|
12
|
|||||||||||
Total Commercial
|
1,530
|
269
|
(69)
|
(537)
|
97
|
1,290
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
949
|
17
|
(8)
|
(281)
|
5
|
682
|
|||||||||||
Business Properties
|
140
|
28
|
(7)
|
(58)
|
2
|
105
|
|||||||||||
Total Real Estate
|
1,089
|
45
|
(15)
|
(339)
|
7
|
787
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S. residential
|
|||||||||||||||||
mortgages
|
546
|
65
|
(2)
|
(165)
|
37
|
481
|
|||||||||||
Non-U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
717
|
220
|
(8)
|
(543)
|
279
|
665
|
|||||||||||
U.S. installment and
|
|||||||||||||||||
revolving credit
|
2,008
|
937
|
(5)
|
(1,488)
|
272
|
1,724
|
|||||||||||
Non-U.S. auto
|
101
|
15
|
(9)
|
(77)
|
49
|
79
|
|||||||||||
Other
|
199
|
55
|
8
|
(124)
|
41
|
179
|
|||||||||||
Total Consumer
|
3,571
|
1,292
|
(16)
|
(2,397)
|
678
|
3,128
|
|||||||||||
Total
|
$
|
6,190
|
$
|
1,606
|
$
|
(100)
|
$
|
(3,273)
|
$
|
782
|
$
|
5,205
|
|||||
(a)
|
Other primarily included transfers to held for sale and the effects of currency exchange.
|
(b)
|
Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
Balance at
|
Provision
|
Balance at
|
||||||||||||||||
January 1,
|
charged to
|
Gross
|
June 30,
|
|||||||||||||||
(In millions)
|
2011
|
operations
|
Other(a)
|
write-offs(b)
|
Recoveries(b)
|
2011
|
||||||||||||
Commercial
|
||||||||||||||||||
CLL
|
||||||||||||||||||
Americas
|
$
|
1,288
|
$
|
219
|
$
|
(72)
|
$
|
(366)
|
$
|
55
|
$
|
1,124
|
||||||
Europe
|
429
|
73
|
30
|
(133)
|
34
|
433
|
||||||||||||
Asia
|
222
|
77
|
10
|
(147)
|
18
|
180
|
||||||||||||
Other
|
6
|
–
|
–
|
–
|
–
|
6
|
||||||||||||
Total CLL
|
1,945
|
369
|
(32)
|
(646)
|
107
|
1,743
|
||||||||||||
Energy Financial
|
||||||||||||||||||
Services
|
22
|
11
|
(1)
|
(4)
|
7
|
35
|
||||||||||||
GECAS
|
20
|
(2)
|
–
|
(3)
|
–
|
15
|
||||||||||||
Other
|
58
|
11
|
1
|
(17)
|
1
|
54
|
||||||||||||
Total Commercial
|
2,045
|
389
|
(32)
|
(670)
|
115
|
1,847
|
||||||||||||
Real Estate
|
||||||||||||||||||
Debt
|
1,292
|
122
|
9
|
(341)
|
10
|
1,092
|
||||||||||||
Business Properties
|
196
|
54
|
1
|
(70)
|
3
|
184
|
||||||||||||
Total Real Estate
|
1,488
|
176
|
10
|
(411)
|
13
|
1,276
|
||||||||||||
Consumer
|
||||||||||||||||||
Non-U.S. residential
|
||||||||||||||||||
mortgages
|
689
|
30
|
32
|
(112)
|
28
|
667
|
||||||||||||
Non-U.S. installment
|
||||||||||||||||||
and revolving credit
|
937
|
311
|
64
|
(664)
|
286
|
934
|
||||||||||||
U.S. installment and
|
||||||||||||||||||
revolving credit
|
2,333
|
941
|
1
|
(1,688)
|
259
|
1,846
|
||||||||||||
Non-U.S. auto
|
168
|
26
|
12
|
(126)
|
63
|
143
|
||||||||||||
Other
|
259
|
59
|
4
|
(152)
|
48
|
218
|
||||||||||||
Total Consumer
|
4,386
|
1,367
|
113
|
(2,742)
|
684
|
3,808
|
||||||||||||
Total
|
$
|
7,919
|
$
|
1,932
|
$
|
91
|
$
|
(3,823)
|
$
|
812
|
$
|
6,931
|
||||||
(a)
|
Other primarily included transfers to held for sale and the effects of currency exchange.
|
(b)
|
Net write-offs (gross write-offs less recoveries) in certain portfolios may exceed the beginning allowance for losses as our revolving credit portfolios turn over more than once per year or, in all portfolios, can reflect losses that are incurred subsequent to the beginning of the fiscal year due to information becoming available during the current year, which may identify further deterioration on existing financing receivables.
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Original cost
|
$
|
109,612
|
$
|
108,117
|
|
Less accumulated depreciation and amortization
|
(42,952)
|
(42,378)
|
|||
Property, plant and equipment – net
|
$
|
66,660
|
$
|
65,739
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Goodwill
|
$
|
72,401
|
$
|
72,625
|
|
Other intangible assets - net
|
|||||
Intangible assets subject to amortization
|
$
|
11,535
|
$
|
11,863
|
|
Indefinite-lived intangible assets(a)
|
203
|
205
|
|||
Total
|
$
|
11,738
|
$
|
12,068
|
|
(a)
|
Indefinite-lived intangible assets principally comprised in-process research and development, trademarks and tradenames.
|
Dispositions,
|
|||||||||||
Balance at
|
currency
|
Balance at
|
|||||||||
January 1,
|
exchange
|
June 30,
|
|||||||||
(In millions)
|
2012
|
Acquisitions
|
and other
|
2012
|
|||||||
Energy Infrastructure
|
$
|
21,090
|
$
|
30
|
$
|
(223)
|
$
|
20,897
|
|||
Aviation
|
5,996
|
–
|
(54)
|
5,942
|
|||||||
Healthcare
|
16,631
|
120
|
(74)
|
16,677
|
|||||||
Transportation
|
551
|
136
|
–
|
687
|
|||||||
Home & Business Solutions
|
1,127
|
–
|
(1)
|
1,126
|
|||||||
GE Capital
|
27,230
|
–
|
(158)
|
27,072
|
|||||||
Total
|
$
|
72,625
|
$
|
286
|
$
|
(510)
|
$
|
72,401
|
Intangible Assets Subject to Amortization
|
|||||||||||||||||
At
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
Gross
|
Gross
|
||||||||||||||||
carrying
|
Accumulated
|
carrying
|
Accumulated
|
||||||||||||||
(In millions)
|
amount
|
amortization
|
Net
|
amount
|
amortization
|
Net
|
|||||||||||
Customer-related
|
$
|
6,760
|
$
|
(1,965)
|
$
|
4,795
|
$
|
6,824
|
$
|
(1,814)
|
$
|
5,010
|
|||||
Patents, licenses and trademarks
|
6,033
|
(2,452)
|
3,581
|
6,047
|
(2,312)
|
3,735
|
|||||||||||
Capitalized software
|
7,049
|
(4,528)
|
2,521
|
6,791
|
(4,273)
|
2,518
|
|||||||||||
Lease valuations
|
1,443
|
(963)
|
480
|
1,470
|
(944)
|
526
|
|||||||||||
Present value of future profits(a)
|
517
|
(517)
|
–
|
491
|
(491)
|
–
|
|||||||||||
All other
|
557
|
(399)
|
158
|
503
|
(429)
|
74
|
|||||||||||
Total
|
$
|
22,359
|
$
|
(10,824)
|
$
|
11,535
|
$
|
22,126
|
$
|
(10,263)
|
$
|
11,863
|
|||||
(a)
|
Balances at June 30, 2012 and December 31, 2011 reflect adjustments of $366 million and $391 million, respectively, to the present value of future profits in our run-off insurance operation to reflect the effects that would have been recognized had the related unrealized investment securities holding gains and losses actually been realized in accordance with ASC 320-10-S99-2.
|
At
|
|||||
(In millions)
|
June 30,
|
December 31,
|
|||
2012
|
2011
|
||||
Short-term borrowings
|
|||||
Commercial paper
|
|||||
U.S.
|
$
|
33,536
|
$
|
33,591
|
|
Non-U.S.
|
9,519
|
10,569
|
|||
Current portion of long-term borrowings(a)(b)(c)(e)
|
67,107
|
82,650
|
|||
GE Interest Plus notes(d)
|
8,545
|
8,474
|
|||
Other(c)
|
1,089
|
1,049
|
|||
GECC short-term borrowings
|
$
|
119,796
|
$
|
136,333
|
|
Long-term borrowings
|
|||||
Senior unsecured notes(b)
|
$
|
203,037
|
$
|
210,154
|
|
Subordinated notes(e)
|
4,889
|
4,862
|
|||
Subordinated debentures(f)
|
7,113
|
7,215
|
|||
Other(c)(g)
|
10,500
|
12,160
|
|||
GECC long-term borrowings
|
$
|
225,539
|
$
|
234,391
|
|
Non-recourse borrowings of consolidated securitization entities(h)
|
$
|
30,696
|
$
|
29,258
|
|
Bank deposits(i)
|
$
|
41,942
|
$
|
43,115
|
|
Total borrowings and bank deposits
|
$
|
417,973
|
$
|
443,097
|
|
(a)
|
GECC had issued and outstanding $16,950 million and $35,040 million of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at June 30, 2012 and December 31, 2011, respectively.
|
(b)
|
Included in total long-term borrowings were $869 million and $1,845 million of obligations to holders of guaranteed investment contracts at June 30, 2012 and December 31, 2011, respectively. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. On April 3, 2012, following the Moody’s downgrade of GECC’s long-term credit ratings to A1, $1,120 million of these GICs became redeemable by the holders. During the second quarter of 2012, holders of $386 million in principal amount of GICs redeemed their holdings and GECC made related cash payments. The remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
(c)
|
Included $8,144 million and $8,538 million of funding secured by real estate, aircraft and other collateral at June 30, 2012 and December 31, 2011, respectively, of which $3,276 million and $2,983 million is non-recourse to GECC at June 30, 2012 and December 31, 2011, respectively.
|
(d)
|
Entirely variable denomination floating-rate demand notes.
|
(e)
|
Included $300 million and $417 million of subordinated notes guaranteed by GE at June 30, 2012 and December 31, 2011, respectively, of which $117 million was included in current portion of long-term borrowings at December 31, 2011.
|
(f)
|
Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million.
|
(g)
|
Included $1,894 million and $1,955 million of covered bonds at June 30, 2012 and December 31, 2011, respectively. If the short-term credit rating of GECC were reduced below A–1/P–1, GECC would be required to partially cash collateralize these bonds in an amount up to $696 million at June 30, 2012.
|
(h)
|
Included at June 30, 2012 and December 31, 2011, were $8,734 million and $10,714 million of current portion of long-term borrowings, respectively, and $21,962 million and $18,544 million of long-term borrowings, respectively. See Note 18.
|
(i)
|
Included $15,224 million and $16,281 million of deposits in non-U.S. banks at June 30, 2012 and December 31, 2011, respectively, and $18,244 million and $17,201 million of certificates of deposits with maturities greater than one year at June 30, 2012 and December 31, 2011, respectively.
|
Principal Pension Plans
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Service cost for benefits earned
|
$
|
340
|
$
|
283
|
$
|
688
|
$
|
561
|
|||
Prior service cost amortization
|
70
|
49
|
140
|
95
|
|||||||
Expected return on plan assets
|
(946)
|
(985)
|
(1,891)
|
(1,969)
|
|||||||
Interest cost on benefit obligation
|
623
|
667
|
1,239
|
1,330
|
|||||||
Net actuarial loss amortization
|
864
|
596
|
1,710
|
1,168
|
|||||||
Pension plans cost
|
$
|
951
|
$
|
610
|
$
|
1,886
|
$
|
1,185
|
Other Pension Plans
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Service cost for benefits earned
|
$
|
109
|
$
|
72
|
$
|
194
|
$
|
140
|
|||
Prior service cost amortization
|
1
|
4
|
2
|
8
|
|||||||
Expected return on plan assets
|
(157)
|
(152)
|
(312)
|
(300)
|
|||||||
Interest cost on benefit obligation
|
130
|
130
|
257
|
256
|
|||||||
Net actuarial loss amortization
|
71
|
35
|
140
|
69
|
|||||||
Pension plans cost
|
$
|
154
|
$
|
89
|
$
|
281
|
$
|
173
|
Principal Retiree Health
|
|||||||||||
and Life Insurance Plans
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Service cost for benefits earned
|
$
|
54
|
$
|
45
|
$
|
110
|
$
|
92
|
|||
Prior service cost amortization
|
141
|
159
|
292
|
319
|
|||||||
Expected return on plan assets
|
(18)
|
(24)
|
(37)
|
(48)
|
|||||||
Interest cost on benefit obligation
|
129
|
150
|
258
|
301
|
|||||||
Net actuarial gain amortization
|
–
|
(27)
|
–
|
(56)
|
|||||||
Retiree benefit plans cost
|
$
|
306
|
$
|
303
|
$
|
623
|
$
|
608
|
At
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Unrecognized tax benefits
|
$
|
5,340
|
$
|
5,230
|
|
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
4,032
|
3,938
|
|||
Accrued interest on unrecognized tax benefits
|
1,051
|
1,033
|
|||
Accrued penalties on unrecognized tax benefits
|
135
|
121
|
|||
Reasonably possible reduction to the balance of unrecognized tax benefits
|
|||||
in succeeding 12 months
|
0-500
|
0-900
|
|||
Portion that, if recognized, would reduce tax expense and effective tax rate(a)
|
0-400
|
0-500
|
|||
(a)
|
Some portion of such reduction may be reported as discontinued operations.
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Beginning balance
|
$
|
1,721
|
$
|
2,254
|
$
|
1,696
|
$
|
5,262
|
|||
Net earnings
|
33
|
74
|
71
|
168
|
|||||||
Dividends
|
(7)
|
(5)
|
(14)
|
(15)
|
|||||||
Repurchase of NBCU shares(a)
|
–
|
–
|
–
|
(3,070)
|
|||||||
Dispositions
|
–
|
–
|
–
|
(23)
|
|||||||
GECC issuance of preferred stock
|
2,227
|
–
|
2,227
|
–
|
|||||||
AOCI and other
|
(194)
|
–
|
(200)
|
1
|
|||||||
Ending balance
|
$
|
3,780
|
$
|
2,323
|
$
|
3,780
|
$
|
2,323
|
|||
(a)
|
In January 2011 and prior to the transaction with Comcast Corporation, we acquired 12.3% of NBCU’s outstanding shares from Vivendi S.A. See Note 2.
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Interest on loans
|
$
|
4,762
|
$
|
5,017
|
$
|
9,620
|
$
|
10,157
|
|||
Equipment leased to others
|
2,648
|
2,852
|
5,395
|
5,674
|
|||||||
Fees
|
1,160
|
1,158
|
2,320
|
2,304
|
|||||||
Investment income(a)
|
668
|
728
|
1,335
|
1,421
|
|||||||
Financing leases
|
529
|
618
|
1,063
|
1,283
|
|||||||
Associated companies(b)
|
425
|
526
|
695
|
1,608
|
|||||||
Premiums earned by insurance activities
|
416
|
491
|
861
|
972
|
|||||||
Real estate investments
|
382
|
430
|
738
|
832
|
|||||||
Other items
|
442
|
578
|
817
|
1,141
|
|||||||
$
|
11,432
|
$
|
12,398
|
$
|
22,844
|
$
|
25,392
|
||||
(a)
|
Included net other-than-temporary impairments on investment securities of $32 million and $54 million in the three months ended June 30, 2012 and 2011, respectively, and $64 million and $118 million in the six months ended June 30, 2012 and 2011, respectively.
|
(b)
|
During the first quarter of 2011, we sold an 18.6% equity interest in Garanti Bank and recorded a pre-tax gain of $690 million. As of June 30, 2012, we hold a 1% equity interest, which is classified as an available-for-sale security.
|
Three months ended June 30
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions; per-share amounts in dollars)
|
Diluted
|
Basic
|
Diluted
|
Basic
|
|||||||
Amounts attributable to the Company:
|
|||||||||||
Consolidated
|
|||||||||||
Earnings from continuing operations for
|
|||||||||||
per-share calculation(a)
|
$
|
3,653
|
$
|
3,652
|
$
|
3,564
|
$
|
3,564
|
|||
Preferred stock dividends declared
|
–
|
–
|
(75)
|
(75)
|
|||||||
Earnings from continuing operations attributable
|
|||||||||||
to common shareowners for per-share
|
|||||||||||
calculation(a)
|
3,653
|
3,652
|
3,489
|
3,489
|
|||||||
Earnings (loss) from discontinued operations
|
|||||||||||
for per-share calculation(a)
|
(551)
|
(551)
|
194
|
194
|
|||||||
Net earnings attributable to GE common
|
|||||||||||
shareowners for per-share calculation(a)
|
$
|
3,101
|
$
|
3,101
|
$
|
3,683
|
$
|
3,682
|
|||
Average equivalent shares
|
|||||||||||
Shares of GE common stock outstanding
|
10,574
|
10,574
|
10,604
|
10,604
|
|||||||
Employee compensation-related shares,
|
|||||||||||
including stock options
|
37
|
–
|
35
|
–
|
|||||||
Total average equivalent shares
|
10,611
|
10,574
|
10,639
|
10,604
|
|||||||
Per-share amounts
|
|||||||||||
Earnings from continuing operations
|
$
|
0.34
|
$
|
0.35
|
$
|
0.33
|
$
|
0.33
|
|||
Earnings (loss) from discontinued operations
|
(0.05)
|
(0.05)
|
0.02
|
0.02
|
|||||||
Net earnings
|
0.29
|
0.29
|
0.35
|
0.35
|
|||||||
Six months ended June 30
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions; per-share amounts in dollars)
|
Diluted
|
Basic
|
Diluted
|
Basic
|
|||||||
Amounts attributable to the Company:
|
|||||||||||
Consolidated
|
|||||||||||
Earnings from continuing operations for
|
|||||||||||
per-share calculation(a)
|
$
|
6,899
|
$
|
6,899
|
$
|
6,956
|
$
|
6,956
|
|||
Preferred stock dividends declared
|
–
|
–
|
(150)
|
(150)
|
|||||||
Earnings from continuing operations attributable to
|
|||||||||||
common shareowners for per-share
|
|||||||||||
calculation(a)
|
6,899
|
6,899
|
6,806
|
6,806
|
|||||||
Earnings (loss) from discontinued operations
|
|||||||||||
for per-share calculation(a)
|
(768)
|
(768)
|
229
|
229
|
|||||||
Net earnings attributable to GE common
|
|||||||||||
shareowners for per-share calculation(a)
|
$
|
6,131
|
$
|
6,131
|
$
|
7,034
|
$
|
7,034
|
|||
Average equivalent shares
|
|||||||||||
Shares of GE common stock outstanding
|
10,574
|
10,574
|
10,608
|
10,608
|
|||||||
Employee compensation-related shares,
|
|||||||||||
including stock options
|
34
|
–
|
32
|
–
|
|||||||
Total average equivalent shares
|
10,608
|
10,574
|
10,640
|
10,608
|
|||||||
Per-share amounts
|
|||||||||||
Earnings from continuing operations
|
$
|
0.65
|
$
|
0.65
|
$
|
0.64
|
$
|
0.64
|
|||
Earnings (loss) from discontinued operations
|
(0.07)
|
(0.07)
|
0.02
|
0.02
|
|||||||
Net earnings
|
0.58
|
0.58
|
0.66
|
0.66
|
|||||||
(a)
|
Included an insignificant amount of dividend equivalents in each of the periods presented.
|
Netting
|
||||||||||||||
(In millions)
|
Level 1
|
(a)
|
Level 2
|
(a)
|
Level 3
|
adjustment
|
(b)
|
Net balance
|
||||||
June 30, 2012
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
21,298
|
$
|
3,372
|
$
|
–
|
$
|
24,670
|
||||
State and municipal
|
–
|
3,688
|
81
|
–
|
3,769
|
|||||||||
Residential mortgage-backed
|
–
|
2,340
|
97
|
–
|
2,437
|
|||||||||
Commercial mortgage-backed
|
–
|
3,051
|
–
|
–
|
3,051
|
|||||||||
Asset-backed(c)
|
–
|
825
|
4,304
|
–
|
5,129
|
|||||||||
Corporate – non-U.S.
|
72
|
1,129
|
1,363
|
–
|
2,564
|
|||||||||
Government – non-U.S.
|
874
|
974
|
51
|
–
|
1,899
|
|||||||||
U.S. government and federal agency
|
–
|
3,241
|
261
|
–
|
3,502
|
|||||||||
Retained interests
|
–
|
–
|
31
|
–
|
31
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
591
|
14
|
14
|
–
|
619
|
|||||||||
Trading
|
260
|
–
|
–
|
–
|
260
|
|||||||||
Derivatives(d)
|
–
|
12,861
|
362
|
(6,942)
|
6,281
|
|||||||||
Other(e)
|
62
|
–
|
785
|
–
|
847
|
|||||||||
Total
|
$
|
1,859
|
$
|
49,421
|
$
|
10,721
|
$
|
(6,942)
|
$
|
55,059
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
4,809
|
$
|
16
|
$
|
(3,804)
|
$
|
1,021
|
||||
Other(f)
|
–
|
895
|
–
|
–
|
895
|
|||||||||
Total
|
$
|
–
|
$
|
5,704
|
$
|
16
|
$
|
(3,804)
|
$
|
1,916
|
||||
December 31, 2011
|
||||||||||||||
Assets
|
||||||||||||||
Investment securities
|
||||||||||||||
Debt
|
||||||||||||||
U.S. corporate
|
$
|
–
|
$
|
20,535
|
$
|
3,235
|
$
|
–
|
$
|
23,770
|
||||
State and municipal
|
–
|
3,157
|
77
|
–
|
3,234
|
|||||||||
Residential mortgage-backed
|
–
|
2,568
|
41
|
–
|
2,609
|
|||||||||
Commercial mortgage-backed
|
–
|
2,824
|
4
|
–
|
2,828
|
|||||||||
Asset-backed(c)
|
–
|
930
|
4,040
|
–
|
4,970
|
|||||||||
Corporate – non-U.S.
|
71
|
1,058
|
1,204
|
–
|
2,333
|
|||||||||
Government – non-U.S.
|
1,003
|
1,444
|
84
|
–
|
2,531
|
|||||||||
U.S. government and federal agency
|
–
|
3,805
|
253
|
–
|
4,058
|
|||||||||
Retained interests
|
–
|
–
|
35
|
–
|
35
|
|||||||||
Equity
|
||||||||||||||
Available-for-sale
|
730
|
18
|
17
|
–
|
765
|
|||||||||
Trading
|
241
|
–
|
–
|
–
|
241
|
|||||||||
Derivatives(d)
|
–
|
15,252
|
393
|
(5,604)
|
10,041
|
|||||||||
Other(e)
|
–
|
–
|
817
|
–
|
817
|
|||||||||
Total
|
$
|
2,045
|
$
|
51,591
|
$
|
10,200
|
$
|
(5,604)
|
$
|
58,232
|
||||
Liabilities
|
||||||||||||||
Derivatives
|
$
|
–
|
$
|
5,010
|
$
|
27
|
$
|
(4,308)
|
$
|
729
|
||||
Other(f)
|
–
|
863
|
–
|
–
|
863
|
|||||||||
Total
|
$
|
–
|
$
|
5,873
|
$
|
27
|
$
|
(4,308)
|
$
|
1,592
|
||||
(a)
|
There were no securities transferred between Level 1 and Level 2 during the six months ended June 30, 2012.
|
(b)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists and when collateral is posted to us.
|
(c)
|
Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries.
|
(d)
|
The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a loss of $23 million and $13 million at June 30, 2012 and December 31, 2011, respectively. See Note 16 for additional information on the composition of our derivative portfolio.
|
(e)
|
Included private equity investments and loans designated under the fair value option.
|
(f)
|
Primarily represented the liability associated with certain of our deferred incentive compensation plans.
|
Changes in Level 3 Instruments for the Three Months Ended June 30, 2012
|
|||||||||||||||||||||||||||||||
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
April 1,
|
included
|
comprehensive
|
into
|
out of
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||
2012
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2012
|
2012
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,252
|
$
|
33
|
$
|
(72)
|
$
|
119
|
$
|
(40)
|
$
|
(31)
|
$
|
116
|
$
|
(5)
|
$
|
3,372
|
$
|
–
|
|||||||||||
State and municipal
|
79
|
–
|
1
|
1
|
–
|
–
|
–
|
–
|
81
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
107
|
–
|
–
|
–
|
–
|
(2)
|
1
|
(9)
|
97
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
1
|
–
|
–
|
–
|
(1)
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Asset-backed
|
4,404
|
7
|
(89)
|
57
|
(75)
|
–
|
–
|
–
|
4,304
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,249
|
(3)
|
(63)
|
306
|
–
|
(52)
|
9
|
(83)
|
1,363
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
52
|
–
|
–
|
13
|
(1)
|
(13)
|
–
|
–
|
51
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
260
|
–
|
1
|
–
|
–
|
–
|
–
|
–
|
261
|
–
|
|||||||||||||||||||||
Retained interests
|
34
|
–
|
(4)
|
4
|
(2)
|
(1)
|
–
|
–
|
31
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
15
|
–
|
(1)
|
3
|
(4)
|
1
|
–
|
–
|
14
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
321
|
30
|
(2)
|
23
|
(3)
|
(16)
|
(1)
|
(4)
|
348
|
39
|
|||||||||||||||||||||
Other
|
816
|
27
|
(13)
|
40
|
(35)
|
–
|
–
|
(50)
|
785
|
29
|
|||||||||||||||||||||
Total
|
$
|
10,590
|
$
|
94
|
$
|
(242)
|
$
|
566
|
$
|
(161)
|
$
|
(114)
|
$
|
125
|
$
|
(151)
|
$
|
10,707
|
$
|
68
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $2 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Changes in Level 3 Instruments for the Three Months Ended June 30, 2011
|
|||||||||||||||||||||||||||||||
Net
|
|||||||||||||||||||||||||||||||
(In millions)
|
change in
|
||||||||||||||||||||||||||||||
Net realized/
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
unrealized
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
gains (losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
April 1,
|
included
|
comprehensive
|
into
|
out of
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||
2011
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2011
|
2011
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,120
|
$
|
14
|
$
|
3
|
$
|
30
|
$
|
(41)
|
$
|
(29)
|
$
|
–
|
$
|
–
|
$
|
3,097
|
$
|
–
|
|||||||||||
State and municipal
|
210
|
–
|
–
|
–
|
–
|
(1)
|
–
|
–
|
209
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
118
|
–
|
(2)
|
1
|
–
|
–
|
–
|
(72)
|
45
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
11
|
–
|
1
|
(1)
|
–
|
–
|
–
|
(4)
|
7
|
–
|
|||||||||||||||||||||
Asset-backed
|
2,826
|
(3)
|
(19)
|
409
|
(43)
|
(1)
|
–
|
(37)
|
3,132
|
–
|
|||||||||||||||||||||
Corporate – non-U.S.
|
1,479
|
(1)
|
28
|
–
|
–
|
(31)
|
62
|
–
|
1,537
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
162
|
(16)
|
8
|
13
|
–
|
–
|
107
|
–
|
274
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
201
|
–
|
23
|
–
|
–
|
–
|
–
|
–
|
224
|
–
|
|||||||||||||||||||||
Retained interests
|
52
|
1
|
(4)
|
–
|
(2)
|
(2)
|
–
|
–
|
45
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
21
|
–
|
1
|
–
|
–
|
–
|
–
|
–
|
22
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
272
|
29
|
–
|
1
|
–
|
(5)
|
–
|
–
|
297
|
4
|
|||||||||||||||||||||
Other
|
987
|
43
|
12
|
112
|
–
|
(5)
|
–
|
–
|
1,149
|
39
|
|||||||||||||||||||||
Total
|
$
|
9,459
|
$
|
67
|
$
|
51
|
$
|
565
|
$
|
(86)
|
$
|
(74)
|
$
|
169
|
$
|
(113)
|
$
|
10,038
|
$
|
43
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $7 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Changes in Level 3 Instruments for the Six Months Ended June 30, 2012
|
|||||||||||||||||||||||||||||||
Net
|
Net
|
||||||||||||||||||||||||||||||
(In millions)
|
realized/
|
change in
|
|||||||||||||||||||||||||||||
unrealized
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
gains
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
(losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||
2012
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2012
|
2012
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,235
|
$
|
59
|
$
|
(34)
|
$
|
132
|
$
|
(71)
|
$
|
(47)
|
$
|
116
|
$
|
(18)
|
$
|
3,372
|
$
|
–
|
|||||||||||
State and municipal
|
77
|
–
|
3
|
1
|
–
|
–
|
–
|
–
|
81
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
41
|
(3)
|
3
|
–
|
–
|
(3)
|
69
|
(10)
|
97
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
4
|
–
|
–
|
–
|
(1)
|
–
|
–
|
(3)
|
–
|
–
|
|||||||||||||||||||||
Asset-backed
|
4,040
|
3
|
(47)
|
398
|
(106)
|
–
|
16
|
–
|
4,304
|
–
|
|||||||||||||||||||||
Corporate
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
1,204
|
(12)
|
(3)
|
316
|
–
|
(78)
|
23
|
(87)
|
1,363
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
84
|
(34)
|
35
|
65
|
(72)
|
(27)
|
–
|
–
|
51
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
253
|
–
|
8
|
–
|
–
|
–
|
–
|
–
|
261
|
–
|
|||||||||||||||||||||
Retained interests
|
35
|
–
|
(8)
|
9
|
(3)
|
(2)
|
–
|
–
|
31
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
17
|
–
|
(2)
|
3
|
(4)
|
–
|
–
|
–
|
14
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
369
|
30
|
(1)
|
21
|
(3)
|
(18)
|
(1)
|
(49)
|
348
|
32
|
|||||||||||||||||||||
Other
|
817
|
32
|
(13)
|
41
|
(42)
|
–
|
–
|
(50)
|
785
|
34
|
|||||||||||||||||||||
Total
|
$
|
10,176
|
$
|
75
|
$
|
(59)
|
$
|
986
|
$
|
(302)
|
$
|
(175)
|
$
|
223
|
$
|
(217)
|
$
|
10,707
|
$
|
66
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $2 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Changes in Level 3 Instruments for the Six Months Ended June 30, 2011
|
|||||||||||||||||||||||||||||||
Net
|
Net
|
||||||||||||||||||||||||||||||
(In millions)
|
realized/
|
change in
|
|||||||||||||||||||||||||||||
unrealized
|
unrealized
|
||||||||||||||||||||||||||||||
Net
|
gains
|
gains
|
|||||||||||||||||||||||||||||
realized/
|
(losses)
|
(losses)
|
|||||||||||||||||||||||||||||
unrealized
|
included in
|
relating to
|
|||||||||||||||||||||||||||||
Balance
|
gains
|
accumulated
|
Balance
|
instruments
|
|||||||||||||||||||||||||||
at
|
(losses)
|
other
|
Transfers
|
Transfers
|
at
|
still held at
|
|||||||||||||||||||||||||
January 1,
|
included
|
comprehensive
|
into
|
out of
|
June 30,
|
June 30,
|
|||||||||||||||||||||||||
2011
|
in earnings
|
(a)
|
income
|
Purchases
|
Sales
|
Settlements
|
Level 3
|
(b)
|
Level 3
|
(b)
|
2011
|
2011
|
(c)
|
||||||||||||||||||
Investment securities
|
|||||||||||||||||||||||||||||||
Debt
|
|||||||||||||||||||||||||||||||
U.S. corporate
|
$
|
3,199
|
$
|
101
|
$
|
(20)
|
$
|
75
|
$
|
(155)
|
$
|
(103)
|
$
|
–
|
$
|
–
|
$
|
3,097
|
$
|
–
|
|||||||||||
State and municipal
|
225
|
–
|
(5)
|
4
|
–
|
(4)
|
–
|
(11)
|
209
|
–
|
|||||||||||||||||||||
Residential
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
66
|
–
|
1
|
2
|
(4)
|
(1)
|
71
|
(90)
|
45
|
–
|
|||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||
mortgage-backed
|
49
|
–
|
1
|
6
|
–
|
–
|
3
|
(52)
|
7
|
–
|
|||||||||||||||||||||
Asset-backed
|
2,540
|
–
|
55
|
780
|
(152)
|
(11)
|
1
|
(81)
|
3,132
|
–
|
|||||||||||||||||||||
Corporate
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
1,486
|
(28)
|
82
|
12
|
(28)
|
(60)
|
73
|
–
|
1,537
|
–
|
|||||||||||||||||||||
Government
|
|||||||||||||||||||||||||||||||
– non-U.S.
|
156
|
(16)
|
14
|
13
|
–
|
–
|
107
|
–
|
274
|
–
|
|||||||||||||||||||||
U.S. government and
|
|||||||||||||||||||||||||||||||
federal agency
|
210
|
–
|
14
|
–
|
–
|
–
|
–
|
–
|
224
|
–
|
|||||||||||||||||||||
Retained interests
|
39
|
(18)
|
30
|
–
|
(3)
|
(3)
|
–
|
–
|
45
|
–
|
|||||||||||||||||||||
Equity
|
|||||||||||||||||||||||||||||||
Available-for-sale
|
24
|
–
|
–
|
–
|
–
|
–
|
1
|
(3)
|
22
|
–
|
|||||||||||||||||||||
Derivatives(d)(e)
|
265
|
57
|
4
|
5
|
–
|
(190)
|
150
|
6
|
297
|
35
|
|||||||||||||||||||||
Other
|
906
|
102
|
28
|
118
|
–
|
(5)
|
–
|
–
|
1,149
|
96
|
|||||||||||||||||||||
Total
|
$
|
9,165
|
$
|
198
|
$
|
204
|
$
|
1,015
|
$
|
(342)
|
$
|
(377)
|
$
|
406
|
$
|
(231)
|
$
|
10,038
|
$
|
131
|
|||||||||||
(a)
|
Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings.
|
(b)
|
Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity.
|
(c)
|
Represented the amount of unrealized gains or losses for the period included in earnings.
|
(d)
|
Represented derivative assets net of derivative liabilities and included cash accruals of $7 million not reflected in the fair value hierarchy table.
|
(e)
|
Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
Remeasured during
|
Remeasured during
|
||||||||||
the six months ended
|
the year ended
|
||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||
(In millions)
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
|||||||
Financing receivables and loans held for sale
|
$
|
171
|
$
|
2,731
|
$
|
158
|
$
|
5,159
|
|||
Cost and equity method investments(a)
|
–
|
266
|
–
|
403
|
|||||||
Long-lived assets, including real estate
|
326
|
2,014
|
1,343
|
3,282
|
|||||||
Total
|
$
|
497
|
$
|
5,011
|
$
|
1,501
|
$
|
8,844
|
|||
(a)
|
Includes the fair value of private equity and real estate funds included in Level 3 of $57 million and $123 million at June 30, 2012 and December 31, 2011, respectively.
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Financing receivables and loans held for sale
|
$
|
(105)
|
$
|
(263)
|
$
|
(211)
|
$
|
(570)
|
|||
Cost and equity method investments(a)
|
(38)
|
(127)
|
(58)
|
(176)
|
|||||||
Long-lived assets, including real estate(b)
|
(107)
|
(343)
|
(247)
|
(863)
|
|||||||
Total
|
$
|
(250)
|
$
|
(733)
|
$
|
(516)
|
$
|
(1,609)
|
|||
(a)
|
Includes fair value adjustments associated with private equity and real estate funds of $(1) million and $(8) million in the three months ended June 30, 2012 and 2011, respectively, and $(2) million and $(13) million in the six months ended June 30, 2012 and 2011, respectively.
|
(b)
|
Includes impairments related to real estate equity properties and investments recorded in other costs and expenses of $6 million and $339 million in the three months ended June 30, 2012 and 2011, respectively, and $56 million and $776 million in the six months ended June 30, 2012 and 2011, respectively.
|
Fair value at
|
Range
|
||||||||
June 30,
|
Valuation
|
Unobservable
|
(weighted
|
||||||
(Dollars in millions)
|
2012
|
technique
|
inputs
|
average)
|
|||||
Recurring fair value measurements
|
|||||||||
Investment securities
|
|||||||||
Debt
|
|||||||||
U.S. corporate
|
$
|
1,547
|
Income approach
|
Discount rate(a)
|
2.0%-24.9% (10.6%)
|
||||
Asset-backed
|
4,259
|
Income approach
|
Discount rate(a)
|
1.6%-13.3% (4.2%)
|
|||||
Corporate Non-U.S.
|
912
|
Income approach
|
Discount rate(a)
|
1.3%-30.2% (8.3%)
|
|||||
Other financial assets
|
367
|
Market comparables
|
Weighted average
|
7.6X-8.3X (8.3X)
|
|||||
cost of capital
|
|||||||||
275
|
Market comparables
|
EBITDA multiple
|
9.3X-11.7X (9.4X)
|
||||||
Non-recurring fair value measurements
|
|||||||||
Financing receivables and loans held for sale
|
$
|
1,828
|
Income approach
|
Capitalization rate(b)
|
5.4%-11.5% (8.2%)
|
||||
Cost and equity method investments
|
119
|
Income approach
|
Capitalization rate(b)
|
7.0%-9.3% (8.3%)
|
|||||
Long-lived assets, including real estate
|
441
|
Income approach
|
Capitalization rate(b)
|
4.8%-11.0% (7.4%)
|
|||||
(a)
|
Discount rates are determined based on inputs that market participants would use when pricing investments, including credit and liquidity risk. An increase in the discount rate would result in a decrease in the fair value.
|
(b)
|
Represents the rate of return on net operating income which is considered acceptable for an investor and is used to determine a property’s capitalized value. An increase in the capitalization rate would result in a decrease in the fair value.
|
At
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
Assets (liabilities)
|
Assets (liabilities)
|
||||||||||||||||
Carrying
|
Carrying
|
||||||||||||||||
Notional
|
amount
|
Estimated
|
Notional
|
amount
|
Estimated
|
||||||||||||
(In millions)
|
amount
|
(net)
|
fair value
|
amount
|
(net)
|
fair value
|
|||||||||||
GE
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Investments and notes
|
|||||||||||||||||
receivable
|
$
|
(a)
|
$
|
277
|
$
|
277
|
$
|
(a)
|
$
|
285
|
$
|
285
|
|||||
Liabilities
|
|||||||||||||||||
Borrowings
|
(a)
|
(11,715)
|
(12,690)
|
(a)
|
(11,589)
|
(12,535)
|
|||||||||||
GECC
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Loans
|
(a)
|
238,676
|
239,561
|
(a)
|
250,999
|
251,433
|
|||||||||||
Other commercial mortgages
|
(a)
|
1,510
|
1,556
|
(a)
|
1,494
|
1,537
|
|||||||||||
Loans held for sale
|
(a)
|
903
|
914
|
(a)
|
496
|
497
|
|||||||||||
Other financial instruments(c)
|
(a)
|
1,928
|
2,449
|
(a)
|
2,071
|
2,534
|
|||||||||||
Liabilities
|
|||||||||||||||||
Borrowings and bank
|
|||||||||||||||||
deposits(b)(d)
|
(a)
|
(417,973)
|
(430,221)
|
(a)
|
(443,097)
|
(449,403)
|
|||||||||||
Investment contract benefits
|
(a)
|
(3,411)
|
(4,192)
|
(a)
|
(3,493)
|
(4,240)
|
|||||||||||
Guaranteed investment
|
|||||||||||||||||
contracts
|
(a)
|
(1,805)
|
(1,840)
|
(a)
|
(4,226)
|
(4,266)
|
|||||||||||
Insurance – credit life(e)
|
2,065
|
(108)
|
(92)
|
1,944
|
(106)
|
(88)
|
|||||||||||
(a)
|
These financial instruments do not have notional amounts.
|
(b)
|
See Note 8.
|
(c)
|
Principally cost method investments.
|
(d)
|
Fair values exclude interest rate and currency derivatives designated as hedges of borrowings. Had they been included, the fair value of borrowings at June 30, 2012 and December 31, 2011 would have been reduced by $7,700 million and $9,051 million, respectively.
|
(e)
|
Net of reinsurance of $2,000 million at both June 30, 2012 and December 31, 2011.
|
Loan Commitments
|
|||||
Notional amount at
|
|||||
June 30,
|
December 31,
|
||||
(In millions)
|
2012
|
2011
|
|||
Ordinary course of business lending commitments(a)
|
$
|
3,101
|
$
|
3,756
|
|
Unused revolving credit lines(b)
|
|||||
Commercial(c)
|
17,116
|
18,757
|
|||
Consumer – principally credit cards
|
258,648
|
257,646
|
|||
(a)
|
Excluded investment commitments of $2,204 million and $2,064 million as of June 30, 2012 and December 31, 2011, respectively.
|
(b)
|
Excluded inventory financing arrangements, which may be withdrawn at our option, of $12,315 million and $12,354 million as of June 30, 2012 and December 31, 2011, respectively.
|
(c)
|
Included commitments of $12,705 million and $14,057 million as of June 30, 2012 and December 31, 2011, respectively, associated with secured financing arrangements that could have increased to a maximum of $15,330 million and $17,344 million at June 30, 2012 and December 31, 2011, respectively, based on asset volume under the arrangement.
|
At
|
|||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||
Fair value
|
Fair value
|
||||||||||
(In millions)
|
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||
Derivatives accounted for as hedges
|
|||||||||||
Interest rate contracts
|
$
|
8,824
|
995
|
$
|
9,446
|
$
|
1,049
|
||||
Currency exchange contracts
|
2,115
|
1,826
|
3,750
|
2,325
|
|||||||
Other contracts
|
1
|
6
|
1
|
11
|
|||||||
10,940
|
2,827
|
13,197
|
3,385
|
||||||||
Derivatives not accounted for as hedges
|
|||||||||||
Interest rate contracts
|
323
|
188
|
319
|
241
|
|||||||
Currency exchange contracts
|
1,518
|
1,714
|
1,748
|
1,274
|
|||||||
Other contracts
|
442
|
96
|
381
|
137
|
|||||||
2,283
|
1,998
|
2,448
|
1,652
|
||||||||
Netting adjustments(a)
|
(3,211)
|
(3,188)
|
(3,294)
|
(3,281)
|
|||||||
Cash collateral(b)(c)
|
(3,731)
|
(616)
|
(2,310)
|
(1,027)
|
|||||||
Total
|
$
|
6,281
|
$
|
1,021
|
$
|
10,041
|
$
|
729
|
|||
(a)
|
The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts included fair value adjustments related to our own and counterparty non-performance risk. At June 30, 2012 and December 31, 2011, the cumulative adjustment for non-performance risk was a loss of $23 million and $13 million, respectively.
|
(b)
|
Excludes excess cash collateral received of $265 million and $579 million at June 30, 2012 and December 31, 2011, respectively. Excludes excess cash collateral posted of $6 million at June 30, 2012.
|
(c)
|
Excludes securities pledged to us as collateral of $7,442 million and $10,574 million at June 30, 2012 and December 31, 2011, respectively. Includes excess securities collateral of $1,116 million at June 30, 2012.
|
Three months ended June 30
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
|||||||
on hedging
|
on hedged
|
on hedging
|
on hedged
|
||||||||
derivatives
|
items
|
derivatives
|
items
|
||||||||
Interest rate contracts
|
$
|
2,232
|
$
|
(2,312)
|
$
|
1,341
|
$
|
(1,466)
|
|||
Currency exchange contracts
|
(164)
|
162
|
15
|
(20)
|
|||||||
Six months ended June 30
|
|||||||||||
2012
|
2011
|
||||||||||
(In millions)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
Gain (loss)
|
|||||||
on hedging
|
on hedged
|
on hedging
|
on hedged
|
||||||||
derivatives
|
items
|
derivatives
|
items
|
||||||||
Interest rate contracts
|
$
|
785
|
$
|
(962)
|
$
|
(390)
|
$
|
195
|
|||
Currency exchange contracts
|
(212)
|
202
|
39
|
(47)
|
|||||||
Gain (loss) reclassified
|
|||||||||||
Gain (loss) recognized in AOCI
|
from AOCI into earnings
|
||||||||||
(In millions)
|
for the three months ended June 30
|
for the three months ended June 30
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Cash flow hedges
|
|||||||||||
Interest rate contracts
|
$
|
(52)
|
$
|
(141)
|
$
|
(125)
|
$
|
(221)
|
|||
Currency exchange contracts
|
(533)
|
500
|
(432)
|
459
|
|||||||
Commodity contracts
|
(5)
|
2
|
(1)
|
12
|
|||||||
Total
|
$
|
(590)
|
$
|
361
|
$
|
(558)
|
$
|
250
|
|||
Gain (loss) reclassified
|
|||||||||||
Gain (loss) recognized in AOCI
|
from AOCI into earnings
|
||||||||||
(In millions)
|
for the six months ended June 30
|
for the six months ended June 30
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Cash flow hedges
|
|||||||||||
Interest rate contracts
|
$
|
(79)
|
$
|
(117)
|
$
|
(266)
|
$
|
(478)
|
|||
Currency exchange contracts
|
(398)
|
764
|
(418)
|
952
|
|||||||
Commodity contracts
|
4
|
2
|
(2)
|
8
|
|||||||
Total
|
$
|
(473)
|
$
|
649
|
$
|
(686)
|
$
|
482
|
|||
Gain (loss) recognized in CTA
|
Gain (loss) reclassified from CTA
|
||||||||||
(In millions)
|
for the three months ended June 30
|
for the three months ended June 30
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Net investment hedges
|
|||||||||||
Currency exchange contracts
|
$
|
1,853
|
$
|
(2,605)
|
$
|
(2)
|
$
|
(360)
|
|||
Gain (loss) recognized in CTA
|
Gain (loss) reclassified from CTA
|
||||||||||
(In millions)
|
for the six months ended June 30
|
for the six months ended June 30
|
|||||||||
2012
|
2011
|
2012
|
2011
|
||||||||
Net investment hedges
|
|||||||||||
Currency exchange contracts
|
$
|
351
|
$
|
(3,406)
|
$
|
(12)
|
$
|
(698)
|
Financing receivables
|
||||||
June 30,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
CLL
|
||||||
Americas
|
$
|
77,241
|
$
|
80,505
|
||
Europe
|
34,722
|
36,899
|
||||
Asia
|
11,313
|
11,635
|
||||
Other
|
711
|
436
|
||||
Total CLL
|
123,987
|
129,475
|
||||
Energy Financial Services
|
5,159
|
5,912
|
||||
GECAS
|
12,046
|
11,901
|
||||
Other
|
587
|
1,282
|
||||
Total Commercial financing receivables, before allowance for losses
|
$
|
141,779
|
$
|
148,570
|
||
Non-impaired financing receivables
|
$
|
135,899
|
$
|
142,908
|
||
General reserves
|
650
|
718
|
||||
Impaired loans
|
5,880
|
5,662
|
||||
Specific reserves
|
640
|
812
|
||||
June 30, 2012
|
December 31, 2011
|
|||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||
past due
|
past due
|
past due
|
past due
|
|||||
CLL
|
||||||||
Americas
|
1.1
|
%
|
0.6
|
%
|
1.3
|
%
|
0.8
|
%
|
Europe
|
4.0
|
2.3
|
3.8
|
2.1
|
||||
Asia
|
1.1
|
0.8
|
1.3
|
1.0
|
||||
Other
|
–
|
–
|
2.0
|
0.1
|
||||
Total CLL
|
1.9
|
1.1
|
2.0
|
1.2
|
||||
Energy Financial Services
|
–
|
–
|
0.3
|
0.3
|
||||
GECAS
|
–
|
–
|
–
|
–
|
||||
Other
|
3.8
|
3.8
|
3.7
|
3.5
|
||||
Total
|
1.7
|
1.0
|
1.8
|
1.1
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
CLL
|
||||||||||||
Americas
|
$
|
2,559
|
$
|
2,417
|
$
|
1,739
|
$
|
1,862
|
||||
Europe
|
1,790
|
1,599
|
1,390
|
1,167
|
||||||||
Asia
|
381
|
428
|
232
|
269
|
||||||||
Other
|
62
|
68
|
9
|
11
|
||||||||
Total CLL
|
4,792
|
4,512
|
3,370
|
3,309
|
||||||||
Energy Financial Services
|
52
|
22
|
2
|
22
|
||||||||
GECAS
|
344
|
69
|
56
|
55
|
||||||||
Other
|
46
|
115
|
22
|
65
|
||||||||
Total
|
$
|
5,234
|
$
|
4,718
|
$
|
3,450
|
$
|
3,451
|
||||
Allowance for losses percentage
|
24.6
|
%
|
32.4
|
%
|
37.4
|
%
|
44.3
|
%
|
||||
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment in
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
June 30, 2012
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,782
|
$
|
3,016
|
$
|
2,495
|
$
|
985
|
$
|
1,165
|
$
|
275
|
$
|
1,160
|
||||||
Europe
|
911
|
1,430
|
942
|
879
|
1,133
|
323
|
822
|
|||||||||||||
Asia
|
49
|
49
|
66
|
143
|
157
|
31
|
145
|
|||||||||||||
Other
|
53
|
56
|
56
|
9
|
13
|
1
|
6
|
|||||||||||||
Total CLL
|
3,795
|
4,551
|
3,559
|
2,016
|
2,468
|
630
|
2,133
|
|||||||||||||
Energy Financial Services
|
2
|
2
|
3
|
–
|
–
|
–
|
12
|
|||||||||||||
GECAS
|
–
|
–
|
14
|
21
|
21
|
1
|
7
|
|||||||||||||
Other
|
18
|
18
|
33
|
28
|
31
|
9
|
57
|
|||||||||||||
Total
|
$
|
3,815
|
$
|
4,571
|
$
|
3,609
|
$
|
2,065
|
$
|
2,520
|
$
|
640
|
$
|
2,209
|
||||||
December 31, 2011
|
||||||||||||||||||||
CLL
|
||||||||||||||||||||
Americas
|
$
|
2,136
|
$
|
2,219
|
$
|
2,128
|
$
|
1,367
|
$
|
1,415
|
$
|
425
|
$
|
1,468
|
||||||
Europe
|
936
|
1,060
|
1,001
|
730
|
717
|
263
|
602
|
|||||||||||||
Asia
|
85
|
83
|
94
|
156
|
128
|
84
|
214
|
|||||||||||||
Other
|
54
|
58
|
13
|
11
|
11
|
2
|
5
|
|||||||||||||
Total CLL
|
3,211
|
3,420
|
3,236
|
2,264
|
2,271
|
774
|
2,289
|
|||||||||||||
Energy Financial Services
|
4
|
4
|
20
|
18
|
18
|
9
|
87
|
|||||||||||||
GECAS
|
28
|
28
|
59
|
–
|
–
|
–
|
11
|
|||||||||||||
Other
|
62
|
63
|
67
|
75
|
75
|
29
|
97
|
|||||||||||||
Total
|
$
|
3,305
|
$
|
3,515
|
$
|
3,382
|
$
|
2,357
|
$
|
2,364
|
$
|
812
|
$
|
2,484
|
||||||
Secured
|
|||||||||||
(In millions)
|
A
|
B
|
C
|
Total
|
|||||||
June 30, 2012
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
72,168
|
$
|
1,630
|
$
|
3,443
|
$
|
77,241
|
|||
Europe
|
31,392
|
1,067
|
1,105
|
33,564
|
|||||||
Asia
|
10,525
|
167
|
439
|
11,131
|
|||||||
Other
|
330
|
–
|
31
|
361
|
|||||||
Total CLL
|
114,415
|
2,864
|
5,018
|
122,297
|
|||||||
Energy Financial Services
|
4,878
|
113
|
49
|
5,040
|
|||||||
GECAS
|
11,470
|
236
|
340
|
12,046
|
|||||||
Other
|
587
|
–
|
–
|
587
|
|||||||
Total
|
$
|
131,350
|
$
|
3,213
|
$
|
5,407
|
$
|
139,970
|
|||
December 31, 2011
|
|||||||||||
CLL
|
|||||||||||
Americas
|
$
|
73,103
|
$
|
2,816
|
$
|
4,586
|
$
|
80,505
|
|||
Europe
|
33,481
|
1,080
|
1,002
|
35,563
|
|||||||
Asia
|
10,644
|
116
|
685
|
11,445
|
|||||||
Other
|
345
|
–
|
91
|
436
|
|||||||
Total CLL
|
117,573
|
4,012
|
6,364
|
127,949
|
|||||||
Energy Financial Services
|
5,727
|
24
|
18
|
5,769
|
|||||||
GECAS
|
10,881
|
970
|
50
|
11,901
|
|||||||
Other
|
1,282
|
–
|
–
|
1,282
|
|||||||
Total
|
$
|
135,463
|
$
|
5,006
|
$
|
6,432
|
$
|
146,901
|
|||
Financing receivables
|
||||||
June 30,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Debt
|
$
|
22,409
|
$
|
24,501
|
||
Business Properties
|
5,301
|
8,248
|
||||
Total Real Estate financing receivables, before allowance for losses
|
$
|
27,710
|
$
|
32,749
|
||
Non-impaired financing receivables
|
$
|
20,244
|
$
|
24,002
|
||
General reserves
|
226
|
267
|
||||
Impaired loans
|
7,466
|
8,747
|
||||
Specific reserves
|
561
|
822
|
June 30, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due
|
past due
|
past due
|
|||||||||
Debt
|
2.3
|
%
|
1.9
|
%
|
2.4
|
%
|
2.3
|
%
|
||||
Business Properties
|
4.7
|
4.3
|
3.9
|
3.0
|
||||||||
Total
|
2.8
|
2.3
|
2.8
|
2.5
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Debt
|
$
|
4,900
|
$
|
6,351
|
$
|
403
|
$
|
541
|
||||
Business Properties
|
480
|
598
|
227
|
249
|
||||||||
Total
|
$
|
5,380
|
$
|
6,949
|
$
|
630
|
$
|
790
|
||||
Allowance for losses percentage
|
14.6
|
%
|
15.7
|
%
|
124.9
|
%
|
137.8
|
%
|
With no specific allowance
|
With a specific allowance
|
|||||||||||||||||||
Recorded
|
Unpaid
|
Average
|
Recorded
|
Unpaid
|
Average
|
|||||||||||||||
investment
|
principal
|
investment
|
investment
|
principal
|
Associated
|
investment
|
||||||||||||||
(In millions)
|
in loans
|
balance
|
in loans
|
in loans
|
balance
|
allowance
|
in loans
|
|||||||||||||
June 30, 2012
|
||||||||||||||||||||
Debt
|
$
|
3,587
|
$
|
3,631
|
$
|
3,632
|
$
|
3,408
|
$
|
3,804
|
$
|
475
|
$
|
3,961
|
||||||
Business Properties
|
161
|
161
|
198
|
310
|
310
|
86
|
360
|
|||||||||||||
Total
|
$
|
3,748
|
$
|
3,792
|
$
|
3,830
|
$
|
3,718
|
$
|
4,114
|
$
|
561
|
$
|
4,321
|
||||||
December 31, 2011
|
||||||||||||||||||||
Debt
|
$
|
3,558
|
$
|
3,614
|
$
|
3,568
|
$
|
4,560
|
$
|
4,652
|
$
|
717
|
$
|
5,435
|
||||||
Business Properties
|
232
|
232
|
215
|
397
|
397
|
105
|
460
|
|||||||||||||
Total
|
$
|
3,790
|
$
|
3,846
|
$
|
3,783
|
$
|
4,957
|
$
|
5,049
|
$
|
822
|
$
|
5,895
|
||||||
Loan-to-value ratio
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
Less than
|
80% to
|
Greater than
|
Less than
|
80% to
|
Greater than
|
||||||||||||
(In millions)
|
80%
|
95%
|
95%
|
80%
|
95%
|
95%
|
|||||||||||
Debt
|
$
|
14,349
|
$
|
3,787
|
$
|
4,273
|
$
|
14,454
|
$
|
4,593
|
$
|
5,454
|
|||||
Internal Risk Rating
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
A
|
B
|
C
|
A
|
B
|
C
|
|||||||||||
Business
|
|||||||||||||||||
Properties
|
$
|
4,861
|
$
|
84
|
$
|
356
|
$
|
7,628
|
$
|
110
|
$
|
510
|
Financing receivables
|
||||||
June 30,
|
December 31,
|
|||||
(In millions)
|
2012
|
2011
|
||||
Non-U.S. residential mortgages
|
$
|
33,826
|
$
|
35,550
|
||
Non-U.S. installment and revolving credit
|
17,960
|
18,544
|
||||
U.S. installment and revolving credit
|
45,531
|
46,689
|
||||
Non-U.S. auto
|
4,740
|
5,691
|
||||
Other
|
7,643
|
7,244
|
||||
Total Consumer financing receivables, before allowance for losses
|
$
|
109,700
|
$
|
113,718
|
||
Non-impaired financing receivables
|
$
|
106,697
|
$
|
110,825
|
||
General reserves
|
2,503
|
2,891
|
||||
Impaired loans
|
3,003
|
2,893
|
||||
Specific reserves
|
625
|
680
|
June 30, 2012
|
December 31, 2011
|
|||||||||||
Over 30 days
|
Over 90 days
|
Over 30 days
|
Over 90 days
|
|||||||||
past due
|
past due(a)
|
past due
|
past due(a)
|
|||||||||
Non-U.S. residential mortgages
|
12.5
|
%
|
7.9
|
%
|
12.3
|
%
|
7.9
|
%
|
||||
Non-U.S. installment and revolving credit
|
4.3
|
1.2
|
4.1
|
1.2
|
||||||||
U.S. installment and revolving credit
|
4.3
|
1.8
|
5.0
|
2.2
|
||||||||
Non-U.S. auto
|
3.2
|
0.5
|
3.1
|
0.5
|
||||||||
Other
|
3.6
|
2.0
|
3.5
|
2.0
|
||||||||
Total
|
6.7
|
3.5
|
6.9
|
3.7
|
||||||||
(a)
|
Included $36 million and $45 million of loans at June 30, 2012 and December 31, 2011, respectively, which are over 90 days past due and accruing interest, mainly representing accretion on loans acquired at a discount.
|
Nonaccrual financing
|
Nonearning financing
|
|||||||||||
receivables
|
receivables
|
|||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
|||||||||
(Dollars in millions)
|
2012
|
2011
|
2012
|
2011
|
||||||||
Non-U.S. residential mortgages
|
$
|
2,853
|
$
|
2,995
|
$
|
2,720
|
$
|
2,870
|
||||
Non-U.S. installment and revolving credit
|
244
|
321
|
243
|
263
|
||||||||
U.S. installment and revolving credit
|
773
|
990
|
773
|
990
|
||||||||
Non-U.S. auto
|
27
|
43
|
28
|
43
|
||||||||
Other
|
476
|
487
|
380
|
419
|
||||||||
Total
|
$
|
4,373
|
$
|
4,836
|
$
|
4,144
|
$
|
4,585
|
||||
Allowance for losses percentage
|
71.5
|
%
|
73.8
|
%
|
75.5
|
%
|
77.9
|
%
|
Loan-to-value ratio
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
80% or
|
Greater than
|
Greater than
|
80% or
|
Greater than
|
Greater than
|
||||||||||||
(In millions)
|
less
|
80% to 90%
|
90%
|
less
|
80% to 90%
|
90%
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages
|
$
|
18,861
|
$
|
5,815
|
$
|
9,150
|
$
|
19,834
|
$
|
6,087
|
$
|
9,629
|
Internal ratings translated to approximate credit bureau equivalent score
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
681 or
|
615 to
|
614 or
|
681 or
|
615 to
|
614 or
|
||||||||||||
(In millions)
|
higher
|
680
|
less
|
higher
|
680
|
less
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
$
|
9,966
|
$
|
4,505
|
$
|
3,489
|
$
|
9,913
|
$
|
4,838
|
$
|
3,793
|
|||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
29,824
|
8,607
|
7,100
|
28,918
|
9,398
|
8,373
|
|||||||||||
Non-U.S. auto
|
3,429
|
802
|
509
|
3,927
|
1,092
|
672
|
·
|
Trinity comprises two consolidated entities that hold investment securities, the majority of which are investment grade, and were funded by the issuance of GICs. These entities were consolidated in 2003 and ceased issuing new investment contracts beginning in the first quarter of 2010. Since 2004, GECC has fully guaranteed repayment of these entities’ GIC obligations. These obligations include conditions under which certain GIC holders could require immediate repayment of their investment should the long-term credit ratings of GECC fall below AA-/Aa3 or the short-term credit ratings fall below A-1+/P-1. To the extent that amounts due were to exceed the ultimate value of proceeds realized from Trinity assets, GECC would be required to provide such excess amount. Following the April 3, 2012 Moody’s downgrade of GECC’s long-term credit ratings to A1, substantially all of these GICs became redeemable by the holders. In the second quarter of 2012, holders of $1,981 million of GICs redeemed their holdings. The redemption was funded primarily through advances from GECC. The remaining outstanding GICs will continue to be subject to the existing terms and maturities of their respective contracts.
|
·
|
Consolidated Securitization Entities (CSEs) comprise primarily our previously unconsolidated QSPEs that were consolidated on January 1, 2010 in connection with our adoption of ASU 2009-16 & 17. These entities were created to facilitate securitization of financial assets and other forms of asset-backed financing which serve as an alternative funding source by providing access to the commercial paper and term markets. The securitization transactions executed with these entities are similar to those used by many financial institutions and substantially all are non-recourse. We provide servicing for substantially all of the assets in these entities.
|
·
|
Other remaining assets and liabilities of consolidated VIEs relate primarily to four categories of entities: (1) enterprises we acquired that had previously created asset-backed financing entities to fund commercial, middle-market and equipment loans; we are the collateral manager for these entities of $823 million of assets and $754 million of liabilities; (2) joint ventures that lease light industrial equipment of $1,620 million of assets and $880 million of liabilities; (3) other entities that are involved in power generating and leasing activities of $2,343 million of assets and $583 million of liabilities; and (4) insurance entities that, among other lines of business, provide property and casualty and workers’ compensation coverage for GE of $1,198 million of assets and $604 million of liabilities.
|
Consolidated Securitization Entities
|
||||||||||||||||||||
Credit
|
Real
|
Trade
|
||||||||||||||||||
(In millions)
|
Trinity
|
Cards
|
(a)
|
Equipment
|
(a)
|
Estate
|
(b)
|
Receivables
|
Other
|
(c)
|
Total
|
|||||||||
June 30, 2012
|
||||||||||||||||||||
Assets(d)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,847
|
$
|
11,596
|
$
|
3,055
|
$
|
1,899
|
$
|
4,724
|
$
|
41,121
|
||||||
Investment securities
|
3,829
|
–
|
–
|
–
|
–
|
1,046
|
4,875
|
|||||||||||||
Other assets
|
349
|
1,136
|
332
|
223
|
–
|
2,004
|
4,044
|
|||||||||||||
Total
|
$
|
4,178
|
$
|
20,983
|
$
|
11,928
|
$
|
3,278
|
$
|
1,899
|
$
|
7,774
|
$
|
50,040
|
||||||
Liabilities(d)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
3
|
$
|
25
|
$
|
–
|
$
|
1,280
|
$
|
1,308
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,974
|
9,312
|
3,163
|
1,602
|
745
|
29,796
|
|||||||||||||
Other liabilities
|
2,167
|
85
|
–
|
4
|
13
|
1,205
|
3,474
|
|||||||||||||
Total
|
$
|
2,167
|
$
|
15,059
|
$
|
9,315
|
$
|
3,192
|
$
|
1,615
|
$
|
3,230
|
$
|
34,578
|
||||||
December 31, 2011
|
||||||||||||||||||||
Assets(d)
|
||||||||||||||||||||
Financing
|
||||||||||||||||||||
receivables, net
|
$
|
–
|
$
|
19,229
|
$
|
10,523
|
$
|
3,521
|
$
|
1,614
|
$
|
2,973
|
$
|
37,860
|
||||||
Investment securities
|
4,289
|
–
|
–
|
–
|
–
|
1,031
|
5,320
|
|||||||||||||
Other assets
|
389
|
17
|
283
|
210
|
–
|
2,636
|
3,535
|
|||||||||||||
Total
|
$
|
4,678
|
$
|
19,246
|
$
|
10,806
|
$
|
3,731
|
$
|
1,614
|
$
|
6,640
|
$
|
46,715
|
||||||
Liabilities(d)
|
||||||||||||||||||||
Borrowings
|
$
|
–
|
$
|
–
|
$
|
2
|
$
|
25
|
$
|
–
|
$
|
821
|
$
|
848
|
||||||
Non-recourse
|
||||||||||||||||||||
borrowings
|
–
|
14,184
|
8,166
|
3,659
|
1,769
|
980
|
28,758
|
|||||||||||||
Other liabilities
|
4,456
|
37
|
–
|
19
|
23
|
1,071
|
5,606
|
|||||||||||||
Total
|
$
|
4,456
|
$
|
14,221
|
$
|
8,168
|
$
|
3,703
|
$
|
1,792
|
$
|
2,872
|
$
|
35,212
|
||||||
(a)
|
We provide servicing to the CSEs and are contractually permitted to commingle cash collected from customers on financing receivables sold to investors with our own cash prior to payment to a CSE, provided our short-term credit rating does not fall below A-1/P-1. These CSEs also owe us amounts for purchased financial assets and scheduled quarterly distributions. At June 30, 2012, the amounts owed to the CSEs and receivable from the CSEs were $6,062 million and $5,112 million, respectively.
|
(b)
|
During the second quarter of 2012, we made the decision to sell our Business Property business, which includes servicing rights for most of these CSEs. Following the sale and upon the trust’s acceptance of the buyer as the new servicer, we will deconsolidate substantially all of these securitization entities as we will no longer have the power to direct these entities.
|
(c)
|
Includes $1,415 million in other assets and $537 million of borrowings at June 30, 2012 due to the consolidation of an entity involved in power generating activities. This entity was previously subject to a leveraged lease and we consolidated this entity in March 2012 following the execution of an agreement that gave us the power to direct activities of this entity.
|
(d)
|
Asset amounts exclude intercompany receivables for cash collected on behalf of the entities by GE as servicer, which are eliminated in consolidation. Such receivables provide the cash to repay the entities’ liabilities. If these intercompany receivables were included in the table above, assets would be higher. In addition, other assets, borrowings and other liabilities exclude intercompany balances that are eliminated in consolidation.
|
At
|
|||||||||||||||||
June 30, 2012
|
December 31, 2011
|
||||||||||||||||
(In millions)
|
PTL
|
All other
|
Total
|
PTL
|
All other
|
Total
|
|||||||||||
Other assets and investment
|
|||||||||||||||||
securities
|
$
|
5,093
|
$
|
7,462
|
$
|
12,555
|
$
|
7,038
|
$
|
6,954
|
$
|
13,992
|
|||||
Financing receivables – net
|
–
|
3,002
|
3,002
|
–
|
2,507
|
2,507
|
|||||||||||
Total investments
|
5,093
|
10,464
|
15,557
|
7,038
|
9,461
|
16,499
|
|||||||||||
Contractual obligations to fund
|
|||||||||||||||||
investments or guarantees
|
189
|
2,216
|
2,405
|
600
|
2,253
|
2,853
|
|||||||||||
Revolving lines of credit
|
10
|
48
|
58
|
1,356
|
92
|
1,448
|
|||||||||||
Total
|
$
|
5,292
|
$
|
12,728
|
$
|
18,020
|
$
|
8,994
|
$
|
11,806
|
$
|
20,800
|
Energy Infrastructure
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Revenues
|
$
|
11,919
|
$
|
10,402
|
$
|
23,087
|
$
|
19,851
|
|||
Segment profit
|
$
|
1,755
|
$
|
1,552
|
$
|
3,279
|
$
|
2,933
|
|||
Revenues
|
|||||||||||
Energy
|
$
|
8,559
|
$
|
7,184
|
$
|
16,601
|
$
|
14,291
|
|||
Oil & Gas
|
3,658
|
3,480
|
7,074
|
6,038
|
|||||||
Segment profit
|
|||||||||||
Energy
|
$
|
1,282
|
$
|
1,117
|
$
|
2,464
|
$
|
2,232
|
|||
Oil & Gas
|
535
|
483
|
935
|
789
|
|||||||
GE Capital
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Revenues
|
$
|
11,458
|
$
|
12,440
|
$
|
22,900
|
$
|
25,476
|
|||
Segment profit
|
$
|
2,122
|
$
|
1,615
|
$
|
3,914
|
$
|
3,405
|
At
|
||||||||
June 30,
|
December 31,
|
June 30,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Total assets
|
$
|
558,804
|
$
|
584,536
|
$
|
605,634
|
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Revenues
|
|||||||||||
Commercial Lending and Leasing (CLL)
|
$
|
4,141
|
$
|
4,666
|
$
|
8,583
|
$
|
9,274
|
|||
Consumer
|
3,812
|
4,172
|
7,689
|
8,995
|
|||||||
Real Estate
|
876
|
992
|
1,712
|
1,899
|
|||||||
Energy Financial Services
|
446
|
365
|
685
|
710
|
|||||||
GE Capital Aviation Services (GECAS)
|
1,317
|
1,327
|
2,648
|
2,652
|
|||||||
Segment profit
|
|||||||||||
CLL
|
$
|
626
|
$
|
701
|
$
|
1,311
|
$
|
1,255
|
|||
Consumer
|
907
|
1,042
|
1,736
|
2,283
|
|||||||
Real Estate
|
221
|
(335)
|
277
|
(693)
|
|||||||
Energy Financial Services
|
122
|
139
|
193
|
251
|
|||||||
GECAS
|
308
|
321
|
626
|
627
|
At
|
||||||||
June 30,
|
December 31,
|
June 30,
|
||||||
(In millions)
|
2012
|
2011
|
2011
|
|||||
Assets
|
||||||||
CLL
|
$
|
185,284
|
$
|
193,869
|
$
|
198,223
|
||
Consumer
|
134,874
|
138,534
|
145,427
|
|||||
Real Estate
|
57,892
|
60,873
|
67,660
|
|||||
Energy Financial Services
|
19,559
|
18,357
|
18,092
|
|||||
GECAS
|
49,927
|
48,821
|
48,822
|
Corporate Items and Eliminations
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Revenues
|
|||||||||||
NBCU/NBCU LLC
|
$
|
242
|
$
|
280
|
$
|
429
|
$
|
5,080
|
|||
Gains on disposed businesses
|
–
|
–
|
274
|
–
|
|||||||
Eliminations and other
|
(242)
|
(113)
|
(683)
|
(419)
|
|||||||
Total
|
$
|
–
|
$
|
167
|
$
|
20
|
$
|
4,661
|
|||
Operating Profit (Cost)
|
|||||||||||
Gains on disposed businesses
|
$
|
–
|
$
|
–
|
$
|
274
|
$
|
–
|
|||
NBCU/NBCU LLC
|
242
|
280
|
429
|
3,928
|
|||||||
Principal retirement plans(a)
|
(832)
|
(519)
|
(1,603)
|
(950)
|
|||||||
Underabsorbed corporate overhead and other costs
|
(875)
|
(445)
|
(1,610)
|
(1,170)
|
|||||||
Total
|
$
|
(1,465)
|
$
|
(684)
|
$
|
(2,510)
|
$
|
1,808
|
|||
(a)
|
Included non-operating (non-GAAP) pension income (cost) of $(0.5) billion and $(0.3) billion in the second quarters of 2012 and 2011, respectively, and $(1.1) billion and $(0.5) billion in six months ended June 30, 2012 and 2011, respectively, which includes interest costs, expected return on plan assets and non-cash amortization of actuarial gains and losses. See Exhibit 99(a) of this Form 10-Q Report.
|
Discontinued Operations
|
|||||||||||
Three months ended June 30
|
Six months ended June 30
|
||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
|||||||
Earnings (loss) from discontinued operations,
|
|||||||||||
net of taxes
|
$
|
(553)
|
$
|
194
|
$
|
(770)
|
$
|
229
|
·
|
At GECC, repayments exceeded new issuances of total borrowings by $23.8 billion and collections on financing receivables exceeded originations by $5.8 billion at GECC;
|
·
|
The U.S. dollar was stronger for most major currencies at June 30, 2012 than at December 31, 2011, decreasing the translated levels of our non-U.S. dollar assets and liabilities.
|
·
|
GECC issued 22,500 shares of preferred stock for proceeds of $2.2 billion during the second quarter of 2012. The effect of this issuance is reported as a $2.2 billion increase in consolidated noncontrolling interests and consolidated total equity.
|
·
|
GECC paid $3.0 billion of dividends to GE.
|
Six months ended June 30
|
|||||
(In billions)
|
2012
|
2011
|
|||
Operating cash collections(a)
|
$
|
50.7
|
$
|
44.3
|
|
Operating cash payments
|
(46.9)
|
(39.9)
|
|||
Cash dividends from GECC
|
3.0
|
–
|
|||
GE cash from operating activities (GE CFOA)(a)
|
$
|
6.8
|
$
|
4.4
|
|
(a)
|
GE sells customer receivables to GECC in part to fund the growth of our industrial businesses. These transactions can result in cash generation or cash use. During any given period, GE receives cash from the sale of receivables to GECC. It also foregoes collection of cash on receivables sold. The incremental amount of cash received from sale of receivables in excess of the cash GE would have otherwise collected had those receivables not been sold, represents the cash generated or used in the period relating to this activity. The incremental cash generated in GE CFOA from selling these receivables to GECC decreased GE CFOA by $0.1 billion in the six months ended June 30, 2012 and decreased GE CFOA by $0.1 billion in the six months ended June 30, 2011. See Note 19 to the condensed, consolidated financial statements for additional information about the elimination of intercompany transactions between GE and GECC.
|
Financing receivables
|
Nonearning receivables
|
Allowance for losses
|
|||||||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
||||||||||||
(In millions)
|
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
|||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
$
|
77,241
|
$
|
80,505
|
$
|
1,739
|
$
|
1,862
|
$
|
662
|
$
|
889
|
|||||
Europe
|
34,722
|
36,899
|
1,390
|
1,167
|
484
|
400
|
|||||||||||
Asia
|
11,313
|
11,635
|
232
|
269
|
87
|
157
|
|||||||||||
Other
|
711
|
436
|
9
|
11
|
1
|
4
|
|||||||||||
Total CLL
|
123,987
|
129,475
|
3,370
|
3,309
|
1,234
|
1,450
|
|||||||||||
Energy
|
|||||||||||||||||
Financial
|
|||||||||||||||||
Services
|
5,159
|
5,912
|
2
|
22
|
12
|
26
|
|||||||||||
GECAS
|
12,046
|
11,901
|
56
|
55
|
32
|
17
|
|||||||||||
Other
|
587
|
1,282
|
22
|
65
|
12
|
37
|
|||||||||||
Total
|
|||||||||||||||||
Commercial
|
141,779
|
148,570
|
3,450
|
3,451
|
1,290
|
1,530
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt(a)
|
22,409
|
24,501
|
403
|
541
|
682
|
949
|
|||||||||||
Business
|
|||||||||||||||||
Properties(b)
|
5,301
|
8,248
|
227
|
249
|
105
|
140
|
|||||||||||
Total Real Estate
|
27,710
|
32,749
|
630
|
790
|
787
|
1,089
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential
|
|||||||||||||||||
mortgages(c)
|
33,826
|
35,550
|
2,720
|
2,870
|
481
|
546
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
17,960
|
18,544
|
243
|
263
|
665
|
717
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving
|
|||||||||||||||||
credit
|
45,531
|
46,689
|
773
|
990
|
1,724
|
2,008
|
|||||||||||
Non-U.S. auto
|
4,740
|
5,691
|
28
|
43
|
79
|
101
|
|||||||||||
Other
|
7,643
|
7,244
|
380
|
419
|
179
|
199
|
|||||||||||
Total Consumer
|
109,700
|
113,718
|
4,144
|
4,585
|
3,128
|
3,571
|
|||||||||||
Total
|
$
|
279,189
|
$
|
295,037
|
$
|
8,224
|
$
|
8,826
|
$
|
5,205
|
$
|
6,190
|
|||||
(a)
|
Financing receivables included $0.1 billion of construction loans at both June 30, 2012 and December 31, 2011.
|
(b)
|
Our Business Properties portfolio is underwritten primarily by the credit quality of the borrower and secured by tenant and owner-occupied commercial properties.
|
(c)
|
At June 30, 2012, net of credit insurance, approximately 27% of our secured Consumer non-U.S. residential mortgage portfolio comprised loans with introductory, below market rates that are scheduled to adjust at future dates; with high loan-to-value ratios at inception (greater than 90%); whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At origination, we underwrite loans with an adjustable rate to the reset value. Of these loans, 84% are in our U.K. and France portfolios, which comprise mainly loans with interest-only payments, high loan-to-value ratios at inception and introductory below market rates, have a delinquency rate of 15%, have a loan-to-value ratio at origination of 78% and have re-indexed loan-to-value ratios of 82% and 66%, respectively. At June 30, 2012, 8% (based on dollar values) of these loans in our U.K. and France portfolios have been restructured.
|
Nonearning financing receivables
|
Allowance for losses
|
Allowance for losses
|
|||||||||||||||
as a percent of
|
as a percent of
|
as a percent of
|
|||||||||||||||
financing receivables
|
nonearning financing receivables
|
total financing receivables
|
|||||||||||||||
June 30,
|
December 31,
|
June 30,
|
December 31,
|
June 30,
|
December 31,
|
||||||||||||
2012
|
2011
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
Commercial
|
|||||||||||||||||
CLL
|
|||||||||||||||||
Americas
|
2.3
|
%
|
2.3
|
%
|
38.1
|
%
|
47.7
|
%
|
0.9
|
%
|
1.1
|
%
|
|||||
Europe
|
4.0
|
3.2
|
34.8
|
34.3
|
1.4
|
1.1
|
|||||||||||
Asia
|
2.1
|
2.3
|
37.5
|
58.4
|
0.8
|
1.3
|
|||||||||||
Other
|
1.3
|
2.5
|
11.1
|
36.4
|
0.1
|
0.9
|
|||||||||||
Total CLL
|
2.7
|
2.6
|
36.6
|
43.8
|
1.0
|
1.1
|
|||||||||||
Energy Financial Services
|
-
|
0.4
|
600.0
|
118.2
|
0.2
|
0.4
|
|||||||||||
GECAS
|
0.5
|
0.5
|
57.1
|
30.9
|
0.3
|
0.1
|
|||||||||||
Other
|
3.7
|
5.1
|
54.5
|
56.9
|
2.0
|
2.9
|
|||||||||||
Total Commercial
|
2.4
|
2.3
|
37.4
|
44.3
|
0.9
|
1.0
|
|||||||||||
Real Estate
|
|||||||||||||||||
Debt
|
1.8
|
2.2
|
169.2
|
175.4
|
3.0
|
3.9
|
|||||||||||
Business Properties
|
4.3
|
3.0
|
46.3
|
56.2
|
2.0
|
1.7
|
|||||||||||
Total Real Estate
|
2.3
|
2.4
|
124.9
|
137.8
|
2.8
|
3.3
|
|||||||||||
Consumer
|
|||||||||||||||||
Non-U.S.
|
|||||||||||||||||
residential mortgages
|
8.0
|
8.1
|
17.7
|
19.0
|
1.4
|
1.5
|
|||||||||||
Non-U.S.
|
|||||||||||||||||
installment and
|
|||||||||||||||||
revolving credit
|
1.4
|
1.4
|
273.7
|
272.6
|
3.7
|
3.9
|
|||||||||||
U.S. installment
|
|||||||||||||||||
and revolving credit
|
1.7
|
2.1
|
223.0
|
202.8
|
3.8
|
4.3
|
|||||||||||
Non-U.S. auto
|
0.6
|
0.8
|
282.1
|
234.9
|
1.7
|
1.8
|
|||||||||||
Other
|
5.0
|
5.8
|
47.1
|
47.5
|
2.3
|
2.7
|
|||||||||||
Total Consumer
|
3.8
|
4.0
|
75.5
|
77.9
|
2.9
|
3.1
|
|||||||||||
Total
|
2.9
|
3.0
|
63.3
|
70.1
|
1.9
|
2.1
|
|||||||||||
Nonaccrual
|
Nonearning
|
||||||||||
financing
|
financing
|
||||||||||
(In millions)
|
receivables
|
receivables
|
|||||||||
June 30, 2012
|
|||||||||||
Commercial
|
|||||||||||
CLL
|
$
|
4,792
|
$
|
3,370
|
|||||||
Energy Financial Services
|
52
|
2
|
|||||||||
GECAS
|
344
|
56
|
|||||||||
Other
|
46
|
22
|
|||||||||
Total Commercial
|
5,234
|
3,450
|
|||||||||
Real Estate
|
5,380
|
630
|
|||||||||
Consumer
|
4,373
|
4,144
|
|||||||||
Total
|
$
|
14,987
|
$
|
8,224
|
|||||||
(In millions)
|
June 30,
|
December 31,
|
|||||||||
2012
|
2011
|
||||||||||
Loans requiring allowance for losses
|
|||||||||||
Commercial(a)
|
$
|
2,065
|
$
|
2,357
|
|||||||
Real Estate
|
3,718
|
4,957
|
|||||||||
Consumer
|
2,897
|
2,824
|
|||||||||
Total loans requiring allowance for losses
|
8,680
|
10,138
|
|||||||||
Loans expected to be fully recoverable
|
|||||||||||
Commercial(a)
|
3,815
|
3,305
|
|||||||||
Real Estate
|
3,748
|
3,790
|
|||||||||
Consumer
|
106
|
69
|
|||||||||
Total loans expected to be fully recoverable
|
7,669
|
7,164
|
|||||||||
Total impaired loans
|
$
|
16,349
|
$
|
17,302
|
|||||||
Allowance for losses (specific reserves)
|
|||||||||||
Commercial(a)
|
$
|
640
|
$
|
812
|
|||||||
Real Estate
|
561
|
822
|
|||||||||
Consumer
|
625
|
680
|
|||||||||
Total allowance for losses (specific reserves)
|
$
|
1,826
|
$
|
2,314
|
|||||||
Average investment during the period
|
$
|
16,940
|
$
|
18,167
|
|||||||
Interest income earned while impaired(b)
|
374
|
733
|
|||||||||
(a)
|
Includes CLL, Energy Financial Services, GECAS and Other.
|
(b)
|
Recognized principally on a cash basis.
|
June 30,
|
December 31,
|
||||||||||
(In millions)
|
2012
|
2011
|
|||||||||
Method used to measure impairment
|
|||||||||||
Discounted cash flow
|
$
|
8,978
|
$
|
8,858
|
|||||||
Collateral value
|
7,371
|
8,444
|
|||||||||
Total
|
$
|
16,349
|
$
|
17,302
|
Rest of
|
Total
|
||||||||||||||||||||||
June 30, 2012 (In millions)
|
Spain
|
Portugal
|
Ireland
|
Italy
|
Greece
|
Hungary
|
Europe
|
Europe
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
before allowance
|
|||||||||||||||||||||||
for losses on
|
|||||||||||||||||||||||
financing receivables
|
$
|
2,038
|
$
|
523
|
$
|
402
|
$
|
7,092
|
$
|
69
|
$
|
2,957
|
$
|
76,062
|
$
|
89,143
|
|||||||
Allowance for losses on
|
|||||||||||||||||||||||
financing receivables
|
(100)
|
(25)
|
(14)
|
(316)
|
–
|
(113)
|
(1,288)
|
(1,856)
|
|||||||||||||||
Financing receivables,
|
|||||||||||||||||||||||
net of allowance
|
|||||||||||||||||||||||
for losses on
|
1,938
|
498
|
388
|
6,776
|
69
|
2,844
|
74,774
|
87,287
|
|||||||||||||||
financing receivables(a)(b)
|
|||||||||||||||||||||||
Investments(c)(d)
|
2
|
–
|
–
|
597
|
–
|
156
|
1,883
|
2,638
|
|||||||||||||||
Cost and equity method
|
|||||||||||||||||||||||
investments(e)
|
835
|
24
|
348
|
27
|
31
|
5
|
702
|
1,972
|
|||||||||||||||
Derivatives,
|
|||||||||||||||||||||||
net of collateral(c)(f)
|
–
|
–
|
–
|
87
|
–
|
–
|
99
|
186
|
|||||||||||||||
ELTO(g)
|
553
|
66
|
341
|
883
|
259
|
354
|
9,796
|
12,252
|
|||||||||||||||
Real estate held for
|
|||||||||||||||||||||||
investment(g)
|
754
|
–
|
–
|
397
|
–
|
–
|
5,977
|
7,128
|
|||||||||||||||
Total funded exposures(h)
|
$
|
4,082
|
$
|
588
|
$
|
1,077
|
$
|
8,767
|
$
|
359
|
$
|
3,359
|
$
|
93,231
|
$
|
111,463
|
|||||||
Unfunded commitments
|
$
|
7
|
$
|
9
|
$
|
29
|
$
|
277
|
$
|
–
|
$
|
590
|
$
|
8,144
|
$
|
9,056
|
|||||||
(a)
|
Financing receivable amounts are classified based on the location or nature of the related obligor.
|
(b)
|
Substantially all relates to non-sovereign obligors. Includes residential mortgage loans of approximately $33.3 billion before consideration of purchased credit protection. We have third-party mortgage insurance for approximately 27% of these residential mortgage loans, substantially all of which were originated in the U.K., Poland and France.
|
(c)
|
Investments and derivatives are classified based on the location of the parent of the obligor or issuer.
|
(d)
|
Includes $1.0 billion related to financial institutions, $0.3 billion related to non-financial institutions and $1.3 billion related to sovereign issuers. Sovereign issuances totaled $0.1 billion and $0.1 billion related to Italy and Hungary, respectively. We held no investments issued by sovereign entities in the other focus countries.
|
(e)
|
Substantially all is non-sovereign.
|
(f)
|
Net of cash collateral; entire amount is non-sovereign.
|
(g)
|
These assets are held under long-term investment and operating strategies, and our ELTO strategies contemplate an ability to redeploy assets under lease should default by the lessee occur. The values of these assets could be subject to decline or impairment in the current environment.
|
(h)
|
Excludes $35.0 billion of cash and equivalents, which is composed of $20.2 billion of cash on short-term placement with highly rated global financial institutions based in Europe, sovereign central banks and agencies or supra national entities, of which $1.1 billion is in focus countries, and $14.8 billion of cash and equivalents placed with highly rated European financial institutions on a short-term basis, secured by U.S. Treasury securities ($6.1 billion) and sovereign bonds of non-focus countries ($8.7 billion), where the value of our collateral exceeds the amount of our cash exposure.
|
Approximate
|
||||||||||||
dollar value
|
||||||||||||
Total number
|
of shares that
|
|||||||||||
of shares
|
may yet be
|
|||||||||||
purchased
|
purchased
|
|||||||||||
as part of
|
under our
|
|||||||||||
Total number
|
Average
|
our share
|
share
|
|||||||||
of shares
|
price paid
|
repurchase
|
repurchase
|
|||||||||
Period(a)
|
purchased
|
(a)(b)
|
per share
|
program
|
(a)(c)
|
program
|
||||||
(Shares in thousands)
|
||||||||||||
2012
|
||||||||||||
April
|
1,116
|
$
|
19.45
|
839
|
||||||||
May
|
22,853
|
$
|
18.99
|
22,584
|
||||||||
June
|
22,408
|
$
|
19.51
|
22,169
|
||||||||
Total
|
46,377
|
$
|
19.25
|
45,592
|
|
$ 7.0 billion
|
||||||
(a)
|
Information is presented on a fiscal calendar basis, consistent with our quarterly financial reporting.
|
(b)
|
This category includes 785 thousand shares repurchased from our various benefit plans, primarily the GE Savings and Security Program (the S&SP). Through the S&SP, a defined contribution plan with Internal Revenue Service Code 401(k) features, we repurchase shares resulting from changes in investment options by plan participants.
|
(c)
|
This balance represents the number of shares that were repurchased through the 2007 GE Share Repurchase Program (the Program) under which we are authorized to repurchase up to $15 billion of our common stock through 2013. The Program is flexible and shares are acquired with a combination of borrowings and free cash flow from the public markets and other sources, including GE Stock Direct, a stock purchase plan that is available to the public.
|
Exhibit 10(a)
Exhibit 11
|
General Electric Company 2007 Long-Term Incentive Plan (as amended and restated April 25, 2012) (Incorporated by reference to Exhibit 99.1 of General Electric Company’s Form S-8 dated May 4, 2012 (Commission file number 333-181177)).
Computation of Per Share Earnings*.
|
|
Exhibit 12
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
Exhibit 31(a)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 31(b)
|
Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended.
|
|
Exhibit 32
|
Certification Pursuant to 18 U.S.C. Section 1350.
|
|
Exhibit 99(a)
|
Financial Measures That Supplement Generally Accepted Accounting Principles.
|
|
Exhibit 99(b)
|
Computation of Ratio of Earnings to Fixed Charges (Incorporated by reference to Exhibit 12 to General Electric Capital Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2012 (Commission file number 001-06461)).
|
|
Exhibit 101
|
The following materials from General Electric Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, formatted in XBRL (eXtensible Business Reporting Language); (i) Condensed Statement of Earnings for the three and six months ended June 30, 2012 and 2011, (ii) Condensed Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2012 and 2011, (iii) Condensed Consolidated Statement of Changes in Shareowners’ Equity for the six months ended June 30, 2012 and 2011, (iv) Condensed Statement of Financial Position at June 30, 2012 and December 31, 2011, (v) Condensed Statement of Cash Flows for the six months ended June 30, 2012 and 2011, and (vi) Notes to Condensed, Consolidated Financial Statements.
|
|
*
|
Data required by Financial Accounting Standards Board Accounting Standards Codification 260, Earnings Per Share, is provided in Note 14 to the Condensed, Consolidated Financial Statements in this Report.
|
General Electric Company
(Registrant)
|
|||
July 30, 2012
|
/s/ Jamie S. Miller
|
||
Date
|
Jamie S. Miller
Vice President and Controller
Duly Authorized Officer and Principal Accounting Officer
|
Six months
|
||
ended
|
||
June 30,
|
||
2012
|
||
(Dollars in millions)
|
(Unaudited)
|
|
General Electric Company and consolidated affiliates
|
||
Earnings(a)
|
$
|
7,369
|
Plus:
|
||
Interest and other financial charges included in expense(b)
|
6,569
|
|
One-third of rental expense(c)
|
262
|
|
Adjusted “earnings”
|
$
|
14,200
|
Fixed charges:
|
||
Interest and other financial charges included in expense(b)
|
$
|
6,569
|
Interest capitalized
|
13
|
|
One-third of rental expense(c)
|
262
|
|
Total fixed charges
|
$
|
6,844
|
Ratio of earnings to fixed charges
|
2.07
|
|
(a)
|
Earnings before income taxes, noncontrolling interests, discontinued operations and undistributed earnings of equity investees.
|
(b)
|
Included interest on tax deficiencies.
|
(c)
|
Considered to be representative of interest factor in rental expense.
|
I, Jeffrey R. Immelt, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Jeffrey R. Immelt
|
|
Jeffrey R. Immelt
|
|
Chief Executive Officer
|
I, Keith S. Sherin, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of General Electric Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Keith S. Sherin
|
|
Keith S. Sherin
|
|
Chief Financial Officer
|
(1)
|
The report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2)
|
The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrant.
|
/s/ Jeffrey R. Immelt
|
|
Jeffrey R. Immelt
|
|
Chief Executive Officer
|
|
/s/ Keith S. Sherin
|
|
Keith S. Sherin
|
|
Chief Financial Officer
|
·
|
Operating earnings and operating earnings per share (EPS)
|
·
|
GE Capital ending net investment (ENI), excluding cash and equivalents
|
·
|
Industrial cash flow from operating activities (Industrial CFOA)
|
Operating Earnings and Operating EPS
|
|||||||||
Three months ended June 30
|
|||||||||
(In millions; except earnings per share)
|
2012
|
2011
|
V%
|
||||||
Earnings from continuing operations attributable to GE
|
$
|
3,658
|
$
|
3,570
|
2
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
352
|
181
|
|||||||
Operating earnings
|
$
|
4,010
|
$
|
3,751
|
7
|
%
|
|||
Earnings per share – diluted(a)
|
|||||||||
Continuing earnings per share
|
$
|
0.34
|
$
|
0.33
|
3
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
0.03
|
0.02
|
|||||||
Operating earnings per share
|
$
|
0.38
|
$
|
0.34
|
12
|
%
|
|||
(a)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
Six months ended June 30
|
|||||||||
(In millions; except earnings per share)
|
2012
|
2011
|
V%
|
||||||
Earnings from continuing operations attributable to GE
|
$
|
6,909
|
$
|
6,968
|
(1)
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
688
|
344
|
|||||||
Operating earnings
|
$
|
7,597
|
$
|
7,312
|
4
|
%
|
|||
Earnings per share – diluted(a)
|
|||||||||
Continuing earnings per share
|
$
|
0.65
|
$
|
0.64
|
2
|
%
|
|||
Adjustment (net of tax): Non-operating pension costs/(income)
|
0.06
|
0.03
|
|||||||
Operating earnings per share
|
$
|
0.72
|
$
|
0.67
|
7
|
%
|
|||
(a)
|
Earnings-per-share amounts are computed independently. As a result, the sum of per-share amounts may not equal the total.
|
GE Capital Ending Net Investment (ENI), Excluding Cash and Equivalents
|
|||||
At
|
|||||
June 30,
|
January 1,
|
||||
(In billions)
|
2012
|
2009
|
|||
GECC total assets
|
$
|
558.8
|
$
|
661.0
|
|
Less assets of discontinued operations
|
1.5
|
25.1
|
|||
Less non-interest bearing liabilities
|
58.4
|
85.4
|
|||
GE Capital ENI
|
498.9
|
550.5
|
|||
Less cash and equivalents
|
66.3
|
37.7
|
|||
GE Capital ENI, excluding cash and equivalents
|
$
|
432.6
|
$
|
512.8
|
Industrial CFOA
|
||||||||
Six months ended June 30
|
||||||||
(Dollars in millions)
|
2012
|
2011
|
V%
|
|||||
Cash from GE's operating activities as reported
|
$
|
6,789
|
$
|
4,380
|
55%
|
|||
Less: dividends from GECC
|
3,000
|
-
|
||||||
Cash from GE's operating activities excluding dividends
|
||||||||
from GECC (Industrial CFOA)
|
$
|
3,789
|
$
|
4,380
|
(13)%
|
|||
Shareowners' Equity (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to noncontrolling interests |
(a) In January 2011 and prior to the transaction with Comcast Corporation, we acquired 12.3% of NBCU's outstanding shares from Vivendi S.A. See Note 2.
|
Investment Securities (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Residential Mortgage Backed Securities [Member]
Mortgage-backed Securities, Issued by Private Enterprises [Member]
|
Jun. 30, 2011
Residential Mortgage Backed Securities [Member]
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member]
|
---|---|---|---|---|
Investment [Line Items] | ||||
Investment securities | $ 47,931 | $ 47,374 | $ 811 | $ 1,626 |
OTTI previously recognized through OCI on securities held, gross unrealized losses | $ (200) |
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (Held for Sale Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jan. 28, 2011
NBC Universal [Member]
|
Jun. 30, 2012
NBCU LLC [Member]
|
Dec. 31, 2011
NBCU LLC [Member]
|
Jun. 30, 2012
Discontinued Operation or Asset Disposal [Member]
|
Dec. 31, 2011
Discontinued Operation or Asset Disposal [Member]
|
Mar. 31, 2011
Consumer RV Marine [Member]
|
Jun. 30, 2011
Consumer Mexico [Member]
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Cash proceeds from sale of NBCU | $ 0 | $ 4,371 | ||||||||
Ownership Percentage In Newly Formed Entity | 49.00% | |||||||||
Deferred Tax Liabilities | 4,960 | 4,880 | ||||||||
Equity Method Investment, Ownership Percentage | 1.00% | |||||||||
Equity Method Investments | 18,253 | 17,955 | ||||||||
Deferred income taxes | 456 | (131) | 230 | 205 | ||||||
Assets of businesses held for sale | 3,039 | 711 | ||||||||
Liabilities of businesses held for sale | 283 | 345 | ||||||||
Current receivables | 19,295 | 19,531 | ||||||||
Property, plant and equipment - net | 66,660 | 65,739 | ||||||||
Other assets, all | 109,288 | 111,701 | ||||||||
Accounts Payable, Current | 16,718 | 16,400 | ||||||||
Accrued Liabilities, Current | 14,967 | 14,796 | ||||||||
Other Liabilities | 67,514 | 70,653 | 1,710 | 1,424 | ||||||
Consideration Received For Sale Of Business | $ 2,365 | $ 1,943 |
Shareowners' Equity (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|||||
Changes To Noncontrolling Interest | ||||||||
Beginning balance | $ 1,721 | $ 2,254 | $ 1,696 | [1] | $ 5,262 | |||
Net earnings | 33 | 74 | 71 | 168 | ||||
Dividends | (7) | (5) | (14) | (15) | ||||
NBCU share repurchase | 0 | 0 | 0 | (3,070) | ||||
Dispositions | 0 | 0 | 0 | 23 | ||||
GECC issuance of preferred stock | 2,227 | 0 | 2,227 | 0 | ||||
AOCI and other | (194) | 0 | (200) | 1 | ||||
Ending balance | $ 3,780 | [1] | $ 2,323 | $ 3,780 | [1] | $ 2,323 | ||
|
Investment Securities (Investment) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Subsidiaries [Member]
|
Dec. 31, 2011
Subsidiaries [Member]
|
Mar. 31, 2012
Debt Securities [Member]
|
Dec. 31, 2011
Debt Securities [Member]
|
Mar. 31, 2011
Debt Securities [Member]
|
Dec. 31, 2010
Debt Securities [Member]
|
Jun. 30, 2012
Domestic Corporate Debt Securities [Member]
Subsidiaries [Member]
|
Dec. 31, 2011
Domestic Corporate Debt Securities [Member]
Subsidiaries [Member]
|
Jun. 30, 2012
Domestic Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Domestic Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
US States and Political Subdivisions Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
US States and Political Subdivisions Debt Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Residential Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Residential Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Commercial Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Commercial Mortgage Backed Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Asset-backed Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Asset-backed Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Foreign Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Foreign Corporate Debt Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Foreign Government Debt Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Foreign Government Debt Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
US Treasury and Government [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
US Treasury and Government [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Retained Interest [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Retained Interest [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Available-for-sale Securities [Member]
Subsidiaries [Member]
|
Dec. 31, 2011
Available-for-sale Securities [Member]
Subsidiaries [Member]
|
Jun. 30, 2012
Available-for-sale Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Available-for-sale Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Jun. 30, 2012
Trading Securities [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Trading Securities [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Jun. 30, 2012
Consolidation, Eliminations [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
|
Jun. 30, 2012
Consolidation, Eliminations [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
Amortized Cost [Member]
|
Jun. 30, 2012
Consolidation, Eliminations [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Consolidation, Eliminations [Member]
Estimated Fair Value [Member]
|
Jun. 30, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
Amortized Cost [Member]
|
Jun. 30, 2012
Sub Total [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Sub Total [Member]
Subsidiaries GECC [Member]
Estimated Fair Value [Member]
|
Jun. 30, 2012
Total [Member]
|
Dec. 31, 2011
Total [Member]
|
Jun. 30, 2012
Total [Member]
Amortized Cost [Member]
|
Dec. 31, 2011
Total [Member]
Amortized Cost [Member]
|
Jun. 30, 2012
Total [Member]
Estimated Fair Value [Member]
|
Dec. 31, 2011
Total [Member]
Estimated Fair Value [Member]
|
|
Investment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities amortized cost | $ 28 | $ 18 | $ 1 | $ 0 | $ 20,994 | $ 20,748 | $ 3,436 | $ 3,027 | $ 2,440 | $ 2,711 | $ 3,060 | $ 2,913 | $ 5,269 | $ 5,102 | $ 2,592 | $ 2,414 | $ 1,792 | $ 2,488 | $ 3,412 | $ 3,974 | $ 28 | $ 25 | $ 27 | $ 18 | $ 502 | $ 713 | ||||||||||||||||||||||||||||||||
Investment securities gross unrealized gains | 0 | 0 | 0 | 0 | 4,003 | 3,432 | 463 | 350 | 195 | 184 | 171 | 162 | 8 | 32 | 140 | 126 | 137 | 129 | 90 | 84 | 3 | 10 | 0 | 0 | 98 | 75 | 0 | 0 | 5,308 | 4,584 | 5,308 | 4,584 | ||||||||||||||||||||||||||
Investment securities gross unrealized loss | 0 | 0 | 0 | 0 | (327) | (410) | (130) | (143) | (198) | (286) | (180) | (247) | (148) | (164) | (168) | (207) | (30) | (86) | 0 | 0 | 0 | 0 | 0 | 0 | (6) | (38) | 0 | 0 | (1,187) | (1,581) | (1,187) | (1,581) | ||||||||||||||||||||||||||
Investment securities estimated fair value | 28 | 18 | 1 | 0 | 24,670 | 23,770 | 3,769 | 3,234 | 2,437 | 2,609 | 3,051 | 2,828 | 5,129 | 4,970 | 2,564 | 2,333 | 1,899 | 2,531 | 3,502 | 4,058 | 31 | 35 | 27 | 18 | 594 | 750 | ||||||||||||||||||||||||||||||||
Trading Securities | 260 | 241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross unrealized gains | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross unrealized loss | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Securities, Fair Value Disclosure | 260 | 241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | (3) | (3) | (3) | (3) | 43,785 | 44,356 | 47,906 | 47,359 | 43,810 | 44,371 | 47,931 | 47,374 | ||||||||||||||||||||||||||||||||||||||||||||||
Net pre-tax gains (loss) on trading securities | 13 | 52 | 36 | 55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities OTTI amounts | 33 | 113 | 65 | 184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative impairments recognized in earnings associated with debt securities | 602 | 726 | 536 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities OTTI recorded in AOCI | 1 | 59 | 1 | 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments | 32 | 54 | 64 | 118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incremental Charges On Previously Impaired Investment Securities | 6 | 24 | 11 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary Impairment Related To Equity Securities | 16 | 5 | 23 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary First Time Impairments Of Investment Securities Recognized In Earnings | 3 | 19 | 10 | 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Than Temporary Impairment Related To Securities Subsequently Sold | 33 | 18 | 169 | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | $ 2,742 | $ 4,833 | $ 6,504 | $ 9,972 |
Fair Value Measurements (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
Cost and equity method investments [Member]
|
Jun. 30, 2011
Cost and equity method investments [Member]
|
Jun. 30, 2012
Cost and equity method investments [Member]
|
Jun. 30, 2011
Cost and equity method investments [Member]
|
Jun. 30, 2012
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2011
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2011
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Private Equity And Real Estate Funds [Member]
|
Dec. 31, 2011
Private Equity And Real Estate Funds [Member]
|
Jun. 30, 2012
Retained Interest [Member]
|
Mar. 31, 2012
Retained Interest [Member]
|
Dec. 31, 2011
Retained Interest [Member]
|
Jun. 30, 2011
Retained Interest [Member]
|
Mar. 31, 2011
Retained Interest [Member]
|
Dec. 31, 2010
Retained Interest [Member]
|
Jun. 30, 2012
Retained Interest [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2011
Retained Interest [Member]
Fair Value, Inputs, Level 3 [Member]
|
Jun. 30, 2012
Derivatives [Member]
|
Mar. 31, 2012
Derivatives [Member]
|
Dec. 31, 2011
Derivatives [Member]
|
Jun. 30, 2011
Derivatives [Member]
|
Mar. 31, 2011
Derivatives [Member]
|
Dec. 31, 2010
Derivatives [Member]
|
Jun. 30, 2012
Other [Member]
|
Mar. 31, 2012
Other [Member]
|
Dec. 31, 2011
Other [Member]
|
Jun. 30, 2011
Other [Member]
|
Mar. 31, 2011
Other [Member]
|
Dec. 31, 2010
Other [Member]
|
|
Cumulative gain (loss) adjustment for non performance risk | $ 23 | $ 23 | $ 13 | $ 23 | |||||||||||||||||||||||||||||||||||
Investments, Fair Value Disclosure | 31 | 35 | |||||||||||||||||||||||||||||||||||||
Cash Accruals Not Included In Schedule Assets Measured For Fair Value On Recurring Basis | 2 | 7 | 2 | 7 | |||||||||||||||||||||||||||||||||||
Fair value assets measured on non recurring basis | 2,110 | 2,110 | 266 | 403 | 2,014 | 3,282 | 57 | 123 | |||||||||||||||||||||||||||||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | (1) | (8) | (2) | (13) | (38) | (127) | (58) | (176) | (107) | (343) | (247) | (863) | |||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 6 | 339 | 56 | 776 | |||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,097 | 3,097 | 31 | 34 | 35 | 45 | 52 | 39 | 348 | 321 | 369 | 297 | 272 | 265 | 785 | 816 | 817 | 1,149 | 987 | 906 | |||||||||||||||||||
Individually Insignificant Recurring Fair Value Measurements | 248 | 248 | |||||||||||||||||||||||||||||||||||||
Individually Insignificant NonRecurring Fair Value Measurements | $ 513 | $ 513 |
Summary of Operating Segments (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | $ 36,501 | $ 35,456 | $ 71,663 | $ 69,291 | ||||||
Corporate items and eliminations revenues | 0 | 167 | 20 | 4,661 | ||||||
Consolidated revenues | 36,501 | 35,623 | 71,683 | 73,952 | ||||||
Segment profit | 5,866 | 5,121 | 10,927 | 9,895 | ||||||
Corporate items and eliminations | (1,465) | (684) | (2,510) | 1,808 | ||||||
GE interest and other financial charges | (3,211) | (3,770) | (6,569) | (7,566) | ||||||
GE provision for income taxes | (494) | (892) | (1,131) | (4,834) | ||||||
Earnings (loss) from continuing operations | 3,658 | 3,570 | 6,909 | 6,968 | ||||||
Earnings (loss) from discontinued operations, net of taxes | (553) | 194 | (770) | 229 | ||||||
Consolidated net earnings attributable to the Company | 3,105 | 3,764 | 6,139 | 7,197 | ||||||
Subsidiaries [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Consolidated revenues | 27,669 | [1] | 25,252 | [1] | 53,748 | [1] | 52,809 | [1] | ||
GE interest and other financial charges | (351) | [1] | (321) | [1] | (666) | [1] | (676) | [1] | ||
GE provision for income taxes | (392) | [1] | (546) | [1] | (842) | [1] | (4,059) | [1] | ||
Earnings (loss) from continuing operations | 3,658 | [1] | 3,570 | [1] | 6,909 | [1] | 6,968 | [1] | ||
Earnings (loss) from discontinued operations, net of taxes | (553) | [1] | 194 | [1] | (770) | [1] | 229 | [1] | ||
Consolidated net earnings attributable to the Company | 3,105 | [1] | 3,764 | [1] | 6,139 | [1] | 7,197 | [1] | ||
Energy Infrastructure [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 11,919 | 10,402 | 23,087 | 19,851 | ||||||
Segment profit | 1,755 | 1,552 | 3,279 | 2,933 | ||||||
Aviation [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 4,855 | 4,732 | 9,746 | 9,100 | ||||||
Segment profit | 922 | 959 | 1,784 | 1,800 | ||||||
Healthcare [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 4,500 | 4,498 | 8,800 | 8,588 | ||||||
Segment profit | 694 | 711 | 1,279 | 1,242 | ||||||
Transportation [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 1,565 | 1,231 | 2,835 | 2,134 | ||||||
Segment profit | 282 | 178 | 514 | 335 | ||||||
Home Business Solutions [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 2,204 | 2,153 | 4,295 | 4,142 | ||||||
Segment profit | 91 | 106 | 157 | 180 | ||||||
GE Capital [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 11,458 | 12,440 | 22,900 | 25,476 | ||||||
Segment profit | 2,122 | 1,615 | 3,914 | 3,405 | ||||||
Industrial Segments [Member]
|
||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Segment revenues | 25,043 | 23,016 | 48,763 | 43,815 | ||||||
Segment profit | $ 3,744 | $ 3,506 | $ 7,013 | $ 6,490 | ||||||
|
GECC Financing Receivables and Allowance for Losses on Financing Receivables (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GECC financing receivables |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing receivables |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for losses |
|
Variable Interest Entities (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Investment Securities [Member]
|
Dec. 31, 2011
Investment Securities [Member]
|
Jun. 30, 2012
Assets Other [Member]
|
Dec. 31, 2011
Assets Other [Member]
|
Jun. 30, 2012
Assets, Total [Member]
|
Dec. 31, 2011
Assets, Total [Member]
|
Jun. 30, 2012
Borrowings [Member]
|
Dec. 31, 2011
Borrowings [Member]
|
Jun. 30, 2012
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Liabilities Other [Member]
|
Dec. 31, 2011
Liabilities Other [Member]
|
Jun. 30, 2012
Liabilities, Total [Member]
|
Dec. 31, 2011
Liabilities, Total [Member]
|
Jun. 30, 2012
Consolidated Variable Interest Entities [Member]
|
Jun. 30, 2011
Consolidated Variable Interest Entities [Member]
|
Jun. 30, 2012
Consolidated Variable Interest Entities [Member]
|
Jun. 30, 2011
Consolidated Variable Interest Entities [Member]
|
Jun. 30, 2012
Power Generating Activities Entity [Member]
|
Jun. 30, 2012
Power Generating Activities Entity [Member]
Assets Other [Member]
|
Jun. 30, 2012
Power Generating Activities Entity [Member]
Borrowings [Member]
|
Jun. 30, 2012
Asset Backed Financing Entities [Member]
|
Jun. 30, 2012
Industrial Equipment Joint Venture [Member]
|
Jun. 30, 2012
Insurance Entities [Member]
|
Jun. 30, 2012
Subsidiaries GECC [Member]
|
Jun. 30, 2011
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Subsidiaries GECC [Member]
|
Jun. 30, 2011
Subsidiaries GECC [Member]
|
Dec. 31, 2011
Subsidiaries GECC [Member]
|
May 01, 2012
Trinity [Member]
|
Jun. 30, 2012
Trinity [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Trinity [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Trinity [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Trinity [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Trinity [Member]
Assets Other [Member]
|
Dec. 31, 2011
Trinity [Member]
Assets Other [Member]
|
Jun. 30, 2012
Trinity [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Trinity [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Trinity [Member]
Borrowings [Member]
|
Dec. 31, 2011
Trinity [Member]
Borrowings [Member]
|
Jun. 30, 2012
Trinity [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Trinity [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Trinity [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Trinity [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Trinity [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Trinity [Member]
Liabilities, Total [Member]
|
Jun. 30, 2012
Consolidated Securitization Entities [Member]
|
Jun. 30, 2012
Other [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Other [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Other [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Other [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Other [Member]
Assets Other [Member]
|
Dec. 31, 2011
Other [Member]
Assets Other [Member]
|
Jun. 30, 2012
Other [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Other [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Other [Member]
Borrowings [Member]
|
Dec. 31, 2011
Other [Member]
Borrowings [Member]
|
Jun. 30, 2012
Other [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Other [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Other [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Other [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Other [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Other [Member]
Liabilities, Total [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Credit Card Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Equipment [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Commercial Real Estate [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Loans and Finance Receivables [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Investment Securities [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets Other [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Assets, Total [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Borrowings [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Nonrecourse Borrowings [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities Other [Member]
|
Jun. 30, 2012
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
Dec. 31, 2011
Trade Accounts Receivable [Member]
Consolidated Securitization Entities [Member]
Liabilities, Total [Member]
|
|||||||||
Assets And Liabilities Of Consolidated VIEs [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Amount Of GICs Redeemed | $ 386 | $ 386 | $ 1,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | 694,121 | [1] | 694,121 | [1] | 717,242 | [1] | 558,804 | [1] | 558,804 | [1] | 584,536 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | 570,222 | [1] | 570,222 | [1] | 599,108 | [1] | 478,218 | [1] | 478,218 | [1] | 506,736 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets VIE | 41,121 | 37,860 | 4,875 | 5,320 | 4,044 | 3,535 | 50,040 | 46,715 | 2,343 | 1,415 | 823 | 1,620 | 1,198 | 0 | 0 | 3,829 | 4,289 | 349 | 389 | 4,178 | 4,678 | 4,724 | 2,973 | 1,046 | 1,031 | 2,004 | 2,636 | 7,774 | 6,640 | 19,847 | 19,229 | 0 | 0 | 1,136 | 17 | 20,983 | 19,246 | 11,596 | 10,523 | 0 | 0 | 332 | 283 | 11,928 | 10,806 | 3,055 | 3,521 | 0 | 0 | 223 | 210 | 3,278 | 3,731 | 1,899 | 1,614 | 0 | 0 | 0 | 0 | 1,899 | 1,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities VIE | 1,308 | 848 | 29,796 | 28,758 | 3,474 | 5,606 | 34,578 | 35,212 | 583 | 537 | 754 | 880 | 604 | 0 | 0 | 0 | 0 | 2,167 | 4,456 | 2,167 | 4,456 | 1,280 | 821 | 745 | 980 | 1,205 | 1,071 | 3,230 | 2,872 | 0 | 0 | 14,974 | 14,184 | 85 | 37 | 15,059 | 14,221 | 3 | 2 | 9,312 | 8,166 | 0 | 0 | 9,315 | 8,168 | 25 | 25 | 3,163 | 3,659 | 4 | 19 | 3,192 | 3,703 | 0 | 0 | 1,602 | 1,769 | 13 | 23 | 1,615 | 1,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues of consolidated VIEs | 36,501 | 35,623 | 71,683 | 73,952 | 1,770 | 1,442 | 3,358 | 2,982 | 11,458 | 12,440 | 22,900 | 25,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Loan and Lease Losses | 743 | 792 | 1,606 | 1,932 | 170 | 188 | 370 | 550 | 743 | 792 | 1,606 | 1,932 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest And Other Financial Charges | 3,211 | 3,770 | 6,569 | 7,566 | 114 | 151 | 247 | 307 | 2,988 | 3,598 | 6,184 | 7,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities Of Consolidated Securitization Entity | 6,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivable From Consolidated Securitization Entities | $ 5,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investment Securities (Contractual maturities) (Details) (Subsidiaries GECC [Member], USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
---|---|
Amortized Cost [Member]
|
|
Investment [Line Items] | |
2011 | $ 2,082 |
2012-2015 | 7,450 |
2016-2020 | 9,080 |
2021 and later | 13,607 |
Estimated Fair Value [Member]
|
|
Investment [Line Items] | |
2011 | 2,112 |
2012-2015 | 7,447 |
2016-2020 | 10,591 |
2021 and later | $ 16,247 |
Fair Value Measurements (Non-Recurring) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2011
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2012
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2011
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2012
Cost and equity method investments [Member]
|
Jun. 30, 2011
Cost and equity method investments [Member]
|
Jun. 30, 2012
Cost and equity method investments [Member]
|
Jun. 30, 2011
Cost and equity method investments [Member]
|
Jun. 30, 2012
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2011
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2011
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Total [Member]
|
Jun. 30, 2011
Total [Member]
|
Jun. 30, 2012
Total [Member]
|
Jun. 30, 2011
Total [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Financing receivables and loans held for sale [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Cost and equity method investments [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Total [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 2 [Member]
Total [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Financing receivables and loans held for sale [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Financing receivables and loans held for sale [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Cost and equity method investments [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Long Lived Assets, Including Real Estate [Member]
|
Jun. 30, 2012
Fair Value, Inputs, Level 3 [Member]
Total [Member]
|
Dec. 31, 2011
Fair Value, Inputs, Level 3 [Member]
Total [Member]
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||||||||||||||||||||||||
Fair value assets measured on non recurring basis | $ 2,110 | $ 2,110 | $ 171 | $ 158 | $ 0 | $ 0 | $ 326 | $ 1,343 | $ 497 | $ 1,501 | $ 2,731 | $ 5,159 | $ 266 | $ 403 | $ 2,014 | $ 3,282 | $ 5,011 | $ 8,844 | ||||||||||||||||||
Adjustments To Assets Measured At Fair Value On Non Recurring Basis | $ (1) | $ (8) | $ (2) | $ (13) | $ (105) | $ (263) | $ (211) | $ (570) | $ (38) | $ (127) | $ (58) | $ (176) | $ (107) | $ (343) | $ (247) | $ (863) | $ (250) | $ (733) | $ (516) | $ (1,609) |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Commercial) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
|
Jun. 30, 2011
Commercial Portfolio Segment [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Performing Financing Receivable [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Performing Financing Receivable [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Unsecured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Nonaccrual Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Nonaccrual Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
TDR Modifications [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Energy Financial Services Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
GECAS Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Americas CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Europe CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Asia CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
Other CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Secured Credit Quality Indicator [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Portfolio Segment [Member]
CLL Financing Receivables [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
|
Financing Receivables and Allowance for Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable, Gross | $ 141,779 | $ 148,570 | $ 135,899 | $ 142,908 | $ 131,350 | $ 135,463 | $ 3,213 | $ 5,006 | $ 5,407 | $ 6,432 | $ 139,970 | $ 146,901 | $ 320 | $ 325 | $ 947 | $ 748 | $ 542 | $ 596 | $ 5,159 | $ 5,912 | $ 4,878 | $ 5,727 | $ 113 | $ 24 | $ 49 | $ 18 | $ 5,040 | $ 5,769 | $ 12,046 | $ 11,901 | $ 11,470 | $ 10,881 | $ 236 | $ 970 | $ 340 | $ 50 | $ 12,046 | $ 11,901 | $ 587 | $ 1,282 | $ 587 | $ 1,282 | $ 0 | $ 0 | $ 0 | $ 0 | $ 587 | $ 1,282 | $ 77,241 | $ 80,505 | $ 72,168 | $ 73,103 | $ 1,630 | $ 2,816 | $ 3,443 | $ 4,586 | $ 77,241 | $ 80,505 | $ 34,722 | $ 36,899 | $ 31,392 | $ 33,481 | $ 1,067 | $ 1,080 | $ 1,105 | $ 1,002 | $ 33,564 | $ 35,563 | $ 11,313 | $ 11,635 | $ 10,525 | $ 10,644 | $ 167 | $ 116 | $ 439 | $ 685 | $ 11,131 | $ 11,445 | $ 711 | $ 436 | $ 330 | $ 345 | $ 0 | $ 0 | $ 31 | $ 91 | $ 361 | $ 436 | $ 123,987 | $ 129,475 | $ 114,415 | $ 117,573 | $ 2,864 | $ 4,012 | $ 5,018 | $ 6,364 | $ 122,297 | $ 127,949 | |||||||||||||||||||||||||||||||||||||||||
General reserves | 650 | 718 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | 5,880 | 5,662 | 3,815 | 3,305 | 2,065 | 2,357 | 2 | 4 | 0 | 18 | 0 | 28 | 21 | 0 | 18 | 62 | 28 | 75 | 2,782 | 2,136 | 985 | 1,367 | 911 | 936 | 879 | 730 | 49 | 85 | 143 | 156 | 53 | 54 | 9 | 11 | 3,795 | 3,211 | 2,016 | 2,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for losses (specific reserves) | 625 | 640 | 812 | 640 | 812 | 0 | 9 | 1 | 0 | 9 | 29 | 275 | 425 | 323 | 263 | 31 | 84 | 1 | 2 | 630 | 774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 30 days past due | 1.70% | 1.80% | 0.00% | 0.30% | 0.00% | 0.00% | 3.80% | 3.70% | 1.10% | 1.30% | 4.00% | 3.80% | 1.10% | 1.30% | 0.00% | 2.00% | 1.90% | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Over 90 days past due | 1.00% | 1.10% | 0.00% | 0.30% | 0.00% | 0.00% | 3.80% | 3.50% | 0.60% | 0.80% | 2.30% | 2.10% | 0.80% | 1.00% | 0.00% | 0.10% | 1.10% | 1.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual Financing Receivables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | 5,234 | 4,718 | 5,234 | 4,718 | 52 | 22 | 344 | 69 | 46 | 115 | 2,559 | 2,417 | 1,790 | 1,599 | 381 | 428 | 62 | 68 | 4,792 | 4,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of nonaccrual loans currently paying in accordance with contractual terms | 1,761 | 1,227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonearning financing receivables | 3,450 | 3,451 | 2 | 22 | 56 | 55 | 22 | 65 | 1,739 | 1,862 | 1,390 | 1,167 | 232 | 269 | 9 | 11 | 3,370 | 3,309 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for losses as a percent of nonaccrual financing receivables | 24.60% | 32.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for losses as a percent of nonearning financing receivables | 37.40% | 44.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired loans | 5,880 | 5,662 | 3,815 | 3,305 | 2,065 | 2,357 | 2 | 4 | 0 | 18 | 0 | 28 | 21 | 0 | 18 | 62 | 28 | 75 | 2,782 | 2,136 | 985 | 1,367 | 911 | 936 | 879 | 730 | 49 | 85 | 143 | 156 | 53 | 54 | 9 | 11 | 3,795 | 3,211 | 2,016 | 2,264 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance | 4,571 | 3,515 | 2,520 | 2,364 | 2 | 4 | 0 | 18 | 0 | 28 | 21 | 0 | 18 | 63 | 31 | 75 | 3,016 | 2,219 | 1,165 | 1,415 | 1,430 | 1,060 | 1,133 | 717 | 49 | 83 | 157 | 128 | 56 | 58 | 13 | 11 | 4,551 | 3,420 | 2,468 | 2,271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for losses (specific reserves) | 625 | 640 | 812 | 640 | 812 | 0 | 9 | 1 | 0 | 9 | 29 | 275 | 425 | 323 | 263 | 31 | 84 | 1 | 2 | 630 | 774 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average investment in loans | 5,818 | 5,866 | 3,609 | 3,382 | 2,209 | 2,484 | 3 | 20 | 12 | 87 | 14 | 59 | 7 | 11 | 33 | 67 | 57 | 97 | 2,495 | 2,128 | 1,160 | 1,468 | 942 | 1,001 | 822 | 602 | 66 | 94 | 145 | 214 | 56 | 13 | 6 | 5 | 3,559 | 3,236 | 2,133 | 2,289 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized | 115 | 85 | 193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on a cash basis | 49 | 25 | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Modifications, Recorded Investment | 2,796 | 3,098 | 2,746 | 4,319 | 3,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes In Loans Modified As Troubled Debt Restructurings | 1,800 | 1,157 | 532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable, Gross | $ 141,779 | $ 148,570 | $ 135,899 | $ 142,908 | $ 131,350 | $ 135,463 | $ 3,213 | $ 5,006 | $ 5,407 | $ 6,432 | $ 139,970 | $ 146,901 | $ 320 | $ 325 | $ 947 | $ 748 | $ 542 | $ 596 | $ 5,159 | $ 5,912 | $ 4,878 | $ 5,727 | $ 113 | $ 24 | $ 49 | $ 18 | $ 5,040 | $ 5,769 | $ 12,046 | $ 11,901 | $ 11,470 | $ 10,881 | $ 236 | $ 970 | $ 340 | $ 50 | $ 12,046 | $ 11,901 | $ 587 | $ 1,282 | $ 587 | $ 1,282 | $ 0 | $ 0 | $ 0 | $ 0 | $ 587 | $ 1,282 | $ 77,241 | $ 80,505 | $ 72,168 | $ 73,103 | $ 1,630 | $ 2,816 | $ 3,443 | $ 4,586 | $ 77,241 | $ 80,505 | $ 34,722 | $ 36,899 | $ 31,392 | $ 33,481 | $ 1,067 | $ 1,080 | $ 1,105 | $ 1,002 | $ 33,564 | $ 35,563 | $ 11,313 | $ 11,635 | $ 10,525 | $ 10,644 | $ 167 | $ 116 | $ 439 | $ 685 | $ 11,131 | $ 11,445 | $ 711 | $ 436 | $ 330 | $ 345 | $ 0 | $ 0 | $ 31 | $ 91 | $ 361 | $ 436 | $ 123,987 | $ 129,475 | $ 114,415 | $ 117,573 | $ 2,864 | $ 4,012 | $ 5,018 | $ 6,364 | $ 122,297 | $ 127,949 |
Financial Instruments (Fair value hedges) (Details) (Fair Value Hedges [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Fair value hedges | ||||
Hedge ineffectiveness gain (loss) | $ (82) | $ (130) | $ (187) | $ (203) |
Hedge amount excluded from assessment of effectiveness | insignificant amounts | insignificant amounts | insignificant amounts | insignificant amounts |
Interest Rate Contract [Member]
|
||||
Fair value hedges | ||||
Gain (loss) on derivatives | 2,232 | 1,341 | 785 | (390) |
Gain (loss) on hedged items | (2,312) | (1,466) | (962) | 195 |
Foreign Exchange Contract [Member]
|
||||
Fair value hedges | ||||
Gain (loss) on derivatives | (164) | 15 | (212) | 39 |
Gain (loss) on hedged items | $ 162 | $ (20) | $ 202 | $ (47) |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables (Real Estate) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
|
Jun. 30, 2011
Commercial Real Estate Portfolio Segment [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Performing Financing Receivable [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Performing Financing Receivable [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Nonaccrual Financing Receivables [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Nonaccrual Financing Receivables [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
TDR Modifications [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio Less Than 80 Percent [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio Less Than 80 Percent [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio From 80 To 95 Percent [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio From 80 To 95 Percent [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio Greater Than 95 Percent [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Loan To Value Ratio Greater Than 95 Percent [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Debt Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator Low Risk [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator Moderate Risk [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Secured Credit Quality Indicator High Risk [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Impaired Financing Receivable with No Related Allowance [Member]
|
Jun. 30, 2012
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
Dec. 31, 2011
Commercial Real Estate Portfolio Segment [Member]
Business Properties Real Estate [Member]
Impaired Financing Receivable with Related Allowance [Member]
|
|
Financing Receivables And Allowance For Losses [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans and leases receivable, Gross | $ 27,710 | $ 32,749 | $ 20,244 | $ 24,002 | $ 22,409 | $ 24,501 | $ 14,349 | $ 14,454 | $ 3,787 | $ 4,593 | $ 4,273 | $ 5,454 | $ 5,301 | $ 8,248 | $ 4,861 | $ 7,628 | $ 84 | $ 110 | $ 356 | $ 510 | |||||||||||||||||
General reserves | 226 | 267 | |||||||||||||||||||||||||||||||||||
Total impaired loans | 7,466 | 8,747 | 3,748 | 3,790 | 3,718 | 4,957 | 3,587 | 3,558 | 3,408 | 4,560 | 161 | 232 | 310 | 397 | |||||||||||||||||||||||
Allowance for losses (specific reserves) | 625 | 561 | 822 | 561 | 822 | 475 | 717 | 86 | 105 | ||||||||||||||||||||||||||||
Past Due Financing Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Financing Receivable, Recorded Investment, Equal to Greater than 30 Days Past Due | 2.80% | 2.80% | 2.30% | 2.40% | 4.70% | 3.90% | |||||||||||||||||||||||||||||||
Financing Receivable, Recorded Investments, Equal to Greater than 90 Days Past Due | 2.30% | 2.50% | 1.90% | 2.30% | 4.30% | 3.00% | |||||||||||||||||||||||||||||||
Nonaccrual Financing Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Nonaccrual loans | 5,380 | 6,949 | 5,380 | 6,949 | 4,900 | 6,351 | 480 | 598 | |||||||||||||||||||||||||||||
Amount of nonaccrual loans currently paying in accordance with contractual terms | 4,581 | 6,061 | |||||||||||||||||||||||||||||||||||
Nonearning financing receivables | 630 | 790 | 403 | 541 | 227 | 249 | |||||||||||||||||||||||||||||||
Allowance for losses as a percent of nonaccrual financing receivables | 14.60% | 15.70% | |||||||||||||||||||||||||||||||||||
Allowance for losses as a percent of nonearning financing receivables | 124.90% | 137.80% | |||||||||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||
Total impaired loans | 7,466 | 8,747 | 3,748 | 3,790 | 3,718 | 4,957 | 3,587 | 3,558 | 3,408 | 4,560 | 161 | 232 | 310 | 397 | |||||||||||||||||||||||
Unpaid principal balance | 3,792 | 3,846 | 4,114 | 5,049 | 3,631 | 3,614 | 3,804 | 4,652 | 161 | 232 | 310 | 397 | |||||||||||||||||||||||||
Allowance for losses (specific reserves) | 625 | 561 | 822 | 561 | 822 | 475 | 717 | 86 | 105 | ||||||||||||||||||||||||||||
Average investment during the period | 8,151 | 9,678 | 3,830 | 3,783 | 4,321 | 5,895 | 3,632 | 3,568 | 3,961 | 5,435 | 198 | 215 | 360 | 460 | |||||||||||||||||||||||
Interest income recognized | 183 | 206 | 399 | ||||||||||||||||||||||||||||||||||
Interest income recognized on a cash basis | 129 | 201 | 339 | ||||||||||||||||||||||||||||||||||
Financing Receivable, Modifications, Recorded Investment | 6,330 | 7,006 | 4,454 | ||||||||||||||||||||||||||||||||||
Changes In Loans Modified As Troubled Debt Restructurings | 2,269 | ||||||||||||||||||||||||||||||||||||
Loans Modified As Troubled Debt Restructuring That Have Subsequently Experienced Payment Default | 407 | ||||||||||||||||||||||||||||||||||||
Credit Quality Indicators [Abstract] | |||||||||||||||||||||||||||||||||||||
Loans and leases receivable, Gross | $ 27,710 | $ 32,749 | $ 20,244 | $ 24,002 | $ 22,409 | $ 24,501 | $ 14,349 | $ 14,454 | $ 3,787 | $ 4,593 | $ 4,273 | $ 5,454 | $ 5,301 | $ 8,248 | $ 4,861 | $ 7,628 | $ 84 | $ 110 | $ 356 | $ 510 | |||||||||||||||||
Loan To Value Ratio Of Real Estate Loans Paying In Accordance With Contractual Terms | 95.00% |
Shareowners' Equity (Parenthetical) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Subsidiaries GECC [Member]
|
Jun. 30, 2012
Subsidiaries GECC [Member]
|
Jun. 30, 2011
Subsidiaries GECC [Member]
|
Jan. 31, 2011
NBC Universal [Member]
|
|
Noncontrolling Interest [Line Items] | ||||||||
Percentage of Entities Outstanding Shares Purchased from Minority Owner | 12.30% | |||||||
NBCU share repurchase | $ 0 | $ 0 | $ 0 | $ 3,070 | ||||
Preferred Stock, Shares Issued | 22,500 | 22,500 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Proceeds From Issuance Of Preferred Stock | 2,227 | 0 | 2,227 | 2,227 | 0 | |||
Initial Fixed Interest Rate Of Preferred Stock | 7.125% | 7.125% | ||||||
Percentage Points Over Three Month LIBOR | 5.296% | 5.296% | ||||||
Dividend Amount Paid By Finance Subsidiary To Parent | 475 | |||||||
Special Dividend Paid By Finance Subsidiary To Parent | $ 2,525 |
Supplemental Information About The Credit Quality Of Financing Receivables And Allowance For Losses On
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Financing Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Information About Credit Quality Of Financing Receivables And Allowance For Losses On Financing Receivables | 17. SUPPLEMENTAL INFORMATION ABOUT THE CREDIT QUALITY OF FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES We provide further detailed information about the credit quality of our Commercial, Real Estate and Consumer financing receivables portfolios. For each portfolio, we describe the characteristics of the financing receivables and provide information about collateral, payment performance, credit quality indicators, and impairment. We manage these portfolios using delinquency and nonearning data as key performance indicators. The categories used within this section such as impaired loans, troubled debt restructuring (TDR) and nonaccrual financing receivables are defined by the authoritative guidance and we base our categorization on the related scope and definitions contained in the related standards. The categories of nonearning and delinquent are defined by us and are used in our process for managing our financing receivables. Definitions of these categories are provided in Note 1 in our 2011 consolidated financial statements.
COMMERCIAL
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Commercial financing receivables.
Past Due Financing Receivables The following table displays payment performance of Commercial financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Commercial financing receivables that are classified as nonaccrual. Of our $5,234 million and $4,718 million of nonaccrual financing receivables at June 30, 2012 and December 31, 2011, respectively, $1,761 million and $1,227 million, respectively, are currently paying in accordance with their contractual terms.
Impaired Loans The following table provides information about loans classified as impaired and specific reserves related to Commercial.
We recognized $115 million, $193 million and $85 million of interest income, including $49 million, $59 million and $25 million on a cash basis, for the six months ended June 30, 2012, the year ended December 31, 2011 and the six months ended June 30, 2011, respectively, principally in our CLL Americas business. The total average investment in impaired loans for the six months ended June 30, 2012 and the year ended December 31, 2011 was $5,818 million and $5,866 million, respectively.
Impaired loans classified as TDRs in our CLL business were $4,319 million and $3,642 million at June 30, 2012 and December 31, 2011, respectively, and were primarily attributable to CLL Americas ($3,098 million and $2,746 million, respectively). For the six months ended June 30, 2012, we modified $1,800 million of loans classified as TDRs, primarily in CLL Americas ($1,157 million) and CLL EMEA ($532 million). Changes to these loans primarily included debt to equity exchange, extensions, interest only payment periods and forbearance or other actions, which are in addition to, or sometimes in lieu of, fees and rate increases. Of our $2,796 million of modifications classified as TDRs in the last twelve months, $96 million have subsequently experienced a payment default in the last six months. Credit Quality Indicators Substantially all of our Commercial financing receivables portfolio is secured lending and we assess the overall quality of the portfolio based on the potential risk of loss measure. The metric incorporates both the borrower's credit quality along with any related collateral protection.
Our internal risk ratings process is an important source of information in determining our allowance for losses and represents a comprehensive, statistically validated approach to evaluate risk in our financing receivables portfolios. In deriving our internal risk ratings, we stratify our Commercial portfolios into twenty-one categories of default risk and/or six categories of loss given default to group into three categories: A, B and C. Our process starts by developing an internal risk rating for our borrowers, which are based upon our proprietary models using data derived from borrower financial statements, agency ratings, payment history information, equity prices and other commercial borrower characteristics. We then evaluate the potential risk of loss for the specific lending transaction in the event of borrower default, which takes into account such factors as applicable collateral value, historical loss and recovery rates for similar transactions, and our collection capabilities. Our internal risk ratings process and the models we use are subject to regular monitoring and validation controls. The frequency of rating updates is set by our credit risk policy, which requires annual Audit Committee approval. The models are updated on a regular basis and statistically validated annually, or more frequently as circumstances warrant.
The table below summarizes our Commercial financing receivables by risk category. As described above, financing receivables are assigned one of twenty-one risk ratings based on our process and then these are grouped by similar characteristics into three categories in the table below. Category A is characterized by either high credit quality borrowers or transactions with significant collateral coverage which substantially reduces or eliminates the risk of loss in the event of borrower default. Category B is characterized by borrowers with weaker credit quality than those in Category A, or transactions with moderately strong collateral coverage which minimizes but may not fully mitigate the risk of loss in the event of default. Category C is characterized by borrowers with higher levels of default risk relative to our overall portfolio or transactions where collateral coverage may not fully mitigate a loss in the event of default.
For our secured financing receivables portfolio, our collateral position and ability to work out problem accounts mitigates our losses. Our asset managers have deep industry expertise that enables us to identify the optimum approach to default situations. We price risk premiums for weaker credits at origination, closely monitor changes in creditworthiness through our risk ratings and watch list process, and are engaged early with deteriorating credits to minimize economic loss. Secured financing receivables within risk Category C are predominantly in our CLL businesses and are primarily composed of senior term lending facilities and factoring programs secured by various asset types including inventory, accounts receivable, cash, equipment and related business facilities as well as franchise finance activities secured by underlying equipment.
Loans within Category C are reviewed and monitored regularly, and classified as impaired when it is probable that they will not pay in accordance with contractual terms. Our internal risk rating process identifies credits warranting closer monitoring; and as such, these loans are not necessarily classified as nonearning or impaired.
Our unsecured Commercial financing receivables portfolio is primarily attributable to our Interbanca S.p.A. and GE Sanyo Credit acquisitions in Europe and Asia, respectively. At June 30, 2012 and December 31, 2011, these financing receivables included $320 million and $325 million rated A, $947 million and $748 million rated B, and $542 million and $596 million rated C, respectively. REAL ESTATE
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Real Estate financing receivables.
Past Due Financing Receivables The following table displays payment performance of Real Estate financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Real Estate financing receivables that are classified as nonaccrual. Of our $5,380 million and $6,949 million of nonaccrual financing receivables at June 30, 2012 and December 31, 2011, respectively, $4,581 million and $6,061 million, respectively, are currently paying in accordance with their contractual terms.
Impaired Loans The following table provides information about loans classified as impaired and specific reserves related to Real Estate.
We recognized $183 million, $399 million and $206 million of interest income, including $129 million, $339 million and $201 million on a cash basis, for the six months ended June 30, 2012, the year ended December 31, 2011 and the six months ended June 30, 2011, respectively, principally in our Real Estate-Debt portfolio. The total average investment in impaired loans for the six months ended June 30, 2012 and the year ended December 31, 2011 was $8,151 million and $9,678 million, respectively.
Real Estate TDRs decreased from $7,006 million at December 31, 2011 to $6,330 million at June 30, 2012, primarily driven by resolution of TDRs through paydowns, restructurings and foreclosures, partially offset by extensions of loans scheduled to mature during 2012, some of which were classified as TDRs upon modification. We deem loan modifications to be TDRs when we have granted a concession to a borrower experiencing financial difficulty and we do not receive adequate compensation in the form of an effective interest rate that is at current market rates of interest given the risk characteristics of the loan or other consideration that compensates us for the value of the concession. The limited liquidity and higher return requirements in the real estate market for loans with higher loan-to-value (LTV) ratios has typically resulted in the conclusion that the modified terms are not at current market rates of interest, even if the modified loans are expected to be fully recoverable. For the six months ended June 30, 2012, we modified $2,269 million of loans classified as TDRs, substantially all in our Debt portfolio. Changes to these loans primarily included maturity extensions, principal payment acceleration, changes to collateral or covenant terms and cash sweeps, which are in addition to, or sometimes in lieu of, fees and rate increases. Of our $4,454 million of modifications classified as TDRs in the last twelve months, $407 million have subsequently experienced a payment default in the last six months. Credit Quality Indicators Due to the primarily non-recourse nature of our Debt portfolio, loan-to-value ratios provide the best indicators of the credit quality of the portfolio. By contrast, the credit quality of the Business Properties portfolio is primarily influenced by the strength of the borrower's general credit quality, which is reflected in our internal risk rating process, consistent with the process we use for our Commercial portfolio.
Within Real Estate-Debt, these financing receivables are primarily concentrated in our North American and European Lending platforms and are secured by various property types. A substantial majority of the Real Estate-Debt financing receivables with loan-to-value ratios greater than 95% are paying in accordance with contractual terms. Substantially all of these loans and substantially all of the Real Estate-Business Properties financing receivables included in Category C are impaired loans which are subject to the specific reserve evaluation process described in Note 1 in our 2011 consolidated financial statements. The ultimate recoverability of impaired loans is driven by collection strategies that do not necessarily depend on the sale of the underlying collateral and include full or partial repayments through third-party refinancing and restructurings. CONSUMER At June 30, 2012, our U.S. consumer financing receivables included private-label credit card and sales financing for approximately 52 million customers across the U.S. with no metropolitan area accounting for more than 6% of the portfolio. Of the total U.S. consumer financing receivables, approximately 64% relate to credit card loans, which are often subject to profit and loss sharing arrangements with the retailer (which are recorded in revenues), and the remaining 36% are sales finance receivables, which provide financing to customers in areas such as electronics, recreation, medical and home improvement.
Financing Receivables and Allowance for Losses The following table provides further information about general and specific reserves related to Consumer financing receivables.
Past Due Financing Receivables The following table displays payment performance of Consumer financing receivables.
Nonaccrual Financing Receivables The following table provides further information about Consumer financing receivables that are classified as nonaccrual.
Impaired Loans The vast majority of our Consumer nonaccrual financing receivables are smaller balance homogeneous loans evaluated collectively, by portfolio, for impairment and therefore are outside the scope of the disclosure requirement for impaired loans. Accordingly, impaired loans in our Consumer business represent restructured smaller balance homogeneous loans meeting the definition of a TDR, and are therefore subject to the disclosure requirement for impaired loans, and commercial loans in our Consumer–Other portfolio. The recorded investment of these impaired loans totaled $3,003 million (with an unpaid principal balance of $3,384 million) and comprised $106 million with no specific allowance, primarily all in our Consumer–Other portfolio, and $2,897 million with a specific allowance of $625 million at June 30, 2012. The impaired loans with a specific allowance included $303 million with a specific allowance of $98 million in our Consumer–Other portfolio and $2,594 million with a specific allowance of $527 million across the remaining Consumer business and had an unpaid principal balance and average investment of $3,241 million and $2,876 million, respectively, at June 30, 2012. We recognized $76 million, $141 million and $54 million of interest income, including $3 million, $15 million and $2 million on a cash basis, for the six months ended June 30, 2012, the year ended December 31, 2011 and the six months ended June 30, 2011, respectively, principally in our Consumer–U.S. installment and revolving credit portfolios. The total average investment in impaired loans for the six months ended June 30, 2012 and the year ended December 31, 2011 was $2,971 million and $2,623 million, respectively.
Impaired loans classified as TDRs in our Consumer business were $2,859 million and $2,723 million at June 30, 2012 and December 31, 2011, respectively. We utilize certain loan modification programs for borrowers experiencing financial difficulties in our Consumer loan portfolio. These loan modification programs primarily include interest rate reductions and payment deferrals in excess of three months, which were not part of the terms of the original contract, and are primarily concentrated in our non-U.S. residential mortgage and U.S. credit card portfolios. For the six months ended June 30, 2012, we modified $913 million of consumer loans for borrowers experiencing financial difficulties, which are classified as TDRs, and included $623 million of non-U.S. consumer loans, primarily residential mortgages, credit cards and personal loans and $290 million of U.S. consumer loans, primarily credit cards. We expect borrowers whose loans have been modified under these programs to continue to be able to meet their contractual obligations upon the conclusion of the modification. Of our $2,106 million of modifications classified as TDRs in the last twelve months, $352 million have subsequently experienced a payment default in the last six months, primarily in our installment and revolving credit portfolios.
Credit Quality Indicators Our Consumer financing receivables portfolio comprises both secured and unsecured lending. Secured financing receivables comprise residential loans and lending to small and medium-sized enterprises predominantly secured by auto and equipment, inventory finance, and cash flow loans. Unsecured financing receivables include private-label credit card financing. A substantial majority of these cards are not for general use and are limited to the products and services sold by the retailer. The private label portfolio is diverse with no metropolitan area accounting for more than 5% of the related portfolio. Non-U.S. residential mortgages For our secured non-U.S. residential mortgage book, we assess the overall credit quality of the portfolio through loan-to-value ratios (the ratio of the outstanding debt on a property to the value of that property at origination). In the event of default and repossession of the underlying collateral, we have the ability to remarket and sell the properties to eliminate or mitigate the potential risk of loss. The table below provides additional information about our non-U.S. residential mortgages based on loan-to-value ratios.
The majority of these financing receivables are in our U.K. and France portfolios and have re-indexed loan-to-value ratios of 84% and 57%, respectively. We have third-party mortgage insurance for approximately 64% of the balance of Consumer non-U.S. residential mortgage loans with loan-to-value ratios greater than 90% at June 30, 2012. Such loans were primarily originated in the U.K., Poland and France. Installment and Revolving Credit For our unsecured lending products, including the non-U.S. and U.S. installment and revolving credit and non-U.S. auto portfolios, we assess overall credit quality using internal and external credit scores. Our internal credit scores imply a probability of default which we consistently translate into three approximate credit bureau equivalent credit score categories, including (a) 681 or higher, which are considered the strongest credits; (b) 615 to 680, considered moderate credit risk; and (c) 614 or less, which are considered weaker credits.
Of those financing receivable accounts with credit bureau equivalent scores of 614 or less at June 30, 2012, 95% relate to installment and revolving credit accounts. These smaller balance accounts have an average outstanding balance less than one thousand U.S. dollars and are primarily concentrated in our retail card and sales finance receivables in the U.S. (which are often subject to profit and loss sharing arrangements), and closed-end loans outside the U.S., which minimizes the potential for loss in the event of default. For lower credit scores, we adequately price for the incremental risk at origination and monitor credit migration through our risk ratings process. We continuously adjust our credit line underwriting management and collection strategies based on customer behavior and risk profile changes.
Consumer – Other Secured lending in Consumer – Other comprises loans to small and medium-sized enterprises predominantly secured by auto and equipment, inventory finance and cash flow loans. We develop our internal risk ratings for this portfolio in a manner consistent with the process used to develop our Commercial credit quality indicators, described above. We use the borrower's credit quality and underlying collateral strength to determine the potential risk of loss from these activities.
At June 30, 2012, Consumer – Other financing receivables of $6,203 million, $576 million and $864 million were rated A, B, and C, respectively. At December 31, 2011, Consumer – Other financing receivables of $5,580 million, $757 million and $907 million were rated A, B, and C, respectively. |
Fair Value Measurements (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities at fair value |
(a) There were no securities transferred between Level 1 and Level 2 during the six months ended June 30, 2012. (b) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists and when collateral is posted to us. (c) Includes investments in our CLL business in asset-backed securities collateralized by senior secured loans of high-quality, middle-market companies in a variety of industries. (d) The fair value of derivatives included an adjustment for non-performance risk. The cumulative adjustment was a loss of $23 million and $13 million at June 30, 2012 and December 31, 2011, respectively. See Note 16 for additional information on the composition of our derivative portfolio. (e) Included private equity investments and loans designated under the fair value option. (f) Primarily represented the liability associated with certain of our deferred incentive compensation plans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in level 3 instruments |
(a) Earnings effects are primarily included in the “GECC revenues from services” and “Interest and other financial charges” captions in the Condensed Statement of Earnings. (b) Transfers in and out of Level 3 are considered to occur at the beginning of the period. Transfers out of Level 3 were a result of increased use of quotes from independent pricing vendors based on recent trading activity. (c) Represented the amount of unrealized gains or losses for the period included in earnings. (d) Represented derivative assets net of derivative liabilities and included cash accruals of $2 million not reflected in the fair value hierarchy table. (e) Gains (losses) included in net realized/unrealized gains (losses) included in earnings were offset by the earnings effects from the underlying items that were economically hedged. See Note 16.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-recurring fair value amounts (as measured at the time of the adjustment) for those assets remeasured to fair value on a non-recurring basis |
(a) Includes the fair value of private equity and real estate funds included in Level 3 of $57 million and $123 million at June 30, 2012 and December 31, 2011, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value adjustments to assets measured on a non-recurring basis |
(a) Includes fair value adjustments associated with private equity and real estate funds of $(1) million and $(8) million in the three months ended June 30, 2012 and 2011, respectively, and $(2) million and $(13) million in the six months ended June 30, 2012 and 2011, respectively. (b) Includes impairments related to real estate equity properties and investments recorded in other costs and expenses of $6 million and $339 million in the three months ended June 30, 2012 and 2011, respectively, and $56 million and $776 million in the six months ended June 30, 2012 and 2011, respectively. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs Used For Level Three Recurring And Nonrecurring Measurements [Table Text Block] |
|
Postretirement Benefit Plans (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on operations of the pension plans |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on operations of principal retiree health and life insurance plans |
|
Assets and Liabilities of Businesses Held For Sale and Discontinued Operations (GE Money Japan Narrative) (Details)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
USD ($)
|
Jun. 30, 2011
USD ($)
|
Jun. 30, 2012
USD ($)
|
Jun. 30, 2011
USD ($)
|
Jun. 30, 2012
GE Money Japan [Member]
USD ($)
|
Jun. 30, 2011
GE Money Japan [Member]
|
Jun. 30, 2012
GE Money Japan [Member]
USD ($)
|
Jun. 30, 2011
GE Money Japan [Member]
USD ($)
|
Jun. 30, 2012
GE Money Japan [Member]
JPY (¥)
|
Jun. 30, 2012
GE Money Japan [Member]
Upper Limit [Member]
USD ($)
|
Jun. 30, 2012
GE Money Japan [Member]
Lower Limit [Member]
USD ($)
|
|
Financial Information For Discontinued Operations [Line Items] | |||||||||||
Tax Credit Carryforward, Expiration Dates | 2017 | ||||||||||
Other Tax Carryforward, Expiration Dates | 2019 | ||||||||||
Threshold above which claims become company's responsibility | $ 3,000 | $ 3,000 | ¥ 258,000 | ||||||||
Increase Adjustment To Liability For Reimbursement Of Claims In Excess Of Statutory Interest Rate | 336 | ||||||||||
Liability For Reimbursement Of Claims In Excess Of Statutory Interest Rate | 695 | ||||||||||
Adverse Incoming Daily Claim Rate Reduction Assumption Sensitivity Test For Liability Calculation | 50.00% | 20.00% | |||||||||
Sensitivity Analysis Potential Increase (Decrease) To Estimated Contingent Liability | 350 | 100 | |||||||||
Loss from discontinued operations, net of taxes | $ 553 | $ (194) | $ 770 | $ (229) | $ 327 | $ 354 | $ 1 | ||||
Losses from discontinued operations, net of tax Insignificant amount | insignificant amount |
GECC Borrowings and Bank Deposits (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Apr. 03, 2012
|
Dec. 31, 2011
|
---|---|---|---|
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | $ 229,817 | $ 243,459 | |
Principal Amount Of GICs Redeemed | 386 | ||
Amount Of GICs Redeemable By Holder | 1,120 | ||
Bank deposits | 41,942 | 43,115 | |
Short-term borrowings | 126,319 | 137,611 | |
Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
GECC issued and outstanding senior, unsecured debt guaranteed by the FDIC | 16,950 | 35,040 | |
Long-term borrowings | 225,539 | 234,391 | |
Secured Debt | 8,144 | 8,538 | |
Amount GECC would be required to partially cash collateralize for covered bonds if the short-term credit rating of GECC were reduced below A-1/P-1 | 696 | ||
U.S. dollar equivalent of subordinated debentures hedged at issuance | 7,725 | ||
Bank deposits | 41,942 | 43,115 | |
Short-term borrowings | 119,796 | 136,333 | |
Guaranteed investment contracts [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 869 | 1,845 | |
Subordinated Notes Guaranteed By GE [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term debt, current maturities | 117 | ||
Subordinated Notes Guaranteed By GE [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 300 | 417 | |
Covered Bonds Included in Other Long Term Borrowings [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 1,894 | 1,955 | |
Borrowings Issued By Consolidated Securitzation Entites [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term borrowings | 21,962 | 18,544 | |
Non US Banks [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Bank deposits | 15,224 | 16,281 | |
Current Portion Of Long Term Borrowings [Member] | Borrowings Issued By Consolidated Securitzation Entites [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Long-term debt, current maturities | 8,734 | 10,714 | |
Non Recourse [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Secured Debt | 3,276 | 2,983 | |
Certificates of Deposit [Member] | Subsidiaries GECC [Member]
|
|||
Borrowings And Bank Deposits [Line Items] | |||
Secured Debt | $ 18,244 | $ 17,201 |
7\`$%__$T%2EZH3
M=;;=#T0Z@8FBD/_=/GO[MX,O85.+?"5JU81_:8M5`Y0`E-`U2A!E]Y?$!=M^
M+0?W:;L47.@]'X@`B`"(H/7>2=!IT&G0Z19;[S*&'_*GG[:?'R14S':DCHI)
M+T*?'9KW%P(-`0T!#;7!RA$E>PL8!1@%&*75OA`9&>54IA;P1Q?XHX8L*^'9
M`KPL0!U`'4`=K?"@`,4`Q0#%R$XQU9]EVFN=G+I##*BC"]11P]U?8E('6"=`
M,4`Q0#%26R>M\K0"6P!;`%MTQ=,*VBR@-HNI&4*;ZLUMOJ!!H$'"["U-GUM!
M&4`9A#F6-6-HW6,B:(=6N=1Q6ON`']W=&T$+RVKAJ=43\K"6!(+V$D?7[5`@
M&"`8(!@PTX$K@"N`*\3ABD9/,5ST]])S=!,[SC=ZXYOM$H'&M+DQHFH_C7#3
MP-/+R),XI&8_,4E%Z!,.D`^0#Y!/>\FGP709X!'@$>"1]O%(Z[TH[==K4!`)
M-UI!`Z"@+:`M[3H3BQ#U`ZT"K1+02*MW#S(=CZQI';&NKY;YG1Q)'!_JR/A"
MWKE$2RB3**Z.:8LG9*CK!`;:2QM";\9`+T`O0"\RTTL+*C:!*8`I@"G@_"(V
M;=Q0(1D&?0?YR#U^MHQG\@C_;EC@CV[Q1P8PM)=(A#[1M,=.`<(!P@'":4EX
M'+@#N`.XHY7^$8%./=E5FB_G9,(8L$A-+,)7$1OA+2ZD!><=H!J@&J`:B:BF
M[2<=8`U@#6`-..,(Y2RY\%P+?"*BDD4U/I'=FHM':'!N`?H`^@#Z$,=SVLJS
M"#`!,`$P@4SG"RZ:&@+MV*T-!^P@F%M$5K;@HW2'9)&^ACQ)0SJV$Y-)A#Z2
M`.,`XP#CM(QQ9&_1!.0!Y`'DT3QYM+]DIOU:#5K122,>M`>T1QSM:7O!-B@"
M*((4QE5[@2KF>LMF-GP@CWI&KOZ,+U^_(M>SPXM;PE\[P2D1:Q\M^\+YC+5=
M)XGX0VB^F.U1"=[KSI_L4>1K6%^:US\7*V0N,2$"UT8+R;,1D\467'>2070\
MC\%ITM\1<.HR=,`L`*`#T-NT[3<(=.;A`W@W`^\$X;<-U(V8*0#JSH-:)I,$
ML`E^1VZD#3*KHZM\/CR\#\!\`'8`.C`Y>
M*>FPWBG'5%.\#G`'N'>(W3OGM1(,Y&(XKEK)Y`!M@';%K,T?VH#0UH"#_Y8.
MX&C!IE@NW4Y.("2FVH7HB$^OX[EV^PA1]A"B`$(:0XB2'R&*B`B!E-WN@.1B
M8Y\HFD.Z_0 E1G%`_A*QM>5M5YC>P'P2H175ND`NH[T&Z)?`$!%>@0=%PA@*/46
M9C#9CUVB#!8[7&4OW-W<7<55JVZ2:^>5;5+@J!WW([3L(@(ID'.J#64W,52V
M.6=7T10K6NL6?(J4[745*A(GN;8ANU0*C$@<)I8\/EL1/#[>WWWY<;&Q^P$Z
M'NY^_.Z9@SX$:SL3K"5`LMT/9!`!S(;G_2W,=G\[^!(VM 1;=.6/MCW9OOWR]0M&]%U4J!]M_&\/FPM?$;:?B7R"!I<]V];-
MY W/OT=$UG:`&.Y_P8@%4
MU/3Q*O&`FF%Y>0R&(.3]`4+8ZY-1TA1#Y$T.EKT[&I`"D`*0PO$#3RTEG/E=
MP1>.CH1R![=?U=/UY>2"=-S3*Z:BR[;[`R$`(0`A2+WS%\@7`=T&W0;=EB",
M(4K,M4PQ2@>46T*-JJLN!+0[AW9GUY2=9A(5T#P#WSU=/"/=H"OST;+GR,!S
MO/!LG3:C^(+^9=DT`D3`1[L!7IC:];\]\H+=1\)7/5@N,N141KXHRJ5#_-8@
M''%D'=J&]\@I%/`.>!L/ZNG]O%6XVK.$P%4HH*M03/=<^2:<=43:^Z!!H$&":E!D;^G78K_!
M=@+*(($R*!66I-5N:`EP-QEHH10=V86_<$Q,XA#:#@6"`8(!@I&;8*JW3&H[
MLP)7`%<`5TA]I,]VBFG]+5KMIQ&X'*M^]A.35(0^X218+4`^0#Y`/BTAGP:#
M%,`CP"/`(^WCD6[%=]JOY*`MG3?Y0:M`J\37JA8EW(""@(+(:*15OH.8CD>6
ML8[PUE?+_$Y.(8Z/;F1\(>] +/+-1T\60^&W"O+="Q#U\AJ:<<^*"VFTV;.4)%]]G7AA6#"
M=C^0\00G7H7\[_;9V[\=?`F;6N0KT4-R^!>^(%/V0*8`R&0&F9(?9$H3(`NW
MY!MS0?89UDB>"B%@]?D*8Y=L6A>:1@1JF 2*)C#!;PL@@)X,#X;]4LG`<"!2\*5)]0U`B]+%Y=^HIR-
MP
$7$3H7PC?R/?O'NB[Z8?VKTN
M>$Q[[[H/-[DDL3/T%17]*:CF&5SBZOD79V5<01ZC(2!X?P`"-H9D(#2@J@>]
M(BLJJ59`54%5057+J:I2H55_L;'3&PC=F`MKC7=M=2*WSQ#3Y$+3=+I"R(CT
M!K]\)?_86`XRV/TTN_NUZ&?(`'23X.V.#)BA*^R+]L4R\>OO:(,D;ZU7C\""
M'FN'0FOJ'#$4Z1SQ!=GA[@.=%CK1:6&/+/N#RHX@O)`%=>QRU;'+AB\H^96T
MY%<*=$&QI=#%EE)@"(K:)"MJDPE54#HD3^F0%+B"@@WA"S:DP!$DS0N8-"\%
M&H:@6B>":H+&>"O$
M)H3EY`K+=0^A$-B3*;#7/7Q":%"\TW4`C!11F"BYW%)80G!0]/=@^9$.`4
M,\#9/21"B%24$&GWL`=!5IK-W#(X1IA6D?U7ZP0:"W^9Y`[4<9A(H!8+&&
M'A!2[DA(>3]SH;K^$Q`0[F9`6#9\03A7IG"N;.B"8*QXP5C9,`2A5!E"J9*B
M"@*A@@="9<,5A#'%#&/*AB,(0HH2A)0-.1!"%#F$*!N:(``H2)VF^%"!\%W3
M=9KB8P2";RV#1Y6Y)]::&'OZ`CP_,:;))!J(\/+L5P%@E`*,=34N`)+K,JXJ
MVTFW5URI>SNI2D'V&6M+O+UA8BM@]FMY@;(W*V8G)3&Q[0]H0WXLM"[_C4^5Q:>5@JV
M2C:,2YI7[L/C=EZGW&G]B5+!.N3>E8^-MRB\^N-X7^[RT\J]CQ>>UG%X36-I
M>^7[$9*IY=[6LQ*8,NC'+\'ATK1O.A[GWKPYTY@R4..!75Z3R[WI5T!F%4PK
M]_Z?E
D<_HST%3EVVLYJ-ESY&!YWCAV;I+7GZA_9H2@\$X7A5[9`S[`[W'+J+S#?NJ1:1$);'0
MHY;_@.NI>C"9Q&^0/3V>_?$_T&BQ9[\R9_>A1V/`U9(@*AG;>^.OSQ:[HX/C
M>VJ-GZ+JC-W1^7`]SRI399`A(E0^?VS/LM:.QVSH#'F:#,D>FE.C*1?!R547
M
)/>]*AGLGU9J
M')R.9-48X)\V8!N,CI2L\@SM3QLP$51E,HO?%9,_K#]MP#!0E6D\$;=T0'_:
MA&$P5/NU1/-G#5@*BC(81OO^5!G3GS5B-S16*#QKP,"H.I8_:\#,X!^]GS5@
M6\R&\9NLZH[;SYHQ0ZJ/U,^:,#H&4S6Y"6_Y*/VL`6.CN
;JXNM#[^+JZN[[UX>;
MKY]ZW^YN;ZYNKN<
DR_Z16*N(MFX?9N]W9/H:,O5=66=^/;VA1>075L-_
MO;PBW$46P78(![TE__S^RQXD0S."V0$+Y/A'-,1!VX;Q/L&YG_&_.:A*V`F$
MSA81(^K%YU9RR*32V,KF]O:*AUXZH7-5Y:*1!\T-:"8FMHW7?;]E].!,Y^3;
M;LQ-24TU\E*JE^XKH5)W9=%=[9G((]R-#J7`8>DISLH_Y3N']2#S^87#A*C)
M'.WBP,4?EXOL[
M66