General Electric (GE) 10-Q 3 Aug 09 2009 Q2 Quarterly report Financial data

Document Information

Document Information
	3 Months Ended Jun. 30, 2009
Document Information
Document type	10-Q
Document period end date	2009-06-30
Amendment flag	false
Amendment description	N.A.

Entity Information

Entity Information (USD $)
In Millions, except Share data	3 Months Ended Jun. 30, 2009
Entity Information
Entity registrant name	General Electric Company
Entity central index key	0000040545
Entity current reporting status	Yes
Entity voluntary filers	No
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Entity well known seasoned issuer	Yes
Entity common stock shares outstanding	10,626,842,000
Entity public float	$124,865

Condensed Statement of Earnings

Condensed Statement of Earnings (Unaudited) (USD $)
In Millions	3 Months Ended Jun. 30, 2009		3 Months Ended Jun. 30, 2008		6 Months Ended Jun. 30, 2009		6 Months Ended Jun. 30, 2008
Revenues
Sales of goods	$15,906	[2]	$17,387	[2]	$29,978	[2]	$32,168	[2]
Sales of services	10,172	[2]	10,712	[2]	20,227	[2]	20,253	[2]
Other income	34	[2],[3]	574	[2]	462	[2],[3]	1,149	[2]
GECS earnings from continuing operations	0	[2]	0	[2]	0	[2]	0	[2]
GECS revenues from services	12,970	[2],[3]	18,167	[2]	26,826	[2],[3]	35,498	[2]
Total revenues	39,082	[2]	46,840	[2]	77,493	[2]	89,068	[2]
Costs and expenses
Cost of goods sold	12,450	[2]	13,885	[2]	23,883	[2]	25,793	[2]
Cost of services sold	6,354	[2]	6,844	[2]	12,987	[2]	12,929	[2]
Interest and other financial charges	4,653	[2]	6,621	[2]	9,980	[2]	13,148	[2]
Investment contracts, insurance losses and insurance annuity benefits	779	[2]	821	[2]	1,525	[2]	1,625	[2]
Provision for losses on financing receivables	2,817	[2]	1,469	[2]	5,153	[2]	2,812	[2]
Other costs and expenses	8,933	[2]	10,568	[2]	18,270	[2]	20,775	[2]
Total costs and expenses	35,986	[2]	40,208	[2]	71,798	[2]	77,082	[2]
Earnings (loss) from continuing operations before income taxes	3,096	[2]	6,632	[2]	5,695	[2]	11,986	[2]
Benefit (provision) for income taxes	(219)	[2]	(1,054)	[2]	99	[2]	(1,895)	[2]
Earnings from continuing operations	2,877	[2]	5,578	[2]	5,794	[2]	10,091	[2]
Loss from discontinued operations, net of taxes	(194)	[2]	(322)	[2]	(215)	[2]	(369)	[2]
Net earnings	2,683	[2]	5,256	[2]	5,579	[2]	9,722	[2]
Less net earnings (loss) attributable to noncontrolling interests	12	[2]	184	[2]	97	[2]	346	[2]
Net earnings attributable to the Company	2,671	[2]	5,072	[2]	5,482	[2]	9,376	[2]
Preferred stock dividends declared	(75)	[2]	0	[2]	(150)	[2]	0	[2]
Net earnings attributable to GE common shareowners	2,596	[2]	5,072	[2]	5,332	[2]	9,376	[2]
Amounts attributable to the Company
Earnings from continuing operations	2,865	[2]	5,394	[2]	5,697	[2]	9,745	[2]
Loss from discontinued operations, net of taxes	(194)	[2]	(322)	[2]	(215)	[2]	(369)	[2]
Net earnings attributable to the Company	2,671	[2]	5,072	[2]	5,482	[2]	9,376	[2]
Earnings from continuing operations
Diluted earnings per share	0.26	[2]	0.54	[2]	0.52	[2]	0.98	[2]
Basic earnings per share	0.26	[2]	0.54	[2]	0.52	[2]	0.98	[2]
Net earnings
Diluted earnings per share	0.24	[2]	0.51	[2]	0.5	[2]	0.94	[2]
Basic earnings per share	0.24	[2]	0.51	[2]	0.5	[2]	0.94	[2]
Dividends declared per share	0.1	[2]	0.31	[2]	0.41	[2]	0.62	[2]
GE
Revenues
Sales of goods	15,701	[1]	16,956	[1]	29,514	[1]	31,403	[1]
Sales of services	10,311	[1]	10,890	[1]	20,520	[1]	20,629	[1]
Other income	80	[1],[3]	667	[1]	559	[1],[3]	1,325	[1]
GECS earnings from continuing operations	349	[1]	2,774	[1]	1,310	[1]	5,230	[1]
GECS revenues from services	0	[1]	0	[1]	0	[1]	0	[1]
Total revenues	26,441	[1]	31,287	[1]	51,903	[1]	58,587	[1]
Costs and expenses
Cost of goods sold	12,287	[1]	13,522	[1]	23,509	[1]	25,145	[1]
Cost of services sold	6,493	[1]	7,022	[1]	13,280	[1]	13,305	[1]
Interest and other financial charges	348	[1]	554	[1]	724	[1]	1,156	[1]
Investment contracts, insurance losses and insurance annuity benefits	0	[1]	0	[1]	0	[1]	0	[1]
Provision for losses on financing receivables	0	[1]	0	[1]	0	[1]	0	[1]
Other costs and expenses	3,556	[1]	3,687	[1]	6,920	[1]	7,239	[1]
Total costs and expenses	22,684	[1]	24,785	[1]	44,433	[1]	46,845	[1]
Earnings (loss) from continuing operations before income taxes	3,757	[1]	6,502	[1]	7,470	[1]	11,742	[1]
Benefit (provision) for income taxes	(897)	[1]	(981)	[1]	(1,739)	[1]	(1,739)	[1]
Earnings from continuing operations	2,860	[1]	5,521	[1]	5,731	[1]	10,003	[1]
Loss from discontinued operations, net of taxes	(194)	[1]	(322)	[1]	(215)	[1]	(369)	[1]
Net earnings	2,666	[1]	5,199	[1]	5,516	[1]	9,634	[1]
Less net earnings (loss) attributable to noncontrolling interests	(5)	[1]	127	[1]	34	[1]	258	[1]
Net earnings attributable to the Company	2,671	[1]	5,072	[1]	5,482	[1]	9,376	[1]
Preferred stock dividends declared	(75)	[1]	0	[1]	(150)	[1]	0	[1]
Net earnings attributable to GE common shareowners	2,596	[1]	5,072	[1]	5,332	[1]	9,376	[1]
Amounts attributable to the Company
Earnings from continuing operations	2,865	[1]	5,394	[1]	5,697	[1]	9,745	[1]
Loss from discontinued operations, net of taxes	(194)	[1]	(322)	[1]	(215)	[1]	(369)	[1]
Net earnings attributable to the Company	2,671	[1]	5,072	[1]	5,482	[1]	9,376	[1]
Financial Services (GECS)
Revenues
Sales of goods	205		528		478		895
Sales of services	0		0		0		0
Other income	0		0		0		0
GECS earnings from continuing operations	0		0		0		0
GECS revenues from services	13,226	[3]	18,504		27,383	[3]	36,175
Total revenues	13,431		19,032		27,861		37,070
Costs and expenses
Cost of goods sold	164		461		388		778
Cost of services sold	0		0		0		0
Interest and other financial charges	4,468		6,343		9,589		12,519
Investment contracts, insurance losses and insurance annuity benefits	823		870		1,596		1,718
Provision for losses on financing receivables	2,817		1,469		5,153		2,812
Other costs and expenses	5,471		6,985		11,600		13,769
Total costs and expenses	13,743		16,128		28,326		31,596
Earnings (loss) from continuing operations before income taxes	(312)		2,904		(465)		5,474
Benefit (provision) for income taxes	678		(73)		1,838		(156)
Earnings from continuing operations	366		2,831		1,373		5,318
Loss from discontinued operations, net of taxes	(193)		(337)		(197)		(398)
Net earnings	173		2,494		1,176		4,920
Less net earnings (loss) attributable to noncontrolling interests	17		57		63		88
Net earnings attributable to the Company	156		2,437		1,113		4,832
Preferred stock dividends declared	0		0		0		0
Net earnings attributable to GE common shareowners	156		2,437		1,113		4,832
Amounts attributable to the Company
Earnings from continuing operations	349		2,774		1,310		5,230
Loss from discontinued operations, net of taxes	(193)		(337)		(197)		(398)
Net earnings attributable to the Company	$156		$2,437		$1,113		$4,832
[1]Represents the adding together of all affiliated companies except General Electric Capital Services, Inc. (GECS or financial services) which is presented on a one-line basis.
[2]See accompanying notes. Separate information is shown for GE and Financial Services (GECS). Transactions between GE and GECS have been eliminated from the Consolidated columns.
[3]See Note 3 for other-than-temporary impairment amounts.

Condensed Statement of Financia

Condensed Statement of Financial Position (Unaudited) (USD $)
In Millions	Jun. 30, 2009		Dec. 31, 2008
Assets
Cash and equivalents	$52,316	[3]	$48,187	[3]
Investment securities	45,214	[3]	41,446	[3]
Current receivables	19,194	[3]	21,411	[3]
Inventories	13,307	[3]	13,674	[3]
Financing receivables - net	351,601	[3]	365,168	[3]
Other GECS receivables	14,517	[3]	13,439	[3]
Property, plant and equipment (including equipment leased to others) - net	72,937	[3]	78,530	[3]
Investment in GECS	0	[3]	0	[3]
Goodwill	83,825	[3]	81,759	[3]
Other intangible assets - net	15,227	[3]	14,977	[3]
All other assets	107,565	[3]	106,899	[3]
Assets of businesses held for sale	939	[3]	10,556	[3]
Assets of discontinued operations	1,526	[3]	1,723	[3]
Total assets	778,168	[3]	797,769	[3]
Liabilities and equity
Short-term borrowings	174,644	[3]	193,695	[3]
Accounts payable, principally trade accounts	19,194	[3]	20,819	[3]
Progress collections and price adjustments accrued	11,883	[3]	12,536	[3]
Other GE current liabilities	19,192	[3]	21,560	[3]
Long-term borrowings	339,420	[3]	330,067	[3]
Investment contracts, insurance liabilities and insurance annuity benefits	32,377	[3]	34,032	[3]
All other liabilities	56,393	[3]	64,796	[3]
Deferred income taxes	2,858	[3]	4,584	[3]
Liabilities of businesses held for sale	268	[3]	636	[3]
Liabilities of discontinued operations	1,480	[3]	1,432	[3]
Total liabilities	657,709	[3]	684,157	[3]
Preferred stock (30,000 shares outstanding at both June 30, 2009 and December 31, 2008)	0	[3]	0	[3]
Common stock (10,626,842,000 and 10,536,897,000 shares outstanding at June 30, 2009 and December 31, 2008, respectively)	702	[3]	702	[3]
Accumulated other comprehensive income - net
Investment securities	(2,176)	[4]	(3,094)	[4]
Currency translation adjustments	2,186	[4]	(299)	[4]
Cash flow hedges	(1,927)	[4]	(3,332)	[4]
Benefit plans	(14,649)	[4]	(15,128)	[4]
Other capital	38,371	[3]	40,390	[3]
Retained earnings	123,166	[3]	122,123	[3]
Less common stock held in treasury	(33,554)	[3]	(36,697)	[3]
Total GE shareowners' equity	112,119	[3]	104,665	[3]
Noncontrolling interests	8,340	[1]	8,947	[1]
Total equity	120,459	[3]	113,612	[3]
Total liabilities and equity	778,168	[3]	797,769	[3]
GE
Assets
Cash and equivalents	2,985	[2]	12,090	[2]
Investment securities	46	[2]	213	[2]
Current receivables	12,228	[2]	15,064	[2]
Inventories	13,234	[2]	13,597	[2]
Financing receivables - net	0	[2]	0	[2]
Other GECS receivables	0	[2]	0	[2]
Property, plant and equipment (including equipment leased to others) - net	14,288	[2]	14,433	[2]
Investment in GECS	67,868	[2]	53,279	[2]
Goodwill	56,510	[2]	56,394	[2]
Other intangible assets - net	11,218	[2]	11,364	[2]
All other assets	23,251	[2]	22,435	[2]
Assets of businesses held for sale	707	[2]	0	[2]
Assets of discontinued operations	64	[2]	64	[2]
Total assets	202,399	[2]	198,933	[2]
Liabilities and equity
Short-term borrowings	2,415	[2]	2,375	[2]
Accounts payable, principally trade accounts	10,610	[2]	11,699	[2]
Progress collections and price adjustments accrued	12,429	[2]	13,058	[2]
Other GE current liabilities	19,192	[2]	21,624	[2]
Long-term borrowings	11,250	[2]	9,827	[2]
Investment contracts, insurance liabilities and insurance annuity benefits	0	[2]	0	[2]
All other liabilities	31,633	[2]	32,767	[2]
Deferred income taxes	(3,915)	[2]	(3,949)	[2]
Liabilities of businesses held for sale	72	[2]	0	[2]
Liabilities of discontinued operations	175	[2]	189	[2]
Total liabilities	83,861	[2]	87,590	[2]
Preferred stock (30,000 shares outstanding at both June 30, 2009 and December 31, 2008)	0	[2]	0	[2]
Common stock (10,626,842,000 and 10,536,897,000 shares outstanding at June 30, 2009 and December 31, 2008, respectively)	702	[2]	702	[2]
Accumulated other comprehensive income - net
Investment securities	(2,176)	[2]	(3,094)	[2]
Currency translation adjustments	2,186	[2]	(299)	[2]
Cash flow hedges	(1,927)	[2]	(3,332)	[2]
Benefit plans	(14,649)	[2]	(15,128)	[2]
Other capital	38,371	[2]	40,390	[2]
Retained earnings	123,166	[2]	122,123	[2]
Less common stock held in treasury	(33,554)	[2]	(36,697)	[2]
Total GE shareowners' equity	112,119	[2]	104,665	[2]
Noncontrolling interests	6,419	[2]	6,678	[2]
Total equity	118,538	[2]	111,343	[2]
Total liabilities and equity	202,399	[2]	198,933	[2]
Financial Services (GECS)
Assets
Cash and equivalents	50,017		37,486
Investment securities	45,168		41,236
Current receivables	0		0
Inventories	73		77
Financing receivables - net	359,478		372,456
Other GECS receivables	18,719		18,636
Property, plant and equipment (including equipment leased to others) - net	58,649		64,097
Investment in GECS	0		0
Goodwill	27,315		25,365
Other intangible assets - net	4,009		3,613
All other assets	85,646		85,721
Assets of businesses held for sale	232		10,556
Assets of discontinued operations	1,462		1,659
Total assets	650,768		660,902
Liabilities and equity
Short-term borrowings	173,458		193,533
Accounts payable, principally trade accounts	12,401		13,882
Progress collections and price adjustments accrued	0		0
Other GE current liabilities	0		0
Long-term borrowings	329,129		321,068
Investment contracts, insurance liabilities and insurance annuity benefits	32,831		34,369
All other liabilities	24,886		32,090
Deferred income taxes	6,773		8,533
Liabilities of businesses held for sale	196		636
Liabilities of discontinued operations	1,305		1,243
Total liabilities	580,979		605,354
Preferred stock (30,000 shares outstanding at both June 30, 2009 and December 31, 2008)	0		0
Common stock (10,626,842,000 and 10,536,897,000 shares outstanding at June 30, 2009 and December 31, 2008, respectively)	1		1
Accumulated other comprehensive income - net
Investment securities	(2,176)		(3,097)
Currency translation adjustments	494		(1,258)
Cash flow hedges	(1,884)		(3,134)
Benefit plans	(376)		(367)
Other capital	27,579		18,079
Retained earnings	44,230		43,055
Less common stock held in treasury	0		0
Total GE shareowners' equity	67,868		53,279
Noncontrolling interests	1,921		2,269
Total equity	69,789		55,548
Total liabilities and equity	$650,768		$660,902
[1]Included accumulated other comprehensive income attributable to noncontrolling interests of $(122) million and $(194) million at June 30, 2009 and December 31, 2008, respectively.
[2]Represents the adding together of all affiliated companies except General Electric Capital Services, Inc. (GECS or financial services) which is presented on a one-line basis.
[3]See accompanying notes. Separate information is shown for GE and Financial Services (GECS). Transactions between GE and GECS have been eliminated from the Consolidated columns.
[4]The sum of accumulated other comprehensive income - net was $(16,566) million and $(21,853) million at June 30, 2009 and December 31, 2008, respectively.

1_Condensed Statement of Financ

Condensed Statement of Financial Position (Parenthetical)(Unaudited) (USD $)
	Jun. 30, 2009	Dec. 31, 2008
Condensed Statement of Financial Position (Parenthetical)
Preferred stock, shares	30,000	30,000
Common stock, shares	10,626,842,000	10,536,897,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) (USD $)
In Millions	6 Months Ended Jun. 30, 2009		6 Months Ended Jun. 30, 2008
Cash flows - operating activities
Net earnings attributable to the Company	$5,482	[3]	$9,376	[3]
Loss from discontinued operations	215	[3]	369	[3]
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	5,235	[2]	5,355	[2]
Earnings from continuing operations retained by GECS	0	[2]	0	[2]
Deferred income taxes	(1,150)	[2]	(308)	[2]
Decrease (increase) in GE current receivables	2,187	[2]	(842)	[2]
Decrease (increase) in inventories	210	[2]	(1,949)	[2]
Increase (decrease) in accounts payable	(984)	[2]	1,003	[2]
Increase (decrease) in GE progress collections	(675)	[2]	2,776	[2]
Provision for losses on financing receivables	5,153	[3]	2,812	[3]
All other operating activities	(10,076)	[2]	(987)	[2]
Cash from (used for) operating activities - continuing operations	5,597	[2]	17,605	[2]
Cash from (used for) operating activities - discontinued operations	(44)	[2]	485	[2]
Cash from (used for) operating activities	5,553	[2]	18,090	[2]
Cash flows - investing activities
Additions to property, plant and equipment	(4,459)	[2]	(8,065)	[2]
Dispositions of property, plant and equipment	2,605	[2]	5,325	[2]
Net decrease (increase) in GECS financing receivables	25,944	[2]	(23,770)	[2]
Proceeds from sales of discontinued operations	0	[2]	203	[2]
Proceeds from principal business dispositions	9,032	[2]	4,346	[2]
Payments for principal businesses purchased	(5,973)	[2]	(14,678)	[2]
Capital contribution from GE to GECS	0	[2]	0	[2]
All other investing activities	(48)	[2]	(3,362)	[2]
Cash from (used for) investing activities - continuing operations	27,101	[2]	(40,001)	[2]
Cash from (used for) investing activities - discontinued operations	48	[2]	(456)	[2]
Cash from (used for) investing activities	27,149	[2]	(40,457)	[2]
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	(31,184)	[2]	6,996	[2]
Newly issued debt (maturities longer than 90 days)	51,795	[2]	61,355	[2]
Repayments and other reductions (maturities longer than 90 days)	(40,816)	[2]	(34,761)	[2]
Net dispositions (purchases) of GE shares for treasury	484	[2]	(1,543)	[2]
Dividends paid to shareowners	(6,705)	[2]	(6,215)	[2]
Capital contribution from GE to GECS	0	[2]	0	[2]
All other financing activities	(2,143)	[2]	(163)	[2]
Cash from (used for) financing activities - continuing operations	(28,569)	[2]	25,669	[2]
Cash used for financing activities - discontinued operations	0	[2]	(5)	[2]
Cash from (used for) financing activities	(28,569)	[2]	25,664	[2]
Increase (decrease) in cash and equivalents	4,133	[2]	3,297	[2]
Cash and equivalents at beginning of year	48,367	[2]	16,031	[2]
Cash and equivalents at June 30	52,500	[2]	19,328	[2]
Less cash and equivalents of discontinued operations at June 30	184	[2]	333	[2]
Cash and equivalents of continuing operations at June 30	52,316	[3]	18,995	[2]
GE
Cash flows - operating activities
Net earnings attributable to the Company	5,482	[1]	9,376	[1]
Loss from discontinued operations	215	[1]	369	[1]
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	1,107	[1]	1,089	[1]
Earnings from continuing operations retained by GECS	(1,310)	[1]	(3,211)	[1]
Deferred income taxes	29	[1]	(534)	[1]
Decrease (increase) in GE current receivables	2,836	[1]	110	[1]
Decrease (increase) in inventories	246	[1]	(1,930)	[1]
Increase (decrease) in accounts payable	(651)	[1]	477	[1]
Increase (decrease) in GE progress collections	(651)	[1]	2,866	[1]
Provision for losses on financing receivables	0	[1]	0	[1]
All other operating activities	(240)	[1]	680	[1]
Cash from (used for) operating activities - continuing operations	7,063	[1]	9,292	[1]
Cash from (used for) operating activities - discontinued operations	0	[1]	(9)	[1]
Cash from (used for) operating activities	7,063	[1]	9,283	[1]
Cash flows - investing activities
Additions to property, plant and equipment	(1,325)	[1]	(1,640)	[1]
Dispositions of property, plant and equipment	0	[1]	0	[1]
Net decrease (increase) in GECS financing receivables	0	[1]	0	[1]
Proceeds from sales of discontinued operations	0	[1]	203	[1]
Proceeds from principal business dispositions	186	[1]	(76)	[1]
Payments for principal businesses purchased	(336)	[1]	(1,916)	[1]
Capital contribution from GE to GECS	(9,500)	[1]	0	[1]
All other investing activities	(14)	[1]	212	[1]
Cash from (used for) investing activities - continuing operations	(10,989)	[1]	(3,217)	[1]
Cash from (used for) investing activities - discontinued operations	0	[1]	0	[1]
Cash from (used for) investing activities	(10,989)	[1]	(3,217)	[1]
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	1,564	[1]	(2,015)	[1]
Newly issued debt (maturities longer than 90 days)	1,330	[1]	98	[1]
Repayments and other reductions (maturities longer than 90 days)	(1,559)	[1]	(52)	[1]
Net dispositions (purchases) of GE shares for treasury	484	[1]	(1,543)	[1]
Dividends paid to shareowners	(6,705)	[1]	(6,215)	[1]
Capital contribution from GE to GECS	0	[1]	0	[1]
All other financing activities	(293)	[1]	0	[1]
Cash from (used for) financing activities - continuing operations	(5,179)	[1]	(9,727)	[1]
Cash used for financing activities - discontinued operations	0	[1]	0	[1]
Cash from (used for) financing activities	(5,179)	[1]	(9,727)	[1]
Increase (decrease) in cash and equivalents	(9,105)	[1]	(3,661)	[1]
Cash and equivalents at beginning of year	12,090	[1]	6,702	[1]
Cash and equivalents at June 30	2,985	[1]	3,041	[1]
Less cash and equivalents of discontinued operations at June 30	0	[1]	0	[1]
Cash and equivalents of continuing operations at June 30	2,985	[1]	3,041	[1]
Financial Services (GECS)
Cash flows - operating activities
Net earnings attributable to the Company	1,113		4,832
Loss from discontinued operations	197		398
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	4,128		4,266
Earnings from continuing operations retained by GECS	0		0
Deferred income taxes	(1,179)		226
Decrease (increase) in GE current receivables	0		0
Decrease (increase) in inventories	4		(19)
Increase (decrease) in accounts payable	(1,278)		1,089
Increase (decrease) in GE progress collections	0		0
Provision for losses on financing receivables	5,153		2,812
All other operating activities	(9,803)		(1,835)
Cash from (used for) operating activities - continuing operations	(1,665)		11,769
Cash from (used for) operating activities - discontinued operations	(44)		494
Cash from (used for) operating activities	(1,709)		12,263
Cash flows - investing activities
Additions to property, plant and equipment	(3,299)		(6,600)
Dispositions of property, plant and equipment	2,605		5,325
Net decrease (increase) in GECS financing receivables	25,450		(24,781)
Proceeds from sales of discontinued operations	0		0
Proceeds from principal business dispositions	8,846		4,422
Payments for principal businesses purchased	(5,637)		(12,762)
Capital contribution from GE to GECS	0		0
All other investing activities	974		(3,567)
Cash from (used for) investing activities - continuing operations	28,939		(37,963)
Cash from (used for) investing activities - discontinued operations	48		(456)
Cash from (used for) investing activities	28,987		(38,419)
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	(33,732)		8,732
Newly issued debt (maturities longer than 90 days)	50,596		61,396
Repayments and other reductions (maturities longer than 90 days)	(39,257)		(34,709)
Net dispositions (purchases) of GE shares for treasury	0		0
Dividends paid to shareowners	0		(2,019)
Capital contribution from GE to GECS	9,500		0
All other financing activities	(1,850)		(163)
Cash from (used for) financing activities - continuing operations	(14,743)		33,237
Cash used for financing activities - discontinued operations	0		(5)
Cash from (used for) financing activities	(14,743)		33,232
Increase (decrease) in cash and equivalents	12,535		7,076
Cash and equivalents at beginning of year	37,666		9,739
Cash and equivalents at June 30	50,201		16,815
Less cash and equivalents of discontinued operations at June 30	184		333
Cash and equivalents of continuing operations at June 30	$50,017		$16,482
[1]Represents the adding together of all affiliated companies except General Electric Capital Services, Inc. (GECS or financial services) which is presented on a one-line basis.
[2]See accompanying notes. Separate information is shown for GE and Financial Services (GECS). Transactions between GE and GECS have been eliminated from the Consolidated columns and are discussed in Note 17.
[3]See accompanying notes. Separate information is shown for GE and Financial Services (GECS). Transactions between GE and GECS have been eliminated from the Consolidated columns.

Summary of Operating Segments

Summary of Operating Segments
	3 Months Ended Jun. 30, 2009
Summary of operating segments
Summary of Operating Segments	Summary of Operating SegmentsGeneral Electric Company and consolidated affiliates Three months ended June 30 Six months ended June 30 (Unaudited) (Unaudited) (In millions) 2009 2008 2009 2008 Revenues Energy Infrastructure $ 9,577 $ 9,671 $ 17,816 $ 17,395 Technology Infrastructure 10,555 11,851 20,991 22,311 NBC Universal 3,565 3,882 7,089 7,466 Capital Finance 12,797 17,981 25,885 34,950 Consumer Industrial 2,507 3,139 4,728 6,001 Total segment revenues 39,001 46,524 76,509 88,123 Corporate items and eliminations 81 316 984 945 Consolidated revenues $ 39,082 $ 46,840 $ 77,493 $ 89,068 Segment profit(a) Energy Infrastructure $ 1,792 $ 1,579 $ 3,065 $ 2,649 Technology Infrastructure 1,833 2,056 3,636 3,757 NBC Universal 539 909 930 1,621 Capital Finance 590 2,903 1,709 5,582 Consumer Industrial 111 138 147 282 Total segment profit 4,865 7,585 9,487 13,891 Corporate items and eliminations (755) (656) (1,327) (1,251) GE interest and other financial charges (348) (554) (724) (1,156) GE provision for income taxes (897) (981) (1,739) (1,739) Earnings from continuing operations attributable to the Company 2,865 5,394 5,697 9,745 Loss from discontinued operations, net of taxes, attributableto the Company (194) (322) (215) (369) Consolidated net earnings attributable to the Company $ 2,671 $ 5,072 $ 5,482 $ 9,376 (a)Segment profit always excludes the effects of principal pension plans, results reported as discontinued operations, earnings attributable to noncontrolling interests of consolidated subsidiaries and accounting changes, and may exclude matters such as charges for restructuring; rationalization and other similar expenses; in-process research and development and certain other acquisition-related charges and balances; technology and product development costs; certain gains and losses from acquisitions or dispositions; and litigation settlements or other charges, responsibility for which preceded the current management team. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segments management is measured excluded in determining segment profit, which we sometimes refer to as operating profit, for Energy Infrastructure, Technology Infrastructure, NBC Universal and Consumer Industrial; included in determining segment profit, which we sometimes refer to as net earnings, for Capital Finance.See accompanying notes to condensed, consolidated financial statements.

Note 1 Summary of Significant A

Note 1 Summary of Significant Accounting Policies
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Notes to Condensed, Consolidated Financial Statements (Unaudited)1. Summary of Significant Accounting PoliciesThe accompanying condensed, consolidated financial statements represent the consolidation of General Electric Company and all companies that we directly or indirectly control, either through majority ownership or otherwise. See Note 1 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2008 (2008 Form 10-K), which discusses our consolidation and financial statement presentation. As used in this report on Form 10-Q (Report) and in our Annual Report on Form 10-K, GE represents the adding together of all affiliated companies except General Electric Capital Services, Inc. (GECS or financial services), which is presented on a one-line basis; GECS consists of General Electric Capital Services, Inc. and all of its affiliates; and Consolidated represents the adding together of GE and GECS with the effects of transactions between the two eliminated. GE includes Energy Infrastructure, Technology Infrastructure, NBC Universal and Consumer Industrial. GECS includes Capital Finance. We have reclassified certain prior-period amounts to conform to the current-periods presentation. Unless otherwise indicated, information in these notes to condensed, consolidated financial statements relates to continuing operations. Accounting ChangesEffective January 1, 2008, we adopted Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards (SFAS) 157, Fair Value Measurements, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. Effective January 1, 2009, we adopted SFAS 157 for all non-financial instruments accounted for at fair value on a non-recurring basis. SFAS 157 establishes a new framework for measuring fair value and expands related disclosures. See Note 14.On January 1, 2009, we adopted SFAS 141(R), Business Combinations. This standard significantly changes the accounting for business acquisitions both during the period of the acquisition and in subsequent periods. Among the more significant changes in the accounting for acquisitions are the following: Acquired in-process research and development (IPRD) is accounted for as an asset, with the cost recognized as the research and development is realized or abandoned. IPRD was previously expensed at the time of the acquisition. Contingent consideration is recorded at fair value as an element of purchase price with subsequent adjustments recognized in operations. Contingent consideration was previously accounted for as a subsequent adjustment of purchase price. Subsequent decreases in valuation allowances on acquired deferred tax assets are recognized in operations after the measurement period. Such changes were previously considered to be subsequent changes in consideration and were recorded as decreases in goodwill. Transaction costs are expensed. These costs were previously treated as costs of the acquisition.In April 2009, the FASB issued FASB Staff Position (FSP) FAS 141(R)-1, Accounting for Assets Acquired and Liabilities Assumed in a Business Combination

Note 2 Discontinued Operations

Note 2 Discontinued Operations
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
DISCONTINUED OPERATIONS	2. Discontinued OperationsDiscontinued operations comprised GE Money Japan (our Japanese personal loan business, Lake, and our Japanese mortgage and card businesses, excluding our investment in GE Nissen Credit Co., Ltd.), our U.S. mortgage business (WMC), Plastics, Advanced Materials, GE Life, Genworth Financial, Inc. (Genworth) and most of GE Insurance Solutions Corporation (GE Insurance Solutions). Associated results of operations, financial position and cash flows are separately reported as discontinued operations for all periods presented. GE Money JapanDuring the third quarter of 2007, we committed to a plan to sell Lake upon determining that, despite restructuring, Japanese regulatory limits for interest charges on unsecured personal loans did not permit us to earn an acceptable return. During the third quarter of 2008, we completed the sale of GE Money Japan, which included Lake, along with our Japanese mortgage and card businesses, excluding our investment in GE Nissen Credit Co., Ltd. As a result, we recognized an after-tax loss of $908 million in 2007 and an incremental loss in 2008 of $361 million. In connection with the transaction, GE Money Japan reduced the proceeds on the sale for estimated interest refund claims in excess of the statutory interest rate. Proceeds from the sale may be increased or decreased based on the actual claims experienced in accordance with terms specified in the agreement, and will not be adjusted unless claims exceed approximately $2,800 million. During the second quarter of 2009, we accrued $132 million, which represents the amount by which we expect claims to exceed those levels and is based on our historical and recent claims experience and the estimated future requests, taking into consideration the ability and likelihood of customers to make claims and other industry risk factors. Uncertainties around the status of laws and regulations and lack of certain information related to the individual customers make it difficult to develop a meaningful estimate of the aggregate claims exposure. We will continue to review our estimated exposure quarterly, and make adjustments when required. GE Money Japan revenues from discontinued operations were an insignificant amount and $261 million in the second quarters of 2009 and 2008, respectively, and an insignificant amount and $551 million in the first six months of 2009 and 2008, respectively. In total, GE Money Japan losses from discontinued operations, net of taxes, were $136 million and $311 million in the second quarters of 2009 and 2008, respectively, and $132 million and $348 million in the first six months of 2009 and 2008, respectively.WMCDuring the fourth quarter of 2007, we completed the sale of our U.S. mortgage business. In connection with the transaction, WMC retained certain obligations related to loans sold prior to the disposal of the business, including WMCs contractual obligations to repurchase previously sold loans as to which there was an early payment default or with respect to which certain contractual representations and warranties were not met. Reserves related to these obligations were $243 million at June 30, 2009, and $244 million

Note 3 Investment Securities

Note 3 Investment Securities
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
INVESTMENT SECURITIES	3. Investment securitiesThe vast majority of our investment securities are classified as available-for-sale and comprise mainly investment-grade debt securities supporting obligations to annuitants and policyholders in our run-off insurance operations and holders of guaranteed investment contracts. At June 30, 2009 December 31, 2008 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 $ 25 $ 0 $ 0 $ 25 $ 182 $ 0 $ 0 $ 182 Equity available-for-sale 19 3 (1) 21 32 0 (1) 31 44 3 (1) 46 214 0 (1) 213 GECS Debt U.S. corporate 22,923 538 (1,893) 21,568 22,183 512 (2,477) 20,218 State and municipal 2,128 34 (236) 1,926 1,556 19 (94) 1,481 Residential mortgage- backed(a) 4,563 85 (1,066) 3,582 5,326 70 (1,052) 4,344 Commercial mortgage-backed 3,049 34 (737) 2,346 2,910 14 (788) 2,136 Asset-backed 3,140 31 (357) 2,814 3,173 3 (691) 2,485 Corporate non-U.S. 1,552 34 (114) 1,472 1,441 14 (166) 1,289 Government non-U.S. 1,905 52 (26) 1,931 1,300 61 (19) 1,342 U.S. government and federal agency 829 43 (16) 856 739 65 (100) 704 Retained interests(b)(c) 7,454 188 (117) 7,525 6,395 113 (152) 6,356 Equity Available-for-sale 469 79 (44) 504 629 24 (160) 493 Trading 644 0 0 644 388 0 0 388 48,656 1,118 (4,606) 45,168 46,040 895 (5,699) 41,236 Eliminations 0 0 0 0 (7) 0 4 (3) Total $ 48,700 $ 1,121 $ (4,607) $ 45,214 $ 46,247 $ 895 $ (5,696) $ 41,446 (a)Substantially collateralized by U.S. mortgages.(b)Included $1,861 million and $1,752 million of retained interests at June 30, 2009 and December 31, 2008, respectively, accounted for in accordance with SFAS 155, Accounting for Certain Hybrid Financial Instruments. See Note 16.(c)Amortized cost and estimated fair value included $25 million and $20 million of trading securities at June 30, 2009 and December 31, 2008, respectively.The following tables present the estimated fair values and gross unrealized losses of our available-for-sale investment securities. In loss position for Less than 12 months 12 months or more Gross Gross Estimated unrealized Estimated unrealized (In millions) fair value losses fair value losses June 30, 2009 Debt U.S. corporate $ 3,368 $ (276) $ 7,594 $ (1,617) State and municipal 441 (138) 353 (98) Residential mortgage-backed 222 (58) 1,836 (1,008) Commercial mortgage-backed 186 (43) 1,711 (694) Asset-backed 88 (10) 1,445 (347) Corporate non-U.S. 304 (37) 517 (77) Government non-U.S. 507 (9) 281 (17) U.S. government and federal agency 0 0 234 (16) Retained interests 721 (54) 211 (63) Equity 154 (41) 18 (4) Total $ 5,991 $ (666) $ 14,200 $ (3,941) December 31, 2008

Note 4 Inventories

Note 4 Inventories
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
INVENTORIES	4. InventoriesInventories consisted of the following. At June 30, December 31, (In millions) 2009 2008 Raw materials and work in process $ 8,432 $ 8,710 Finished goods 4,763 5,109 Unbilled shipments 789 561 13,984 14,380 Less revaluation to LIFO (677) (706) Total $ 13,307 $ 13,674

Note 5 GECS Financing Receivabl

Note 5 GECS Financing Receivables and Allowance for Losses on Financing Receivables
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
GECS FINANCING RECEIVABLES	5. GECS Financing Receivables and Allowance for Losses on Financing ReceivablesGECS financing receivables net, consisted of the following. At June 30, December 31, (In millions) 2009 2008 Loans, net of deferred income $ 306,136 $ 310,203 Investment in financing leases, net of deferred income 59,949 67,578 366,085 377,781 Less allowance for losses (6,607) (5,325) Financing receivables net(a) $ 359,478 $ 372,456 (a)Included $4,967 million and $6,461 million related to consolidated, liquidating securitization entities at June 30, 2009 and December 31, 2008, respectively. In addition, financing receivables at June 30, 2009 and December 31, 2008 included $3,011 million and $2,736 million, respectively, relating to loans that had been acquired and accounted for in accordance with SOP 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer.We adopted SFAS 141(R) on January 1, 2009. As a result of this adoption, loans acquired in a business acquisition are recorded at fair value, which incorporates our estimate at the acquisition date of the credit losses over the remaining life of the portfolio. As a result, the allowance for loan losses is not carried over at acquisition. This may result in lower reserve coverage ratios prospectively. Details of GECS financing receivables net follow. At June 30, December 31, (In millions) 2009 2008 Commercial Lending and Leasing (CLL)(a) Americas $ 97,173 $ 105,410 Europe 41,078 37,767 Asia 14,057 16,683 Other 751 786 153,059 160,646 Consumer (formerly GE Money)(a) Non-U.S. residential mortgages(b) 62,587 60,753 Non-U.S. installment and revolving credit 25,485 24,441 U.S. installment and revolving credit 23,939 27,645 Non-U.S. auto 14,853 18,168 Other 13,218 11,541 140,082 142,548 Real Estate 46,018 46,735 Energy Financial Services 8,506 8,392 GE Capital Aviation Services (GECAS)(c) 15,096 15,429 Other(d) 3,324 4,031 366,085 377,781 Less allowance for losses (6,607) (5,325) Total $ 359,478 $ 372,456 (a)During the first quarter of 2009, we transferred Banque Artesia Nederland N.V. (Artesia) from CLL to Consumer. Prior-period amounts were reclassified to conform to the current-periods presentation. (b)At June 30, 2009, net of credit insurance, approximately 26% of this portfolio comprised loans with introductory, below market rates that are scheduled to adjust at future dates; with high loan-to-value ratios at inception; whose terms permitted interest-only payments; or whose terms resulted in negative amortization. At the origination date, loans with an adjustable rate were underwritten to the reset value.(c)Included loans and financing leases of $12,901 million and $13,078 million at June 30, 2009 and December 31, 2008, respectively, related to commercial aircraft at Aviation Financial Services.(d)Consisted of loans and financing leases related to certain consolidated, liquidating securitization entities.Individually impaired loans are defined by GAAP as larger balance or restructured loans for which it is probable that the lender will be unable to c

Note 6 Property, Plant And Equi

Note 6 Property, Plant And Equipment
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
PROPERTY, PLANT AND EQUIPMENT	6. Property, Plant and EquipmentProperty, plant and equipment (including equipment leased to others) net, consisted of the following. At June 30, December 31, (In millions) 2009 2008 Original cost $ 118,117 $ 125,671 Less accumulated depreciation and amortization (45,180) (47,141) Property, plant and equipment (including equipment leased to others) net $ 72,937 $ 78,530

Note 7 Goodwill And Other Intan

Note 7 Goodwill And Other Intangible Assets
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
GOODWILL AND OTHER INTANGIBLE ASSETS	7. Goodwill and Other Intangible AssetsGoodwill and other intangible assets net, consisted of the following. At June 30, December 31, (In millions) 2009 2008 Goodwill $ 83,825 $ 81,759 Other intangible assets Intangible assets subject to amortization $ 12,858 $ 12,623 Indefinite-lived intangible assets(a) 2,369 2,354 Total $ 15,227 $ 14,977 (a)Indefinite-lived intangible assets principally comprised trademarks, tradenames and U.S. Federal Communications Commission licenses.Changes in goodwill balances follow. Acquisitions/ Dispositions, Balance acquisition currency Balance January 1, accounting exchange June 30, (In millions) 2009 adjustments and other 2009 Energy Infrastructure $ 9,943 $ (153) $ 185 $ 9,975 Technology Infrastructure 26,684 386 (322) 26,748 NBC Universal 18,973 2 2 18,977 Capital Finance 25,365 2,180 (230) 27,315 Consumer Industrial 794 0 16 810 Total $ 81,759 $ 2,415 $ (349) $ 83,825 Goodwill related to new acquisitions in the first six months of 2009 was $2,290 million and included acquisitions of BAC Credomatic (BAC) ($1,309 million) and Interbanca S.p.A. (Interbanca) ($643 million) at Capital Finance and Airfoils Technologies International Singapore Pte. Ltd. (ATI-Singapore) ($337 million) at Technology Infrastructure. During the first six months of 2009, the goodwill balance increased by $125 million related to acquisition accounting adjustments for prior-year acquisitions. The most significant of these adjustments was an increase of $177 million associated with the 2008 acquisition of CitiCapital at Capital Finance, partially offset by a decrease of $139 million associated with the 2008 acquisition of Hydril Pressure Control by Energy Infrastructure. Also during the first six months of 2009, goodwill balances decreased $349 million, primarily as a result of the deconsolidation of Penske Truck Leasing Co., L.P. (PTL) ($634 million) at Capital Finance and the classification as held for sale of GE Homeland Protection, Inc. ($419 million) at Technology Infrastructure, partially offset by an increase of $778 million as a result of the weaker U.S. dollar.On March 20, 2009, we increased our ownership in ATI-Singapore from 49% to 100% and concurrently acquired from the same seller a controlling financial interest in certain affiliates. We remeasured our previous equity interests to fair value, resulting in a pre-tax gain of $254 million which is reported in other income.On June 25, 2009, we increased our ownership in BAC from 49.99% to 75% for a purchase price of $623 million, in accordance with terms of a previous agreement. We remeasured our previously held equity investment to fair value, resulting in a pre-tax gain of $343 million, which is reported in GECS revenues from services. We test goodwill for impairment annually and more frequently if circumstances warrant. Given the significant decline in our stock price in the first quarter of 2009 and market conditions in the financial services industry at that time, we conducted an additional impairment analysis of the Capital Finance reporting units during the first quar

Note 8 GECS Borrowings

Note 8 GECS Borrowings
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
GECS BORROWINGS	8. GECS BorrowingsGECS borrowings are summarized in the following table. At (In millions) June 30, December 31, 2009 2008 Short-term borrowings Commercial paper U.S. Unsecured(a) $ 40,787 $ 62,768 Asset-backed(b) 3,032 3,652 Non-U.S. 9,356 9,033 Current portion of long-term debt(a)(c)(d) 82,419 69,682 Bank deposits(e) 26,959 29,634 Bank borrowings(f) 3,475 10,028 GE Interest Plus notes(g) 5,964 5,633 Other 1,466 3,103 Total 173,458 193,533 Long-term borrowings Senior notes Unsecured(a)(d) 304,816 298,665 Asset-backed(h) 4,558 5,002 Subordinated notes(i) 2,774 2,866 Subordinated debentures(j) 7,534 7,315 Bank deposits(k) 9,447 7,220 Total 329,129 321,068 Total borrowings $ 502,587 $ 514,601 (a)General Electric Capital Corporation (GE Capital) had issued and outstanding $69,132 million ($21,132 million commercial paper and $48,000 million long-term borrowings) and $35,243 million ($21,823 million commercial paper and $13,420 million long-term borrowings) of senior, unsecured debt that was guaranteed by the Federal Deposit Insurance Corporation (FDIC) under the Temporary Liquidity Guarantee Program at June 30, 2009 and December 31, 2008, respectively. GE Capital and GE are parties to an Eligible Entity Designation Agreement and GE Capital is subject to the terms of a Master Agreement, each entered into with the FDIC. The terms of these agreements include, among other things, a requirement that GE and GE Capital reimburse the FDIC for any amounts that the FDIC pays to holders of GE Capital debt that is guaranteed by the FDIC.(b)Consists entirely of obligations of consolidated, liquidating securitization entities. See Note 16.(c)Included $222 million and $326 million of asset-backed senior notes, issued by consolidated, liquidating securitization entities at June 30, 2009 and December 31, 2008, respectively. (d)Included $1,632 million ($113 million short-term and $1,519 million long-term) of borrowings under European government-sponsored programs at June 30, 2009.(e)Included $18,757 million and $11,793 million of deposits in non-U.S. banks at June 30, 2009 and December 31, 2008, respectively, and included certificates of deposits distributed by brokers of $8,202 million and $17,841 million at June 30, 2009 and December 31, 2008, respectively.(f)Term borrowings from banks with an original term to maturity of less than 12 months. (g)Entirely variable denomination floating rate demand notes.(h)Included $1,309 million and $2,104 million of asset-backed senior notes, issued by consolidated, liquidating securitization entities at June 30, 2009 and December 31, 2008, respectively. See Note 16.(i)Included $417 million and $750 million of subordinated notes guaranteed by GE at June 30, 2009 and December 31, 2008, respectively.(j)Subordinated debentures receive rating agency equity credit and were hedged at issuance to the U.S. dollar equivalent of $7,725 million. (k)Included certificates of deposits distributed by brokers with maturities greater than one year of $9,069 million and $6,699 million at June 30, 2009 and December 31, 2008,

Note 9 Postretirement Benefits

Note 9 Postretirement Benefits Plans
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
POSTRETIREMENT BENEFIT PLANS	9. Postretirement Benefit Plans We sponsor a number of pension and retiree health and life insurance benefit plans. Principal pension plans include the GE Pension Plan and the GE Supplementary Pension Plan. Principal retiree benefit plans generally provide health and life insurance benefits to employees who retire under the GE Pension Plan with 10 or more years of service. Other pension plans include the U.S. and non-U.S. pension plans with pension assets or obligations greater than $50 million. Smaller pension plans and other retiree benefit plans are not material individually or in the aggregate. The effect on operations of the pension plans follows. Principal Pension Plans Three months ended June 30 Six months ended June 30 (In millions) 2009 2008 2009 2008 Expected return on plan assets $ (1,127) $ (1,075) $ (2,253) $ (2,150) Service cost for benefits earned 336 320 689 620 Interest cost on benefit obligation 665 664 1,334 1,325 Prior service cost amortization 80 81 161 162 Net actuarial loss amortization 83 67 173 121 Pension plans cost $ 37 $ 57 $ 104 $ 78 Other Pension Plans Three months ended June 30 Six months ended June 30 (In millions) 2009 2008 2009 2008 Expected return on plan assets $ (105) $ (140) $ (211) $ (277) Service cost for benefits earned 82 82 165 162 Interest cost on benefit obligation 109 127 221 251 Prior service cost amortization 3 3 5 6 Net actuarial loss amortization 27 24 56 43 Pension plans cost $ 116 $ 96 $ 236 $ 185 The effect on operations of principal retiree health and life insurance plans follows. Principal Retiree Health and Life Insurance Plans Three months ended June 30 Six months ended June 30 (In millions) 2009 2008 2009 2008 Expected return on plan assets $ (32) $ (33) $ (64) $ (66) Service cost for benefits earned 85 80 159 143 Interest cost on benefit obligation 177 188 354 386 Prior service cost amortization 168 168 336 336 Net actuarial gain amortization (27) (12) (54) (3) Retiree benefit plans cost $ 371 $ 391 $ 731 $ 796

Note 10 Income Taxes

Note 10 Income Taxes
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
INCOME TAXES	10. Income TaxesDuring the first quarter of 2009, following the change in our external credit ratings, funding actions taken and review of our operations, liquidity and funding, we determined that undistributed prior-year earnings of non-U.S. subsidiaries of GECS, on which we had previously provided deferred U.S. taxes, would be indefinitely reinvested outside the U.S. This change increased the amount of prior-year earnings indefinitely reinvested outside the U.S. by approximately $2 billion (to $77 billion), resulting in an income tax benefit of $700 million in the first quarter of 2009. The balance of unrecognized tax benefits, the amount of related interest and penalties we have provided and what we believe to be the range of reasonably possible changes in the next 12 months, were: At June 30, December 31, (In millions) 2009 2008 Unrecognized tax benefits $ 6,925 $ 6,692 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 4,863 4,453 Accrued interest on unrecognized tax benefits 1,288 1,204 Accrued penalties on unrecognized tax benefits 98 96 Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months 0-1,400 0-1,500 Portion that, if recognized, would reduce tax expense and effective tax rate(a) 0-1,300 0-1,100 (a)Some portion of such reduction might be reported as discontinued operations.The IRS is currently auditing our consolidated income tax returns for 2003-2007. In addition, certain other U.S. tax deficiency issues and refund claims for previous years remain unresolved. It is reasonably possible that the 2003-2005 U.S. audit cycle will be completed during the next 12 months, which could result in a decrease in our balance of unrecognized tax benefits. We believe that there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations, financial position or cash flows. We further believe that we have made adequate provision for all income tax uncertainties.GE and GECS file a consolidated U.S. federal income tax return. The GECS provision for current tax expense includes its effect on the consolidated return. The effect of GECS on the consolidated liability is settled in cash as GE tax payments are due.

Note 11 Shareowners' Equity

Note 11 Shareowners' Equity
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
SHAREOWNERS' EQUITY	11. Shareowners EquityA summary of increases (decreases) in GE shareowners equity that did not result directly from transactions with shareowners, net of income taxes, follows. Three months ended June 30 Six months ended June 30 (In millions) 2009 2008 2009 2008 Net earnings attributable to the Company $ 2,671 $ 5,072 $ 5,482 $ 9,376 Investment securities net 1,553 (586) 918 (1,328) Currency translation adjustments net 6,545 (772) 2,485 1,404 Cash flow hedges net 688 1,739 1,405 122 Benefit plans net 240 604 479 714 Total $ 11,697 $ 6,057 $ 10,769 $ 10,288 Changes to noncontrolling interests during the second quarter of 2009 resulted from net earnings ($12 million), dividends ($(116) million), AOCI ($9 million) and other ($(22) million). Changes to the individual components of AOCI attributable to noncontrolling interests were insignificant.Changes to noncontrolling interests during the first six months of 2009 resulted from net earnings ($97 million), dividends ($(339) million), the effects of deconsolidating PTL ($(331) million, including $101 million of AOCI), other AOCI ($(29) million) and other ($(5) million). Changes to the individual components of AOCI attributable to noncontrolling interests were primarily related to changes in currency translation adjustments ($(62) million).

Note 12 GECS Revenues From Serv

Note 12 GECS Revenues From Services
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
GECS REVENUES FROM SERVICES	12. GECS Revenues from ServicesGECS revenues from services are summarized in the following table. Three months ended June 30 Six months ended June 30 (In millions) 2009 2008 2009 2008 Interest on loans $ 5,054 $ 6,729 $ 10,127 $ 13,228 Equipment leased to others 2,927 3,909 6,412 7,719 Fees 1,099 1,440 2,259 2,809 Financing leases 830 1,186 1,738 2,349 Real estate investments 371 1,138 718 2,299 Premiums earned by insurance activities 500 568 1,010 1,110 Associated companies 309 647 474 1,116 Investment income(a) 993 1,015 1,658 1,857 Net securitization gains 394 319 720 705 Other items(b)(c) 749 1,553 2,267 2,983 Total $ 13,226 $ 18,504 $ 27,383 $ 36,175 (a)Included net other-than-temporary impairments on investment securities of $97 million and $128 million in the second quarters of 2009 and 2008, respectively, and $329 million and $290 million in the first six months of 2009 and 2008, respectively. See Note 3.(b)Included a gain on the sale of a limited partnership interest in PTL and a related gain on the remeasurement of the retained investment to fair value totaling $296 million in the first quarter of 2009. See Note 16.(c)Included a gain of $343 million on the remeasurement to fair value of our equity method investment in BAC, following our acquisition of a controlling interest in the second quarter of 2009. See Note 7.

Note 13 Earnings Per Share Info

Note 13 Earnings Per Share Information
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
EARNINGS PER SHARE INFORMATION	13. Earnings Per Share Information GEs authorized common stock consists of 13,200,000,000 shares having a par value of $0.06 each. Information related to the calculation of earnings per share follows. Three months ended June 30 2009(a) 2008 (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 $ 2,857 $ 2,857 $ 5,394 $ 5,394 Preferred stock dividends declared (75) (75) 0 0 Earnings from continuing operations attributable to common shareowners for per-share calculation $ 2,782 $ 2,782 $ 5,394 $ 5,394 Loss from discontinued operations for per-share calculation (194) (194) (322) (322) Net earnings attributable to GE common shareowners for per-share calculation 2,589 2,588 5,072 5,072 Average equivalent shares Shares of GE common stock outstanding 10,609 10,609 9,958 9,958 Employee compensation-related shares, including stock options 0 0 24 0 Total average equivalent shares 10,609 10,609 9,982 9,958 Per-share amounts Earnings from continuing operations $ 0.26 $ 0.26 $ 0.54 $ 0.54 Loss from discontinued operations (0.02) (0.02) (0.03) (0.03) Net earnings 0.24 0.24 0.51 0.51 Six months ended June 30 2009(a) 2008 (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 $ 5,682 $ 5,681 $ 9,745 $ 9,745 Preferred stock dividends declared (150) (150) 0 0 Earnings from continuing operations attributable to common shareowners for per-share calculation $ 5,532 $ 5,531 $ 9,745 $ 9,745 Loss from discontinued operations for per-share calculation (215) (215) (369) (369) Net earnings attributable to GE common shareowners for per-share calculation 5,317 5,317 9,376 9,376 Average equivalent shares Shares of GE common stock outstanding 10,585 10,585 9,968 9,968 Employee compensation-related shares, including stock options 0 0 26 0 Total average equivalent shares 10,585 10,585 9,994 9,968 Per-share amounts Earnings from continuing operations $ 0.52 $ 0.52 $ 0.98 $ 0.98 Loss from discontinued operations (0.02) (0.02) (0.04) (0.04) Net earnings 0.50 0.50 0.94 0.94 On January 1, 2009, we adopted FSP EITF 03-6-1, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities. Under the FSP, our unvested restricted stock unit awards that contain non-forfeitable rights to dividends or dividend equivalents are considered participating securities and, therefore, are included in the computation of earnings per share pursuant to the two-class method. Application of the standard had an insignificant effect.(a)At June 30, 2009, there were no potential shares included in our diluted EPS calculation because the effect would have been anti-dilutive. Further information about

Note 14 Fair Value Measurements

Note 14 Fair Value Measurements
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
FAIR VALUE MEASUREMENTS	14. Fair Value MeasurementsEffective January 1, 2008, we adopted SFAS 157, Fair Value Measurements, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. Effective January1, 2009, we adopted SFAS 157 for all non-financial instruments accounted for at fair value on a non-recurring basis. SFAS 157 establishes a new framework for measuring fair value and expands related disclosures. Broadly, the SFAS 157 framework requires fair value to be determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. SFAS 157 establishes a three-level valuation hierarchy based upon observable and non-observable inputs.For financial assets and liabilities, fair value is the price we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. Preference is given to observable inputs. These two types of inputs create the following fair value hierarchy: Level 1 Quoted prices for identical instruments in active markets.Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Significant inputs to the valuation model are unobservable.We maintain policies and procedures to value instruments using the best and most relevant data available. In addition, we have risk management teams that review valuation, including independent price validation for certain instruments. Further, in other instances, we retain independent pricing vendors to assist in valuing certain instruments. The following section describes the valuation methodologies we use to measure different financial instruments at fair value on a recurring basis. There has been no change to the valuation methodologies during 2009.Investments in Debt and Equity SecuritiesWhen available, we use quoted market prices to determine the fair value of investment securities, and they are included in Level 1. Level 1 securities primarily include publicly-traded equity securities.When quoted market prices are unobservable, we obtain pricing information from an independent pricing vendor. The pricing vendor uses various pricing models for each asset class that are consistent with what other market participants would use. The inputs and assumptions to the model of the pricing vendor are derived from market observable sources including: benchmark yie

Note 15 Financial Instruments

Note 15 Financial Instruments
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
INTERIM DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	15. Financial InstrumentsOn April 1, 2009, we adopted FSP FAS 107-1 and APB 28-1, Interim Disclosure about Fair Value of Financial Instruments. The FSP amends SFAS 107, Disclosures about Fair Value of Financial Instruments, to require interim disclosures about the fair value of financial instruments. The following table provides information about the assets and liabilities not carried at fair value in our Statement of Financial Position. Consistent with SFAS 107, the table excludes financing leases and non-financial assets and liabilities. Apart from certain of our borrowings and certain marketable securities, few of the instruments identified below are actively traded and their fair values must often be determined using financial models. Realization of the fair value of these instruments depends upon market forces beyond our control, including marketplace liquidity. For a description on how we estimate fair value, see Note 29 to the consolidated financial statements in our 2008 Form 10-K. At June 30, 2009 December 31, 2008 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) $ 494 $ 485 $ (a) $ 554 $ 511 Liabilities Borrowings (a) (13,665) (13,781) (a) (12,202) (12,267) GECS Assets Loans (a) 300,094 283,551 (a) 305,376 292,797 Other commercial mortgages (a) 1,408 1,371 (a) 1,501 1,427 Loans held for sale (a) 1,791 1,841 (a) 3,640 3,670 Other financial instruments (b) (a) 2,442 2,518 (a) 2,637 2,810 Liabilities Borrowings(c)(d) (a) (502,587) (491,201) (a) (514,601) (495,541) Investment contract benefits (a) (4,086) (4,606) (a) (4,212) (4,536) Guaranteed investment contracts (a) (9,136) (9,054) (a) (10,828) (10,677) Insurance - credit life(e) 1,454 (61) (40) 1,165 (44) (31) (a)These financial instruments do not have notional amounts.(b)Principally cost method investments.(c)See Note 8.(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, 2009 and December 31, 2008 would have been reduced by $425 million and $3,776 million, respectively.(e)Net of reinsurance of $2,502 million and $3,103 million at June 30, 2009 and December 31, 2008, respectively.Loan Commitments Notional amount at June 30, December 31, (in millions) 2009 2008 Ordinary course of business lending commitments (a)(b) $ 10,703 $ 8,507 Unused revolving credit lines(c) Commercial 30,732 26,300 Consumer principally credit cards 244,176 252,867 (a)Excluded investment commitments of $2,612 million and $3,501 million as of June 30, 2009 and December 31, 2008, respectively.(b)Included a $1,053 million and $1,067 million commitment as of June 30, 2009 and December 31, 2008, respectively, associated with a secured financing arrangement that can increase to a
DERIVATES AND HEDGING	Derivatives and HedgingOn January 1, 2009, we adopted SFAS 161, Disclosures about Derivative Instruments and Hedging Activities An Amendment of FASB Statement No. 133. The standard supplements the required disclosures provided under SFAS 133, Accounting for Derivative Instruments and Hedging Activities, as amended, with additional qualitative and quantitative information. Accordingly, the disclosures that follow should be read in the context of our existing disclosure in Note 29 to the consolidated financial statements in our 2008 Form 10-K.We use derivatives for risk management purposes. As a matter of policy, we do not use derivatives for speculative purposes. A key risk management objective for our financial services businesses is to mitigate interest rate and currency risk by seeking to ensure that the characteristics of the debt match the assets they are funding. If the form (fixed versus floating) and currency denomination of the debt we issue do not match the related assets, we typically execute derivatives to adjust the nature and tenor of debt funding to meet this objective. The determination of whether a derivative is used to achieve this objective depends on a number of factors, including customer needs for specific types of financing, and market factors affecting the type of debt we can issue. Of the outstanding notional amount of $365,000 million, approximately 93%, or $338,000 million, is associated with reducing or eliminating the interest rate, currency or market risk between financial assets and liabilities in our financial services businesses. The remaining derivatives activity primarily relates to hedging against adverse changes in currency exchange rates and commodity prices related to anticipated sales and purchases. These activities are designated as hedges in accordance with SFAS 133, when practicable. When it is not possible to apply hedge accounting, or when the derivative and the hedged item are both recorded in earnings currently, the derivatives are accounted for as economic hedges and hedge accounting is not applied. This most frequently occurs when we hedge a recognized foreign currency transaction (e.g., a receivable or payable) with a derivative. Since the effects of changes in exchange rates are reflected currently in earnings for both the derivative and the underlying, the economic hedge does not require hedge accounting. The following table provides information about the fair value of our derivatives, by contract type, separating those accounted for as hedges under SFAS 133 and those that are not. At June 30, 2009 Fair value (In millions) Assets Liabilities Derivatives accounted for as hedges under SFAS 133 Interest rate contracts $ 3,941 $ 4,348 Currency exchange contracts 3,877 3,900 Other contracts 33 22 7,851 8,270 Derivatives not accounted for as hedges under SFAS 133 Interest rate contracts 1,121 1,040 Currency exchange contracts 1,621 679 Other contracts 273 124 3,015 1,843 FIN 39 netting adjustment(a) (5,152) (5,229) Total $ 5,714 $ 4,884 Derivatives are classified in the captions All other assets and All other liabilities in ou

Note 16 Off-Balance Sheet Arran

Note 16 Off-Balance Sheet Arrangements
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
OFF-BALANCE SHEET ARRANGEMENTS	16. Off-Balance Sheet Arrangements We securitize financial assets and arrange other forms of asset-backed financing in the ordinary course of business to improve shareowner returns. The securitization transactions we engage in are similar to those used by many financial institutions. Beyond improving returns, these securitization transactions serve as funding sources for a variety of diversified lending and securities transactions. Historically, we have used both GE-supported and third-party Variable Interest Entities (VIEs) to execute off-balance sheet securitization transactions funded in the commercial paper and term markets. The largest single category of VIEs that we are involved with are Qualifying Special Purpose Entities (QSPEs), which meet specific characteristics defined in U.S. GAAP that exclude them from the scope of consolidation standards. Investors in these entities only have recourse to the assets owned by the entity and not to our general credit, unless noted below. We did not provide non-contractual support to any consolidated VIE, unconsolidated VIE or QSPE in the six months ended June 30, 2009. We do not have implicit support arrangements with any VIE or QSPE.Variable Interest EntitiesWhen evaluating whether we are the primary beneficiary of a VIE, and must therefore consolidate the entity, we perform a qualitative analysis that considers the design of the VIE, the nature of our involvement and the variable interests held by other parties. If that evaluation is inconclusive as to which party absorbs a majority of the entitys expected losses or residual returns, a quantitative analysis is performed to determine who is the primary beneficiary. Consolidated Variable Interest EntitiesFor additional information about our consolidated VIEs, see Note 30 to the consolidated financial statements in our 2008 Form 10-K. Consolidated VIEs at June 30, 2009 and December 31, 2008 follow: At June 30, 2009 December 31, 2008 (In millions) Assets Liabilities Assets Liabilities Consolidated, liquidating securitization entities(a) $ 3,271 $ 3,141 $ 4,000 $ 3,868 Trinity(b) 7,720 9,341 9,192 11,623 Penske Truck Leasing Co., L.P. (PTL)(c) 0 0 7,444 1,339 Other(d) 5,281 3,868 5,990 4,426 $ 16,272 $ 16,350 $ 26,626 $ 21,256 (a)If the short-term credit rating of GE Capital or these entities were reduced below A1/P1, we could be required to provide substitute liquidity for those entities or provide funds to retire the outstanding commercial paper. The maximum net amount that we could be required to provide in the event of such a downgrade is determined by contract and totaled $3,120 million at June 30, 2009. The borrowings of these entities are reflected in our Statement of Financial Position.(b)If the long-term credit rating of GE Capital were to fall below AA-/Aa3 or its short-term credit rating were to fall below A-1+/P-1, GE Capital could be required to provide approximately $2,802 million to such entities as of June 30, 2009 pursuant to letters of credit issued by GE Capital. To the extent that the entities liabilities exceed the ultimate value of the proceeds from the sale of their assets an

Note 17 Intercompany Transactio

Note 17 Intercompany Transactions
	3 Months Ended Jun. 30, 2009
Notes to Condensed Consolidated Financial Statements (Unaudited)
INTERCOMPANY TRANSACTIONS	17. Intercompany TransactionsEffects of transactions between related companies are eliminated and consist primarily of GECS dividends to GE or capital contributions from GE to GECS; GE customer receivables sold to GECS; GECS services for trade receivables management and material procurement; buildings and equipment (including automobiles) leased by GE from GECS; information technology (IT) and other services sold to GECS by GE; aircraft engines manufactured by GE that are installed on aircraft purchased by GECS from third-party producers for lease to others; medical equipment manufactured by GE that is leased by GECS to others; and various investments, loans and allocations of GE corporate overhead costs. These intercompany transactions are reported in the GE and GECS columns of our financial statements (and include customer receivables sold from GE to GECS), but are eliminated in deriving our consolidated financial statements. The effects of these eliminations on our consolidated cash flows from operating, investing and financing activities follow. Six months ended June 30 (In millions) 2009 2008 Operating Sum of GE and GECS cash from operating activities continuing operations $ 5,398 $ 21,061 Elimination of GECS dividend to GE 0 (2,019) Net increase in GE customer receivables sold to GECS (765) (1,087) Other reclassifications and eliminations 964 (350) Consolidated cash from operating activities continuing operations $ 5,597 $ 17,605 Investing Sum of GE and GECS cash from (used for) investing activities continuing operations $ 17,950 $ (41,180) Net increase in GE customer receivables sold to GECS 765 1,087 Capital contribution from GE to GECS 9,500 0 Other reclassifications and eliminations (1,114) 92 Consolidated cash from (used for) investing activities continuing operations $ 27,101 $ (40,001) Financing Sum of GE and GECS cash from (used for) financing activities continuing operations $ (19,922) $ 23,510 Elimination of short-term intercompany borrowings(a) 984 279 Elimination of GECS dividend to GE 0 2,019 Capital contribution from GE to GECS (9,500) 0 Other reclassifications and eliminations (131) (139) Consolidated cash from (used for) financing activities continuing operations $ (28,569) $ 25,669 (a)Includes GE investment in GECS short-term borrowings, such as commercial paper.In the GE and GECS columns of our Statement of Cash Flows for the year ended December 31, 2008, we properly reported a $5,500 million capital contribution from GE to GECS as an investing use of cash by GE (included in the caption All other investing activities) and a financing source of cash to GECS (included in the caption All other financing activities). This intercompany transaction was not eliminated in deriving our consolidated cash flows. As a result, our consolidated cash used for investing activities and our consolidated cash from financing activities were both overstated by the amount of the capital contribution. This item had no effect on our consolidated cash from operating activities or total consolidated cash flows, nor did