General Electric (GE) 10-K 19 Feb 10 2009 FY Annual report Financial data

Document and Entity Information

Document and Entity Information (USD $)
In Millions, except Share data	12 Months Ended Dec. 31, 2009
Document And Entity Information Abstract
Document type	10-K
Document period end date	2009-12-31
Amendment flag	false
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	No
Entity common stock shares outstanding	10,669,821,000
Entity public float	$124,865

Statement of Earnings

Statement of Earnings (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Revenues
Sales of goods	$65,068	[1]	$69,100	[1]	$60,670	[1]
Sales of services	38,709	[1]	43,669	[1]	38,856	[1]
Other income (Note 17)	1,006	[1]	1,586	[1]	3,019	[1]
GECS earnings from continuing operations	0	[1]	0	[1]	0	[1]
GECS revenues from services (Note 18)	52,000	[1]	68,160	[1]	69,943	[1]
Total revenues	156,783	[1]	182,515	[1]	172,488	[1]
Costs and expenses (Note 19)
Cost of goods sold	50,580	[1]	54,602	[1]	47,309	[1]
Cost of services sold	25,341	[1]	29,170	[1]	25,816	[1]
Interest and other financial charges	18,769	[1]	26,209	[1]	23,762	[1]
Investment contracts, insurance losses and insurance annuity benefits	3,017	[1]	3,213	[1]	3,469	[1]
Provision for losses on financing receivables (Note 6)	10,928	[1]	7,518	[1]	4,431	[1]
Other costs and expenses	37,804	[1]	42,021	[1]	40,173	[1]
Total costs and expenses	146,439	[1]	162,733	[1]	144,960	[1]
Earnings (loss) from continuing operations before income taxes	10,344	[1]	19,782	[1]	27,528	[1]
Benefit (provision) for income taxes (Note 14)	1,090	[1]	(1,052)	[1]	(4,155)	[1]
Earnings from continuing operations	11,434	[1]	18,730	[1]	23,373	[1]
Loss from discontinued operations, net of taxes (Note 2)	(193)	[1]	(679)	[1]	(249)	[1]
Net earnings	11,241	[1]	18,051	[1]	23,124	[1]
Less net earnings attributable to noncontrolling interests	216	[1]	641	[1]	916	[1]
Net earnings attributable to the Company	11,025	[1]	17,410	[1]	22,208	[1]
Preferred stock dividends declared	(300)	[1]	(75)	[1]	0	[1]
Net earnings attributable to GE common shareowners	10,725	[1]	17,335	[1]	22,208	[1]
Amounts attributable to the Company
Earnings from continuing operations	11,218	[1]	18,089	[1]	22,457	[1]
Loss from discontinued operations, net of taxes	(193)	[1]	(679)	[1]	(249)	[1]
Net earnings attributable to the Company	11,025	[1]	17,410	[1]	22,208	[1]
Earnings from continuing operations
Diluted earnings per share	1.03	[1]	1.78	[1]	2.2	[1]
Basic earnings per share	1.03	[1]	1.79	[1]	2.21	[1]
Net earnings
Diluted earnings per share	1.01	[1]	1.72	[1]	2.17	[1]
Basic earnings per share	1.01	[1]	1.72	[1]	2.18	[1]
Dividends declared per share	0.61	[1]	1.24	[1]	1.15	[1]
GE
Revenues
Sales of goods	64,211		67,637		60,374
Sales of services	39,246		44,377		39,422
Other income (Note 17)	1,179		1,965		3,371
GECS earnings from continuing operations	1,590		7,774		12,417
GECS revenues from services (Note 18)	0		0		0
Total revenues	106,226		121,753		115,584
Costs and expenses (Note 19)
Cost of goods sold	49,886		53,395		47,103
Cost of services sold	25,878		29,878		26,382
Interest and other financial charges	1,478		2,153		1,993
Investment contracts, insurance losses and insurance annuity benefits	0		0		0
Provision for losses on financing receivables (Note 6)	0		0		0
Other costs and expenses	14,842		14,401		14,148
Total costs and expenses	92,084		99,827		89,626
Earnings (loss) from continuing operations before income taxes	14,142		21,926		25,958
Benefit (provision) for income taxes (Note 14)	(2,739)		(3,427)		(2,794)
Earnings from continuing operations	11,403		18,499		23,164
Loss from discontinued operations, net of taxes (Note 2)	(193)		(679)		(249)
Net earnings	11,210		17,820		22,915
Less net earnings attributable to noncontrolling interests	185		410		707
Net earnings attributable to the Company	11,025		17,410		22,208
Preferred stock dividends declared	(300)		(75)		0
Net earnings attributable to GE common shareowners	10,725		17,335		22,208
Amounts attributable to the Company
Earnings from continuing operations	11,218		18,089		22,457
Loss from discontinued operations, net of taxes	(193)		(679)		(249)
Net earnings attributable to the Company	11,025		17,410		22,208
Financial Services (GECS)
Revenues
Sales of goods	970		1,773		718
Sales of services	0		0		0
Other income (Note 17)	0		0		0
GECS earnings from continuing operations	0		0		0
GECS revenues from services (Note 18)	53,193		69,514		71,218
Total revenues	54,163		71,287		71,936
Costs and expenses (Note 19)
Cost of goods sold	808		1,517		628
Cost of services sold	0		0		0
Interest and other financial charges	17,942		25,116		22,706
Investment contracts, insurance losses and insurance annuity benefits	3,193		3,421		3,647
Provision for losses on financing receivables (Note 6)	10,928		7,518		4,431
Other costs and expenses	23,500		28,085		26,537
Total costs and expenses	56,371		65,657		57,949
Earnings (loss) from continuing operations before income taxes	(2,208)		5,630		13,987
Benefit (provision) for income taxes (Note 14)	3,829		2,375		(1,361)
Earnings from continuing operations	1,621		8,005		12,626
Loss from discontinued operations, net of taxes (Note 2)	(175)		(719)		(2,116)
Net earnings	1,446		7,286		10,510
Less net earnings attributable to noncontrolling interests	31		231		209
Net earnings attributable to the Company	1,415		7,055		10,301
Preferred stock dividends declared	0		0		0
Net earnings attributable to GE common shareowners	1,415		7,055		10,301
Amounts attributable to the Company
Earnings from continuing operations	1,590		7,774		12,417
Loss from discontinued operations, net of taxes	(175)		(719)		(2,116)
Net earnings attributable to the Company	$1,415		$7,055		$10,301
[1]See Note 3 for other-than-temporary impairment amounts.

Statement of Changes in Shareow

Statement of Changes in Shareowners' Equity (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Changes in shareowners' equity (Note 15)
GE Shareowners' equity balance at January 1	$104,665		$115,559	[1]	$111,509	[1]
Dividends and other transactions with shareowners	(5,049)	[1]	1,873	[1]	(23,102)	[1]
Other comprehensive income (loss)
Investment securities - net	2,659	[1]	(3,218)	[1]	(1,484)	[1]
Currency translation adjustments - net	4,135	[1]	(11,007)	[1]	4,527	[1]
Cash flow hedges - net	1,598	[1]	(2,664)	[1]	(539)	[1]
Benefit plans - net	(1,804)	[1]	(13,288)	[1]	2,566	[1]
Total other comprehensive income (loss)	6,588	[1]	(30,177)	[1]	5,070	[1]
Increases from net earnings attributable to the Company	11,025	[3]	17,410	[3]	22,208	[3]
Comprehensive income (loss)	17,613	[1]	(12,767)	[1]	27,278	[1]
Cumulative effect of changes in accounting principles	62	[1],[4]	0	[1]	(126)	[1]
Balance at December 31	117,291		104,665		115,559	[1]
Noncontrolling interests	7,845		8,947		8,004	[1],[2]
Total equity balance at December 31	$125,136		$113,612		$123,563	[1]
[1]On January 1, 2009, we adopted an amendment to ASC 810, Consolidation, that requires certain changes to the presentation of our financial statements. This amendment requires us to classify noncontrolling interests (previously referred to as "minority interest") as part of shareowners' equity.
[2]See Note 15 for an explanation of the change in noncontrolling interests for 2009.
[3]See Note 3 for other-than-temporary impairment amounts.
[4]We adopted amendments to ASC 320, Investments - Debt and Equity Securities, and recorded a cumulative effect adjustment to increase retained earnings as of April 1, 2009. See Note 15.

Statement of Financial Position

Statement of Financial Position (USD $)
In Millions	Dec. 31, 2009	Dec. 31, 2008
Assets
Cash and equivalents	$72,260	$48,187
Investment securities (Note 3)	51,941	41,446
Current receivables (Note 4)	16,458	21,411
Inventories (Note 5)	11,987	13,674
Financing receivables - net (Note 6)	329,232	365,168
Other GECS receivables	14,177	13,439
Property, plant and equipment - net (Note 7)	69,212	78,530
Investment in GECS	0	0
Goodwill (Note 8)	65,574	81,759
Other intangible assets - net (Note 8)	11,929	14,977
All other assets (Note 9)	103,417	106,899
Assets of businesses held for sale (Note 2)	34,111	10,556
Assets of discontinued operations (Note 2)	1,520	1,723
Total assets	781,818	797,769
Liabilities and equity
Short-term borrowings (Note 10)	133,054	164,061
Accounts payable, principally trade accounts	19,703	20,819
Progress collections and price adjustments accrued	12,192	12,536
Dividends payable	1,141	3,340
Other GE current liabilities	13,386	18,220
Bank deposits (Note 10)	38,923	36,854
Long-term borrowings (Note 10)	338,215	322,847
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11)	31,641	34,032
All other liabilities (Note 13)	58,861	64,796
Deferred income taxes (Note 14)	2,173	4,584
Liabilities of businesses held for sale (Note 2)	6,092	636
Liabilities of discontinued operations (Note 2)	1,301	1,432
Total liabilities	656,682	684,157
Preferred stock (30,000 shares outstanding at both year-end 2009 and 2008)	0	0
Common stock (10,663,075,000 and 10,536,897,000 shares outstanding at year-end 2009 and 2008, respectively)	702	702
Accumulated other comprehensive income - net
Investment securities	(435)	(3,094)
Currency translation adjustments	3,836	(299)
Cash flow hedges	(1,734)	(3,332)
Benefit plans	(16,932)	(15,128)
Other capital	37,729	40,390
Retained earnings	126,363	122,123
Less common stock held in treasury	(32,238)	(36,697)
Total GE shareowners' equity	117,291	104,665
Noncontrolling interests	7,845	8,947
Total equity (Notes 15 and 16)	125,136	113,612
Total liabilities and equity	781,818	797,769
GE
Assets
Cash and equivalents	8,654	12,090
Investment securities (Note 3)	30	213
Current receivables (Note 4)	9,818	15,064
Inventories (Note 5)	11,916	13,597
Financing receivables - net (Note 6)	0	0
Other GECS receivables	0	0
Property, plant and equipment - net (Note 7)	12,495	14,433
Investment in GECS	70,833	53,279
Goodwill (Note 8)	36,613	56,394
Other intangible assets - net (Note 8)	8,450	11,364
All other assets (Note 9)	17,097	22,435
Assets of businesses held for sale (Note 2)	33,986	0
Assets of discontinued operations (Note 2)	50	64
Total assets	209,942	198,933
Liabilities and equity
Short-term borrowings (Note 10)	504	2,375
Accounts payable, principally trade accounts	10,373	11,699
Progress collections and price adjustments accrued	12,957	13,058
Dividends payable	1,141	3,340
Other GE current liabilities	13,386	18,284
Bank deposits (Note 10)	0	0
Long-term borrowings (Note 10)	11,681	9,827
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11)	0	0
All other liabilities (Note 13)	35,232	32,767
Deferred income taxes (Note 14)	(4,620)	(3,949)
Liabilities of businesses held for sale (Note 2)	6,037	0
Liabilities of discontinued operations (Note 2)	163	189
Total liabilities	86,854	87,590
Preferred stock (30,000 shares outstanding at both year-end 2009 and 2008)	0	0
Common stock (10,663,075,000 and 10,536,897,000 shares outstanding at year-end 2009 and 2008, respectively)	702	702
Accumulated other comprehensive income - net
Investment securities	(435)	(3,094)
Currency translation adjustments	3,836	(299)
Cash flow hedges	(1,734)	(3,332)
Benefit plans	(16,932)	(15,128)
Other capital	37,729	40,390
Retained earnings	126,363	122,123
Less common stock held in treasury	(32,238)	(36,697)
Total GE shareowners' equity	117,291	104,665
Noncontrolling interests	5,797	6,678
Total equity (Notes 15 and 16)	123,088	111,343
Total liabilities and equity	209,942	198,933
Financial Services (GECS)
Assets
Cash and equivalents	64,356	37,486
Investment securities (Note 3)	51,913	41,236
Current receivables (Note 4)	0	0
Inventories (Note 5)	71	77
Financing receivables - net (Note 6)	336,926	372,456
Other GECS receivables	18,752	18,636
Property, plant and equipment - net (Note 7)	56,717	64,097
Investment in GECS	0	0
Goodwill (Note 8)	28,961	25,365
Other intangible assets - net (Note 8)	3,479	3,613
All other assets (Note 9)	87,471	85,721
Assets of businesses held for sale (Note 2)	125	10,556
Assets of discontinued operations (Note 2)	1,470	1,659
Total assets	650,241	660,902
Liabilities and equity
Short-term borrowings (Note 10)	133,939	163,899
Accounts payable, principally trade accounts	13,275	13,882
Progress collections and price adjustments accrued	0	0
Dividends payable	0	0
Other GE current liabilities	0	0
Bank deposits (Note 10)	38,923	36,854
Long-term borrowings (Note 10)	327,472	313,848
Investment contracts, insurance liabilities and insurance annuity benefits (Note 11)	32,009	34,369
All other liabilities (Note 13)	23,756	32,090
Deferred income taxes (Note 14)	6,793	8,533
Liabilities of businesses held for sale (Note 2)	55	636
Liabilities of discontinued operations (Note 2)	1,138	1,243
Total liabilities	577,360	605,354
Preferred stock (30,000 shares outstanding at both year-end 2009 and 2008)	0	0
Common stock (10,663,075,000 and 10,536,897,000 shares outstanding at year-end 2009 and 2008, respectively)	1	1
Accumulated other comprehensive income - net
Investment securities	(436)	(3,097)
Currency translation adjustments	1,372	(1,258)
Cash flow hedges	(1,769)	(3,134)
Benefit plans	(434)	(367)
Other capital	27,591	18,079
Retained earnings	44,508	43,055
Less common stock held in treasury	0	0
Total GE shareowners' equity	70,833	53,279
Noncontrolling interests	2,048	2,269
Total equity (Notes 15 and 16)	72,881	55,548
Total liabilities and equity	$650,241	$660,902

1_Statement of Financial Positi

Statement of Financial Position (Parenthetical) (USD $)
In Millions, except Share data	Dec. 31, 2009	Dec. 31, 2008
Statement of Financial Position (Parenthetical)
Preferred stock, shares	30,000	30,000
Common stock, shares	10,663,075,000	10,536,897,000
Sum of accumulated other comprehensive income - net	($15,265)	($21,853)
Accumulated other comprehensive income - net attributable to noncontrolling interests	($188)	($194)

Statement of Cash Flows

Statement of Cash Flows (USD $)
In Millions	12 Months Ended Dec. 31, 2009		12 Months Ended Dec. 31, 2008		12 Months Ended Dec. 31, 2007
Cash flows - operating activities
Net earnings	$11,241	[1]	$18,051	[1]	$23,124	[1]
Less net earnings attributable to noncontrolling interests	216	[1]	641	[1]	916	[1]
Net earnings attributable to the Company	11,025	[1]	17,410	[1]	22,208	[1]
Loss from discontinued operations	193	[1]	679	[1]	249	[1]
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	10,636		11,492		10,275
Earnings from continuing operations retained by GECS	0		0		0
Deferred income taxes	(2,705)		(1,284)		657
Decrease (increase) in GE current receivables	3,273		(24)		(868)
Decrease (increase) in inventories	1,101		(719)		(1,562)
Increase (decrease) in accounts payable	(480)		(1,078)		(997)
Increase (decrease) in GE progress collections	(500)		2,827		4,622
Provision for losses on financing receivables (Note 6)	10,928	[1]	7,518	[1]	4,431	[1]
All other operating activities (Note 25)	(8,747)		11,020		927
Cash from (used for) operating activities - continuing operations	24,724		47,841		39,942
Cash from (used for) operating activities - discontinued operations	(131)		760		3,380
Cash from (used for) operating activities	24,593		48,601		43,322
Cash flows - investing activities
Additions to property, plant and equipment	(8,634)		(16,010)		(17,803)
Dispositions of property, plant and equipment	6,479		10,975		8,457
Net decrease (increase) in GECS financing receivables	43,690		(17,484)		(44,237)
Proceeds from sales of discontinued operations	0		5,423		11,574
Proceeds from principal business dispositions	9,978		4,986		2,746
Payments for principal businesses purchased	(6,130)		(28,110)		(17,215)
Capital contribution from GE to GECS	0		0		0
All other investing activities	(2,520)		5,695		(9,910)
Cash from (used for) investing activities - continuing operations	42,863		(34,525)		(66,388)
Cash from (used for) investing activities - discontinued operations	134		(876)		(3,116)
Cash from (used for) investing activities	42,997		(35,401)		(69,504)
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	(25,741)		(48,454)		308
Net increase (decrease) in bank deposits	(3,986)		20,623		2,144
Newly issued debt (maturities longer than 90 days)	82,959		116,569		100,528
Repayments and other reductions (maturities longer than 90 days)	(85,178)		(69,050)		(49,874)
Proceeds from issuance of preferred stock and warrants	0		2,965		0
Proceeds from issuance of common stock	0		12,006		0
Net dispositions (purchases) of GE shares for treasury	623		(1,249)		(12,319)
Dividends paid to shareowners	(8,986)		(12,408)		(11,492)
Capital contribution from GE to GECS	0		0		0
All other financing activities	(3,204)		(1,862)		(1,204)
Cash from (used for) financing activities - continuing operations	(43,513)		19,140		28,091
Cash from (used for) financing activities - discontinued operations	0		(4)		(154)
Cash from (used for) financing activities	(43,513)		19,136		27,937
Increase (decrease) in cash and equivalents	24,077		32,336		1,755
Cash and equivalents at beginning of year	48,367		16,031		14,276
Cash and equivalents at end of year	72,444		48,367		16,031
Less cash and equivalents of discontinued operations at end of year	184		180		300
Cash and equivalents of continuing operations at end of year	72,260		48,187		15,731
Supplemental disclosure of cash flows information
Cash paid during the year for interest	(19,601)		(25,853)		(23,340)
Cash recovered (paid) during the year for income taxes	(2,535)		(3,237)		(2,912)
GE
Cash flows - operating activities
Net earnings	11,210		17,820		22,915
Less net earnings attributable to noncontrolling interests	185		410		707
Net earnings attributable to the Company	11,025		17,410		22,208
Loss from discontinued operations	193		679		249
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	2,311		2,162		2,149
Earnings from continuing operations retained by GECS	(1,590)		(5,423)		(5,126)
Deferred income taxes	(460)		(417)		564
Decrease (increase) in GE current receivables	3,056		(168)		14
Decrease (increase) in inventories	1,188		(524)		(1,496)
Increase (decrease) in accounts payable	(918)		233		(1,073)
Increase (decrease) in GE progress collections	(257)		2,896		4,620
Provision for losses on financing receivables (Note 6)	0		0		0
All other operating activities (Note 25)	2,033		2,238		1,192
Cash from (used for) operating activities - continuing operations	16,581		19,086		23,301
Cash from (used for) operating activities - discontinued operations	2		(5)		(857)
Cash from (used for) operating activities	16,583		19,081		22,444
Cash flows - investing activities
Additions to property, plant and equipment	(2,429)		(2,996)		(2,968)
Dispositions of property, plant and equipment	0		0		0
Net decrease (increase) in GECS financing receivables	0		0		0
Proceeds from sales of discontinued operations	0		203		10,826
Proceeds from principal business dispositions	890		58		1,047
Payments for principal businesses purchased	(428)		(3,149)		(9,645)
Capital contribution from GE to GECS	(9,500)		(5,500)		0
All other investing activities	(198)		324		(1,697)
Cash from (used for) investing activities - continuing operations	(11,665)		(11,060)		(2,437)
Cash from (used for) investing activities - discontinued operations	(2)		5		1,003
Cash from (used for) investing activities	(11,667)		(11,055)		(1,434)
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	317		(2,152)		(3,284)
Net increase (decrease) in bank deposits	0		0		0
Newly issued debt (maturities longer than 90 days)	1,883		136		8,751
Repayments and other reductions (maturities longer than 90 days)	(1,675)		(1,936)		(298)
Proceeds from issuance of preferred stock and warrants	0		2,965		0
Proceeds from issuance of common stock	0		12,006		0
Net dispositions (purchases) of GE shares for treasury	623		(1,249)		(12,319)
Dividends paid to shareowners	(8,986)		(12,408)		(11,492)
Capital contribution from GE to GECS	0		0		0
All other financing activities	(514)		0		0
Cash from (used for) financing activities - continuing operations	(8,352)		(2,638)		(18,642)
Cash from (used for) financing activities - discontinued operations	0		0		(146)
Cash from (used for) financing activities	(8,352)		(2,638)		(18,788)
Increase (decrease) in cash and equivalents	(3,436)		5,388		2,222
Cash and equivalents at beginning of year	12,090		6,702		4,480
Cash and equivalents at end of year	8,654		12,090		6,702
Less cash and equivalents of discontinued operations at end of year	0		0		0
Cash and equivalents of continuing operations at end of year	8,654		12,090		6,702
Supplemental disclosure of cash flows information
Cash paid during the year for interest	(768)		(1,190)		(1,466)
Cash recovered (paid) during the year for income taxes	(3,078)		(2,627)		(4,036)
Financial Services (GECS)
Cash flows - operating activities
Net earnings	1,446		7,286		10,510
Less net earnings attributable to noncontrolling interests	31		231		209
Net earnings attributable to the Company	1,415		7,055		10,301
Loss from discontinued operations	175		719		2,116
Adjustments to reconcile net earnings attributable to the Company to cash provided from operating activities
Depreciation and amortization of property, plant and equipment	8,325		9,330		8,126
Earnings from continuing operations retained by GECS	0		0		0
Deferred income taxes	(2,245)		(867)		93
Decrease (increase) in GE current receivables	0		0		0
Decrease (increase) in inventories	(6)		(14)		2
Increase (decrease) in accounts payable	(379)		(1,045)		485
Increase (decrease) in GE progress collections	0		0		0
Provision for losses on financing receivables (Note 6)	10,928		7,518		4,431
All other operating activities (Note 25)	(10,654)		8,508		(539)
Cash from (used for) operating activities - continuing operations	7,559		31,204		25,015
Cash from (used for) operating activities - discontinued operations	(133)		765		4,039
Cash from (used for) operating activities	7,426		31,969		29,054
Cash flows - investing activities
Additions to property, plant and equipment	(6,443)		(13,321)		(15,217)
Dispositions of property, plant and equipment	6,479		10,975		8,457
Net decrease (increase) in GECS financing receivables	43,952		(17,375)		(44,164)
Proceeds from sales of discontinued operations	0		5,220		117
Proceeds from principal business dispositions	9,088		4,928		1,699
Payments for principal businesses purchased	(5,702)		(24,961)		(7,570)
Capital contribution from GE to GECS	0		0		0
All other investing activities	(1,686)		5,979		(8,730)
Cash from (used for) investing activities - continuing operations	45,688		(28,555)		(65,408)
Cash from (used for) investing activities - discontinued operations	136		(881)		(3,921)
Cash from (used for) investing activities	45,824		(29,436)		(69,329)
Cash flows - financing activities
Net increase (decrease) in borrowings (maturities of 90 days or less)	(26,882)		(45,515)		1,642
Net increase (decrease) in bank deposits	(3,986)		20,623		2,144
Newly issued debt (maturities longer than 90 days)	81,186		116,117		91,678
Repayments and other reductions (maturities longer than 90 days)	(83,503)		(67,114)		(49,576)
Proceeds from issuance of preferred stock and warrants	0		0		0
Proceeds from issuance of common stock	0		0		0
Net dispositions (purchases) of GE shares for treasury	0		0		0
Dividends paid to shareowners	0		(2,351)		(7,291)
Capital contribution from GE to GECS	9,500		5,500		0
All other financing activities	(2,691)		(1,862)		(1,204)
Cash from (used for) financing activities - continuing operations	(26,376)		25,398		37,393
Cash from (used for) financing activities - discontinued operations	0		(4)		(8)
Cash from (used for) financing activities	(26,376)		25,394		37,385
Increase (decrease) in cash and equivalents	26,874		27,927		(2,890)
Cash and equivalents at beginning of year	37,666		9,739		12,629
Cash and equivalents at end of year	64,540		37,666		9,739
Less cash and equivalents of discontinued operations at end of year	184		180		300
Cash and equivalents of continuing operations at end of year	64,356		37,486		9,439
Supplemental disclosure of cash flows information
Cash paid during the year for interest	(18,833)		(24,663)		(21,874)
Cash recovered (paid) during the year for income taxes	$543		($610)		$1,124
[1]See Note 3 for other-than-temporary impairment amounts.

Note 1 Summary of Significant A

Note 1 Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Notes to Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies Accounting Principles Our financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP). Consolidation Our financial statements consolidate all of our affiliates entities that we control, most often because we hold a majority voting interest. Associated companies are entities that we do not control but over which we have significant influence, most often because we hold a voting interest of 20% to 50%. Results of associated companies are presented on a one-line basis. Investments in and advances to associated companies are presented on a one-line basis in the caption "All other assets" in our Statement of Financial Position, net of allowance for losses that represents our best estimate of probable losses inherent in such assets. Financial Statement Presentation We have reclassified certain prior-year amounts to conform to the current-year's presentation. Financial data and related measurements are presented in the following categories: GE This represents the adding together of all affiliates other than General Electric Capital Services, Inc. (GECS), whose operations are presented on a one-line basis. GECS This affiliate owns all of the common stock of General Electric Capital Corporation (GE Capital). GE Capital and its respective affiliates are consolidated in the accompanying GECS columns and constitute the majority of its business. Consolidated This represents the adding together of GE and GECS, giving effect to the elimination of transactions between GE and GECS. Operating Segments These comprise our five businesses, focused on the broad markets they serve: Energy Infrastructure, Technology Infrastructure, NBC Universal (NBCU), Capital Finance and Consumer Industrial. Prior-period information has been reclassified to be consistent with the current organization. Unless otherwise indicated, information in these notes to consolidated financial statements relates to continuing operations. Certain of our operations have been presented as discontinued. See Note 2. The effects of translating to U.S. dollars the financial statements of non-U.S. affiliates whose functional currency is the local currency are included in shareowners' equity. Asset and liability accounts are translated at year-end exchange rates, while revenues and expenses are translated at average rates for the respective periods. Preparing financial statements in conformity with U.S. GAAP requires us to make estimates based on assumptions about current, and for some estimates future, economic and market conditions (for example, unemployment, market liquidity, the real estate market, etc.), which affect reported amounts and related disclosures in our financial statements. Although our current estimates contemplate current conditions and how we expect them to change in the future, as appropriate, it is reasonably possible that in 2010 actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial position. Among other effects, such changes co

Note 2 Discontinued Operations

Note 2 Discontinued Operations
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
2. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS	Note 2. ASSETS AND LIABILITIES OF BUSINESSES HELD FOR SALE AND DISCONTINUED OPERATIONS Assets and Liabilities of Businesses Held for Sale On December 3, 2009, we entered into an agreement with Comcast Corporation to transfer the assets of the NBCU business to a newly formed entity, which will consist of our NBCU businesses and Comcast Corporation's cable networks, regional sports networks, certain digital properties and certain unconsolidated investments. Pursuant to the transaction, we will receive $6,500 million in cash (subject to certain adjustments based on various events between contract signing and closing) and will own a 49% interest in the newly formed entity. The transaction is subject to receipt of various regulatory approvals and is expected to close within the next year. We also entered into an agreement whereby we will acquire approximately 38% of Vivendi's interest in NBCU for $2,000 million on September 26, 2010, if the transaction described above has not yet closed. Provided the transaction subsequently closes, we will acquire the remaining Vivendi NBCU interest for $3,578 million and make an additional payment of $222 million related to the previously purchased shares. If the entity formation transaction closes before September 26, 2010, we will purchase Vivendi's entire ownership interest in NBCU (20%) for $5,800 million. Prior to the sale, NBCU will borrow approximately $9,100 million from third-party lenders and distribute the cash to us. We expect to realize approximately $8,000 million in cash after debt reduction, transaction fees and the buyout of the Vivendi interest in NBCU. With respect to our 49% interest in the newly formed entity, we will hold redemption rights which, if exercised, cause the entity to purchase half of our ownership interest after 3.5 years and the remaining half after 7 years subject to certain exceptions, conditions and limitations. Our interest will also be subject to call provisions which, if exercised, allow Comcast Corporation to purchase our interest at specified times subject to certain exceptions. The redemption price for such transactions is determined pursuant to a formula specified in the agreement. We have classified the NBCU assets and liabilities of $32,150 million and $5,751 million, respectively, as held for sale at December 31, 2009. The major classes of assets are current receivables ($2,136 million), property, plant and equipment net ($1,805 million), goodwill and other intangible assets net ($21,574 million) and all other assets ($6,514 million), including film and television production costs of $4,507 million. The major classes of liabilities are accounts payable ($398 million), other current liabilities ($4,051 million) and all other liabilities ($1,300 million). On November 12, 2009, we committed to sell our Security business (within Enterprise Solutions), and expect to complete this sale in early 2010. Assets and liabilities of $1,780 million and $282 million, respectively, were classified as held for sale at December 31, 2009. On January 7, 2009, we exchanged our Consumer businesses in Austria and Finland, the credit card and auto businesses in the U.

Note 3 Investment Securities

Note 3 Investment Securities
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
3. INVESTMENT SECURITIES	Note 3. Investment Securities The 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, and retained interests in securitization entities. 2009 2008 Gross Gross Gross Gross Amortized unrealized unrealized Estimated Amortized unrealized unrealized Estimated December 31 (In millions) cost gains losses fair value cost gains losses fair value GE Debt - U.S. corporate $ 12 $ 4 $ (1) $ 15 $ 182 $ 0 $ 0 $ 182 Equity - available-for-sale 14 1 0 15 32 0 (1) 31 26 5 (1) 30 214 0 (1) 213 GECS Debt U.S. corporate 23,410 981 (756) 23,635 22,183 512 (2,477) 20,218 State and municipal 2,006 34 (246) 1,794 1,556 19 (94) 1,481 Residential mortgage- backed(a) 4,005 79 (766) 3,318 5,326 70 (1,052) 4,344 Commercial mortgage-backed 3,053 89 (440) 2,702 2,910 14 (788) 2,136 Asset-backed 2,994 48 (305) 2,737 3,173 3 (691) 2,485 Corporate - non-U.S. 1,831 59 (50) 1,840 1,441 14 (166) 1,289 Government - non-U.S. 2,902 63 (29) 2,936 1,300 61 (19) 1,342 U.S. government and federal agency 2,628 46 0 2,674 739 65 (100) 704 Retained interests(b) 8,479 392 (40) 8,831 6,395 113 (152) 6,356 Equity Available-for-sale 489 242 (5) 726 629 24 (160) 493 Trading 720 0 0 720 388 0 0 388 52,517 2,033 (2,637) 51,913 46,040 895 (5,699) 41,236 Eliminations (2) 0 0 (2) (7) 0 4 (3) Total $ 52,541 $ 2,038 $ (2,638) $ 51,941 $ 46,247 $ 895 $ (5,696) $ 41,446 (a)Substantially collateralized by U.S. mortgages. (b)Included $1,918 million and $1,752 million of retained interests at December 31, 2009 and 2008, respectively, accounted for at fair value in accordance with ASC 815, Derivatives and Hedging. See Note 23. The fair value of investment securities increased to $51.9 billion at December 31, 2009, from $41.4 billion at December 31, 2008, primarily driven by decreases in unrealized losses due to market improvements, investment of cash into short-term investments such as money market funds and certificates of deposits, and an increase in our retained interests in securitization entities. The following tables present the gross unrealized losses and estimated fair values 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 December 31 (In millions) fair value losses fair value losses 2009 Debt U.S. corporate $ 3,146 $ (88) $ 4,881 $ (669) State and municipal 592 (129) 535 (117) Residential mortgage-backed 118 (14) 1,678 (752) Commercial mortgage-backed 167 (5) 1,293 (435) Asset-backed 126 (11) 1,342 (294) Corpor

Note 4 Current Receivables

Note 4 Current Receivables
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
4. CURRENT RECEIVABLES	Note 4. Current Receivables Consolidated(a) GE December 31 (In millions) 2009 2008 2009 2008 Energy Infrastructure $ 6,695 $ 7,403 $ 5,392 $ 6,409 Technology Infrastructure 7,750 9,214 4,269 5,687 NBC Universal(b) 0 3,659 0 2,701 Consumer Industrial 1,066 1,498 303 513 Corporate items and eliminations 1,497 296 404 381 17,008 22,070 10,368 15,691 Less allowance for losses (550) (659) (550) (627) Total $ 16,458 $ 21,411 $ 9,818 $ 15,064 (a)Included GE industrial customer receivables factored through a GECS affiliate and reported as financing receivables by GECS. See Note 26. (b)Excluded $2,282 million of receivables classified as assets of businesses held for sale at December 31, 2009. GE receivables balances at December 31, 2009 and 2008, before allowance for losses, included $7,455 million and $11,274 million, respectively, from sales of goods and services to customers, and $37 million and $293 million at December 31, 2009 and 2008, respectively, from transactions with associated companies. GE current receivables of $104 million and $231 million at December 31, 2009 and 2008, respectively, arose from sales, principally of Aviation goods and services on open account to various agencies of the U.S. government. About 6% of GE sales of goods and services were to the U.S. government in 2009, compared with 5% in 2008 and 4% in 2007.

Note 5 Inventories

Note 5 Inventories
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
5. INVENTORIES	Note 5. Inventories December 31 (In millions) 2009 2008 GE Raw materials and work in process $ 7,581 $ 8,710 Finished goods 4,105 5,032 Unbilled shipments 759 561 12,445 14,303 Less revaluation to LIFO (529) (706) 11,916 13,597 GECS Finished goods 71 77 Total $ 11,987 $ 13,674

Note 6 GECS Financing Receivabl

Note 6 GECS Financing Receivables and Allowance for Losses on Financing Receivables
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
6. GECS FINANCING RECEIVABLES AND ALLOWANCE FOR LOSSES ON FINANCING RECEIVABLES	Note 6. GECS Financing Receivables and Allowance for Losses on Financing Receivables December 31 (In millions) 2009 2008 Loans, net of deferred income $ 290,586 $ 310,203 Investment in financing leases, net of deferred income 54,445 67,578 345,031 377,781 Less allowance for losses (8,105) (5,325) Financing receivables - net(a) $ 336,926 $ 372,456 (a)Included $3,444 million and $6,461 million primarily related to consolidated, liquidating securitization entities at December 31, 2009 and 2008, respectively. In addition, financing receivables at December 31, 2009 and 2008, included $2,704 million and $2,736 million, respectively, relating to loans that had been acquired in a transfer but have been subject to credit deterioration since origination per ASC 310, Receivables. Effective January 1, 2009, 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 financing receivables net follow. December 31 (In millions) 2009 2008 Commercial Lending and Leasing (CLL)(a) Americas $ 87,496 $ 105,410 Europe 39,476 37,767 Asia 13,202 16,683 Other 771 786 140,945 160,646 Consumer(a) Non-U.S. residential mortgages 58,831 60,753 Non-U.S. installment and revolving credit 25,208 24,441 U.S. installment and revolving credit 23,190 27,645 Non-U.S. auto 13,485 18,168 Other 12,808 11,541 133,522 142,548 Real Estate 44,841 46,735 Energy Financial Services 7,790 8,392 GE Capital Aviation Services (GECAS)(b) 15,319 15,429 Other(c) 2,614 4,031 345,031 377,781 Less allowance for losses (8,105) (5,325) Total $ 336,926 $ 372,456 (a)During the first quarter of 2009, we transferred Artesia from CLL to Consumer. Prior-period amounts were reclassified to conform to the current-period's presentation. (b) Included loans and financing leases of $13,254 million and $13,078 million at December 31, 2009 and 2008, respectively, related to commercial aircraft at Aviation Financial Services. (c) Consisted of loans and financing leases related to certain consolidated, liquidating securitization entities. GECS financing receivables include both loans and financing leases. Loans represent transactions in a variety of forms, including revolving charge and credit, mortgages, installment loans, intermediate-term loans and revolving loans secured by business assets. The portfolio includes loans carried at the principal amount on which finance charges are billed periodically, and loans carried at gross book value, which includes finance charges. Investment in financing leases consists of direct financing and leveraged leases of aircraft, railroad rolling stock, autos, other transportation equipment, data processing equipment, medical equipment, commercial real estate and other manufacturing, power generation, and commercial equipment and facilities. For federal in

Note 7 Property, Plant And Equi

Note 7 Property, Plant And Equipment
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
7. PROPERTY, PLANT AND EQUIPMENT	Note 7. Property, Plant and Equipment Depreciable lives-new December 31 (Dollars in millions) (in years) 2009 2008 Original cost GE(a) Land and improvements 8 (b) $ 562 $ 738 Buildings, structures and related equipment 8-40 7,569 7,354 Machinery and equipment 4-20 20,714 22,114 Leasehold costs and manufacturing plant under construction 1-10 1,431 2,305 30,276 32,511 GECS(c) Land and improvements, buildings, structures and related equipment 2-40 (b) 6,119 7,076 Equipment leased to others Aircraft 20 42,634 40,478 Vehicles(d) 1-14 21,589 32,098 Railroad rolling stock 5-36 4,290 4,402 Construction and manufacturing 2-24 2,759 3,363 Mobile equipment 12-25 2,786 2,954 All other 2-40 2,862 2,789 83,039 93,160 Total $ 113,315 $ 125,671 Net carrying value GE(a) Land and improvements $ 527 $ 705 Buildings, structures and related equipment 3,812 3,768 Machinery and equipment 6,932 7,999 Leasehold costs and manufacturing plant under construction 1,224 1,961 12,495 14,433 GECS(c) Land and improvements, buildings, structures and related equipment 3,785 4,527 Equipment leased to others Aircraft(e) 32,983 32,288 Vehicles(d) 11,519 18,149 Railroad rolling stock 2,887 2,915 Construction and manufacturing 1,697 2,333 Mobile equipment 1,912 2,022 All other 1,934 1,863 56,717 64,097 Total $ 69,212 $ 78,530 (a)Excluded $3,426 million of original cost and $1,942 million of net carrying value at December 31, 2009, classified as assets of businesses held for sale. (b)Depreciable lives exclude land. (c)Included $1,609 million and $1,748 million of original cost of assets leased to GE with accumulated amortization of $572 million and $491 million at December 31, 2009 and 2008, respectively. (d)At December 31, 2008, included $7,774 million of original cost assets and $4,737 million net carrying value related to Penske Truck Leasing Co., L.P. (PTL), which was deconsolidated in 2009. (e)The GECAS business of Capital Finance recognized impairment losses of $127 million in 2009 and $72 million in 2008 recorded in the caption "Other costs and expenses" in the Statement of Earnings to reflect adjustments to fair value based on current market values from independent appraisers. Amortization of GECS equipment leased to others was $7,179 million, $8,173 million and $7,222 million in 2009, 2008 and 2007, respectively. Noncancellable future rentals due from customers for equipment on operating leases at December 31, 2009, are as follows: (In millions) Due in 2010 $ 7,812 2011 6,110 2012 4,724 2013 3,729 2014 3,046 2015 and later 8,820 Total $ 34,241

Note 8 Goodwill And Other Intan

Note 8 Goodwill And Other Intangible Assets
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
8. GOODWILL AND OTHER INTANGIBLE ASSETS	Note 8. Goodwill and Other Intangible Assets December 31 (In millions) 2009 2008 Goodwill GE $ 36,613 $ 56,394 GECS 28,961 25,365 Total $ 65,574 $ 81,759 December 31 (In millions) 2009 2008 Other intangible assets GE Intangible assets subject to amortization(a) $ 8,345 $ 9,010 Indefinite-lived intangible assets(b) 105 2,354 8,450 11,364 GECS Intangible assets subject to amortization 3,479 3,613 Total $ 11,929 $ 14,977 (a)Excluded intangible assets subject to amortization of $365 million at NBCU and $283 million at our Security business classified as held for sale at December 31, 2009, which principally consists of capitalized software and customer-related assets. (b)Excluded $2,207 million of indefinite-lived intangible assets at NBCU classified as held for sale at December 31, 2009, which principally comprised trademarks, tradenames and U.S. Federal Communications Commission licenses. Changes in goodwill balances follow. 2009 2008 Acquisitions/ Dispositions, Acquisitions/ Dispositions, acquisition currency acquisition currency Balance accounting exchange Balance Balance accounting exchange Balance (In millions) January 1 adjustments and other December 31 January 1 adjustments and other December 31 Energy Infrastructure $ 9,943 $ (166) $ 344 $ 10,121 $ 9,960 $ 750 $ (767) $ 9,943 Technology Infrastructure 26,684 460 (1,465) 25,679 26,130 1,116 (562) 26,684 NBC Universal 18,973 26 (18,999) 0 18,733 403 (163) 18,973 Capital Finance 25,365 3,225 371 28,961 25,427 2,024 (2,086) 25,365 Consumer Industrial 794 0 19 813 866 0 (72) 794 Total $ 81,759 $ 3,545 $ (19,730) $ 65,574 $ 81,116 $ 4,293 $ (3,650) $ 81,759 Goodwill related to new acquisitions in 2009 was $3,417 million and included acquisitions of BAC Credomatic GECF Inc. (BAC) ($1,605 million) and Interbanca S.p.A. ($1,394 million) at Capital Finance and Airfoils Technologies International Singapore Pte. Ltd. (ATI-Singapore) ($342 million) at Technology Infrastructure. During 2009, the goodwill balance increased by $128 million related to acquisition accounting adjustments for prior-year acquisitions. The most significant of these adjustments was an increase of $180 million associated with the 2008 acquisition of CitiCapital at Capital Finance, partially offset by a decrease of $141 million associated with the 2008 acquisition of Hydril Pressure Control by Energy Infrastructure. Also during 2009, goodwill balances decreased $19,730 million, primarily as a result of NBCU and our Security business being classified as held for sale ($19,001 million) and ($1,077 million), respectively, by the deconsolidation of PTL ($634 million) at Capital Finance and the disposition of 81% of GE Homeland Protection, Inc. ($423 million) at Technology Infrastructure, partially offset by weaker U.S. dollar ($1,666 million). 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 remeasu

Note 9 All Other Assets

Note 9 All Other Assets
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
9. ALL OTHER ASSETS	Note 9. All Other Assets December 31 (In millions) 2009 2008 GE Investments Associated companies(a) $ 1,710 $ 2,785 Other 454 608 2,164 3,393 Contract costs and estimated earnings 7,387 5,999 Long-term receivables, including notes(a)(b) 2,056 2,613 Derivative instruments 327 527 Film and television costs(a) 0 4,667 Other 5,163 5,236 17,097 22,435 GECS Investments Real estate(c)(d) 36,957 36,743 Associated companies 25,374 18,694 Assets held for sale(e) 3,708 5,038 Cost method(d) 1,972 2,482 Other 1,985 1,854 69,996 64,811 Derivative instruments 7,682 12,115 Advances to suppliers 2,224 2,187 Deferred acquisition costs 1,054 1,230 Deferred borrowing costs(f) 2,559 1,499 Other 3,956 3,879 87,471 85,721 Eliminations (1,151) (1,257) Total $ 103,417 $ 106,899 (a)Investments in associated companies, film and television costs and long-term receivables excluded $1,236 million, $4,507 million and $466 million, respectively, of assets classified as assets of businesses held for sale at December 31, 2009. (b)Included loans to GECS of $1,102 million and $1,038 million at December 31, 2009 and 2008, respectively. (c)GECS investment in real estate consisted principally of two categories: real estate held for investment and equity method investments. Both categories contained a wide range of properties including the following at December 31, 2009: office buildings (45%), apartment buildings (13%), industrial properties (11%), retail facilities (9%), franchise properties (7%), parking facilities (2%) and other (13%). At December 31, 2009, investments were located in the Americas (46%), Europe (32%) and Asia (22%). (d)The fair value of and unrealized loss on cost method investments in a continuous loss position for less than 12 months at December 31, 2009, were $423 million and $67 million, respectively. The fair value of and unrealized loss on cost method investments in a continuous loss position for 12 months or more at December 31, 2009, were $48 million and $13 million, respectively. The fair value of and unrealized loss on cost method investments in a continuous loss position for less than 12 months at December 31, 2008, were $565 million and $98 million, respectively. The fair value of and unrealized loss on cost method investments in a continuous loss position for 12 months or more at December 31, 2008, were $64 million and $4 million, respectively. (e)Assets were classified as held for sale on the date a decision was made to dispose of them through sale, securitization or other means. Such assets consisted primarily of credit card receivables, loans, aircraft, equipment and real estate properties, and were accounted for at the lower of carrying amount or estimated fair value less costs to sell. These amounts are net of valuation allowances of $145 million and $112 million at December 31, 2009 and 2008, respectively. (f)Included $1,642 million and $434 million at December 31, 2009 and 2008, respectively, of unamortized fees related to our participation in the Temporary Liquidity Guarantee Program.

Note 10 Borrowings and Bank Dep

Note 10 Borrowings and Bank Deposits
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
10. BORROWINGS AND BANK DEPOSITS	Note 10. Borrowings and bank deposits Short-term Borrowings 2009 2008 Average Average December 31 (Dollars in millions) Amount rate(a) Amount rate(a) GE Commercial paper U.S. $ 0 0 % $ 0 0 % Non-U.S. 0 0 1 7.82 Payable to banks 83 4.80 78 2.91 Current portion of long-term debt 27 6.56 1,703 0.84 Other 394 593 Total GE short-term borrowings 504 2,375 GECS Commercial paper U.S. Unsecured(b) 37,775 0.20 62,768 2.12 Asset-backed(c) 2,424 0.29 3,652 2.57 Non-U.S. 9,525 0.86 9,033 4.12 Current portion of long-term borrowings(b)(d)(e) 70,262 3.39 69,682 3.83 GE Interest Plus notes(f) 7,541 2.40 5,633 3.58 Other 6,412 13,131 Total GECS short-term borrowings 133,939 163,899 Eliminations (1,389) (2,213) Total short-term borrowings $ 133,054 $ 164,061 Long-term Borrowings 2009 2008 Average Average December 31 (Dollars in millions) Maturities Amount rate(a) Amount rate (a) GE Senior notes 2013-2017 $ 8,968 5.12 % $ 8,962 5.11 % Industrial development/pollution control bonds 2011-2027 264 0.19 264 1.10 Payable to banks, principally U.S. 2010-2016 2,001 2.96 317 6.93 Other 448 284 Total GE long-term borrowings 11,681 9,827 GECS Senior notes Unsecured(b)(e)(g) 2011-2055 312,852 3.23 296,760 4.82 Asset-backed(h) 2011-2035 3,390 4.01 5,002 5.12 Subordinated notes(i) 2012-2037 2,686 5.77 2,866 5.70 Subordinated debentures(j) 2066-2067 7,647 6.48 7,315 6.20 Other 897 1,905 Total GECS long-term borrowings 327,472 313,848 Eliminations (938) (828) Total long-term borrowings $ 338,215 $ 322,847 Bank deposits(k) $ 38,923 $ 36,854 Total borrowings and bank deposits $ 510,192 $ 523,762 (a)Based on year-end balances and year-end local currency interest rates. Current portion of long-term debt included the effects of related fair value interest rate and currency hedges, if any, directly associated with the original debt issuance. (b) General Electric Capital Corporation (GE Capital) had issued and outstanding $59,336 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 December 31, 2009 and 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. (c) Consists entirely of obligations of consolidated, liquidating securitiz

Note 11 GECS Investment Contrac

Note 11 GECS Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
11. GECS INVESTMENT CONTRACTS, INSURANCE LIABILITIES AND INSURANCE ANNUITY BENEFITS	Note 11. GECS Investment Contracts, Insurance Liabilities and Insurance Annuity Benefits GECS investment contracts, insurance liabilities and insurance annuity benefits comprise mainly obligations to annuitants and policyholders in our run-off insurance operations and holders of guaranteed investment contracts. December 31 (In millions) 2009 2008 Investment contracts $ 3,940 $ 4,212 Guaranteed investment contracts 8,310 10,828 Total investment contracts 12,250 15,040 Life insurance benefits(a) 16,847 16,259 Unpaid claims and claims adjustment expenses 2,102 2,145 Unearned premiums 532 623 Universal life benefits 278 302 Total $ 32,009 $ 34,369 (a)Life insurance benefits are accounted for mainly by a net-level-premium method using estimated yields generally ranging from 3.0% to 8.50% in both 2009 and 2008. When insurance affiliates cede insurance to third parties, such as reinsurers, they are not relieved of their primary obligation to policyholders. Losses on ceded risks give rise to claims for recovery; we establish allowances for probable losses on such receivables from reinsurers as required. Reinsurance recoverables are included in the caption "Other GECS receivables" on our Statement of Financial Position, and amounted to $1,188 million and $1,062 million at December 31, 2009 and 2008, respectively. We recognize reinsurance recoveries as a reduction of the Statement of Earnings caption "Investment contracts, insurance losses and insurance annuity benefits." Reinsurance recoveries were $219 million, $221 million and $104 million for the years ended December 31, 2009, 2008 and 2007, respectively.

Note 12 PostRetirement Benefits

Note 12 PostRetirement Benefits Plans
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
12. POSTRETIREMENT BENEFIT PLANS	Note 12. Postretirement Benefit Plans Pension Benefits We sponsor a number of pension plans. Principal pension plans, together with affiliate and certain other pension plans (other pension plans) detailed in this note, represent about 99% of our total pension assets. We use a December 31 measurement date for our plans. Principal Pension Plans are the GE Pension Plan and the GE Supplementary Pension Plan. The GE Pension Plan provides benefits to certain U.S. employees based on the greater of a formula recognizing career earnings or a formula recognizing length of service and final average earnings. Certain benefit provisions are subject to collective bargaining. The GE Supplementary Pension Plan is an unfunded plan providing supplementary retirement benefits primarily to higher-level, longer-service U.S. employees. Other Pension Plans in 2009 included 32 U.S. and non-U.S. pension plans with pension assets or obligations greater than $50 million. These defined benefit plans provide benefits to employees based on formulas recognizing length of service and earnings. Pension Plan Participants Principal Other pension pension December 31, 2009 Total plans plans Active employees 157,000 120,000 37,000 Vested former employees 239,000 200,000 39,000 Retirees and beneficiaries 239,000 215,000 24,000 Total 635,000 535,000 100,000 Cost of Pension Plans Total Principal pension plans Other pension plans (In millions) 2009 2008 2007 2009 2008 2007 2009 2008 2007 Expected return on plan assets $ (4,943) $ (4,850) $ (4,459) $ (4,505) $ (4,298) $ (3,950) $ (438) $ (552) $ (509) Service cost for benefits earned 1,906 1,663 1,727 1,609 1,331 1,355 297 332 372 Interest cost on benefit obligation 3,129 3,152 2,885 2,669 2,653 2,416 460 499 469 Prior service cost amortization 437 332 247 426 (a) 321 241 11 11 6 Net actuarial loss amortization 482 316 856 348 237 693 134 79 163 Pension plans cost $ 1,011 $ 613 $ 1,256 $ 547 $ 244 $ 755 $ 464 $ 369 $ 501 (a)In 2009, included a $103 million loss as a result of our agreement with Comcast Corporation to transfer the assets of the NBCU business to a newly formed entity in which we will own a 49% interest. Actuarial assumptions are described below. The discount rates at December 31 measured the year-end benefit obligations and the earnings effects for the subsequent year. Principal pension plans Other pension plans (weighted average) December 31 2009 2008 2007 2006 2009 2008 2007 2006 Discount rate 5.78 % 6.11 % 6.34 % 5.75 % 5.31 % 6.03 % 5.65 % 4.97 % Compensation increases 4.20 4.20 5.00 5.00 4.56 4.47 4.50 4.26 Expected return on assets 8.50 8.50 8.50 8.50 7.29 7.41 7.51 7.44 To determine the expected long-term rate of return on pension plan assets, we consider current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for our principal benefit plans' assets, we evaluate gener

Note 13 All other liabilities

Note 13 All other liabilities
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
13. ALL OTHER LIABILITIES	Note 13. All Other Liabilities This caption includes liabilities for various items including non-current compensation and benefits, deferred income, interest on tax liabilities, unrecognized tax benefits, accrued participation and residuals, environmental remediation, asset retirement obligations, derivative instruments, product warranties and a variety of sundry items. Accruals for non-current compensation and benefits amounted to $24,921 million and $22,543 million for year-end 2009 and 2008, respectively. These amounts include postretirement benefits, pension accruals, and other compensation and benefit accruals such as deferred incentive compensation. The increase in 2009 was primarily the result of an increase in pension accruals. We are involved in numerous remediation actions to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs exclude possible insurance recoveries and, when dates and amounts of such costs are not known, are not discounted. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop a meaningful estimate of the reasonably possible aggregate environmental remediation exposure.

Note 14 Income Taxes

Note 14 Income Taxes
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
14. INCOME TAXES	Note 14. Income Taxes Provision for Income Taxes (In millions) 2009 2008 2007 GE Current tax expense $ 3,199 $ 3,844 $ 2,230 Deferred tax expense (benefit) from temporary differences (460) (417) 564 2,739 3,427 2,794 GECS Current tax expense (benefit) (1,584) (1,508) 1,268 Deferred tax expense (benefit) from temporary differences (2,245) (867) 93 (3,829) (2,375) 1,361 Consolidated Current tax expense 1,615 2,336 3,498 Deferred tax expense (benefit) from temporary differences (2,705) (1,284) 657 Total $ (1,090) $ 1,052 $ 4,155 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. Consolidated U.S. earnings (loss) from continuing operations before income taxes were $(498) million in 2009, $2,659 million in 2008 and $9,078 million in 2007. The corresponding amounts for non-U.S.-based operations were $10,842 million in 2009, $17,123 million in 2008 and $18,450 million in 2007. Consolidated current tax expense includes amounts applicable to U.S. federal income taxes of a benefit of $886 million and $723 million in 2009 and 2008, respectively, and expense of $64 million in 2007, and amounts applicable to non-U.S. jurisdictions of $2,416 million, $3,060 million and $3,042 million in 2009, 2008 and 2007, respectively. Consolidated deferred taxes related to U.S. federal income taxes were a benefit of $2,423 million and $827 million in 2009 and 2008, respectively, and expense of $776 million in 2007. Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carryforwards, and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years. We evaluate the recoverability of these future tax deductions and credits by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent we do not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established. Our businesses are subject to regulation under a wide variety of U.S. federal, state and foreign tax laws, regulations and policies. Changes to these laws or regulations may affect our tax liability, return on investments and business operations. For example, GE's effective tax rate is reduced because active business income earned and indefinitely reinvested outside the United States is taxed at less than the U.S. rate. A significant portion of this reduction depends upon a provision of U.S. tax law that defers the imposition of U.S. tax on certain active financial services income until that income is repatriated to the Uni

Note 15 Shareowners' Equity

Note 15 Shareowners' Equity
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
15. SHAREOWNERS' EQUITY	Note 15. Shareowners' Equity (In millions) 2009 2008 2007 Preferred stock issued(a)(b)(c) $ 0 $ 0 $ 0 Common stock issued(a)(b) $ 702 $ 702 $ 669 Accumulated other comprehensive income Balance at January 1 $ (21,853) $ 8,324 $ 3,254 Investment securities net of deferred taxes of $1,001, $(2,528) and $(510) 2,678 (3,813) (972) Currency translation adjustments net of deferred taxes of $(611), $4,082 and $(1,319) 4,174 (10,890) 4,662 Cash flow hedges net of deferred taxes of $933, $(2,307) and $323 986 (4,907) 426 Benefit plans net of deferred taxes of $(5), $(7,379) and $860(d) (1,804) (13,288) 2,566 Reclassification adjustments Investment securities net of deferred taxes of $494, $734 and $(375) (19) 595 (512) Currency translation adjustments (39) (117) (135) Cash flow hedges net of deferred taxes of $428, $620 and $(655) 612 2,243 (965) Balance at December 31 $ (15,265) $ (21,853) $ 8,324 Other capital Balance at January 1 $ 40,390 $ 26,100 $ 25,486 Common stock issuance(b) 0 11,972 0 Preferred stock and warrant issuance(b) 0 2,965 0 Gains (losses) on treasury stock dispositions and other(b) (2,661) (647) 614 Balance at December 31 $ 37,729 $ 40,390 $ 26,100 Retained earnings Balance at January 1(e) $ 122,185 $ 117,362 $ 106,867 Net earnings attributable to the Company 11,025 17,410 22,208 Dividends(b)(f) (6,785) (12,649) (11,713) Other(b)(g) (62) 0 0 Balance at December 31 $ 126,363 $ 122,123 $ 117,362 Common stock held in treasury Balance at January 1 $ (36,697) $ (36,896) $ (24,893) Purchases(b) (214) (3,508) (14,913) Dispositions(b) 4,673 3,707 2,910 Balance at December 31 $ (32,238) $ (36,697) $ (36,896) Total equity GE shareowners' equity balance at December 31 $ 117,291 $ 104,665 $ 115,559 Noncontrolling interests balance at December 31(h) 7,845 8,947 8,004 Total equity balance at December 31 $ 125,136 $ 113,612 $ 123,563 (a)Additions resulting from issuances in 2008 were inconsequential for preferred stock and $33 million for common stock. (b)Total dividends and other transactions with shareowners, inclusive of additions to par value discussed in note (a), decreased equity by $5,049 million in 2009, increased equity by $1,873 million in 2008 and decreased equity by $23,102 million in 2007. (c)GE has 50 million authorized shares of preferred stock ($1.00 par value) and has issued 30 thousand shares as of December 31, 2009. (d)For 2009, included $(9) million of prior service costs for plan amendments, $814 million of amortization of prior service costs, $(2,793) million of gains (losses) arising during the year and $184 million of amortization of gains (losses) net of deferred taxes of $(10) million, $434 million, $(528) million and $99 million, respectively. For 2008, included $(43) million of prior service costs for plan amendments, $534 million of amortization of prior service costs, $(13,980) million of gains (losses) arising during the year and $201 million of amortization of gains (losses) net of defe

Note 16 Other Stock-Related Inf

Note 16 Other Stock-Related Information
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
16. OTHER STOCK-RELATED INFORMATION	Note 16. Other Stock-Related Information We grant stock options, restricted stock units (RSUs) and performance share units (PSUs) to employees under the 2007 Long-Term Incentive Plan. This plan replaced the 1990 Long-Term Incentive Plan. In addition, we grant options and RSUs in limited circumstances to consultants, advisors and independent contractors (primarily non-employee talent at NBC Universal) under a plan approved by our Board of Directors in 1997 (the consultants' plan). There are outstanding grants under one shareowner-approved option plan for non-employee directors. Share requirements for all plans may be met from either unissued or treasury shares. Stock options expire 10 years from the date they are granted and vest over service periods that range from one to five years. RSUs give the recipients the right to receive shares of our stock upon the vesting of their related restrictions. Restrictions on RSUs vest in various increments and at various dates, beginning after one year from date of grant through grantee retirement. Although the plan permits us to issue RSUs settleable in cash, we have only issued RSUs settleable in shares of our stock. PSUs give recipients the right to receive shares of our stock upon the achievement of certain performance targets. All grants of GE options under all plans must be approved by the Management Development and Compensation Committee, which consists entirely of independent directors. Stock Compensation Plans Securities to be Weighted Securities issued average available upon exercise for future December 31, 2009 (Shares in thousands) exercise price issuance Approved by shareowners Options 337,544 $ 24.40 (a) RSUs 25,791 (b) (a) PSUs 950 (b) (a) Not approved by shareowners (Consultants Plan) Options 619 32.49 (c) RSUs 70 (b) (c) Total 364,974 $ 24.41 312,162 (a)In 2007, the Board of Directors approved the 2007 Long-Term Incentive Plan (the Plan). The Plan replaced the 1990 Long-Term Incentive Plan. The maximum number of shares that may be granted under the Plan is 500 million shares, of which no more than 250 million may be available for awards granted in any form provided under the Plan other than options or stock appreciation rights. The approximate 105.9 million shares available for grant under the 1990 Plan were retired upon approval of the 2007 Plan. Total shares available for future issuance under the 2007 Plan amounted to 284.0 million shares at December 31, 2009. (b)Not applicable. (c)Total shares available for future issuance under the consultants' plan amount to 28.1 million shares. Outstanding options expire on various dates through December 10, 2019. The following table summarizes information about stock options outstanding at December 31, 2009. Stock Options Outstanding (Shares in thousands) Outstanding Exercisable Average Average Average exercise exercise Exercise price range Shares life(a) price Shares price Under $10.00 68,673 9.2 $ 9.57 127 $ 9.57 10.01-15.00 87,600 9.5 11.98 89 11.53 15.01-20.00 896 9.5 16.19 76 18.72 20

Note 17 Other income

Note 17 Other income
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
17. OTHER INCOME	Note 17. Other Income (In millions) 2009 2008 2007 GE Associated companies(a) $ 667 $ 332 $ 671 Purchases and sales of business interests(b) 363 891 1,541 Licensing and royalty income 217 291 255 Interest income from GECS 173 371 329 Marketable securities and bank deposits 54 196 282 Other items (295) (116) 293 1,179 1,965 3,371 Eliminations (173) (379) (352) Total $ 1,006 $ 1,586 $ 3,019 (a)Included a gain of $552 million related to dilution of our interest in AE Television Network from 25% to 15.8% in 2009. (b)In 2009, included a gain of $254 million related to our increased ownership in ATI-Singapore from 49% to 100%. See Note 8. In 2007, included gain on sale of a business interest to Hitachi of $900 million.

Note 18 GECS Revenues From Serv

Note 18 GECS Revenues From Services
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
18. GECS REVENUES FROM SERVICES	Note 18. GECS Revenues from Services (In millions) 2009 2008 2007 Interest on loans $ 20,080 $ 27,109 $ 23,599 Equipment leased to others 12,231 15,568 15,260 Fees 4,634 6,126 6,533 Investment income(a) 3,391 2,191 4,724 Financing leases 3,322 4,374 4,699 Premiums earned by insurance activities 2,065 2,255 2,232 Net securitization gains 1,589 1,133 1,804 Real estate investments 1,543 3,505 4,669 Associated companies 1,059 2,217 2,172 Other items(b)(c) 3,279 5,036 5,526 Total $ 53,193 $ 69,514 $ 71,218 (a)Included gain on sale of Swiss Re common stock of $566 million in 2007 and net other-than-temporary impairments on investment securities of $583 million, $1,420 million and $127 million in 2009, 2008 and 2007, respectively. Of the $583 million, $33 million related to impairments recognized in the first quarter of 2009 that were reclassified to retained earnings as a result of the amendments to ASC 320. See Note 3. (b)Included a gain on the sale of a partial interest in a limited partnership 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 23. (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 8.

Note 19 Suppplemental Cost Info

Note 19 Suppplemental Cost Information
	Dec. 31, 2009
Notes to Consolidated Financial Statements
19. SUPPLEMENTAL COST INFORMATION	Note 19. Supplemental Cost Information We funded research and development expenditures of $3,324 million in 2009, $3,113 million in 2008 and $3,048 million in 2007. Research and development costs are classified in cost of goods sold in the Statement of Earnings. In addition, research and development funding from customers, principally the U.S. government, totaled $1,050 million, $1,287 million and $1,067 million in 2009, 2008 and 2007, respectively. Rental expense under operating leases is shown below. (In millions) 2009 2008 2007 GE $ 1,012 $ 912 $ 929 GECS 817 992 955 At December 31, 2009, minimum rental commitments under noncancellable operating leases aggregated $2,674 million and $2,888 million for GE and GECS, respectively. Amounts payable over the next five years follow. (In millions) 2010 2011 2012 2013 2014 GE $ 592 $ 495 $ 416 $ 334 $ 278 GECS 609 498 436 288 211 GE's selling, general and administrative expenses totaled $14,842 million in 2009, $14,401 million in 2008 and $14,148 million in 2007. Our Technology Infrastructure and Energy Infrastructure segments enter into collaborative arrangements with manufacturers and suppliers of components used to build and maintain certain engines, aero-derivatives, and turbines, under which GE and these participants share in risks and rewards of these product programs. Under these arrangements, participation fees earned and recorded as other income totaled $1 million, $394 million and $481 million for the years 2009, 2008 and 2007, respectively. Payments to participants are recorded as costs of services sold ($504 million, $423 million and $320 million for the years 2009, 2008 and 2007, respectively) or as cost of goods sold ($1,731 million, $1,882 million and $1,573 million for the years 2009, 2008 and 2007, respectively).

Note 20 Earnings Per Share Info

Note 20 Earnings Per Share Information
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
20. EARNINGS PER SHARE INFORMATION	Note 20. Earnings Per Share Information 2009 2008 2007 (In millions; per-share amounts in dollars) Diluted Basic Diluted Basic Diluted Basic Amounts attributable to the Company: Consolidated Earnings from continuing operations for per-share calculation(a) $ 11,188 $ 11,187 $ 18,091 $ 18,089 $ 22,457 $ 22,457 Preferred stock dividends declared (300) (300) (75) (75) 0 0 Earnings from continuing operations attributable to common shareowners for per-share calculation $ 10,888 $ 10,887 $ 18,016 $ 18,014 $ 22,457 $ 22,457 Loss from discontinued operations for per-share calculation (193) (193) (679) (679) (249) (249) Net earnings attributable to common shareowners for per-share calculation 10,695 10,694 17,336 17,335 22,208 22,208 Average equivalent shares Shares of GE common stock outstanding 10,614 10,614 10,080 10,080 10,182 10,182 Employee compensation-related shares, including stock options 1 0 18 0 36 0 Total average equivalent shares 10,615 10,614 10,098 10,080 10,218 10,182 Per-share amounts Earnings from continuing operations $ 1.03 $ 1.03 $ 1.78 $ 1.79 $ 2.20 $ 2.21 Loss from discontinued operations (0.02) (0.02) (0.07) (0.07) (0.02) (0.02) Net earnings 1.01 1.01 1.72 1.72 2.17 2.18 Effective January 1, 2009, 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 this treatment had an insignificant effect. (a)Included an insignificant amount of dividend equivalents in each of the three years presented and an insignificant amount related to accretion of redeemable securities in 2009. For the years ended December 31, 2009, 2008 and 2007, there were approximately 328 million, 204 million and 77 million, respectively, of outstanding stock awards that were not included in the computation of diluted earnings per share because their effect was antidilutive. Earnings-per-share amounts are computed independently for earnings from continuing operations, loss from discontinued operations and net earnings. As a result, the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings.

Note 21 Fair Value Measurements

Note 21 Fair Value Measurements
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
21. FAIR VALUE MEASUREMENTS	Note 21. Fair Value Measurements We adopted ASC 820 in two steps; effective January 1, 2008, we adopted it for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis and effective January 1, 2009, for all non-financial instruments accounted for at fair value on a non-recurring basis. This guidance establishes a new framework for measuring fair value and expands related disclosures. Broadly, the 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. It also establishes a three-level valuation hierarchy based upon observable and non-observable inputs. The following tables present our assets and liabilities measured at fair value on a recurring basis. Included in the tables are investment securities of $25,729 million and $21,967 million at December 31, 2009 and 2008, respectively, primarily supporting obligations to annuitants and policyholders in our run-off insurance operations, and $6,629 million and $8,190 million at December 31, 2009 and 2008, respectively, supporting obligations to holders of guaranteed investment contracts. Such securities are mainly investment grade. Netting (In millions) Level 1 Level 2 Level 3 (a) adjustment (b) Net balance December 31, 2009 Assets Investment securities Debt U.S. corporate $ 723 $ 19,669 $ 3,258 $ 0 $ 23,650 State and municipal 0 1,621 173 0 1,794 Residential mortgage-backed 0 3,195 123 0 3,318 Commercial mortgage-backed 0 2,647 55 0 2,702 Asset-backed 0 860 1,877 0 2,737 Corporate non-U.S. 159 692 989 0 1,840 Government non-U.S. 1,277 1,483 176 0 2,936 U.S. government and federal agency 85 2,307 282 0 2,674 Retained interests 0 0 8,831 0 8,831 Equity Available-for-sale 536 184 19 0 739 Trading 720 0 0 0 720 Derivatives(c) 0 11,056 804 (3,851) 8,009 Other(d) 0 0 1,006 0 1,006 Total $ 3,500 $ 43,714 $ 17,593 $ (3,851) $ 60,956 Liabilities Derivatives $ 0 $ 7,295 $ 222 $ (3,860) $ 3,657 Other(e) 0 798 0 0 798 Total $ 0 $ 8,093 $ 222 $ (3,860) $ 4,455 December 31, 2008 Assets Investment securities Debt U.S. corporate $ 0 $ 17,191 $ 3,209 $ 0 $ 20,400 State and municipal 0 1,234 247 0 1,481 Residential mortgage-backed 30 4,141 173 0 4,344 Commercial mortgage-backed 0 2,070 66 0 2,136 Asset-backed 0 880 1,605 0 2,485 Corporate non-U.S. 69 562 658 0 1,289 Government non-U.S. 496 422 424 0 1,342 U.S. government and federal agency 5 515 184 0 704 Retained interests 0 0 6,356 0 6,356 Equity Available-for-sale 475 12 34 0 521

Note 22 Financial Instruments

Note 22 Financial Instruments
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
DISCLOSURE ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS	Note 22. 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 ASC 825, Financial Instruments, the table excludes finance leases and non-financial assets and liabilities. Apart from certain of our borrowings and certain marketable securities, few of the instruments discussed 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. 2009 2008 Assets (liabilities) Assets (liabilities) Carrying Carrying Notional amount Estimated Notional amount Estimated December 31 (In millions) amount (net) fair value amount (net) fair value GE Assets Investments and notes receivable $ (a) $ 412 $ 412 $ (a) $ 554 $ 511 Liabilities Borrowings(b) (a) (12,185) (12,757) (a) (12,202) (12,267) GECS Assets Loans (a) 283,135 269,283 (a) 305,376 292,797 Other commercial mortgages (a) 1,151 1,198 (a) 1,501 1,427 Loans held for sale (a) 1,303 1,343 (a) 3,640 3,670 Other financial instruments (c) (a) 2,096 2,385 (a) 2,637 2,810 Liabilities Borrowings and bank deposits(b)(d) (a) (500,334) (506,148) (a) (514,601) (495,541) Investment contract benefits (a) (3,940) (4,397) (a) (4,212) (4,536) Guaranteed investment contracts (a) (8,310) (8,394) (a) (10,828) (10,677) Insurance credit life(e) 1,595 (80) (53) 1,165 (44) (31) (a)These financial instruments do not have notional amounts. (b)See Note 10. (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 December 31, 2009 and 2008 would have been reduced by $2,856 million and $3,776 million, respectively. (e)Net of reinsurance of $2,800 million and $3,103 million at December 31, 2009 and 2008, respectively. A description of how we estimate fair values follows. Loans Based on quoted market prices, recent transactions and/or discounted future cash flows, using rates we would charge to similar borrowers with similar maturities. Borrowings and bank deposits Valuation methodologies using current market interest rate data which are comparable to market quotes adjusted for our non-performance risk. Investment contract benefits Based on expected future cash flows, discounted at currently offered rates for immediate annuity contracts or the income approach for single premium deferred annuities. Guaranteed investment contracts Based on valuation methodologies using current market interest rate data, adjusted for our non-performance risk. All other instruments Based on observable market transactions, valuation methodologies using current market interest rate data adjusted for inherent credit risk and/or quoted market prices. Assets and liabilities that a
DERIVATES AND HEDGING	Derivatives and hedging As a matter of policy, we use derivatives for risk management purposes, and 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 funding to meet this objective. The determination of whether we enter into a derivative transaction or issue debt directly to achieve this objective depends on a number of factors, including customer needs for specific types of financing, and market related factors that affect the type of debt we can issue. Of the outstanding notional amount of $353,000 million, approximately 87% or $307,000 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 derivative activities primarily relate to hedging against adverse changes in currency exchange rates and commodity prices related to anticipated sales and purchases, providing certain derivatives and/or support arrangements to our customers, and contracts containing certain clauses which meet the accounting definition of a derivative. The instruments used in these activities are designated as hedges when practicable. When we are not able to apply hedge accounting, or when the derivative and the hedged item are both recorded in earnings currently, the derivatives are deemed 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 transaction, 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 and those that are not. 2009 December 31 (In millions) Assets Liabilities Derivatives accounted for as hedges Interest rate contracts $ 4,477 $ 3,469 Currency exchange contracts 4,273 2,361 Other contracts 16 4 8,766 5,834 Derivatives not accounted for as hedges Interest rate contracts 977 889 Currency exchange contracts 1,639 658 Other contracts 478 136 3,094 1,683 Netting adjustments(a) (3,851) (3,860) Total $ 8,009 $ 3,657 Derivatives are classified in the captions "All other assets" and "All other liabilities" in our financial statements. (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 December31, 2009 and 2008, the cumulative adjustment for non-performance risk was a gain of $9 million and $177 million, res

Note 23 Off-Balance Sheet Arran

Note 23 Off-Balance Sheet Arrangements
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
23. OFF-BALANCE SHEET ARRANGEMENTS	Note 23. 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 alternative 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 have specific characteristics 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 do not have implicit support arrangements with any VIE or QSPE. We did not provide non-contractual support for previously transferred financing receivables to any VIE or QSPE in 2009 or 2008. Variable Interest Entities When 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 entity's expected losses or residual returns, a quantitative analysis is performed to determine who is the primary beneficiary. In 2009, the FASB issued ASU 2009-16 and ASU 2009-17 amendments to ASC 860, Transfers and Servicing, and ASC 810, Consolidation, respectively, which are effective for us on January 1, 2010. ASU 2009-16 will eliminate the QSPE concept, and ASU 2009-17 will require that all such entities be evaluated for consolidation as VIEs, which will result in our consolidating substantially all of our former QSPEs. Upon adoption we will record assets and liabilities of these entities at carrying amounts consistent with what they would have been if they had always been consolidated, which will require the reversal of a portion of previously recognized securitization gains as a cumulative effect adjustment to retained earnings. Consolidated Variable Interest Entities On July 1, 2003 and January 1, 2004, we were required, as a result of amendments to U.S. GAAP, to consolidate certain VIEs with aggregate assets and liabilities of $54.0 billion and $52.6 billion respectively, which are further described below. At December 31, 2009, assets and liabilities of those VIEs, and additional VIEs consolidated as a result of subsequent acquisitions of financial companies, totaled $16,994 million and $15,231 million, respectively (at December 31, 2008, assets and liabilities were $26,865 million and $21,428 million, respectively). The consolidated VIEs included in our financial statements include the following: Securitization entities that hold financing receivables and other financial assets. Since they

Note 24 Commitments and guarant

Note 24 Commitments and guarantees
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
COMMITMENTS	Note 24. Commitments and Guarantees Commitments In our Aviation business of Technology Infrastructure, we had committed to provide financial assistance on $1,151 million of future customer acquisitions of aircraft equipped with our engines, including commitments made to airlines in 2009 for future sales under our GE90 and GEnx engine campaigns. The GECAS business of Capital Finance had placed multiple-year orders for various Boeing, Airbus and other aircraft with list prices approximating $12,603 million and secondary orders with airlines for used aircraft of approximately $2,165 million at December 31, 2009. At December 31, 2009, NBC Universal had commitments to acquire film and television programming, including U.S. television rights to future Olympic Games and National Football League games, contractual commitments under various creative talent arrangements and various other arrangements of $8,860 million, substantially all of which requires payments through 2015. Product Warranties We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates are forecasts that are based on the best available information mostly historical claims experience claims costs may differ from amounts provided. An analysis of changes in the liability for product warranties follows. (In millions) 2009 2008 2007 Balance at January 1 $ 1,675 $ 1,541 $ 1,339 Current-year provisions 780 1,038 827 Expenditures(a) (794) (917) (763) Other changes (20) 13 138 Balance at December 31 $ 1,641 $ 1,675 $ 1,541 (a)Primarily related to Technology Infrastructure and Energy Infrastructure.
GUARANTEES	Guarantees At December 31, 2009, we were committed under the following guarantee arrangements beyond those provided on behalf of QSPEs and VIEs. See Note 23. Credit Support. We have provided $7,597 million of credit support on behalf of certain customers or associated companies, predominantly joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees. These arrangements enable these customers and associated companies to execute transactions or obtain desired financing arrangements with third parties. Should the customer or associated company fail to perform under the terms of the transaction or financing arrangement, we would be required to perform on their behalf. Under most such arrangements, our guarantee is secured, usually by the asset being purchased or financed, or possibly by certain other assets of the customer or associated company. The length of these credit support arrangements parallels the length of the related financing arrangements or transactions. The liability for such credit support was $43 million for December 31, 2009.Indemnification Agreements. These are agreements that require us to fund up to $353 million under residual value guarantees on a variety of leased equipment. Under most of our residual value guarantees, our commitment is secured by the leased asset at December 31, 2009. The liability for these indemnification agreements was $15 million at December 31, 2009. We had $1,532 million of other indemnification commitments arising primarily from sales of businesses or assets.Contingent Consideration. These are agreements to provide additional consideration in a business combination to the seller if contractually specified conditions related to the acquired entity are achieved. At December 31, 2009, we had total maximum exposure, excluding GE Money Japan, for future estimated payments of $58 million, of which none was earned and payable.In connection with the sale of GE Money Japan, we 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 total claims as calculated under the terms of the agreement exceed approximately $3,000 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 possible claims exposure. We will continue to review our estimated exposure quarterly, and make adjustments when required. Our guarantees are provided in the ordinary course of business. We underwrite these guarantees considering economic, liquidity and credit risk of t

Note 25 Supplemental Cash Flows

Note 25 Supplemental Cash Flows Information
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
25. SUPPLEMENTAL CASH FLOWS INFORMATION	Note 25. Supplemental Cash Flows Information Changes in operating assets and liabilities are net of acquisitions and dispositions of principal businesses. Amounts reported in the "Payments for principal businesses purchased" line in the Statement of Cash Flows is net of cash acquired and included debt assumed and immediately repaid in acquisitions. Amounts reported in the "All other operating activities" line in the Statement of Cash Flows consists primarily of adjustments to current and noncurrent accruals and deferrals of costs and expenses, adjustments for gains and losses on assets and adjustments to assets. In 2009, GECS had non-cash transactions related to foreclosed properties and repossessed assets totaling $1,364 million. In 2008, GE received $300 million (12.7 million shares) worth of its shares in connection with the disposition of NBC Universal's 57% interest in the Sundance Channel. There were no significant non-cash transactions in 2007. Certain supplemental information related to GE and GECS cash flows is shown below. December 31 (In millions) 2009 2008 2007 GE Net dispositions (purchases) of GE shares for treasury Open market purchases under share repurchase program $ (85) $ (3,222) $ (13,896) Other purchases (129) (286) (1,017) Dispositions 837 2,259 2,594 $ 623 $ (1,249) $ (12,319) GECS All other operating activities Net change in other assets $ (330) $ (1,461) $ (1,507) Amortization of intangible assets 922 994 879 Realized losses (gains) on investment securities 473 1,260 (885) Cash collateral on derivative contracts (6,858) 7,769 0 Change in other liabilities (5,078) (3,255) 3,378 Other 217 3,201 (2,404) $ (10,654) $ 8,508 $ (539) Net decrease (increase) in GECS financing receivables Increase in loans to customers $ (279,211) $ (411,913) $ (408,611) Principal collections from customers loans 285,175 363,455 322,074 Investment in equipment for financing leases (9,509) (21,671) (26,489) Principal collections from customers financing leases 17,450 20,159 20,868 Net change in credit card receivables (28,508) (34,498) (38,405) Sales of financing receivables 58,555 67,093 86,399 $ 43,952 $ (17,375) $ (44,164) All other investing activities Purchases of securities by insurance activities $ (3,106) $ (4,190) $ (13,279) Dispositions and maturities of securities by insurance activities 3,962 4,690 15,602 Other assets investments (288) (205) (10,218) Change in other receivables 791 3,331 (2,456) Other (3,045) 2,353 1,621 $ (1,686) $ 5,979 $ (8,730) Newly issued debt having maturities longer than 90 days Short-term (91 to 365 days) $ 5,801 $ 34,445 $ 1,226 Long-term (longer than one year) 75,337 81,559 90,428 Proceeds nonrecourse, leveraged lease 48 113 24 $ 81,186 $ 116,117 $ 91,678 Repayments and other reductions of debt having maturities longer than 90 days Short-term (91 to 365 days) $ (77,444) $ (66,015) $ (43,937) Long-term (longer than one year) (5,379) (462) (4

Note 26 Intercompany Transactio

Note 26 Intercompany Transactions
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
26. INTERCOMPANY TRANSACTIONS	Note 26. Intercompany Transactions Effects 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 between GE and 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; 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, but are eliminated in deriving our consolidated financial statements. Effects of these eliminations on our consolidated cash flows from operating, investing and financing activities include the following. Net decrease (increase) in GE customer receivables sold to GECS of $(39) million, $90 million and $(255) million have been eliminated from consolidated cash from operating and investing activities at December 31, 2009, 2008 and 2007, respectively. Capital contributions from GE to GECS of $9,500 million and $5,500 million have been eliminated from consolidated cash from investing and financing activities at December 31, 2009 and 2008, respectively. There were no such capital contributions at December 31, 2007. GECS dividends to GE of $2,351 million and $7,291 million have been eliminated from consolidated cash from operating and financing activities at December 31, 2008 and 2007, respectively. There were no such dividends at December 31, 2009. Eliminations of intercompany borrowings (includes GE investment in GECS short-term borrowings, such as commercial paper) of $715 million, $(471) million and $2,049 million have been eliminated from financing activities at December 31, 2009, 2008 and 2007, respectively. Other reclassifications and eliminations of $623 million, $(188) million, and $(828) million have been eliminated from consolidated cash from operating activities and $(699) million, $(320) million and $1,202 million have been eliminated from consolidated cash from investing activities at December 31, 2009, 2008 and 2007, respectively. As identified in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2009, 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"). In our 2008 Form 10-K, 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 it

Note 27 Operating Segments

Note 27 Operating Segments
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
27. OPERATING SEGMENTS	Note 27. Operating Segments Basis for presentation Our operating businesses are organized based on the nature of markets and customers. Segment accounting policies are the same as described in Note 1. Segment results for our financial services businesses reflect the discrete tax effect of transactions, but the intraperiod tax allocation is reflected outside of the segment unless otherwise noted in segment results. Effects 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 between GE and 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; and various investments, loans and allocations of GE corporate overhead costs. Effective January 1, 2010, we reorganized our segments to better align our Consumer Industrial and Energy businesses for growth. As a result of this reorganization, we created a new segment called Home Business Solutions that includes the Appliances and Lighting businesses from our previous Consumer Industrial segment and the retained portion of the GE Fanuc Intelligent Platforms business of our previous Enterprise Solutions business (formerly within our Technology Infrastructure segment). In addition, the Industrial business of our previous Consumer Industrial segment and the Sensing Inspection Technologies and Digital Energy businesses of Enterprise Solutions are now part of the Energy business within the Energy Infrastructure segment. The Security business of Enterprise Solutions will be reported in Corporate Items and Eliminations pending its expected sale. Also, effective January 1, 2010, the Capital Finance segment was renamed GE Capital and includes all of the continuing operations of General Electric Capital Corporation. In addition, the Transportation Financial Services business, previously reported in GECAS, will be included in CLL and our Consumer business in Italy, previously reported in Consumer, will be included in CLL. Results for 2009 and prior periods are reported on the basis under which we managed our business in 2009 and do not reflect the January 2010 reorganization described above. A description of our operating segments as of December 31, 2009, can be found below, and details of segment profit by operating segment can be found in the Summary of Operating Segments table in Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-K Report. Energy Infrastructure Power plant products and services, including design, installation, operation and maintenance services are sold into global markets. Gas, steam and aeroderivative turbines, generators, combined cycle systems, controls and related services, including total asset optimization solutions, equipment upgrades and long-term maintenance service agreements are sold to power g

Note 28 Quaterly Information

Note 28 Quaterly Information
	12 Months Ended Dec. 31, 2009
Notes to Consolidated Financial Statements
28. QUARTERLY INFORMATION	Note 28. Quarterly Information (Unaudited) First quarter Second quarter Third quarter Fourth quarter (In millions; per-share amounts in dollars) 2009 2008 2009 2008 2009 2008 2009 2008 Consolidated operations Earnings from continuing operations $ 2,935 $ 4,513 $ 2,895 $ 5,578 $ 2,459 $ 4,633 $ 3,145 $ 4,006 Earnings (loss) from discontinued operations (21) (47) (194) (322) 40 (165) (18) (145) Net earnings 2,914 4,466 2,701 5,256 2,499 4,468 3,127 3,861 Less net earnings attributable to noncontrolling interests 85 162 12 184 5 156 114 139 Net earnings attributable to the Company 2,829 4,304 2,689 5,072 2,494 4,312 3,013 3,722 Preferred stock dividends declared (75) 0 (75) 0 (75) 0 (75) (75) Net earnings attributable to GE common shareowners $ 2,754 $ 4,304 $ 2,614 $ 5,072 $ 2,419 $ 4,312 $ 2,938 $ 3,647 Per-share amounts earnings from continuing operations Diluted earnings per share $ 0.26 $ 0.43 $ 0.26 $ 0.54 $ 0.22 $ 0.45 $ 0.28 $ 0.36 Basic earnings per share 0.26 0.44 0.26 0.54 0.22 0.45 0.28 0.36 Per-share amounts earnings (loss) from discontinued operations Diluted earnings per share 0 0 (0.02) (0.03) 0 (0.02) 0 (0.01) Basic earnings per share 0 0 (0.02) (0.03) 0 (0.02) 0 (0.01) Per-share amounts net earnings Diluted earnings per share 0.26 0.43 0.25 0.51 0.23 0.43 0.28 0.35 Basic earnings per share 0.26 0.43 0.25 0.51 0.23 0.43 0.28 0.35 Selected data GE Sales of goods and services $ 24,022 $ 24,186 $ 26,012 $ 27,846 $ 25,125 $ 28,868 $ 28,298 $ 31,114 Gross profit from sales 6,013 6,280 7,232 7,302 6,562 6,930 7,886 8,229 GECS Total revenues 14,457 18,038 13,457 19,032 12,746 18,431 13,503 15,786 Earnings from continuing operations attributable to the Company 979 2,456 367 2,774 133 2,010 111 534 For GE, gross profit from sales is sales of goods and services less costs of goods and services sold. Earnings-per-share amounts are computed independently each quarter for earnings from continuing operations, earnings (loss) from discontinued operations and net earnings. As a result, the sum of each quarter's per-share amount may not equal the total per-share amount for the respective year; and the sum of per-share amounts from continuing operations and discontinued operations may not equal the total per-share amounts for net earnings for the respective quarters.