Exhibit 99(b)
Revised Segment Results, with Annual Results
for the Five Years Ended December 31, 2009,
and Quarterly Results for 2009 and 2008 (Pages 1-6)
Exhibit 99(b)
Revised Segment Results, with Annual Results for the Five Years Ended December 31, 2009,
and Quarterly Results for 2009 and 2008
Segment Operations
Revenues and segment profit of our operating segments are shown below.
As described in our Form 8-K filed February 19, 2010, we reorganized our business effective January 1, 2010 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 (a 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 Sec urity business of Enterprise Solutions is now reported in GE Corporate Items and Eliminations for periods prior to its sale in the first quarter of 2010. Also, effective January 1, 2010, the GE Capital segment (formerly called Capital Finance) includes all of the continuing operations of General Electric Capital Corporation.
As a result of this reorganization, our five operating segments as of January 1, 2010, are as follows:
· | Technology Infrastructure – our Aviation, Healthcare and Transportation businesses |
· | Energy Infrastructure – our Energy business (including the Sensing & Inspection Technology, Digital Energy and Industrial businesses) and our Oil & Gas business |
· | Home & Business Solutions – our Appliances and Lighting, and Intelligent Platforms businesses |
· | GE Capital – Our Commercial Lending and Leasing, Consumer, Real Estate, Energy Financial Services and GE Capital Aviation Services businesses and General Electric Capital Corporation Corporate |
· | NBC Universal – unchanged |
Segment profit is determined based on internal performance measures used by the Chief Executive Officer to assess the performance of each business in a given period. In connection with that assessment, the Chief Executive Officer may exclude matters such as charges for restructuring; rationalization and other similar expenses; in-process research and development and certain other acquisition-related charges and balances; technology and product development costs; certain gains and losses from dispositions; and litigation settlements or other charges, responsibility for which preceded the current management team.
Segment profit always excludes the effects of principal pension plans, results reported as discontinued operations, earnings attributable to noncontrolling interests of consolidated subsidiaries and accounting changes. Segment profit excludes or includes interest and other financial charges and income taxes according to how a particular segment’s management is measured – excluded in determining segment profit, which we sometimes refer to as “operating profit,” for Energy Infrastructure, Technology Infrastructure, NBC Universal and Home & Business Solutions; included in determining segment profit, which we sometimes refer to as “net earnings,” for GE Capital.
All periods presented have been reclassified to conform to the changes in our organization effective January 1, 2010. In addition to providing information on segments in their entirety, we have also provided supplemental information for certain businesses within the segments for greater clarity.
General Electric Company and consolidated affiliates
Unaudited revised summary operating segment financial information
(In millions)
| | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 40,648 | | $ | 43,046 | | $ | 34,880 | | $ | 28,816 | | $ | 25,275 | |
Technology Infrastructure | | 38,517 | | | 41,605 | | | 38,338 | | | 33,735 | | | 30,419 | |
NBC Universal | | 15,436 | | | 16,969 | | | 15,416 | | | 16,188 | | | 14,689 | |
GE Capital | | 51,251 | | | 68,577 | | | 68,148 | | | 58,667 | | | 52,191 | |
Home & Business Solutions | | 8,443 | | | 10,117 | | | 11,026 | | | 11,654 | | | 11,427 | |
Total segment revenues | | 154,295 | | | 180,314 | | | 167,808 | | | 149,060 | | | 134,001 | |
Corporate items and eliminations | | 2,488 | | | 2,201 | | | 4,680 | | | 2,508 | | | 2,261 | |
Consolidated revenues from continuing | | | | | | | | | | | | | | | |
operations | $ | 156,783 | | $ | 182,515 | | $ | 172,488 | | $ | 151,568 | | $ | 136,262 | |
Segment profit | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 7,105 | | $ | 6,497 | | $ | 5,238 | | $ | 3,806 | | $ | 3,333 | |
Technology Infrastructure | | 6,785 | | | 7,460 | | | 7,186 | | | 6,687 | | | 5,646 | |
NBC Universal | | 2,264 | | | 3,131 | | | 3,107 | | | 2,919 | | | 3,092 | |
GE Capital | | 1,737 | | | 8,126 | | | 12,369 | | | 10,412 | | | 8,711 | |
Home & Business Solutions | | 370 | | | 365 | | | 983 | | | 928 | | | 782 | |
Total segment profit | | 18,261 | | | 25,579 | | | 28,883 | | | 24,752 | | | 21,564 | |
Corporate items and eliminations | | (2,826 | ) | | (1,910 | ) | | (1,639 | ) | | (1,187 | ) | | (288 | ) |
GE interest and other financial charges | | (1,478 | ) | | (2,153 | ) | | (1,993 | ) | | (1,668 | ) | | (1,319 | ) |
GE provision for income taxes | | (2,739 | ) | | (3,427 | ) | | (2,794 | ) | | (2,553 | ) | | (2,678 | ) |
Earnings from continuing operations | | 11,218 | | | 18,089 | | | 22,457 | | | 19,344 | | | 17,279 | |
Earnings (loss) from discontinued operations, | | | | | | | | | | | | | | | |
net of taxes | | (193 | ) | | (679 | ) | | (249 | ) | | 1,398 | | | (559 | ) |
Consolidated net earnings attributable | | | | | | | | | | | | | | | |
to the Company | $ | 11,025 | | $ | 17,410 | | $ | 22,208 | | $ | 20,742 | | $ | 16,720 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
December 31 | | 2009 | | | 2008 | | | 2007 | | | 2006 | | | 2005 | |
| | | | | | | | | | | | | | | |
GE Capital Assets | $ | 621,232 | | $ | 634,641 | | $ | 611,774 | | $ | 522,814 | | $ | 443,703 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | First | | | Second | | | Third | | | Fourth | |
| | 2009 | | | Quarter | | | Quarter | | | Quarter | | | Quarter | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 40,648 | | $ | 9,082 | | $ | 10,459 | | $ | 9,769 | | $ | 11,338 | |
Technology Infrastructure | | 38,517 | | | 9,523 | | | 9,637 | | | 9,306 | | | 10,051 | |
Home & Business Solutions | | 8,443 | | | 1,924 | | | 2,169 | | | 2,136 | | | 2,214 | |
GE Capital | | 51,251 | | | 13,775 | | | 12,736 | | | 12,005 | | | 12,735 | |
NBC Universal | | 15,436 | | | 3,524 | | | 3,565 | | | 4,079 | | | 4,268 | |
Total segment revenues | | 154,295 | | | 37,828 | | | 38,566 | | | 37,295 | | | 40,606 | |
Corporate items and eliminations | | 2,488 | | | 610 | | | 542 | | | 504 | | | 832 | |
Consolidated revenues from continuing | | | | | | | | | | | | | | | |
operations | $ | 156,783 | | $ | 38,438 | | $ | 39,108 | | $ | 37,799 | | $ | 41,438 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 7,105 | | $ | 1,318 | | $ | 1,863 | | $ | 1,649 | | $ | 2,275 | |
Technology Infrastructure | | 6,785 | | | 1,702 | | | 1,743 | | | 1,645 | | | 1,695 | |
Home & Business Solutions | | 370 | | | 45 | | | 90 | | | 104 | | | 131 | |
GE Capital | | 1,737 | | | 1,029 | | | 431 | | | 141 | | | 136 | |
NBC Universal | | 2,264 | | | 391 | | | 539 | | | 732 | | | 602 | |
Total segment profit | | 18,261 | | | 4,485 | | | 4,666 | | | 4,271 | | | 4,839 | |
Corporate items and eliminations | | (2,826 | ) | | (417 | ) | | (538 | ) | | (811 | ) | | (1,060 | ) |
GE interest and other financial charges | | (1,478 | ) | | (376 | ) | | (348 | ) | | (352 | ) | | (402 | ) |
GE provision for income taxes | | (2,739 | ) | | (842 | ) | | (897 | ) | | (654 | ) | | (346 | ) |
Earnings from continuing operations | | 11,218 | | | 2,850 | | | 2,883 | | | 2,454 | | | 3,031 | |
Earnings (loss) from discontinued operations, | | | | | | | | | | | | | | | |
net of taxes | | (193 | ) | | (21 | ) | | (194 | ) | | 40 | | | (18 | ) |
Consolidated net earnings attributable | | | | | | | | | | | | | | | |
to the Company | $ | 11,025 | | $ | 2,829 | | $ | 2,689 | | $ | 2,494 | | $ | 3,013 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | March 31, | | | June 30, | | | Sept. 30, | | | Dec. 31, | |
| | | | | 2009 | | | 2009 | | | 2009 | | | 2009 | |
| | | | | | | | | | | | | | | |
GE Capital Assets | | | | $ | 609,969 | | $ | 622,874 | | $ | 628,710 | | $ | 621,232 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | First | | | Second | | | Third | | | Fourth | |
| | 2008 | | | Quarter | | | Quarter | | | Quarter | | | Quarter | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 43,046 | | $ | 8,769 | | $ | 10,850 | | $ | 10,905 | | $ | 12,522 | |
Technology Infrastructure | | 41,605 | | | 9,355 | | | 10,617 | | | 10,257 | | | 11,376 | |
Home & Business Solutions | | 10,117 | | | 2,475 | | | 2,706 | | | 2,568 | | | 2,368 | |
GE Capital | | 68,577 | | | 17,318 | | | 18,198 | | | 17,854 | | | 15,207 | |
NBC Universal | | 16,969 | | | 3,584 | | | 3,882 | | | 5,073 | | | 4,430 | |
Total segment revenues | | 180,314 | | | 41,501 | | | 46,253 | | | 46,657 | | | 45,903 | |
Corporate items and eliminations | | 2,201 | | | 727 | | | 587 | | | 577 | | | 310 | |
Consolidated revenues from continuing | | | | | | | | | | | | | | | |
operations | $ | 182,515 | | $ | 42,228 | | $ | 46,840 | | $ | 47,234 | | $ | 46,213 | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Energy Infrastructure | $ | 6,497 | | $ | 1,161 | | $ | 1,675 | | $ | 1,538 | | $ | 2,123 | |
Technology Infrastructure | | 7,460 | | | 1,547 | | | 1,894 | | | 1,713 | | | 2,306 | |
Home & Business Solutions | | 365 | | | 143 | | | 144 | | | 37 | | | 41 | |
GE Capital | | 8,126 | | | 2,495 | | | 2,789 | | | 2,148 | | | 694 | |
NBC Universal | | 3,131 | | | 712 | | | 909 | | | 645 | | | 865 | |
Total segment profit | | 25,579 | | | 6,058 | | | 7,411 | | | 6,081 | | | 6,029 | |
Corporate items and eliminations | | (1,910 | ) | | (347 | ) | | (481 | ) | | (84 | ) | | (998 | ) |
GE interest and other financial charges | | (2,153 | ) | | (602 | ) | | (554 | ) | | (525 | ) | | (472 | ) |
GE provision for income taxes | | (3,427 | ) | | (758 | ) | | (982 | ) | | (995 | ) | | (692 | ) |
Earnings from continuing operations | | 18,089 | | | 4,351 | | | 5,394 | | | 4,477 | | | 3,867 | |
Earnings (loss) from discontinued operations, | | | | | | | | | | | | | | | |
net of taxes | | (679 | ) | | (47 | ) | | (322 | ) | | (165 | ) | | (145 | ) |
Consolidated net earnings attributable | | | | | | | | | | | | | | | |
to the Company | $ | 17,410 | | $ | 4,304 | | $ | 5,072 | | $ | 4,312 | | $ | 3,722 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | March 31, | | | June 30, | | | Sept. 30, | | | Dec. 31, | |
| | | | | 2008 | | | 2008 | | | 2008 | | | 2008 | |
| | | | | | | | | | | | | | | |
GE Capital Assets | | | | $ | 648,711 | | $ | 661,862 | | $ | 652,292 | | $ | 634,641 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | First | | | Second | | | Third | | | Fourth | |
| | 2009 | | | Quarter | | | Quarter | | | Quarter | | | Quarter | |
| | | | | | | | | | | | | | | |
Energy Infrastructure | | | | | | | | | | | | | | | |
Revenues | $ | 40,648 | | $ | 9,082 | | $ | 10,459 | | $ | 9,769 | | $ | 11,338 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 7,105 | | $ | 1,318 | | $ | 1,863 | | $ | 1,649 | | $ | 2,275 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Energy | $ | 33,698 | | $ | 7,784 | | $ | 8,686 | | $ | 7,979 | | $ | 9,249 | |
Oil & Gas | | 7,743 | | | 1,543 | | | 1,948 | | | 1,953 | | | 2,299 | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Energy | $ | 6,045 | | $ | 1,196 | | $ | 1,614 | | $ | 1,340 | | $ | 1,895 | |
Oil & Gas | | 1,222 | | | 179 | | | 283 | | | 338 | | | 422 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Technology Infrastructure | | | | | | | | | | | | | | | |
Revenues | $ | 38,517 | | $ | 9,523 | | $ | 9,637 | | $ | 9,306 | | $ | 10,051 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 6,785 | | $ | 1,702 | | $ | 1,743 | | $ | 1,645 | | $ | 1,695 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Aviation | $ | 18,728 | | $ | 4,817 | | $ | 4,619 | | $ | 4,542 | | $ | 4,750 | |
Healthcare | | 16,015 | | | 3,545 | | | 3,964 | | | 3,801 | | | 4,705 | |
Transportation | | 3,827 | | | 1,171 | | | 1,069 | | | 970 | | | 617 | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Aviation | $ | 3,923 | | $ | 1,080 | | $ | 923 | | $ | 970 | | $ | 950 | |
Healthcare | | 2,420 | | | 411 | | | 590 | | | 508 | | | 911 | |
Transportation | | 473 | | | 217 | | | 236 | | | 177 | | | (157 | ) |
| | | | | | | | | | | | | | | |
GE Capital | | | | | | | | | | | | | | | |
Revenues | $ | 51,251 | | $ | 13,775 | | $ | 12,736 | | $ | 12,005 | | $ | 12,735 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 1,737 | | $ | 1,029 | | $ | 431 | | $ | 141 | | $ | 136 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
CLL | $ | 20,762 | | $ | 5,680 | | $ | 5,306 | | $ | 4,725 | | $ | 5,051 | |
Consumer | | 19,140 | | | 4,712 | | | 4,851 | | | 4,848 | | | 4,729 | |
Real Estate | | 4,009 | | | 975 | | | 1,014 | | | 981 | | | 1,039 | |
Energy Financial Services | | 2,117 | | | 644 | | | 490 | | | 483 | | | 500 | |
GECAS | | 4,594 | | | 1,103 | | | 1,163 | | | 1,125 | | | 1,203 | |
| | | | | | | | | | | | | | | |
Segment Profit | | | | | | | | | | | | | | | |
CLL | $ | 963 | | $ | 238 | | $ | 243 | | $ | 130 | | $ | 352 | |
Consumer | | 1,694 | | | 737 | | | 252 | | | 443 | | | 262 | |
Real Estate | | (1,541 | ) | | (173 | ) | | (237 | ) | | (538 | ) | | (593 | ) |
Energy Financial Services | | 212 | | | 75 | | | 65 | | | 41 | | | 31 | |
GECAS | | 1,016 | | | 261 | | | 285 | | | 187 | | | 283 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | First | | | Second | | | Third | | | Fourth | |
| | 2008 | | | Quarter | | | Quarter | | | Quarter | | | Quarter | |
Energy Infrastructure | | | | | | | | | | | | | | | |
Revenues | $ | 43,046 | | $ | 8,769 | | $ | 10,850 | | $ | 10,905 | | $ | 12,522 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 6,497 | | $ | 1,161 | | $ | 1,675 | | $ | 1,538 | | $ | 2,123 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Energy | $ | 36,307 | | $ | 7,400 | | $ | 9,090 | | $ | 9,152 | | $ | 10,665 | |
Oil & Gas | | 7,417 | | | 1,535 | | | 1,895 | | | 1,891 | | | 2,096 | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Energy | $ | 5,485 | | $ | 1,029 | | $ | 1,441 | | $ | 1,255 | | $ | 1,760 | |
Oil & Gas | | 1,127 | | | 161 | | | 255 | | | 305 | | | 406 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Technology Infrastructure | | | | | | | | | | | | | | | |
Revenues | $ | 41,605 | | $ | 9,355 | | $ | 10,617 | | $ | 10,257 | | $ | 11,376 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 7,460 | | $ | 1,547 | | $ | 1,894 | | $ | 1,713 | | $ | 2,306 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
Aviation | $ | 19,239 | | $ | 4,320 | | $ | 4,923 | | $ | 4,841 | | $ | 5,155 | |
Healthcare | | 17,392 | | | 3,887 | | | 4,491 | | | 4,191 | | | 4,823 | |
Transportation | | 5,016 | | | 1,148 | | | 1,202 | | | 1,256 | | | 1,410 | |
| | | | | | | | | | | | | | | |
Segment profit | | | | | | | | | | | | | | | |
Aviation | $ | 3,684 | | $ | 775 | | $ | 914 | | $ | 834 | | $ | 1,161 | |
Healthcare | | 2,851 | | | 528 | | | 747 | | | 634 | | | 942 | |
Transportation | | 962 | | | 254 | | | 241 | | | 255 | | | 212 | |
| | | | | | | | | | | | | | | |
GE Capital | | | | | | | | | | | | | | | |
Revenues | $ | 68,577 | | $ | 17,318 | | $ | 18,198 | | $ | 17,854 | | $ | 15,207 | |
| | | | | | | | | | | | | | | |
Segment profit | $ | 8,126 | | $ | 2,495 | | $ | 2,789 | | $ | 2,148 | | $ | 694 | |
| | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | |
CLL | $ | 26,856 | | $ | 6,694 | | $ | 7,346 | | $ | 6,580 | | $ | 6,236 | |
Consumer | | 25,111 | | | 6,391 | | | 6,601 | | | 6,564 | | | 5,555 | |
Real Estate | | 6,646 | | | 1,883 | | | 1,964 | | | 1,679 | | | 1,120 | |
Energy Financial Services | | 3,707 | | | 770 | | | 989 | | | 1,261 | | | 687 | |
GECAS | | 4,688 | | | 1,231 | | | 1,081 | | | 1,209 | | | 1,167 | |
| | | | | | | | | | | | | | | |
Segment Profit | | | | | | | | | | | | | | | |
CLL | $ | 1,838 | | $ | 691 | | $ | 935 | | $ | 405 | | $ | (193 | ) |
Consumer | | 3,686 | | | 992 | | | 1,065 | | | 796 | | | 833 | |
Real Estate | | 1,144 | | | 476 | | | 484 | | | 244 | | | (60 | ) |
Energy Financial Services | | 825 | | | 133 | | | 167 | | | 306 | | | 219 | |
GECAS | | 1,140 | | | 387 | | | 252 | | | 270 | | | 231 | |